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DAILY EARNINGS

Bank of Nova Scotia, Tiffany Net Rise


Author: Mukesh Buch
ticker.com
Last Update: 11:41 AM ET May 28 2013

10:45 AM New York Bank of Nova Scotia first quarter net jumped 10% to $1.60 billion. Canadian Solar first quarter net loss narrowed. Tiffany first quarter net rose 3% to $83.6 million. Seadrill first quarter net was nearly flat at $440 million.

Earnings Review

The Bank of Nova Scotia (BNS) slid 38 cents to $57.09 after the Canada based diversified financial institution reported total revenues in the second quarter ending in April jumped 11% to $5.22 billion. Net income in the quarter advanced 10% to $1.60 billion or $1.23 a diluted share compared to $1.46 billion or $1.15.

Canadian Solar Inc (CSIQ) surged 13.9% or $1.20 to $9.81 after the Canada based solar module products manufacturer said net revenues in the first quarter ending in March tumbled 19% to $263.6 million. Net loss in the quarter narrowed to $3.92 million or 10 cents a diluted share compared to $104.9 million or $2.43.

Gross profit in the quarter increased 2% to $25.6 million.

IXYS Corporation (IXYS) slipped 1.5% or 18 cents to $11.50 after the chip maker reported net sales in the fourth quarter ending in April slumped 23% to $66.9 million.The net swung to $1.95 million or 6 cents a diluted share compared to net profit $3.71 million or 11 cents.

In the quarter, gross profit tumbled 39% to $18.1 million and operating income plunged 95% to $0.76 million.

Tiffany & Co. (TIF) jumped 4.1% or $3.17 to $79.38 after the holding company stated net sales in the first quarter ending in April climbed 9% to $895.5 million. Net earnings in the quarter rose 3% to $83.6 million or 65 cents a diluted share compared to $81.5 million or 64 cents.

The company added gross profit in the quarter grew 7% to $503.2 million.

In the first quarter, total sales n Americas jumped 6% to $408 million and Asia-Pacific sales climbed 15% to $223 million and Japan sales increased 2% to $145 million. Sales in Europe rose 6% to $93 million.

For the year, Tiffany expects diluted earnings per share in the range of $3.43 to $3.53.

Seadrill Limited (SDRL) gained 2.4% or 96 cents to $40.88 after the Bermuda based oil and gas contractor stated net sales in the first quarter ending in March surged 21% to $1.27 billion. Net income in the quarter was nearly flat at $440 million or 85 cents a diluted share compared to $439 million or 87 cents.

Operating profit for the quarter jumped 21% $552 million.
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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