DISH Network Net Jumps; Coty, Energizer, Viacom Net Decline

Mukesh Buch
09 Nov, 2016
New York City

Coty net plunged 93% on weak demand. DISH Network net soared 57% and net new Pay-TV subscribers additions declined. Energizer net fell 7%. Endo Intl net loss narrowed and pharmaceuticals maker reaffirmed revenues forecast. Media General net loss widened. Viacom net tumbled.

[R]2:10 PM New York – Coty net plunged 93% on weak demand. DISH Network net soared 57% and net new Pay-TV subscribers additions declined. Energizer net fell 7%. Endo Intl net loss narrowed and pharmaceuticals maker reaffirmed revenues forecast. Media General net loss widened. Viacom net tumbled.[/R]

Tollbooth Index slumped 58.31 or 0.5% to 10,743.14.

Earnings Review

Coty Inc ((COTY)) tumbled 13.5% or $2.96 to $18.92 after the beauty products maker reported revenues in the first-quarter ending in September slipped 2.7% from a year ago to $1.1 billion.

Net income in the quarter plunged 92.6% to $9.6 million or break even per diluted share compared to the $133.1 million or 34 cents per share from the same quarter last year.

The beauty products maker said decrease in revenues and profit was mainly due to weak demand in all products including fragrances and color cosmetics. Fragrance sales dropped 9% and color cosmetics slumped 6%.

DISH Network Corp ((DISH)) gained 1.4% or 83 cents to $57.51 after the Pay-TV service provider said revenues in the third-quarter ending in September edged up 0.5% from a year ago to $3.75 billion.

Net income in the quarter soared 56.6% to $307 million or 64 cents per diluted share compared to the $196 million or 42 cents per share from the same quarter last year.

In the quarter, DISH activated approx 736,000 gross new Pay-TV subscribers compared to the 751,000 gross new Pay-TV subscribers in the same period a year ago. Dish also lost approx 20,000 net broadband subscribers.

Energizer Holdings Inc ((ENR)) slumped 3% or $1.39 to $44.82 after the batteries and portable lighting products manufacturer said net sales in the fourth-quarter ending in September advanced 8.3% from a year ago to $432.4 million.

Net income in the quarter declined 6.5% to $21.6 million or 34 cents per diluted share compared to the $23.1 million or 37 cents per share from the same quarter last year.

Endo International Plc surged 10.6% or $1.54 to $16.05 after the Ireland-based specialty pharmaceutical product maker said revenues in the third-quarter ending in September soared 18.6% from a year ago to $884.3 million.

Net loss in the quarter narrowed to $218.9 million or 98 cents per diluted share compared to the $1.05 billion or $5.02 per share from the same quarter last year.

Endo reaffirmed revenues in the year in the range of $3.87 billion to $4.03 billion and diluted earnings per share between $4.50 and $4.80 and said competitive pressures in generics business in the U.S. are likely to worsen in the next year.

Media General Inc ((MEG)), the professional multimedia services provider stated net revenues in the third-quarter ending in September surged 17% from a year ago to $377 million.

Net loss in the quarter widened to $69 million or 53 cents per diluted share compared to the $48 million or 38 cents per share from the same quarter last year.

Viacom, Inc ((VIA)) fell 33 cents to $37.02 after the entertainment conglomerate reported revenues in the fourth-quarter ending in September plunged 15% from a year ago to $3.2 billion.

Net income in the quarter tumbled 71% to $254 million or 64 cents per diluted share compared to the $884 million or $2.21 per share from the same quarter last year.

In the quarter, Viacom said revenues in media networks business declined 11% to $2.5 billion and revenues in filmed entertainment plummeted 24.5% to $774 million and theatrical revenues plunged 55% to $203 million from a year ago period.

Viacom said domestic revenues in advertising business dropped 8%, ninth quarterly decline in a row.