FactSet and Red Hat Surge Ahead on Expectations, McCormick Lifts Outlook

Mukesh Buch
27 Mar, 2018
New York City

Foxconn agreed to acquire the U.S.-based Belkin International for $886 million. FactSet reported strong revenues growth. IHS Markit profit and revenues soared. McCormick lifted fiscal outlook. Red Hat reported better-than-expected results.

[R]11:45 AM New York City, New York – Foxconn agreed to acquire the U.S.-based Belkin International for $886 million. FactSet reported strong revenues growth. IHS Markit profit and revenues soared. McCormick lifted fiscal outlook. Red Hat reported better-than-expected results.[/R]

Belkin International, Inc, the privately held consumer electronic products maker along with its associated brands, Linksys, and Wemo agreed to be acquired by Taiwan-based Foxconn Technology Group for about $886 million in cash.

The deal gives Foxconn access research and development capacity of Belkin with a portfolio of more than 700 patents.

FactSet Research Systems Inc ((FDS)) dropped 1.6% or $3.44 to $206.55 after the financial data analytics said revenues in the second-quarter ending in February soared 13.9% from a year ago to $335.2 million.

Net income in the quarter declined 20.4% to $53.1 million or $1.33 per diluted share from $66.7 million or $1.68 in the same quarter last year.

FactSet forecasted fiscal 2018 revenues in the range of $1.34 billion and $1.36 billion and diluted earnings per share in the range of $6.95 and $7.15.

IHS Markit Ltd ((INFO)) advanced 2.1% or $1.03 to $49.06 after the U.K.-focused financial data analytics services provider reported revenues in the first-quarter ending in February jumped 10% from a year ago to $932.1 million.

Net income in the quarter soared to $241.3 million or 59 cents per diluted share from $66 million or 16 cents in the same quarter last year.

McCormick & Co Inc ((MKC)) gained 74 cents to $107.71 after the spices, herbs, and seasonings maker said in the first-quarter ending in February soared 19% from a year ago to $1.2 billion.

Net income in the quarter surged to $422.6 million or $3.18 per diluted share from $93.5 million or 74 cents in the same quarter last year.

The seasonings maker lifted fiscal 2018 sales estimate to grow between 13% and 15% from the earlier estimate of 12% to 14% increase and operating income to jump between 32% and 34% from $702 million in a year ago period and diluted earnings per share in the range of $6.85 to $6.95 compared to $3.72 in the same period a year ago.

Red Hat Inc ((RHT)) soared 4.4% or $6.71 to $159.80 after the open source Linux software developer reported revenues in the fourth-quarter ending in February surged 23% from a year ago to $772 million.

Net in the quarter swung to a loss of $13 million or 7 cents per diluted share from profit of $66 million or 36 cents in the same quarter last year.

Red Hat forecasted fiscal 2018 revenue growth in the range of $3.43 billion to $3.46 billion and diluted earnings per share in the range of $2.25 to $2.28.