Sumitomo (OTCMKTS:SSUMY) Issues Quarterly Earnings Results

Key Points

• Sumitomo Corporation reported a quarterly earnings per share (EPS) of $0.98, exceeding expectations by $0.04.
• The company's revenue was $12 billion, which fell short of analyst forecasts of $12.66 billion.
• Sumitomo received a "strong-buy" rating upgrade from Nomura Securities prior to the earnings release.

Sumitomo (OTCMKTS:SSUMY - Get Free Report) posted its quarterly earnings results on Thursday. The conglomerate reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.94 by $0.04, Zacks reports. The firm had revenue of $12 billion for the quarter, compared to analysts' expectations of $12.66 billion. Sumitomo had a net margin of 8.31% and a return on equity of 12.70%.

Sumitomo Stock Performance

Shares of OTCMKTS:SSUMY traded down $0.03 during trading on Tuesday, hitting $26.53. The stock had a trading volume of 31,122 shares, compared to its average volume of 82,986. Sumitomo has a 12-month low of $19.18 and a 12-month high of $26.80. The stock has a market capitalization of $32.12 billion, a price-to-earnings ratio of 7.87, a price-to-earnings-growth ratio of 2.20 and a beta of 0.64. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.55. The stock has a 50-day simple moving average of $25.49 and a two-hundred day simple moving average of $23.97.

Analysts Set New Price Targets

Separately, Nomura Securities upgraded Sumitomo to a "strong-buy" rating in a report on Wednesday, May 28th.

About Sumitomo

Sumitomo Corporation engages in general trading business worldwide. It operates through six segments: Metal Products; Transportation & Construction Systems; Infrastructure; Media & Digital; Living Related & Real Estate; and Mineral Resources, Energy, Chemical & Electronics. The company provides steel sheets and tubular products; and manufactures, leases, sells, services, and finances ships, aircrafts, motor vehicles, construction equipment, and components and parts.