Monro lifts fiscal 2010 outlook

Monro raises its fiscal 2010 outlook on improved trends for the second half of the year

• On 12:14 pm EDT, Monday October 26, 2009

ROCHESTER, N.Y. (AP) -- Monro Muffler Brake Inc., which provides car repair and tire services, on Monday lifted its outlook for the remainder of its fiscal year on continued improvement for the second half of the year.

For the year ending in March, Monro now predicts earnings per share between $1.44 and $1.48 -- in line with Wall Street's current forecast of $1.46 per share, as measured by a Thomson Reuters analyst survey. Monro previously projected income of $1.35 to $1.45 per share for the year. The estimate is based on 20.6 million weighted average shares outstanding.

It also lifted its revenue forecast to a range of $553 million to $563 million -- up from its previous estimate of $515 million to $530 million. Analysts were looking for revenue of $537.7 million.

"As we look to the second half of our fiscal year, we remain optimistic about our prospects given the favorable trends that we are currently experiencing in both our business and in the industry."

Shares of Monro fell 39 cents to $31.92 in afternoon trading.