U.S. Movers: Alcoa, Adtran, Computer Science, Progressive Corp.

Mukesh Buch
11 Apr, 2012
New York City

Alcoa Inc reported better than expected quarterly profit and reaffirmed global demand for aluminum to grow 7% in 2012. Adtran first quarter net tumbled to $13 million. Progressive Corp. first quarter net dropped 29% to $257.6 million. Titan Machinery fourth quarter revenue surged 65%.

[R]11:10 PM New York – Alcoa Inc reported better than expected quarterly profit and reaffirmed global demand for aluminum to grow 7% in 2012. Adtran first quarter net tumbled to $13 million. Progressive Corp. first quarter net dropped 29% to $257.6 million. Titan Machinery fourth quarter revenue surged 65% and lifted 2013 outlook.[/R]

Adtran, Inc. ((ADTN)) advanced 5.6% or $1.61 to $30.08 after the communication equipments maker reported first quarter sales decreased to $134.7 million from $165.5 million in the same quarter of last year. Net income in the quarter tumbled to $13.0 million or 20 cents per diluted share compared to $34.3 million or 52 cents per share in the year ago earlier.

Alcoa Inc. ((AA)) increased 8.4% or 78 cents to $10.10 after the aluminum producer reported first quarter sales edged up to $6.0 billion from $5.96 billion in the same quarter of last year. Net income in the quarter declined to $94 million or 9 cents per diluted share compared to $308 million or 27 cents per share in the year ago.

Sales increased mainly due to strong productivity and higher realized prices for aluminium and raised its 2012 global growth forecast for the aerospace market up to 13 to 14% and also reaffirm the global demand of aluminums growth of 7% in 2012.

Computer Sciences Corporation ((CSC)) dropped 6.1% or $1.73 to $26.45 after the outsourcing services provider said revenue for the fourth quarter was $4.1 billion and for the fiscal year was $15.9 billion and estimated loss per share in the quarter was in the range of 92 to 96 cents and for the fiscal was $27.27 to $27.31.

Healthcare Services Group, Inc. ((HCSG)) increased 6.1% or $1.23 to $21.25 after the business service provider reported first quarter revenue soared 25% to $260.6 million from $208.4 million in the same quarter of last year. Net income in the quarter increased 10% to $8.6 million or 13 cents per diluted share compared to $7.8 million or 12 cents per share in the year ago quarter.

Hooker Furniture Corporation ((HOFT)) declined 11.5% or $1.52 to $11.65 after the furniture maker stated fourth quarter net sales fell 1.1% to $54.4 million from $55.0 million in the same quarter of last year. Net income in the quarter swung to $628,000 or 6 cents per diluted share compared to net loss of $182,000 or 2 cents per share in the year ago period.

For 2011 net sales rose 3.3% to $222.5 million from $215.4 million in last year. Net income for the year surged 56.1% to $5.1 million or 47 cents per diluted share compared to $3.2 million or 30 cents per share in the prior year.

Standard Microsystems Corporation ((SMSC)) soared 14.5% or $3.52 to $27.75 after the semiconductor maker reported fourth quarter total revenue decreased 11% to $89.9 million from $101.2 million in the same quarter of last year. Net loss in the quarter swung to $4.1 million or 19 cents per diluted share compared to net income of $1.7 million or 7 cents per share in the year ago earlier.

For 2011 total revenue rose 1% to $412.1 million from $409.5 million in last year. Net income and diluted earnings per share for the year was flat to $10.6 million and 46 cents compared to year ago period.

The Progressive Corporation ((PGR)) fell 1.2% or 29 cents to $22.46 after the insurance company reported first quarter net premiums written grew 7% to $4.16 billion from $3.90 billion in the same quarter of last year. Net income in the quarter dropped 29% to $257.6 million or 42 cents per diluted share compared to $362.9 million or 55 cents per share in the year ago.

Titan Machinery Inc. ((TITN)) surged 12.5% or $3.45 to $30.92 after the construction machinery dealer stated fourth quarter total revenue surged 65% to $607.0 million from $368.1 million in the same quarter of last year. Net income in the quarter increased to $17.6 million or 84 cents per diluted share compared to $10.3 million or 57 cents per share in the year ago period.

For 2011 total revenue soared 52% to $1.66 billion from $1.09 billion in last year. Net income for the year surged to $43.8 million or $2.18 per diluted share compared to $22.1 million or $1.23 per share in the prior year.

The company anticipates the revenue for the full year 2013 in a range of $1.95 to $2.1 billion. Net income expected to be in the range of $53.8 to $58.0 million and earnings per diluted share range of $2.55 to $2.75.

Takeda Pharmaceutical Company Limited, a subsidiary of Japan based pharmaceutical company Takeda America Holdings, Inc. acquired U.S. based privately held URL Pharma, Inc. for $800 million. Revenue or fiscal year 2011 of URL was $600 million. The transaction is expected to complete by first quarter of 2012.