Monro Muffler Brake downwardly revises FQ2 guidance
Shares of Monro Muffler Brake, Inc. (Nasdaq: MNRO) are teetering ahead of the opening after the provider of automotive undercar repair and tire services reduced its guidance for its fiscal second quarter.
For the second quarter, the Rochester, N.Y.-based company now expects earnings per share to be in the range of $0.41 to $0.43, compared with the company's previous expected range of $0.53 to $0.56 per share. For the second quarter of 2007, Monro recorded earnings of $0.37 per share. Five analysts polled by Thomson Finanical are anticipating earnings of $0.54 per share.
The revised guidance includes the effects of the recently announced Craven and Valley Forge acquisitions, which are performing in line with expectations.
Monro expects 1% comparable store sales growth for the second quarter of fiscal 2008. For the full year, the company has revised its expected range for comparable store sales growth to 2% to 4%, compared with a previously expected range of 3% to 5%.
Shares of Monro slid $2.39, or 6.38%, to $35.10 ahead of the bell.
