EPS of 44c missed estimates of 71c; revenue of $786.5M missed by 0.5%. EBITDA of $81.7M missed b7 7.5%. Mild weather impacted demand in the quarter. Pressure on earnings is expected to continue. Claims and appraisal volumes declined. BYD's cost structure in place exceeded levels of demand, after a couple of very solid prior quarters. Sales did rise 10%. Same store sales growth is not expected in the Q2. Certainly disappointing after last year's stronger showing. Shares are down the most in three years. BYD has missed before, and has recovered. Its longer term performance record is excellent. But, this quarter will put it into the penalty box for a period of time. We would still not view it as a sell, however, with the decline already in place.
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