CPS Technologies: Set for best day in more than 10 years on higher earnings

CPS Technologies

06/05/2020 12:15

** Shares of metal-matrix composite components maker
 CPSH.O  soar 91.5% to $2.15 premarket; stock top pct gainer
across all U.S. exchanges and set for best day in nearly 11
years
    ** CPSH posts Q1 profit of $0.05 on revenue of $6.5 mln vs a
loss of $0.06 on revenue of $5.3 mln in the year-ago period;
 urn:newsml:reuters.com:*:nASA00NPW
    ** Posts profit for the second straight qtr aided by new
prices and higher volumes from new contracts with its three
largest customers  urn:newsml:reuters.com:*:nGNX5GpqPF
    ** Says increased freight costs on overseas shipments and
increased expenses related to higher absenteeism, higher
facility cleaning costs, increased purchases and use of PPE due
to COVID-19
    ** It is difficult to predict the overall impact this
pandemic will have on CPS' business going forward, but we remain
optimistic about our 2020 performance - President and CEO Grant
Bennett
    ** More than 141,746 shares traded premarket, ~173 times
their 25-day moving avg
    ** Up to Tuesday's close, stock had risen 11.1% this year

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))