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BUZZ-Monro shares crash to lowest since 2009 after results miss expectations

ReutersJan 29, 2025 3:39 PM

** Shares of automotive repair and tire retailer Monro Inc MNRO.O among biggest S&P 1500 index .SPSUP losers on Weds after fiscal Q3 results miss consensus

** MNRO shares drop as much as 11.9% to $19.39, lowest since Dec 2009. Stock last down 8.1% at $20.24

** Fairport, New York-based firm posts adj EPS of 19 cents, down from 39 cents/sh a yr ago. Analysts on avg expected earnings of 29 cents/sh, according to LSEG data

** Co said the Christmas holiday shift causing fewer selling days in the qtr negatively impacted EPS by approx 5 cents/sh in Q3

** Rev in qtr decreased about nearly 4% y/y to $305.8 mln, below avg analysts' estimate of $311.1 mln, as same-store sales (SSS) declined 0.8%

** Preliminary Jan SSS are down 1%, adjusted for one additional selling day, driven by weakness in tire category sales that were impacted by extreme weather, resulting in temporary store closures and reduced store traffic, co said

** "We believe the extreme weather in January will benefit us in the coming months,” CEO Mike Broderick said in statement

** Of 6 analysts covering MNRO, 1 rates "strong buy", rest rate "hold" and their median PT is $29 - LSEG

** With move on the session, shares off ~18% YTD and down ~37% over the past 12 months

Disclaimer: For information purposes only. Past performance is not indicative of future results.