Q: Thoughts on the quarterly report please. Do you feel they are making the correct adjustments to improve their outlook? Do you continue to see them as a cautious hold? Thanks.
5i Research Answer:
EBITDA was $389M, vs estimates of $360.2M. Sales were $626M, short of $641M last year. A large loss was recorded for the year on restructuring charges. Free cash flow is expected at $1.30 to $1.50 per share for 2024. Price changes in Europe did impact results but the company does seem to be making some headway with improvements overall. Its offshore expansion is on track. We would consider the outlook a small improvement but would maintain a HOLD here.