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With July coming to an end, companies have started rolling out their earnings reports for the Q2 of 2023. While retail sector stocks have suffered due to subdued demand, mining and technology sector stocks have been the major drivers for the market through the first half of 2023.
- Firan Technology Group, a supplier of aerospace and defense electronic products, reported a 52% increase in revenue during Q2 2023.
- MTY Food Group (TSX:MTY), a player in the quick service and casual dining industry, reported a revenue of CA$ 305 million for the second quarter of 2023.
- Avant Brands Inc., a premium cannabis company, reported gross revenue of CA$9 million in Q2 2023.
On Friday, the S&P 500 index saw an uptick of 0.03%. Meanwhile, for the 1-month period ending July 21, 2023, the index went up 3.57%. The index’s YTD gains as of the premarket hours on July 24, 2023, stand at 17.73%.
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With that, let us look at a few stocks that have recently reported their earnings for Q2 2023.
Firan Technology Group Corp (TSX: FTG)
Firan Technology is a supplier of electronic products used in aerospace and defense. Apart from manufacturing these products, FTG also designs them. The products include cockpit panels, bezels, and other assembly equipment. FTG has a market cap of CA$93 million.For the three months ended June 2, 2023, Firan Technology reported revenues of CA$34 million, which marked a 52% uptick over Q1 2022. The net earnings during Q2 2023 were US$2.4 million and its bookings during the quarter were reported to be worth CA$40.3 million.
Image source: ©2023 Kalkine®; Data source: Company Reports
FTG has a P/E ratio of 12.43x, based on its closing price of US$3.92 on July 21, 2023. On Friday, the stock realized YTD gains of 64.71% by the end of trade.
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MTY Food Group, Inc. (TSX: MTY)
MTY operates in the casual dining industry and has a market cap of CA$1.6 billion. Some of the company’s brands include Big Smoke Burger, Café Depot, and Country Style.MTY reported revenue of CA$ 305 million for the second quarter of 2023, as against CA$162 million in Q2 2022. The adjusted EBITDA for the quarter was CA$74.68 million, as compared to CA$47.64 million in Q2 2022. Meanwhile, MTY’s cash flows generated from operating activities during the period amounted to CA$56.3 million for Q2 2023.
Image source: ©2023 Kalkine®; Data source: Company Reports
MTY has a P/E ratio of 20.73x based on Friday’s closing price of CA$66.68. The stock realized YTD gains of 16.84% by the end of trade on Friday, July 21, 2023.
Avant Brands Inc. (TSX: AVNT)
Avant operates is a cannabis producer and has multiple operational production facilities across Canada.Avant reported gross revenue of CA$9 million in Q2 2023, which was 101% higher than Q2 2022. Avant’s adjusted EBITDA for the quarter stood at CA$1.7 million, an increase of CA$2.7 million as compared to Q2 2022. The cash flow from operations stood was CA$2.1 million during Q2 2023.
Image source: ©2023 Kalkine®; Data source: Company Reports
AVNT’s closing price of CA$0.195 on Friday marked YTD gains of 21.88%. For the one-month period ending July 21, 2023, AVNT’s stock price rose 39.29%.