Q: Good Morning, could we please have your comments on the latest and YTD numbers? Thank you.
5i Research Answer:
Q1 EPS of $1.39 beat estimates of 83c; revenue of $311.4M beat estimates of $297M. EBITDA of $65.7M beat estimates by 18%. Sales rose 45%, or 14% without acquisitions. Earnings rose 17%. For the six months, sales rose 23%. Acquisitions helped, but organic growth was also solid with HVAC and equipment sales strong, as well as compressed gas product lines. Cash flow did decline, largely due to higher accounts receivable. This metric should be watched, but otherwise the results are quite solid overall. The company did not provide specific guidance but outlook commentary was largely positive, focusing on acquisitions, synergies and opportunities.