Nordstrom Online Sales Surge, JCPenney, Snap Inc Net Loss Widen

Mukesh Buch
11 Aug, 2017
New York City

Applied Indl Tech net more than doubled. Acushnet net jumped 22% but revenues plunged 8%. Enerplus net swung to profit on 69% jump in revenues. J C Penney drops to record low. Nordstrom net slumped. NVIDIA net more than doubled. Snap net loss widened.

[R]12:10 PM New York – Applied Indl Tech net more than doubled. Acushnet net jumped 22% but revenues plunged 8%. Enerplus net swung to profit on 69% jump in revenues. J C Penney drops to record low. Nordstrom net slumped. NVIDIA net more than doubled. Snap net loss widened.[/R]

Tollbooth Index advanced 61.87 or 0.5% to 12,235.08.

Earnings Review

Applied Industrial Technologies ((AIT)) gained 1.5% or 84 cents to $55.45 after the industrial equipment distributor said revenues in the fourth-quarter ending in June jumped 7.5% from a year ago to $681.5 million.

Net income in the quarter more than doubled to $53 million or $1.34 per diluted share from $26.1 million or 66 cents in the same quarter last year.

The industrial equipment distributor forecasted fiscal 2017 sales to increase between 3% and 5% and earnings per share in the range of $3 to $3.20 per share.

Acushnet Holdings Corp ((GOLF)) declined 8% or $1.37 to $15.66 after the golf products maker stated net sales in the second-quarter ending in June plunged 7.6% from a year ago to $428 million.

Net income in the quarter jumped 21.8% to $33 million from $27.1 million in the same quarter last year.

Enerplus Corp ((ERF)) surged 7% or 59 cents to $9.03 after the Canada-focused oil and natural gas explorer stated revenues in the second-quarter ending in June surged 69% from a year ago to $257.6 million.

Net in the quarter swung to profit $129.3 million or 52 cents per diluted share from a loss of $168.6 million or 77 cents in the same quarter last year.

J C Penney Company Inc ((JCP)) tumbled 16.2% or 77 cents to $3.94 after the department stores operator said total net sales in the second-quarter ending on July 29 rose 1.5% from a year ago to $3 billion.

Comparable store sales in the quarter dropped 1.3%.

Net loss in the quarter widened to $62 million or 20 cents per diluted share from profit of $56 million or 18 cents in the same quarter last year.

The retailer reaffirmed fiscal 2017 earnings per share forecast in the range of 40 cents to 65 cents and same-store sales to increase plus or minus 1%.

Nordstrom, Inc ((JWN)) slipped 1.2% or 55 cents to $44.32 after the specialty retailer reported total net sales in the second-quarter ending on July 29 advanced 3.5% from a year ago to $3.7 billion.

Comparable store sales in the quarter increased 1.7%.

Net income in the quarter slumped 6% to $110 million or 65 cents per diluted share from $117 million or 67 cents in the same quarter last year.

Nordstrom lifted fiscal 2017 net sales forecast to about 4% increase from the earlier estimate of 3% to 4% and diluted earnings per share in the range of $2.85 to $3 compared to previous forecast of $2.75 to $3.

NVIDIA Corporation ((NVDA)) plunged 6.4% or $10.61 to $154.13 after the graphics chip maker reported revenues in the second-quarter ending in June surged 56% from a year ago to $2.2 billion.

Net income in the quarter more than doubled to $583 million or 92 cents per diluted share from $261 million or 41 cents in the same quarter last year.

Snap Inc., formerly Snapchat, Inc ((SNAP)) tumbled 10.4% or $1.45 to $12.20 after the mobile camera application provider stated revenues in the second-quarter ending in June soared 153% from a year ago to $181.7 million.

Net loss in the quarter widened to $443.1 million or 36 cents per diluted share from $115.9 million or 14 cents in the same quarter last year.