Call of the Week: MEAS Delivers Again

Robert Maltbie |

Measurement Specialties, Inc. (MEAS) is a global designer and manufacturer of sensors and sensor-based systems, which measure pressure/force, position, vibration, temperature, humidity, and fluid properties. The company’s products are used as embedded devices by original equipment manufacturers (OEMs) or as stand alone sensors for test and measurement to provide critical monitoring, feedback and control input.

In the first quarter of 2013, the company produced strong results of EPS of $0.53, which beat our estimate by $0.01. Sales also exceeded our earlier forecast, and margins expanded strongly for a second consecutive quarter. Singular believes Measurement Specialties is well-positioned for 2013 as well. We maintained our buy rating and $44 price target. Shares are currently trading at around $32.

A few other highlights include:

  • Q1:13 EPS of $0.53 was a penny above our estimate. Sales were above our forecast by $0.3 million. Margins expand for the second straight quarter. Reiterating our BUY rating and maintaining our $44 target price.
  • Q1:13 (ended June 30, 2012) revenues increased by 14.8% to $88.6 million and were $0.3 million above our forecast.
  • Q1:13 EPS of $0.53 was $0.01 above our estimate and increased by 6.4% over Q1:12 EPS of $0.50.
  • Operating margins improved again, with Q1:13 operating margins of 13.2% besting our 12.4% projection.
  • Measurement Specialties' book-to-bill ratio remained steady in Q1:13 at 1.01. The book-to-bill ratio was 1.07 in Q3:12. Book-to-bill metrics have rebounded following the recent ratio trough of 0.92 recorded in Q2:12.
  • Since 2011, the company has made four acquisitions. The latest acquisition was completed on April 2, 2012, when MEAS acquired Cosense for $11.5 million in cash. Cosense manufactures liquid level sensors and had an annualized revenue run rate of approximately $7.5 million.
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