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Market Update

Family Dollar Rises, CHC Group, Gencorp, Progressive, WD-40 Fall


Author: Mukesh Buch
ticker.com
Last Update: 12:31 PM ET July 10 2014

2:25 PM New York CHC Group net loss in the quarter widened. Family Dollar profit plunged 33% and sales rose 3%. Gencorp quarterly net loss widened. Progressive Corp net declined 10% on 5% increase in revenues. WD-40 quarterly net was flat.

Tollbooth Index slipped 0.6% or 59.51 to 9,433.72. Other indexes on Wall Street, S&P 500 and Nasdaq Composite indexes declined 0.4% on the worries that banks in Portugal may not be as healthy as once estimated.

Earnings Review

CHC Group Ltd (HELI) tumbled 14.5% or $1.25 to $7.37 after the commercial helicopters operator said revenue in the fourth-quarter ending in April rose 3% to $453 million from a year earlier.

Net loss in the quarter widened to $29 million or 75 cents a diluted share compared to $26 million or 29 cents from a year ago period.

Family Dollar Stores, Inc (FDO) gained 44 cents to $64.68 after the deep discount store operator reported net sales in the third-quarter ending in May jumped 3.3% to $2.66 billion a year ago. Comparable store sales in the quarter slipped 1.8%.

Net income in the quarter plunged 32.9% to $81.1 million or 71 cents a diluted share compared to $120.9 million or $1.05 from a same quarter last year.

Gencorp Inc (GY) dropped 1.9% or 38 cents to $18.04 after the aerospace and defense products maker said net sales in the second-quarter ending in May soared 40.6% to $403.1 million from a year ago period.

Net loss in the quarter widened to $50.2 million or 87 cents a diluted share compared to $11.8 million or 20 cents from a year ago.

MSC Industrial Direct Co Inc (MSM) increased 61 cents to $89.64 after the metalwork and maintenance services provider reported net sales in the third-quarter ending in May surged 13.1% to $720.5 million a year ago quarter.

Net income in the quarter dropped 3.7% to $64.7 million or $1.03 a diluted share compared to $62.4 million or 98 cents from a year earlier.

MSC expected net sales for fourth quarter in the range of $718 million and $730 million and adjusted diluted earnings per share between 98 cents and $1.02.

The Progressive Corporation (PGR) slipped 1.9% or 49 cents to $24.70 after the insurance company reported net premiums written in second-quarter ending in June climbed 5% to $4.63 billion from a year earlier.

Net income in the quarter declined 9.6% to $293.4 million or 49 cents a diluted share compared to $324.6 million or 54 cents from a year ago.

WD-40 Company (WDFC) plunged 8.4% or $6.36 to $69.75 after the consumer products provider stated net sales in the third-quarter ending in May increased 3% to $95.7 million a year ago period.

Net income in the quarter was flat at $10.4 million or 69 cents a diluted share compared to $10.3 million or 66 cents from a year earlier.

The company forecasted net sales between $380 million and $387 million and net income in the range of $41 million and $43 million.

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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