U.S. Movers: Cintas, Darden Restaurants, KB Home, Oracle, Tibco

Mukesh Buch
21 Sep, 2012
New York City

Cintas net jumped 12% and reiterated fiscal outlook. Darden Restaurants quarterly net was ahead of expectations. KB Home net swung to profit as sales jump. Oracle first quarter net climbed 11% to $2.03 billion. Rockwell updated fiscal 2013 views.

[R]10:45 AM New York – Cintas net jumped 12% and reiterated fiscal outlook. Darden Restaurants quarterly net was ahead of expectations. KB Home net swung to profit as sales jump. Oracle first quarter net climbed 11% to $2.03 billion. Rockwell updated fiscal 2013 views.[/R]

Cintas Corporation ((CTAS)) slid 21 cents to $40.98 after the uniform provider reported total revenues in the first quarter ending in August grew 3% to $1.05 billion from $1.02 billion in the same period of last year. Net income in the quarter jumped 12% to $76.7 million or 60 cents per diluted share compared to $68.6 million or 52 cents per share a year ago earlier.

Cintas reiterated fiscal 2013 for revenue in the range of $4.25 billion to $4.35 billion and expected earnings per share between of $2.50 and $2.58.

Darden Restaurants, Inc. ((DRI)) climbed 4.6% or $2.54 to $57.26 after the restaurant operator reported sales in the first quarter ending on August 26 increased 5% to $2.03 billion from $1.94 billion in the same period of last year. Same restaurant sales increased 2.2%.

Net earnings in the quarter increased 4% to $110.8 million or 85 cents per diluted share compared to $106.6 million or 78 cents per share a year ago earlier.

Sales at Olive Garden chain increased 4.3% to $922 million and sales at Red Lobster chain gained 2.1% to $660 million. Longhorn Steakhouse sales climbed 12.7% to $285 million and Specialty Restaurant Group sales surged 26.4% to $163 million.

Same restaurant sales were adversely affected by 30 basis points due to Hurricane Isaac in August. In the first quarter, U.S. same restaurant sales increased 3.6% at LongHorn Steakhouse and 0.3% at Olive Garden and at Red Lobster slumped 2.6%.

Darden affirmed total sales to grow between 9% and 10% in fiscal 2013 and anticipates diluted net earnings per share from continuing operations to increase in the range of 5% to 9%.

The operator of more than 2,000 restaurants also declared a quarterly dividend of 50 cents a share.

KB Home ((KBH)) soared 7.7% or $1.02 to $14.13 after the construction company reported total revenues in the third quarter ending in August climbed 16% to $424.5 million from $367.3 million in the same period of last year. Net income in the quarter swung to $3.3 million or 4 cents per diluted share compared to net loss of $9.6 million or 13 cents per share a year ago quarter.

The number of homes in backlog increased 18% to 3,142 on August 31 and gross profit margin improved to 17.5% increased 60 basis points. Net order value increased 16% to $493.3 million and backlog value jumped 33% to $744.7 million.

Park Electrochemical Corp ((PKE)) gained 2% or 55 cents to $27.49 after the technology company reported revenues in the second quarter ending on August 26 slipped 8% to $46.4 million from $50.4 million in the same period of last year. Net earnings in the quarter declined 5% to $3.2 million or 16 cents per diluted share compared to $7.7 million or 37 cents per share a year ago period.

Oracle Corporation ((ORCL)) increased 1.3% or 44 cents to $32.68 after the software company reported total sales in the first quarter ending in August slid 2% to $8.18 billion from $8.37 billion in the same period of last year. Net income in the quarter climbed 11% to $2.03 billion or 41 cents per diluted share compared to $1.84 billion or 36 cents per share a year ago.

Rockwell Collins, Inc. ((COL)) gained 48 cents to $52.85 after the aviation electronics products maker expects revenue for the fiscal 2013 between $4.6 billion and $4.7 billion and earnings per share in the range of $4.30 to $4.50, referring upcoming cuts to US defense spending as per budget control act of 2011 that begins from January 2, 2013.

Tibco Software Inc. ((TIBX)) advanced 3.3% or 99 cents to $30.85 after the infrastructure software provider reported net revenues in the third quarter ending on September 2 advanced 11% to $255 million from $229 million in the same period of last year. Net income in the quarter soared 11% to $26.1 million or 15 cents per diluted share compared to $23.5 million or 14 cents per share a year ago quarter.