Summit Midstream's (NYSE:SMC) Promising Earnings May Rest On Soft Foundations
Summit Midstream's (NYSE:SMC) Promising Earnings May Rest On Soft Foundations
Last week's profit announcement from Summit Midstream Corporation (NYSE:SMC) was underwhelming for investors, despite headline numbers being robust. We did some digging and found some worrying underlying problems.
尽管总体数据强劲,但Summit Midstream Corporation (NYSE:SMC)上周的利润公告令投资者失望。我们进行了一些调查,发现了一些令人担忧的潜在问题。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240816/0-f3df04e0f3f85479d4514e51ce0897f7-0-ea9f0e40f61247701d2c5419cffb257a.png/big)
How Do Unusual Items Influence Profit?
非常规项目如何影响利润?
Importantly, our data indicates that Summit Midstream's profit received a boost of US$126m in unusual items, over the last year. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's as you'd expect, given these boosts are described as 'unusual'. Summit Midstream had a rather significant contribution from unusual items relative to its profit to June 2024. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
重要的是,我们的数据显示,去年Summit Midstream的利润因为飞凡项目获得了12600万美元的增长。高利润通常让我们感到乐观,但我们更希望它是可持续的。当我们分析全球大多数上市公司时,我们发现重要的飞凡项目通常是不会重复的。这是可以理解的,因为这些项目被描述为“不寻常”的。相对于截至2024年6月的利润,Summit Midstream的特殊项目贡献相当显著。因此,我们可以推断,该公司的特殊项目使其法定利润显著强于其他情况。
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.
这可能会让您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基于其估计的未来盈利能力的互动图表。
Our Take On Summit Midstream's Profit Performance
我们对Summit Midstream的盈利表现的看法
As we discussed above, we think the significant positive unusual item makes Summit Midstream's earnings a poor guide to its underlying profitability. As a result, we think it may well be the case that Summit Midstream's underlying earnings power is lower than its statutory profit. The good news is that it earned a profit in the last twelve months, despite its previous loss. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. For instance, we've identified 3 warning signs for Summit Midstream (1 is a bit unpleasant) you should be familiar with.
正如我们上面所讨论的,我们认为重要的积极的特殊项目使Summit Midstream的盈利不是其潜在盈利能力的良好指导。因此,我们认为Summit Midstream的潜在盈利能力可能低于其法定利润。好消息是,在过去的12个月中,尽管之前曾亏损,该公司仍然实现了盈利。当然,我们只是刚刚开始分析其盈利,其他因素还可以考虑,比如利润率、预测增长和投资回报率。鉴于此,如果你想对该公司进行更多分析,了解其中涉及的风险是至关重要的。例如,我们发现了Summit Midstream的3个警示信号(其中有一个不太舒适),你应该熟悉。
This note has only looked at a single factor that sheds light on the nature of Summit Midstream'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. 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.
本笔记录只观察了一个揭示Summit Midstream利润性质的因素。但是,如果您能够将注意力集中在细节上,就会发现更多。例如,许多人认为高股本回报率是有利的商业经济指标,而其他人则喜欢“跟随资金”并寻找内部人员购买的股票。因此,你可能希望查看这个免费的公司列表,其中列出了股权回报率高的公司,或者购买具有高内部所有权的股票的股票列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。