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AEP Ind, Hi-Tech, Hovnanian Net Plunge


Author: Mukesh Buch
ticker.com
Last Update: 11:37 AM ET September 09 2013

10:45 AM New York AEP Industries third-quarter net tumbled 85% as sales were flat in the period. Hi-Tech Pharmacal first-quarter net declined 24%. Hovnanian third-quarter net plunged 76% but revenue soared 24%. Stewart third-quarter net dropped 14% to $8.3 million and revenue slid 2%.

Earnings Review

AEP Industries Inc (AEPI), the plastic packaging films maker said net sales in the third-quarter ending in July was nearly flat at $302.5 million. Net income in the quarter tumbled 85.4% to $1.8 million or 32 cents a diluted share compared to $12.3 million or $2.20.

Hi-Tech Pharmacal Co., Inc (HITK), the nutritional products maker reported net sales in the first-quarter ending in July slid 3% to $50.50 million. Net income in the quarter declined 24.2% to $4.55 million or 33 cents a diluted share compared to $6 million or 44 cents.

Hovnanian Enterprises, Inc. (HOV), the homebuilder said total revenues in the third-quarter ending in July soared 23.6% to $478.4 million. Net income in the quarter plunged 75.5% to $8.5 million or 6 cents a diluted share compared to $34.7 million or 25 cents.

Stewart Enterprises, Inc. (STEI), the funeral and cemetery services provider stated total revenues in the third-quarter ending in July fell 1.6% to $127.1 million. Net earnings in the quarter dropped 14.1% to $8.28 million or 10 cents a diluted share compared to $9.64 million or 11 cents.
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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc