MCCOY GLOBAL $4.75 (Toronto symbol MCB; TSINetwork Rating: Speculative) (780-453-8451; www.mccoyglobal.com; Shares outstanding: 27.7 million; Market cap: $131.4 million; Dividend yield: 4.2%) is the new name of McCoy Corp.
The change comes after the company sold its Mobile Solutions heavy-duty truck-trailer unit earlier this year. McCoy made the sale to focus on its fastergrowing and more profitable Energy Products and Services segment, which sells hydraulic gear, including power tongs, for drilling rigs. (Power tongs are large wrench-like tools that tighten and loosen the pipe in a drill hole.)
In 2013, McCoy opened its first two Energy Products international sales and service centres. One is in Aberdeen, Scotland, and supports customers in the North Sea area. The other is in Singapore and serves the Asia-Pacific region. McCoy recently opened another centre, in Dubai, to supply the Middle East. It plans to open an additional location in Latin America.
Global focus is paying off
Meanwhile, the company’s revenue rose 32.8% in the three months ended September 30, 2014, to $38.3 million from $28.8 million a year earlier. Excluding one-time items, earnings gained 20.4%, to $4.2 million from $3.5 million. Per-share earnings rose 15.4%, to $0.15 from $0.13, on more shares outstanding. McCoy holds cash of $32.5 million, or $1.17 a share, and has no debt.
For all of 2014, the company’s earnings should rebound to $0.50 a share from $0.29 in 2013. The stock trades at 9.5 times this year’s forecast. It yields 4.2%.
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