ROCHESTER, N.Y. - Monro, Inc. (NASDAQ: MNRO), a prominent automotive service and tire provider, has declared a quarterly cash dividend of $.28 per share. This dividend is applicable to the company's common stock and the common stock equivalent held by Class C Convertible Preferred Stock owners. The payment is scheduled for September 10, 2024, with shareholders of record as of August 27, 2024, being eligible for the dividend.
The announcement reflects Monro's continuing practice of returning value to its shareholders while maintaining its position in the automotive service industry. The company, which prides itself on delivering high-quality auto care, reported nearly $1.3 billion in sales for the fiscal year 2024. Monro's approach to growth includes strategic acquisitions and the development of new stores, which has contributed to its expanding market share.
With approximately 1,300 stores and 9,000 service bays across the nation, Monro serves communities by offering a range of services from basic oil changes and tire installations to complex vehicle repairs. The company emphasizes the combination of professional service and the trust associated with a neighborhood garage.
Monro's workforce, which includes certified technicians, leverages hands-on experience and advanced technology to diagnose and resolve automotive issues, ensuring customer safety and satisfaction.
The information regarding the dividend is based on a press release statement from Monro, Inc. Investors may view this as a sign of the company's financial health and commitment to shareholder returns. Monro's strategic business moves and financial performance are key considerations for stakeholders and the broader market.
In other recent news, Monro Inc. reported a 10.3% decline in first-quarter sales, totaling $293.2 million. Despite this, the company experienced growth in tire units in June and anticipates continued margin growth and higher profitability in the second quarter.
Gross margins expanded due to labor optimization and lower material costs. Monro Inc. projects an operating cash flow of at least $120 million for fiscal 2025 and plans capital expenditures between $25 million and $35 million for the fiscal year.
The company is also focusing on gaining market share in the tire category and improving service categories. Although sales and comparable store sales saw a significant year-over-year decline, tire unit sales rebounded in June. These are recent developments for Monro Inc.
InvestingPro Insights
Monro, Inc. (NASDAQ: MNRO) has been demonstrating a steadfast commitment to shareholder returns, as evidenced by its recent declaration of a quarterly cash dividend. This commitment is further underscored by the company's impressive track record of raising its dividend for 10 consecutive years, a fact highlighted by InvestingPro Tips. Additionally, Monro has maintained dividend payments for two decades, showcasing a long-term dedication to its shareholders.
From a financial perspective, Monro's market capitalization stands at approximately $787.82 million, with a Price/Earnings (P/E) ratio of 24.16, reflecting investor expectations of future earnings growth. The company's Price/Book ratio over the last twelve months as of Q1 2025 is reported at 1.2, which could indicate that the stock is potentially undervalued relative to its assets.
InvestingPro Data also reveals Monro's strong return over the last month, with a 1-month price total return of 13.98%. This performance suggests that investors have recently responded positively to the company's strategic initiatives and financial results. For those interested in more detailed analysis and additional InvestingPro Tips, there are currently 7 more tips available at InvestingPro, including insights on earnings revisions and profitability forecasts, which could be invaluable for making informed investment decisions.
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