Unpacking Q3 Earnings: Mirion (NYSE:MIR) In The Context Of Other Inspection Instruments Stocks

December 10, 2024 at 05:07 AM EST

MIR Cover Image

The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how Mirion (NYSE: MIR) and the rest of the inspection instruments stocks fared in Q3.

Measurement and inspection instrument companies may enjoy more steady demand because products such as water meters are non-discretionary and mandated for replacement at predictable intervals. In the last decade, digitization and data collection have driven innovation in the space, leading to incremental sales. But like the broader industrials sector, measurement and inspection instrument companies are at the whim of economic cycles. Interest rates, for example, can greatly impact civil, commercial, and residential construction projects that drive demand.

The 6 inspection instruments stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 2% while next quarter’s revenue guidance was 11.2% above.

Luckily, inspection instruments stocks have performed well with share prices up 19% on average since the latest earnings results.

Slowest Q3: Mirion (NYSE: MIR)

With its monitoring devices installed on spacecraft, Mirion (NYSE: MIR) offers radiation technology to government agencies, healthcare providers, and industrial companies.

Mirion reported revenues of $206.8 million, up 8.2% year on year. This print exceeded analysts’ expectations by 1.5%. Despite the top-line beat, it was still a softer quarter for the company with a significant miss of analysts’ EBITDA and EPS estimates.

“Third quarter results were in-line with our expectations,” stated Thomas Logan, Mirion’s Chief Executive Officer.

Interestingly, the stock is up 31.4% since reporting and currently trades at $18.46.

Read our full report on Mirion here, it’s free.

Best Q3: FARO (NASDAQ: FARO)

Launched by two PhD students in a garage, FARO (NASDAQ: FARO) provides 3D measurement and imaging systems for the manufacturing, construction, engineering, and public safety industries.

FARO reported revenues of $82.56 million, down 4.9% year on year, outperforming analysts’ expectations by 4.5%. The business had an exceptional quarter with EPS guidance for next quarter exceeding analysts’ expectations.

FARO delivered the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 38% since reporting. It currently trades at $25.96.

Is now the time to buy FARO? Access our full analysis of the earnings results here, it’s free.

Badger Meter (NYSE: BMI)

The developer of the world’s first frost-proof water meter in 1905, Badger Meter (NYSE: BMI) provides water control and measure equipment to various industries.

Badger Meter reported revenues of $208.4 million, up 11.9% year on year, falling short of analysts’ expectations by 1.8%. It was a decent quarter as it posted a solid beat of analysts’ adjusted operating income estimates.

Badger Meter delivered the fastest revenue growth but had the weakest performance against analyst estimates in the group. Interestingly, the stock is up 2.1% since the results and currently trades at $224.18.

Read our full analysis of Badger Meter’s results here.

Keysight (NYSE: KEYS)

Spun off from Hewlett-Packard in 2014, Keysight (NYSE: KEYS) offers electronic measurement products for use in various sectors.

Keysight reported revenues of $1.29 billion, down 1.8% year on year. This number surpassed analysts’ expectations by 2.3%. Overall, it was a very strong quarter as it also produced EPS guidance for next quarter exceeding analysts’ expectations.

The stock is up 11.4% since reporting and currently trades at $169.63.

Read our full, actionable report on Keysight here, it’s free.

Itron (NASDAQ: ITRI)

Founded by a small group of engineers who wanted to build a more efficient way to read utility meters, Itron (NASDAQ: ITRI) offers energy and water management products for the utility industry, municipalities, and industrial customers.

Itron reported revenues of $615.5 million, up 9.8% year on year. This print beat analysts’ expectations by 3.2%. It was an exceptional quarter as it also put up an impressive beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

The stock is up 11.5% since reporting and currently trades at $115.80.

Read our full, actionable report on Itron here, it’s free.

Market Update

Thanks to the Fed’s rate hikes in 2022 and 2023, inflation has been on a steady path downward, easing back toward that 2% sweet spot. Fortunately (miraculously to some), all this tightening didn’t send the economy tumbling into a recession, so here we are, cautiously celebrating a soft landing. The cherry on top? Recent rate cuts (half a point in September, a quarter in November) have kept 2024 stock markets frothy, especially after Trump’s November win lit a fire under major indices and sent them to all-time highs. However, there's still plenty to ponder — tariffs, corporate tax cuts, and what 2025 might hold for the economy.

Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

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