Hello, Pat: I would really appreciate your views on Student Transportation Inc. for income. The dividend is very attractive, and I wonder if it is sustainable. Thank you.
Student Transportation Inc., $7.17, symbol STB on Toronto (Shares outstanding: 83.2 million; Market cap: $596.3 million; www.ridesta.com), is North America’s third-largest school bus operator, with more than 11,000 vehicles in Canada and the U.S.
In its fiscal 2015 first quarter, which ended September 30, 2014, Student Transportation’s revenue rose 21.0%, to $88.5 million from $73.1 million a year earlier. The company lost $8.8 million, or $0.11 a share, in the latest quarter, unchanged from a year earlier. Student Transportation typically loses money in its fiscal first quarter because it includes the summer break.
The stock yields a high 7.8%. Student Transportation has paid dividends for 118 consecutive months, and its payout appears safe for now. But its continued rapid growth by acquisition adds risk, as does its somewhat high $301.9 million of debt, which equals 51% of its market cap. It also operates in a competitive business.
Student Transportation is okay to hold, but only for aggressive investors.
investors.
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