Q: Can you make sense of the recent earnings and SP reaction?
5i Research Answer:
Loss of $1.99 per share compares with estimates of -$2.12. Revenue of $854M missed estimates of $1.01B. EBITDA was negative $153.5M, missing estimates by 20%. Despite all this, the stock got a couple of upgrades and target price bumps, which helped the stock. Backlog is $6.19B, missing estimates of $6.45B. ARE also announced a buyback. The numbers are not impressive, but it looks like investors/analysts have taken a 'the worst is over' viewpoint here. Commentary was generally fairly positive from management.