TIC Solutions (NYSE:TIC) Shares Gap Down Following Weak Earnings

Shares of TIC Solutions, Inc. (NYSE:TIC) gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $7.69, but opened at $7.30. TIC Solutions shares last traded at $7.48, with a volume of 1,207,008 shares.

The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.29). The company had revenue of $508.27 million during the quarter, compared to the consensus estimate of $531.05 million.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $8.00 target price (down from $14.00) on shares of TIC Solutions in a research report on Friday. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $8.00.

TIC Solutions Price Performance

The stock has a market cap of $1.67 billion and a price-to-earnings ratio of -18.07.

TIC Solutions Company Profile

TIC Solutions, Inc provides critical asset integrity services in North America. The company offers testing, inspection, certification, and compliance (TICC) services, including various nondestructive testing (NDT) techniques, such as radiography, ultrasonic testing, magnetic particle inspection, penetrant testing, and visual inspection. Its NDT activities include inspection and evaluation of industrial equipment through various technology-enabled methods to ensure asset integrity, prevent costly outages, failures, and accidents, and meet regulatory requirements without damaging the asset or component.