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Market Update

U.S. Movers: Fastenal, iGATE, Lindsay, Marriott, Ruby Tuesday


Author: Mukesh Buch
ticker.com
Last Update: 12:11 PM ET October 10 2013

12:05 PM New York Fastenal net jumped 9% as sales climbed. iGATE net rose 13%. Lindsay net earnings surged 18% after revenue soared 16%. Marriott net tumbled 23% and Ruby Tuesday net declined 12%.VOXX Intl profit surged 32%.

Fastenal Company (FAST) gained 2% or 92 cents to $47.77 after the construction material supplier reported net sales in the third-quarter climbed 7% to $858.4 million. Net earnings in the quarter jumped 9.2% to $119.4 million or 40 cents a diluted share compared to $109.3 million or 37 cents.

iGATE Corporation (IGTE) climbed 9% or $2.49 to $30.07 after the outsourcing service provider stated revenue in the third-quarter jumped 8.2% to $293.4 million.

Net income in the quarter increased 12.7% to $31.9 million or 30 cents a diluted share compared to $28.3 million or 27 cents.

Lindsay Corporation (LNN) declined 7.1% or $5.71 to $74.36 after the infrastructure service provider stated revenue in the fourth-quarter soared 16% to $148.4 million. Net earnings in the quarter surged 18.2% to $10.4 million or 81 cents per diluted share compared to $8.8 million or 68 cents.

The company added total irrigation equipment revenues climbed 19% to $128.2 million from $107.9 million a year earlier.

Lindsay anticipates lower U.S. irrigation sales in 2014 due to weak commodity prices but international demand appears stable.

Net income in the quarter soared 66.4% to $617 million or $1.40 a diluted share compared to $609 million or $1.39.

Marriott Vacations Worldwide Corporation (VAC) soared 5.3% or $2.35 to $46.85 after the vacations manager said revenues in the third-quarter ending on September 7 surged 25% to $206 million. Net income in the quarter tumbled 22.6% to $2.4 million or 4 cents a diluted share compared to $3.1 million or 6 cents.

Ruby Tuesday, Inc. (RT) plunged 17.5% or $1.32 to $6.23 after the restaurants operator stated total revenues in the first-quarter ending on September 3 declined 11.7% to $289.7 million. Same-restaurant sales declined 11.4% and domestic franchise restaurants sales dropped 8.4%.

Net in the quarter swung to a loss $22.2 million or 37 cents a diluted share compared to a net income of $2.6 million or 4 cents.

VOXX International Corporation (VOXX) slipped 1.8% or 26 cents to $13.70 after the electronics audio systems maker said net sales in the second-quarter ending in August slipped 4.1% to $183.8 million. Net income in the quarter surged 32.4% to $4.9 million or 20 cents a diluted share compared to $3.7 million or 16 cents.

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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