(Adds Outlook)
METRO INC (MRU.TO) revealed a profit for first quarter that beat the Street estimates.
The company's bottom line totaled C$228.5 million, or C$0.99 per share. This compares with C$231.1 million, or C$0.97 per share, in last year's first quarter.
Excluding items, METRO INC reported adjusted earnings of C$235 million or C$1.02 per share for the period.
Analysts on average had expected the company to earn C$0.99 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 6.5% to C$4.974 billion from C$4.670 billion last year.
Outlook:
Looking ahead, Metro said that it expects significant headwinds for the full-year 2024. The company cited some temporary duplication of costs and learning curve inefficiencies, higher depreciation, lower capitalized interest with the launch of its new automated distribution centre in Terrebonne, and the launch of the final phase of its automated fresh produce plant in Toronto next spring.
As a result, for the full year, Metro expects operating income before depreciation and amortization to grow by less than 2 percent and adjusted income per share to be flat to down $0.10 from last year.
Analysts, on average expect the firm to earn C$4.25 per share, for the year. For the full year 2023, the firm had reported adjusted income per share of C$4.30.
The company further said: "We expect to resume our profit growth post fiscal 2024 and are maintaining our publicly disclosed annual growth target of between 8 percent and 10 percent for net earnings per share over the medium and long term."
METRO INC Q1 earnings at a glance (GAAP) :
-Earnings (Q1): C$228.5 Mln. vs. C$231.1 Mln. last year.-EPS (Q1): C$0.99 vs. C$0.97 last year.-Analyst Estimates: C$0.99-Revenue (Q1): C$4.974 Bln vs. C$4.670 Bln last year.
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