Q: Please comment on MFC and RS earnings.
Thank you.
Thank you.
5i Research Answer:
MFC comments have been posted. RS EPS of $4.73 killed estimates of $3.90. Revenue of $3.33B was about 1% better. The dividend was raised 10%. Higher margins and lower taxes helped the quarter. Higher interest on cash also helped. The outlook was quite solid. Value added products as a percentage of sales is growing, which differentiates RS somewhat from peers. The stock had its biggest move in four years. We continue to like it a lot.