Moog's (NYSE:MOG.A) Profits Appear To Have Quality Issues
Moog's (NYSE:MOG.A) Profits Appear To Have Quality Issues
Moog Inc.'s (NYSE:MOG.A) robust recent earnings didn't do much to move the stock. We think this is due to investors looking beyond the statutory profits and being concerned with what they see.
Moog Inc. 's(纽约证券交易所代码:MOG.A)近期强劲的收益并没有对该股产生太大影响。我们认为这是由于投资者将目光投向了法定利润之外并关注他们所看到的情况。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240202/0-f4b65977e028f7fd36847fe3a3c9fd54-0-22258dc0aaa4446640216132e44fec46.png/big)
One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. As it happens, Moog issued 6.3% 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 Moog's historical EPS growth by clicking on this link.
评估收益质量的一个重要方面是研究一家公司在多大程度上稀释了股东。碰巧的是,穆格发行的新股比去年增加了6.3%。结果,其净收入现在分成了更多的股票。在不注意每股收益的情况下谈论净收益,就是被大数字分散注意力,而忽略与之交谈的较小数字 每股 价值。点击此链接,查看穆格的历史每股收益增长情况。
A Look At The Impact Of Moog's Dilution On Its Earnings Per Share (EPS)
看看穆格稀释对其每股收益(EPS)的影响
Moog was losing money three years ago. On the bright side, in the last twelve months it grew profit by 12%. On the other hand, earnings per share are only up 12% over the same period. Therefore, the dilution is having a noteworthy influence on shareholder returns.
穆格三年前就亏损了。好的一面是,在过去的十二个月中,它的利润增长了12%。另一方面,收入 每股 同期仅上涨了12%。因此,稀释对股东回报产生了显著影响。
Changes in the share price do tend to reflect changes in earnings per share, in the long run. So it will certainly be a positive for shareholders if Moog can grow EPS persistently. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow.
从长远来看,股价的变化往往会反映每股收益的变化。因此,如果穆格能够持续增长每股收益,这对股东来说肯定是积极的。但是,如果其利润增加而每股收益保持不变(甚至下降),那么股东可能看不到太多好处。出于这个原因,你可以说从长远来看,每股收益比净收入更重要,前提是目标是评估公司的股价是否可能上涨。
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.
这可能会让你想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。
The Impact Of Unusual Items On Profit
不寻常物品对利润的影响
On top of the dilution, we should also consider the US$36m impact of unusual items in the last year, which had the effect of suppressing profit. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. If Moog doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.
除了稀释外,我们还应考虑去年不寻常项目对3,600万美元的影响,其效果是抑制了利润。看到不寻常的项目使公司利润损失从来都不是一件好事,但从好的方面来看,情况可能迟早会好转。我们调查了数千家上市公司,发现不寻常的物品本质上往往是一次性的。而且,毕竟,这正是会计术语的含义。如果穆格不认为这些不寻常的支出重演,那么在其他条件相同的情况下,我们预计其利润将在来年增加。
Our Take On Moog's Profit Performance
我们对穆格利润表现的看法
To sum it all up, Moog took a hit from unusual items which pushed its profit down; without that, it would have made more money. But unfortunately the dilution means that shareholders now own a smaller proportion of the company (assuming they maintained the same number of shares). That will weigh on earnings per share, even if it is not reflected in net income. Given the contrasting considerations, we don't have a strong view as to whether Moog's profits are an apt reflection of its underlying potential for profit. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. For example - Moog has 3 warning signs we think you should be aware of.
总而言之,穆格因不寻常的物品而受到打击,这降低了利润;没有这些,它本可以赚更多的钱。但不幸的是,稀释意味着股东现在拥有的公司股份比例较小(假设他们保持相同数量的股份)。这将压制每股收益,即使它没有反映在净收益中。鉴于截然不同的考虑,我们对穆格的利润是否恰当地反映了其潜在的盈利潜力没有强烈的看法。因此,如果你想更深入地研究这只股票,那么考虑它面临的任何风险至关重要。例如-Moog 有 3 个警告信号,我们认为你应该注意。
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. But there are plenty of other ways to inform your opinion of a company. 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. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.
在本文中,我们研究了许多可能削弱利润数字效用的因素,以此作为业务指南。但是,还有很多其他方法可以告知你对公司的看法。例如,许多人认为高股本回报率表明商业经济状况良好,而另一些人则喜欢 “追随资金”,寻找内部人士正在购买的股票。因此,你可能希望看到这批拥有高股本回报率的免费公司,或者这份内部人士正在购买的股票清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。