U.S. Movers: Argan, Apogee, Fastenal, Rite Aid, Washington Federal

Mukesh Buch
12 Apr, 2012
New York City

Argan fourth quarter net increased. Commerce Bancshares first quarter net increased to $65.8 million. Fastenal first quarter net surged 26%. Rite Aid fourth quarter net loss narrowed to $163.8 million and expects to continue in fiscal 2013. Washington Federal second quarter net soared 32%.

[R]11:25 AM New York – Argan fourth quarter net increased. Commerce Bancshares first quarter net increased to $65.8 million. Fastenal first quarter net surged 26%. Rite Aid fourth quarter net loss to $163.8 million and expects to continue in fiscal 2013. Washington Federal second quarter net soared 32%.[/R]

Argan, Inc. ((AGX)) fell 1.1% or 18 cents to $16 after the consulting and engineering services provider stated fourth quarter net revenues grew to $55.9 million from $31.8 million in the same quarter of last year. Net income in the quarter surged to $4.58 million or 33 cents per diluted share compared to $915,000 or 7 cents per share in the year ago period.

For 2011 net sales fell to $141.8 million from $182.6 million in last year. Net income for the year increased to $9.27 million or 67 cents per diluted share compared to $7.77 million or 57 cents per share in the prior year.

Apogee Enterprises, Inc. ((APOG)) declined 6.4% or 89 cents to $12.85 after the glass products maker reported fourth quarter revenues increased 14% to $168.7 million from $147.9 million in the same quarter of last year. Net income in the quarter swung to $3.0 million or 11 cents per diluted share compared to net loss of $4.4 million or 16 cents per share in the year ago quarter.

For 2011 revenue grew 14% to $662.5 million from $582.8 million in last year. Net income for the year swung to $4.64 million or 17 cents per diluted share compared to net loss of $10.33 million or 37 cents per share in the prior year.

Commerce Bancshares, Inc. ((CBSH)) increased 2.5% or 99 cents to $40.15 after the bank reported first quarter net interest income fell to $159.7 million from $161 million in the same quarter of last year. Net income in the quarter increased to $65.8 million or 74 cents per diluted share compared to $60.5 million or 66 cents per share in the year ago earlier.

Fastenal Company ((FAST)) decreased 2.7% or $1.36 to $48.27 after the industrial and construction product seller reported first quarter net sales soared 20% to $768.9 million from $640.6 million in the same quarter of last year. Net income in the quarter surged 26% to $100.2 million or 34 cents per diluted share compared to $79.5 million or 27 cents per share in the year ago.

Rite Aid Corporation ((RAD)) slipped 4.1% or 7 cents to $1.63 after the drugs retailer reported fourth quarter revenues increased to $7.15 billion from $6.46 billion in the same quarter of last year. Same store sales for the quarter increased 3%. Net loss in the quarter narrowed to $163.8 million or 18 cents per diluted share compared to $208.1 million or 24 cents per share in the year ago earlier.

For 2011 revenue grew to $26.1 billion from $25.2 billion in last year. Same store sales for the year increased 2%. Net loss for the year narrowed to $378.6 million or 43 cents per diluted share compared to $564.9 million or 64 cents per share in the prior year.

Rite Aid anticipates revenue for the full year 2013 in a range of $25.4 to $25.8 billion. Net loss expected to be between $103 and $267 million or loss per diluted share of 13 to 31 cents.

Washington Federal, Inc. ((WAFD)) rose 6 cents to $16.67 after the savings and loan bank reported second quarter net interest income edged down to $154.6 million from $158.5 million in the same quarter of last year. Net income in the quarter soared 32% to $34.1 million or 32 cents per diluted share compared to $25.8 million or 23 cents per share in the year ago earlier.

Westinghouse Air Brake Technologies Corporation ((WAB)) gained 6.8% or $4.85 to $76.15 after the technology company expects first quarter earnings per diluted share to be about $1.20 and for full-year to about $4.80.