U.S. Movers: Clarcor, HIS, Jabil Circuit, Kroger, Micron Tech, Rite Aid

Mukesh Buch
20 Jun, 2013
New York City

Clarcor second quarter net increased. IHS and Jabil Circuit revenue jumped but net declined. Micron Tech net swung to profit. Kroger net rose 9.6% to $481 million. Pier 1 net climbed and lifted earnings guidance. Rite Aid net surged and Steelcase profit climbed.

[R]11:30 AM New York – Clarcor second quarter net increased. IHS and Jabil Circuit revenue jumped but net declined. Micron Tech net swung to profit. Kroger net rose 9.6% to $481 million. Pier 1 net climbed and lifted earnings guidance. Rite Aid net surged and Steelcase profit climbed.[/R]

Clarcor Inc. ((CLC)) dropped 5.1% or $2.77 to $51.40 after the filtration products provider stated total revenue in the second quarter ending on June 1 increased 1% to $287.6 million. Net earnings in the quarter rose 1% to $33.1 million or 66 cents a diluted share compared to $32.9 million or 65 cents.

Operating profit in the quarter increased 1% to $49.4 million.

For the year, the company expects diluted earnings per share in the range of $2.45 to $2.55.

Finisar Corporation ((FNSR)) surged 12.1% or $1.77 to $16.28 after the networking products provider reported revenues in the second quarter ending in May rose 5% to $232 million. In the quarter net swung to profit $0.27 million or break even share compared to net loss $6.20 million or 7 cents.

For the third quarter, the company expects revenues in the range of $230 million to $245 million and non-GAAP earnings per diluted share between 14 cents and 18 cents.

IHS Inc. ((IHS)) declined 4.6% or $4.92 to $102.88 after the insight information provider said revenue in the second quarter ending in May jumped 8% to $418 million. Net income in the quarter declined 3% to $42.9 million or 65 cents a diluted share compared to $44.2 million or 66 cents.

For the year, IHS expects revenue between $1.66 billion and $1.73 billion and adjusted EBITDA in a range of $540 million to $582 million and Adjusted diluted earnings per share between $4.23 and $4.43.

Jabil Circuit, Inc. ((JBL)) rose 6 cents to $19.88 after the electronic chip maker stated total revenues in the third quarter ending in May grew 5% to $4.5 billion. Net income in the quarter plunged 51% to $49.6 million or 24 cents a diluted share compared to $101.6 million or 48 cents.

The diversified manufacturing revenue in the quarter increased to $1.8 billion and enterprise and infrastructure revenue was at $1.4 billion and high velocity sector revenue was at $1.3 billion.

For the fourth quarter, Jabil Circuit expects net revenue in the range of $4.45 billion to $4.65 billion and GAAP diluted earnings per share between 4 cents and 12 cents.

Methode Electronics, Inc. ((MEI)) gained 1.6% or 24 cents to $14.78 after the electronic components maker reported net sales in the fourth quarter ending on April 27 climbed 17.4% to $148.4 million. Net income in the quarter surged 75.9% to $10.2 million or 27 cents a diluted share compared to $5.8 million or 15 cents.

Micron Technology, Inc. ((MU)) slipped 1.7% or 24 cents to $13.73 after the device maker said total revenue in the third quarter ending on May 30 advanced 8% to $2.32 billion. In the quarter net swung to profit $43 million or 4 cents a diluted share compared to net loss $320 million or 32 cents.

Gross margin in the quarter surged 138% to $556 million.

The Kroger Co ((KR)) dropped 4.9% or $1.72 to $33.40 after the supermarket operator reported total sales in the first quarter ending on May 25 grew 3.4% to $30 billion. Net earnings for the quarter jumped 9.6% to $481 million or 92 per diluted share compared to $439 million or 78 cents.

For the quarter, FIFO gross margin of sales was 20.65% and LIFO charge $17 million.

The company lifted its net earnings guidance for the year and now expects between $2.73 and $2.80 per diluted share.

Pier 1 Imports, Inc ((PIR)) fell 3.9% or 93 cents to $23.06 after the home furnishings retailer said total sales in the first quarter ending on June 1 jumped 9.3% to $394.9 million. Comparable store sales for the quarter climbed 5.9%

Net income for the quarter climbed 14% to $20.3 million or 19 per diluted share compared to $17.8 million or 16 cents.

Gross profit as a percentage of sales rose 80 basis points to 42.4% to $167.6 million and operating margin advanced 80 basis points to 8.4%.

The retailer lifted its guidance for fiscal year 2014 and now expects earnings per share in the range of $1.27 to $1.32 from earlier forecast of $1.26 to $1.31. Comparable store sales grow in the mid single-digit range.

Rite Aid Corporation ((RAD)) plunged 6.1% or 19 cents to $2.92 after the drugstore chain reported revenue in the first quarter ending on June 1 slid 2.7% to $6.3 billion. Same store sales for the quarter dropped 2.5%

Net income for the quarter climbed nearly three-fold to $91 million or 9 per diluted share compared to $30.7 million or 3 cents.

Rite Aid confirmed its fiscal 2014 guidance for sales between $24.9 billion and $25.3 billion and same store sales to range from a decrease of 0.75% to an increase of 0.75%.

Red Hat, Inc. ((RHT)) gained 1.1% or 52 cents to $46.74 after the software solutions provider reported total revenue in the first quarter ending in May soared 15% to $363 million. Net income in the quarter jumped 8% to $43 million or 21 cents a diluted share compared to $37 million or 19 cents.

The company added operating income in the first quarter climbed 11% to $57 million.

Steelcase Inc. ((SCS)) plummeted 6.7% or $1.01 to $14.14 after the workplace services provider stated total revenue in the first quarter ending in May grew 1% to $667.1 million. Net income in the quarter flat to $13.2 million or 10 cents a diluted share compared to $13.2 million or 10 cents.

Gross profit in the quarter advanced 7% to $209.7 million and operating income increased 6% to $20.9 million.

For the second quarter, Steelcase expects diluted earnings per share between 22 cents and 26 cents.