MESABI TRUST Announces Third Quarter FY2024 Earnings Results on December 14 2023

☀️Earnings Overview

MESABI TRUST ($NYSE:MSB) released their financial results for the third quarter of FY2024, ending on October 31 2023, on December 14 2023. The total revenue for the quarter was USD 4.7 million, compared to the 0.0 million reported in the same quarter of the prior year. Net income totaled USD 4.1 million, an increase from the -0.4 million reported in the same quarter of the previous year.

Market Price

The stock opened at $19.0 and closed at $20.0, marking a 6.1% increase from the previous closing price of $18.9. The company’s performance was also buoyed by its strong balance sheet, with no long-term debt obligations and a healthy cash position. Overall, MESABI TRUST continues to deliver strong results in the third quarter, with improved financial performance and a stable outlook for the future. Investors should keep an eye on the company in the coming quarters, as it looks to capitalize on current trends and continue its upward trajectory. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Mesabi Trust. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Mesabi Trust. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Mesabi Trust. More…

Key Ratios Snapshot

Some of the financial key ratios for Mesabi Trust are shown below. More…

Analysis

At GoodWhale, we have conducted an analysis of MESABI TRUST‘s financials. Our Star Chart has shown that MESABI TRUST is strong in assets and profitability, but weak in dividend and growth. We classify MESABI TRUST as an ‘elephant’, a type of company that has a lot of assets after deducting off liabilities. Considering its cashflows and debt, MESABI TRUST has a high health score of 10/10, which means it is capable to pay off debt and fund future operations. This strong financial standing makes it an attractive investment for investors who are looking for a stable asset with a high return on investment. Additionally, its strong asset base makes it a good choice for investors who are looking for a reliable source of income. More…

Peers

The properties are located in the Mesabi Iron Range and include the Hibbing Taconite Company and Northshore Mining Company. The trust was created in 1961 and is managed by Morgan Stanley. Mesabi Trust‘s competition includes Labrador Iron Ore Royalty Corp, Great Western Iron Ore Properties Inc, Zanaga Iron Ore Co Ltd. Each company owns iron ore properties and competes for market share.

– Labrador Iron Ore Royalty Corp ($TSX:LIF)

Labrador Iron Ore Royalty Corp is a Canadian company that owns interests in iron ore mines in the province of Newfoundland and Labrador. The company has a market cap of $1.84 billion as of 2022 and a return on equity of 20.02%. The company’s main business is the production and sale of iron ore pellets and concentrate.

– Great Western Iron Ore Properties Inc ($OTCPK:GWIO)

Zanaga Iron Ore Co Ltd is a mining company with a market cap of 6.45M as of 2022. The company has a Return on Equity of -1.73%. The company mines for iron ore and has operations in the Republic of Congo.

Summary

Mesabi Trust reported strong performance for the third quarter of its FY2024, ending October 31 2023, with total revenue of USD 4.7 million and net income of USD 4.1 million. The stock price moved up on the same day of the earnings report, reflecting the positive investor sentiment on Mesabi Trust’s strong performance. This is an encouraging sign for potential investors, as it indicates a positive outlook for the company’s future prospects. Investors should research further into the company’s financials and operations to evaluate whether the stock’s current valuation is justified.