SPLS Staples reports EPS in-line, misses on revs; guides Q3 EPS below consensus
Reports Q2 (Jul) earnings of $0.20 per share, in-line with the Thomson Reuters consensus of $0.20; revenues were unchanged from the year-ago period at $5.53 bln. Co issues downside guidance for Q3, sees EPS of $0.39-0.41, excluding non-recurring items, vs. $0.43 Thomson Reuters consensus. Co lowers guidance for FY11, sees EPS of $1.25-1.29 vs. $1.33 Thomson Reuters consensus, down from $1.25-1.33. Co sees Q3 and FY11 rev growth in the low-single digits vs. the +1.8% and +2.3% consensus, respectively. Co raiuses tax rate forecast as it no longer anticipates that prior to the end of fiscal year 2010 the US Congress will extend the provisions that allow for the deferral of income tax on certain foreign earnings.
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