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Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.
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  • Zep Quarterly Profits Decline 0 comments
    Jan 6, 2014 11:47 AM | about stocks: ZEP

    Originally published at www.seclive.com

    Zep, Inc. (NYSE:ZEP) announced its financial results for the first fiscal quarter of 2014, reporting profits that declined from a year ago. The consumable packaged goods company posted a 4.3% improvement in its net sales from $158.0M to $164.9M due largely to increased business in its transportation segment. The results include $16.1M from its Zep Vehicle Care business. The company's gross margin improved 70 basis points from last year to 48.1%, due largely to the aforementioned Zep Vehicle Care inclusion. Zep earnings declined from $3.48M and $0.16 per share a year ago to $3.10M and $0.14 per share this quarter. Zep undertook some restructuring actions in the fourth quarter in an effort to improve profitability, which included the consolidation of facilities and resources, as well as efforts to streamline the business and its processes. The company intends to save, as a result of these actions, around $9M in fiscal year 2014.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: financial results, earnings Stocks: ZEP
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