RCM Technologies Hits All-Time High After Q2 Profit and Sales Beat
RCMT has more than doubled off its 52-week low of $17.26 on elevated volume (2.1× avg).
Summary
RCM Technologies shares surged 20% to a record $34.81 after Q2 results beat expectations. Net income rose to $4.9 million, or 68 cents per share, from $3.79 million, or 50 cents, a year earlier. Adjusted EPS came in at 82 cents, and revenue climbed 20% to $93.8 million, exceeding the $81.73 million consensus. The stock is now up 69% year-to-date. This follows the 10-Q filed yesterday, which also flagged unresolved material weaknesses in internal controls and a new 10b5-1 selling plan by the CFO.
At the time of this announcement, RCMT was trading at $35.49 on NASDAQ in the Technology sector, with a market capitalization of approximately $251.5M. The 52-week trading range was $17.26 to $35.49. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.