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Earnings Troubles May Signal Larger Issues for Covenant Logistics Group (NASDAQ:CVLG) Shareholders

Earnings Troubles May Signal Larger Issues for Covenant Logistics Group (NASDAQ:CVLG) Shareholders

收益問題可能預示着盟約物流集團(納斯達克股票代碼:CVLG)股東將面臨更大的問題
Simply Wall St ·  05/11 20:18

Covenant Logistics Group, Inc.'s (NASDAQ:CVLG) recent weak earnings report didn't cause a big stock movement. Our analysis suggests that along with soft profit numbers, investors should be aware of some other underlying weaknesses in the numbers.

盟約物流集團有限公司”s(納斯達克股票代碼:CVLG)最近疲軟的收益報告並未導致股市大幅波動。我們的分析表明,除了疲軟的利潤數字外,投資者還應意識到這些數字中的其他一些潛在弱點。

earnings-and-revenue-history
NasdaqGS:CVLG Earnings and Revenue History May 11th 2024
NASDAQGS: CVLG 收益和收入歷史記錄 2024 年 5 月 11 日

Zooming In On Covenant Logistics Group's Earnings

放大盟約物流集團的收益

As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.

正如金融迷已經知道的那樣,現金流的應計比率是評估公司自由現金流(FCF)與利潤匹配程度的關鍵指標。簡而言之,該比率從淨利潤中減去FCF,然後將該數字除以該時期公司的平均運營資產。你可以將現金流的應計比率視爲 “非FCF利潤率”。

That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".

這意味着負應計比率是一件好事,因爲它表明該公司帶來的自由現金流比其利潤所暗示的要多。雖然應計比率高於零並不令人擔憂,但我們確實認爲,當公司的應計比率相對較高時,值得注意。引用Lewellen和Resutek在2014年發表的一篇論文,“應計額較高的公司將來的利潤往往會降低”。

Covenant Logistics Group has an accrual ratio of 0.35 for the year to March 2024. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, raising questions about how useful that profit figure really is. Even though it reported a profit of US$42.0m, a look at free cash flow indicates it actually burnt through US$150m in the last year. It's worth noting that Covenant Logistics Group generated positive FCF of US$19m a year ago, so at least they've done it in the past. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.

截至2024年3月的一年中,盟約物流集團的應計比率爲0.35。因此,我們知道它的自由現金流大大低於其法定利潤,這引發了人們對該利潤數字到底有多有用的質疑。儘管該公司報告了4200萬美元的利潤,但從自由現金流來看,它實際上在去年消耗了1.5億美元。值得注意的是,Covenant Logistics集團一年前創造了1900萬美元的正FCF,因此至少他們過去曾這樣做過。話雖如此,故事還有更多。我們可以看到,不尋常的項目影響了其法定利潤,從而影響了應計比率。

That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.

這可能會讓你想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看根據他們的估計描繪未來盈利能力的交互式圖表。

The Impact Of Unusual Items On Profit

不尋常物品對利潤的影響

Unfortunately (in the short term) Covenant Logistics Group saw its profit reduced by unusual items worth US$7.5m. If this was a non-cash charge, it would have made the accrual ratio better, if cashflow had stayed strong, so it's not great to see in combination with an uninspiring accrual ratio. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. Assuming those unusual expenses don't come up again, we'd therefore expect Covenant Logistics Group to produce a higher profit next year, all else being equal.

不幸的是(短期內)Covent Logistics Group的利潤因價值750萬美元的不尋常物品而減少。如果這是非現金支出,如果現金流保持強勁,本來可以改善應計比率,因此,再加上平淡無奇的應計比率,就不太好了。儘管由於不尋常項目而產生的扣除首先令人失望,但有一線希望。當我們分析全球絕大多數上市公司時,我們發現重大不尋常的事項往往不會重演。鑑於這些單列項目被認爲不尋常,這並不奇怪。假設這些不尋常的支出不會再次出現,因此,我們預計Covenant Logistics Group在其他條件相同的情況下,明年將實現更高的利潤。

Our Take On Covenant Logistics Group's Profit Performance

我們對盟約物流集團盈利表現的看法

Covenant Logistics Group saw unusual items weigh on its profit, which should have made it easier to show high cash conversion, which it did not do, according to its accrual ratio. Based on these factors, we think it's very unlikely that Covenant Logistics Group's statutory profits make it seem much weaker than it is. If you want to do dive deeper into Covenant Logistics Group, you'd also look into what risks it is currently facing. Our analysis shows 4 warning signs for Covenant Logistics Group (1 is significant!) and we strongly recommend you look at these bad boys before investing.

Covenant Logistics Group看到不尋常的物品壓制了其利潤,這本來可以更容易地顯示出高現金轉化率,但根據其應計比率,它沒有這樣做。基於這些因素,我們認爲盟約物流集團的法定利潤使其看起來比現在疲軟得多的可能性很小。如果你想更深入地了解盟約物流集團,你還需要研究它目前面臨的風險。我們的分析顯示盟約物流集團有 4 個警告信號(1 個很重要!)我們強烈建議你在投資之前先看看這些壞孩子。

Our examination of Covenant Logistics Group has focussed on certain factors that can make its earnings look better than they are. But there are plenty of other ways to inform your opinion of a company. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.

我們對Covent Logistics Group的審查側重於某些可能使其收益看起來好於實際的因素。但是,還有很多其他方法可以讓你對公司的看法。有些人認爲高股本回報率是優質業務的好兆頭。因此,你可能希望看到這份免費收藏的擁有高股本回報率的公司,或者這份內部人士正在購買的股票清單。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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