Welbilt (WBT) Tops Q3 EPS by 8c, Revenues Beat

Welbilt (NYSE: WBT) reported Q3 EPS of $0.07, $0.08 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $298.5 million versus the consensus estimate of $272.64 million.

2020 Third Quarter Highlights (1)

• Net sales were $298.5 million, a decrease of 27.3 percent from the prior year; Organic Net Sales (a non-GAAP measure) decreased 28.0 percent from the prior year
• Earnings from operations were $21.2 million compared to $54.8 million in the prior year; as a percentage of net sales, earnings from operations were 7.1 percent compared to 13.3 percent in the prior year
• Adjusted Operating EBITDA (a non-GAAP measure) was $45.6 million compared to $82.1 million in the prior year; Adjusted Operating EBITDA margin was 15.3 percent compared to 20.0 percent in the prior year
• Net earnings were $4.9 million compared to net earnings of $20.1 million in the prior year; Adjusted Net Earnings (a non-GAAP measure) were $9.9 million compared to Adjusted Net Earnings of $31.0 million in the prior year
• Diluted net earnings per share was $0.03 compared to diluted net earnings per share of $0.14 in the prior year; Adjusted Diluted Net Earnings Per Share (a non-GAAP measure) was $0.07 compared to Adjusted Diluted Net Earnings Per Share of $0.22 in the prior year
• Net cash provided by operating activities was $37.5 million, compared to net cash provided by operating activities of $61.5 million in last year's third quarter; Free Cash Flow (a non-GAAP measure) was $32.1 million compared to $54.2 million in last year's third quarter
• Total liquidity was $332.9 million on September 30, 2020 and consisted of $122.9 million of cash and cash equivalents and $210.0 million of availability on the Revolving Credit Facility

2020 Guidance

Due to the COVID-19 pandemic and the resulting impact on the commercial foodservice industry and uncertainty of demand for our products, we previously withdrew our 2020 guidance on March 20, 2020. We do not plan to reinstate guidance until macroeconomic and commercial foodservice industry conditions have sufficiently stabilized.

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

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