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DAILY EARNINGS

Adobe Net Surges, FedEx Net Declines


Author: Mukesh Buch
ticker.com
Last Update: 9:22 AM ET June 19 2013

10:45 AM New York Actuant third quarter net loss widened to $73.7 million. Adobe Systems second quarter net jumped 66% to $76.5 million. FedEx fourth quarter net plunged 45% to $303 million. La-Z-Boy fourth quarter net declined 7% to $18.3 million.

Earnings Review

Actuant Corporation (ATU), the industrial products maker said net sales in the third quarter ending in May were nearly flat at $344.2 million. In the quarter, net swung to a loss $93 million or $1.24 a diluted share compared to net profit $34.4 million or 45 cents.

The company added gross profit in the quarter decreased 1% to $136.9 million and operating profit declined 3% to $57 million.

For the full year 2013, the company expects sales in the range of $1.28 billion to $1.29 billion and diluted earnings per share between $1.85 and $1.90.

For the full year 2014, the company expects total sales between $1.32 billion and 1.34 billion and diluted earnings per share in the range of $1.95 to $2.05.

Adobe Systems Incorporated (ADBE), the diversified software company reported total revenues in the second quarter ending in May climbed 10% to $1.01 billion. Net income in the quarter jumped 66% to $76.5 million or 15 cents a diluted share compared to $223.9 million or 45 cents.

The company added gross profit tumbled 12% to $875.3 million and operating income plunged 64% to $111.3 million.

DISH Network Corporation (DISH), the pay-television services provider said it would not submit a new takeover bid for Sprint Nextel ahead of the deadline of June 18th set forth by the company and would instead focus on its bid for a stake in Clearwire Corp, a wireless operator tender offer.

FedEx Corporation (FDX), the small-package ground delivery service provider said total revenues in the fourth quarter ending in May grew 4% to $11.4 billion. Net income in the quarter plunged 45% to $303 million or 95 cents a diluted share compared to $550 million or $1.73.

Operating income tumbled 39% to $502 million.

La-Z-Boy Inc (LZB), the upholstery products retailer stated consolidated sales in the fourth quarter ending on April 27 jumped 10% to $359.5 million. Comparable store sales for the quarter advanced to 11.2%.

Net income in the quarter declined 7% to $18.3 million or 33 cents a diluted share compared to $19.6 million or 37 cents.

Gross profit in the quarter soared 18% to $121.6 million and operating income surged 55% to $26.2 million.

Tetra Tech, Inc. (TTEK), the consultation services provider revised its third quarter revenue outlook to a range between $440 million and $490 million and diluted loss per share between 30 cents and 50 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