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DAILY EARNINGS

Bed Bath & Beyond, Conagra Brands, Micron Tech, Rite Aid Net Drop


Author: Mukesh Buch
ticker.com
Last Update: 12:07 PM ET December 22 2016

12:00 PM New York Bed Bath & Beyond third-quarter net tumbled 29% to $126 million. Conagra Brands second-quarter net plunged 21% to $122 million. Micron Technology third-quarter net plummeted 13% to profit $180 million. Rite Aid third-quarter net tumbled 29% to $15 million. Red Hat third-quarter net surged 45% to $68 million.

Tollbooth Index dropped 106.67 or 0.9% to 11,173.56.

Earnings Review

Bed Bath & Beyond Inc (BBBY), the home furnishings retailer reported revenues in the third-quarter ending on November 26 edged up 0.1% from a year ago to $3 billion.

Comparable store sales in the quarter decreased 1.4%.

Net income in the quarter tumbled 28.9% to $126.4 million or 85 cents per diluted share compared to the $177.8 million or $1.09 per share from the same quarter last year.

The retailer forecasted diluted earnings per share in fiscal 2016 at the low end of the $4.50 to just above $5 that it has earned over the past several years

Conagra Brands Inc, formerly ConAgra Foods, Inc. (CAG), the packaged food producer reported net sales in the second-quarter ending on November 27 declined 11.5% from a year ago to $2.1 billion.

Comparable store sales in the quarter decreased 1.4%.

Net income in the quarter plunged 21.2% to $122.1 million or 28 cents per diluted share compared to the $154.9 million or 35 cents per share from the same quarter last year.

The packaged food producer reaffirmed net sales estimate in the year to drop between 4% and 5% and diluted earnings per share between $1.65 and $1.70.

Micron Technology, Inc (MU), the memory chip maker reported revenues in the third-quarter ending on December 1 soared 18.5% from a year ago to $4 billion.

Net income in the quarter plummeted 12.6% to profit $180 million or 16 cents per diluted share compared to the $206 million or 19 cents per share from the same quarter last year.

Rite Aid Corporation (RAD), the drugs retailer said revenues in the third-quarter ending on November 26 fell 0.8% from a year ago to $8.1 billion.

Same store sales in the quarter declined 3.4% and the number of prescriptions filled in same stores decreased 2.4%.

Net income in the quarter tumbled 28.9% to $15 million or 1 cent per diluted share compared to the $59.5 million or 6 cents per share from the same quarter last year.

Red Hat Inc (RHT), the open source software developer said revenues in the third-quarter ending in November soared 17.5% from a year ago to $615.3 million.

Net income in the quarter surged 45.1% to $67.9 million or 37 cents per diluted share compared to the $46.8 million or 25 cents per share from the same quarter last year.

Red Hat forecasted revenue the fiscal fourth-quarter in the range of $614 million to $622 million.

In the year, the software developer estimated revenue in a range of $2.4 billion to $2.41 billion and earnings per share of about $2.27.
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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