II-VI Agrees to Buy Finisar for $3.2 B, Revlon Net Loss Narrows

Mukesh Buch
12 Nov, 2018
New York City

Aecom net declined. Autohome third-quarter net surged 60% on flat revenues. Del Frisco''s Restaurant net loss widened. II-VI tumbled after the company agreed to acquire Finisar. Revlon net loss narrowed.

[R]11:55 AM New York City, New York – Aecom net declined. Autohome third-quarter net surged 60% on flat revenues. Del Frisco's Restaurant net loss widened. II-VI tumbled after the company agreed to acquire Finisar. Revlon net loss narrowed.[/R]

Tollbooth Index dropped 370.87 or 2.4% to 15,287.95 but for the year-to-date soared 12.6%.

Earnings Review

Aecom ((ACM)) plunged 8.4% or $2.75 to $29.97 after the engineering consulting and construction services provider said revenues in the fourth-quarter ending in September soared 9.3% from a year ago to $5.3 billion.

Net income in the quarter declined 5.1% to $84 million or 52 cents per diluted share from $88.5 million or 55 cents in the same quarter last year.

Aecom forecasted fiscal 2019 diluted earnings per share in the range of $2.60 to $2.90 and operating profit in the range of $920 million to $960 million.

Autohome Inc ((ATHM)) declined 5.4% or $3.73 to $64.93 after China-focused online automobile consumer services provider said revenues in the third-quarter ending in September were flat from a year ago to $275 million but net income surged 59.9% to $99.2 million and diluted earnings per share increased to 83 cents.

Del Frisco's Restaurant Group Inc ((DFRG)) slumped 6.1% or 42 cents to $6.50 after the restaurants operator stated revenues in the third-quarter ending on September 25 surged 73.7% from a year ago to $105.3 million.

Comparable restaurant sales in the quarter decreased 1.9%.

Net loss in the quarter widened to $41.2 million or $1.49 per diluted share from $1.1 million or 5 cents in the same quarter last year.

II-VI Inc ((IIVI)) tumbled 15.3% or $5.81 to $32.20 after the optoelectronic components and products maker agreed to acquire Finisar Corporation in a cash and stock transaction for about $3.2 billion.

Under the terms, Finisar shareholders would own approx 31% of the combined company and will receive $15.60 per share in cash and 0.2218 shares of II-VI.

Qutoutiao Inc ((QTT)) tumbled 11.8% or 71 cents to $5.30 after the aerospace and national security reported revenues in the third-quarter ending in September surged from a year ago to $142.3 million but net loss widened to $153.6 million and diluted earnings per share increased to $1.31.

Revlon, Inc ((REV)) increased 1.3% or 36 cents to $28.97 after the beauty and personal-care products maker said net sales in the third-quarter ending in September dropped 1.7% from a year ago to $655.4 million.

Net loss in the quarter narrowed to $11.1 million or 21 cents per diluted share from $32.4 million or 61 cents in the same quarter last year.

The cosmetics products maker said net loss decline was driven by higher operating income and administrative expenses.

Revlon forecasted fiscal 2019 cost reductions in the range of $125 million to $150 million.