Zep Inc (ZEP) Quarterly Earnings Report



ZEP



Business Description:

The Company is a producer, marketer, and service provider of a range of cleaning and maintenance solutions for commercial, industrial, institutional, and consumer end-markets.

The Report

Zep products

Monday, June 28, 2010 - Zep Inc (ZEP), which makes chemical products such as sanitizers and cleaners, posted a third-quarter profit that beat Wall Street estimates, helped by cost reduction measures and improved productivity.

For the third quarter ended May 31, the company reported net income of $5.2 million, or 23 cents a share, compared with $5.4 million, or 25 cents a share, a year ago.

On an adjusted basis, the company earned 30 cents a share. Revenue jumped 24 percent to $153.0 million.

Analysts on average were expecting the company to earn 26 cents a share, before special items, on revenue of $153.1 million, according to Thomson Reuters.

The company said it still sees capital expenditures to range between $10 million and $12 million during fiscal 2010.

ZEP-june28,2010

The quarter's results include a restructuring charge of $2.0 million, related mainly to employee severance costs as Zep continues to consolidate facilities and streamline its operations.

Shares of the company were up 1 percent after market close at $17.35. They closed at $17.19 Monday on the New York Stock Exchange.



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