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Market Update

Target Falls on Disappointing Outlook; Ciena and Analogic Devices Soar


Author: Mukesh Buch
ticker.com
Last Update: 11:20 AM EST March 06 2018

11:45 AM New York City, New York – Analogic surged despite net plunged. Ascena Retail reported wider-than-expected loss and forecasted weak outlook. Ciena earnings and revenues beat expectations. Donaldson profit swung to a loss despite revenue surge of 21%. Target net and revenues soared.

Tollbooth Index rose 16.51 to 14,522.58.

Earnings Review

Analogic Corporation (ALOG) surged 15.4% or $13.05 to $98 after the diagnostic imaging equipment maker said total revenues in the second-quarter ending in January fell 1.7% from a year ago to $129.2 million.

Net income in the quarter plunged 13.3% to $6.5 million or 52 cent per diluted share from $7.5 million or 59 cents in the same quarter last year.

""We continue to pursue our previously announced strategic sale process. In view of the status of that process, we are not commenting on our fiscal year guidance,"" said president and chief executive officer Fred Parks.

Ascena Retail Group Inc (ASNA) declined 4.5% or 12 cents to $2.31 after the specialty retailer stated net sales in the second-quarter ending on January 27 slid 1.7% from a year ago to $1.7 billion.

Comparable store sales in the quarter decreased 2%.

Net loss in the quarter widened to $39.3 million or 20 cent per diluted share from $35.2 million or 18 cents in the same quarter last year.

The retailer said as of January 31, total debt was $1.6 billion and there were no borrowings outstanding under the revolving credit facility.

In the third-quarter, Ascena forecasted net sales in the range of $1.48 billion to $1.52 billion and comparable sales to decline in the range of 3% to 5%.

Ciena Corporation (CIEN) soared 10.5% or $2.46 to $25.83 after the network services provider reported total revenues in the first-quarter ending in January rose 4% from a year ago to $646.1 million.

Net in the quarter swung to a loss of $473.4 million or $3.29 per diluted share from profit of $3.9 million or 3 cents in the same quarter last year.

Freshpet Inc (FRPT) tumbled 12.2% or $2.50 to $18.08 after the fresh, refrigerated pet food maker said net sales in the fourth-quarter ending in December soared 19.5% from a year ago to $40.7 million.

Net income in the quarter soared 25% to $1.6 million from $1.2 million and diluted earnings per share were flat at 4 cents in the same quarter last year.

Donaldson Company, Inc (DCI) plunged 5.2% or $2.42 to $44.61 after the filtration systems maker reported sales in the second-quarter ending in January surged 20.7% from a year ago to $664.7 million.

Net in the quarter swung to a loss of $52.9 million or 40 cent per diluted share from profit of $46.5 million or 35 cents in the same quarter last year.

Donaldson lifted fiscal 2018 sales growth forecast between 13% and 15% from the earlier growth estimate of 10% to 14% and diluted earnings per share in the range of $1.93 to $2.01.

GMS Inc (GMS) decreased 1.1% or 35 cents to $31.73 after the wallboard and suspended ceilings distributor stated net sales in the third-quarter ending in January jumped 4.1% from a year ago to $585.5 million.

Net income in the quarter more than doubled to $19.7 million or 47 cent per diluted share from $8.2 million or 20 cents in the same quarter last year.

Target Corporation (TGT) slumped 2.3% or $1.73 to $73.37 after the discount store chain operator reported sales in the fourth-quarter ending on February 3 soared 10% from a year ago to $22.8 billion.

Comparable store sales in the quarter advanced 3.6% and online sales jumped 29%.

Net income in the quarter surged 34.7% to $1.1 billion or $2.02 per diluted share from $817 million or $1.45 in the same quarter last year.

Target said it saw “healthy comparable sales growth” in the fourth quarter across all five of its core merchandise categories.

The retailer forecasted fiscal 2018 comparable sales to increase in low-single digit and diluted earnings per share in the range of $5.15 to $5.45.

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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