Kroger, Micron Profit Surge; Darden Restaurants Surged on Outlook

Mukesh Buch
21 Jun, 2018
New York City

Barnes & Noble fell after net loss widened. Commercial Metals missed earnings estimates. Darden Restaurants surged on improved outlook. The Kroger reported strong profit in the first-quarter. Micron Technology net surged on 40% jump in revenues.

[R]12:55 PM New York City, New York – Barnes & Noble fell after net loss widened. Commercial Metals missed earnings estimates. Darden Restaurants surged on improved outlook. The Kroger reported strong profit in the first-quarter. Micron Technology net surged on 40% jump in revenues.[/R]

Tollbooth Index dropped 126.89 or 0.8% to 15,346.66 but for the year-to-date soared 11.5%.

Earnings Review

Barnes & Noble, Inc ((BKS)) declined 3.1% or 20 cents to $6.25 after the books, digital media and educational products retailer said total sales in the fourth-quarter ending on April 28 dropped 4.3% from a year ago to $786 million.

Comparable store sales in the quarter declined 4.1%.

Net loss in the quarter widened to $21.1 million or 29 cents per diluted share from $13.4 million or 19 cents in the same quarter last year.

The retailer forecasted fiscal 2019 operating profit in the range of $175 million to $200 million.

BeyondSpring Inc ((BYSI)) slid 13 cents to $26.87 after the cancer drug maker said net loss in the first-quarter ending in April narrowed to $13.7 million or 61 cents per diluted share from $47.4 million or $2.66 in the same quarter last year.

Commercial Metals Company (CMC)) plummeted 5.1% or $1.21 to $22.46 after the steel and metals recycler said net sales in the third-quarter ending in May soared 15.4% from a year ago to $1.2 billion.

Net income in the quarter rose 1.8% to $40 million from $39.3 million and diluted earnings per share were flat at 34 cents from the same quarter last year.

Darden Restaurants, Inc ((DRI)) surged 11.9% or $11.14 to $104.41 after the restaurants operator reported sales in the fourth-quarter ending in May soared 10.4% from a year ago to $2.1 billion.

Same-restaurant sales in the quarter at the recently acquired Cheddar''s Scratch Kitchen plunged 4.7%.

Net income in the quarter surged 40.9% to $174.5 million or $1.39 per diluted share from $123.8 million or 98 cents in the same quarter last year.

The restaurants operator forecasted fiscal 2019 total sales growth between 4% and 5% and same restaurant sales growth in the range of 1% to 2% and diluted earnings per share in the range of $5.40 to $5.56.

The Kroger Co ((KR)) soared 9.5% or $2.49 to $28.67 after the grocery retailer reported total sales in the first-quarter ending on May 26 jumped 3.4% from a year ago to $37.5 billion.

Net income in the quarter surged 28.9% to $29 million or 48 cents per diluted share from $22.5 million or 37 cents in the same quarter last year.

Kroger lifted fiscal 2019 diluted earnings per share forecast in the range to $3.64 to $3.79 from the earlier estimate of $3.59 to $3.79.

Micron Technology Inc ((MU)) gained 1.9% or $1.11 to $60.06 after the DRAM and NAND flash memory maker reported revenues in the third-quarter ending in May surged 40% from a year ago to $7.8 billion.

Net income in the quarter jumped 138% to $3.8 billion or $3.10 per diluted share from $1.6 billion or $1.40 in the same quarter last year.