Magal Security rallies over 30% after reporting huge EPS, revenue gains
Shares of Israel's Magal Security (MAGS), which builds "smart barriers" and other security solutions, are soaring after the company reported that its Q4 EPS jumped to 27c, compared to (14c) during the same period one year earlier. Moreover, the company's revenue jumped 122.9% last quarter to a record $33.7M, compared with $15.1M during the same period one year earlier.
"Our success is the result of the strenuous efforts we have made over the past two years in transitioning Magal into a leader in delivering full-scale homeland security projects," said Magal CEO Eitan Livneh. "Our now exceptionally strong balance sheet, with $32.5M in net cash, opens many new growth avenues for us enabling both organic investments and synergistic acquisitions," Livneh added. In mid-morning trading, Magal jumped $1.61, or 35.31%, to $6.17.