The latest quarterly results for Cargo Handlers may not look impressive when compared with the 2012 figures, but the numbers actually beat last year’s by nearly 16 percent when it hit $22.6 million for the quarter to June. For the nine months to June, profits which are at $63.6 million, are up 29.6 percent over the $49 million generated in 2012. Revenues from the main operations is up to $115 million for the nine months from $95 million in 2012, a gain of 21.6 percent and for the quarter to June, revenues are $40 million from $34.6 million in 2012, a gain of 15.6 percent, slower than the nine months growth.
Earnings per share is 54 cents for the quarter and $1.53 year to date and looks as if earnings for the full year will top $2. For 2012, earnings came in at $1.73 per share. While profits are up, this company seems more like a dividend stock than one for great capital gains. Nevertheless, with the price around $13 for the stock and earnings in the $2 range there is room for price appreciation.
Administrative expenses didn’t move by much, from $6.16 million to $6.4 million year to date but other operating expenses are up 19 percent in the latest quarter and for the nine months, the increase was 29.4 percent.
At end of June, cash stood at $89 million, current assets at $123 million and current liabilities at just $20 million and is well covered. Shareholders’ equity stands at $108 million.
Dividend | Last year the company paid $1 per share in two dividends. So far they have made a dividend payment of $1 earlier in the year. No more should be expected, but you will never know.
Cargo Handlers operates out of Montego Bay and carries out stevedoring services.
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[…] revenues excluding interest income, grew by 23 percent for the Montego Bay based and junior listed Cargo Handlers and profit reached $27.99 million, up from $22 million in 2012. Total revenues amounted to $51 […]