2:10 PM New York – 3M plans to acquire Scott Safety from Johnson Controls for $2 billion. Cato net swung to a loss on weak online sales. Dollar General lifted sales forecast. Guess? net income plummeted 86%. Jabil Circuit net tumbled 74%. Smart Sand net swung to profit.
Tollbooth Index increased 11.47 to 11,655.82.
) fell $1.27 to $189.93 after the industrial conglomerate said its plans acquire safety gear business, Scott Safety from Johnson Controls International Plc in deal worth about $2 billion.
“Personal safety is a core growth business within the 3M portfolio and the acquisition leverages our fundamental strengths in technology,” said chairman president and chief executive officer Inge G. Thulin.
The Cato Corporation
) plummeted 7.1% or $1.63 to $21.35 after the fashion specialty retailer said sales in the fourth-quarter ending on January 28 plunged 12% from a year ago to $218.2 million.
Same store sales in the quarter slumped 12%.
Net in the quarter swung to a loss of $12.8 million or 48 cents per diluted share from profit of $11.8 million or 42 cents per share in the same quarter last year.
""""""""2016 was a very disappointing year for Cato and growth of online sales, resulted in significant reductions to regular priced sales,” chairman, president and chief executive officer John Cato said.
Dollar General Corp
) gained 1.8% or $1.28 to $74.09 after the discount retailer reported net sales in the fourth-quarter ending on February 3 surged 13.7% from a year ago to $6 billion.
Same store sales in the quarter increased 1%.
Net income in the quarter soared 10.1% to $414.2 million or $1.49 per diluted share from $376.2 million or $1.30 per share in the same quarter last year.
The discount retailer repurchased $990 million or 12.4 million shares under its share repurchase program in 2016 at an average price of $80.17 per share and its quarterly cash dividend by 4%.
The discount retailer forecasted fiscal 2017 net sales to increase 4% to 6% with same-store sales growth to be slightly positive to up 2% and diluted earnings per share in the range of $4.25 to $4.50.
) plunged 10.7% or $1.31 to $10.92 after the lifestyle apparel and accessories retailer said total net revenues in the fourth-quarter ending on January 28 advanced 3.2% from a year ago to $679.3 million.
Net income in the quarter plummeted 86.3% to $6.6 million or 8 cents per diluted share from $47.8 million or 57 cents in the same quarter last year.
The retailer estimated net revenues in fiscal 2017 to range between 0.5% decline and 1.5% increase and diluted net loss per share in the range of 33 cents to 30 cents.
Jabil Circuit, Inc
) jumped 2.6% or 70 cents to $27.66 after the electronic manufacturing services provider reported net revenues in the second-quarter ending in February rose 1.1% from a year ago to $4.45 billion.
Net income in the quarter tumbled 74% to $20.7 million or 11 cents per diluted share from $78.9 million or 41 cents in the same quarter last year.
) plunged 10.3% or 79 cents to $6.88 after the technology, infrastructure and professional services provider stated total revenues in the fourth-quarter ending in December soared 14% from a year ago to $102.5 million.
Net loss in the quarter widened to $3.6 million or 19 cents per diluted share from $0.6 million or 3 cents in the same quarter last year.
PFS lowered revenues forecast in the fiscal 2017 in the range of $240 million to $250 million from earlier estimated range of $245 million to $260 million but reaffirmed operating profit range between $23 million and $26 million, reflecting 26% to 43% growth from fiscal 2016.
Smart Sand Inc
) soared 6.8% or 93 cents to $14.56 after the raw frac sand producer said revenues in the fourth-quarter ending in December surged 94% from a year ago to $29.5 million.
Net in the quarter swung to profit $12.4 million or 40 cents per diluted share from a loss of $0.1 million or break even cents per share in the same quarter last year.