Nike Net Rises 5%, KB Home Returns to Profit

Mukesh Buch
27 Jun, 2014
New York City

AZZ net edged up on 18% increase in revenues. Commercial Metals net soared 25%. Finish Line profit surged 144% on 15% increase of revenue. KB Home net swung to profit after revenue climbed 8%. Nike jumped 5%. Sikorsky won contract worth $1.28 billion.

[R]12:50 PM New York – AZZ net edged up on 18% increase in revenues. Commercial Metals net soared 25%. Finish Line profit surged 144% on 15% increase of revenue. KB Home net swung to profit after revenue climbed 8%. Nike jumped 5%. Sikorsky won contract worth $1.28 billion.[/R]

Apollo Global Management LLC ((APO)) increased 1.6% or 44 cents to $27.39 after the investment company agreed to acquire Canada-based energy producer Encana’s Bighorn assets in the Alberta Deep Basin for C$2 billion or $1.9 billion.

The transaction is expected to close by the end of the third-quarter.

AZZ Inc ((AZZ)) surged 7.5% or $3.14 to $45.17 after the electrical equipment maker said revenue in the first-quarter ending in May climbed 18% to $216.1 million.

Net income in the quarter edged up to $14.9 million or 58 a diluted share compared to $14.5 million or 57 cents.

Commercial Metals Company ((CMC)) declined 3.1% or 57 cents to $17.52 after the steel and metal recycler stated total sales in the third-quarter ending in May jumped 2.8% to $1.80 billion.

Net income in the quarter soared 24.9% to $23.6 million or 20 a diluted share compared to $18.9 million or 16 cents.

Finish Line Inc ((FINL)) jumped 2.7% or 79 cents to $29.94 after the mall-based specialty retailer reported net sales in the first-quarter ending in May climbed 15% to $406.5 million. Comparable store sales in the quarter advanced 5%.

Net income in the quarter surged 144.5% to $12.4 million or 25 a diluted share compared to $5.07 million or 10 cents.

KB Home ((KBH)) rose 12 cents to $18 after the homebuilder said total revenue in the second-quarter ending in May climbed 8% to $565 million.

Net in the quarter swung to a profit $26.6 million or 27 cents a diluted share compared to a loss of $2.97 million or 4 cents a year earlier.

The company delivered 1,751 homes in the current quarter, compared to 1,797 homes with an average selling price of $319,700, an increase of $29,300 or 10% from a year ago.

Michaels Stores, Inc, ((MIK)) the crafts retailer slipped 8 cents to $16.92 after the retailer returned to stock market after eight years as a private company and $3.6 billion in debt.

Yesterday, the company priced its initial public offering of 27.8 million shares at a price to the public of $17 per share and listed on the Nasdaq.

In 2006 private equity firms Bain Capital LLC and The Blackstone Group LP acquired Michaels in $6 billion leveraged buyout.

In the latest fiscal year ending in February, sales jumped 4% to $4.6 billion and net income climbed 21.5% to $243 million from $200 million.

Net sales in the first-quarter ending on May 3 soared 5.9% to $1.07 billion from $993 million and comparable store sales jumped 3.8% from a year ago.

Net income in the quarter surged 21.7% to $56 million compared to $46 million a year ago period.

As of May, Michaels had about $3.7 billion in debt and the company plans to use the IPO’s proceeds to pay down its debt.

Nike Inc ((NKE)) gained 1.5% or $1.15 to $78.01 after the sports footwear, apparel, equipment maker reported revenue in the fourth-quarter ending in May soared 11% to $7.43 billion.

Net income in the quarter jumped 5.4% to $698 million or 78 a diluted share compared to $662 million or 76 cents.

United Technologies Corporation ((UTX)) increased 25 cents to $116 after the aerospace products and service provider’s subsidiary Sikorsky won contract from the Pentagon worth $1.28 billion for combat rescue helicopters.

The contract could be worth up to $7.9 billion for about 112 new helicopters.