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Market Update

Federal Signal, Gentherm Rise; Canadian Solar, Revlon Fall


Author: Mukesh Buch
ticker.com
Last Update: 11:37 AM ET March 05 2014

11:35 AM New York Canadian Solar net swung to a profit after sales surged 76%. Federal Signal net surged to $27 million. Hovnanian said net loss in the quarter widened. Memorial Production net jumped and acquired certain assets in East Texas. Revlon net swung to a loss.

Canadian Solar Inc (CSIQ) plunged 9% or $3.93 to $39.71 the solar wafers maker reported net sales in the fourth-quarter ending in December surged 76% to $519.5 million.

Net in the quarter swung to profit $24.1 million or 39 cents a diluted share compared to a loss of $104.9 million or 56 cents.

Federal Signal Corporation (FSS) climbed 4.8% or 63 cents to $13.77 after the safety and security systems maker stated net sales in the fourth-quarter ending in December rose 1% to $219.6 million.

Net income in the quarter surged to $27.1 million or 42 cents a diluted share compared to $4.8 million or 8 cents.

Gentherm Inc (THRM) soared 6.8% or $1.95 to $30.44 after the temperature control systems maker reported revenue in the fourth-quarter ending in December surged 23% to $182.3 million.

Net income in the quarter soared to $11 million or 31 cents a diluted share compared to $2.6 million or 9 cents.

The company expects revenue for fiscal 2014 to increase 10% to 15% from $662 million of fiscal 2013.

Hovnanian Enterprises, Inc. (HOV) declined 6.6% or 41 cents to $5.67 after the home builder said total revenue in the first-quarter ending in January increased 1.6% to $364 million.

Net loss in the quarter widened to $24.5 million or 17 cents a diluted share compared to $11.3 million or 8 cents.

Memorial Production Partners LP (MEMP) fell 7 cents to $22.47 after the oil and gas explorer total revenue in the fourth-quarter ending in December climbed 29.9% to $92.1 million.

Net income in the quarter jumped 125% to $10.8 million or 18 cents a diluted share compared to $4.8 million or 19 cents.

Separately, today the company said it agreed to acquire oil and gas properties in East Texas from Memorial Resource Development LLC for $35 million. The transaction is expected to close by the end of this month.

Revlon Inc (REV) plummeted 4.9% or $1.24 to $23.68 after the cosmetics products maker reported revenue in the fourth-quarter ending in December advanced 28% to $491 million.

Net in the quarter swung to a loss of $33.1 million or 63 cents a diluted share compared to net income of $46.5 million or 89 cents.

Revlon said net sales in the U.S. rose 0.1% to $800.4 million and sales from the Asia Pacific region fell 2.2% to $204.5 million.

Latin America and Canada sales declined 5% to $192.8 million and net sales from Europe, Middle East and Africa decreased 2.3% to $180.2 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