Monsanto Misses Q2 Estimates, Smucker to Buy Ainsworth Pet Nutrition

Mukesh Buch
05 Apr, 2018
New York City

Conn''s tumbled on weak outlook. Chase Corp said net and revenues surged. Smucker agreed to acquire Ainsworth Pet Nutrition for $1.7 billion. Lamb Weston profit surged 86% on 12% jump in revenues. Monsanto results disappointed. RPM International net jumped.

[R]12:20 PM New York City, New York – Conn's tumbled on weak outlook. Chase Corp said net and revenues surged. Smucker agreed to acquire Ainsworth Pet Nutrition for $1.7 billion. Lamb Weston profit surged 86% on 12% jump in revenues. Monsanto results disappointed. RPM International net jumped.[/R]

Tollbooth Index soared 283.96 or 2% to 14,659.04 and for the year surged 6.5%.

Earnings Review

Conn's Inc ((CONN)) tumbled 15.6% or $5.60 to $30.25 after the specialty retailer said total net sales in the fourth-quarter ending in January dropped 6% from a year ago to $334.5 million.

Same store sales in the quarter declined 8%.

Net in the quarter swung to profit $3.2 million or 10 cents per diluted share from a loss of $0.1 million or break even in the same quarter last year.

In the first quarter, the home furnishings and consumer electronics retailer forecasted same store sales to decline between 3% and 5%.

Chase Corporation ((CCF)) increased 1.9% or $2.05 to $113 after the industrial products provider reported revenues in the second-quarter ending in February surged 15% from a year ago to $65.9 million.

Net income in the quarter soared 21% to $10.1 million or $1.07 per diluted share from $8.4 million or 89 cents in the same quarter last year.

J.M. Smucker Company ((SJM)) fell 18 cents to $123.53 after the consumer food, beverage and pet food products maker agreed to acquire Ainsworth Pet Nutrition, LLC for about $1.7 billion including an estimated tax benefit of $200 million.

The transaction is expected to close on May 1, 2018.

Lamb Weston Holdings Inc ((LW)) jumped 2.1% or $1.25 to $60.68 after the frozen potato products producer and distributor reported net sales in the third-quarter ending on February 25 jumped 12% from a year ago to $863 million.

Net income in the quarter surged 86% to $156.8 million or $1.06 per diluted share from $84.2 million or 57 cents in the same quarter last year.

Monsanto Company ((MON)) gained 99 cents to $117.20 after the fertilizer products maker reported net sales in the second-quarter ending in February fell 1% from a year ago to $5 billion.

Net income in the quarter jumped 8.9% to $1.5 billion or $3.27 per diluted share from $1.4 billion or $3.09 in the same quarter last year.

Monsanto forecasted fiscal 2018 research and development expenses to slightly drop and pre-tax income to grow on a stand-alone basis.

RPM International Inc ((RPM)) rose 23 cents to $47.89 after the paints, coatings, and adhesives maker said net sales in the third-quarter ending in February soared 7.8% from a year ago to $1.1 billion.

Net income in the quarter jumped to $40.2 million or 30 cents per diluted share from $11.9 million or 9 cents in the same quarter last year.

RPM said revenues in the industrial segment surged 9.2% to $569.2 million and revenues in the consumer segment advanced 6.4% to $363.4 million from a year ago period.

The paints maker lifted fiscal 2018 diluted earnings per share forecast in the range of $3.05 to $3.10 from the earlier estimate of $3 to $3.10, reflecting strong top-line sales and double-digit operating profit growth.