Beazer Homes Sales Jump 14%, Progressive Drops 6% on Quarterly Loss

Mukesh Buch
14 Nov, 2018
New York City

Beazer Homes net surged 80% on strong revenues. Macy''''s reported better-than-expected results and the retailer lifted fiscal outlook. Progressive Corp net swung to a loss despite revenues soared 18%. UGI Corp net surged on 9% jump in revenues.

[R]12:15 PM New York City, New York – Beazer Homes net surged 80% on strong revenues. Macy''s reported better-than-expected results and the retailer lifted fiscal outlook. Progressive Corp net swung to a loss despite revenues soared 18%. UGI Corp net surged on 9% jump in revenues.[/R]

Tollbooth Index edged down 8.26 to 15,261.55 but for the year-to-date soared 10.9%.

Earnings Review

Beazer Homes USA Inc ((BZH)) advanced 3% or 33 cents to $11.20 after the home builder said revenues in the fourth-quarter ending in September soared 14.4% from a year ago to $761.5 million.

Net income in the quarter surged 79.8% to $60.6 million or $1.84 per diluted share from $33.7 million or $1.03 in the same quarter last year.

Cisco Systems Inc ((CSCO)) fell 10 cents to $45.02 ahead of the networking tech company’s scheduled first-quarter earnings results after the market close.

Macy''s Inc ((M)) dropped 2.6% or 93 cents to $34.86 after the department store retailer reported net revenues in the third-quarter ending in September rose 2.3% from a year ago to $5.4 billion.

Comparable store sales in the quarter jumped 3.1%.

Net income in the quarter surged 27.7% to $83 million or 27 cents per diluted share from $65 million or 21 cents in the same quarter last year.

The retailer lifted fiscal 2018 net sales forecast to between 0.3% and 0.7% from the earlier estimate of flat to 0.7% and comparable sales to increase between 2.3% to 2.5% from the earlier estimate of 2.1% to 2.5%.

The retailer also estimated diluted earnings per share in the range of $4.10 to $4.30 from the earlier estimate of $3.95 to $4.15.

Progressive Corp ((PRG)) plunged 6.2% or $4.42 to $67.17 after the car insurance provider reported net premiums written in the fourth-quarter ending in September surged 18% from a year ago to $3.3 billion.

Net in the quarter swung to a loss of $31.7 million or 6 cents per diluted share from profit of $160.1 million or 27 cents in the same quarter last year.

Tencent Holdings Limited ((TCEHY)) jumped 5.4% or $1.88 to $36.98 after China-focused internet services provider said total revenues in the third-quarter ending in September surged 24% from a year ago to $11.7 billion and profit soared 30% to $3.4 billion.

UGI Corp ((UGI)) slipped 1.6% or 92 cents to $57.02 after the natural gas and electricity provider said revenues in the year ending in September jumped 9.1% from a year ago to $1.2 billion.

Net income in the quarter soared to $24.4 million or 14 cents per diluted share from $5 million or 3 cents in the same quarter last year.

The gas and electric provider forecasted fiscal 2018 diluted earnings per share in the range of $2.75 to $2.95.