1Q Beats; Raising Estimates
- Adjusted EPS for 1Q18 (June) was $0.85 (vs $0.79 last year), 3 cents above our figure on a better-than-anticipated gross margin and a tax rate below what we modeled;
- Due to the 1Q18 outperformance, our FY18 EPS estimate is now $4.09 (from $4.07 previously), up 9% from FY17;
- Our FY19 EPS estimate is now $4.53 (from $4.50), up 11% from our FY18 estimate;
- The dividend was raised 11% today to 31 cents per share on a quarterly basis, marking the 12th consecutive year of increases.
Great Lakes Review is located in Cleveland, Ohio, was founded in 1981 and became a division of Wellington Shields & Co. LLC in 2011. Great Lakes Review is a research boutique focused on the fundamentally-oriented investor seeking companies that dominate their respective specialty niche regardless of industry. The objective is to make money for the long-term by gradually accumulating a diversified portfolio from a universe of no more than 30 companies. Although short-term-oriented accounts will be alerted to trading opportunities, aggressive sell recommendations are triggered only by a deterioration in long-term fundamentals, not by short-term blips or investor fancy. Coverage of those names that lose their earnings momentum or earnings predictability may be dropped and replaced with more vital candidates.
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