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DAILY EARNINGS

SAIC Net Surges 36%, Hovnanian Enterprises Net Loss Narrows


Author: Mukesh Buch
ticker.com
Last Update: 12:50 PM EDT September 10 2018

11:45 PM New York Destination Maternity second-quarter net loss widened and revenues fell. Hovnanian Enterprises third-quarter net narrowed and sales declined 23%. Science Applications International Corp second-quarter net soared 36% to $49 million.

Tollbooth Index fell 57.56 or 0.4% to 16,289.59 but for the year-to-date soared 18.4%.

Earnings Review

Destination Maternity Corporation (DEST) jumped 3.7% or 16 cents to $4.47 after the maternity apparel and related accessories maker said net sales in the second-quarter ending on August 4 fell 1.9% from a year ago to $96.4 million.

Comparable sales in the quarter increased 1.2% and online sales soared 18.4%.

Net loss in the quarter widened to $4 million or 29 cents per diluted share from $2.8 million or 20 cents in the same quarter last year.

The retailer reaffirmed fiscal 2018 operating profit growth in the range of 30% to 45%.

Hovnanian Enterprises Inc (HOV) slid 0.04 cents to $1.54 after the residential construction reported total revenues in the third-quarter ending in July declined 22.9% from a year ago to $456.7 million.

Net loss in the quarter narrowed to $1 million or 1 cent per diluted share from $337.2 million or $2.28 in the same quarter last year.

Science Applications International Corp (SAIC) plunged 8.7% or $7.81 to $82.05 after the technical, engineering and enterprise information technology services provider reported revenues in the second-quarter ending on August 3 jumped 3% from a year ago to $1.1 billion.

Net income in the quarter soared 36% to $49 million or $1.13 per diluted share from $36 million or 80 cents in the same quarter last year.

As of August 3, total backlog of signed business orders was about $10.5 billion.

Separately today, SAIC agreed to acquire engineering and logistics services provider Engility Holdings Inc for about $2.5 billion, including net debt of $900 million.

The transaction is expected to close in the fourth-quarter ending on February 1, 2019.
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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