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Market Update

Cloud Services Lift Adobe Revenues, FedEx Lowers Fiscal Outlook


Author: Mukesh Buch
ticker.com
Last Update: 12:18 PM EDT September 20 2017

12:15 PM New York AAR net soared 12% on 9% jump in revenues. Adobe profit surged 55% on cloud subscriber growth. Analogic net swung to a loss after revenues plummeted 19%. Bed Bath & Beyond results suffered on growing online competition. Copart net declined. FedEx net dropped 17%.

Tollbooth Index increased 26.43 or 0.2% to 12,526.34.

Earnings Review

AAR Corporation (AIR) slid 17 cents to $37.53 after the aviation and defense products provider said revenues in the first-quarter ending in August jumped 8.5% from a year ago to $439.2 million.

Net income in the quarter soared 11.6% to $10.6 million or 31 cents per diluted share from $9.5 million or 28 cents in the same quarter last year.

Adobe Systems Inc (ADBE) declined 4.1% or $6.47 to $150.13 after the software developer reported revenues in the third-quarter ending on September 1 soared 26% from a year ago to $1.8 billion.

Net income in the quarter surged 54.8% to $419.6 million or 84 cents per diluted share from $270.8 million or 54 cents in the same quarter last year.

Adobe said revenues in cloud business jumped 26% to $508 million and revenues in the digital media segment advanced 28.3% to $1.27 billion.

The software developer forecasted fiscal fourth quarter revenue of about $1.95 billion and earnings per share of about $1.15 per share.

Analogic Corporation (ALOG) rose 25 cents to $76.25 after the medical diagnostic imaging products maker stated revenues in the fourth-quarter ending in July plummeted 19.2% from a year ago to $111.6 million.

Net in the quarter swung to a loss of $24.6 million or $1.98 per diluted share from $8.8 million or 70 cents in the same quarter last year.

In fiscal 2018, the company estimated total revenues between $445 million and $460 million and diluted earnings per share in the range of $2.70 to $2.90.

Bed Bath & Beyond Inc (BBBY) tumbled 14.3% or $3.86 to $23.17 after the home furnishings retailer reported revenues in the first-quarter ending on August 26 slid 1.7% from a year ago to $2.94 billion.

Comparable store sales in the quarter dropped 2.6%.

Net income in the quarter plunged 43.7% to $94.2 million or 67 cents per diluted share from $167.3 million or $1.11 in the same quarter last year.

Copart, Inc (CPRT) soared 4.9% or $1.58 to $34.12 after the online auctions and vehicle remarketing services provider reported revenues in the fourth-quarter ending in July jumped 13.8% from a year ago to $378.6 million.

Net income in the quarter declined 16.4% to $70.3 million or 30 cents per diluted share from $84.1 million or 35 cents in the same quarter last year.

FedEx Corporation (FDX) advanced 2.4% or $5.21 to $221.21 after the parcel and air freight services provider reported revenues in the first-quarter ending in May increased 4.1% from a year ago to $15.3 billion.

Net income in the quarter declined 16.6% to $596 million or $2.19 per diluted share from $715 million or $2.65 in the same quarter last year.

FedEx lowered fiscal 2018 forecast and blamed the shortfall on June 27 NotPetya cyber-attack on TNT Express services.

General Mills, Inc (GIS) declined 4.9% or $2.71 to $52.72 after the branded consumer foods maker reported revenues in the first-quarter ending on August 27 dropped 3.5% from a year ago to $3.8 billion.

Net income in the quarter fell 1.1% to $404.7 million or 69 cents per diluted share from $409 million or 67 cents in the same quarter last year.

The consumer foods maker reaffirmed fiscal 2018 net sales to decline between 1% and 2% and diluted earnings per share to increase between 1% and 2% from a year ago period.

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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