Micron Profit Jumps on Strong Demand, Nike Net Swing to Loss

Mukesh Buch
23 Mar, 2018
New York City

Cintas soared after the uniform maker reported better-than-expected results. KB Home net swung to a loss despite revenues jumped 6%. Micron Technology profit surged on strong demand. Nike swung to a loss.

[R]1:15 PM New York City, New York – Cintas soared after the uniform maker reported better-than-expected results. KB Home net swung to a loss despite revenues jumped 6%. Micron Technology profit surged on strong demand. Nike swung to a loss.[/R]

Cintas Corporation ((CTAS)) soared 4.3% or $7.07 to $170.18 after the uniform services provider reported revenues in the third-quarter ending in February surged 26.6% from a year ago to $1.6 billion.

Net income in the quarter soared to $302.1 million or $2.71 per diluted share from $118 million or $1.07 in the same quarter last year.

KB Home ((KBH)) advanced 2.3% or 66 cents to $29.50 after the home builder said revenues in the first-quarter ending in February jumped 6% from a year ago to $871.6 million.

Net in the quarter swung to a loss of $71.3 million or 82 cents per diluted share from profit of $14.3 million or 15 cents in the same quarter last year.

The home builder said operating margin in the quarter improved by 200 basis points and net order value jumped 8% to $1.2 billion and backlog value surged 10% to $2 billion. Deliveries in the quarter were flat at 2,223 homes and average selling price jumped 7% to $389,800.

Micron Technology Inc ((MU)) declined 6.4% or $3.79 to $55.13 after the flash memory developer reported revenues in the second-quarter ending on March 1 soared 60.9% from a year ago to $7.4 billion.

Net income in the quarter surged to $3.3 billion or $2.67 per diluted share from $894 million or 77 cents in the same quarter last year.

DRAM, NAND and 3D XPoint memory maker said operating income in the quarter jumped $3.6 billion from $1 billion and operating cash flow increased to $4.35 billion compared to $1.77 billion in the same period last year.

Nike Inc ((NKE)) jumped 2.2% or $1.44 to $65.86 after the athletic footwear and apparel maker reported revenues in the third-quarter ending in February jumped 7% from a year ago to $9 billion.

Net in the quarter swung to a loss of $921 million or 57 cents per diluted share from profit of $1.1 billion or 68 cents in the same quarter last year.

Separately, Nike said it had acquired a leading consumer data analytics services provider Zodiac Inc.