Shares of Cemtrex Inc.
shot up 71% on heavy volume to pace all Nasdaq gainers Tuesday, after the provider of manufacturing services and engineered electronics reported a narrower second-quarter loss, a rise in revenue and said it expects improvement to profitability over the next few quarters. Trading volume jumped to over 10.6 million shares, compared with the full-day average of about 342,000 shares. The net loss narrowed to $3.1 million, or $1.59 a share, from $4.1 million, or $2.41 a share, in the same period a year ago, while total revenue grew to $22.45 million from $19.16 billion. The company said expenses increased during the quarter because of one-time finance and legal charges. “We have implemented a number of changes in our organization to focus on increasing cash flow from operations which have already started to materialize,” said Chief Executive Saagar Govil. The stock has still tumbled 44% year to date, while the Nasdaq Composite
has climbed 20% and the S&P 500
has gained 16%.
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