Cisco Beats Estimates, Walmart Drops on Revenue Weakness

Mukesh Buch
15 Nov, 2018
New York City

Cisco beat earnings estimates. Dillard''''s reported disappointing profit. J. C. Penney lowered fiscal comparable sales outlook after net loss widened. NetApp reported strong results. Walmart slumped on weak sales.

[R]12:20 PM New York City, New York – Cisco beat earnings estimates. Dillard''s reported disappointing profit. J. C. Penney lowered fiscal comparable sales outlook after net loss widened. NetApp reported strong results. Walmart slumped on weak sales.[/R]

Tollbooth Index declined 202.61 or 1.3% to 15,058.94 but for the year-to-date soared 9.4%.

Earnings Review

3M Company ((MMM)) fell 49 cents to $197.37 after the industry, health care, and consumer conglomerate forecasted fiscal 2018 total sales growth between 1% and 3%.

3M estimated fiscal 2018 earnings per share growth between 20% to 25% or $10.60 to $11.05.

In fiscal 2019, 3M plans to repurchase $2 billion to $4 billion of its own shares and forecasted fiscal 2018 net income in the range of $5.3 billion to $5.5 billion

The conglomerate forecasted earnings per share to grow between 8% and 11% over the next five years.

Cisco Systems Inc ((CSCO)) jumped 2.3% or $1.01 to $45.34 after the networking equipment maker said revenues in the first-quarter ending on October 27 soared 8% from a year ago to $13.1 billion.

Net income in the quarter surged 48% to $3.5 billion or 77 cents per diluted share from $2.4 billion or 48 cents in the same quarter last year.

Cisco forecasted fiscal 2019 revenues to grow between 5% and 7% and operating margin in the range of 30.5% to 31.5% and diluted earnings per share in the range of 71 cents to 73 cents.

Dillard Inc ((DDS)) tumbled 16.5% or $12.17 to $61.62 after the apparel, cosmetics and home furnishings retailer stated net sales in the third-quarter ending on November 3 advanced 4.4% from a year ago to $1.4 billion.

Same store sales in the quarter jumped 3%.

Net income in the quarter plunged 49% to $7.4 million or 27 cents per diluted share from $14.5 million or 50 cents in the same quarter last year.

J. C. Penney Company Inc ((JCP)) increased 2.1% or 0.03 cents to $1.25 after the department stores operator said total net sales in the third-quarter ending on November 3 dropped 5.8% from a year ago to $2.7 billion.

Comparable store sales in the quarter declined 5.4%.

Net loss in the quarter widened to $151 million or 48 cents per diluted share from $125 million or 40 cents in the same quarter last year.

The retailer forecasted fiscal 2018 comparable store sales to drop in low-single digits.

NetApp Inc ((NTAP)) plunged 13.5% or $10.52 to $67.51 after the cloud data services provider reported net revenues in the second-quarter ending on October 26 jumped 7% from a year ago to $1.5 billion.

Net income in the quarter soared 38.5% to $241 million or 91 cents per diluted share from $174 million or 63 cents in the same quarter last year.

Walmart Inc ((WMT)) slumped 2.8% or $2.83 to $98.75 after the grocery and discount department stores operator reported total revenues in the third-quarter ending on October 26 rose 1.4% from a year ago to $124.9 billion.

Comparable store sales in the quarter advanced 3.4%%.

Net income in the quarter soared 38.5% to $241 million or 91 cents per diluted share from $174 million or 63 cents in the same quarter last year.

The retailer forecasted fiscal 2018 comparable sales at its U.S locations to increase 3% and lowered earnings per share estimate to between $2.26 and $2.36 from the earlier estimate of $2.65 to $2.80.