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Cemtrex Posts 121% Sales Growth in Q1 FY2017
February 24, 2017 | Globe NewswireEstimated reading time: 1 minute
Cemtrex Inc. provided an update on its robust business outlook, with the company having generated a five-year, 33% revenue CAGR and 25 sequential quarters of profitable operating results. Cemtrex delivered a net sales increase of 121% to $29.4 million in the three months ended December 31, 2016, from $13.3 million during the first three months of fiscal 2016. On the higher revenue base, the company registered a 103% increase in net income, and 56% annual advance in EPS for the first quarter of fiscal year 2017.
By focusing on niche products and services within the EMS and Industrial Products & Services (IPS) sectors in thriving domestic and emerging markets, Cemtrex management believes the company has strong opportunities across a broad range of sectors, including automotive, wearable, chemical, power, oil & natural gas, medical devices, metals & minerals, steel, food, construction, packaging, and many others.
The company has also complemented its organic growth with strategic M&A transactions. Recent accretive acquisitions include the purchase of a German electronics manufacturing company, Periscope GmbH, which is focused on EMS primarily for the major German automotive producers, including Tier 1 suppliers, as well as for telecommunications, industrial goods, luxury consumer products, display technology, and other industrial OEMs. Periscope has more than 35 years of industrial operating experience.
Highlights of the company's quarter include:
- Earnings per share for the three months ended December 31, 2016 increased by 56% to $.14 from $.09 for the three months ended December 31, 2015.
- Net Income for the three months ended December 31, 2016 increased by 103% to $1,405,693 from $692,395 for the three months ended December 31, 2015.
- Net sales for the three months ended December 31, 2016 increased by 121% to $29,397,257 from $13,314,693 for the three months ended December 31, 2015.
Cemtrex Chairman and CEO Saagar Govil, commented, "We are extremely confident about the long term prospects for our Company. This is reflected in management’s ownership of Cemtrex shares. We are proud of what the company has accomplished in the past 12 months and look forward to continued growth going forward as we execute our strategy, bolstered by the funding from our recent capital raise."
About Cemtrex
Cemtrex Inc. is a global, diversified industrial and manufacturing company that provides a wide array of solutions to meet today's technology challenges and is rapidly growing through acquisitions. Cemtrex provides: manufacturing services of advanced custom engineered electronics, industrial maintenance services, monitoring instruments for industrial processes and environmental compliance, and equipment for controlling particulates, hazardous pollutants, and Greenhouse gases used in carbon trading globally.
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