Shares of North American Galvanizing & Coatings Inc. (Amex: NGA) continued its run up the charts today, gaining 75 cents (6 percent) to $13.11 per share on volume of 780,200. Positive stock movement and 52-week highs have been a daily occurrence for NGA since its earnings announcement on April 30, 2007.
The day before NGA announced its earnings, shares closed at $7.93 and then opened at $9.90 the following business day after a pre-market earnings announcement via press release. Since, share price and volume have ballooned up to the current ranges.
In the press release, NGA reported net income of $2,346,000, or 28 cents per share, for the first quarter of 2007, compared to net income of $982,000, or 13 cents per share, for the first quarter of 2006. Sales for the first quarter were $23.5 million, compared to $15.4 million for the first quarter last year, a 52 percent increase.
Ronald J. Evans, president and chief executive officer of NGA, said in a press release “Strong market demand for hot dip galvanizing continued. Our improved plant operating rates and cost efficiencies combined with an increase in average selling prices resulted in record operating earnings, more than doubling prior year results.”
NGA, through its wholly owned subsidiary, North American Galvanizing Company, engages in the hot dip galvanizing and coatings for corrosion protection of fabricated steel products in the U.S. It offers various services, including centrifuge galvanizing for small threaded products, sandblasting, chromate quenching, polymeric coatings, and proprietary coating application systems for polyurethane protective linings and coatings over galvanized surfaces.
Market News First contacted NGA about its fantastic quarter and will be following up with a feature story.
