Bed Bath & Beyond Tumbles 22%, Intuit Reaffirms Outlook

Mukesh Buch
27 Sep, 2018
New York City

Bed Bath & Beyond net declined on higher expenses. Conagra plunged on weak revenues. H.B. Fuller lowered fiscal outlook. Intuit reaffirmed fiscal estimates. McCormick net jumped. Rite Aid net swung to a loss but reaffirmed fiscal outlook.

[R]12:20 PM New York City, New York – Bed Bath & Beyond net declined on higher expenses. Conagra plunged on weak revenues. H.B. Fuller lowered fiscal outlook. Intuit reaffirmed fiscal estimates. McCormick net jumped. Rite Aid net swung to a loss but reaffirmed fiscal outlook.[/R]

Tollbooth Index rose 21.88 or 0.2% to 16,602.17 but for the year-to-date soared 20.7%.

Earnings Review

Bed Bath & Beyond Inc ((BBBY)) tumbled 22.3% or $4.20 to $14.62 after the premier home furnishings retailer said net sales revenues in the second-quarter ending on September 1 were flat from a year ago to $2.9 billion.

Comparable stores sales in the quarter fell 0.6%.

Net income in the quarter declined 48.4% to $48.6 million or 36 cents per diluted share from $94.2 million or 67 cents in the same quarter last year.

Bed Bath & Beyond said cost of sales jumped 4.3% to $1.95 billion and selling and administrative expenses increased 1.1% to $909.7 million from a year ago period.

The retailer forecasted it is on track to achieve moderating the decline in operating profit and diluted earnings per share in fiscal 2018 and fiscal 2019 and achieve growth in net earnings per diluted share by fiscal 2020.

Conagra Brands Inc ((CAG)) plunged 5.7% or $2.06 to $34 after the branded consumer foods and meals maker reported net sales in the first-quarter ending on August 26 increased 1.7% from a year ago to $1.8 billion.

Net income in the quarter surged 17% to $178.2 million or 45 cents per diluted share from $152.5 million or 37 cents in the same quarter last year.

Conagra reaffirmed fiscal 2019 net sales growth forecast in the range of 0.5% to 1.5% and gross margin in the range of 29.7% to 30% and operating margin in the range of 15% to 15.3%.

H.B. Fuller Company ((FUL)) declined 6.3% or $3.56 to $53.38 after the adhesives and chemical products maker stated net revenues in the third-quarter ending on September 1 surged 37% from a year ago to $770.1 million.

Net income in the quarter soared 52% to $37.7 million or 72 cents per diluted share from $25.1 million or 49 cents in the same quarter last year.

The adhesives maker lowered fiscal 2018 diluted earnings per share forecast in the range of $3.05 to $3.20 from the earlier estimate of $3.15 to $3.40 and operating profit between $455 million to $470 million from the earlier estimate of $470 million.

Intuit Inc ((INTU)) gained 68 cents to $222.86 after the accounting software developer reaffirmed fiscal 2019 first-quarter revenues growth between 5% and 7% or $955 million to $975 million and operating loss of $70 million to $80 million and diluted earnings per share in the range of 17 cents to 19 cents.

In the fiscal 2019, Intuit reaffirmed revenues growth forecast between 8% and 10% or $6.53 billion to $6.63 billion and operating income growth of 11% to 14% or $1.73 billion to $1.78 billion and diluted earnings per share of $5.25 to $5.35.

McCormick & Company, Inc ((MKC)) slipped 1.9% or $2.44 to $127.45 after the spices, herbs, extracts, seasonings maker reported revenues in the third-quarter ending in August soared 14% from a year ago to $1.3 billion.

Net income in the quarter jumped 60.4% to $173.5 million or $1.30 per diluted share from $108.2 million or 85 cents in the same quarter last year.

McCormick lifted fiscal 2018 diluted earnings per share forecast in the range of of $4.95 to $5 from the earlier estimate of $4.85 to $4.95.

Rite Aid Corporation ((RAD)) increased 1.5% or 0.2 cents to $1.30 after the retail drugstores operator said revenues in the second-quarter ending in August rose 1.3% from a year ago to $5.4 billion.

Same store sales from Retail Pharmacy in the quarter increased 1% and number of prescriptions filled in same stores, adjusted to 30-day equivalents, increased 1.1%.

Net in the quarter swung to a loss of $359.1 million or 34 cents per diluted share from $170.7 million or 16 cents in the same quarter last year.

The drug retailer reaffirmed fiscal 2019 revenues forecast between $21.7 billion and $22.1 billion and same store sales in the range between zero and 1% increase and operating loss in the range of $540 million and $590 million.

Worthington Industries Inc ((WOR)) edged up 0.3 cents to $42.53 after the diversified metals manufacturer stated net sales in the first-quarter ending in August soared 16.5% from a year ago to $988.1 million.

Net income in the quarter surged 20.7% to $54.9 million or 91 cents per diluted share from $45.5 million or 70 cents in the same quarter last year.