Higher Ad Revenues Lift 21st Century Fox, Lowe's Net Swing to Profit

Mukesh Buch
06 Feb, 2017
New York City

FMC net swung to profit and revenues fell 4%. Twenty-First Century Fox net surged 27%. Hasbro net and revenues jumped. Lowe''s net swung to profit. Sysco revenues surged 11%. Tyson Foods net soared 29%.

[R]12:10 PM New York – FMC net swung to profit and revenues fell 4%. Twenty-First Century Fox net surged 27%. Hasbro net and revenues jumped. Lowe''s net swung to profit. Sysco revenues surged 11%. Tyson Foods net soared 29%.[/R]

Tollbooth Index fell 22.14 or 0.2% to 11,351.72.

Earnings Review

FMC Corp ((FMC)) declined 4.4% or $2.66 to $58.01 after the diversified chemical producer said revenues in the fourth-quarter ending in December slumped 4% from a year ago to $865.6 million.

Net in the quarter swung to profit $15.9 million or 12 cents per diluted share compared to the loss of $204.1 million or $1.53 per share in the same quarter last year.

In fiscal 2017, FMC forecasted adjusted earnings per share in the range of $3.20 to $3.60, an increase of 20% from a year ago to $2.82.

21st Century Fox Inc ((FOX)) slipped 1.2% or 37 cents to $30.72 after the media and entertainment group reported revenues in the second-quarter ending in December jumped 4% from a year ago to $7.7 billion.

Net income in the quarter surged 27.4% to $856 million or 46 cents per diluted share compared to the $672 million or 34 cents per share in the same quarter last year.

The media group said revenue growth reflects higher advertising in both cable network and television segments.

Hasbro, Inc ((HAS)) surged 14.1% or $11.68 to $94.31 after the toys maker said revenues in the fourth-quarter ending in December soared 11% from a year ago to $1.6 billion.

Net income in the quarter jumped 11.8% to $192.7 million or $1.52 per diluted share compared to the $175.8 million or $1.39 per share in the same quarter last year.

Separately, John Frascotti was promoted to President of the company.

Lowe''s Companies, Inc ((L)) slipped 68 cents to $72.61 after the home improvement retailer stated revenues in the first-quarter ending in December were flat from a year ago at $3.33 billion.

Net in the quarter swung to profit $268 million or 79 cents per diluted share compared to the loss of $201 million or 58 cents per share in the same quarter last year.

Sysco Corporation ((SYY)) dropped 2.6% or $1.35 to $51.20 after the food products distributor reported sales in the second-quarter ending in December surged 10.7% from a year ago to $13.5 billion.

Net income in the quarter rose 1% to $275.2 million or 50 cents per diluted share compared to $272.4 million or 48 cents per share in the same quarter last year.

The food service provider said gross margin in the quarter increased to 19.11% from 17.75% despite the sales in domestic operation fell 0.5% to $9.1 billion while international sales more than doubled to $2.63 billion.

Tyson Foods, Inc ((TSN)) slumped 3.5% or $2.26 to $63.13 after the food products maker said revenues in the first-quarter ending in December rose 0.3% from a year ago to $9.18 billion.

Net income in the quarter surged 28.6% to $593 million or $1.59 per diluted share compared to the $461 million or $1.15 per share in the same quarter last year.

Tyson Foods estimated earnings per share to jump 12% or to between $4.90 and $5.05.