Compass Diversified (CODI) Tops Q2 EPS by 2c

Compass Diversified (NYSE: CODI) reported Q2 EPS of $0.40, $0.02 better than the analyst estimate of $0.38. Revenue for the quarter came in at $284.73 million versus the consensus estimate of $271.45 million.

"During the second quarter, we generated strong results that demonstrate the leadership position and comparative financial strength of our middle market businesses," stated Alan Offenberg, CEO of Compass Diversified Holdings. "Our performance exceeded management's expectations as Cash Flow, which benefitted from our recent acquisitions, more than doubled compared to the year ago period and covered our distribution. Our branded consumer and niche industrial businesses combined to produce solid revenue and earnings growth, underscoring our efforts to expand their relative market share."

Mr. Offenberg added, "We continued to take advantage of market opportunities by completing two transactions subsequent to the end of the second quarter. First, we acquired Manitoba Harvest, a pioneer and global leader in branded, hemp-based foods. With a business operating in a large and expanding marketplace, growing cash flow levels and an experienced management team, Manitoba Harvest possesses several qualities that meet our acquisition criteria. And second, following a successful partnership, we consummated the sale of our CamelBak subsidiary at an attractive valuation that significantly strengthened our liquidity position and provided value to our shareholders. With our strong balance sheet, we remain disciplined in pursuing future acquisitions while reinvesting in our current subsidiaries to drive future performance."

For earnings history and earnings-related data on Compass Diversified (CODI) click here.

You May Also Be Interested In

• ​Trump said he was unaware of his earnings from crypto
• Freedom Broker Starts Unity Bancorp (UNTY) at Hold
• Lockheed Martin frontrunner for $3.5B Ultra Maritime deal, sources say - FT