Analog Devices Beats Expectations; United Tech, Rockwell in Merger Talks

Mukesh Buch
30 Aug, 2017
New York City

Analog Devices net tumbled but revenues surged. Bob Evans lifted fiscal outlook. Chico''s declined on weak sales and margins. Caleres soared after strong quarterly result. Dycom Industries net dropped 12%. H&R Block plunged after net loss widened. Vera Bradley net slumped.

[R]12:15 PM New York – Analog Devices net tumbled but revenues surged. Bob Evans lifted fiscal outlook. Chico''s declined on weak sales and margins. Caleres soared after strong quarterly result. Dycom Industries net dropped 12%. H&R Block plunged after net loss widened. Vera Bradley net slumped.[/R]

Tollbooth Index increased 27.58 or 0.2% to 12,277.16.

Earnings Review

Analog Devices, Inc ((ADI)) jumped 4.5% or $3.34 to $82.83 after the integrated circuits maker reported revenues in the first-quarter ending on July 29 surged 64.4% from a year ago to $1.4 billion.

Net income in the quarter tumbled 70.1% to $68.9 million or 18 cents per diluted share from $230.4 million or 74 cents in the same quarter last year.

Analog Devices forecasted fiscal fourth-quarter revenues in the range of $1.45 billion to $1.55 billion and diluted earnings per share between 84 cents and 98 cents.

Bob Evans Farms Inc ((BOBE)) soared 7.7% or $4.93 to $68.91 after the frozen food producer and distributor said revenues in the first-quarter ending on July 28 jumped 27.1% from a year ago to $109.3 million.

Net income in the quarter plunged 23.9% to $7 million or 35 cents per diluted share from $9.2 million or 23 cents in the same quarter last year.

The frozen food producer estimated fiscal 2018 net sales between $474 million and $486 million and operating profit between $104 million and $110 million and diluted earnings per share in the range of $2.10 to $2.30.

Chico''s FAS, Inc ((CHS)) plummeted 6.6% or 52 cents to $7.31 after the women''s specialty retailer stated net sales in the second-quarter ending on July 29 dropped 9% from a year ago to $578.6 million.

Comparable store sales in the quarter declined 8.4%.

Net income in the quarter fell 1.3% to $22.7 million or 18 cents per diluted share from $23 million or 17 cents in the same quarter last year.

The retailer lowered fiscal 2017 gross margin forecast to fall by approx 75 basis points to 100 basis points and comparable sales to be drop in high single-digits.

Caleres Inc ((CAL)) slid 4 cents to $24.81 after the footwear retailer and wholesaler said net sales revenues in the second-quarter ending on July 29 jumped 8.7% from a year ago to $677 million.

Same store sales in the quarter advanced 2.8%.

Net income in the quarter declined 11% to $17.6 million or 41 cents per diluted share from $19.8 million or 46 cents in the same quarter last year.

The footwear retailer forecasted fiscal 2017 net sales in the range of $2.7 billion to $2.8 billion and diluted earnings per share between $2.10 and $2.20.

Dycom Industries, Inc ((DY)) slumped 8.9% or $7.34 to $74.76 after the special contract services provider stated revenues in the fourth-quarter ending on July 29 slid 1.1% from a year ago to $780.2 million.

Net income in the quarter dropped 11.5% to $43.7 million or $1.38 per diluted share from $49.4 million or $1.54 in the same quarter last year.

H & R Block Inc ((HRB)) plunged 6.5% or $1.91 to $27.32 after the tax preparation services provider reported revenues in the first-quarter ending in July soared 10% from a year ago to $137.8 million.

Net loss in the quarter widened to $130.6 million or 63 cents per diluted share from $123.7 million or 56 cents in the same quarter last year.

United Technologies Corp ((UTX)) gained 55 cents to $119.30 after the Wall Street Journal reported the aerospace components maker close to buy cockpit avionics and in-flight entertainment systems provider Rockwell Collins Inc for about $140 per share or more than $20 billion.

Rockwell Collins, Inc ((COL)) traded nearly unchanged at $130.73.

Vera Bradley, Inc ((VRA)) dropped 8.1% or 82 cents to $9.25 after the women''s handbags, accessories, luggage designer said revenues in the second-quarter ending on July 29declined 5.7% from a year ago to $112.4 million.

Net income in the quarter slumped 11% to $2.2 million or 6 cents per diluted share from $5.1 million or 14 cents in the same quarter last year.

The handbags designer lowered fiscal 2018 revenues forecast to between $460 million and $470 million from the reported revenues of $485.9 million in the same period a year ago and diluted earnings per share in the range of 44 cents to 50 cents.