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Market Update

Advance Auto Misses Estimates, Intuit Powers Ahead; Chico’s Plunges 12%


Author: Mukesh Buch
ticker.com
Last Update: 10:55 AM ET May 24 2017

2:10 PM New York – Advance Auto Parts missed estimates. Chico''s plunged 12% on weak sales and weaker forecast. Intuit revenues jumped as the accounting software developer ramps up payment gateway and mortgage brokerage business. Lowe''s revenues soared. Tiffany net jumped.

Tollbooth Index increased 31.61 or 0.3% to 12,059.28.

Earnings Review

Advance Auto Parts, Inc (AAP) declined 3.9% or $5.44 to $135.23 after the automobile parts provider said sales in the first-quarter ending on April 22 dropped 3% from a year ago to $2.9 billion.

Comparable store sales in the quarter dropped 2.7%.

Net income in the quarter tumbled 32% to $108 million or $1.46 per diluted share from $158.8 million or $2.14 in the same quarter last year.

Chico''s FAS, Inc (CHS) plunged 12% or $1.33 to $9.76 after the women''s specialty retailer stated net sales in the first-quarter ending in April declined 9.2% from a year ago to $583.7 million.

Comparable store sales in the quarter slumped 8.7%.

Net income in the quarter jumped 8% to $33.6 million or 26 cents per diluted share from $31.1 million or 23 cents in the same quarter last year.

The retailer said its name brand stores comparable sales plummeted 10% and comparable store sales in White House Black Market chain dropped 9.7% but sales in Soma business edged up 0.2%.

In the fiscal 2017, Chico''s forecasted gross margin as a percent of net sales to range between flat and increase of 30 basis points.

Dycom Industries, Inc (DY) tumbled 16.2% or $17.45 to $90.51 after the specialty contracting services provider said revenues in the third-quarter ending in April soared 14.9% from a year ago to $786.3 million.

Net income in the quarter surged 17.2% to $38.8 million or $1.22 per diluted share from $33.1 million or $1 in the same quarter last year.

Intuit Inc (INTU) surged 7.3% or $9.40 to $138.51 after the business and financial software provider reported revenues in third-quarter ending in April jumped 10.4% from a year ago to $2.5 billion.

Net income in the quarter dropped 6.4% to $964 million or $3.70 per diluted share from $1.03 billion or $3.94 in the same quarter last year.

Intuit forecasted fourth-quarter revenues in the range of $795 million to $815 million and earnings per share of 16 cents to 18 cents.

In fiscal 2017, accounting software provider estimated revenues between $5.13 billion and $5.15 billion and earnings per share in the range of $4.38 to $4.40.

Lowe''s Companies, Inc (LOW) slumped 3.1% or $2.52 to $79.79 after the home improvement retailer reported sales in the first-quarter ending on May 5 jumped 10.7% from a year ago to $16.9 billion.

Comparable store sales in the quarter increased 1.9%.

Net income in the quarter plunged 31.9% to $602 million or 70 cents per diluted share from $884 million or 98 cents in the same quarter last year.

Lowe''s forecasted fiscal 2017 total sales to increase approx 5% and comparable sales to jump 3.5%.

The retailer plans to add 35 new stores and estimated diluted earnings per share of about $4.30.

Tiffany & Co (TIF) plummeted 8.1% or $7.55 to $85.59 after the jewelry and watch retailer said revenues in the first-quarter ending in April rose 1% from a year ago to $900 million.

Comparable store sales in the quarter declined 4%.

Net income in the quarter jumped 6.9% to $93 million or 74 cents per diluted share from $87 million or 69 cents in the same quarter last year.

Triumph Group Inc (TGI) surged 25.8% or $6.25 to $30.50 after the aircraft components maker said revenues in the fourth-quarter ending in March plunged 13% from a year ago to $919.9 million.

Net loss in the quarter narrowed to $126.8 million or $2.57 per diluted share from $1.1 billion or $22.01 in the same quarter last year.

Triumph estimated fiscal 2018 revenues in the range of $3.1 billion to $3.2 billion.

Separately, the subsidiary of Triumph and Canada-based Bombardier Inc signed an agreement to resolves all outstanding disputes, including pending litigations, related to the design, manufacture and supply of wing components for Bombardier''s Global 7000 business aircraft.

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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