Revenue wasn't close and EBITDA was much lower. I'm blaming shock for posting that nonsense. With that out of the way...
Now that the initial disappointment has subsided and I can think clearer (but not necessarily clearly), PGC is a lumpy business or lumpier than the market expected. The lumpiness can show itself through the timing of sales especially capital equipment which are more irregular than consumables, and the timing of acquisitions. While I'd prefer if they reported 10% to 15% growth period on period, this just isn't going to happen until they have much greater scale and/or lower proportion of capital equipment sales, unless they're cooking the books.
At this stage, a large number of market participants believe that there is no organic growth. I think over shorter periods and considering the lumpiness, I see why that might appear to be the case. Over longer periods and considering the lumpiness, I'm on the other side of that fence.
None of this excuses management for not explaining why EPS went backwards and not putting the EPS comparison in the presentation. It is not like investors are going to go: management have decided to not show EPS so therefore it isn't important. Very poor form in my books.
PGC Price at posting:
75.0¢ Sentiment: Hold Disclosure: Held
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