(Adds Outlook)
Metro Inc. (MRU.TO) said it expects headwinds, higher depreciation, and other costs in 2024 with the ongoing transition to its automated distribution centre in Terrebonne, and the launch of the final phase of the firm's automated fresh distribution centre in Toronto this summer.
Further, the company said: "While these investments position us well for continued long-term profitable growth, we will not fully absorb these additional expenses in the current fiscal year and are forecasting operating income before depreciation and amortization and impairments of assets to grow by less than 2% and adjusted net earnings per share to be flat to down C$0.10 in Fiscal 2024 versus the level reported in Fiscal 2023."
For the full-year 2023, Metro had registered adjusted income per share of C$4.30. On April 23, the Board declared a quarterly dividend of C$0.3350 per share, unchanged from the last quarter.
Q2 Results:
METRO announced earnings for second quarter that decreased from the same period last year but beat the Street estimates.
The company's earnings came in at C$187.1 million, or C$0.83 per share. This compares with C$218.8 million, or C$0.93 per share, in last year's second quarter.
Excluding items, METRO INC reported adjusted earnings of C$206.4 million or C$0.91 per share for the period.
Analysts on average had expected the company to earn C$0.89 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 2.2% to C$4.655 billion from C$4.554 billion last year.
METRO INC earnings at a glance (GAAP) :
-Earnings (Q2): C$187.1 Mln. vs. C$218.8 Mln. last year.
-EPS (Q2): C$0.83 vs. C$0.93 last year.
-Revenue (Q2): C$4.655 Bln vs. C$4.554 Bln last year.
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