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CPA reported 1Q12 EPS last night of $2.04 (ex-items) vs. the consensus estimate of $2.03, and we wrote a note recapping the quarter. In it we raised our target price and EPS estimates. CPA hosted a call with analysts this morning. Following the upbeat call we are keeping our EPS estimates the same from yesterday (we are still well above consensus) and reiterating our Outperform rating and $118 target price.
EPS ex-items of $2.04 was above the consensus estimate of $2.03 but below our overly optimistic estimate of $2.18. CPA also declared a dividend payout of 30% of last year’s net income – the high end of the company’s target range of 20% to 30%. CPA beat us on revenue but missed us on costs, spread throughout the P&L. Based on updated guidance we expect consensus estimates to increase sharply.
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