Constellation Brands Beats Estimates, Movado Lifts Dividend

Mukesh Buch
29 Mar, 2018
New York City

AngioDynamics declined on sales weakness Constellation Brands profit more than doubled on strong demand in beer. Lindsay stock surged on smaller than expected income decline. Movado surged on strong sales. SAIC profit and sales surged.

[R]12:20 PM New York City, New York – AngioDynamics declined on sales weakness Constellation Brands profit more than doubled on strong demand in beer. Lindsay stock surged on smaller than expected income decline. Movado surged on strong sales. SAIC profit and sales surged.[/R]

Tollbooth Index soared 211.09 or 1.5% to 13,981.89.

Earnings Review

AngioDynamics Inc ((ANGO)) declined 4.5% or 76 cents to $16.12 after the surgical and diagnostic devices maker said net sales in the third-quarter ending in February fell 2% from a year ago to $83.9 million.

Net income in the quarter surged to $14 million or 37 cents per diluted share from $2.9 million or 8 cents in the same quarter last year.

The medical devices maker reaffirmed fiscal 2018 revenues growth forecast in the range of $345 million to $350 million and free cash flow in the range of $30 million to $35 million and diluted earnings per share in the range of 64 cents to 68 cents.

Constellation Brands Inc ((STZ)) jumped 3.3% or $7.31 to $227.80 after the beer, wine, and spirits maker reported revenues in the fourth-quarter ending in February soared 8.4% from a year ago to $1.9 billion.

Net income in the quarter more than doubled to $925.5 million or $4.28 per diluted share from $452 million or $2.09 in the same quarter last year.

Constellation Brands said strong demand in premium wines and Corona and Modelo beers imported beers.

The beer maker forecasted fiscal 2019 net sales and operating income growth in the range of 9% to 11% and in the wine and spirits business, the company expects net sales and operating income growth between 2% and 4%.

The spirits maker lowered diluted earnings per share estimate in the range of $9.38 to $9.68 from the reported diluted earnings per share of $11.55 in the same period of a year ago.

Lindsay Corporation ((LNN)) advanced 4% or $3.62 to $92.99 after the irrigation systems, infrastructure products and services provider reported revenues in the second-quarter ending on February 24 jumped 5% from a year ago to $130.3 million.

Net income in the quarter tumbled 20.4% to $1.7 million or 16 per diluted share from $5 million or 47 cents in the same quarter last year.

Movado Group Inc ((MOV)) surged 17.5% or $5.80 to $39 after the fine watch maker said revenues in the fourth-quarter ending in January soared 14.1% from a year ago to $149.2 million.

Net in the quarter swung to a loss of $33.9 million or $1.47 per diluted share from profit of $5.2 million or 22 cents in the same quarter last year.

Movado forecasted fiscal 2019 revenue growth in a range of $605 million to $615 million and operating income between $68 million and $71 million and net income in the range of $50.5 million to $52.8 million and diluted earnings per share in the range of $2.15 to $2.25.

Science Applications International Corp ((SAIC)) jumped 4.9% or $3.63 to $76.90 after the information technology provider reported revenues in the fourth-quarter ending on February 2 surged 10% from a year ago to $1.1 billion.

Net income in the quarter soared 45.7% to $51 million or $1.16 per diluted share from $35 million or 77 cents in the same quarter last year.

Titan Machinery Inc ((TITN)) soared 13.8% or $2.73 to $2.48 after the agricultural and construction equipment maker said revenues in the fourth-quarter ending in January increased 6.9% from a year ago to $339.6 million.

Net in the quarter swung to profit $1.7 million or 8 cents per diluted share from a loss of $8 million or 38 cents in the same quarter last year.