U.S. Movers: BorgWarner, Lennar Corp., Supervalu, Synnex, Tiffany

Mukesh Buch
11 Jan, 2012
New York City

BorgWarner expects 2012 earnings growth of 23% to 27%. Lennar Corp. fourth quarter net fell to $30.3 million. Supervalu third quarter net loss widened to $750 million. Tiffany net sales rose 7% to $952 million in the holiday period.

[R]10:15 AM New York – BorgWarner expects 2012 earnings growth of 23% to 27%. Lennar Corp. fourth quarter net fell to $30.3 million. Supervalu third quarter net loss widened to $750 million. Tiffany net sales rose 7% to $952 million in the holiday period.[/R]

BorgWarner Inc. ((BWA)) rose 0.5% or 40 cents to $72.65 after the automotive components supplier expects earnings in 2012 of $5.35 to $5.65 per diluted share a growth of 23% to 27% and sales growth of 10% to 12%.

Credo Petroleum Corporation ((CRED)) rose 0.4% or 5 cents to $10.42 after the oil and gas explorer said fourth quarter total revenue soared 94% to $4.96 million from $2.56 million in the same quarter last year. Net income in the quarter surged 242% to $1.4 million or 14 cents per diluted share compared to $0.4 million or 4 cents share a year earlier.

Crocs, Inc. ((CROX)) increased 10% or $1.60 to $17.55 after the footwear and accessories maker expects fourth quarter revenue will be of $200 to $205 million and annual revenue to surpass $1 billion for the year end 2011.

Frisch’s Restaurants, Inc ((FRS)) fell 0.4% or 10 cents to $20.18 after the restaurant operator said second quarter total revenue edged up to $70.7 million from $70.6 million in the same quarter last year. Same store sales in Golden Corral segment increased 7.8% and Big Boy segment sales rose 0.4%. Net income in the quarter increased 12.2% to $2.8 million or 56 cents per diluted share compared to $2.5 million or 49 cents share a year earlier.

Lennar Corporation ((LEN)) gained 2.2% or 46 cents to $21.22 after the homebuilder reported fourth quarter revenue increased 11% to $952.7 million from $860.1 million in the same quarter last year. Net earnings in the quarter fell to $30.3 million or 16 cents per diluted share compared to $32.0 million or 17 cents share a year ago period.

Supervalu Inc. ((SVU)) slipped 9.8% or 83 cents to $7.56 after the grocery retailer said third quarter net sales decreased to $8.3 billion from $8.7 billion in the same quarter last year. Net loss in the quarter widened to $750 million or $3.54 per diluted share compared to $202 million or $0.95 share a year ago.

Synnex Corporation ((SNX)) increased 5.5% or $1.79 to $33.88 after the business process outsourcing company reported fourth quarter revenue increased 15.1% to $2.84 billion from $2.47 billion in the same quarter last year. Net income in the quarter soared 33.7% to $50.2 million or $1.37 per diluted share compared to $37.5 million or $1.04 share a year ago period.

Tiffany & Co. ((TIF)) fell 0.05% or 3 cents to $59.97 after the fine jewelry maker said worldwide net sales rose 7% to $952 million in the holiday period and now estimates diluted earnings per share for the fiscal year ending January 31, 2012 will increase between 23% and 25% to a range between $3.60 and $3.65. Worldwide net sales in the two months ended December increased 7% and comparable store sales gained 5%.

Washington Federal, Inc. ((WFSL)) decreased 1.6% or 24 cents to $14.65 after the savings and loan bank reported first quarter total interest income fell to $155.9 million from $165.6 million in the same quarter last year. Net income in the quarter rose to $33.4 million or 31 cents per diluted share compared $24.5 million or 22 cents share a year ago quarter.