Monro Muffler Brake rises on better-than-expected Q1 earnings
Auto-repair retailer Monro Muffler Brake Inc. (Nasdaq:MNRO) is 17% higher today after reporting better-than-expected first-quarter earnings ahead of the opening. For the quarter ended June 28, revenues were $120.4 million compared with $107.6 million for the same period a year ago. Net income was $7.8 million, or $0.39 per share, compared with $8.2 million, or $0.36 a share, for the year-ago quarter. Wall Street was expecting earnings per share of $0.38 on revenues of $114.2 million.
“Our reputation as a trusted service provider has enabled us to raise our prices in order to partially offset higher raw materials costs while maintaining strong relationships with our customers,” said Robert G. Gross, chairman and CEO, in a statement.
In today’s trading, shares of Rochester, N.Y.-based Monro are at $18.93 on thin volume, up $2.78 from Wednesday’s close.
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