U.S. Movers: Actuant, Adobe, Jabil Circuit, Procter & Gamble

Mukesh Buch
20 Jun, 2012
New York City

Actuant 2013 guidance 2013 falls below estimates and Adobe Systems second quarter net declined 2% and lowered fiscal outlook. Jabil Circuit third quarter net slipped 3.2%. Procter & Gamble falls on weak fourth quarter forecasts.

[R]10:40 AM New York – Actuant 2013 guidance 2013 falls below estimates and Adobe Systems second quarter net declined 2% and lowered fiscal outlook. Jabil Circuit third quarter net slipped 3.2%. Procter & Gamble falls on weak fourth quarter forecasts.[/R]

Actuant Corporation ((ATU)) dropped 7.9% or $2.18 to $25.27 after the industrial products maker said revenues in the third quarter ending in May grew 9% to $429.2 million compared to $392.8 million in the same period last year. Net earnings in the quarter slumped 5% to $34.4 million or 45 cents per diluted share compared to $36.4 million or 49 cents per share a year ago earlier.

The Actuant expects sales for fiscal 2012 to be between $1.60 billion and $1.61 billion and earnings per share in the range of $2.03 to 2.08. The company also anticipates fiscal 2013 core sales growth of 3% to 5% and earnings per share in the range of $2.15 to $2.30.

Adobe Systems Inc. ((ADBE)) declined 5.6% or $1.86 to $31.03 after the software company reported total revenues in the second quarter ending on June 1 soared 10% to $1.12 billion compared to $1.02 billion in the same period last year. Net income in the quarter declined 2% to $223.9 million compared to $229.4 million and diluted earnings par share were flat to 45 cents from a year ago.

For the third quarter of fiscal 2012 Adobe expects revenue of $1.07 billion to $1.12 billion and earnings per share targeting to a range of 38 cents to 43 cents. For fiscal the company narrowed its annual revenue growth to a range between 6% and 7% from prior range of 6% to 8%. Earnings per share in the range of $1.69 to $1.76 compared to prior range of $1.63 to $1.73.

FSI International, Inc. ((FSII)) plunged 17.7% or 79 cents to $3.65 after the microelectronic chip maker said sales in the third quarter ending on May 26 surged 98% to $50.8 million compared to $25.6 million in the same period last year. Net earnings in the quarter soared 144% to $10 million or 25 cents per diluted share compared to $4.1 million or 10 cents per share a year ago earlier.

The company expects fourth quarter fiscal 2012 revenues to be between $40 million and $45 million as orders are expected to fall in the fourth quarter compared to third quarter.

Jabil Circuit, Inc. ((JBL)) advanced 6.2% or $1.21 to $20.63 after the electronic products maker reported revenues in the third quarter ending in May edged up 0.5% to $4.25 billion compared to $4.23 billion in the same period last year. Net income in the quarter slipped 3.2% to $101.3 million or 48 cents per diluted share compared to $104.7 million or 47 cents per share a year ago period.

La-Z-Boy Inc ((LZB)) plunged 9.2% or $1.21 to $11.92 after the furniture products maker reported total revenues in the fourth quarter ending on April 28 fell 3% to $327.4 million compared to $338.9 million in the same period last year. Net income in the quarter surged 90% to $19.6 million or 37 cents per diluted share compared to $10.3 million or 20 cents per share a year ago quarter.

Mechel OAO ((MTL)) increased 1% or 7 cents to $6.61 after the Russia based mining and steel producer reported revenues in the first quarter ending in March edged up 0.5% to $2.95 billion compared to $2.93 billion in the same period last year. Net income in the quarter plunged 29.5% to $218.0 million compared to $309.1 million a year ago earlier.

The Procter & Gamble Company ((PG)) slipped 3.1% or 1.96 to $60.25 after the consumer goods maker lowered fourth quarter guidance for organic sales growth expected to be in the range of 2% to 3% from previous guidance of 4% to 5%. Earnings per share are now expected to be in the range of 75 cents to 79 cents per share from prior range of 79 cents to 85 cents.

WSI Industries, Inc. ((WSCI)) soared 21.6% or $1.06 to $5.95 after the aerospace contractor reported revenues in the third quarter ending on May 27 soared 45% to $9.48 million compared to $6.53 million in the same period last year. Net income in the quarter surged 51% to $598,000 or 21 cents per diluted share compared to $397,000 million or 14 cents per share a year ago period.