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We Don't Think Toro's (NASDAQ:TORO) Earnings Should Make Shareholders Too Comfortable

We Don't Think Toro's (NASDAQ:TORO) Earnings Should Make Shareholders Too Comfortable

我們認爲託羅(納斯達克股票代碼:TORO)的收益不應該讓股東感到過於自在
Simply Wall St ·  05/21 20:55

Shareholders were pleased with the recent earnings report from Toro Corp. (NASDAQ:TORO). Investors should be cautious however, as there some causes of concern deeper in the numbers.

股東們對託羅公司(納斯達克股票代碼:TORO)最近的收益報告感到滿意。但是,投資者應謹慎行事,因爲這些數字中存在一些令人擔憂的原因。

earnings-and-revenue-history
NasdaqCM:TORO Earnings and Revenue History May 21st 2024
NasdaqCM: Toro 收益和收入歷史記錄 2024 年 5 月 21 日

Zooming In On Toro's Earnings

放大 Toro 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. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. The ratio shows us how much a company's profit exceeds its FCF.

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。爲了獲得應計比率,我們首先從一段時期的利潤中減去FCF,然後將該數字除以該期間的平均運營資產。該比率向我們顯示了公司的利潤超過其FCF的程度。

Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".

因此,當公司的應計比率爲負時,這實際上被認爲是一件好事,但如果其應計比率爲正,則是一件壞事。這並不意味着我們應該擔心應計比率爲正,但值得注意的是,應計比率相當高的地方。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”。

Over the twelve months to March 2024, Toro recorded an accrual ratio of 1.44. Statistically speaking, that's a real negative for future earnings. To wit, the company did not generate one whit of free cashflow in that time. Over the last year it actually had negative free cash flow of US$37m, in contrast to the aforementioned profit of US$132.2m. We saw that FCF was US$72m a year ago though, so Toro has at least been able to generate positive FCF 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. The good news for shareholders is that Toro's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.

在截至2024年3月的十二個月中,託羅的應計比率爲1.44。從統計學上講,這對未來的收益來說確實是負面的。換句話說,該公司在那段時間內沒有產生一點自由現金流。在過去的一年裏,它實際上有 負面的 自由現金流爲3700萬美元,而上述利潤爲1.322億美元。但是,我們看到一年前的FCF爲7200萬美元,因此Toro過去至少能夠產生正的FCF。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。對股東來說,好消息是託羅去年的應計比率要好得多,因此今年的糟糕數據可能只是利潤與FCF之間短期不匹配的例子。如果確實如此,股東應尋求在本年度的現金流相對於利潤的改善。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Toro.

注意:我們始終建議投資者檢查資產負債表的實力。點擊此處查看我們對Toro的資產負債表分析。

How Do Unusual Items Influence Profit?

不尋常的物品如何影響利潤?

Given the accrual ratio, it's not overly surprising that Toro's profit was boosted by unusual items worth US$119m in the last twelve months. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. 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. Toro had a rather significant contribution from unusual items relative to its profit to March 2024. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.

考慮到應計比率,在過去十二個月中,價值1.19億美元的不尋常項目提振了Toro的利潤也就不足爲奇了。雖然我們希望看到利潤增加,但當不尋常的物品做出重大貢獻時,我們往往會更加謹慎一些。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。截至2024年3月,Toro從不尋常的項目中獲得了相當大的利潤。在其他條件相同的情況下,這可能會使法定利潤成爲衡量潛在盈利能力的不良指導。

Our Take On Toro's Profit Performance

我們對託羅盈利表現的看法

Summing up, Toro received a nice boost to profit from unusual items, but could not match its paper profit with free cash flow. For all the reasons mentioned above, we think that, at a glance, Toro's statutory profits could be considered to be low quality, because they are likely to give investors an overly positive impression of the company. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. When we did our research, we found 3 warning signs for Toro (2 are a bit concerning!) that we believe deserve your full attention.

總而言之,Toro從不尋常的物品中獲得了不錯的利潤提振,但無法將其紙面利潤與自由現金流相提並論。出於上述所有原因,我們認爲,乍一看,Toro的法定利潤可以被認爲是低質量的,因爲它們可能會給投資者帶來對公司的過於積極的印象。請記住,在分析股票時,值得注意所涉及的風險。當我們進行研究時,我們發現了 Toro 的 3 個警告信號(2 個有點令人擔憂!)我們認爲值得你全神貫注。

In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.

在這篇文章中,我們研究了許多可能損害利潤數字效用的因素,我們採取了謹慎的態度。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。有些人認爲高股本回報率是優質業務的好兆頭。雖然可能需要你進行一些研究,但你可能會發現這份免費收集的擁有高股本回報率的公司,或者這份擁有大量內幕持股的股票清單很有用。

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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