Darden Lifts Outlook, Navistar Sales in U.S. and Canada Jump

Mukesh Buch
19 Dec, 2017
New York City

Darden Restaurants lifted fiscal outlook. FactSet plunged 8% despite reporting rising revenues. Longfin tumbled after buying a blockchain Ziddu.com. Navistar jumped on higher sales in Canada and in the U.S. Tenet explore to sale of its Conifer unit. Worthington net declined 16%.

[R]11:45 AM New York City, New York – Darden Restaurants lifted fiscal outlook. FactSet plunged 8% despite reporting rising revenues. Longfin tumbled after buying a blockchain Ziddu.com. Navistar jumped on higher sales in Canada and in the U.S. Tenet explore to sale of its Conifer unit. Worthington net declined 16%.[/R]

Tollbooth Index declined 110.17 or 0.8% to 13,848.44.

Earnings Review

Darden Restaurants, Inc ((DRI)) jumped 3.8% or $3.43 to $94.04 after the full-service restaurant operator reported sales in the second-quarter ending on November 26 soared 14.6% from a year ago to $1.9 billion.

Same restaurant sales from Darden''s legacy brands in the quarter advanced 3.1% while same restaurant sales for Cheddar''s Scratch Kitchen dropped 2%.

Net income in the quarter surged 6.5% to $84.7 million or 67 cents per diluted share from $79.5 million or 64 cents in the same quarter last year.

Darden lifted fiscal 2018 sales forecast to about 13% from the earlier estimate of 11.5% to 13%, same restaurant sales growth of 2% from the earlier estimate of 1% to 2% and diluted earnings per share between $4.45 and $4.53 from the earlier estimate of $4.38 to $4.50.

FactSet Research Systems Inc ((FDS)) plunged 7.9% or $16.14 to $188.59 after the financial analytical information provider said revenues in the first-quarter ending in November jumped 14.3% from a year ago to $329.1 million.

Net income in the quarter advanced 5.7% to $70.4 million or $1.77 per diluted share from $66.6 million or $1.66 in the same quarter last year.

Longfin Corp ((LFIN)) tumbled 30.9% or $22.37 to $50.12 on report that the finance and technology provider acquired block-chain technology provider and Meridian’s website, Ziddu.com.

Ziddu offers trade and micro finance in the form of warehouse Coins to the small and medium imports/exports against collateralization of traders warehouse receipts.

Ziddu Warehouse Coin is a contract that enables importers and exporters to use their Ziddu coins that are loosely pegged to Ethereum Crypto Currency.

Navistar International Corp ((NAV)) soared 6.7% or $2.81 to $45 after the heavy machinery and vehicles maker reported revenues in the fourth-quarter ending in October surged 26% from a year ago to $2.6 billion.

Net in the quarter swung to profit $135 million or $1.36 per diluted share from a loss of $34 million or 42 cents in the same quarter last year.

Navistar said revenue increase was largely driven by 31% increase in its Core Class 6-8 trucks and buses in the United States and Canada volumes.

Tenet Healthcare Corp ((THC)) advanced 2.3% or 34 cents to $15.09 after the healthcare services provider is exploring sale of its health-care operations Conifer management business.

Tenet expects the decision regarding potential sale of Conifer should be made during first-half of 2018.

Tenet forecasted fiscal 2018 net operating revenues in the range of $17.8 billion to $18.2 billion and net income in the range of $65 million to $70 million and diluted earnings per share between 63 cents and 68 cents.

Worthington Industries Inc ((WOR)) jumped 3.9% or $1.68 to $45.04 after the steel and metal products processor said revenues in the second-quarter ending in November advanced 19.7% from a year ago to $871.3 million.

Net income in the quarter declined 15.5% to $39.4 million or 62 cents per diluted share from $46.6 million or 72 cents in the same quarter last year.