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Market Update

U.S. Movers: FedEx, General Mills, HEICO, Jabil Circuit, Lennar, VeriFone


Author: Mukesh Buch
ticker.com
Last Update: 11:52 AM ET December 18 2013

11:45 AM New York FedEx net climbed 14% and lifted its full-year outlook. General Mills net rose 1% on flat sales. HEICO net soared 25%. Jabil Circuit climbed 11%. Lennar net surged 32%. VeriFone net swung to a loss $247.7 million.

FedEx Corporation (FDX) slid 19 cents to $138.90 after the package ground delivery service provider reported revenue in the second-quarter ending in November grew 3% to $11.4 billion.

Net income in the quarter climbed 14% to $500 million or $1.57 a diluted share compared to $438 million or $1.39.

Revenue from the FedEx express segment slightly lowered to $6.84 billion and revenue from FedEx ground segment soared 10% to $2.85 billion from a year ago. Freight segment revenue jumped 4% to $1.43 billion.

FedEx lifted its full-year earnings per share growth forecast to between 8% and 14% compared to its previous growth range of 7% to 13%.

General Mills, Inc (GIS) slumped 2% or $1 to $48.58 after the food processing company reported net sales in the second-quarter ending on November 24 were flat at $4.88 billion. Net income in the quarter rose 1.5% to $549.9 million or 84 cents a diluted share compared to $541.6 million or 82 cents.

General Mills reaffirmed its guidance for fiscal 2014 adjusted diluted earnings per share between $2.87 and $2.90.

HEICO Corporation (HEI) increased 1.5% or 90 cents to $58.91 after the jet engine and aircraft components maker stated net sales in the fourth-quarter ending in October climbed 19% to a record $287.4 million.

Net income in the quarter soared 25% to $29.8 million or 44 cents a diluted share compared to $23.8 million or 36 cents.

Jabil Circuit, Inc (JBL) tumbled 21.6% or $4.26 to $15.46 after the electronic products maker reported net revenue in the fourth-quarter ending in November slid $4.61 billion.

Net income in the quarter climbed 11.4% to $117.9 million or 57 cents a diluted share compared to $105.8 million or 51 cents.

In a separate press release, today the company said signed an agreement with iQor Holdings, Inc. for the sale of its aftermarket services business for $725 million.

Lennar Corporation (LEN) jumped 2.6% or 93 cents to $36.13 after the homebuilder and financial service provider said revenue in the fourth-quarter ending in November surged 42% to $1.9 billion.

Net earnings in the quarter surged 32% to $164.1 million or 73 cents a diluted share compared to $124.3 million or 56 cents.

New orders in the quarter jumped 13% to 4,498 homes; in dollar value surged 34% to $1.4 billion. Backlog climbed 19% to 4,806 homes.

Quanex Building Products Corporation (NX) climbed 3% or 53 cents to $17.95 after the construction company reported total revenues in the fourth-quarter ending in October climbed 17% to $275.3 million. Net in the quarter swung to a loss $1.20 million or 3 cents a diluted share compared to $0.97 million or 3 cents.

VeriFone Systems Inc (PAY) plunged 7.4% or $1.85 to $23.15 after the electronic payment service provider said net revenue in the fourth-quarter ending in October jumped 11.2% to $431 million.

Net in the quarter swung to a loss $247.7 million or $2.26 a diluted share compared to a net income of $27 million or 24 cents.

For the year, net revenues declined 9% to $1.70 billion compared to the $1.87 billion a year ago.

The company forecasted non-GAAP net revenue for the fiscal first quarter of 2014 between $425 million and $430 million and for the year non-GAAP net income per diluted share of $1.35 to $1.40.

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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