Monro Muffler (NASDAQ: MNRO) reported Q3 EPS of $0.60, $0.01 worse than the analyst estimate of $0.61. Revenue for the quarter came in at $329.3 million versus the consensus estimate of $338.04 million.

“Following solid performance in October and early November, mild weather in late November and December negatively impacted our top-line. These conditions have continued into January, and given these dynamics, we are adjusting our fiscal 2020 same-store-sales and earnings per diluted share guidance ranges. While we are not satisfied with our financial results, we remain confident in our path forward, though as we have said before, we know it will not be linear,” said Brett Ponton, President and Chief Executive Officer.

Ponton continued, “We are focused on the elements within our business that we can control and made great progress on our strategic transformation this quarter. We continued rolling out our store refresh program and are pleased with the sustained results. We look forward to building upon this momentum as we further expand this initiative across our store base, which combined with our other strategic initiatives, will drive a consistent, 5-star experience for all of our customers. We believe we are well positioned to deliver sustainable, long-term value for our shareholders and are excited to capitalize on the significant opportunities ahead.”

GUIDANCE:

Monro Muffler sees FY2020 EPS of $2.35-$2.45, versus the consensus of $2.48. Monro Muffler sees FY2020 revenue of $1.275-1.29 million, versus the consensus of $1.3 million.

Based on current sales, business and economic trends, and recently completed acquisitions, the Company now anticipates fiscal 2020 sales to be in the range of $1.275 billion to $1.290 billion, an increase of 6.2% to 7.5% as compared to fiscal 2019 sales, versus the previous range of $1.295 billion to $1.315 billion. In light of year-to-date trends, comparable store sales guidance for fiscal 2020 has been revised to be an anticipated decrease of 1% to flat compared to the previous guidance of an increase of 1% to 2%.

The Company now anticipates its fiscal 2020 diluted earnings per share to be in the range of $2.25 to $2.35, compared to the previous range of $2.45 to $2.55. This guidance compares to diluted earnings per share of $2.37 in fiscal 2019. On an adjusted basis, which is a non-GAAP measure, the Company expects diluted earnings per share to be in the range of $2.35 to $2.45, which excludes Monro.Forward initiative costs and acquisition due diligence and integration costs. This compares to adjusted diluted earnings per share of $2.39 in fiscal 2019, which excluded Monro.Forward initiative costs, nonrecurring corporate and field management realignment costs, acquisition due diligence and integration costs and benefit from a one-time income tax adjustment. The diluted earnings per share guidance is based on 34.0 million diluted weighted average shares outstanding.

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