U.S. Movers: Costco, Dolby, Greif, Joy Global, TNS

Mukesh Buch
12 Dec, 2012
New York City

Costco first quarter net surged 30% to $416 million and Central Garden & pet net loss widened. Dolby declared one-time special dividend of $4 a share. Joy Global fourth quarter net climbed 23% to $212.6 million. TNS agreed to a leveraged buyout offer from Siris Capital Group for $862 million.

[R]10:10 AM New York – Costco first quarter net surged 30% to $416 million and Central Garden & pet net loss widened. Dolby declared one-time special dividend of $4 a share. Joy Global fourth quarter net climbed 23% to $212.6 million. TNS agreed to a leveraged buyout offer from Siris Capital Group for $862 million.[/R]

Costco Wholesale Corporation ((COST)) slipped 74 cents to $97.57 after the specialty retailer reported total sales in the first quarter ending on November 25 climbed 10% to $23.20 billion from $21.18 billion in the same period of last year. Comparable store sales in the quarter climbed 7%.

Net income in the quarter surged 30% to $416 million or 95 cents a diluted share compared to $320 million or 73 cents a share a year ago.

The retailer said comparable sales at U.S. locations jumped 6% and international sales increased 7%.

Central Garden & Pet Company ((CENT)) plummeted 10.6% or $1.19 to $9.97 after the lawn and garden products supplier reported net sales in the fourth quarter ending on September 29 jumped 5% to $397 million from $377 million in the same period of last year. Net loss in the quarter widened to $10 million or 21 cents a diluted share compared to $11 million or 21 cents a share a year ago.

Dolby Laboratories, Inc. ((DLB)) climbed 5.8% or $2.01 to $36.20 after the sound quality standard maker declared one-time special dividend of $4 per share on its Class A Common Stock and Class B Common Stock to be paid on December 27 totaling $408 million.

Greif, Inc. ((GEF)) jumped 4.9% or $1.99 to $42.62 after the packaging products producer stated net revenue in the fourth quarter ending in October increased 4% to $1.08 billion from $1.13 billion in the same period of last year. Net income in the quarter surged 27% to $26.5 million or 45 cents a diluted share compared to $20.8 billion or 36 cents a share a year ago period.

Geospace Technologies Corporation ((GEOS)) declined 8.1% or $6.52 to $73.40 after the film products maker reported net revenues in the fourth quarter ending in September soared 12% to $37 million from $33 million in the same period of last year. Net income in the quarter jumped 19% to $4.3 million or 33 cents a diluted share compared to $3.6 million or 80 cents a share a year ago.

Joy Global Inc. ((JOY)) gained 2.8% or $1.62 to $59.62 after the mining equipments maker said net revenue in the fourth quarter ending in October 26 advanced 19% to $1.59 billion from $1.33 billion in the same period of last year. Net income in the quarter climbed 23% to $212.6 million or $1.99 a diluted share compared to $172.3 million or $1.62 a share a year ago earlier.

The mining equipments maker expects fiscal 2013 earnings per diluted share to be between $5.90 and $6.50 and revenues in the range of $4.9 billion to $5.2 billion.

Mechel OAO added 3 cents to $6.46 after the Russia based mining and steel company said revenue in the third quarter ending in September dropped 12% to $2.71 billion from $3.08 billion in the second quarter of 2012. Net income in the quarter swung to $54.9 million compared to net loss of $823 million in of the second quarter 2012.

TNS, Inc. ((TNS)) gained 2 cents to $20.78 after the communication service provider agreed to a merger proposal with an investor group led by Siris Capital Group for $862 million.

Siris will acquire all outstanding common shares for $21 a share in cash, representing premium of nearly 44% over the closing price of December 10. The transaction is expected to close in the first quarter of 2013.