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Market Update

General Mills Beats Earnings on Lower Promotions; Monsanto Net Surges


Author: Mukesh Buch
ticker.com
Last Update: 12:48 PM ET June 28 2017

12:45 PM New York AeroVironment declined on weaker-than-expected fiscal first quarter outlook. CalAmp net loss was flat on weak sales. General Mills net soared 8% and packaged food maker lowered promotions costs. KB Home net more than doubled. Monsanto net soared 19%. UniFirst net plunged.

Tollbooth Index jumped 84.79 or 0.7% to 12,105.28.

Earnings Review

AeroVironment, Inc (AVAV) declined 3.2% or $1.05 to $31.44 after the aerospace and defense products maker said revenues in the fourth-quarter ending in April soared 48% from a year ago to $125.4 million.

Net income in the quarter surged to $30.5 million or $1.30 per diluted share from $5.4 million or 23 cents in the same quarter last year.

For the fiscal first-quarter, the defense products maker lowered revenue forecast to between $40 million and $44 million and diluted loss per share in the range of 32 cents to 40 cents.

In fiscal 2018, AeroVironment estimated revenues in the range of $280 million to $300 million and diluted earnings per share between 45 cents and 65 cents.

CalAmp Corporation (CAMP) jumped 3.3% or 64 cents to $19.89 after the wireless communication services provider stated revenues in the first-quarter ending in May fell 3% from a year ago to $88.1 million.

Net loss in the quarter was flat at $2.7 million and diluted loss per share inched up to 8 cents from 7 cents in the same quarter last year.

General Mills, Inc (GIS) advanced 2.3% or $1.26 to $56.78 after the branded consumer foods maker reported net sales in the fourth-quarter ending on May 28 fell 3% from a year ago to $3.8 billion.

Net income in the quarter jumped 7.7% to $408.9 million or 69 cents per diluted share from $379.6 million or 62 cents in the same quarter last year.

The packaged consumer foods maker reduced the cost on promotions in high margin products like Progresso soups and Pillsbury dough even though sales in these brands remain below expectations.

KB Home (KBH) advanced 2.9% or 65 cents to $23.47 after the home builder said revenues in the second-quarter ending in May jumped 24% from a year ago to $1 billion.

Net income in the quarter more than doubled to $31.8 million or 33 cents per diluted share from $15.6 million or 17 cents in the same quarter last year.

The mid-price home builder said net order value soared 15% to $1.4 billion and backlog jumped 19% to $2.2 billion as deliveries in the quarter jumped 11% to 2,580 homes and average selling price increased 11% to $385,900.

Monsanto Company (MON) gained $1.10 to $118.35 after the agricultural products provider reported total net sales in the third-quarter ending in May rose 0.9% from a year ago to $4.23 billion.

Net income in the quarter soared 18.5% to $847 million or $1.90 per diluted share from $715 million or $1.63 in the same quarter last year.

Monsanto said sales in soybean seed and traits surged 29.3% to $896 million but sales of corn seed and traits declined 6.3% to $1.49 billion.

OMNOVA Solutions Inc (OMN) soared 4.5% or 40 cents to $9.35 after the emulsion polymers provider said net sales in the second-quarter ending in May advanced 9.5% from a year ago to $221.3 million.

Net in the quarter swung to a loss of $6.3 million or 14 cents per diluted share from profit of $7.2 million or 16 cents in the same quarter last year.

Park Electrochemical Corp (PKE) slid 9 cents to $18.57 after the integrated circuits stated revenues in the first-quarter ending in May plunged 12.9% from a year ago to $27.4 million.

Net income in the quarter tumbled 52.9% to $1.4 million or 7 cents per diluted share from $2.9 million or 15 cents in the same quarter last year.

Paychex, Inc (PAYX) slumped 2.2% or $1.26 to $57.36 after the outsourcing and staffing services provider reported sales in the fourth-quarter ending in May jumped 6% from a year ago to $798.6 million.

Net income in the quarter surged 10% to $195.3 million or 54 cents per diluted share from $178.1 million or 49 cents in the same quarter last year.

UniFirst Corporation (UNF) increased 1.5% or $2.15 to $141.55 after the uniforms and protective work wear provider said revenues in the third-quarter ending on May 27 soared 11.4% from a year ago to $409.8 million.

Net income in the quarter plunged 19.2% to $24.4 million or $1.19 per diluted share from $30.1 million or $1.49 in 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