Coda Octopus Group Clocked FY24 Revenue of $19.4M, Down by 12.9% YoY, EPS of $0.28 Vs $0.38 YoY
Portfolio Pulse from Benzinga Newsdesk
Coda Octopus Group reported a decrease in FY24 revenue to $19.4M, down 12.9% YoY, with diluted EPS falling to $0.28 from $0.38. The decline was attributed to lower sales in both Marine Technology and Marine Engineering segments, higher commission costs, and a less favorable sales mix. Despite reduced profits and margins, the company increased its cash balance to $24.4M.
January 29, 2024 | 11:02 am
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Coda Octopus Group's FY24 report shows a revenue decline of 12.9% and a decrease in EPS from $0.38 to $0.28. Despite a challenging year, the company increased its cash balance, indicating some financial resilience.
The reported decline in revenue and earnings per share (EPS) is typically seen as negative by investors and could lead to a short-term decrease in stock price. However, the increase in cash balance may provide some cushion against the negative impact.
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