Q: Thoughts on the quarter?
Thanks...Steve
Thanks...Steve
5i Research Answer:
EPS was 85c, missing estimates of $1.19; revenue of $1.55B missed estimates of $1.61B. EBITDA of $137M missed estimates by 10%. The dividend was raised 10%. Sales guidance was in-line with prior estimates, though slightly on the lowe end of the range. EBITDA guidance was $630M to $650M for the year (estimate $642M). Revenue fell 4.9% in the quarter and earnings declined. Success in the US was more than offset by weakness in Canada, with the company citing an increasingly challenging consumer environment. Not a disaster, but we certainly do not like the sales decline nor the 'miss' on expectations.