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Market Update

Global Payments, Rite Aid Climb


Author: Mukesh Buch
ticker.com
Last Update: 1:02 PM ET April 08 2015

12:45 PM New York Global Payments net soared 14% on 8% increase in revenues. MSC Industrial net jumped 4%. Rite Aid net surged after reduction of deferred tax asset valuation. RPM Intl net swung to a loss but revenues climbed 10%. Team net swung to profit.

Tollbooth Index jumped 0.6% or 58.53 to 10,527.68.

Earnings Review

Alcoa Inc (AA) gained 1.2% or 16 cents to $13.60 and the aluminum producer is scheduled to release its first-quarter earnings result after the market close.

Global Payments Inc (GPN) climbed 5.5% or $5.04 to $97.27 after the payment solutions provider said revenues in the third-quarter ending in February jumped 7.9% to $665 million from a year ago period.

Net income in the quarter soared 13.5% to $62.6 million or 93 cents per diluted share compared to $55.1 million or 76 cents from the same quarter last year.

MSC Industrial Direct Co Inc (MSM) slipped 1.3% or 92 cents to $70.12 after the metalworking and maintenance services provider stated net sales in the second-quarter ending in February climbed 6.8% to $706.4 million from a year ago period.

Net income in the quarter jumped 4% to $51.5 million or 83 cents per diluted share compared to $49.5 million or 79 cents from the same quarter last year.

MSC expects net sales for the third quarter between $740 million and $752 million and adjusted diluted earnings per share in the range of 95 cents and 99 cents.

Rite Aid Corporation (RAD) gained 3% or 26 cents to $8.96 after the retail drugstore chain reported revenues in the fourth-quarter ending in February climbed 3.8% to $6.8 billion from a year ago period.

Same store sales for the quarter increased 4.5% and front-end sales increased 2%. The number of prescriptions filled in same stores jumped 3.5%.

Net income in the quarter surged to $1.84 billion or $1.79 per diluted share compared to $56.7 million or 6 cents from the same quarter last year.

The company said current year results were favorably impacted by reduction of deferred tax asset valuation allowance for the quarter and for the year which resulted in an income tax benefit of $1.716 billion.

Rite Aid forecasted sales for the fiscal 2016 to be between $26.9 billion and $27.4 billion with same store sales estimated in the range of 2.5% to an increase of 4.5% over fiscal 2015.

The company added net income for the fiscal 2016 is estimated between $190 million and $275 million and diluted earnings per share in the range of 19 cents to 27 cents.

RPM International Inc (RPM) rose 2 cents to $48.19 after the paints and coatings maker said revenues in the third-quarter ending in February soared 9.6% to $946.4 million from a year ago period.

Net in the quarter swung to a loss of $57.3 million or 44 cents per diluted share compared to profit of $16.2 million or 12 cents from the same quarter last year.

Team, Inc (TISI) dropped 2.5% or 98 cents to $38.97 after the maintenance and inspection services provider stated total revenues in the third-quarter ending in February advanced 7% to $174.6 million from a year ago period.

Net in the quarter swung to profit $0.3 million or 1 cent per diluted share compared to a loss of $1 million or 5 cents 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