Lennar Reports Strong Gains in Order Backlog, General Mills Sales Drop

Mukesh Buch
21 Mar, 2017
New York City

Beasley Broadcast revenues surged on an acquisition. General Mills lowered sales outlook and said sales suffered in North American retail segment. Lennar reported strong backlog of orders. Lands'' End net loss widened.

[R]12:20 PM New York – Beasley Broadcast revenues surged on an acquisition. General Mills lowered sales outlook and said sales suffered in North American retail segment. Lennar reported strong backlog of orders. Lands'' End net loss widened.[/R]

Tollbooth Index slid 110.77 or 0.9% to 11,427.49.

Earnings Review

Beasley Broadcast Group Inc ((BBGI)) soared 9.7% or 98 cents to $11.05 after the radio broadcasting services provider said net revenues in the fourth-quarter ending in December soared 89.1% from a year ago to $53.7 million.

Net income in the quarter surged to $41.5 million or $1.57 per diluted share from $3.3 million or 14 cents in the same quarter last year.

The broadcaster said increasing of profit mainly due to acquisition of the Greater Media stations.

General Mills, Inc ((GIS)) slipped 1% or 67 cents to $59.90 after the branded consumer foods manufacturer reported net sales in the third-quarter ending on February 26 declined 5.2% from a year ago to $3.8 billion.

Net income in the quarter fell 1.1% to $357.8 million or 61 cents per diluted share from $361.7 million or 59 cents in the same quarter last year.

General Mills said weak revenues primarily reflected volume reductions in the North America retail segment where sales declined 7% and partially offset by benefits from positive net price realization and mix.

The branded foods manufacturer forecasted organic net sales in fiscal 2017 to decline 4% but diluted earnings per share to increase 5% to 7% from $2.92 reported in fiscal 2016.

Lennar Corporation ((LEN)) dropped 3.2% or $1.68 to $51.01 after the real estate financial services provider said revenues in the first-quarter ending on February 28 jumped 17% from a year ago to $2.3 billion.

Net income in the quarter plunged 9.2% to $130.8 million or 56 cents per diluted share from $144.1 million or 63 cents in the same quarter last year.

Lennar said new orders in the quarter soared 12% to 6,483 homes and in value terms jumped 16% to $2.4 billion. Backlog surged 18% to 9,017 homes and on value basis advanced 18% to $3.5 billion.

Lands'' End, Inc ((LE)) rose 5 cents to $19.25 after the casual clothing, accessories and footwear multi-channel retailer net revenues in the fourth-quarter ending on January 27 fell 3.1% from a year ago to $458.8 million

Same store sales in the quarter decreased 1.7%.

Net loss in the quarter widened to $94.8 million or $2.96 per diluted share from $39.5 million or $1.23 in the same quarter last year.

Marathon Oil Corporation ((MRO)) slumped 2.5% or 39 cents to $15.09 after the oil and gas explorer agreed to acquire 21,000 net acres in the Permian’s northern Delaware Basin in New Mexico from Fort Worth-based Black Mountain Oil & Gas LLC and other private sellers for $700 million cash.

The transaction is expected to close in second-quarter.