Ciena, Vera Bradley Jump; Campbell Soup, Genesco, Salesforce.com Decline

Mukesh Buch
01 Sep, 2016
New York City

Ciena net and revenues jumped. Campbell Soup net swung to a loss. Genesco profit doubled while sales dropped. Greif net soared. Joy Global net and revenues plunged. Methode Electronics net fell 10%. Salesforce.com net swung to profit and lifted fiscal outlook. Vera Bradley net slid.

[R]12:00 PM New York – Ciena net and revenues jumped. Campbell Soup net swung to a loss. Genesco profit doubled while sales dropped. Greif net soared. Joy Global net and revenues plunged. Methode Electronics net fell 10%. Salesforce.com net swung to profit and lifted fiscal outlook. Vera Bradley net slid.[/R]

Tollbooth Index edged down 6.08 to 10,967.04.

Earnings Review

Ciena Corporation ((CIEN)) jumped 4.8% or $1.04 to $22.49 after the communications networking solution provider said revenues in the third-quarter ending in July soared 11.2% from a year ago at $670.6 million.

Net income in the quarter jumped 41.9% to $33.5 million or 23 cents per diluted share compared to the $23.6 million or 19 cents per share from the same quarter last year.

Ciena forecasted revenues in the fourth-quarter in the range of $700 to $730 million.

Campbell Soup Company ((CPB)) plunged 5% or $3.04 to $57.68 after the food products maker reported revenues in the fourth-quarter ending in July fell 1% from a year ago at $1.7 million.

Net loss in the quarter swung to a loss of $81 million or 26 cents per diluted share compared to the profit of $17 million or 5 cents per share from the same quarter last year.

Genesco Inc ((GCO)) tumbled 30.5% or $22.13 to $50.51 after the footwear, apparel and accessories wholesaler said net sales in the second-quarter ending in July dropped 4.6% from a year ago at $625.6 million.

Same store sales in the quarter fell 2% and online decreased 1%.

Net income in the quarter doubled to $14.6 million or 72 cents per diluted share compared to the $7.5 million or 32 cents per share from the same quarter last year.

Greif, Inc ((GEF)) jumped 4.3% or $1.81 to $44.44 after the industrial packaging products maker reported revenues in the third-quarter ending in July slumped 9.1% from a year ago at $845 million.

Net income in the quarter soared to $46.1 million or 78 cents per diluted share compared to the $8.6 million or 15 cents per share from the same quarter last year.

Joy Global Inc ((JOY)) slid 5 cents to $27.23 after the mining equipment maker stated net sales in the third-quarter ending on July 29 plunged 26% from a year ago at $586.6 million.

Net income in the quarter tumbled 99.7% to $0.13 million or break even per diluted share compared to the $51.3 million or 52 cents per share from the same quarter last year.

Methode Electronics Inc ((MEI)) plummeted 4.8% or $1.76 to $34.89 after the electro-mechanical devices maker said sales in the first-quarter ending in July declined 5.6% from a year ago at $191.9 million.

Net income in the quarter slumped 9.8% to $21.2 million or 57 cents per diluted share compared to the $23.5 million or 60 cents per share from the same quarter last year.

Salesforce.com, Inc ((CRM)) plunged 6.4% or $5.10 to $74.32 after the enterprise cloud computing solutions provider reported revenues in the second-quarter ending in July soared 25% from a year ago at $2.04 billion.

Net in the quarter swung to profit $229.6 million or 33 cents per diluted share compared to the loss of $0.85 million or break even per share from the same quarter last year.

Salesforce lifted revenues forecast in the third-quarter in the range of $2.11 billion to $2.12 billion, an increase of 23% to 24% and diluted loss per share between 5 cents and 4 cents from a year ago period

In the year, Salesforce estimated revenues between $8.28 billion and $8.33 billion, an increase of 24% to 25% and diluted earnings per share in the range of 27 cents to 29 cents.

Vera Bradley, Inc ((VRA)) soared 8.5% or $1.28 to $16.24 after the handbags, accessories, luggage and travel items designer said revenues in the second-quarter ending in July fell 1.2% from a year ago at $119.2 million.

Net income in the quarter declined 10.5% to $5.1 million or 14 cents per diluted share compared to the $5.7 million or 15 cents per share from the same quarter last year.

Vera Bradley lifted revenues forecast in the third-quarter between $128 million and $133 million compared to $126.7 million but lower the diluted earnings per share in the range of 22 cents to 24 cents from 27 cents in a year ago period.

In the year, the handbags designer lowered revenue estimate between $510 million and $515 million from $502.6 million but lifted diluted earnings per share outlook in the range of 88 cents to 92 cents compared to 82 cents in the year ago period.