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DAILY EARNINGS

ConAgra Net Swings to Profit, Paychex Net Flat


Author: Mukesh Buch
ticker.com
Last Update: 11:22 AM ET June 27 2013

10:45 AM New York Bed Bath & Beyond first quarter net slid 2% to $202.5 million. ConAgra fourth quarter net swung to $192.2 million profit. H.B. Fuller second quarter net surged to $25.9 million. Paychex fourth quarter net were flat at $123.5 million. UniFirst third quarter net rose 4% to $28.7 million.

Earnings Review

Bed Bath & Beyond Inc. (BBBY), retailer reported net sales in the first quarter ending on June 1 climbed 18% to $2.61 billion. Comparable store sales for the quarter dropped 1.3%.

Net earnings in the quarter slid 2% to $202.5 million or 93 cents a diluted per share compared to $206.8 million or 89 cents.

The company added gross profit for the quarter jumped 16% to $1.03 billion and operating profit advanced 4% to $323.1 million.

For the second quarter, the company expects earnings per diluted share in the range of $1.11 to $1.16 and for the full year expects diluted earnings in the range of $4.84 to $5.01.

Commercial Metals Company (CMC), the metal products maker stated net sales in the third quarter ending in May tumbled 10% to $1.8 billion. Net income in the quarter declined 53% to $19 million or 16 cents a diluted share compared to $40.7 million or 35 cents.

ConAgra Foods, Inc. (CAG), the food company said net sales in the fourth quarter ending on May 26 jumped 34% to $4.59 billion. In the quarter, net swung to profit $192.2 million or 45 cents a diluted share compared to net loss $86.2 million or 21 cents.

For the quarter, consumer foods sales climbed 7% to $2.30 billion and commercial foods sales grew 3.5% to $1.33 billion and ralcorp food group sales of $711 million and frozen bakery products sales of $250.6 million.

H.B. Fuller Company (FUL), the adhesive maker stated net revenue in the second quarter ending on June 1 decreased 2% to $519 million. Net income in the quarter surged to $25.9 million or 51 cents a diluted share compared to $1.94 million or $1.13.

Gross profit for the quarter advanced 7% to $146.6 million.

For the year, the company expects diluted earnings per share between $2.55 and $2.65.

Herman Miller, Inc. (MLHR), the office furniture maker said net sales in the fourth quarter ending on June 1 declined 14% to $460 million. Net earnings in the quarter doubled to $23.4 million or 40 cents a diluted share compared to $11.9 million or 20 cents.

For the first quarter, the company expects diluted earnings per share in the range of 32 cents to 37 cents and adjusted diluted earnings per share between 36 cents and 41 cents.

KB Home (KBH), the construction company reported total revenue in the second quarter ending in May jumped 73% to $524.4 million. Net loss in the quarter narrowed to $15.4 million or 19 cents a diluted share compared to $69.9 million or 91 cents.

McCormick & Company, Incorporated (MKC), the spice packager stated net sales in the second quarter ending in May grew 2% to $1 billion. Net income in the quarter fell 2% to $78.6 million or 59 cents a diluted share compared to $80.4 million or 60 cents.

For the third quarter, the company expects sales increase in the range of 4% to 6% and diluted earnings per share between $3.13 and $3.19 and operating income increase in the range of 5% to 7%.

Paychex, Inc. (PAYX), the payroll service provider reported revenues in the fourth quarter ending in May advanced 6% to $575.3 million. Net income and diluted earnings in the quarter were flat at $123.5 million or 34 cents.

Progress Software Corporation (PRGS), the software company stated total revenue in the second quarter ending in May jumped 10% to $81.7 million. In the quarter net swung to profit $3.91 million or 7 cents a diluted share compared to net loss $1.91 million or 3 cents.

For the third quarter, the company expects revenue increased in the range of 2% to 4% and non-GAAP operating margin between 24% and 26%.

UniFirst Corporation (UNF), the workplace uniforms provider said revenues in the third quarter ending on May 25 declined 14% to $335.8 million. Net income in the quarter rose 4% to $28.7 million or $1.21 a diluted share compared to $27.5 million or $1.16.

For the full-year, UniFirst expects revenues between $1.34 billion and $1.35 billion and diluted earnings per share in the range of $5.60 to $5.70.
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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