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STOCK MOVERS

U.S. Movers: CarMax, Finish Line, Presidio, Time


Author: Mukesh Buch
ticker.com
Last Update: 11:55 AM EDT September 22 2017

11:50 AM New York – CarMax beats earnings and revenues estimate on higher vehicle unit sales. The Finish Line soared despite profit and revenues declined. Presidio security and cloud business soared but net swung to a loss. Time Inc plans to sell some assets including Time UK.

Tollbooth Index edged down 1.86 to 12,493.82.

Earnings Review

CarMax, Inc (KMX) jumped 5.6% or $3.83 to $72.67 after the used vehicles retailer reported net sales in the second-quarter ending in August soared 9.7% from a year ago to $4.4 billion.

Used unit sales in comparable stores in the quarter advanced 5.3% and total used unit sales surged 11.1% and total wholesale unit sales increased 0.4%.

Net income in the quarter jumped 11.7% to $181.4 million or 98 cents per diluted share from $162.4 million or 84 cents in the same quarter last year.

Total gross profit rose 10.8% to $604 million and used vehicle gross profit per unit was consistent at $2,178 from $2,160 in the same period a year ago.

The Finish Line, Inc (FINL) soared 10% or 93 cents to $10.13 after the specialty retailer stated net sales in the second-quarter ending on August 26 slumped 3.3% from a year ago to $469.4 million.

Finish Line comparable store sales in the quarter declined 4.5% and Finish Line Macy’s sales jumped 5.6%.

Net income in the quarter tumbled 87.3% to $2.8 million or 7 cents per diluted share from $22.1 million or 53 cents in the same quarter last year.

The retailer forecasted third-quarter Finish Line comparable sales to decrease between 3% and 5% and diluted loss per share in the range of 32 cents to 40 cents.

In the fourth-quarter, the Finish Line estimated comparable sales to fall between 3% and 5% and diluted earnings per share in the range of 50 cents to 58 cents.

Presidio Inc (PSDO) plunged 6.8% or 94 cents to $13.01 after the consulting and information technology provider said revenues in the fourth-quarter ending in June dropped 3.3% from a year ago to $753.9 million.

Net in the quarter swung to a loss of $7.4 million or 10 cents per diluted share from profit of $10.4 million or 11 cents in the same quarter last year.

Presidio said revenues in security segment surged 38.4% and revenues in cloud business soared 11.9% but revenue in digital infrastructure segment declined 1.7% to $496.9 million.

In fiscal 2018, the information technology provider forecasted strong execution in security and cloud business and total revenues to increase 5.5% and diluted earnings per share to grow in the high single digit range.

Time Inc (TIME) fell 7 cents to $12.48 after the media and publishing company said it exploring to sell its several assets, including Time Inc UK.

However, the media company reaffirmed full-year operating income in the range of $400 million to $414 million after last-month cost-cutting program of about $400 million.

The publishing company also estimated print and advertising revenues in the third quarter ending September to improve from 17% decline in the second-quarter after magazine circulation revenue dropped 12%.
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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