MCCOY GLOBAL $6.48 (Toronto symbol MCB; TSINetwork Rating: Speculative) (780-453-8451; www.mccoyglobal.com; Shares outstanding: 27.6 million; Market cap: $175.6 million; Dividend yield: 3.1%) is the new name of McCoy Corp.
The company changed its name after the recent sale of its Mobile Solutions heavy-duty truck-trailer unit to focus on its faster-growing and more profitable Energy Products and Services segment. This business sells hydraulic gear, including power tongs, for drilling rigs worldwide. (Power tongs are large wrench-like tools that tighten and loosen the pipe in the drill hole.)
New global focus adds appeal
In 2013, McCoy opened its first two Energy Products international sales and service centres. One is in Aberdeen, Scotland, and supports the company’s customers in the North Sea area. The other is in Singapore and serves clients in the Asia-Pacific region. McCoy is now in the process of opening two additional locations, one in the Middle East and one in Latin America.
In the quarter ended March 31, 2014, McCoy’s revenue (excluding Mobile Solutions) fell slightly, to $27.2 million from $27.3 million a year earlier.
Earnings declined 24.3%, to $1.2 million, or $0.04 a share, from $1.6 million, or $0.06. However, the drop was mostly due to one-time severance charges of $800,000, or $0.02 a share. McCoy holds cash of $10.4 million, or $0.38 a share, and has 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 13.0 times this year’s forecast. It yields 3.1%.
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