S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

Oracle Net Declines 14%, Actuant Net Loss Widens


Author: Mukesh Buch
ticker.com
Last Update: 6:42 PM ET March 16 2016

12:00 PM New York Actuant net loss widened after revenues declined 13% and lowered sales forecast. Blount Intl net loss widened. Oracle profit plunged 14% as revenues in hardware and service segment plummeted. Team net surged 29% on 13% increase in revenues.

Tollbooth Index fell 18.51 or 0.2% to 10,518.78.

Earnings Review

Actuant Corporation (ATU) increased 13 cents to $23.11 after the industrial products maker said net sales in the second-quarter ending in February declined 12.5% from a year ago to $263.3 million.

Net loss in the quarter widened to $159.2 million or $2.70 per diluted share compared to $64.8 million or $1.05 per share from the same quarter last year.

The company estimated sales in the third-quarter in the range of $290 million to $300 million and earnings per share in the range of 34 cents to 39 cents.

Actuant forecasted core sales in the year to decline between 4% and 6% and sales in the range of $1.135 billion to $1.15 billion and earnings per share between $1.25 and $1.35 per share

Blount International Inc (BLT) rose 1 cent to $9.85 after the machine equipment maker said sales in the fourth-quarter ending in December plunged 13.6% from a year ago to $200.7 million.

Net loss in the quarter widened to $21.6 million or 45 cents per diluted share compared to $2.4 million or 5 cents per share from the same quarter last year.

Oracle Corporation (ORCL) jumped 3.9% or $1.54 to $40.28 after the enterprise software developer reported total revenues in the third-quarter ending in February dropped 3% from a year ago to $9.01 billion.

Net income in the quarter declined 14% to $2.14 billion or 50 cents per diluted share compared to $2.50 billion or 56 cents per share from the same quarter last year.

Oracle said revenues in cloud plus on-premise software business fell 1% to $7.1 billion but revenues in cloud software as a service (SaaS) and platform as a service (PaaS) surged 57% to $583 million.

Total hardware revenues tumbled 13% to $1.1 billion and total services revenues slumped 7% to $793 million.

Team, Inc (TISI) gained 16 cents to $25.79 after the industrial services provider stated revenues in the fourth-quarter ending in February soared 12.9% from a year ago to $238.7 million.

Net income in the quarter surged 29.4% to $15.4 million or 72 cents per diluted share compared to $11.9 million or 56 cents per share from the same quarter last year.

  1
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc