The first-quarter earnings season is well underway. This week saw some major S&P 500 components report their first-quarter results. On Wednesday, Facebook Inc. (NASDAQ:FB) surprised the market with a significant earnings beat. Facebook shares, not surprisingly, have surged in trading today.
FB shares rose to a 52-week high of $120.79 earlier today before paring some of their gains. At last check, the stock was trading more than 8% higher at around $117.70. Despite FB’s earnings beat and rally, the technology sector is down today.
In fact, the sector is the worst performer in the S&P 500 today. The pullback in the tech sector is mainly due to the fact that Apple Inc. (NASDAQ:AAPL) shares are struggling. The stock was down almost 1%, at last check.
But there are also some gainers in the tech space today. Titan Logix Corp. (TSX-Venture:TLA) is one of those gainers. Based in Canada, Titan Logix specializes in research and development (R&D), manufacturing and marketing of technology fluid management solutions.
TLA shares were last trading 3.03% higher at $0.680 on volume of 1,100. Despite the gains today, TLA shares are still trading almost 50% below their 52-week high of $1.35.
TLA shares have edged higher in trading today after the company reported its financial results for fiscal 2016. For the second quarter, TLA reported revenue of $945,112, down from $3.95 million reported for the same period in the previous year.
TLA attributed the substantial decline in revenue to the slowdown in crude oil trailer manufacturing, which was caused by the drop inoil prices.
TLA’s net loss in the second quarter was $658,805, or $0.03 per diluted share. This compares to net earnings of $1 million or $0.04 per share reported for the same period in the previous year.
TLA noted that it continues to maintain its market share, however, within a significantly downsized new tanker market. The company believes that until crude prices recover to a level that stimulates increased oil rig activity in North America, the demand for its primary products is expected to remain depressed.
The company though noted that the demand for its proprietary TD80/Finch II/RCM technologies continue to be widely accepted which facilitates existing trailer retrofit sales, which are an ongoing opportunity.
Douglas Carruthers, CEO at Titan Logix, said that TLA’s team of dedicated and experienced professionals coupled with its excellent product quality and service reputation is a solid foundation from which to build.
