From conference call...The CEO spoke in detail about three 'temporary' factors impacting the quarter:
- destocking by big customers that had added excess inventory during covid
- delay in direct mail by credit card and charities, given rapid rise in int rates
- complications of too many acquisitions in too short a time
Quarter was only disappointing because of all three happening at once, otherwise they think they would have managed better. He gave a very bullish outlook. They have already seen orders pick up for July and Aug in both envelope and packaging.
Pullback in stock price will be short term event IMO.