U.S. Movers: ATP Oil & Gas, Dole Food, J. Alexander

Mukesh Buch
16 Mar, 2012
New York City

ATP Oil & Gas revenue increased production volumes and higher oil prices. Dole Food rose after higher volume of sales. Excel Maritime reports profitable quarter. J. Alexander

[R]11:55 AM New York – ATP Oil & Gas revenue increased production volumes and higher oil prices. Dole Food rose after higher volume of sales. Excel Maritime reports profitable quarter. J. Alexander’s lifted 2012 outlook. Steel Dynamics lowered its first quarter earnings expectation.[/R]

ATP Oil & Gas Corporation ((ATPG)) increased 6.9% or 57 cents to $8.77 after the oil and gas company said fourth quarter net revenue grew to $177.7 million from $141.7 million in the same quarter last year. Net loss in the quarter narrowed to $28.5 million or 56 cents per diluted share compared to $206.6 million or $4.06 per share in the year ago earlier.

For the year 2011 net revenue increased to $687.2 million from $438.0 million in last year. Net loss for the year narrowed to $210.5 million or $4.12 per diluted share compared to $348.8 million or $6.88 per share in the prior year.

Dole Food Company, Inc. ((DOLE)) soared 12.4% or $1.24 to $11.21 after the fresh fruit and vegetables producer reported fourth quarter net revenue was nearly flat at $1.54 billion. Net income in the quarter increased to $4.19 million or 5 cents per diluted share compared to net loss of $38.2 million or 44 cents per share in the year ago.

For the year 2011 net revenue increased 5% to $7.2 billion from $6.9 billion in last year. Net income for the year swung to $38.4 million or 44 cents per diluted share compared to net loss of $34.1 million or 39 cents per share in the prior year.

Excel Maritime Carriers Ltd. ((EXM)) gained 8.2% or 16 cents to $2.11 after Bermuda based the sea borne transporter stated fourth quarter revenues rose to $107.0 million from $81.9 million in the same quarter last year. Net income in the quarter swung to $63.6 million or 76 cents per diluted share compared to net loss of $167.8 million or $1.95 per share in the year ago quarter.

For the year 2011 revenues grew to $423.0 million from $353.4 million in last year. Net income for the year swung to $257.8 million or $3.10 per diluted share compared to net loss of $211.6 million or $2.51 per share in the prior year.

J. Alexander’s Corporation ((JAX)) surged 28.2% or $1.95 to $8.85 after the restaurants operator reported fourth quarter net sales increased 5.5% to $40.9 million from $38.8 million in the same quarter last year. Same store sales for the quarter increased 5.4%. Net income in the quarter dropped to $344,000 or 6 cents per diluted share compared to $495,000 or 8 cents per share in the year ago.

For the year 2011 net sales increased 5.5% to $157.2 million from $149.0 million in last year. Same store sales for the quarter increased 5.5%. Net income for the year slumped to $857,000 or 14 cents per diluted share compared to $2.8 million or 47 cents per share in the prior year.

Steel Dynamics, Inc. ((STLD)) increased 1.5% or 23 cents to $14.95 after the steel producer lowered its first quarter earnings expectation to be in the range of 15 cents to 20 cents per diluted share mainly due to expenses, interest cost savings that associated with the company’s financing activities.

Stella-Jones Inc., the Canada based specialty wood producer fourth quarter sales increased 10.9% to $147.5 million from $133.1 million in the same quarter last year. Net income in the quarter increased 25.5% to $13.4 million or 83 cents per diluted share compared to $10.1 million or 67 cents per share in the year ago period.

For the year 2011 sales grew to $640.1 million from $561.0 million in last year. Net income for the year soared to $55.7 million or $3.48 per diluted share compared to $34.4 million or $2.26 per share in the prior year.

Tsakos Energy Navigation Limite ((TNP)) advanced 9.5% or 64 cents to $7.35 after the Greece based petroleum product transporter said fourth quarter revenues increased to $100.8 million from $95.0 million in the same quarter last year. Net loss in the quarter widened to $56.6 million or $1.23 per diluted share compared to $2.6 million or 6 cents per share in the year ago period.

For the year 2011 revenues fell to $395.2 million from $408.0 million in last year. Net loss for the year swung to $89.5 million or $1.94 per diluted share compared to $19.8 million or 50 cents per share in the prior year.