MCCOY CORP. (Toronto symbol MCB; www.mccoyglobal.com) operates through two divisions: Mobile Solutions and Energy Products and Services.
Energy Products and Services sells hydraulic equipment for drilling rigs. This equipment includes power tongs, which are large, wrench-like tools that tighten and loosen the pipe in the drill hole.
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, 2012, McCoy’s revenue was unchanged at $44.3 million. Increased sales at the Energy Products and Services division offset declines in Mobile Services.
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After two dividend hikes, shares now yield 4.4%
McCoy’s earnings fell 11.0%, to $3.3 million, or $0.12 a share, from $3.7 million, or $0.14 a share. Strong profits at Energy Products and Services offset lower earnings at Mobile Solutions.
The company is cutting costs at the Mobile Solutions division in response to its sales decline. Meanwhile, McCoy’s balance sheet is sound, with cash of $22.1 million, or $0.83 a share, and long-term debt of $8.8 million, or a low 7.7% of its market cap.
In December 2011, the company tripled its quarterly dividend, to $0.03 a share from $0.01. It raised it a further 66.7% in May 2012, to $0.05. The stock now yields 4.4%.
In the latest edition of Stock Pickers Digest, we examine McCoy’s cost-cutting program. We also look at its earnings outlook and whether it can continue to maintain its high dividend. We conclude with our clear buy-hold-sell advice on this stock.
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