STE: 1Q Beats from a 17% Tax Rate (vs 23%); Holding Estimates
HOLD
- Adjusted EPS for 1Q19 (June) was up 17% YoY to a record $1.00 (vs $0.85), 3 cents above our figure due to a lower-than-anticipated tax rate, while operating income rose 8%, slightly below what we modeled;
- We are holding our EPS estimates at $4.72 for FY18 (vs the record $4.15 in FY18) and $5.32 for FY20;
- STERIS raised its quarterly dividend 3 cents (10%) today to 34 cents per share, for the 13th consecutive annual increase.
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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