Q: Can you please comment on their recent quarter and news release to acquire the remaining 50% interest in its Middle East JV? How material is the acquisition?
Thanks.
Thanks.
5i Research Answer:
EPS of $1.08 beat estimates of $1.00; revenue of $1.73B matched estimates. EBITDA of $368M beat estimates by 3.5%. Several brokers raised target prices. Sales rose 5.2%, with 2.0% organic. Earnings rose 14.9%. Operating margins rose from 15.6% to 16.2%. It was a record Q1 for the company. Home and Personal care sales were strong. Automotive was weaker. The balance sheet remains good. We would consider the results strong, and better than the company's recent average performance. The stock is finally moving nicely, up 21% YTD. The CCL-Pacman deal is not overly material, based on our knowledge of the other 50% owned. But full financial data will be provided by the company upon the deal's closing.