Welbilt (WBT) Tops Q4 EPS by 2c, Miss on Revenues; FY18 EPS Outlook Below Estimates

Welbilt (NYSE: WBT) reported Q4 EPS of $0.26, $0.02 better than the analyst estimate of $0.24. Revenue for the quarter came in at $365.9 million versus the consensus estimate of $383.61 million.

2017 Fourth Quarter Highlights

• Net sales were $365.9 million, a decrease of 3.4 percent from prior year; Organic Net Sales decreased 3.7 percent
• Net earnings were $65.8 million, an increase of 207.5 percent; Adjusted Net Earnings were $35.8 million, an increase of 57.0 percent
• Diluted net earnings per share were $0.47, an increase of 213.3 percent; Adjusted Diluted Net Earnings Per Share were $0.26, an increase of 62.5 percent
• Earnings from operations were $59.8 million, an increase of 8.5 percent; as a percent of net sales, earnings from operations were 16.3 percent, an increase of 180 basis points
• Adjusted Operating EBITDA was $74.7 million, an increase of 7.0 percent; Adjusted Operating EBITDA margin was 20.4 percent, an increase of 200 basis points

2018 Guidance

• Net sales growth: between 7.0 and 10.0 percent (organic +1.0 to +4.0 percent, acquisition +5.0 percent, foreign currency translation +1.0 percent)
• Adjusted Operating EBITDA margin: between 19.5 and 21.0 percent
• Adjusted Diluted Net Earnings Per Share: between $0.80 and $0.90 per share, based on a forecast of 141.6 million fully diluted shares outstanding and including a $0.02 benefit from the announced acquisition of Crem International, inclusive of integration costs

GUIDANCE:

Welbilt sees FY2018 EPS of $0.80-$0.90, versus the consensus of $0.94.

For earnings history and earnings-related data on Welbilt (WBT) click here.

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