Coda Octopus Group Up 4.59% To $5.76 After Earnings Beat

Coda Octopus Group (CODA) said before open Monday that it earned $0.06 per share in quarter one 2024.

On the revenue line, the company reported $4.5 million, beating estimates by $471 thousand.

In the same quarter a year ago, the company earned $0.12 per share on revenue of $5.6 million.

The stock is up 4.59% to $5.76 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 32. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Coda Octopus Group Inc develops underwater technologies and equipment for imaging, mapping defense, and survey applications. It operates in two segments: Marine Technology Business and Marine Engineering Business. The Technology Business develops proprietary solutions for both the commercial and defense subsea market. Its solutions include hardware and software for Geophysical Systems, Motion & Positioning Systems, and Real-Time Volumetric Imaging Sonar. The Engineering Business segment provides engineering services to a range of clients in the defense markets. Its geographical segments are the Americas, Europe, Australia/Asia, and Middle East/Africa.