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DAILY EARNINGS

FedEx Net Jumps; Adobe, General Mills Net Drop


Author: Mukesh Buch
ticker.com
Last Update: 8:21 AM ET September 18 2013

10:45 AM New York Adobe Systems third-quarter net tumbled 7% to $83 million. Cracker Barrel fourth-quarter net slid 1% to $34.3 million. FedEx first-quarter net soared 7% to $489 million. General Mills first-quarter net declined 16.3% to $459.3 million.

Earnings Review

Adobe Systems Inc (ADBE), the diversified software company reported total revenue in the third-quarter ending in August dropped 8% to $995.1 million.

Net income in the quarter tumbled 7% to $83 million or diluted earnings 16 cents per share compared to $201.4 million per share or 40 cents per share.

Cracker Barrel Old Country Store, Inc. (CBRL), the restaurants and bars operator said total revenue in the fourth-quarter ending on August 2 jumped 4% to $674.1 million. Comparable store restaurant sales in the quarter increased 2.6%.

Net income in the quarter slid 1% to $34.3 million or diluted earnings $1.43 per share compared to $34.7 million per share or $1.47 per share.

For the year, Cracker Barrel expects total revenue between $2.7 billion and $2.75 billion and diluted earnings per share in the range of $5.60 to $5.80.

The company expects to report diluted earnings per share for the first quarter between $1.05 and $1.15.

FedEx Corporation (FDX), the air freight & logistic company reported revenue in the first-quarter ending in August increased 2% to $11 billion.

Net income in the quarter soared 7% to $489 million or diluted earnings $1.53 per share compared to $459 million or $1.45 per share.

FedEx Express segment revenue in the quarter slightly fell to $6.61 billion from $6.63 billion a year ago but revenue from FedEx ground segment soared 11% to $2.73 billion from $2.46 billion and revenue from Freight segment rose 2% to $1.42 billion compared to $1.40 billion.

FedEx reaffirmed its forecast of full-year earnings per share growth of 7% to 13% from last year''s adjusted results.

FedEx plans to increase average shipping rates by 3.9% for U.S. domestic, U.S. export and U.S. import services effective January 6, 2014.

General Mills, Inc. (GIS), the consumer foods maker reported net sales in the first-quarter ending on August 25 climbed 8% to $4.37 billion.

Net income in the quarter declined 16.3% to $459.3 million or diluted earnings 70 cents a share compared to $548.9 million per share or 82 cents per share.

The company reaffirmed net sales guidance for the fiscal 2014 to low single-digit growth from mid single-digit growth and adjusted diluted earnings per share between $2.87 and $2.90.
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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