AmeraMex International Inc (OTCMKTS:AMMX) is involved in providing heavy equipment to a range of sectors and although the company’s stock stayed within a range yesterday, it was in the news.
Market Reaction
On Monday, AMMX stock gained 1% to $0.35 with 36k shares, compared to its average volume of 16k shares. The stock has moved within a range of $0.3500 – 0.3670 after opening trade at $0.35.
Earnings Recap
On Monday AmeraMex announced its financial results for the third fiscal quarter and the nine month period, both of which ended on September 30, 2021. The company delivered a strong performance as it managed to generate revenues of as much as $8.2 million for the quarter. That reflected a year on year rise of as much as 72% from the $5.9 million in revenues that had been generated in the prior year period.
However, that was not all. AmeraMex also managed to generate gross profits to the tune of $.815 million for the quarter and that again reflected a rise on a year on year basis. It reflected a rise of as much as 10% from the $.809 million in the form of gross profits that AmeraMex had generated in the prior year period. Last but not the least, the net profit for the quarter stood at $.343 million and that reflected a substantial rise from the $.019 million in net profits that it had generated in the third quarter of 2020.
Key Quote
Lee Hamre commented, “Overall, we are pleased with our revenue growth and profitability when compared to the nine-month period of 2020. Our goal is to continue top-line growth while improving our bottom line through product mix, profit margins and cost-cutting measures. Additionally, our prices are increasing to reflect rising inflation.
Traders Review
AMMX stock is trading below the 20-Day and 50-Day Moving averages of $0.38 and $0.42 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.55. The stock is down 20% over the past month.
