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Mirion Technologies, Inc. (MIR) stock soared to a 52-week high of $16.00, marking a significant milestone for the company and reflecting a robust performance over the past year. This peak represents a substantial gain for the company, with an impressive 1-year change of 78.82%. Investors have shown increased confidence in Mirion Technologies, as the company continues to expand its footprint and deliver on its strategic goals. The surge to the 52-week high underscores the positive sentiment surrounding the company's prospects and its ability to capitalize on market opportunities.
In other recent news, Mirion Technologies reported a Q3 2024 revenue increase of 8%, amounting to $207 million, alongside an adjusted EPS of $0.08. Despite a 30% year-over-year drop in Q3 orders, the company experienced significant growth in the nuclear power and cancer care markets. In response to these developments, both Citi and Goldman Sachs have adjusted their outlook on Mirion. Citi raised its price target from $17 to $18, maintaining a Buy rating, while Goldman Sachs increased its target to $16, also sustaining a Buy rating.
Mirion also secured two major contracts for the Sizewell C project, contributing to a shift of $30 million in orders from Q2 to Q3. The company anticipates a robust bid pipeline of approximately $300-$400 million for large projects, expected to convert into orders by the end of 2025. However, a contractual dispute led to the de-booking of half of a Turkish new build award valued at $21 million.
The company reaffirmed its full-year 2024 adjusted EBITDA guidance of $195 million to $205 million and its EPS forecast of $0.37 to $0.42. Mirion's current backlog stands at $815 million, up 2% from last year, indicating a strong pipeline, particularly in the nuclear sector. These are among the recent developments at Mirion Technologies.
InvestingPro Insights
Mirion Technologies' recent surge to a 52-week high is supported by several key metrics from InvestingPro. The company has demonstrated a strong return over the last three months, with a 46.68% price total return, and an even more impressive 80.65% return over the past year. This aligns closely with the article's mention of a 78.82% 1-year change.
InvestingPro Tips highlight that Mirion is trading near its 52-week high, corroborating the article's main focus. Additionally, the company's net income is expected to grow this year, which could be a driving factor behind investor confidence and the stock's recent performance.
It's worth noting that while Mirion has shown strong price performance, it was not profitable over the last twelve months. However, analysts predict the company will be profitable this year, which could further fuel investor optimism.
For readers interested in a deeper analysis, InvestingPro offers 12 additional tips for Mirion Technologies, providing a more comprehensive view of the company's financial health and market position.
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