The 10-second takeaway
For the quarter ended March 29 (Q1), Chefs' Warehouse met expectations on revenues and met expectations on earnings per share.
Compared to the prior-year quarter, revenue grew significantly. Non-GAAP earnings per share increased. GAAP earnings per share didn't change.
Margins dropped across the board.
Chefs' Warehouse tallied revenue of $139.4 million. The four analysts polled by S&P Capital IQ hoped for revenue of $138.1 million on the same basis. GAAP reported sales were 42% higher than the prior-year quarter's $98.1 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.14. The four earnings estimates compiled by S&P Capital IQ averaged $0.14 per share. Non-GAAP EPS of $0.14 for Q1 were 7.7% higher than the prior-year quarter's $0.13 per share. GAAP EPS of $0.13 were the same as the prior-year quarter.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 25.2%, 140 basis points worse than the prior-year quarter. Operating margin was 4.2%, 100 basis points worse than the prior-year quarter. Net margin was 1.9%, 80 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $155.3 million. On the bottom line, the average EPS estimate is $0.27.
Next year's average estimate for revenue is $619.6 million. The average EPS estimate is $0.94.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 19 members out of 20 rating the stock outperform, and one members rating it underperform. Among eight CAPS All-Star picks (recommendations by the highest-ranked CAPS members), eight give Chefs' Warehouse a green thumbs-up, and give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Chefs' Warehouse is buy, with an average price target of $21.00.
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