Gannett Net Swings to Profit, Viacom Net Declines

Mukesh Buch
09 Aug, 2018
New York City

ADT net loss narrowed. Gannett net swung to profit and lifted fiscal outlook. Hospitality Properties beats earnings estimates. L Brands comparable sales in July were flat. Mylan net tumbled on weak revenues. Viacom net and revenues declined.

[R]2:10 PM New York City, New York – ADT net loss narrowed. Gannett net swung to profit and lifted fiscal outlook. Hospitality Properties beats earnings estimates. L Brands comparable sales in July were flat. Mylan net tumbled on weak revenues. Viacom net and revenues declined.[/R]

Tollbooth Index increased 55.89 or 0.4% to 16,023.10 but for the year-to-date soared 16.4%.

Earnings Review

ADT Inc ((ADT)) declined 5.1% or 48 cents to $9 after the home and business monitoring services provider reported revenues in the second-quarter ending in June jumped 6% from a year ago to $1.1 billion.

Net loss in the quarter narrowed to $67 million or 9 cents per diluted share from $93 million or 14 cents in the same quarter last year.

Gannett Co., Inc ((GCI)) soared 7.5% or 76 cents to $10.86 after the local news publisher said total revenues in the second-quarter ending in June declined 5.6% from a year ago to $730.8 million.

Net in the quarter swung to profit $16.3 million or 14 cents per diluted share from a loss of $0.5 million or break even cents in the same quarter last year.

The news publisher lifted fiscal 2018 revenues forecast to between $2.95 billion and $3 billion from the earlier estimate of $2.93 billion and $3.03 billion and operating profit in the range of $337 million to $345 million.

Hospitality Properties Trust ((HPT)) slid 24 cents to $27.80 after the real estate developer stated total revenues in the second-quarter ending in June advanced 7.2% from a year ago to $611.9 million.

Net income in the quarter jumped 60.3% to $97.3 million or 59 cents per diluted share from $60.7 million or 37 cents in the same quarter last year.

L Brands, Inc ((LB)) gained 1.9% or 59 cents to $32.24 after the fashion retailer said net sales in the four weeks ending on August 4 soared 10.7% to $849.7 million and comparable sales in the month were flat.

The fashion retailer said net sales in the second-quarter jumped 7.7% to $5.6 billion and comparable sales in the quarter increased 3%.

The retailer forecasted diluted earnings per share toward the high end from the estimate of 30 cents to 35 cents.

Mylan NV ((MYL)) slumped 4% or $1.57 to $37.66 after the generic drug maker reported total revenues in the second-quarter ending in June declined 5% from a year ago to $2.8 billion.

Net income in the quarter tumbled 87% to $37.5 million or 7 cents per diluted share from $297 million or 55 cents in the same quarter last year.

Mylan forecasted fiscal 2018 total revenues in the range of $11.25 billion to $12.25 billion and diluted earnings per share to increase 4% or in the range of $4.55 to $4.90.

Revlon, Inc ((REV)) declined 8.1% or $1.30 to $14.70 after the cosmetics and products maker said net sales in the second-quarter ending in June slumped 6% from a year ago to $606.8 million.

Net loss in the quarter widened to $122.5 million or $2.32 per diluted share from $36.5 million or 70 cents in the same quarter last year.

Viacom Inc ((VIAB)) soared 5.7% or $1.63 to $30.25 after the media and cable network provider reported revenues in the third-quarter ending in June fell 4% from a year ago to $3.2 billion.

Net income in the quarter declined 23.6% to $522 million or $1.29 per diluted share from $683 million or $1.70 in the same quarter last year.

“Given the success of ‘Mission: Impossible - Fallout’, we expect September quarter to be the third consecutive quarter of profitability for Paramount,” said chief financial officer Wade Davis.