General Mills Lifts Outlook, Micron Technology Revenue Surges

Mukesh Buch
20 Dec, 2017
New York City

Actuant reaffirmed fiscal 2018 outlook. BlackBerry net loss widened after sales declined 22%. General Mills lifted net sales forecast. Micron Technology net and revenues surged. Red Hat net soared 49% on 22% jump in revenues. Rev Group profit soared.

[R]11:30 AM New York City, New York – Actuant reaffirmed fiscal 2018 outlook. BlackBerry net loss widened after sales declined 22%. General Mills lifted net sales forecast. Micron Technology net and revenues surged. Red Hat net soared 49% on 22% jump in revenues. Rev Group profit soared.[/R]

Tollbooth Index increased 16.92 to 13,849.99.

Earnings Review

Actuant Corporation ((ATU)) dropped 2.9% or 75 cents to $26.75 after the industrial products maker said revenues in the first-quarter ending in November jumped 9% from a year ago to $289 million.

Net income in the quarter jumped 4.6% to $5.2 million or 9 cents per diluted share from $4.9 million or 8 cents in the same quarter last year.

In the second-quarter, Actuant estimated sales in the range of $265 million to $275 million and diluted earnings per share in the range of 10 cents to 15 cents.

Actuant reaffirmed fiscal 2018 sales forecast in the range of $1.10 billion to $1.13 billion and diluted earnings per share between $1.05 and $1.15.

BlackBerry Ltd ((BB)) soared 10.4% or $1.13 to $12 after Canada-based mobile communication provider said revenues in the third-quarter ending in November plunged 21.8% from a year ago to $226 million.

Net loss in the quarter widened to $275 million or 52 cents per diluted share from $117 million or 22 cents in the same quarter last year.

General Mills, Inc ((GIS)) rose 11 cents to $57.74 after the branded consumer foods manufacturer reported net sales in the second-quarter ending on November 26 increased 2% from a year ago to $4.2 billion.

Net income in the quarter declined 10.6% to $430.5 million or 74 cents per diluted share from $481.8 million or 80 cents in the same quarter last year.

The consumer foods manufacturer lifted net sales forecast between flat and fall of 1% from the earlier estimate of decline of 1% to 2%.

Micron Technology, Inc ((MU)) advanced 2.3% or 96 cents to $44.94 after the memory chip maker said revenues in the first-quarter ending in November surged 71.3% from a year ago to $6.8 billion.

Net income in the quarter soared to $2.7 billion or $2.19 per diluted share from $180 million or 16 cents in the same quarter last year.

""Micron''s strong results were driven by double-digit sequential revenue growth in mobile, server and SSD applications, with expanded gross margins and improved profitability,"" said president and chief executive officer Sanjay Mehrotra.

Red Hat Inc ((RHT)) declined 6% or $7.75 to $121.11 after the open source software developer said revenues in the third-quarter ending in November surged 22% from a year ago to $748 million.

Net income in the quarter soared 48.5% to $101 million or 54 cents per diluted share from $68 million or 37 cents in the same quarter last year.

Red Hat forecasted full-year revenues in the range of $2.906 billion to $2.911 billion and diluted earnings per share of about $2.02.

Rev Group Inc ((REVG)) increased 18 cents to $29.57 after the specialty vehicles maker said revenues in the fourth-quarter ending in October soared 25.5% from a year ago to $683.9 million.

Net income in the quarter jumped 87.6% to $22.7 million or 35 cents per diluted share from $12.1 million or 24 cents in the same quarter last year.

The specialty vehicles maker reaffirmed fiscal 2018 revenues between $2.4 billion and $2.7 billion and net income to be in the range of $85 million to $100 million.