- Q1 mixed: Adj. EPS $0.28 vs. $0.32 Est. ; Sales $689m vs. ~$679m Est. , +12% YoY
- Negative: Q2 sales guidance of at least $750m is clearly below consensus of ~$772m.
- Q2 growth implies only approx. +8% YoY → strongest warning signal for investors
- Adj. EBITDA Q1 at $206m, slightly below prior year; margin falls to 30% from 34%
- KeyBanc and Oppenheimer downgrade; pressure from macro, middle-east turmoil, agency tensions and stronger competition
- Evercore remains Outperform, lowers PT to $27; BofA remains Underperform, lowers PT to $18
- Current: $20.80, -11.5% pre-market
