Cenveo, Inc. (CVO) Misses Q1 EPS by 4c

Cenveo, Inc. (NYSE: CVO) reported Q1 EPS of ($0.12), $0.04 worse than the analyst estimate of ($0.08). Revenue for the quarter came in at $490.1 million versus the consensus estimate of $469.7 million.

"We are very pleased to report a positive start to the year and we remain on track to deliver our 2014 targets. We continue to see the positive operational trends that we experienced for the past couple of quarters. We are particularly pleased with our performance considering the severe weather that impacted our customers and our operations during the quarter. In particular, our label operations experienced disruption in customer ordering patterns and several of our envelope and label plants experienced greater than normal energy costs and reduced productivity during the quarter.

During the first quarter, we had organic revenue growth from our envelope operations driven by increased pricing along with continued positive direct mail trends. Our print and packaging operations had organic revenue growth primarily driven by incremental volumes. The integration of National Envelope is now progressing at a rapid pace, as several of the planned consolidations are underway. During the quarter we increased our inventories to support this consolidation effort and ahead of announced commodity price increases. We expect to see the benefits of these strategies as we progress into the back half of the year."

For earnings history and earnings-related data on Cenveo, Inc. (CVO) click here.

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