标题: [转贴] CONN PH down 28% for ER miss [打印本页] 作者: tianfangye 时间: 2014-9-2 08:48 标题: CONN PH down 28% for ER miss
7:09 am Conns misses by $0.25, reports revs in-line; lowers FY15 EPS below consensus -- unexpected headwinds in credit operations (CONN) : Reports Q2 (Jul) earnings of $0.50 per share, $0.25 worse than the Capital IQ Consensus Estimate of $0.75; revenues rose 30.4% year/year to $353 mln vs the $353.94 mln consensus.
• Same store sales increased 11.7%, on top of an 18.4% increase a year ago
•Credit segment provision for bad debts on an annualized basis was 13.9%
•"Overall results were not satisfactory. Our credit operations ran into unexpected headwinds, resulting in portfolio performance deterioration. Despite tighter underwriting, lower early-stage delinquency and improved collections staffing and execution, delinquency unexpectedly deteriorated across all credit quality levels, customer groups, product categories, geographic regions and years of origination. Tighter underwriting and better collections execution did not offset deterioration in our customer's ability to resolve delinquency.
• "Delinquency rates improved through May and increased modestly in June, consistent with typical seasonal trends. However, over sixty-day delinquency rates unexpectedly deteriorated a combined 90 basis points in July and August. We now expect future 60-plus day delinquency to increase to levels above our historical highs in the third and fourth quarter of fiscal 2015. Early stage delinquency remains lower than historical averages through August. "We have made additional minor changes to tighten underwriting in August."
Co issues downside guidance for FY15, lowers EPS to $2.80-3.00 from $3.40-3.70 vs. $3.54 Capital IQ Consensus. reaffirms same stores sales up 5% to 10%; New store openings of 18; Ten store closures; Discontinued sales of lawn equipment; Retail gross margin between 40.0% and 41.0%; An increase in the credit portfolio balance; Credit portfolio interest and fee yield of between 17.5% to 18.0%; Credit segment provision for bad debts of between 11.0% and 12.0% (up from 8-10%) of the average portfolio balance outstanding based on the same store sales expectations presented above and influenced by the level of customer receivables accounted for as troubled debt restructurings.作者: aimei 时间: 2014-9-2 08:50
ouch
Anyone has it?作者: oldhorse 时间: 2014-9-2 08:52
