Lennar Home Order Backlog Surges, RPM International Net Plunges 40%

Mukesh Buch
03 Oct, 2018
New York City

Acuity Brands net surged 20%. Lennar met earnings estimates. Landec reaffirmed fiscal 2019 outlook. RPM International revenues jumped 9%.

[R]12:15 PM New York City, New York – Acuity Brands net surged 20%. Lennar met earnings estimates. Landec reaffirmed fiscal 2019 outlook. RPM International revenues jumped 9%.[/R]

Tollbooth Index gained 62.84 or 0.4% to 16,619.01 and for the year-to-date soared 20.8%.

Earnings Review

Acuity Brands Inc ((AYI)) plunged 9.3% or $14.45 to $140.88 after the lighting systems maker reported net sales in the fourth-quarter ending in August soared 11% from a year ago to $1.1 billion.

Net income in the quarter surged 20% to $108.2 million or $2.70 per diluted share from $90.5 million or $2.15 in the same quarter last year.

“The most significant factors impacted operating profit and margin were changes in price/mix as well higher input costs for various items,” said chairman, president and chief executive officer Vernon J. Nagel.

Acuity Brands forecasted fiscal 2019 capital expenditures of about 1.5% of net sales.

Lennar Corporation ((LEN)) traded nearly unchanged at $46.84 after the homebuilder said total revenues in the third-quarter ending in August surged 74% from a year ago to $5.7 billion.

Net income in the quarter soared 81.9% to $453.2 million or $1.37 per diluted share from $249.2 million or $1.04 in the same quarter last year.

The homebuilder said total deliveries in the quarter jumped 66% to 12,613 homes and new orders advanced 62% to 12,319 homes and jumped 73% to $5.1 billion in value.

Backlog of home orders surged 88% to 19,220 homes and in value terms soared 105% to $8.4 billion.

Landec Corporation ((LNDC)) slid 11 cents to $13.93 after the health and wellness products maker stated revenues in the first-quarter ending on August 26 soared 8% from a year ago to $124.7 million.

Net income in the quarter declined 29% to $0.2 million or 1 cent per diluted share from $2.1 million or 8 cents in the same quarter last year.

Landec reaffirmed fiscal 2019 revenues growth to increase between 5% and 7% and net income to increase between 10% and 20% and diluted earnings per share in the range of 45 cents to 50 cents.

RPM International Inc ((RPM)) slumped 3.3% or $2.12 to $61.83 after the paints, coatings, and adhesives maker said net sales in the first-quarter ending in August advanced 8.5% from a year ago to $1.5 billion.

Net income in the quarter plunged 40% to $69.8 million or 52 cents per diluted share from $116.4 million or 86 cents in the same quarter last year.

Synnex Corporation ((SNX)) dropped 1.9% or $1.65 to $82.14 ahead of technology and outsourcing services provider’s scheduled release of its third-quarter earnings results.