PCMI reports adj EPS of $0.47 and provides inline 2017 guidance -
per briefing.com -
26-Jul-17 16:10 ET In Play PCM beats by $0.01, misses on revs; guides Q3 EPS below two analyst estimate; guides FY17 EPS in-line (19.75 +0.60) :
Reports Q2 (Jun) earnings of $0.47 per share, excluding non-recurring items, $0.01 better than the two analyst estimate of $0.46; revenues fell 3.6% year/year to $560.11 mln vs the $595.74 mln two analyst estimate.
Co issues downside guidance for Q3, sees EPS of $0.56-0.62, excluding non-recurring items, vs. $0.64 two analyst estimate.
Co issues in-line guidance for FY17, sees EPS of $2.00-2.13 (Prior $2.00-2.15), excluding non-recurring items, vs. $2.03 two analyst estimate.
Commenting on PCM's second half outlook, Khulusi concluded, "Looking ahead, for the third quarter, we expect adjusted EPS, which excludes the UK investment, in the range of $0.56 to $0.62, and a full year outlook of $2.00 to $2.13. This assumes revenue growth in each of the remaining quarters of 2017 in the low to mid single digits, with increasing sequential sales growth in each quarter. This sales growth continues to exclude sales of the NCE as previously described. While we are driving for sales growth, our primary focus is on increasing our gross profit dollars. In this regard, we are further raising our gross margin guidance from a range of 14% to 14.5% to a range of 14.25% - 14.75% for each of the remaining quarters in 2017. We also expect reductions in SG&A associated with our separation from Ovex, our current outsourced service provider in Pakistan, as well as other cost optimization initiatives."
