CENT - Central Garden & Pet sees FQ2 EPS below consensus due to garden business softness
2023-04-18 16:51:31 ET
- Central Garden & Pet ( NASDAQ: CENT ) on Tuesday provided FQ2 and FY 2023 earnings guidance that fell short of consensus estimates.
- CENT said it now expects FY 2023 EPS to be $2.35 or better. The consensus EPS estimate is $2.66.
- Moreover, CENT said it expects FQ2 EPS of about $0.90, compared to a consensus estimate of $1.20.
- "The Pet segment met our expectations and expanded market share. However, we experienced broad-based softness across our Garden portfolio due to unfavorable weather leading to a late start to the garden season, lighter foot traffic and lower retailer inventory levels,” CENT CEO Tim Cofer said in a statement.
- According to CENT, the unfavorable weather included severe storms, heavy rain and snow along with an unseasonable cold late March.
- Central Garden & Pet ( CENT ) stock was down 2% to $39.23 after hours.
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Central Garden & Pet sees FQ2 EPS below consensus due to garden business softness