Danaher Reaffirms Fiscal Outlook, Target Buys Grocery Delivery Service Shipt

Mukesh Buch
14 Dec, 2017
New York City

Danaher reaffirmed fiscal 2018 outlook. Nordson lifted fiscal 2018 sales forecast. Pier 1 Imports tumbled after profit plunged 46%. Sanderson Farms reported lower-than-expected results. Scholastic sales and profit declined but reaffirmed fiscal 2018 forecast.

[R]12:05 PM New York City, New York – Danaher reaffirmed fiscal 2018 outlook. Nordson lifted fiscal 2018 sales forecast. Pier 1 Imports tumbled after profit plunged 46%. Sanderson Farms reported lower-than-expected results. Scholastic sales and profit declined but reaffirmed fiscal 2018 forecast.[/R]

Tollbooth Index gained 53.21 or 0.4% to 13,860.30.

Earnings Review

Danaher Corporation ((DHR)) slipped 75 cents to $93.44 after the professional, medical, industrial and commercial products maker reaffirmed fiscal 2018 diluted net earnings per share estimate in the range of $3.50 to $3.60.

Nordson Corporation ((NDSN)) surged 18.1% or $22.92 to $149.83 after the industrial machinery manufacturer said sales in the fourth-quarter ending in October advanced 13% from a year ago to $573.9 million.

Net income in the quarter jumped 5.1% to $79.8 million or $1.37 per diluted share from $75.9 million or $1.31 in the same quarter last year.

Fiscal 2018 first-quarter sales are forecasted to increase between 30% and 34% compared to the same period a year ago.

Pier 1 Imports Inc ((PIR)) tumbled 30.3% or $1.78 to $4.07 after the home decor and furniture importer stated net sales in third-quarter ending on November 25 fell 1.4% from a year ago to $469.2 million.

Net income in the quarter plunged 45.6% to $7.4 million or 9 cents per diluted share from $13.6 million or 17 cents in the same quarter last year.

Sanderson Farms, Inc ((SAFM)) plunged 6.6% or $11.05 to $156.59 after the poultry products maker reported revenues in the fourth-quarter ending in October soared 16.3% from a year ago to $919.9 million.

Net income in the quarter declined 4.1% to $72.9 million or $3.20 per diluted share from $76 million or $3.36 in the same quarter last year.

""The fourth quarter marked the end of another record year for Sanderson Farms,"" said Joe F. Sanderson and added overall market prices for poultry products were generally higher in fiscal 2017 compared to a year ago.

Scholastic Corporation ((SCHL)) slumped 3.7% or $1.58 to $40.82 after the children''s books publisher and distributor said revenues in the second-quarter ending in November dropped 3.9% from a year ago to $598.3 million.

Net income in the quarter plunged 15.9% to $57.1 million or $1.63 per diluted share from $67.9 million or $1.96 in the same quarter last year.

Scholastic reaffirmed fiscal 2018 total revenue forecast between $1.65 billion and $1.70 billion and diluted earnings per share in the range of $1.20 to $1.30 and free cash in the range of $10 million to $20 million.

Target Corporation ((TGT)) fell 28 cents to $62.39 and the discount stores operator today agreed to acquire same-day grocery-delivery service startup Shipt Inc. for about $550 million.