Thomas Weisel cut Peet's Coffee's (PEET) fourth-quarter revenue outlook.
Analyst Skip Carpenter says he cut his $31.1 million fourth-quarter revenue estimate to $29.6 million. As a result, he cut his $0.40 2002 earnings per share estimate on $105.8 million in revenues to $0.39 on $104.2 million in revenues. He now sees a 10% vs. 12% 2002 growth rate, which stands at the lower end of the company's 10%-13% 2002 growth estimate.
He says his lowered fourth-quarter revenue estimate reflects: ongoing minor delays in fully completing the national Safeway load-in; the destruction of a soon-to-be opened store in San Jose from a fire; the adoption of a more conservative near-term revenue outlook, despite the historically strongest seasonal period.
Carpenter also cut his $0.60 2003 earnings per share estimate on $121.7 million revenues to $0.59 on $119.9 million revenues.