INNOVATE CORP Reports 6.0% Decrease in Total Revenue for 2nd Quarter of FY 2023
August 14, 2023
☀️Earnings Overview
For the second quarter of Fiscal Year 2023 (ending June 30, 2023), INNOVATE CORP ($NYSE:VATE) reported total revenue of USD 368.8 million, representing a 6.0% decrease compared to the same period in the previous year. Net income for the quarter was USD -9.9 million, a better result than the prior year’s figure of -12.4 million.
Analysis
GoodWhale is the ideal tool for analyzing a company’s financials, such as INNOVATE CORP. Based on GoodWhale’s Risk Rating, INNOVATE CORP is classified as a medium risk investment in terms of both financial and business aspects. Although this may imply a certain level of risk, there are also potential benefits associated with this level of risk. GoodWhale has also detected two risk warnings in INNOVATE CORP’s income statement and balance sheet. To understand the details of these warnings, it is necessary to become a registered user with GoodWhale. This will grant access to more detailed information about the company and its financials, including the warning signals that have been detected. By taking this step, investors can make a more informed decision about whether or not they should invest in INNOVATE CORP. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Innovate Corp. More…
| Total Revenues | Net Income | Net Margin |
| 1.52k | -34.3 | -2.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Innovate Corp. More…
| Operations | Investing | Financing |
| -27.6 | 35.7 | -4 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Innovate Corp. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.08k | 1.21k | -1.91 |
Key Ratios Snapshot
Some of the financial key ratios for Innovate Corp are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -6.8% | 70.6% | 1.6% |
| FCF Margin | ROE | ROA |
| -3.1% | -10.5% | 1.4% |
Peers
The company has been in business for over 20 years and has a strong track record of success. Innovate Corp‘s primary competitors are MasTec Inc, Assystem SA, and Raffles Infrastructure Holdings Ltd. All three companies are large, well-established firms with a significant presence in the telecommunications market.
– MasTec Inc ($NYSE:MTZ)
MasTec Inc is a publicly traded engineering, construction and maintenance company in the United States that serves the oil & gas, communications, utility, power generation and distribution markets. As of 2022, MasTec had a market capitalization of approximately 5.96 billion dollars and a return on equity of 6.63 percent. The company has its headquarters in Coral Gables, Florida and was founded in 1968.
– Assystem SA ($LTS:0OA7)
Assystem SA is a French engineering and technology consulting company. The company has a market capitalization of 544.56 million as of 2022 and a return on equity of 8.74%. Assystem SA provides engineering and technology consulting services to clients in a variety of industries, including aerospace, defense, energy, and transportation. The company has a strong presence in Europe, with offices in France, Germany, Italy, Spain, and the United Kingdom.
– Raffles Infrastructure Holdings Ltd ($SGX:LUY)
Raffles Infrastructure Holdings Ltd is a Singapore-based investment holding company. The Company operates in three segments: investment holding, property development and construction, and operation of water treatment facilities. The Company’s investment holding segment includes activities of corporate treasury, and investments in subsidiaries, associated companies and joint ventures. The Company’s property development and construction segment includes the development of residential, commercial and industrial properties, as well as the provision of project management services. The Company’s water treatment facilities segment includes the operation of water treatment plants.
Summary
INNOVATE CORP reported a 6.0% decrease in total revenue for the second quarter of Fiscal Year 2023 ending June 30 2023, compared to the same period last year. Despite this, the company reported a net profit of -9.9 million, an improvement over the prior year figure of -12.4 million. This news was met positively by investors, with the stock price increasing on the same day. With the company continuing to make progress despite difficult market conditions, INNOVATE CORP remains a solid investment option for those looking for long-term gains.
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