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DAILY EARNINGS

Heico Net Surges, Honeywell Lifts Revenues Forecast


Author: Mukesh Buch
ticker.com
Last Update: 11:28 AM ET December 16 2015

12:00 PM New York Heico fourth-quarter net surged 19% to $38 million. Joy Global fourth-quarter net swung to a loss of $1.3 billion. Lakeland Ind third-quarter net swung to profit $2 million. Mechel OAO nine-month net loss narrowed to $1 billion.

Tollbooth Index gained 20.89 or 0.2% to 10,851.84.

Earnings Review

Global Payments Inc (GPN), the payment technology services provider agreed to acquire smaller rival Heartland Payment Systems Inc. for about $4.3 billion in a cash and stock.

The transaction is expected to close in the fourth quarter fiscal year 2016.

The company forecasted revenues for the second-quarter to jump 4% to $722 million compared to $697 million and GAAP earnings per share of about 60 cents from 55 cents in the same period a year ago.

The company is schedule to release its second-quarter result on January 6, 2016.

Honeywell International Inc (HON), the diversified technology company forecasted revenues for the fiscal 2016 to increase between 4% and 6% or $39.9 billion to $40.9 billion and earnings per share in the range of $6.45 to $6.70.

The company reaffirmed its fiscal 2015 estimate for earnings per share of $6.10 per share on revenue of $38.5 billion.

Heico Corporation (HEI), the aerospace and electronics products maker reported revenues in the fourth-quarter ending in October soared 12.5% from a year ago to $328.7 million.

Net income in the quarter surged 19% to $38.3 million or 56 cents per diluted share compared to $32.1 million or 48 cents per share from the same quarter last year.

The company estimated net sales and net income in the fiscal 2016 to increase between 8% and 10% from fiscal 2015 and consolidated operating margin of about 18.5%.

Joy Global Inc (JOY), mining equipment maker said revenues in the fourth-quarter ending in October declined 24% from a year ago to $865.6 million.

Net in the quarter swung to a loss of $1.3 billion or $13.43 per diluted share compared to profit of $129.7 million or $1.31 per share from the same quarter last year.

The company forecasted revenue for the fiscal 2016 between $2.4 billion and $2.6 billion and adjusted diluted earnings per share in the range of 10 cents to 50 cents.

Lakeland Industries, Inc (LAKE), the safety garments and accessories maker said net sales in the third-quarter ending in October declined 6% from a year ago to $24.9 million.

Net in the quarter swung to profit $2.1 million or 29 cents per diluted share compared to a loss of $2.5 million or 42 cents per share from the same quarter last year.

Mechel OAO (MTL), the Russia-focused mining, steel and power conglomerate said revenues in the nine-month period ending in September plunged 35% from a year ago to $3.28 billion.

Net loss in the period narrowed to $1.01 billion compared to $1.22 billion in the same period a year ago.

Valeant Pharmaceuticals International, Inc (VRX), the specialty pharmaceutical products maker lowered revenues forecast for the fiscal 2015 between $10.4 billion and $10.5 billion from previous guidance of about $11 billion to $11.2 billion.

Valeant also revised its adjusted earnings per share forecast for the year in the range of $10.23 to $10.33 compared to earlier estimated range of $11.67 to $11.87.

For the fiscal year 2016, the company forecasted revenues between $12.5 billion and $12.7 billion and adjusted earnings per share in the range of $13.25 to $13.75.
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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