ConAgra, Lindsay Net Tumble; Bassett Furniture, Darden Plunge

Mukesh Buch
30 Jun, 2016
New York City

ConAgra net tumbled 44% on 10% drop in revenues. Constellation Brands net and revenues surged. Darden Restaurants profit soared 33%. Lindsay net plummeted 26% on 12% decline in revenues. McCormick net jumped 11%. Paychex net and revenues soared.

[R]3:00 PM New York – ConAgra net tumbled 44% on 10% drop in revenues. Constellation Brands net and revenues surged. Darden Restaurants profit soared 33%. Lindsay net plummeted 26% on 12% decline in revenues. McCormick net jumped 11%. Paychex net and revenues soared.[/R]

Tollbooth Index rose 6.36 to 10,489.76.

Earnings Review

Bassett Furniture Industries Inc ((BSET)) tumbled 13.5% or $3.73 to $23.89 after the home furnishing retailer said sales in the second-quarter ending on May 28 fell 4.4% from a year ago to $106.7 million.

Comparable store sales in the quarter dropped 3.9%.

Net income in the quarter plunged 24.4% to $3.4 million or 31 cents per diluted share compared to $4.5 million or 42 cents per share from the same quarter last year.

ConAgra Foods Inc ((CAG)) fell 20 cents to $47.41 after the packaged food company reported total sales in the fourth-quarter ending on May 29 declined 9.5% from a year ago to $2.83 billion.

Net income in the quarter tumbled 43.8% to $117.6 million or 27 cents per diluted share compared to $209.2 million or 48 cents per share from the same quarter last year.

Constellation Brands, Inc ((STZ)) jumped 2.9% or $4.57 to $163.96 after the beer and wine producer said revenues in the first-quarter ending in May soared 13.9% from a year ago to $2.05 billion.

Net income in the quarter surged 33.4% to $318.3 million or $1.43 per diluted share compared to $238.6 million or $1.09 per share from the same quarter last year.

Darden Restaurants, Inc ((DRI)) declined 4.4% or $2.93 to $63.03 after the full service restaurants operator stated revenues in the fourth-quarter ending on May 29 dropped 4.8% from a year ago to $1.79 billion.

Same-restaurant sales in the quarter increased 1.7%.

Net income in the quarter soared 32.6% to $139.6 million or $1.09 per diluted share compared to $105.3 million or 82 cents per share from the same quarter last year.

The restaurants operator forecasted same-restaurant sales in the year to increase between 1% and 2% and diluted earnings per share in the range of $3.80 to $3.90.

Lindsay Corporation ((LNN)) advanced 3.5% or $2.40 to $71.26 after the irrigation systems maker said revenues in the third-quarter ending in May plunged 12.1% from a year ago to $141.3 million.

Net income in the quarter plummeted 25.6% to $9.6 million or 90 cents per diluted share compared to $12.9 million or $1.10 per share from the same quarter last year.

McCormick & Company, Inc ((MKC)) increased 3% or $3.11 to $105.82 after the spices, seasoning mixes maker stated sales in the second-quarter ending in May rose 3.9% from a year ago to $1.06 billion.

Net income in the quarter jumped 11.3% to $93.8 million or 73 cents per diluted share compared to $84.3 million or 65 cents per share from the same quarter last year.

Paychex, Inc ((PAYX)) jumped 4.2% or $2.36 to $58.48 after the outsourcing services provider said total revenues in the fourth-quarter ending in May soared 9% from a year ago to $753.9 million.

Net income in the quarter surged 11% to $178.1 million or 49 cents per diluted share compared to $161.2 million or 44 cents per share from the same quarter last year.