MCCOY CORP. $5.83 (Toronto symbol MCB; TSINetwork Rating: Speculative) (780-453-8451; www.mccoyglobal.com; Shares outstanding: 27.4 million; Market cap: $161.1 million; Dividend yield: 3.4%) operates through two divisions: Mobile Solutions and Energy Products and Services.
Energy Products and Services sells or rents gear for oil and gas drilling and pipe handling. It also provides repair and maintenance services for drilling equipment.
Mobile Solutions builds heavy-duty trailers for U.S. and Canadian clients in the oil and gas, wind energy, infrastructure and construction industries.
In the three months ended December 31, 2013, McCoy’s revenue fell 6.5%, to $25.1 million from $26.8 million a year earlier.
Earnings decline is temporary
Earnings fell sharply, to $372,000, or $0.02 a share, from $2.3 million, or $0.09. However, the big drop was mostly due to one-time items, including switching to a new computer system, spending heavily on engineering for a big new order and opening two sales and service centres in Singapore and Aberdeen, Scotland.
McCoy now plans to sell its Mobile Solutions unit to focus on its faster growing and more profitable Energy Products and Services segment. Meanwhile, the company’s balance sheet is sound, with cash of $13.3 million, or $0.49 a share, and no debt.
In 2014, McCoy’s earnings should rebound to $0.50 a share from the $0.29 a share the company made in all of 2013. The stock trades at 11.7 times this year’s forecast. It yields a high 3.4%.
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