These industrial stocks reported over 100% y-o-y growth in EPS this earnings season - Kalkine Media

August 08, 2023 12:47 AM PDT | By Akanksha Vashisht
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Summary

  • The Dow Jones Industrial Average Index (DJIA) also rose 1.16% and the S&P 500 industrials index rose 1.26% on August 7, 2023.
  • Terex Corporation, a specialty equipment manufacturer, reported a basic EPS of US$2.36 in Q2 2023, as compared to US$1.08 in Q2 2022.
  • AAON Inc., an air-conditioning and heating equipment manufacturer, reported earnings per diluted share of US$0.82 for Q2 2023.

The US markets have seen a recent surge this week, following a temporary slump visible in the previous week. The market has likely risen based on companies’ earnings release for the second quarter of 2023. However, as the market braces for another inflation data release, not much can be said about where these major indexes would be headed in the coming weeks.

The Consumer Price Index (CPI) data for August will be released on Thursday, August 10, based on which the Fed may change its course of action to fight inflation.

Meanwhile, the S&P 500 rose 0.90% intraday and 17.26% on a YTD basis on Monday. The Dow Jones Industrial Average Index (DJIA) also rose 1.16% intraday on August 7, 2023, highlighting a positive momentum persisting in the market through the day. Additionally, the S&P 500 industrials index rose 1.26% on August 7, 2023.

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As these industrial sector indexes generate intraday hikes, let us examine two industrial stocks that have reported y-o-y EPS growth of over 100% in Q2 2023.

Terex Corporation (NYSE: TEX)

Terex manufactures specialty equipment which includes handlers, cranes, and concrete mixer trucks. The company has actively acquired a handful of businesses over several years, with nonresidential construction being its demand-intensive sector.

Image source: ©2023 Kalkine®; Data source: Company Reports

Terex reported net sales of US$1.403 billion in Q2 2023, as compared to US$1.077 billion in Q2 2022. Meanwhile, the gross profit during Q2 2023 was US$342.9 million, as against US$212.9 million in Q2 2022.

TEX’s net income for the June 2023 quarter was US$159.4 million. Meanwhile, its basic EPS almost doubled to US$2.36 in Q2 2023 from US$1.08 in Q2 2022. 

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Based on Monday’s closing price of US$63.10, TEX has a P/E ratio of 9.68x and a dividend yield of 1.08%. The stock rose 0.57% intraday and 46.39% YTD as at the close of trade on August 7, 2023.

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AAON Inc. (NASDAQ: AAON)

AAON manufactures air-conditioning and heating equipment such as rooftop units, chillers, and geothermal heat pumps.

The net sales for the June 2023 quarter were US$283.95 million, as compared to US$208.814 million in June 2022 quarter. Meanwhile, the gross profit US$94.018 for June 2023, as compared to US$27.376 million.

Image source: ©2023 Kalkine®; Data source: Company Reports

AAON’s operating income was US$54.74 million in June 2023 quarter, compared to US$20.45 million in June 2023 quarter. Additionally, the company reported net income of US$45.682 million in Q2 2023. This corresponded to earnings per diluted share of US$0.82 in Q2 2023. 

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Based on Monday’s closing price of US$94.39, AAON has a P/E ratio of 36.21x. The stock rose 24.34% on a YTD basis but was 3.62% lower on intraday basis as at the close of trade on August 7, 2023.

 


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