BCO reports 5.2% EPS for 1Q13 (.30 or so for special items) not terrible, but there are always special items, that is the business they are in. On surface looks pretty good. But looked over prior years and tried to calculate out what it will take to get to 6 - 6.5% EPS. 1Q12 was 8.0% according to CFO's slide (when look at 8k from last year said 7.2 but whose counting - rounding up is always best). 2Q12 and 2Q11 averaged around 5.1% and historically is their worst quarter. Working off what we know, BCO will need to average 7% for next 3 Qs to pull off 6.5%. BCO will need to average 6.3% to get to 6%. Very doable one would think. Historically those have been reachable numbers. However, historically they had a CEO who knew the business and was proven that he could deliver. Historically there was regional leadership in place that understood the business and in most cases understood the business and were able to deliver. They were tried and true, like them or not. How does BCO deliver above average historical results with so many Executive and Regional (Country) management changes? There are certainly many more corporate VPs, SVPs and EVPs. New NA President, New LA president (hard to understand as the only region ever to make consistent progress) changes in Sales, new IT direction (which by the way cost a lot of money - suspect Ms Watson (CIO) will be presenting her Master Plan to BOD very soon, and it will come with a hefty price tag). The poor guy in EMEA has to be concerned. No COO. It is going to take much longer than 3Qs to turn. It is going to take significant time. Something that BCO and shareholders have very little of. In the past BCO has taken far too much punishment for over promising with their guidance and then underachieving. It appears that 1Q13 is the complete opposite; the bar was set so low and expectations tempered, that the results, as abyssmal as they are, were rewarded because they exceeded the far lowered expectations.
Shareholders own the company. Thank goodness Mario has flexed some might. Maybe he has a suitor or at least can find one. Should be interesting next few weeks. Surprised he doesn't put one of his people on the BOD and eliminate some of the roadblocks that currently exist. I'd be happy with a 25% pop in friday's close.
Lot of um's, but's and "joe, you want to add anything". A couple of moments where I thought, they can't provide clarity to the question, because they don't know the answer. All over the place and issues galore. If you like watching a train wreck, buy a ticket.