TIC Solutions (NYSE:TIC) Shares Gap Down After Earnings Miss

TIC Solutions, Inc. (NYSE:TIC) shares gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $7.69, but opened at $7.30. TIC Solutions shares last traded at $7.48, with a volume of 1,207,008 shares trading hands.

The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.29). The firm had revenue of $508.27 million for the quarter, compared to analyst estimates of $531.05 million. TIC Solutions had a negative return on equity of 4.95% and a negative net margin of 5.69%.

Analysts Set New Price Targets

Several research firms have commented on TIC. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $8.00 target price (down from $14.00) on shares of TIC Solutions in a research note on Friday. Weiss Ratings started coverage on TIC Solutions in a research note on Thursday. They set a “sell (d-)” rating on the stock. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $8.00.

TIC Solutions Stock Down 5.7%

The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 0.82.

About TIC Solutions

TIC Solutions, Inc provides critical asset integrity services in North America. The company offers testing, inspection, certification, and compliance (TICC) services, including various nondestructive testing (NDT) techniques, such as radiography, ultrasonic testing, magnetic particle inspection, penetrant testing, and visual inspection. Its NDT activities include inspection and evaluation of industrial equipment through various technology-enabled methods to ensure asset integrity, prevent costly outages, failures, and accidents, and meet regulatory requirements without damaging the asset or component.