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DAILY EARNINGS

Deere, GAP, HP Net Decline; Salesforce Net Loss Narrows


Author: Mukesh Buch
ticker.com
Last Update: 12:49 PM ET August 21 2015

12:30 AM New York – Deere third-quarter net plummeted 40% to $512 million. Foot Locker second-quarter net surged 29% to $119 million. GAP second-quarter net tumbled 34% to $219 million. HP third-quarter net declined 10% to $900 million. Salesforce second-quarter net loss narrowed to $0.8 million.

Tollbooth Index declined 228.73 or 2.2% to 10,431.40.

Earnings Review

Deere & Company (DE), the agriculture and turf equipment maker reported net sales in the third-quarter ending in July tumbled 20% to $7.59 billion from a year ago period.

Net income in the quarter plummeted 40% to $511.6 million or $1.53 per diluted share compared to $850.7 million or $2.33 from the same quarter last year.

For the year, Deere forecasted net income of about $1.8 billion.

Foot Locker, Inc (FL), the shoes and apparel retailer said net sales in the second-quarter ending on August 1 jumped 3.7% to $1.70 billion from a year ago period.

Comparable store sales in the quarter soared 9.6%.

Net income in the quarter surged 29% to $119 million or 84 cents per diluted share compared to $92 million or 63 cents from the same quarter last year.

The GAP, Inc (GPS), the apparel retailer reported net sales in the second-quarter ending on August 1 slid 2% to $3.90 billion from a year ago period.

Same store sales in the quarter decreased 2%.

Net income in the quarter tumbled 34% to $219 million or 52 cents per diluted share compared to $332 million or 75 cents from the same quarter last year.

The retailer forecasted earnings per share for the third-quarter between $2.75 and $2.80.

Hibbett Sports, Inc (HIBB), the sporting goods retailer said net sales in the second-quarter ending on August 1 increased 2.8% to $199.3 million from a year ago period.

Comparable store sales in the quarter fell 1%.

Net income in the quarter plunged 16.7% to $7 million or 28 cents per diluted share compared to $8.4 million or 32 cents from the same quarter last year.

The company lowered diluted earnings per share estimate for the year between $2.80 and $2.90 compared to earlier estimated range of $2.95 to $3.04.

Hewlett-Packard Company (HPQ), the computer peripherals provider reported revenues in the third-quarter ending in July declined 8% to $25.3 billion from a year ago period.

Net income in the quarter declined 10% to $900 million or 47 cents per diluted share compared to $1 billion or 52 cents from the same quarter last year.

HP said revenues in personal systems in the quarter plunged 13% to $7.5 billion and notebook unit sales dropped 3% while desktop unit sales tumbled 20%. Printing division revenue declined 9% to $5.1 billion from a year earlier

Revenues in enterprise division increased 2% to $7 billion but enterprise services revenue plummeted 11% to $5 billion. Software revenue in the quarter slump 6% to $900 million.

HP lowered diluted earnings per share forecast for the year between $1.87 and $1.93 compared to earlier estimated range between $2.03 and $2.23.

Today’s financial report is the last report from HP before it splits itself into two new independently traded companies from November 1, Hewlett Packard Enterprise and HP Inc, a PC and printer company.

Intuit Inc (INTU), the accounting software maker reported revenues in the fourth-quarter ending in July jumped 7% to $696 million from a year ago period.

Net in the quarter swung to profit $14 million or 5 cents per diluted share compared to a loss of $29 million or 10 cents from the same quarter last year.

Intuit forecasted revenues for the year in the range of $4.53 billion to $4.60 billion and earnings per share between $2.50 and $2.55.

For the first-quarter the company estimated revenues between $660 million to $680 million and net loss per share in the range of 26 cents to 27 cents.

salesforce.com, inc (CRM), the enterprise cloud computing solution provider said revenues in the second-quarter ending in July soared 23.5% to $1.63 billion from a year ago period.

Net loss in the quarter narrowed to $0.85 million or break even per diluted share compared to $61.1 million or 10 cents from the same quarter last year.

The company forecasted revenues for the third-quarter in the range of $1.69 billion to $1.70 billion and earnings per share between 18 cents and 19 cents.

For the year, salesforce lifted revenues estimate between $6.60 billion and $6.63 billion from earlier forecasted range of $6.52 billion to $6.55 billion and earnings per share between 70 cents and 72 cents compared to previous guidance in the range of 69 cents to 71 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