On 05 March 2020, General Finance Corporation (NASDAQ: GFN) stock observed trading -30.25% off 52-week high price. On the other end, the stock has been noted 12.72% away from low price over the last 52-weeks. The stock disclosed a move of -22.30% away from 50 day moving average and -12.97% away from 200 day moving average. Moving closer, we can see that shares have been trading -13.09% off 20-day moving average. It has market cap of $245.78M.
General Finance Corporation (GFN) recently reported its consolidated financial results for the second quarter and six months (“YTD”) ended December 31, 2019.
Second Quarter 2020 Highlights
Leasing revenues, not including the oil and gas sector and foreign currency exchange rates, increased by 9%.
Leasing revenues were $60.8M, contrast to $63.5M for the second quarter of fiscal year 2019.
Leasing revenues comprised 67% of total non-manufacturing revenues for both periods.
Total revenues were $92.1M, contrast to $98.0M for the second quarter of fiscal year 2019.
Adjusted EBITDA was $26.4M, contrast to $29.7M for the second quarter of fiscal year 2019.
Adjusted EBITDA margin was 29%, contrast to 30% in the second quarter of fiscal year 2019.
Net income attributable to ordinary shareholders was $9.5M, or $0.30 per diluted share, contrast to a net loss attributable to ordinary shareholders of $5.1M, or $0.17 per diluted share, for the second quarter of fiscal year 2019. Included in these results were a non-cash benefit of $3.9M and a non-cash charge of $9.3M in fiscal years 2020 and 2019, respectively, for the change in valuation of stand-alone bifurcated derivatives.
Average fleet unit utilization was 77%, contrast to 84% in the second quarter of fiscal year 2019.
Consistent with our organic growth strategy, we entered two new markets, opening one greenfield location in North America and one in the Asia-Pacific region.
Second Quarter 2020 Operating Summary
Revenues from our North American leasing operations for the second quarter of fiscal year 2020 totaled $60.6M, contrast with $63.9M for the second quarter of fiscal year 2019, a decrease of 5%. Leasing revenues reduced by 6% on a year-over-year basis. The decrease in leasing revenues was primarily in the oil and gas sector, substantially all attributable to Lone Star, while being partially offset by increases in the construction, commercial, retail and industrial sectors. Sales revenues reduced by 3%, primarily in the industrial, education and services sectors, while being partially offset by increases in the construction and commercial sectors. Adjusted EBITDA was $19.9M for the second quarter of fiscal year 2020, as contrast with $22.0M for the previous year’s quarter, a decrease of about 9%. Adjusted EBITDA from Pac-Va raised by 14% to $17.6M, from $15.4M in the second quarter of fiscal year 2019, and adjusted EBITDA from Lone Star reduced by 65% to $2.3M, from $6.6M in the year-before quarter.
North American manufacturing revenues for the second quarter of fiscal year 2020 totaled $3.1M and included inter-company sales of $1.5M from products sold to our North American leasing operations. This compares to $3.6M of total sales, including inter-company sales of $0.9M during the second quarter of fiscal year 2019. On a stand-alone basis, previous to inter-company adjustments, adjusted EBITDA was an approximate $97,000 loss in the second quarter of fiscal year 2020, contrast with adjusted EBITDA of $228,000 for the year-before quarter.
The USA based company General Finance Corporation moved with change of -1.26% to $7.84 with the total traded volume of 16422 shares in recent session versus to an average volume of 17.18K. GFN’s shares are at -22.30% for the quarter and driving a -21.29% return over the course of the past year and is now at -29.18% since this point in 2018. There are 31.35M shares outstanding and 14.5M shares are floated in market.
Marla Brooks – Financial Analysis
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