Welbilt (WBT) Tops Q1 EPS by 4c, Beats on Revenues; Offers FY18 EPS Mid-Point Guidance Below Consensus

Welbilt (NYSE: WBT) reported Q1 EPS of $0.15, $0.04 better than the analyst estimate of $0.11. Revenue for the quarter came in at $350 million versus the consensus estimate of $329.71 million.

2018 First Quarter Highlights

• Net sales were $350.4 million, an increase of 6.8 percent from prior year; Organic Net Sales increased 3.7 percent
• Net earnings were $12.5 million, an increase of 150.0 percent; Adjusted Net Earnings were $21.8 million, an increase of 105.7 percent
• Diluted net earnings per share were $0.09, an increase of 125.0 percent; Adjusted Diluted Net Earnings Per Share were $0.15, an increase of 87.5 percent
• Earnings from operations were $41.6 million, an increase of 17.8 percent; as a percent of net sales, earnings from operations were 11.9 percent, an increase of 110 basis points
• Adjusted Operating EBITDA was $55.3 million, an increase of 4.3 percent; Adjusted Operating EBITDA margin was 15.8 percent, a decrease of 40 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 acquisition of Crem International, inclusive of integration costs

GUIDANCE:

Welbilt sees FY2018 EPS of $0.80-$0.90, versus the consensus of $0.88.

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

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