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Market Update

Nike Fall on Flat Revenues, Micron Tech Net Swings to Profit


Author: Mukesh Buch
ticker.com
Last Update: 4:18 AM EDT September 27 2017

1:45 PM New York Actuant net swung to a loss on flat revenues. Cintas lifted fiscal outlook. Landec net and revenues declined. Micron Technology net swung to profit on higher sales and memory prices. Nike net plunged 24% on flat revenues. Worthington Ind net plunged 20%.

Tollbooth Index advanced 46.13 or 0.4% to 12,573.76.

Earnings Review

Actuant Corporation (ATU) declined 3.4% or 90 cents to $25.95 after the industrial products maker reported sales in the first-quarter ending in August were flat from a year ago to $276 million.

Net in the quarter swung to a loss of $98.8 million or $1.65 per diluted share from profit of $17.4 million or 29 cents in the same quarter last year.

Actuant forecasted fiscal 2018 sales in the range of $1.10 billion to $1.13 billion and diluted earnings per share between $1.05 and 1.15.

Cintas Corporation (CTAS) soared 5.4% or $7.40 to $143.50 after the identity uniforms provider reported revenues in the first-quarter ending in August surged 27.2% from a year ago to $1.6 billion.

Net income in the quarter jumped 57.3% to $217.2 million or $1.96 per diluted share from $138.1 million or $1.26 in the same quarter last year.

The corporate uniforms provider forecasted fiscal 2018 total revenues to jump between 18.8% and 20.2% or in the range of $6.33 billion to $6.40 billion and diluted earnings per share in the range of $5.30 to $5.38.

Landec Corporation (LNDC) advanced 2.9% or 37 cents to $12.92 after the food and biomaterials manufacturer stated revenues in the first-quarter ending on August 27 dropped 7% from a year ago to $123.4 million.

Net income in the quarter tumbled 35% to $2.1 million or 8 cents per diluted share from $3.3 million or 12 cents in the same quarter last year.

The agro products manufacturer reaffirmed fiscal 2018 revenues estimate to increase between 2% and 4% and net income to jump in the range of 35% to 55% earnings per share in the range of 52 cents to 58 cents compared to fiscal 2017.

Micron Technology Inc (MU) surged 7.9% or $2.70 to $36.88 after the memory chip maker reported revenues in the fourth-quarter ending in August jumped 91% from a year ago to $6.1 billion.

Net in the quarter swung to profit $2.4 billion or $1.99 per diluted share from a loss of $170 million or 16 cents in the same quarter last year.

The memory maker said sales in dynamic random access memory chip increased 5% and sales in NAND memory chips rose 3%, mainly driven by average selling price increase of 8% and 5% respectively.

""We expect the industry to remain moderately undersupplied for the rest of 2017 for both DRAM and NAND,"" said chief executive officer Sanjay Mehrotra.

Nike Inc (NKE) slumped 4.1% or $2.19 to $51.51 after the athletic footwear and apparel maker reported revenues in the first-quarter ending in August were flat from a year ago at $9.1 million.

Net income in the quarter plunged 24% to $950 million or 57 cents per diluted share from $1.2 billion or 73 cents in the same quarter last year.

Worthington Industries, Inc (WOR) plunged 9.4% or $4.67 to $45.50 after the steel and metal products maker said net sales in the first-quarter ending in August soared 15% from a year ago to $848.2 million.

Net income in the quarter plummeted 19.5% to $45.5 million or 70 cents per diluted share from $56.5 million or 87 cents 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