Welbilt (WBT) Reports In-Line Q1 EPS, Revenues Beat

Welbilt (NYSE: WBT) reported Q1 EPS of $0.01, in-line with the analyst estimate of $0.01. Revenue for the quarter came in at $328.9 million versus the consensus estimate of $323.45 million.

2020 First Quarter Highlights (1)

• Net sales were $328.9 million, a decrease of 12.4 percent from the prior year; Organic Net Sales decreased 11.6 percent
• Earnings from operations were $0.6 million compared to $24.5 million in the prior year; as a percent of net sales, earnings from operations were 0.2 percent compared to 6.5 percent in the prior
• Adjusted Operating EBITDA was $45.5 million, a decrease of 9.2 percent from the prior year; Adjusted Operating EBITDA margin was 13.8 percent, an increase of 50 basis points from the prior year
• Net loss was $15.1 million compared to a Net loss of $2.6 million in the prior year; Adjusted Net Earnings was $1.4 million compared to $7.4 million in the prior year
• Diluted net loss per share was $0.11 compared to a diluted net loss per share of $0.02 in the prior year; Adjusted Diluted Net Earnings Per Share were $0.01 compared to $0.05 in the prior year
• Net cash used in operating activities was $72.5 million, compared to net cash used in operating activities of $357.0 million in last year's first quarter; Free Cash Flow was a $78.1 million use of cash compared to a $68.9 million use of cash in last year's first quarter
• Total liquidity was $299.5 million on March 31, 2020 and consisted of $148.5 million of cash and cash equivalents and $151.0 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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