Sysco Reports Strong Results, Dycom Plunges 21%, VF Splits Businesses

Mukesh Buch
13 Aug, 2018
New York City

Cannae Holdings missed revenues and profit estimates. Dycom lowered second-quarter and fiscal outlook. Sysco Corp reported strong fiscal 2018 results. VF Corp plans to spin off its jeans business.

[R]1:05 PM New York City, New York – Cannae Holdings missed revenues and profit estimates. Dycom lowered second-quarter and fiscal outlook. Sysco Corp reported strong fiscal 2018 results. VF Corp plans to spin off its jeans business.[/R]

Tollbooth Index increased 82.77 or 0.5% to 16,027.71 but for the year-to-date soared 16.5%.

Earnings Review

Cannae Holdings, Inc ((CNNE)) plunged 8% or $1.51 to $17.34 after the restaurants and technology investor said revenues in the second-quarter ending in June increased 2.8% from a year ago to $303.9 million.

Net in the quarter swung to a loss of $18.8 million or 26 cents per diluted share from profit of $126.4 million or $1.79 in the same quarter last year.

Dycom Industries, Inc ((DY)) tumbled 21.5% or $19.29 to $70.42 after the contracting services provider lowered second-quarter revenues forecast to about $799.5 million from the earlier estimate of $830 million to $860 million.

The specialty contracting services provider lowered diluted earnings per share forecast to between 94 cents to 97 cents from the earlier estimate of $1.02 to $1.17.

Dycom also lowered fiscal 2019 revenue forecast in the range of $3.01 billion to $3.11 billion from the earlier estimate of $3.23 billion to $3.43 billion and lowered diluted earnings per share forecast in the range of $2.17 to $2.62 from the earlier estimate of $3.81 to $4.70.

Oclaro Inc ((OCLR)) edged down 0.5 cents to $8.99 after the optical network technology stated revenues in the fourth-quarter ending in June plunged 19.1% from a year ago to $120.9 million.

Net income in the quarter tumbled 88.6% to $6.4 million or 4 cents per diluted share from $56 million or 33 cents in the same quarter last year.

The Stars Group Inc ((TSG)) declined 8.7% or $2.78 to $29.13 after the online gambling services provider reported total revenues in the second-quarter ending in June surged 34.8% from a year ago to $411.5 million.

Net in the quarter swung to a loss of $154.8 million or $1.01 per diluted share from profit of $70.5 million or 35 cents in the same quarter last year.

The online gambling services provider lowered fiscal 2018 revenues forecast between $2 billion and $2.2 billion from the earlier estimate of $1.4 billion to $1.5 billion.

The Stars Group lowered diluted earnings per share forecast between $1.99 and $2.22 from the earlier estimate of $2.33 and $2.47.

Sysco Corporation ((SYY)) soared 6.3% or $4.29 to $72.77 after the foodservice provider reported revenues in the fourth-quarter ending in June jumped 6.2% from a year ago to $15.3 billion.

Net income in the quarter surged 47.1% to $448.9 million or 85 cents per diluted share from $305.2 million or 57 cents in the same quarter last year.

Sysco said domestic foodservice revenue jumped 6.1% to $10.4 billion and revenues in the international foodservice segment soared 7.9% to $2.9 billion.

VF Corp ((VFC)) declined 4.4% or $4.20 to $92.09 after the lifestyle brands maker separated the company into two independent, publicly traded companies - VF’s Jeans and VF Outlet businesses.