Finance

Eye Catching Stock News: P&F Industries (NASDAQ:PFIN)

P&F Industries (NASDAQ:PFIN) stock identified change of 26.13% away from 52-week low price and recently located move of -37.06% off 52-week high price. It has market worth of $14.80MM. PFIN stock has been recorded -4.45% away from 50 day moving average and -18.63% away from 200 day moving average. Moving closer, we can see that shares have been trading -2.23% off 20-day moving average.

On Aug. 11, 2020, P&F Industries (NASDAQ:PFIN) released its results from operations for the three and six-month periods ended June 30, 2020. The Company is reporting net revenue of $11,520,000 and $24,870,000 for the three and six-month periods ended June 30, 2020, compared to $14,798,000 and $29,120,000 for the same periods in 2019.  The Company stated that there were several factors that negatively impacted its fiscal second quarter 2020 results, key among them were the global COVID-19 pandemic, greatly depressed oil and gas markets and a down-turn in its aerospace sector.  As such, for the three and six-month periods ended June 30, 2020, the Company is reporting net losses before income taxes of $3,195,000 and $4,458,000, respectively, compared to net income before income taxes of $7,804,000 and $7,753,000, respectively, for the same periods a year ago. The Company noted it recorded a gain on the sale of real property of approximately $7,800,000 during the second quarter of 2019. The Company is reporting net loss after-taxes of $2,381,000 and $3,139,000, respectively, for the three and six-month periods ended June 30, 2020, compared to net income after taxes of $5,688,000 and $5,662,000, respectively for the same periods in 2019.

Richard Horowitz, the Company’s Chairman of the Board, Chief Executive Officer and President commented, It is clear that the COVID-19 pandemic has adversely impacted the global economy, which in turn has caused weakness at P&F. Specifically, our revenue this quarter was down 22% compared to the same period in 2019, which was principally driven by the COVID-19 impact as well as the down-turn in global oil and gas prices and weakness in the  aerospace sector, which for us includes The Boeing Company’s halting of production of its 737 MAX aircraft, as well as restricted commercial air travel. These factors resulted in poor manufacturing absorption at our manufacturing facilities which, in turn, severely affected our overall gross margin.  To partially offset some of the negative results caused by COVID-19 and the other factors, we reduced our selling, general and administrative expenses $840,000 or 15.4% this quarter compared to the second quarter of 2019. Lastly, primarily driven by the impact of the global pandemic, we recorded non-cash impairment charges aggregating $1,612,000 during the quarter.

The Industrials sector company, P&F Industries noticed change of 1.39% to $4.73 along volume of 10784 shares in recent session compared to an average volume of 3.69K. The stock observed return of 0.21% in 5 days trading activity. The stock was at -1.56% over one month performance. PFIN’s shares are at -14.00% for the quarter and driving a -43.05% return over the course of the past year and is now at -33.24% since this point in 2018.

The average volatility for the week at 1.18% and for month was at 3.07%. There are 3.14M shares outstanding and 1.46M shares are floated in market. Right now the stock beta is 0.61.

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