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Q4 EPS came in at $0.32, better than the consensus estimate of $0.29. Revenue fell 20.1% year-over-year to $144.8 million, beating the consensus estimate of $138.38M.
According to CEO Mark Smith, the headwinds the company faced from elevated channel inventory throughout the first half of the fiscal year abated. “Focused consumer promotions in the second half were successful in driving retail and distributor inventories down significantly and we are now at or below targeted levels with every major customer,” added Smith.
The company raised its quarterly dividend by 20% to $0.12 per share, or $0.48 annualized, for an annual yield on the dividend of 4.3%.
By Davit Kirakosyan
