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Market Update

Echostar Net Ahead of Expectations, MBIA Struggles


Author: Mukesh Buch
ticker.com
Last Update: 2:42 PM ET May 10 2016

1:00 PM New York A. M. Castle net loss widened to $36.9 million after sales declined 13%. Echostar profit surged 52%. MBIA net swung to a loss on 26% plunge in revenues. Dean Foods net swung to profit while revenues dropped 8%. Lumber Liquidators net loss widened on 10% drop in revenues.

Tollbooth Index increased 62.11 or 0.6% to 10,645.16.

Earnings Review

A. M. Castle & Co (CAS) plunged 9% or 29 cents to $2.92 after the specialty metals and plastics distributor said net sales in the first-quarter ending in March declined 13.1% from a year ago to $163.8 million.

Net loss in the quarter widened to $36.9 million or $1.56 per diluted share compared to $15.1 million or 65 cents per share from the same quarter last year.

Echostar Corporation (SATS) advanced 3.5% or $1.37 to $40.95 after the satellite and broadband services provider reported total revenues in the first-quarter ending in March rose 2.2% from a year ago to $816.4 million.

Net income in the quarter surged 51.8% to $50.7 million or 54 cents per diluted share compared to $33.4 million or 36 cents per share from the same quarter last year.

MBIA Inc (MBI) gained 2.1% or 15 cents to $7.68 after the insurance services provider said revenues in the first-quarter ending in March slumped 25.7% from a year ago to $75 million.

Net in the quarter swung to a loss of $78 million or 58 cents per diluted share compared to profit of $69 million or 37 cents per share from the same quarter last year.

Dean Foods Co (DF) slid 3 cents to $18.17 after the food and beverage products maker stated revenues in the first-quarter ending in March plunged 8.3% from a year ago to $1.88 billion.

Net in the quarter swung to profit $39.2 million or 43 cents per diluted share compared to net loss of $73.7 million or 78 cents per share from the same quarter last year.

Dean Foods forecasted diluted earnings per share in the second-quarter between 32 cents and 40 cents.

Lumber Liquidators Holdings Inc (LL) plummeted 11% or $1.48 to $11.97 after the hardwood flooring retailer stated revenues in the first-quarter ending in March dropped 10.2% from a year ago to $233.5 million.

Net loss in the quarter widened to $32.4 million or $1.20 per diluted share compared to $7.8 million or 29 cents per share from the same quarter last year.

Tesco Corporation (TESO) declined 5.3% or 42 cents to $7.56 after the drilling equipment provider said revenues in the first-quarter ending in March tumbled 61% from a year ago to $35.5 million.

Net loss in the quarter widened to $56.8 million or $1.45 per diluted share compared to $8.3 million or 21 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