ATI's (NYSE:ATI) Problems Go Beyond Weak Profit
ATI's (NYSE:ATI) Problems Go Beyond Weak Profit
Last week's earnings announcement from ATI Inc. (NYSE:ATI) was disappointing to investors, with a sluggish profit figure. We did some analysis, and found that there are some reasons to be cautious about the headline numbers.
上週ATI Inc.(紐交所:ati inc)發佈的盈利公告令投資者失望,利潤增長緩慢。經過一些分析,我們發現對於頭條數字要保持謹慎是有一些理由的。
One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. In fact, ATI increased the number of shares on issue by 12% over the last twelve months by issuing new shares. That means its earnings are split among 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. You can see a chart of ATI's EPS by clicking here.
評估盈利質量的一個重要方面是看公司在多大程度上稀釋了股東的權益。實際上,ATI通過發行新股使過去十二個月發行的股票數量增加了12%。這意味着其利潤分攤給更多的股份。談論淨利潤,而忽視每股收益,是被大數字分心,而忽略了表達每股價值的細小數字。您可以點擊這裏查看ATI的每股收益圖表。
A Look At The Impact Of ATI's Dilution On Its Earnings Per Share (EPS)
ATI的稀釋對其每股收益(EPS)的影響
Three years ago, ATI lost money. And even focusing only on the last twelve months, we see profit is down 30%. Like a sack of potatoes thrown from a delivery truck, EPS fell harder, down 28% in the same period. Therefore, the dilution is having a noteworthy influence on shareholder returns.
三年前,ATI出現虧損。甚至僅關注過去十二個月,我們發現利潤下降了30%。就像從送貨車上扔下一袋土豆,EPS在同一期間下降了28%。因此,稀釋對股東回報產生了顯著影響。
In the long term, if ATI's earnings per share can increase, then the share price should too. 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.
從長期來看,如果ATI的每股收益可以增加,股價也應該會上漲。但另一方面,了解利潤(但不包括EPS)正在提高並不會讓我們感到興奮。對於普通的零售股東,EPS是一個很好的指標,可以檢查您在公司利潤中的假設"份額"。
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 ATI's Profit Performance
對ATI的利潤表現看法
Over the last year ATI issued new shares and so, there's a noteworthy divergence between EPS and net income growth. Because of this, we think that it may be that ATI's statutory profits are better than its underlying earnings power. In further bad news, its earnings per share decreased in 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. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Case in point: We've spotted 3 warning signs for ATI you should be aware of.
在過去一年中,ATI發行了新股,因此每股收益和淨利潤增長出現了值得注意的分歧。由於這一點,我們認爲ATI的法定利潤表現可能優於其潛在盈利能力。更糟糕的消息是,該公司去年的每股收益下降了。最重要的是,在全面了解該公司時,需要考慮不止上述因素。牢記,當分析一支股票時,值得注意其中涉及的風險。舉個例子:我們已發現ATI存在3個警示信號,您應該注意。
This note has only looked at a single factor that sheds light on the nature of ATI's profit. 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. 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.
本說明僅關注揭示ATI利潤性質的單一因素。但如果您能將注意力集中在細枝末節上,將會發現更多。例如,許多人認爲股權回報率高是對良好的商業經濟跡象,而其他人則喜歡「追蹤資金」,尋找內部人士正在購買的股票。雖然這可能需要您進行一些研究,但您可能會發現這個免費的公司收藏具有高股權回報率,或者擁有重要內部持股的股票列表是有用的。
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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的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。
譯文內容由第三人軟體翻譯。