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Cars.com's (NYSE:CARS) Solid Profits Have Weak Fundamentals

Cars.com's (NYSE:CARS) Solid Profits Have Weak Fundamentals

Cars.com(纽约证券交易所代码:CARS)的稳健利润基本面疲软
Simply Wall St ·  05/21 18:32

Cars.com Inc. (NYSE:CARS) just reported some strong earnings, and the market reacted accordingly with a healthy uplift in the share price. However, our analysis suggests that shareholders may be missing some factors that indicate the earnings result was not as good as it looked.

Cars.com Inc.(纽约证券交易所代码:CARS)刚刚公布了一些强劲的收益,市场做出了相应的反应,股价出现了健康的上涨。但是,我们的分析表明,股东可能遗漏了一些表明盈利业绩不如预期的因素。

earnings-and-revenue-history
NYSE:CARS Earnings and Revenue History May 21st 2024
纽约证券交易所:CARS 收益和收入历史记录 2024 年 5 月 21 日

How Do Unusual Items Influence Profit?

不寻常的物品如何影响利润?

For anyone who wants to understand Cars.com's profit beyond the statutory numbers, it's important to note that during the last twelve months statutory profit was reduced by US$18m due to unusual items. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual expenses don't come up again, we'd therefore expect Cars.com to produce a higher profit next year, all else being equal.

对于任何想了解法定数字之外的Cars.com利润的人来说,值得注意的是,在过去的十二个月中,由于不寻常的项目,法定利润减少了1800万美元。看到不寻常的项目使公司利润付出代价从来都不是一件好事,但从好的方面来看,情况可能迟早会好转。当我们分析全球绝大多数上市公司时,我们发现重大不寻常的事项往往不会重演。而且,毕竟,这正是会计术语的含义。假设这些不寻常的支出不会再次出现,因此,在其他条件相同的情况下,我们预计Cars.com明年将产生更高的利润。

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.

这可能会让你想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。

An Unusual Tax Situation

不寻常的税收状况

Having already discussed the impact of the unusual items, we should also note that Cars.com received a tax benefit of US$101m. This is meaningful because companies usually pay tax rather than receive tax benefits. We're sure the company was pleased with its tax benefit. However, our data indicates that tax benefits can temporarily boost statutory profit in the year it is booked, but subsequently profit may fall back. In the likely event the tax benefit is not repeated, we'd expect to see its statutory profit levels drop, at least in the absence of strong growth. While we think it's good that the company has booked a tax benefit, it does mean that there's every chance the statutory profit will come in a lot higher than it would be if the income was adjusted for one-off factors.

在已经讨论了这些不寻常物品的影响之后,我们还应该指出,Cars.com获得了1.01亿美元的税收优惠。这是有意义的,因为公司通常纳税而不是获得税收优惠。我们确信该公司对其税收优惠感到满意。但是,我们的数据表明,税收优惠可以暂时增加账面当年的法定利润,但随后利润可能会回落。如果税收优惠可能不重演,我们预计其法定利润水平将下降,至少在没有强劲增长的情况下是如此。尽管我们认为公司获得税收优惠是件好事,但这确实意味着法定利润很有可能远高于根据一次性因素调整收入时的法定利润。

Our Take On Cars.com's Profit Performance

我们对Cars.com利润表现的看法

In the last year Cars.com received a tax benefit, which boosted its profit in a way that might not be much more sustainable than turning prime farmland into gas fields. But on the other hand, it also saw an unusual item depress its profit. Having considered these factors, we don't think Cars.com's statutory profits give an overly harsh view of the business. If you want to do dive deeper into Cars.com, you'd also look into what risks it is currently facing. Case in point: We've spotted 3 warning signs for Cars.com you should be mindful of and 1 of these bad boys doesn't sit too well with us.

去年,Cars.com获得了税收优惠,这增加了其利润,其可持续性可能不比将优质农田变成天然气田更具可持续性。但另一方面,它也看到一件不寻常的物品抑制了其利润。考虑到这些因素,我们认为Cars.com的法定利润对业务的看法不会过于严厉。如果你想更深入地了解Cars.com,你还需要研究它目前面临的风险。一个很好的例子:我们在Cars.com上发现了你应该注意的3个警告信号,其中一个坏孩子对我们不太满意。

Our examination of Cars.com has focussed on certain factors that can make its earnings look better than they are. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.

我们对Cars.com的审查侧重于某些可能使其收益看起来好于实际的因素。但是,如果你能够将注意力集中在细节上,总会有更多的事情需要发现。例如,许多人认为高股本回报率是有利的商业经济的标志,而另一些人则喜欢 “关注资金”,寻找内部人士正在买入的股票。因此,你可能希望看到这份拥有高股本回报率的公司的免费集合,或者这份内部所有权高的股票清单。

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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.

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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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