Pure Storage Revenue Surges, Olympic Steel Net Swings to Profit

Mukesh Buch
05 Mar, 2018
New York City

Olympic Steel net swung to profit and revenues soared. Pure Storage net loss narrowed and revenues surged 48%. Reata Pharmaceuticals missed revenues. XL Group agreed to be acquired by France-based insurer AXA for $15.3 billion.

[R]11:00 AM New York City, New York – Olympic Steel net swung to profit and revenues soared. Pure Storage net loss narrowed and revenues surged 48%. Reata Pharmaceuticals missed revenues. XL Group agreed to be acquired by France-based insurer AXA for $15.3 billion.[/R]

Tollbooth Index slumped 66.79 or 0.5% to 14,309.52.

Earnings Review

Olympic Steel, Inc ((ZEUS)) dropped 2.9% or 59 cents to $20.25 after the specialty metal service provider said net sales in the fourth-quarter ending in December soared 21% from a year ago to $308 million.

Net in the quarter swung to profit $4.2 million or 37 cent per diluted share from a loss of $2.1 million or 19 cents in the same quarter last year.

Pure Storage Inc ((PSTG)) declined 5.9% or $1.27 to $20.11 after the storage systems provider reported revenues in the fourth-quarter ending in January surged 48% from a year ago to $338.3 million.

Net loss in the quarter narrowed to $11.9 million or 5 cent per diluted share from $42.9 million or 21 cents in the same quarter last year.

Pure Storage forecasted fiscal 2019 total revenues in the range of $1.31 billion to $1.36 billion and gross margin in the range of 63.5% to 66.5%.

Reata Pharmaceuticals Inc ((RETA)) slipped 1.1% or 24 cents to $21.67 after the clinical-stage biopharmaceutical products maker reported total revenues in the fourth-quarter ending in December plunged 11.2% from a year ago to $39 million.

Net loss in the quarter narrowed to $1.7 million or 10 cent per diluted share from $6.8 million or 43 cents in the same quarter last year.

XL Group Ltd ((XL)) surged 29.8% or $12.90 to $56.20 after the Bermuda-based global property and casualty insurer agreed to be acquired by France-based property and casualty insurer AXA SA for about $57.60 per share or total consideration of $15.3 billion or €12.4 billion in cash.

The transaction is expected to close in the second-half of 2018.