U.S. Movers: AZZ, Ingersoll-Rand, Lumber Liquidators, Micron Technology

Mukesh Buch
30 Sep, 2011
New York City

AZZ second quarter net income fell to $9.61 million. Ingersoll-Rand revised its third quarter and full-year revenues guidance. Lumber Liquidators narrowed its outlook for fiscal 2011. Micron Technology reported fourth quarter net loss of $135 million.

[R]11:30 AM New York – AZZ second quarter net income fell to $9.61 million. Ingersoll-Rand revised its third quarter and full-year revenues guidance. Lumber Liquidators narrowed its outlook for fiscal 2011. Micron Technology reported fourth quarter net loss of $135 million.[/R]

AZZ incorporated ((AZZ)) decreased 5.5% or $2.21 to $37.98 after the electrical equipment maker said second quarter revenues increased 15% to $114.7 million from $99.6 million in the same quarter last year. Net income in the quarter flat to $9.61 million or 76 cents per diluted share compared to $9.65 million or 77 cents per share a year ago period.

Ingersoll-Rand plc ((IR)) slumped 16.6% or $5.31 to $26.65 after the Ireland based diversified industrial products maker revised its estimated guidance for third quarter earnings per share from continuing operations between $0.77 and $0.80.

The previous third-quarter estimate was between $0.85 and $0.95 from continuing operations. Third quarter reported revenues are now expected to be in the range of $3.90 to $3.95 billion.

Full-year reported revenues are now expected to be in the range of $14.85 to $15.00 billion.

Lumber Liquidators Holdings, Inc. ((LL)) increased 2.1% or 33 cents to $15.95 after the hardwood flooring retailer narrowed its outlook for fiscal 2011 and now expects third quarter net sales in the range of $168 million to $171 million compared to previous range of $165 million to $180 million and earnings per diluted share in the range of approximately $0.21 to $0.24,

Net sales for the full year in the range of $673 million to $686 million compared to previous range of $670 million to $700 million.

The company acquired certain assets of Sequoia Floorings.

Micron Technology, Inc. ((MU)) slipped 10.3% or 61 cents to $5.26 after the computer memory chip maker reported fourth quarter net sales fell to $2.14 billion from $2.49 billion in the same quarter last year. Net loss in the quarter was of $135 million or 14 cents per diluted share compared to net income of $342 million or 32 cents per share a year ago.