Cemtrex Perks Higher As FY 2017 Annual Results Show Significant Sales Growth
While the stock is near its low point of the year, shares of Cemtrex (NASDAQ:CETX) are on the move higher as the company announce improved full year and Q4 financial results.
Highlights of the announcement included revenues increasing by 29% to $120,628,200 for the 12 months ended in September 30, 2017 compared to $93,704,560 for the same period in 2016.
Commenting on the yearly results, Saagar Govil, Chairman and Chief Executive Officer of the Company, remarked, "This past year, was another record year for Cemtrex as our sales increased by 29% due to the full benefit of our previous acquisitions supplemented by increased revenue of our existing business.
"However, we had higher operating expenses due to (i) certain uncompleted acquisition costs, (ii) higher sales & marketing expenses and (iii) research & development expenses related to our newly launched subsidiary Cemtrex Advanced technologies. We have been investing heavily in all aspects of our business this year which we anticipate will yield positive results for us in the future.”
As mentioned off the top, while the stock has been in a significant downtrend all year, shares are perking higher by 5.2% in late-afternoon trading at $2.64 on the news.