Advance Auto Misses Estimates, Intuit Powers Ahead; Chico

Mukesh Buch
24 May, 2017
New York City

Advance Auto Parts missed estimates. Chico''s plunged 12% on weak sales and weaker forecast. Intuit revenues jumped as the accounting software developer ramps up payment gateway and mortgage brokerage business. Lowe''s revenues soared. Tiffany net jumped.

[R]2:10 PM New York – Advance Auto Parts missed estimates. Chico''s plunged 12% on weak sales and weaker forecast. Intuit revenues jumped as the accounting software developer ramps up payment gateway and mortgage brokerage business. Lowe''s revenues soared. Tiffany net jumped.[/R]

Tollbooth Index increased 31.61 or 0.3% to 12,059.28.

Earnings Review

Advance Auto Parts, Inc ((AAP)) declined 3.9% or $5.44 to $135.23 after the automobile parts provider said sales in the first-quarter ending on April 22 dropped 3% from a year ago to $2.9 billion.

Comparable store sales in the quarter dropped 2.7%.

Net income in the quarter tumbled 32% to $108 million or $1.46 per diluted share from $158.8 million or $2.14 in the same quarter last year.

Chico''s FAS, Inc ((CHS)) plunged 12% or $1.33 to $9.76 after the women''s specialty retailer stated net sales in the first-quarter ending in April declined 9.2% from a year ago to $583.7 million.

Comparable store sales in the quarter slumped 8.7%.

Net income in the quarter jumped 8% to $33.6 million or 26 cents per diluted share from $31.1 million or 23 cents in the same quarter last year.

The retailer said its name brand stores comparable sales plummeted 10% and comparable store sales in White House Black Market chain dropped 9.7% but sales in Soma business edged up 0.2%.

In the fiscal 2017, Chico''s forecasted gross margin as a percent of net sales to range between flat and increase of 30 basis points.

Dycom Industries, Inc ((DY)) tumbled 16.2% or $17.45 to $90.51 after the specialty contracting services provider said revenues in the third-quarter ending in April soared 14.9% from a year ago to $786.3 million.

Net income in the quarter surged 17.2% to $38.8 million or $1.22 per diluted share from $33.1 million or $1 in the same quarter last year.

Intuit Inc ((INTU)) surged 7.3% or $9.40 to $138.51 after the business and financial software provider reported revenues in third-quarter ending in April jumped 10.4% from a year ago to $2.5 billion.

Net income in the quarter dropped 6.4% to $964 million or $3.70 per diluted share from $1.03 billion or $3.94 in the same quarter last year.

Intuit forecasted fourth-quarter revenues in the range of $795 million to $815 million and earnings per share of 16 cents to 18 cents.

In fiscal 2017, accounting software provider estimated revenues between $5.13 billion and $5.15 billion and earnings per share in the range of $4.38 to $4.40.

Lowe''s Companies, Inc ((LOW)) slumped 3.1% or $2.52 to $79.79 after the home improvement retailer reported sales in the first-quarter ending on May 5 jumped 10.7% from a year ago to $16.9 billion.

Comparable store sales in the quarter increased 1.9%.

Net income in the quarter plunged 31.9% to $602 million or 70 cents per diluted share from $884 million or 98 cents in the same quarter last year.

Lowe''s forecasted fiscal 2017 total sales to increase approx 5% and comparable sales to jump 3.5%.

The retailer plans to add 35 new stores and estimated diluted earnings per share of about $4.30.

Tiffany & Co ((TIF)) plummeted 8.1% or $7.55 to $85.59 after the jewelry and watch retailer said revenues in the first-quarter ending in April rose 1% from a year ago to $900 million.

Comparable store sales in the quarter declined 4%.

Net income in the quarter jumped 6.9% to $93 million or 74 cents per diluted share from $87 million or 69 cents in the same quarter last year.

Triumph Group Inc ((TGI)) surged 25.8% or $6.25 to $30.50 after the aircraft components maker said revenues in the fourth-quarter ending in March plunged 13% from a year ago to $919.9 million.

Net loss in the quarter narrowed to $126.8 million or $2.57 per diluted share from $1.1 billion or $22.01 in the same quarter last year.

Triumph estimated fiscal 2018 revenues in the range of $3.1 billion to $3.2 billion.

Separately, the subsidiary of Triumph and Canada-based Bombardier Inc signed an agreement to resolves all outstanding disputes, including pending litigations, related to the design, manufacture and supply of wing components for Bombardier''s Global 7000 business aircraft.