Wednesday, May 08, 2024
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
1Q24 Revenue Impacts. The lower y-o-y volume was driven by the loss of $4 million of rationalized revenue at underperforming plants, mostly offset by $3 million of revenue growth at healthy plants. Pricing had a negative $3 million impact y-o-y as 1Q23 benefitted from end-of-life premium pricing during the Irvine plant closure.
Making Progress. Management note that three of the seven underperforming plants have returned to the positive side of the ledger. About one-half of the $100 million of unprofitable revenue has been returned to at least breakeven, with the remainder expected to be resolved by year-end.
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