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DAILY EARNINGS

Deere, Lowe’s Net Soar; Staples Net Swings to Profit


Author: Mukesh Buch
ticker.com
Last Update: 12:18 PM ET November 20 2013

10:45 AM New York – Deere & Co fourth-quarter net soared 17% to $807 million. Smucker second-quarter net grew 3% to $153 million. J.C. Penney third-quarter net loss widened. Lowe’s third-quarter net soared 26% to $499 million. Staples third-quarter net swung to a profit $135 million.

Earnings Review

The ADT Corporation (ADT), the electronic security provider said revenue in the fourth-quarter on September 27 jumped 4.2% to $846 million.

Net income in the quarter rose 2.1% to $96 million or 45 cents a diluted share compared to $94 million or 40 cents.

The company said recurring revenue and total revenue in the year to increase between 4% and 5%.

Deere & Company (DE), the agriculture and construction equipment maker reported revenue in the fourth-quarter in October fell 3% to $9.45 billion.

Net income in the quarter soared 17% to $806.8 million or $2.11 a diluted share compared to $687.6 million or $1.75.

The company said equipment sales for the year are estimated to decline 3% and slid nearly 2% for the first quarter compared to year-ago periods. For fiscal 2014, net income is anticipated to be about $3.3 billion.

JPMorgan Chase & Co. (JPM), the U.S. Justice Department and the bank reached an agreement for $13 billion that cover mortgage securities and disclosure issues.

Under the agreement, JPMorgan will pay $9 billion for federal and state claims, $2 billion to the Department of Justice, $1.4 billion to the National Credit Union Administration and $515.4 million to the Federal Deposit Insurance Corp or FDIC.

The J.M. Smucker Company (SJM), the food products maker said net sales in the first-quarter ending in October dropped 4% to $1.56 billion.

Net earnings in the quarter grew 3% to $153.4 million or $1.46 a diluted share compared to $148.8 million or $1.36.

The company added U.S. retail coffee segment volume increased 2% and profit jumped 14% but consumer foods segment net sales fell 1%. Net sales in the international, food service and natural foods segment dropped 9% and profit declined 18% to $10.8 million.

For fiscal 2014, the company expects net sales to decrease nearly 2% compared to 2013 and non-GAAP income per diluted share to remain in the previously announced range of $5.72 to $5.82.

J.C. Penney Company, Inc (JCP), the retailer stated net sales in the third-quarter ending on November 2 declined 5.1% to $2.78 billion. Comparable store sales for the quarter declined 4.8% and online sales for the quarter surged 24.5%.

Net loss in the quarter widened to $489 billion or $1.94 a diluted share compared to $123 million or 56 cents.

Lowe’s Companies, Inc (LOW), the home improvement retailer reported net sales in the third-quarter ending on November 1 jumped 7.3% to $13 billion. Comparable store sales in the quarter soared 7.4% and sales for the U.S. stores climbed 8.2%.

Net income in the quarter soared 26% to $499 million or 47 cents a diluted share compared to $396 million or 35 cents.

Lowe’s estimated total sales for the year to increase approximately 6% and comparable sales are expected to increase about 5%. Diluted earnings per share are expected of nearly $2.15 from $2.10 reported in last quarter.

Staples, Inc. (SPLS), the office products retailer said sales in third-quarter ending on November 2 dropped 4% to $6.1 billion. Comparable store sales in the quarter slipped 3%.

Net in the quarter swung to a profit $135.2 million or 21 cents a diluted share compared to a loss of $596.3 million or 89 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