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$DG Posts Higher Than Expected Profits, Company Gives Cautious Outlook

“(Reuters) – Dollar General Corp on Tuesday posted a bigger-than-expected increase in profit and said it remained cautious about the rest of the year despite an encouraging start to the holiday season.

The discount chain said customer confidence and spending was still under pressure and it faced challenges from competing chains.

While Dollar General’s latest quarter only ran through November 2, the chain said it was encouraged by results from the Thanksgiving weekend that came later in the month and the start of the holiday season.

The discount chain raised the lower end of its 2012 adjusted earnings forecast and slightly trimmed its sales view.

Profit rose to $207.7 million, or 62 cents per share, in the fiscal third quarter, from $171.2 million, or 50 cents, a year earlier.

Earnings rose to 63 cents per share, after adjusting for items such as expenses from a secondary offering and debt amendment fees, topping the analysts’ average target of 60 cents, according to Thomson Reuters I/B/E/S.

Shares of Dollar General rose 33 cents to $46.90 in premarket trading.”

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$DRI Warns They Will Miss Q2 Estimates, Stock Off 10%

“(Reuters) – Darden Restaurants Inc (DRI.N) warned on Tuesday that earnings for the latest quarter would miss expectations after unsuccessful promotions led to a decline in sales at its Olive Garden, Red Lobster and LongHorn Steakhouse chains.

Shares in Orlando, Florida-based Darden fell almost 9 percent in premarket trading.

The company now expects earnings from continuing operations of 25 cents to 26 cents per share for the second quarter ended November 25. Costs associated with its purchase of Yard House USA Inc would cut earnings by 5 cents per share, while Hurricane Sandy would reduce EPS by about 1 cent.//”

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$TOL Post Higher Profits on Ramping Revenues and Tax Benefits

Toll Brothers Inc. (TOL), the largest U.S. luxury-home builder, said fiscal fourth-quarter earnings jumped as the company profited from an increase in revenue and a net tax benefit of $350.7 million.

Net income was $411.4 million, or $2.35 a share, in the three months ended Oct. 31, compared with $15 million, or 9 cents, a year earlier, Horsham, Pennsylvania-based Toll said today in a statement. The average estimate of 19 analysts in a Bloomberg survey was for earnings of 24 cents a share.

The U.S. housing market has begun to recover after a six- year slump as low interest rates and rising consumer confidence spur demand for new homes. Construction spending climbed more than economists estimated in October as work on homes jumped to the highest level since November 2008, the Commerce Department reported yesterday.

“Pent-up demand, rising home prices, low interest rates, and improving consumer confidencemotivated buyers to return to the housing market,” Toll Brothers Chief Executive Officer Douglas Yearley Jr. said in the statement.

Revenue totaled $632.8 million, an increase of 48 percent over a year ago, the company said. Net contracts signed climbed 75 percent to $684.1 million. The company’s backlog of properties under contract increased 70 percent to $1.67 billion.”

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$AZO Beats by a Penny, Misses on Revenues

“S&P 500 (NYSE:SPY) component AutoZone Inc (NYSE:AZO) reported its results for the first quarter. AutoZone is a specialty retailer of automotive replacement parts and accessories, offering an extensive line for cars, sport utility vehicles, vans, and light trucks.

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Results: Net income for AutoZone Inc rose to $203.5 million ($5.41 per share) vs. $191.1 million ($4.68 per share) in the same quarter a year earlier. This marks a rise of 6.4% from the year-earlier quarter.

Revenue: Rose 3.5% to $1.99 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: AutoZone Inc was about in line with expectations as the mean analyst estimate of $5.40 per share. It fell short of the average revenue estimate of $2.13 billion.”

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$TEVA Sees Profits Below Estimates

Teva Pharmaceutical Industries Ltd.’s (TEVA) sales and profit next year will miss analyst forecasts, the company said today as new Chief Executive Officer Jeremy Levin prepares to lay out his strategy for investors next month.

Revenue will be between $19.5 billion and $20.5 billion, and earnings excluding some costs will be between $4.85 and $5.15 a share, the Petach Tikva, Israel-based company said in a statement. Analysts predicted revenue of $20.8 billion and profit of $5.63 a share, based on theaverage estimates compiled by Bloomberg.”

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$RY Sees Profits Rise 22% From Investment Banking Division

Royal Bank of Canada, the first Canadian lender to report fourth-quarter results, said profit rose 22 percent on higher trading and investment-banking fees.

Net income for the period ended Oct. 31 was C$1.91 billion ($1.93 billion), or C$1.25 a share, up from C$1.57 billion, or C$1.02, a year earlier, the Toronto-based lender said today in a statement. Revenue rose 12 percent to C$7.52 billion.

Royal Bank, Canada’s largest lender by assets, benefited from a surge in fixed-income trading and gains in its RBC Capital Markets investment bank. Analysts and investors expect Canadian banks to offset slower growth in consumer lendingand mortgages with fees for arranging stock sales, trading and advising on takeovers.”

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Fresh Market Hits a Fresh 6 Month Low

Looks overdone and ripe for a bounce back trade imo…..

“The Fresh Market (TFM) stock plunged to a six-month low Wednesday after the specialty grocer missed earnings expectations and announced that its CFO will step down next month.

Shares of Greensboro, NC-based company tumbled as much as 19% to $49 a share — the lowest level since late May.

Fresh Market’s third-quarter profit rose 19% to $10.9 million, or 23 cents per share, but that was short of the 26 cents per share that analysts polled by Thomson Reuters had forecast.

Sales during the quarter jumped 21% to $321.5 million, coming in slightly above the $319 million analyst were looking for.”

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Will Q4 Create Revenue Worries for Investors ?

Now that earnings season is over we have a chance to review some of the macro details. We find overall earnings were better than expected, but over 61% of the S&P 500 companies have reported shortfall in revenues. Is this trend going to continue ? Pay close attention to your company pre-announcements.

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$GFI Post an 11% Drop in Profits Due to Striking Miners

Gold Fields Ltd. (GFI), the world’s fourth-largest producer of the metal, said third-quarter profit fell 11 percent as strikes and a fire cut output in its core mining region of South Africa.

“You’ve gone through a strike that’s cost you 2 billion rand ($230 million) in revenue, we’ve lost 145,000 ounces of production, it’s worsened our financial position, and some of those areas that we didn’t mine for a while we’re still trying to build back up, so it’s a big headwind,” Chief Executive Officer Nick Holland said in an interview today at Bloomberg’s office in Johannesburg.”

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$DE Posts a Minor Jump in Net Income, Missing Estimates

 

“Deere & Co. says it earned $687.6 million for the quarter, or $1.75 per share. Revenue rose 14 percent to $9.79 billion.

Analysts surveyed by FactSet had been expecting earnings of $1.88 per share on revenue of almost $8.9 billion.”

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More on $HPQs Accounting Fraud

“Troubled tech giant HP has announced a disastrous earnings report.

The company is falling nearly 11% in the pre-market after ugly guidance, and a massive $8.8 billion writeoff at Autonomy, a British software company it acquired in 2011 for just over $10 billion.

The release blames accounting “improprieties” at the company that occurred prior to HP’s acquisition.”

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$TSN Beats by $0.11 and Declares a Special Dividend

“Results: Net income for Tyson Foods Inc. rose to $185 million (51 cents per share) vs. $97 million (26 cents per share) in the same quarter a year earlier. This marks a rise of 90.7% from the year-earlier quarter.

Revenue: Fell 0.4% to $8.37 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Tyson Foods Inc. reported adjusted net income of 55 cents per share. By that measure, the company beat the mean estimate of 43 cents per share.Analysts were expecting revenue of $8.49 billion.

Quoting Management: “Our earnings for the fourth quarter and fiscal year indicate that Tyson Foods is rising above the noise of commodity markets to produce solid, more consistent results,” said Donnie Smith, Tyson’s president and chief executive officer. “It has taken us several years and a lot of work to get to this point, and although there is much more to be done, I believe we have reached a new level of sustainable performance.”

Key Stats:”

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$LOW Posts a 76% Increase in Net Income as Charges Drop and Revenues Rise

“MOORESVILLE, N.C. (AP) — Lowe’s third-quarter net income surged 76 percent, helped by fewer charges and higher revenue. The home improvement retailer also reaffirmed its full-year forecast.

Its adjusted earnings without charges and its revenue both beat Wall Street forecasts. Its shares rose 5 percent in early premarket trading Monday.

Lowe’s earned $396 million, or 35 cents per share, for the three months ended Nov. 2. That compares with $225 million, or 18 cents per share, a year ago.

The current quarter includes charges that lowered earnings by 5 cents per share. In the prior-year period, charges reduced earnings by 18 cents per share.

The adjusted earnings of 40 cents per share beat the 36 cents per share that analysts polled by FactSet predicted.

Revenue rose 2 percent to $12.07 billion from $11.85 billion. That also beat Wall Street’s estimate of $11.93 billion.”

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Brazil’s Interventionist Policies Fail to Boost Corporate Earnings

“A majority of Brazilian companies missed earnings estimates for a third straight quarter, signaling President Dilma Rousseff’s interventionist policies have failed to spark the economic rebound she is seeking.

Fifty-eight percent of the 62 companies on the Bovespa index that reported third-quarterearnings have trailed analysts’ forecasts, according to data compiled by Bloomberg. Sixty-two percent fell short of projections in the second quarter this year, and 60 percent missed estimates in the first.

Rousseff’s pressure to boost consumer credit at lower costs hurt profits at lenders includingItau Unibanco Holding SA (ITUB4)Latin America’s largest, as three of the four banks that have reported posted quarterly earnings that were below projections. Pulp producer Suzano Papel & Celulose SA missed estimates by the widest margin, leading disappointments among materials producers as a slowdown in ChinaBrazil’s biggest trading partner, led to a 12 percent drop in exports.”

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$VIA Posts and Increase in Profits Despite a 17% Drop in Revenues

 

“NEW YORK (AP) — Viacom says net income grew 13 percent in the most recent quarter even as revenue fell more than Wall Street expected with the lack of a strong theatrical release.

Net income for the July-September quarter was $650 million, or $1.26 a share, compared with $576 million, or $1 a share, a year earlier.

After adjusting for one-time items, earnings came to $1.21. Analysts were expecting $1.17.”

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$WMT Misses Estimates, Company Discusses Ongoing Probe by DOJ on Foreign Corrupt Practices Act

 

“(Reuters) – Wal-Mart Stores Inc reported quarterly sales below analysts’ expectations on Thursday, with sales at established U.S. discount stores up, but not as much as Wall Street expected.

Wal-Mart shares fell 2.7 percent to $69.40 in premarket trading.

Still the world’s largest retailer also said sales so far this month were better than expected in the United States as its focus on low prices has resonated in an economy where unemployment continues to be high.”

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$LTD Beats on Lower YoY Results, Company Guides Lower

 

“COLUMBUS, Ohio (AP) — Limited Brands Inc. reported a drop in its fiscal third-quarter profit as sales slipped, but it still managed to beat market expectations.

The Columbus, Ohio-based company that owns Victoria’s Secret, Bath & Body Works and other retailers earned $73.4 million, or 25 cents per share, for the quarter that ended Oct. 27. That is compared with $94.3 million, or 31 cents per share, earned in the third quarter last year.

It earned 26 cents per share versus 25 cents per share on an adjusted basis.

Limited’s total revenue fell 5.7 percent to $2.05 billion from $2.17 billion. The year-earlier quarter included $258.7 million attributable to the company’s third-party apparel sourcing business, which was sold in November 2011.

Revenue from its stores open at least a year, considered a key indicator of financial performance as it strips away recently opened and closed stores, increased 5 percent.

Analysts polled by FactSet were expecting the company to earn 24 cents per share on revenue of $2.05 billion.”

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$TGT Beats the Street, Company Guides Lower

“WASHINGTON (MarketWatch) — Target Corp.TGT -1.14% reported net profit of $637 million, or 96 cents a share, for the third quarter ended Oct. 27, up from $555 million, or 82 cents, earned in the same period a year ago. Quarterly revenue reached $16.93 billion, including sales of $16.6 billion, from the prior year’s $16.4 billion.”

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