Zep fiscal 1Q profit falls 3 pct on expenses
ATLANTA (AP) — Zep Inc., which makes cleaners, pest and weed control products and disinfectants, said Monday that its fiscal first-quarter net income fell 3 percent, pulled down by acquisition and integration costs.
For the quarter ended Nov. 30, Zep earned $3.5 million, or 16 cents per share, down from $3.6 million, or 16 cents per share, in the same quarter last year. The recent quarter's results were based on 22.2 million outstanding shares while the year-ago period's were based on 22 million.
Analysts, on average, expected earnings of 17 cents per share, according to a FactSet poll.
Revenue rose 3 percent to $158 million from $153.5 million, helped by strong automotive aftermarket and home improvement retail sales. Acquisitions added about $3.5 million in sales.
The recent quarter included after-tax integration and acquisition expenses of $800,000, or 4 cents per share, while the year-ago quarter included none.
Its shares rose 21 cents, or 1.4 percent, to $15.14 in morning trading. They have traded in a 52-week range of $11.87 to $17.96 in morning trading.
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