U.S. Movers: Bank of Montreal, Cyberonics, Movado, Lexmark, PVH

Mukesh Buch
28 Aug, 2012
New York City

Bank of Montreal third quarter net surged 37% and Cyberonics climbed as net advanced. Movado soared after net surged 83% and lifted its fiscal outlook. Lexmark jumped on restructuring and plans to eliminate 1,700 jobs. PVH third quarter net soared 31%.

[R]10:35 AM New York – Bank of Montreal third quarter net surged 37% and Cyberonics climbed as net advanced. Movado soared after net surged 83% and lifted its fiscal outlook. Lexmark jumped on restructuring and plans to eliminate 1,700 jobs. PVH third quarter net soared 31%.[/R]

Bank of Montreal ((BMO)) increased 1.4% or 85 cents to $59.06 after the Canada based financial services provider reported revenue in the third quarter ending in July advanced 17% to $3.88 billion compared to $3.32 billion in the same period of last year. Net income in the quarter surged 37% to $970 million or $1.42 per diluted share compared to $768 million or $1.11 per share a year ago earlier.

Net interest income in the quarter increased 23% to $422 million and overall net interest margin increased 12 basis points from a year ago to 1.88%.

The bank said cash and cash equivalents increased $13.9 billion and deposits increased by $26.6 billion mainly on a $24.5 billion increase in business and government deposits.

Cyberonics, Inc. ((CYBX)) climbed 6.2% or $2.83 to $48.16 after the medical device maker reported net sale in the first quarter ending on July 27 increased 15% to $60.3 million compared to $52.7 million in the same period of last year. Net income in the quarter advanced 17% to $8.1 million or 29 cents per diluted share compared to $6.9 million or 24 cents per share a year ago period.

U.S. epilepsy unit sales increased 13% as estimated European unit sales growth was in double digits and worldwide unit sales increased 9% to 3,056 compared to the same period of a year ago.

The company reaffirmed net sales guidance for fiscal 2013 in the range of $241 million to $244 million and diluted earnings per share between $1.49 and $1.59.

Movado Group, Inc. ((MOV)) soared 17.3% or $5.22 to $35.33 after the watch designer reported net sale in the second quarter ending in July grew 8% to $118 million compared to $113.2 million in the same period of last year. Net income in the quarter surged 83% to $8.1 million or 32 cents per diluted share compared to $4.4 million or 18 cents per share a year ago period.

The company lifted outlook for fiscal 2013 and expected net sales to increase nearly 10% to $510 million and net income to increase about 45% to a range of $35.5 million to $36 million or $1.40 per diluted share.

Lexmark International, Inc. ((LXK)) jumped 15.4% or $2.99 to $22 after the computer printer maker announced restructuring that is expected to save annually $95 million.

The company plan to close Cebu, Philippines, inkjet supplies manufacturing facility by the end of 2013 and eliminate approx 1,700 positions worldwide.

Lexmark said it plan additional $100 million of share repurchase in third and fourth quarter of this year.

PVH Corp ((PVH)) advanced 6.9% or $6.16 to $94.65 after the branded apparel maker reported revenue in the third quarter ending on July 29 nearly flat to $1.22 billion compared to the same period of last year. Net income in the quarter soared 31% to $87.7 million or $1.19 per diluted share compared to $66.7 billion or 92 cents per share a year ago.

The company expects third quarter revenue to decrease 2% or 3% but full year revenue increase 1% to 2% from a year ago.

The Bank of Nova Scotia ((BNS)) gained 16 cents to $53.50 after the Canada based investment bank reported revenue in the third quarter ending in July climbed 28% to $5.51 billion compared to $4.30 billion in the same period of last year. Net income in the quarter jumped 57% to $2.05 billion or $1.69 per diluted share compared to $1.30 billion or $1.10 per share a year ago.

The bank said net interest income in the quarter increased 12% to $2.57 billion and core banking margin increased 2.33% compared to 2.31% over the same quarter last year. Cash and deposits with banks grew by $17 billion.