Target Lifts Profit Outlook, Urban Outfitters Surges on Quarterly Results

Mukesh Buch
16 Aug, 2017
New York City

Agilent Technologies net surged 41%. Jack Henry & Associates net tumbled. MSG Networks beats expectations. Performance Food net soared 38%. Target lifted profit guidance. Urban Outfitters surged on sales and earnings beat.

[R]12:25 PM New York – Agilent Technologies net surged 41%. Jack Henry & Associates net tumbled. MSG Networks beats expectations. Performance Food net soared 38%. Target lifted profit guidance. Urban Outfitters surged on sales and earnings beat.[/R]

Tollbooth Index advanced 78.81 or 0.7% to 12,276.04.

Earnings Review

Agilent Technologies Inc ((A)) jumped 3.9% or $2.32 to $61.70 after the medical equipment provider reported revenues in the third-quarter ending in July soared 7% from a year ago to $1.1 billion.

Net income in the quarter surged 41% to $175 million or 54 cents per diluted share from $124 million or 38 cents in the same quarter last year.

Agilent forecasted fourth-quarter revenue between $1.15 billion and $1.17 billion and non-GAAP earnings per share in the range of 60 cents to 62 cents.

In the fiscal 2017, the medical equipment provider estimated revenues in the range of $4.435 billion to $4.455 billion and non-GAAP earnings per share between $2.29 and $2.31.

Flexsteel Industries, Inc ((FLXS)) slipped 1.6% or 86 cents to $53.27 after the upholstered and wood furniture products maker stated net sales in the year ending in June declined 6.3% from a year ago to $469 million.

Net income in the quarter fell 1.7% to $23.8 million or $3.02 per diluted share from $24.2 million or $3.12 in the same quarter last year.

Jack Henry & Associates, Inc ((JKHY)) declined 4.4% or $4.65 to $101.86 after the automating business processes provider said revenues in the fourth-quarter ending in June jumped 5% from a year ago to $383.8 million.

Net income in the quarter tumbled 23% to $64.7 million or 83 cents per diluted share from $84.3 million or $1.06 in the same quarter last year.

MSG Networks Inc ((MSGN)) increased 12 cents to $20.35 after the sports and entertainment provider reported revenues in the fourth-quarter ending in June rose 1% from a year ago to $162.9 million.

Net income in the quarter declined 19% to $39.7 million or 52 cents per diluted share from $48.7 million or 65 cents in the same quarter last year.

Performance Food Group Co ((PFGC)) gained 1.7% or 45 cents to $26.40 after the food products distributor said net sales in the fourth-quarter ending on July 1 rose 1.3% from a year ago to $4.4 billion.

Net income in the quarter soared 38.4% to $40.4 million or 39 cents per diluted share from $29.2 million or 29 cents in the same quarter last year.

Target Corporation ((TGT)) jumped 3.1% or $1.67 to $56.05 after the discount stores operator reported net sales in the second-quarter ending on July 29 increased 1.6% from a year ago to $16.4 billion.

Comparable store sales in the quarter increased 1.3% while comparable digital channel sales surged 32%.

Net income in the quarter slid 1.2% to $672 million or $1.22 per diluted share from $680 million or $1.16 in the same quarter last year.

The retailer forecasted fiscal 2017 comparable sales growth in the range of flat or plus or minus 1% and earnings per share between $4.35 and $4.55.

Urban Outfitters, Inc ((URBN)) surged 23.5% or $3.94 to $20.75 after the lifestyle specialty retailer said total net sales in the second-quarter ending in July slid 2% from a year ago to $872.9 million.

Comparable store sales including direct-to-consumer channel sales in the quarter declined 4.9%. By brand, comparable retail segment net sales increased 2.9% at Free People but dropped 4% at Anthropologie Group and 7.9% at Urban Outfitters.

Net income in the quarter plunged 35.1% to $50 million or 44 cents per diluted share from $76.9 million or 66 cents in the same quarter last year.