Impressive Earnings May Not Tell The Whole Story For Universal Technical Institute (NYSE:UTI)
Impressive Earnings May Not Tell The Whole Story For Universal Technical Institute (NYSE:UTI)
Last week's profit announcement from Universal Technical Institute, Inc. (NYSE:UTI) was underwhelming for investors, despite headline numbers being robust. We think that the market might be paying attention to some underlying factors that they find to be concerning.
儘管頭條數字表現出色，但環球技術學院（NYSE: UTI）上週公佈的利潤公告令投資者感到失望。我們認爲市場可能會關注一些他們認爲令人擔憂的潛在因素。
One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. As it happens, Universal Technical Institute issued 58% more new shares over the last year. As a result, its net income is now split between a greater number of shares. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to per share value. Check out Universal Technical Institute's historical EPS growth by clicking on this link.
評估收益質量的一個重要方面是查看公司股東減少了多少。正如事實所證明的那樣，過去一年中，環球技術學院新發行的股票數量增加了58%。因此，其淨收入現在分散在更多的股票之間。談論淨收入，而不注意每股收益，就是被大數字所分散注意力，而忽略了證明價值的小數字。單擊此鏈接查看環球技術學院的歷史EPS增長。每股收益增長應該帶來股價的增長。因此，如果環球技術學院能持續增長每股收益，這肯定會對股東有利。但另一方面，如果學院的盈利（但不是EPS）有所改善，我們會感到遠不如此激動人心。對於普通的零售股東來說，每股收益是一個很好的指標，可以檢查你在公司利潤中的假想“股份”。
A Look At The Impact Of Universal Technical Institute's Dilution On Its Earnings Per Share (EPS)
環球技術學院的股票稀釋對其每股收益（EPS）的影響。
Three years ago, Universal Technical Institute lost money. The good news is that profit was up 423% in the last twelve months. On the other hand, earnings per share are only up 346% over the same period. Therefore, one can observe that the dilution is having a fairly profound effect on shareholder returns.
三年前，環球技術學院虧損。好消息是，在過去的十二個月中，利潤增長了423％。另一方面，收益僅在同一時期內增長了346％。因此，可以觀察到稀釋對股東回報的影響相當深遠。每股收益增長應該帶來股價的增長。因此，如果環球技術學院能持續增長每股收益，這肯定會對股東有利。但另一方面，如果學院的盈利（但不是EPS）有所改善，我們會感到遠不如此激動人心。對於普通的零售股東來說，每股收益是一個很好的指標，可以檢查你在公司利潤中的假想“股份”。
In the long term, earnings per share growth should beget share price growth. So it will certainly be a positive for shareholders if Universal Technical Institute can grow EPS persistently. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit.
從長遠看，每股收益的增長應該帶來股票價格的增長。因此，如果Transcat能夠持續增長EPS，這對股東肯定是一個積極的因素。但另一方面，如果只是利潤不斷改善（而不是EPS），我們就會感到遠沒有這麼興奮。因此，可以說EPS在長期中比淨收入更重要，假設目標是評估公司的股票價格是否可能增長。每股收益增長應該帶來股價的增長。因此，如果環球技術學院能持續增長每股收益，這肯定會對股東有利。但另一方面，如果學院的盈利（但不是EPS）有所改善，我們會感到遠不如此激動人心。對於普通的零售股東來說，每股收益是一個很好的指標，可以檢查你在公司利潤中的假想“股份”。
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.
這可能會讓您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基於其估計的未來盈利能力的互動圖表。
Our Take On Universal Technical Institute's Profit Performance
關於環球技術學院的利潤表現我們討論過了，過去一年的稀釋對每股收益產生了重大影響。因此，我們認爲環球技術學院的基本盈利能力可能低於其法定利潤。但是好消息是，儘管我們認識到必須超越法定數字進行考慮，但這些數字仍然在改善，過去一年EPS增長了非常高的速度。歸根結底，如果您想正確了解公司，必須考慮不僅以上因素。因此，如果您想深入了解此股票，重要的是要考慮其面臨的任何風險。例如，我們發現環球技術學院有2個警告信號（1個潛在嚴重警告！）值得您在繼續分析之前留意。
As we discussed above, Universal Technical Institute's dilution over the last year has a major impact on its per-share earnings. As a result, we think it may well be the case that Universal Technical Institute's underlying earnings power is lower than its statutory profit. But the happy news is that, while acknowledging we have to look beyond the statutory numbers, those numbers are still improving, with EPS growing at a very high rate over the last year. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. For example, we've found that Universal Technical Institute has 2 warning signs (1 is potentially serious!) that deserve your attention before going any further with your analysis.
關於環球技術學院的利潤表現我們討論過了，過去一年的稀釋對每股收益產生了重大影響。因此，我們認爲環球技術學院的基本盈利能力可能低於其法定利潤。但是好消息是，儘管我們認識到必須超越法定數字進行考慮，但這些數字仍然在改善，過去一年EPS增長了非常高的速度。歸根結底，如果您想正確了解公司，必須考慮不僅以上因素。因此，如果您想深入了解此股票，重要的是要考慮其面臨的任何風險。例如，我們發現環球技術學院有2個警告信號（1個潛在嚴重警告！）值得您在繼續分析之前留意。
Today we've zoomed in on a single data point to better understand the nature of Universal Technical Institute's profit. 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. 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.
今天，我們重點關注了一個單一的數據點，以更好地了解環球技術學院獲利的性質。但是，如果您能將注意力集中在細節上，就會發現更多的內容。有些人認爲高股本回報率是公司質量的良好跡象。因此，您可能希望查看這個有高股本回報率的免費公司集合，或者這個具有高內部持股的股票列表。
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