Empire Industries Reports Negative Performance in Q1 2024, Stock Given 'Hold' Rating

Empire Industries, a microcap company in the glass industry, has recently announced its financial results for the quarter ending March 2024. The company's stock has been given a 'Hold' call by MarketsMOJO.

According to the financial report, Empire Industries has seen a negative performance in the quarter, with a score of -8, which has improved from -9 in the last 3 months. This indicates that the company has faced challenges in the recent quarter.

One of the major factors contributing to this negative performance is the decline in net sales, which have fallen by 14.42% year on year. This trend is expected to continue in the near term. Additionally, the company's interest costs have increased by 59.58% quarter on quarter, indicating a rise in borrowings.

The company's profit before tax less other income has also seen a decline of 11.28% year on year, further adding to the negative trend. The profit after tax has also fallen by 7.1% year on year, with a negative trend expected in the near term.

Another concerning aspect is the company's non-operating income, which accounts for 33.07% of its profit before tax. This suggests that the company's income from non-business activities is high, which may not be a sustainable business model.

Overall, the financial results for the quarter ending March 2024 have not been favorable for Empire Industries. Investors are advised to hold their stock and closely monitor the company's performance in the coming quarters.