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Market Update

Accenture, PepsiCo Net Surge; ConAgra, Progress Net Swing to Profit


Author: Mukesh Buch
ticker.com
Last Update: 4:23 AM ET September 29 2016

2:00 PM New York Accenture net soared 13% on 8% jump in revenues and lifted revenue forecast. Bassett Furniture net and sales fell. ConAgra net swung to profit but revenues dropped 5%. PepsiCo profit surged and lifted earnings outlook. Progress Software net swung to profit after revenues jumped.

Tollbooth Index edged down 2.85 to 10,985.40.

Earnings Review

Accenture Plc (ACN) soared 5.4% or $6.35 to $123.02 after the Ireland-based outsourcing services provider said net revenues in the fourth-quarter ending in August jumped 8% from a year ago to $8.5 billion.

Net income in the quarter soared 12.6% to $1.07 million or $1.68 per diluted share compared to the $737.6 million or $1.15 per share from the same quarter last year.

Accenture forecasted net revenues in the first-quarter to jump 5% to 8% or in the range of $8.40 billion to $8.65 billion.

Bassett Furniture Industries Inc (BSET) declined 4.1% or 97 cents to $22.92 after the home furnishings retailer stated revenues in the third-quarter ending on August 27 dropped 5.7% from a year ago to $104.7 million.

Net income in the quarter fell 2.3% to $4.17 million or 38 cents per diluted share compared to the $4.27 billion or 39 cents per share from the same quarter last year.

ConAgra Foods Inc (CAG) surged 7.6% or $3.28 to $46.41 after the packaged food maker reported net sales in the first-quarter ending on August 28 slumped 4.6% from a year ago to $2.67 billion.

Net in the quarter swung to profit $186.2 million or 42 cents per diluted share compared to the loss of $1.15 billion or $2.65 per share from the same quarter last year.

PepsiCo, Inc (PEP) gained 1.2% or $1.28 to $108.67 after the food and beverage maker reported revenues in the third-quarter ending on September 3 fell 2% from a year ago to $16 billion.

Net income in the quarter jumped four-fold to $1.99 billion or $1.37 per diluted share compared to the $533 million or 36 cents per share from the same quarter last year.

PepsiCo lifted earnings per share estimate in the year of about $4.78 from the earlier forecast of $4.71 per share.

Progress Software Corporation (PRGS) dropped 3.5% or 98 cents to $27.43 after the application software developer stated revenues in the third-quarter ending in August advanced 8% from a year ago to $102 million.

Net in the quarter swung to profit $7.6 million or 15 cents per diluted share compared to the loss of $4.1 million or 8 cents per share from the same quarter last year.

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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