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DAILY EARNINGS

General Mills Net Rises, FedEx Net Declines 31%


Author: Mukesh Buch
ticker.com
Last Update: 11:25 AM ET March 20 2013

10:45 AM New York Actuant second quarter net plunged 12% to $28.4 million. Adobe first quarter net tumbled 65% to $65.1 million. FedEx third quarter net declined 31% to $361 million. General Mills third quarter net rose 2% to $398.4 million. Williams-Sonoma fourth quarter net climbed 10% to $133.7 million.

Earnings Review

Actuant Corporation (ATU) slipped 1.8% or 59 cents to $30.94 after the industrial products maker reported sales in the second quarter ending on February 28 fell 2% to $370.4 million from the same period of last year. Net earnings in the quarter plunged 12% to $28.4 million or 39 cents a diluted share compared to $32.2 million or 43 cents a share a year ago earlier.

The company added gross profit in the quarter slid 1% to $139.6 million.

Actuant expects third quarter sales between $410 million and $420 million and diluted earnings per share in the range of 63 cents to 68 cents.

AAR Corp. (AIR) climbed 5.8% or $1.07 to $19.05 after the aviation products provider stated sales in the third quarter ending on February 28 decreased 3% to $520.2 million from the same period of last year. Net income in the quarter plunged 11% to $18.4 million or 46 cents a diluted share compared to $20.6 million or 50 cents a share a year ago period.

Adobe Systems Incorporated (ADBE) jumped 4.5% or $1.86 to $42.64 after the software company reported total revenue in the first quarter ending on March 1 declined 4% to $1.01 billion from the same period of last year. Net income in the quarter tumbled 65% to $65.1 million or 13 cents a diluted share compared to $185.2 million or 37 cents a share a year ago.

Cintas Corporation (CTAS) dropped 6.6% or $3.06 to $42.87 after the business service provider said total revenue in the third quarter ending on February 28 soared 6% to $1.08 billion from the same period of last year. Net income in the quarter decreased 2% to $74.7 million or 60 cents a diluted share compared to $76 million or 58 cents a share a year ago quarter.

For the year, Cintas expects revenue between $4.3 billion and $4.325 billion and earnings per share in the range of $2.50 to $2.54.

FedEx Corporation (FDX) declined 5.4% or $5.78 to $100.69 after the air courier company stated total revenue in the third quarter ending on February 28 advanced 4% to $11 billion from the same period of last year. Net income in the quarter declined 31% to $361 million or $1.13 a diluted share compared to $521 million or $1.65 a share a year ago.

The company stated total operating income in the quarter declined 28% to $589 million.

General Mills, Inc. (GIS) gained 2.5% or $1.20 to $47.62 after the food processing reported net sales in the third quarter ending on February 28 climbed 7.5% to $4.43 billion from the same period of last year. Net income in the quarter rose 2% to $398.4 million or 60 cents a diluted share compared to $391.5 million or 58 cents a share a year ago.

General Mills added segment operating profit climbed 11% to $749 million. Net sales in U.S. retail segment grew 2% to $2.66 billion and international businesses surged 24% to $1.30 billion. Bakeries and foodservice segment sales totaled to $470 million, essentially flat compared to year ago period.

Lennar Corporation (LEN) increased 1.8% or 75 cents to $42.17 after the financial services provider said revenues in the first quarter ending in December climbed 37% to $989.9 million from the same period of last year. Net earnings in the quarter surged nearly four-fold to $57.5 million or 26 cents a diluted share compared to $15 million or 8 cents a share a year ago.

Walter Investment Management Corp. (WAC) rose 1.7% or 58 cents to $33.56 after the business services provider reported total revenue in the fourth quarter ending in December climbed 13% to $176.4 million from the same period of last year. Net loss in the quarter widened to $34.1 million or 98 cents a diluted share compared to $3.9 million or 14 cents a share a year ago.

Williams-Sonoma, Inc. (WSM) surged 9.6% or $4.37 to $49.58 after the specialty retailer stated net revenue in the fourth quarter ending on February 3 jumped 11% to $1.41 billion from the same period of last year. Comparable sales in the quarter advanced 4.9%.

Net earnings in the quarter climbed 10% to $133.7 million or $1.34 a diluted share compared to $122.6 million or $1.17 a share a year ago period.

The company said operating income in the quarter surged 6.7% to $210.4 million.

The specialty retailer lifted outlook and expects net revenues for the first quarter between $850 million and $870 million and diluted earnings per share in the range of 33 cents to 36 cents.

The company expects comparable revenues to increase between 4% and 6%.
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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