U.S. Movers: Big Lots, Costco, DISH Network, Express, Joy Global

Mukesh Buch
30 May, 2013
New York City

Big Lots net plunged 21%. Bank of Montreal quarterly revenue was flat and net dropped. Costco comparable store sales climbed to 6% and net surged. DISH Network revised its offer for Clearwire to $4.40 a share in cash. Joy Global profit tumbled.

[R]11:20 AM New York – Big Lots net plunged 21%. Bank of Montreal quarterly revenue was flat and net dropped. Costco comparable store sales climbed to 6% and net surged. DISH Network revised its offer for Clearwire to $4.40 a share in cash. Joy Global profit tumbled.[/R]

AFC Enterprises, Inc. ((AFCE)) gained 1.1% or 41 cents to $35.24 after the quick-service restaurants reported total revenues in the first quarter ending on April 21 climbed 14% to $60.4 million. Comparable store sales for the quarter jumped 5%.

Net income in the quarter jumped 16% to $9.6 million or 40 cents a diluted share compared to $8.3 million or 34 cents.

Operating profit in the quarter soared to 14% $16.2 million.

For the year, the company expects adjusted diluted earnings per share in the range of $1.37 to $1.42.

Big Lots, Inc ((BIG)) declined 8.7% or $3.35 to $35.03 after the retailer reported net sales in the first quarter ending on May 4 grew 2% to $1.31 billion. Comparable store sales for the quarter slid 2.9%.

Net income in the quarter plunged 21% to $32.3 million or 56 cents a diluted share compared to $40.7 million or 63 cents.

For the second quarter, the company estimate diluted earnings per share from continuing operations in the range of 17 cents to 27 cents.

For the year, the retailer expects non-GAAP basis adjusted diluted earnings per share continuing operations between $2.87 and $3.12.

For the year, the company expects Canadian net sales in the range of $175 million to $185 million and non-GAAP basis net loss between $5 million and $8 million and diluted earnings per share in the range of 8 cents to 13 cents.

Bank of Montreal ((BMO)) slid 9 cents to $60.27 after the Canada based financial services provider stated revenues in the second quarter ending in April nearly flat at $3.94 billion. Net income in the quarter dropped 5% to $975 million or $1.42 a diluted share compared to $1.03 billion or $1.51.

Costco Wholesale Corporation ((COST)) rose 1.1% or $1.32 to $114.26 after the warehouses operator total revenues in the third quarter ending on May 12 jumped 8% to $24.08 billion. Comparable store sales for the quarter climbed to 6%.

Net income in the quarter surged 20% to $459 million or $1.04 a diluted share compared to $386 million or 88 cents.

CorVel Corporation ((CRVL)) increased 1.9% or 95 cents to $50.65 after the risk management solutions provider said revenues in the fourth quarter ending in March advanced 7% to $112 million. Net income in the quarter soared 50% to $7.58 million or 44 cents a diluted share compared to $5.07 million or 70 cents.

The company added gross profit in the quarter tumbled 10% to $21.5 million.

DISH Network Corporation ((DISH)) gained 35 cents to $39.60 after the pay-television provider revised its offer for Clearwire Corp for $4.40 per share in cash.

The offer represents 29% premium over the purchase price of $3.40 per share in the Sprint proposal. On May 28, Sprint''s increased offer price of 14% premium to Sprint''s previous offer of $2.97.

On Nasdaq trading, shares of Clearwire surged 21.5% to $4.23.

Express, Inc. ((EXPR)) surged 8.3% or $1.56 to $20.35 after the specialty apparel and accessory retailer reported net sales in the first quarter ending on May 4 increased 3% to $508.5 million. Comparable store sales for the quarter were flat.

Net income in the quarter tumbled 23% to $32.4 million or 38 cents a diluted share compared to $42.1 million or 47 cents.

Gross margin declined 10% to $170.8 million and operating income slumped to 21% to $58.7 million.

For the second quarter, Express expects net income in the range of $15 million to $18 million and diluted earnings per share between 17 cents and 21 cents.

For the year, the company expects net income in the range of $127 million to $135 million and diluted earnings per share between $1.48 and $1.58.

Fred''s, Inc. ((FRED)) climbed 7% or $1.07 to $16.27 after the retail discount store stated net sales in the first quarter ending on May 4 nearly flat to $501.5 million. Comparable store sales for the quarter fell 1.3%.

Net income in the quarter climbed 9% to $11.4 million or 31 cents a diluted share compared to $10.5 million or 28 cents.

For the second quarter, the company expects total sales to increase in the range of 2% to 4% and diluted earnings per share between 6 cents and 9 cents.

Joy Global Inc ((JOY)) advanced 1.9% or $1.09 to $56.17 after the mining equipment manufacturer said net sales in the second quarter ending on April 26 slipped 7% to $1.4 billion. Net income in the quarter tumbled 15% to $181.6 million or $1.69 a diluted share compared to $213.6 million or $2.

For the year, the company expects revenues between $4.9 billion and $5 billion and diluted earnings per share in the range of $5.60 to $5.80.

Sanderson Farms, Inc. ((SAFM)) jumped 3.7% or $2.46 to $68.30 after the poultry processing company reported net sales in the second quarter ending in April climbed 10% to $1.22 billion. Net income in the quarter rose 2% to $24.4 million or $1.06 a diluted share compared to $23.9 million or $1.04.