Lennar Misses Earnings Estimates, Supervalu, SYNNEX Tumble

Mukesh Buch
10 Jan, 2018
New York City

CalAtlantic said new homes delivered in the last quarter jumped 5%. Lennar misses profit estimate. MSC Industrial offered upbeat earnings and sales outlook. Supervalu tumbled despite net swung to profit. SYNNEX plunged. VOXX International net surged.

[R]11:50 AM New York City, New York – CalAtlantic said new homes delivered in the last quarter jumped 5%. Lennar misses profit estimate. MSC Industrial offered upbeat earnings and sales outlook. Supervalu tumbled despite net swung to profit. SYNNEX plunged. VOXX International net surged.[/R]

Tollbooth Index edged down 1.11 to 14,266.82.

Earnings Review

CalAtlantic Group Inc ((CAA)) fell 30 cents to $59.44 after the homebuilding and financial services provider reported total new homes delivered in the fourth-quarter jumped 5% from a year ago to 4,557 units.

As of December 30, net new orders surged 20% to 3,407 homes from 2,848 homes in the same period a year ago.

On October 30, 2017, CalAtlantic entered into merger agreement with Lennar Corporation pursuant to which each share of CalAtlantic stock will be exchanged for 0.885 shares of Lennar Class A common stock and 0.0177 shares of Lennar Class B common stock.

The merger is subject to approval by the stockholders and the meetings scheduled to be held on February 12, 2018.

Lennar Corporation ((LNN)) slid 7 cents to $66.60 after the real estate developer said total revenues said total revenues in the fourth-quarter ending in November soared 12.1% from a year ago to $3.8 billion.

Net income in the quarter fell 1.2% to $309.6 million or $1.29 per diluted share from $313.5 million or $1.31 in the same quarter last year.

MSC Industrial Direct Co Inc ((MSM)) declined 3.3% or $3.24 to $94.44 after the
industrial machinery services provider reported net sales in the first-quarter ending on December 2 surged 12% from a year ago to $768.6 million.

Net income in the quarter jumped 9.4% to $59.6 million or $1.05 per diluted share from $54.3 million or 96 cents in the same quarter last year.

The industrial machinery services provider forecasted fiscal second-quarter net sales between $761 million and $775 million and diluted earnings per share in the range of $1.93 to $2.03 and average daily sales to increase roughly 9.1%.

Supervalu Inc ((SVU)) tumbled 13.9% or $2.73 to $16.90 after the food wholesale distributor said net sales in the third-quarter ending on December 2 jumped 31% from a year ago to $3.94 billion.

Net in the quarter swung to profit $26 million or 67 cents per diluted share from a loss of $26 million or 69 cents in the same quarter last year.

SYNNEX Corporation ((SNX)) plunged 5.9% or $8.24 to $132.49 after the computer peripherals provider reported revenues in the fourth-quarter ending in November soared 36.7% from a year ago to $5.3 billion.

Net income in the quarter surged 6.7% to $91.1 million or $2.26 per diluted share from $85.3 million or $2.13 in the same quarter last year.

SYNNEX forecasted fiscal 2018 revenues growth in the range of $4.35 billion to $4.55 billion, net income in the range of $64 million to $67.8 million and diluted earnings per share between $1.58 and $1.68.

VOXX International Corp ((VOXX)) surged 19.8% or $1.10 to $6.65 after the audio and consumer accessories maker said net sales in the third-quarter ending in November slid 0.5% from a year ago to $156.6 million.

Net income in the quarter surged 48.3% to $8.6 million or 35 cents per diluted share from $5.8 million or 24 cents in the same quarter last year.