MaxiTRANS Industries Ltd. :MXI-AU: Earnings Analysis: For the six months ended December 31, 2015 : July 26, 2016

MaxiTRANS Industries Ltd. reports financial results for the half-year ended December 31, 2015.

Highlights

  • Summary numbers: Revenues of AUD 181.37 million, Net Earnings of AUD 5.19 million.
  • Gross margins narrowed from 14.35% to 14.20% compared to the same period last year, operating (EBITDA) margins now 6.23% from 5.90%.
  • Earnings growth from operating margin improvements as well as one-time items.

The table below shows the preliminary results and recent trends for key metrics such as revenues and net income growth:

2013-12-31 2014-06-30 2014-12-31 2015-06-30 2015-12-31
Relevant Numbers (Semi-Annual)
Revenues 181.37 170.6 172.02 157.14 181.37
Revenue Growth (YOY) -4.47 -1.2 -5.15 -7.89 5.43
Earnings 10.25 6.82 5.09 -0.59 5.19
Earnings Growth (YOY) -20.03 -48.09 -50.39 -108.63 2.03
Net Margin 5.65 4 2.96 -0.37 2.86
EPS 0.05 0.04 0.03 -0 0.03
Return on Equity 17.26 11.2 8.28 -0.96 8.38
Return on Assets 10.12 6.48 4.74 -0.54 4.72

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Market Share Versus Profits

Revenues History
Earnings History

Compared to the same period last year, MXI-AU‘s change in revenue was close to the amount of its change in earnings. It remains to be seen how the rest of its peer group’s results will turn out and if MXI-AU‘s performance is a sign of any major shift in the composition of market share in this sector. Also, for comparison purposes, revenues changed by 15.41% and earnings by 980.98% compared to the previous period.

Earnings Growth Analysis

The company’s gross margins showed no year-on-year improvement. In spite of this, the company’s earnings rose, influenced primarily by the improvement in operating margins (EBITDA margins) from 5.90% to 6.23%. For comparison, gross margins were 9.61% and EBITDA margins were 3.19% in the last period.

Margins

The company’s earnings growth has also been influenced by the following factors: (1) Improvements in operating (EBIT) margins from 4.24% to 4.76% and (2) one-time items. The company’s pretax margins are now 3.80% compared to 3.62% for the same period last year.

EBIT Margin History
PreTax Margin History

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Company Profile

MaxiTRANS Industries Ltd. engages in manufacture and supply of trailing transport equipment and solutions. It also engages in the design, manufacture, sale, service and repair of transport equipment and related components and spare parts. It engages in Trailer, Parts and Service business. It operates through New Trailer and Tipper Units combines the Used and New Trailer and Tipper segments. The company was founded by James R. Curtis in 1972 and is headquartered in Derrimut, Australia.

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