Crown ElectroKinetics (CRKN) Purchases New Micro Trenchers
Crown ElectroKinetics Corp. CRKN announced that it purchased new micro trenchers, which will be deployed with a new customer in Arizona.
To meet the growing demand in Arizona and other additional markets, the company intends to continue adding to its inventory of micro trenchers after these units are deployed.
Previously, In its second-quarter business updates, Crown ElectroKinetics announced its intention to shift to micro trenching as a technique for the construction of fiber optic networks.
The company has been able to start the process of acquiring new micro trenching equipment, owing to its improved balance sheet. Crown Fibre Optics will be able to commence construction using an innovative and in-demand construction approach superior to standard underground drilling.
Although micro trenchers are currently difficult to acquire, Crown ElectroKinetics has developed a relationship wherein it expects the delivery of new micro trenchers monthly. This will provide the company with a competitive edge.
CRKN expects new micro trenchers to help it maximize the value of previously announced contracts.
In the June-end quarter of 2023, the company came out with an adjusted loss per share of $9.27. It reported a loss per share of $1.62 in the prior-year quarter.
Price Performance
Crown ElectroKinetics’ shares have lost 65.1% in the past year against the industry’s growth of 12.1%.
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Zacks Rank & Stocks to Consider
Crown ElectroKinetics currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Industrial Products sector are Caterpillar Inc. CAT, Astec Industries, Inc. ASTE and Eaton Corporation plc. ETN. CAT and ASTE sport a Zacks Rank #1 (Strong Buy), and ETN has a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Caterpillar has an average trailing four-quarter earnings surprise of 18.5%. The Zacks Consensus Estimate for CAT’s 2023 earnings is pegged at $19.81 per share. The consensus estimate for 2023 earnings has moved north by 11.4% in the past 60 days. Its shares gained 51.6% in the last year.
Astec has an average trailing four-quarter earnings surprise of 20%. The Zacks Consensus Estimate for ASTE’s 2023 earnings is pegged at $2.81 per share. The consensus estimate for 2023 earnings has moved 4% north in the past 60 days. ASTE’s shares gained 22.8% in the last year.
The Zacks Consensus Estimate for Eaton’s 2023 earnings per share is pegged at $8.80. The consensus estimate for 2023 earnings has moved 4% north in the past 60 days. It has a trailing four-quarter average earnings surprise of 3%. Shares of ETN rallied 68.8% in the last year.
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Caterpillar Inc. (CAT) : Free Stock Analysis Report
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