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STOCK MOVERS

U.S. Movers: Aramark, Dean Foods, Discovery, DISH Network, Valeant Pharma


Author: Mukesh Buch
ticker.com
Last Update: 12:29 PM EDT May 08 2018

12:20 PM New York City, New York – Aramark profit tumbled but the food services provider improved fiscal outlook. Dean Foods said net loss narrowed. Discovery net swung to loss on the acquisition of Scripps. DISH Network net fell on weaker subscriptions. Valeant Pharma net swung to a loss.

Tollbooth Index edged down 7.21 to 14,924.17 but for the year-to-date jumped 8.4%.

Earnings Review

Aramark (ARMK) jumped 5.3% or $1.98 to $39.03 after the food and support services provider said sales in the second-quarter ending in March soared 9% from a year ago to $3.9 billion.

Net income in the quarter tumbled 60.7% to $27.6 million or 11 cents per diluted share from $70.2 million or 28 cents in the same quarter last year.

“Looking forward, we are raising our full-year Adjusted EPS outlook due to improved productivity in the legacy business,” said chairman, president and chief executive officer Eric J. Foss.

Aramark forecasted fiscal 2018 diluted earnings per share in the range of $2.20 to $2.30 and free cash flow of more than $400 million.

Atkore International Group Inc (ATKR) gained 1.2% or 22 cents to $18.40 after the diversified industrials products maker stated net sales in the second-quarter ending in March surged 19.8% from a year ago to $324.8 million.

Net income in the quarter soared 124.8% to $42.6 million or 79 cents per diluted share from $18.9 million or 28 cents in the same quarter last year.

Atkore estimated fiscal 2018 operating profit in the range of $250 million to $260 million and diluted earnings per share in the range to $2.40 to $2.50.

Dean Foods Company (DF) surged 11.3% or 94 cents to $9.29 after the food and beverages supplier said net sales in the second-quarter ending in March fell 1% from a year ago to $1.9 million.

Net loss in the quarter narrowed to $0.3 million or break even cents per diluted share from $9.8 million or 11 cents in the same quarter last year.

Dean Foods forecasted diluted earnings per share in the range of 55 cents to 80 cents and free cash flow and capital expenditure guidance remains unchanged.

Discovery, Inc (DISCA) jumped 3.7% or 87 cents to $24.26 after the media services provider reported revenues in the first-quarter ending in March surged 43% from a year ago to $2.3 billion.

Net in the quarter swung to a loss of $8 million or 1 cent per diluted share from $215 million or 37 cents in the same quarter last year.

The media services provider said weak profit was primarily due to lower operating results, higher restructuring charges, other transaction costs associated with the acquisition of Scripps and higher interest expense.

DISH Network Corporation (DISH) fell 27 cents to $33.63 after the pay-TV service provider reported revenues in the first-quarter ending in March declined 6% from a year ago to $3.5 billion.

Net income in the quarter slid 2.1% to $367.6 million or 70 cents per diluted share from $375.7 million or 76 cents in the same quarter last year.

As of March 31, the pay-TV service provider said DISH TV subscribers with 10.85 million and 2.3 million Sling TV subscribers. The total subscriber base decreased to 13.148 million for Pay-TV services compared to 13.528 million.

Net Pay-TV subscribers declined 94,000 subscribers from the decline of 143,000 in a year ago period. In the quarter, net DISH TV subscribers declined approx 185,000 but Sling TV subscribers increased approximately 91,000.

Valeant Pharmaceuticals International, Inc (VRX) soared 15.9% or $2.90 to $21.05 after the Canada-based pharmaceutical products maker stated revenues in the first-quarter ending in March dropped 5% from a year ago to $1.99 billion.

Net in the quarter swung to a loss of $2.7 billion or $7.68 per diluted share from $628 million or $1.79 in the same quarter last year.

Valeant lifted fiscal 2018 revenues forecast to between $8.15 billion and $8.35 billion from the earlier estimate of $8.10 billion to $8.30 billion and operating profit in the range of $3.15 billion to $3.30 billion from the earlier estimate of $3.05 billion to $3.20 billion.
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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