U.S. Movers: Eaton, Lowe

Mukesh Buch
22 May, 2013
New York City

Eaton Vance second quarter revenues jumped 9% and net climbed 21%. Lowe

[R]12:10 PM New York – Eaton Vance second quarter revenues jumped 9% and net climbed 21%. Lowe’s first quarter net rose but gross margin was flat. Medtronic fourth quarter net slid but lifted full year outlook. Staples net dropped 9% as international sales declined 13%. Target net plunged.[/R]

American Eagle Outfitters, Inc ((AEO)) jumped 3.1% or 62 cents to $20.91 after the specialty retailer said total revenues in the first quarter ending on May 4 declined 4% to $679 million. Comparable same store sales slipped 5%.

Net income in the quarter plunged 29% to $28 million or 14 cents a diluted share compared to $39.7 million or 20 cents.

For the quarter, gross profit decreased 3% to $266 million and operating income tumbled 11% to $57 million.

For the second quarter, the company expects diluted earnings per share in the range of 19 cents to 21 cents.

For the year, American Eagle expects diluted earnings per share between $1.42 and $1.45

Eaton Vance Corp ((EV)) rose 7 cents to $43.82 after the investment company reported total revenue in the second quarter ending in April jumped 9% to $331.7 million. Net income in the quarter climbed 20.6% to $63.7 million or 50 cents per diluted share compared to $52.8 million or 44 cents.

Compuware Corporation ((CPWR)) increased 1% or 12 cents to $11.44 after the software provider reported total revenues in the fourth quarter ending in March climbed 10% to $239.9 million. In the net swung to loss of $63.7 million or 30 cents a diluted share compared to net profit of $27.1 million or 12 cents.

For the fiscal 2014, Compuware expects total revenues of $1 billion and GAAP diluted earnings per share in the range of 35 cents to 37 cents.

Intuit Inc. ((INTU)) climbed 4% or $2.33 to $60.23 after the financial management solutions provider said revenues in the third quarter ending in April jumped 13% to $2.18 billion. Net income in the quarter advanced 12% to $822 million or $2.71 a diluted share compared to $734 million or $2.42.

The company added operating income advanced 12% to $1.25 billion.

For the fourth quarter, the company expects revenue between $702 million and $727 million and GAAP diluted earnings per share in the range of 7 cents to 11 cents.

For the full-year, Intuit expects revenue in the range of $4.50 billion to $4.52 billion, increased of 8% to 9% and GAAP diluted earnings per share between $2.77 and $2.81, rose 7% to 8%.

Lowe’s Companies, Inc ((LOW)) gained 1.7% or 78 cents to $43.23 after the home improvement retailer reported revenues in the first quarter ending on May 3 fell 0.5% to $13.1 billion. Comparable store sales for the quarter fell 0.7%.

Net earnings in the quarter increased 2.5% to $540 million or 49 cents a diluted share compared to $527 million or 42 cents.

The company added gross margin in the quarter nearly was flat to $4.56 billion.

For the year, the company expects total sales increased 4% and diluted earnings per share approx $2.05.

Medtronic, Inc. ((MDT)) rose 1 cent to $52.37 after the medical technology stated net sales in the fourth quarter ending on April 26 added 5% to $4.5 billion. Net earnings in the quarter fell 2% to $969 million or 95 cents a diluted share compared to $991 million or 94 cents.

For the fiscal year 2014, Medtronic expects revenue to increase in the range of 3% to 4% and diluted earnings per share between $3.80 and $3.85.

NetApp, Inc. ((NTAP)) advanced 3.2% or $1.19 to $37.82 after the cloud environment provider reported revenues in the fourth quarter ending on April 26 nearly flat at $1.72 billion. Net income in the quarter slipped 4% to $174 million or 47 cents a diluted share compared to $181 million or 47 cents.

For the first quarter 2014, NetApp expects revenues in the range of $1.48 billion to $1.58 billion and GAAP diluted earnings per share between 13 cents to 18 cents and non-GAAP diluted earnings per share in the range of 45 cents to 50 cents.

Staples, Inc. ((SPLS)) jumped 3.3% or 50 cents to $15.25 after the office products supplier said total sales in the first quarter ending on May 4 slid 3% to $5.8 billion. Comparable store sales fell 2%.

Net income dropped 9.2% to $169.9 million or 26 cents a diluted share compared to $187.1 million or 27 cents.

Sales in international operations for the quarter declined 13% to $1 billion and comparable store sales in Europe slipped 3%

The company expects full year sales to increase in the low single-digits compared to 2012 and diluted earnings per share from continuing operations to be in the range of $1.30 to $1.35.

Target Corporation ((TGT)) declined 3.6% or $2.61 to $68.75 after the retailer reported sales in the first quarter ending on May 4 rose 1% to $16.71 billion. Comparable store sales for the quarter slid 0.6%.

Net earnings in the quarter plunged 26% to $498 million or 77 cents a diluted share compared to $697 million or $1.04.

In March 2013, Target opened 24 stores in Canada which generated sales of $86 million with a gross margin rate of 38.4%.

The retailer expects second quarter adjusted earnings per share of $1.09 to $1.19 and GAAP earnings per share of 90 cents to $1.

For year, the company lowered its adjusted earnings per share to the range of $4.70 to $4.90 from earlier guidance of $4.85 to $5.05 and GAAP earnings per share are expected between $4.12 and $4.32.

Toll Brothers, Inc. ((TOL)) surged 7.8% or $2.83 to $38.84 after the home builder reported total revenue in the second quarter ending in April climbed 36% to $516 million. Net income in the quarter soared 46.1% to $24.7 million or 14 cents per diluted share compared to $16.9 million or 10 cents.