Thanks
EPS of 47c beat estimates of 45c; revenue of $321M matched estimates. EBITDA of $120M was 3.7% better than estimates. Sales rose 46% but EPS was flat year over year. Organic growth was 7% but margins declined. But guidance was reduced enough to worry investors. For the year, EBITDA guidance goes to $480M to $510M, vs estimates $512.4M. Sales to $1.34B vs estimates $1.38B. 1Q guidance was also reduced marginally. NVEI says its growth rates will 'ramp up' throughout the year but such promises are always met with skepticism, especially as the company hardly has a perfect forecasting record. Customer retention was not discussed but should be on the conference call to be held Wednesday at 830 EST. We would not add, and we are a little disappointed here.