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Market Update

Cintas, Nike, Paychex, Worthington Net Surge; Actuant Net Plunges


Author: Mukesh Buch
ticker.com
Last Update: 5:15 PM ET September 28 2016

2:00 PM New York Actuant net plunged 21% on 8% decline in revenues. BlackBerry net swung to a loss after revenues plunged 32%. Cintas net soared 38%. Ferrellgas Partners net loss widened but sales jumped. Nike net and revenues soared. Paychex net rose 4%. Worthington profit double.

Tollbooth Index slipped 58.15 or 0.5% to 10,946.26.

Earnings Review

Actuant Corporation (ATU) advanced 2.6% or 58 cents to $22.70 after the industrial products maker said total sales in the fourth-quarter ending in August declined 8% from a year ago to $275.8 million.

Net income in the quarter plunged 21.3% to $17.4 million or 29 cents per diluted share compared to the $22.1 million or 37 cents per share from the same quarter last year.

Actuant forecasted sales in the year between $1.08 billion and $1.13 billion and diluted earnings per share in the range of $1 to $1.20.

BlackBerry Ltd (BBRY) jumped 4% or 31 cents to $8.20 after Canada-based mobile communication services provider stated revenues in the second-quarter ending in August plunged 31.8% from a year ago to $334 million.

Net in the quarter swung to a loss of $372 million or 71 cents per diluted share compared to the profit of $51 million or diluted loss of 24 cents per share from the same quarter last year.

Cintas Corporation (CTAS) advanced 2.3% or $2.60 to $116.03 after the industrial uniforms provider reported revenues in the first-quarter ending in August surged 7.9% from a year ago to $1.29 billion.

Net income in the quarter soared 37.8% to $138.1 million or $1.26 per diluted share compared to the $100.2 million or 88 cents per share from the same quarter last year.

Ferrellgas Partners, L.P (FGP) tumbled 24% or $3.96 to $12.56 after the propane gas distributor said total revenues in the fourth-quarter ending in July jumped 7.1% from a year ago to $409.5 million.

Net loss in the quarter widened to $654.8 million or $6.68 per diluted share compared to the $58.2 million or 64 cents per share from the same quarter last year.

Nike Inc (NKE) dropped 2.9% or $1.60 to $53.74 after the athletic footwear, apparel and equipment maker reported revenues in the first-quarter ending in August advanced 8% from a year ago to $9.1 billion.

Net income in the quarter jumped 6% to $1.25 billion or 73 cents per diluted share compared to the $1.18 billion or 67 cents per share from the same quarter last year.

Paychex, Inc (PAYX) declined 4.2% or $2.53 to $57.73 after the human resource service provider said total revenues in the first-quarter ending in August soared 9% from a year ago to $785.5 million.

Net income in the quarter rose 4% to $217.4 million or 60 cents per diluted share compared to the $209.1 million or 58 cents per share from the same quarter last year.

Paychex estimated service revenue in the fiscal 2017 in payroll segment to jump in the range of 3% to 4% and in human resource segment to surge between 12% and 14%.

Total service revenue to increase in the range of 7% to 8% and net income to increase 7%.

Worthington Industries, Inc (WOR) advanced 3.3% or $1.49 to $45.76 after the metal products manufacturer net sales in the first-quarter ending in August slumped 2.7% from a year ago to $737.5 million.

Net income in the quarter double to $65.6 million or $1.02 per diluted share compared to the $32 million or 48 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