Q: Hi, Could you please comment on CSu earnings. Thank you
5i Research Answer:
Revenue of $2.54B rose 20% but missed estimates of $2.58B. EPS was $7.74 vs $10.70 last year, and vs estimates of $9.18. Organic growth was 2% ex-currency impact. $197M in acquisitions were made, with deferred payments of $70M if certain targets are met. Cash flow increased 1% to $517M. We are comfortable with these results. Earnings/growth can be 'chunky' with acquisition activity. We might have expected a bit more on the acquisition side but we see nothing to worry about here (which is typical for CSU).