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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(紐約證券交易所代碼:CARS)的穩健利潤基本面疲軟
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.(紐約證券交易所代碼:CARS)剛剛公佈了一些強勁的收益,市場做出了相應的反應,股價出現了健康的上漲。但是,我們的分析表明,股東可能遺漏了一些表明盈利業績不如預期的因素。

earnings-and-revenue-history
NYSE:CARS Earnings and Revenue History May 21st 2024
紐約證券交易所:CARS 收益和收入歷史記錄 2024 年 5 月 21 日

How Do Unusual Items Influence Profit?

不尋常的物品如何影響利潤?

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.

對於任何想了解法定數字之外的Cars.com利潤的人來說,值得注意的是,在過去的十二個月中,由於不尋常的項目,法定利潤減少了1800萬美元。看到不尋常的項目使公司利潤付出代價從來都不是一件好事,但從好的方面來看,情況可能遲早會好轉。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。而且,畢竟,這正是會計術語的含義。假設這些不尋常的支出不會再次出現,因此,在其他條件相同的情況下,我們預計Cars.com明年將產生更高的利潤。

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。

An Unusual Tax Situation

不尋常的稅收狀況

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.

在已經討論了這些不尋常物品的影響之後,我們還應該指出,Cars.com獲得了1.01億美元的稅收優惠。這是有意義的,因爲公司通常納稅而不是獲得稅收優惠。我們確信該公司對其稅收優惠感到滿意。但是,我們的數據表明,稅收優惠可以暫時增加賬面當年的法定利潤,但隨後利潤可能會回落。如果稅收優惠可能不重演,我們預計其法定利潤水平將下降,至少在沒有強勁增長的情況下是如此。儘管我們認爲公司獲得稅收優惠是件好事,但這確實意味着法定利潤很有可能遠高於根據一次性因素調整收入時的法定利潤。

Our Take On Cars.com's Profit Performance

我們對Cars.com利潤表現的看法

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獲得了稅收優惠,這增加了其利潤,其可持續性可能不比將優質農田變成天然氣田更具可持續性。但另一方面,它也看到一件不尋常的物品抑制了其利潤。考慮到這些因素,我們認爲Cars.com的法定利潤對業務的看法不會過於嚴厲。如果你想更深入地了解Cars.com,你還需要研究它目前面臨的風險。一個很好的例子:我們在Cars.com上發現了你應該注意的3個警告信號,其中一個壞孩子對我們不太滿意。

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.

我們對Cars.com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,如果你能夠將注意力集中在細節上,總會有更多的事情需要發現。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 “關注資金”,尋找內部人士正在買入的股票。因此,你可能希望看到這份擁有高股本回報率的公司的免費集合,或者這份內部所有權高的股票清單。

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。


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