AZZ, Bed Bath & Beyond, PriceSmart Decline; Acuity Brands Gains

Mukesh Buch
09 Jan, 2015
New York City

Acuity Brands net soared 15% on 12% increase in revenues. AZZ net jumped 9%. Bed Bath & Beyond profit declined 5% after revenues rose 3%. PriceSmart net dropped 5% but revenues climbed 8%. XL agreed to acquire Catlin Group for $4.2 billion.

[R]11:30 AM New York – Acuity Brands net soared 15% on 12% increase in revenues. AZZ net jumped 9%. Bed Bath & Beyond profit declined 5% after revenues rose 3%. PriceSmart net dropped 5% but revenues climbed 8%. XL agreed to acquire Catlin Group for $4.2 billion.[/R]

Tollbooth Index dropped 1.3% or 129.05 to 9,892.60.

Earnings Review

Acuity Brands, Inc ((AYI)) climbed 5.5% or $7.80 to $149.80 after the lighting and fixtures provider reported revenues in the first-quarter ending in November climbed 12.5% to $647.4 million from a year ago period.

Net income in the quarter soared 14.8% to $51.1 million or $1.17 a diluted share compared to $44.5 million or $1.03 from the same quarter last year.

AZZ Inc ((AZZ)) declined 6.3% or $2.85 to $42.56 after the engineering service provider said revenues in the third-quarter ending in November surged 13.7% to $224.8 million from a year ago period.

Net income in the quarter jumped 8.7% to $20 million or 77 cents a diluted share compared to $18.4 million or 72 cents from the same quarter last year.

The company said backlog at the end of quarter was $300.3 million compared to $290 million in the same period a year ago.

Bed Bath & Beyond Inc ((BBBY)) plunged 6% or $6.04 to $73.41 after the home furnishing retailer reported net sales in the third-quarter ending in November rose 2.7% to $2.94 billion in the same period a year ago. Comparable store sales in the quarter increased 1.7%.

Net income in the quarter declined 5% to $225.4 million or $1.23 a diluted share compared to $237.2 million or $1.12 from the same quarter last year.

PriceSmart, Inc ((PSMT)) dropped 4.2% or $3.96 to $89.39 after the discount store operator said net sales in the first-quarter ending in November climbed 7.9% to $636.4 million in the same period a year ago.

Net income in the quarter slipped 5% to $20.6 million or 68 cents a diluted share compared to $21.4 million or 71 cents from the same quarter last year.

Synergy Resources Corp ((SYRG)) gained 1.1% or 14 cents to $12.36 after the oil and gas explorer stated revenues in the first-quarter ending in November jumped 121% to $42.5 million in the same period a year ago.

Net income in the quarter surged 247% to $21.2 million or 26 cents a diluted share compared to $6.1 million or 8 cents from the same quarter last year.

XL Group Plc ((XL)) rose 21 cents to $35.62 after the Ireland-based insurance company agreed to acquire a Lloyd’s of London company syndicate Catlin Group Ltd. for about £2.8 billion or $4.2 billion to expand its property-casualty insurer business.

After the merger, two companies are expected to save combined expense of 10% as the underwriting groups across Europe face higher capital requirements.

The company also reversed its earlier decision and agreed to pay a final dividend of 22 pence a share and deduct the amount from the acquisition cost.