Bed Bath & Beyond, Jabil, Nike Soar; BlackBerry, Finish Line Plunge

Mukesh Buch
25 Sep, 2015
New York City

BlackBerry net swung to profit but revenues tumbled. Bed Bath & Beyond lowered earnings outlook. Cintas profit slumped 9% while revenues soared 9%. Finish Line net fell. Jabil Circuit revenues jumped 15%. Nike profit surged 23%.

[R]11:00 AM New York – BlackBerry net swung to profit but revenues tumbled. Bed Bath & Beyond lowered earnings outlook. Cintas profit slumped 9% while revenues soared 9%. Finish Line net fell. Jabil Circuit revenues jumped 15%. Nike profit surged 23%.[/R]

Tollbooth Index increased 39.05 or 0.4% to 10,350.62.

Earnings Review

BlackBerry Ltd ((BBRY)) plunged 4.7% or 33 cents to $6.70 after the Canada-based mobile devices maker reported revenues in the second-quarter ending on August 29 plunged 46.5% from a year ago to $490 million.

Net in the quarter swung to profit $51 million but a loss of 24 cents per diluted share compared to a loss of $207 million or 39 cents from the same quarter last year.

Cash flow in the quarter was $100 million and cash balance at the end of the quarter increased $37 million to $3.35 billion.

The company also announced a plan to introduce launch a handheld device that will run on Android operating system with BlackBerry security.

Bed Bath & Beyond Inc ((BBBY)) jumped 3.6% or $2.14 to $61.47 after the home furnishings retailer reported net sales in the second-quarter ending on August 29 rose 1.7% from a year ago to $3 billion.

Comparable store sales in the quarter increased 1.1%.

Net income in the quarter declined 10% to $201.7 million or $1.21 per diluted share compared to $224 million or $1.17 from the same quarter last year.

For the third-quarter, the company forecasted diluted earnings per share between $1.14 and $1.21, compared to $1.23 in the same prior a year ago and comparable sales to increase between 1% and 3% for the third and fourth quarters of fiscal 2015.

Cintas Corporation ((CTAS)) jumped 3.2% or $2.74 to $88.89 after the uniforms and business services provider stated revenues in the first-quarter ending in August soared 8.8% from a year ago to $1.20 billion.

Net income in the quarter slumped 9% to $100.2 million or 88 cents per diluted share compared to $110.1 million or 93 cents from the same quarter last year.

CTC Media, Inc ((CTCM)) increased 1.6% or 3 cents to $1.92 after the Russia-focused Russian free-to-air television channels operator agreed to sell its 75% stake in UTV-Management LLC of UTH Russia, privately held commercial television broadcaster in Russia for about $200 million in cash.

The transaction is expected to close by the end of December.

The Finish Line Inc ((FINL)) tumbled 16.7% or $4.14 to $20.63 after the athletic shoes and accessories retailer said revenues in the second-quarter ending on August 29 jumped 3.5% from a year ago to $483.2 million.

Finish Line comparable store sales in the quarter increased 1.5%.

Net income in the quarter fell 1.1% to $25.9 million or 57 cents per diluted share compared to $26.2 million or 54 cents from the same quarter last year.

Elbit Systems Ltd ((ESLT)) rose 11 cents to $73.20 after the Israel-based defense, homeland security services provider won a contract to supply intelligence integrated systems, for homeland security applications for about $70 million.

Jabil Circuit, Inc ((JBL)) surged 17.2% or $3.36 to $22.86 after the electronic chip maker reported revenues in the fourth-quarter ending in August jumped 14.6% from a year ago to $4.68 billion.

Net in the quarter swung to profit $87.7 million or 45 cents per diluted share compared to a loss of $26.2 million or 13 cents from the same quarter last year.

The company forecasted revenues for the fiscal first-quarter between $5.1 billion and $5.3 billion and earnings per share in the range of 72 cents to 88 cents.

For the year, the company revenues of about $20 billion and earnings per share of about $2.60.

Lockheed Martin Corporation ((LMT)) slid 5 cents to $204.71 after the defense contractor said that the regulatory and government agencies approved its $9 billion takeover of Black Hawk helicopter maker Sikorsky Aircraft from United Technologies Corp.

Lockheed also kicked off the process to sell its Information Systems & Government Services unit with more than $6 billion in revenues and profit margin just over 7%.

The company said it received regulatory approvals from the authorities in Japan and South Korea but it is still waiting for other regulatory approvals.

The transaction expected to close in the fourth quarter of 2015 or early 2016.

Nike Inc ((NKE)) soared 9.2% or $10.59 to $125.38 after the athletic footwear and accessories maker reported revenues in the first-quarter ending in August jumped 5% from a year ago to $8.4 billion.

Net income in the quarter surged 23% to $1.18 billion or $1.34 per diluted share compared to $962 million or $1.09 from the same quarter last year.