U.S. Movers: Flowers Foods, Fred's, Frontline, rue21, Semtech, VeriFone

Mukesh Buch
25 May, 2012
New York City

Flowers Foods first quarter net slipped 8% and lifted fiscal outlook. Fred''s said first quarter net increased 10% and rue21 first quarter net soared 20.6%. Semtech first quarter net tumbled by 90% and VeriFone second quarter net plunged 42.5% to $14.5 million.

[R]11:25 AM New York – Flowers Foods first quarter net slipped 8% and lifted fiscal outlook. Fred''s said first quarter net increased 10% and rue21 first quarter net soared 20.6%. Semtech first quarter net tumbled by 90% and VeriFone second quarter net plunged 42.5% to $14.5 million.[/R]

America’s Car-Mart, Inc ((CRMT)) decreased 2.6% or $1.18 to $43.84 after the automotive retailer reported fourth quarter ended April sales increased 9.8% to $113.5 billion compared to $103.4 million in the same period last year. Net income in the quarter increased 14% to $9.6 million or 97 cents per diluted share compared to $8.4 million or 78 cents per share a year ago earlier.

Flowers Foods, Inc. ((FLO)) fell 13 cents to $20.86 after the bakery products maker reported first quarter ended April 21 sales grew 12% to $898.2 million compared to $801.8 million in the same period last year. Net income in the quarter slipped 8% to $37.9 million or 28 cents per diluted share compared to $41.2 million or 30 cents per share a year ago period.

For full year earnings per share is now expected to increase 3.5% to 8.0% from last year 2011.

Fred''s, Inc. ((FRED)) fell 9 cents to $13.91 after the retail discount store operator reported first quarter ended April 28 total sales rose 3.3% to $500.5 million compared to $484.4 million in the same period last year. Comparable store sales fell 0.4%.

Net income in the quarter increased 10% to $10.5 million or 28 cents per diluted share compared to $9.5 million or 24 cents per share a year ago quarter.

Frontline Ltd. ((FRO)) advanced 11.2% or 56 cents to $5.54 after the Bermuda based shipping company reported first quarter ended March total revenues dropped 29% to $167.3 million compared to $234.8 million in the same period last year. Net income in the quarter tumbled 54% to $7.17 million or 9 cents per diluted share compared to $15.5 million or 20 cents per share a year ago quarter.

Mentor Graphics Corporation ((MENT)) dropped 8.1% or $1.23 to $13.98 after the design automation tools supplier reported first quarter ended April total revenues grew 8% to $247.9 million compared to $230.0 million in the same period last year. Net income in the quarter swung to $28.2 million or 25 cents per diluted share compared to net loss of $2.3 million or 2 cents per share a year ago earlier.

rue21, Inc ((RUE)) gained 6.4% or $1.74 to $28.72 after the specialty apparel retailer reported first quarter ended April 28 net sales increased 18.9% to $205.6 million compared to $172.9 million in the same period last year. Comparable store sales rose 1.7%.

Net earnings in the quarter soared 20.6% to $11.6 million or 46 cents per diluted share compared to $9.6 million or 38 cents per share a year ago period.

For fiscal 2012, the company raised its earnings per share to be in the range between $1.76 and $1.81 and for the second quarter earnings to be in the range of 32 cents to 34 cents.

Semtech Corporation ((SMTC)) increased 1.6% or 39 cents to $24.09 after the analog chip supplier reported first quarter ended April 29 net revenues fell 4.7% to $116.6 million compared to $122.4 million in the same period last year. Net income in the quarter tumbled 90% to $2.2 million or 3 cents per diluted share compared to $22.6 million or 34 cents per share a year ago quarter.

The Toro Company ((TTC)) rose 15 cents to $74.84 after the turf irrigation systems maker reported second quarter ended May 4 net sales grew 10% to $691.5 million compared to $631.6 million in the same period last year. Net income in the quarter plunged 31% to $68.8 million or $2.26 per diluted share compared to $60.3 billion or $1.88 per share a year ago earlier.

VeriFone Systems, Inc. ((PAY)) declined 11.7% or $5.30 to $39.70 after the electronic payment solution provider reported second quarter ended April net revenues surged 61.4% to $472.0 million compared to $292.4 million in the same period last year. Net income in the quarter plunged 42.5% to $14.5 million or 13 cents per diluted share compared to $25.2 million or 27 cents per share a year ago.

For the third quarter, VeriFone expects non-GAAP revenues in the range of $495 million to $500 million and earnings per share in the range of 68 cents to 70 cents. For the full year net revenues expected to be between $1.90 billion to $1.92 billion and earnings per share is expected to be in the range between $2.60 and $2.66.