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Market Update

Japan Based Renesas to Buy Intersil, United Natural Foods Net Declines


Author: Manish Shah
ticker.com
Last Update: 4:15 PM ET September 13 2016

2:00 PM New York – Farmer Brothers net swung to profit. GMS net soared after revenues surged 22%. Intersil agreed to be acquired by the Japan-based rival Renesas for $3.2 billion. United Natural Foods net declined 4%.

Tollbooth Index slumped 102.48 or 0.9% to 10,852.06.

Earnings Review

Farmer Brothers Co (FARM) slipped 1.4% or 46 cents to $33 after the coffee, tea and culinary products producer said net sales in the fourth-quarter ending in June rose 1.2% from a year ago to $134.2 million.

Net in the quarter swung to profit $84.2 million or $5.05 per diluted share compared to the net loss of $2.2 million or 13 cents per share from the same quarter last year.

Separately today, the tea, coffee distributor agreed to acquire Arizona-based China Mist Brands, Inc. for $10.8 million,

GMS Inc (GMS) declined 4.5% or $1.01 to $21.44 after the wallboard and ceilings systems distributor reported net sales in the first-quarter ending in July surged 21.5% from a year ago to $549.8 million.

Net income in the quarter soared to $9.2 million or 24 cents per diluted share compared to the $3 million or 9 cents per share from the same quarter last year.

Intersil Corporation (ISIL) jumped 10.2% or $2.01 to $21.77 after the chipmaker agreed to be acquired by the Japan-based rival Renesas Electronics Corporation for $22.50 per share, a premium of 43.9% to the company’s closing price of August 19 or about $3.2 billion in cash.

USA Technologies, Inc (USAT) edged up 3 cents to $4.72 after the electronic payment services provider said total revenues in the fourth-quarter ending in June soared 24% from a year ago to $21.9 million.

Net loss in the quarter widened to $0.9 million or 2 cents per diluted share compared to the $0.2 million or 1 cent per share from the same quarter last year.

United Natural Foods, Inc (UNFI) gained 1% or 42 cents to $42.24 after the specialty foods and non-food products distributor reported net sales in the fourth-quarter ending in July jumped 7.4% from a year ago to $2.21 billion.

Net income in the quarter dropped 3.9% to $34.7 million or 69 cents per diluted share compared to the $36.1 million or 72 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