Alcoa Net Swings to Profit, KB Home Profit Surges on Tax Reversal

Mukesh Buch
13 Jan, 2015
New York City

Alcoa net swung to profit $159 million on 14% increase in revenues. IHS net soared 47%. KB Home profit surged on income tax benefit of $824.2 million. Limoneira net swung to a loss. Synnex net climbed 38% on 25% increase in revenues.

[R]12:10 PM New York – Alcoa net swung to profit $159 million on 14% increase in revenues. IHS net soared 47%. KB Home profit surged on income tax benefit of $824.2 million. Limoneira net swung to a loss. Synnex net climbed 38% on 25% increase in revenues.[/R]

Tollbooth Index climbed 1.3% or 124.09 to 9,985.50.

Earnings Review

Alcoa Inc ((AA)) slipped 1.3% or 21 cents to $15.96 after the aluminium producer reported revenues in the fourth-quarter ending in December climbed 14% to $6.4 billion from a year ago period.

Net in the quarter swung to profit $159 million or 11 cents a diluted share compared to a loss of $2.34 billion or $2.19 from the same quarter last year.

IHS Inc ((IHS)) climbed 5.9% to $6.51 to $116.64 after the professional information service provider said revenues in the fourth-quarter ending in November jumped 4% to $582 million from a year ago period.

Net income in the quarter soared 47% to $60.1 million or 87 cents a diluted share compared to $40.8 million or 60 cents from the same quarter last year.

KB Home ((KBH)) dropped 1.3% or 21 cents to $16.36 after the homebuilder stated total revenues in the fourth-quarter ending in November soared 29% to $796 million from a year ago period.

Net income in the quarter surged to $852.8 million or $8.36 a diluted share compared to $28.1 million or 31 cents from the same quarter last year.

The company said net income includes income tax benefit of $824.2 million that reflected the company''s $825.2 million deferred tax asset valuation allowance reversal.

Limoneira Company ((LMNR)) fell 16 cents to $22.89 after the agriculture support service provider said revenues in the fourth-quarter ending in October climbed 14% to $16.3 million from a year ago period.

Net in the quarter swung to a loss of $3 million or 21 cents a diluted share compared to profit of $1.15 million or 8 cents from the same quarter last year.

Synnex Corporation ((SNX)) soared 7.9% or $5.62 to $76.59 after the business process service provider reported revenues in the fourth-quarter ending in November surged 25% to $3.82 billion from a year ago period.

Net income in the quarter climbed 37.6% to $57.1 million or $1.44 a diluted share compared to $41.5 million or $1.09 from the same quarter last year.