HP Profit Jumps on Rising Demand, Salesforce Beats Estimates

Mukesh Buch
30 May, 2018
New York City

Analog Devices net surged on 32% jump in revenues. Chico''s tumbled on weak results. DICK''S Sporting surged after lifted fiscal outlook. HP profit jumped on strong demand. Salesforce reported stronger-than-expected results.

[R]12:55 PM New York City, New York – Analog Devices net surged on 32% jump in revenues. Chico''s tumbled on weak results. DICK''S Sporting surged after lifted fiscal outlook. HP profit jumped on strong demand. Salesforce reported stronger-than-expected results.[/R]

Tollbooth Index increased 45.72 0.3% to 15,413.51 and for the year-to-date jumped 11.9%.

Earnings Review

Analog Devices Inc ((ADI)) advanced 2.6% or $2.45 to $96.84 after the chipmaker reported revenues in the second-quarter ending on May 5 soared 32% from a year ago to $1.5 billion.

Net income in the quarter surged to $379.8 million or $1.01 per diluted share from $93.6 million or 27 cents in the same quarter last year.

The chipmaker forecasted fiscal 2018 revenues between $1.47 billion and $1.55 billion and diluted earnings per share estimate in the range of 96 cents to $1.10.

Chico''s FAS, Inc ((CHS)) tumbled 20.1% or $2 to $7.99 after the apparel and accessories retailer said total net sales in the first-quarter ending on May 5 slipped 3.8% from a year ago to $561.8 million.

Comparable store sales in the quarter declined 5.9%.

Net income in the quarter plunged 13.7% to $29 million or 23 cents per diluted share from $33.6 million or 26 cents in the same quarter last year.

The retailer reaffirmed fiscal 2018 net sales forecast to decline in mid-single digit and comparable sales to slump low-to-mid single digit.

DICK''S Sporting Goods Inc ((DKS)) surged 26.9% or $8.19 to $38.67 after the sporting goods equipment, apparel, and footwear retailer reported net sales in the first-quarter ending on May 5 increased 4.6% from a year ago to $1.9 billion.

Same store sales in the quarter dropped 2.5%.

Net income in the quarter advanced 3.3% to $60.1 million or 59 cents per diluted share from $58.2 million or 52 cents in the same quarter last year.

The sporting goods retailer lifted fiscal 2018 earnings per share forecast between $2.92 and $3.12 from the earlier estimate of $2.80 to $3.

HP Inc ((HPQ)) jumped 3.8% or 80 cents to $22.10 after the computer and printer maker said revenues in the second-quarter ending in April surged 13% from a year ago to $14 billion.

Net income in the quarter soared 89% to $1.1 billion or 64 cents per diluted share from $0.6 billion or 33 cents in the same quarter last year.

HP said higher profit and sales in the quarter was driven by strong demand in notebooks and desktops segments as its revenues jumped 14.5% to $8.76 billion.

HP lifted fiscal 2018 earnings per share forecast to between $1.97 and $2.02 from the earlier estimate of $ 1.90 to $ 2.

Movado Group, Inc ((MOV)) soared 15.1% or $6.35 to $48.55 after the luxury branded watches stated revenues in the second-quarter ending in April jumped 28.1% from a year ago to $127.1 million.

Net in the quarter swung to profit $8.1 million or 35 cents per diluted share from a loss of $4.2 million or 18 cents in the same quarter last year.

Movado reaffirmed fiscal 2019 net sales forecast in the range of $615 million to $625 million and operating profit between $71 million to $73 million, net income in the range of $54.9 million to $56.4 million and diluted earnings per share between $2.35 and $2.40.

Salesforce.com Inc ((CRM)) advanced 2.7% or $3.48 to $130.36 after the management applications developer reported total revenues in the first-quarter ending in April soared 22% from a year ago to $3 billion.

Net income in the quarter jumped to $344 million or 46 cents per diluted share from $1 million or break even cents in the same quarter last year.

Salesforce forecasted fiscal 2019 revenues growth between $13.08 billion to $13.13 billion, an increase between 24% and 25% from a year ago period and diluted earnings per share in the range of 49 cents to 51 cents.