Lower Taxes, Strong Buybacks Push Plantronics (PLT) to Q1 'Beat' - Roth Capital
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Rating Summary:
6 Buy, 4 Hold, 0 Sell
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Up: 13 | Down: 11 | New: 11
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Roth Capital affirms Plantronics (NYSE: PLT) with a Buy rating and $64 price target following the company Q1 results issued Monday night.
Analyst Dave King noted that core EPS of $0.67 topped the firm's $0.60 estimate and the Street's $0.59 outlook. Revenue at $206.4 million compared with Roth's $205.4 million outlook and the Street at $205.6 million. The beat was largely driven by lower taxes and better-than-expected share repurchases.
On revenue trends, King commented, Core EPS of $0.67 (excluding $0.12/share in stock based compensation) exceeded our $0.60 estimate and consensus of $0.59 due to much lower taxes, stronger share repurchases, and lower-than-modeled interest expense. Revenue fell 4.8% (+0.5% in constant currency) YOY to $206.4 million, above our $205.4 million projection and consensus of $205.6 million.
Following results, King trims his FY17 EPS estimate from $3.75 down to $3.60.
For an analyst ratings summary and ratings history on Plantronics click here. For more ratings news on Plantronics click here.
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