Coda Octopus Clocks Q3 Revenue Growth of 8%

Coda Octopus Group Inc CODA reported third-quarter FY21 revenue growth of 7.9% year-on-year to $5.827 million, marginally ahead of the consensus of $5.80 million.
Gross profit improved 16.4% to $4.2 million. SG&A expenses for the quarter increased by 43.7%.
EPS of $0.13 beat the consensus of $0.12.
Coda Octopus held $19.2 million in cash and equivalents.
The Products Business equipment rental income increased Y/Y significantly, while travel restrictions limit affected the on-site engineering support associated with such rental projects. The Services Business continued to be affected by the delay in receiving anticipated defense contracts.
Price Action: CODA shares traded higher by 2.22% at $9.20 in premarket on the last check Tuesday.

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