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Synnex Net Falls, Alcoa Net swings to a Loss

Author: Mukesh Buch
Last Update: 12:06 PM ET January 10 2014

10:45 AM New York Alcoa fourth-quarter net swung to a loss of $2.34 billion and sales dropped 5.2% to $5.59 billion. Park Electrochemical net was flat at $5 million. Synnex net dropped 5% to $42 million but revenue climbed 11% to $3.06 billion.

Earnings Review

Alcoa Inc (AA), the aluminum producer reported revenue in the fourth quarter ending in December dropped 5.2% to $5.59 billion.

Net income in the quarter swung to a loss $2.34 billion or $2.19 per diluted share compared to a net income of $242 million or 21 cents per share year ago earlier.

Revenue for the year dropped to $23 billion from $23.7 billion a year ago. The company reduced its total debt from $8.3 billion in 2013 to $8.8 billion in 2012.

Alcoa posted a steep quarterly $1.7 billion impairment charge and said its venture with Alumina will pay $400 million to resolve bribery charges in Bahrain.

Alcoa pleaded guilty to a criminal charge and agreed to pay $384 million in penalties to end investigations by the Department of Justice and the Securities and Exchange Commission regarding bribery allegations made by a Bahraini for certain legacy alumina contracts with Aluminium Bahrain (Alba).

Five Below Inc (FIVE), the retailer said net sales for nine week period ending on January 4 climbed 25.4% to $185.3 million while comparable store sales for this period decreased by 0.5%.

The company expects net sales for the fourth quarter in the range of $208 million to $210 million and comparable store sales to drop between -1.5% and -0.5% and net income in the range of $23.3 million to $24.3 million with diluted earnings per share between 43 cents and to 45 cents.

Park Electrochemical Corp (PKE), the integrated circuits maker said net sales in the third-quarter ending on December 1 fell 3.9% to $39.7 million.

Net earnings and diluted earnings per share in the quarter were flat at $4.72 million or 23 cents per diluted share compared to year ago period.

Sears Holdings Corp (SHLD), the specialty retailer expects a hefty loss in the fourth quarter and full-year following a disappointing holiday season and expects to report a fourth-quarter adjusted loss of $2.01 to $2.98.

The retailer forecasted adjusted loss for the year between $811 million and $914 million or $7.64 to $8.61 per share.

Synnex Corporation (SNX), the computer peripherals retailer reported revenue in the fourth-quarter ending in November climbed 10.6% to $3.06 billion.

Net income in the quarter fell 4.9% to $41.5 million or $1.10 a diluted share compared to $43.6 million or $1.16 per share year ago earlier.
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc