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Market Update

Delta Air, KB Home, Progress Software Jump


Author: Mukesh Buch
ticker.com
Last Update: 12:01 PM EST January 11 2018

11:55 AM New York City, New York Delta Air Lines reported better-than-expected profit. JetBlue December traffic and capacity increased. KB Home profit and revenues surged. Meredith extended tender offer to buy Time Inc for $18.50 per share. Progress Software surged after net swung to profit.

Tollbooth Index increased 25.09 or 0.2% to 14,316.38.

Earnings Review

Delta Air Lines, Inc (DAL) jumped 2.4% or $1.35 to $57.20 after the airline services provider reported total revenues in the fourth-quarter ending in December soared 8.3% from a year ago to $10.2 billion.

Net income in the quarter declined 8% to $572 million or 80 cents per diluted share from $622 million or 84 cents in the same quarter last year.

The airline services provider said total passenger revenues jumped 6.6% to $8.5 billion and cargo revenues soared 14.4% to $200 million and other revenues surged 17.9% to $1.5 billion.

Delta raised its full-year profit outlook to between $6.35 and $6.70 per share ahead of Wall Street estimates.

JetBlue Airways Corporation (JBLU) advanced 2.8% or 60 cents to $22.21 after the passenger carrier operator said passenger traffic in December increased 2.7% to 4.1 million and capacity increase of 4.4% but load factor dropped 1.4% to 82.7%

KB Home (KBH) soared 10.1% or $3.48 to $37.79 after the home builder said total revenues in the fourth-quarter ending in December jumped 18% from a year ago to $1.4 billion.

Net income in the quarter surged 125% to $84.3 million or 84 cents per diluted share from $37.5 million or 40 cents in the same quarter last year.

The home builder said total deliveries jumped 9% to 3,340 homes and average selling price advanced 8% to $416,500.

Net order value for the quarter increased 9% to $935.4 million on a 2% increase in net orders to 2,296 units and backlog value jumped 9% to $1.7 billion with the number of homes in backlog roughly flat at 4,411.

Meredith Corporation (MDP) increased 1.6% or $1.05 to $66.55 after the diversified media services provider announced it had extended tender offer to purchase Time Inc for $18.50 per share in cash or valued at about $2.8 billion from its previously announced tender offer.

Progress Software Corporation (PRGS) surged 16.7% or $7.28 to $50.95 after the application developer said revenues in the fourth-quarter ending in November fell 1% from a year ago to $116.1 million.

Net in the quarter swung to profit $16.4 million or 34 cents per diluted share from a loss of $73.8 million or $1.52 in the same quarter last year.

Progress Software forecasted fiscal 2018 revenues in the range of $398 million to $404 million and diluted earnings per share between $1.14 and $1.21.

Regency Centers Corp (REG) slipped 53 cents to $64.82 after the real estate developer lifted fiscal 2017 diluted earnings per share forecast in the range of $1 to $1.02 from the earlier estimated of 76 cents to 81 cents.

The real estate developer forecasted fiscal 2018 diluted earnings per share in the range of $1.47 to $1.56.

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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