U.S. Movers: Costco, Heinz, HP, NetApp, Signet Jewelers, Tiffany

Mukesh Buch
24 May, 2012
New York City

Costco third quarter net soared 19% to $386 million but Heinz fourth quarter net plunged 22% to $175.3 million. HP second quarter net plunged 31% to $1.6 billion and announced a layoff of 27,000. NetApp offered a cautious outlook. Tiffany first quarter net was lower than expected.

[R]11:25 AM New York – Costco third quarter net soared 19% to $386 million but Heinz fourth quarter net plunged 22% to $175.3 million. HP second quarter net plunged 31% to $1.6 billion and announced a layoff of 27,000. NetApp offered a cautious outlook. Tiffany first quarter net was lower than expected.[/R]

Costco Wholesale Corporation ((COST)) increased 1.9% or $1.62 to $84.93 after the specialty retailer reported third quarter ended May 6 net sales increased 8% to $21.85 billion compared to $20.19 billion in the same period last year. Comparable store sales increased 5%.

Net income in the quarter soared 19.1% to $386 million or 88 cents per diluted share compared to $324 million or 73 cents per share a year ago.

Hewlett-Packard Company ((HPQ)) gained 5.5% or $1.17 to $22.25 after the hardware and software company reported second quarter ended April net revenue fell 3% to $30.7 billion compared to $31.6 billion in the same period last year. Net earnings in the quarter plunged 31% to $1.6 billion or 80 cents per diluted share compared to $2.3 billion or $1.05 per share a year ago.

For the third quarter of fiscal 2012, the company estimates GAAP earnings to be in the range of break even to 3 cents and for the full year earnings to be in the range of $2.25 to $2.30.

H. J. Heinz Company ((HNZ)) fell 1.1% or 60 cents to $53.26 after the food products maker reported fourth quarter ended April 29 sales grew 5.6% to $3.05 billion compared to $2.89 billion in the same period last year. Net income in the quarter plunged 22% to $175.3 million or 54 cents per diluted share compared to $223.9 million or 69 cents per share a year ago.

Sales for the fiscal 2012 grew 8.8% to $11.6 billion from $10.7 billion a year ago. Net income for the year decreased 7% to $923.2 million or $2.85 per diluted share from $989.5 million or $3.06 per share in the prior year.

Heinz expects organic sales growth of approx 4% and on constant currency earnings growth of 5% to 8% to $3.52 to $3.62.

NetApp, Inc. ((NTAP)) declined 13% or $4.26 to $28.59 after the data storage solution provider reported fourth quarter ended April 27 revenues increased 1.9% to $1.70 billion compared to $1.43 billion in the same period last year. Net income in the quarter increased 12% to $181 million or 47 cents per diluted share compared to $161 million or 40 cents per share a year ago period.

Sales for the fiscal 2012 surged 22% to $6.23 billion from $5.12 billion a year ago. Net income for the year slumped 10% to $605 million or $1.58 per diluted share from $673 million or $1.71 per share in the prior year.

PVH Corp ((PVH)) advanced 7.8% or $6.10 to $83.47 after the apparel company reported first quarter ended April 29 revenues rose 4% to $1.43 billion compared to $1.37 billion in the same period last year. Net income in the quarter surged 61% to $93 million or $1.27 per diluted share compared to $58 million or 79 cents per share a year ago earlier.

Patterson Companies, Inc. ((PDCO)) gained 3.4% or $1.13 to $33.80 after the medical services provider reported fourth quarter ended April 28 net sales increased 6% to $936.3 million compared to $883.8 million in the same period last year. Net income in the quarter fell 1% to $62.1 million or 58 cents per diluted share compared to $62.7 million or 53 cents per share a year ago period.

Sales for the fiscal 2012 rose 4% to $3.53 billion from $3.41 billion a year ago. Net income for the year slumped 6% to $212.8 million or $1.92 per diluted share from $225.4 million or $1.89 per share in the prior year.

Signet Jewelers Limited ((SIG)) dropped 8.1% or $3.89 to $43.86 after the Bermuda based specialty retail jewellery maker reported first quarter ended April 28 sales rose 1.4% to $900.0 million compared to $887.3 million in the same period last year. Same store sales were up 1.2%.

Net earnings in the quarter increased 9.4% to $82.5 million or 96 cents per diluted share compared to $75.4 million or 87 cents per share a year ago period.

Synopsys, Inc. ((SNPS)) increased 4.7% or $1.35 to $29.55 after the technology company reported second quarter ended April revenues increased 10% to $432.6 million compared to $393.7 million in the same period last year. Net income in the quarter tumbled 74% to $21 million or 14 cents per diluted share compared to $81.1 million or 54 cents per share a year ago quarter.

Royal Bank of Canada ((RY)) decreased 2.3% or $1.21 to $50.51 after the Canada based bank reported second quarter ended April total revenue edged up 1% to C$6.92 billion compared to C$6.83 billion in the same period last year. Net income in the quarter slipped 6.1% to C$1.53 billion or 99 cents per diluted share compared to C$1.63 billion or $1.06 per share a year ago earlier.

Tiffany & Co. ((TIF)) dropped 9.2% or $5.73 to $56.07 after the holding company reported first quarter ended April net sales increased 8% to $819 million compared to $761 million in the same period last year. Net earnings in the quarter increased 1% to $82 million or 64 cents per diluted share compared to $81 million or 63 cents per share a year ago.

The Toronto-Dominion Bank ((TD)) increased 1.2% or 93 cents to $77.69 after the Canada based bank reported second quarter ended April total revenue grew 11.4% to C$5.75 billion compared to C$5.16 billion in the same period last year. Net income in the quarter surged 21% to C$1.69 billion or C$1.78 per diluted share compared to C$1.40 billion or C$1.50 per share a year ago earlier.