U.S. Movers: Actuant, FedEx, General Mills, Navistar Intl., Oracle

Mukesh Buch
19 Dec, 2012
New York City

Actuant first quarter net slipped 2% and FedEx second quarter net dropped 12% and reaffirmed fiscal outlook. General Mills second quarter net climbed 22% and lifted guidance. Navistar Intl. said fourth quarter net loss of $2.77 billion. Oracle second quarter net soared 18%.

[R]10:10 AM New York – Actuant first quarter net slipped 2% and FedEx second quarter net dropped 12% and reaffirmed fiscal outlook. General Mills second quarter net climbed 22% and lifted guidance. Navistar Intl. said fourth quarter net loss of $2.77 billion. Oracle second quarter net soared 18%.[/R]

Actuant Corporation ((ATU)) dropped 6.7% or $1.98 to $27.63 after the industrial products maker said total sales in the first quarter ending in November decreased 4% to $377.2 million from $392.8 million in the same period of last year. Net earnings in the quarter slipped 2% to $36.3 million or 49 cents diluted per share compared to $37.2 million or 50 cents a share a year ago earlier.

The Actuant expects second quarter 2013 sales in the range of $360 million to 370 million and earnings per share between 34 cents and 38 cents.

Apogee Enterprises, Inc. ((APOG)) gained 3.4% or 82 cents to $24.54 after the architectural products maker stated net sales in the third quarter ending on December 1 slid 9% to $190.4 million from $174.9 million in the same period of last year. Net earnings in the quarter surged 45% to $8.05 million or 28 cents diluted per share compared to $5.54 million or 20 cents a share a year ago quarter.

The company lifted earnings per share outlook for fiscal 2013 from continuing operations in the range of 62 cents to 67 cents.

FedEx Corporation ((FDX)) increased 2.2% or $2.04 to $94.53 after the air courier company reported revenue in the second quarter ending on November 25 grew 5% to $11.1 billion from $10.6 billion in the same period of last year. Net income in the quarter dropped 12% to $438 million or $1.39 diluted per share compared to $497 million or $1.57 a share a year ago.

The courier company expects earnings per diluted share in the third quarter between $1.25 and $1.45 and reaffirms forecast earnings per diluted share for fiscal 2013 of $6.20 to $6.60.

General Mills, Inc. ((GIS)) slipped 22 cents to $41.55 after the consumer foods supplier said net sales in the second quarter ending on November 25 advanced 6% to $4.88 billion from $4.62 billion in the same period of last year. Net income in the quarter climbed 22% to $541.6 million or 82 cents diluted per share compared to $444.8 million or 67 cents a share a year ago earlier.

The company added total segment operating profit in the quarter climbed 10% to $959 million and lifted adjusted diluted earnings per share guidance for fiscal 2013 between $2.65 and $2.67.

Heico Corporation ((HEI)) decreased 2.3% or 99 cents to $41.48 after the aircraft components maker stated net sales in the fourth quarter ending in October jumped 16% to $242.4 million from $208.9 million in the same period of last year. Net income in the quarter climbed 29% to $23.8 million or 45 cents diluted per share compared to $18.5 million or 35 cents a share a year ago.

The Heico expects fiscal 2013 full year net sales and net income growth of nearly 5% to 7% and targeting net income growth average of 20% from next one to three years.

Navistar International Corporation ((NAV)) declined 8.6% or 1.98 to $20.81 after the holding company reported revenues in the fourth quarter ending in October dropped 24% to $3.28 billion from $4.32 billion in the same period of last year. Net loss in the quarter swung to $2.77 billion or $40.13 diluted per share compared to net income of $255 million or $3.48 a share a year ago period.

The company added pre-tax loss of $566 million in the quarter compared to profit of $275 million in year ago period.

Loss in revenues reflects lower sales and adjustments of pre existing warranties and the charges related to cost reduction actions, but the company exceeded fiscal 2012 guidance with $1.5 billion in manufacturing cash and marketable securities.

Oracle Corporation ((ORCL)) climbed 3.5% or $1.15 to $34.05 after the software company reported total revenues in the second quarter ending in October grew 3% to $9.09 billion from $8.79 billion in the same period of last year. Net income in the quarter soared 18% to $2.58 billion or 53 cents diluted per share compared to $2.19 billion or 43 cents a share a year ago.

Oracle said new software licenses and cloud software subscriptions revenues were jumped 17% to $2.4 billion and software license updates and product support revenues were grew 7% to $4.3 billion.

The company expects third quarter non-GAAP earnings per share in the range of 64 cents to 68 cents and new software sales and cloud subscriptions sales will grew 3% to 13% and hardware products sales flat to down 10% from a year ago.

Park Electrochemical Corp. ((PKE)) dropped 4.1% or $1.07 to $24.50 after the electronic chip maker stated net sales in the third quarter ending November 25 slipped 13% to $41.3 million from $47.3 million in the same period of last year. Net income in the quarter declined 12% to $4.71 million or 23 cents diluted per share compared to $5.38 million or 26 cents a share a year ago quarter.