Shares in ASX small cap Supply Network Limited (ASX: SNL) dipped 0.43% in today's trade after an earnings update from the automotive parts supplier.
What did Supply Network announce today?
Supply Network provided an update on half-year and full-year earnings figures to the market. The group reported unaudited revenue of $68 million for the half-year ended 31 December 2019.
Profit after tax (PAT) is expected to be around $4.4 million, or $4.8 million on a pre-AASB 16 basis.
The group is expecting to release its half-year results to the market in late February 2020.
Management also provided an update on its full-year guidance for FY20 today. Full-year consolidated sales revenue is expected to be around $136 million for the year ended 30 June 2020.
PAT is forecast in the region of $8.8 million, or $9.5 million on a pre-AASB basis.
The Aussie automotive parts group recorded a net profit after tax (NPAT) of $8.7 million in FY19. That was on the back of $123.9 million in sales revenue for the full-year.
Investors were bullish on the news as the Supply Network share price climbed higher this afternoon, before dropping back by the end of the day.
The group has declared a fully franked interim dividend of 6.5 cents per share, with a record date of 19 March 2020.
How have Supply Network's shares performed recently?
The Supply Network share price has been climbing higher for a number of years now, with the group's shares are up 105.69% in the last 5 years.
Supply Network boasts a market capitalisation of $176.9 million and is currently trading at a price-to-earnings multiple of 20.37 times.
The group, which operates under the Multispares brand in Australia and New Zealand, is currently yielding 3.34% per annum.
Foolish takeaway
The Supply Network share price has finished Friday's trade down slightly, dropping 0.46% to close at $0.43 per share.
