Target Lifts Earnings Outlook, Barracuda Net Soars

Mukesh Buch
09 Jan, 2018
New York City

Acuity Brands tumbled after net income and sales declined. Barracuda profit surged on strong subscription revenues. Schulman revenues surged. Schnitzer Steel net swung to profit as revenues jumped. Target lifted fiscal earnings and same store sales forecast.

[R]11:35 AM New York City, New York – Acuity Brands tumbled after net income and sales declined. Barracuda profit surged on strong subscription revenues. Schulman revenues surged. Schnitzer Steel net swung to profit as revenues jumped. Target lifted fiscal earnings and same store sales forecast.[/R]

Tollbooth Index slid 11.70 to 14,289.99.

Earnings Review

Acuity Brands, Inc ((AYI)) tumbled 13.8% or $25.63 to $160.10 after the lighting solutions provider reported net sales in the first-quarter ending in November fell 1% from a year ago to $842.8 million.

Net income in the quarter declined 12.5% to $71.5 million or $1.70 per diluted share from $81.7 million or $1.86 in the same quarter last year.

The lighting fixtures provider said operating profit in the quarter dropped 6.3% to $118.6 million from a year ago period.

Barracuda Networks Inc ((CUDA)) slid 3 cents to $27.43 after the security and data protection solutions provider said total revenue in the third-quarter ending in November jumped 7% from a year ago to $94.7 million.

Net income in the quarter surged to $7.8 million or 14 cents per diluted share from $1.8 million or 3 cents in the same quarter last year.

Barracuda said subscription revenue soared 13% to $77.3 million while appliance revenue was $17.5 million declined 14.6% to $17.5 million.

Limoneira Company ((LMNR)) dropped 3.8% or 92 cents to $23.39 after the agribusiness and real estate developer said revenue in the year ending in October soared 9% from a year ago to $121.3 million.

Net income in the year plunged 18.9% to $6 million or 42 cents per diluted share from $7.4 million or 52 cents in the same quarter last year.

A Schulman Inc ((SHLM)) advanced 2.1% or 82 cents to $39.72 after the plastic formulation, resins supplier reported net sales in the first-quarter ending in November surged 12.4% from a year ago to $674.6 million.

Net income in the quarter soared to $12.8 million or 43 cents per diluted share from $1.1 million or 4 cents in the same quarter last year.

The Simply Good Foods Co ((SMPL)) rose 5 cents to $14.11 after the branded nutritional foods and snacking products provider said net sales in the first-quarter ending on November 25 increased 6.8% from a year ago to $106.6 million.

Net income in the quarter jumped 11.7% to $10.2 million or 14 cents per diluted share from $6.8 million in the same quarter last year.

Schnitzer Steel Industries, Inc ((SCHN)) slumped 4.3% or $1.60 to $36.05 after the scrap metal recycler reported revenues in the first-quarter ending in November jumped 45% from a year ago to $483 million.

Net in the quarter swung to profit $18 million or 64 cents per diluted share from a loss of $1 million or 5 cents in the same quarter last year.

Target Corporation ((TGT)) jumped 2.7% or $1.82 to $69 after the discount stores operator lifted fourth-quarter same store sales forecast to about 3.4% from the earlier estimate of zero percentage to 2% and same-store sales growth of 1%.

The retailer also lifted fourth-quarter diluted earnings per share forecast between $1.30 and $1.40 from the earlier estimate of $1.05 and $1.25.

In fiscal 2017, Target lifted diluted earnings per share forecast in the range of $4.64 and $4.74 from the earlier estimate of $4.40 and $4.60 and online sales to increase 25%.

The discount stores operator estimated fiscal 2018 diluted earnings per share between $5.15 and $5.45.