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Apr 20, 2016 10:03:29

HMSP: Weak 1Q16 Volume                                    

* 1Q16 Volume -10%qoq, -9.2%yoy. Market share down from 35.4% in 1Q15 to 34.1% in 1Q16.                                       

* Industry 1Q16 Volume -5.6%yoy, likely from combination of weak economy and aggressive price hikes in the period.          

* Much lower than consensus expectations of flat or low-single digit growth in FY16.


$HMSP $GGRM 

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