Deere & Co Sales Jump, Gap to Close Stores with Lagging Sales

Mukesh Buch
21 Nov, 2018
New York City

Autodesk reported better-than-expected results. Copart reported strong first-quarter results. Deere & Co net and revenues jumped. Foot Locker upbeat earnings lifts stock. The Gap net soared.

[R]11:55 AM New York City, New York – Autodesk reported better-than-expected results. Copart reported strong first-quarter results. Deere & Co net and revenues jumped. Foot Locker upbeat earnings lifts stock. The Gap net soared.[/R]

Tollbooth Index soared 262.06 or 1.8% to 14,788.57 and for the year-to-date gained 7.5%.

Earnings Review

Autodesk Inc ((ADSK)) surged 7.7% or $9.44 to $132.49 after the engineering and entertainment software maker reported revenues in the third-quarter ending in October soared 28.2% from a year ago to $660.9 million.

Net loss in the quarter narrowed to $23.7 million or 11 cents per diluted share from $119.8 million or 55 cents in the same quarter last year.

Autodesk forecasted fiscal 2019 revenues growth between 23% and 24% or $2.53 billion to $2.54 billion and diluted loss per share in the range of 49 cents to 45 cents.

Separately today, Autodesk plans to acquire construction productivity software provider PlanGrid for $875 million.

BJ''s Wholesale Club Holdings Inc ((BJ)) soared 13.5% or $2.67 to $22.50 after the warehouse club operator said net sales in the third-quarter ending on November 3 advanced 4.3% from a year ago to $3.2 billion.

Comparable store sales in the quarter increased 1.9%.

Net income in the quarter more than doubled to $54.4 million or 39 cents per diluted share from $22.8 million or 25 cents in the same quarter last year.

The retailer lifted fiscal 2018 net sales forecast to between $12.65 billion to $12.75 billion from the earlier estimate of $12.6 billion to $12.7 billion and comparable store sales growth in the range of 1.9% to 2.1% from the earlier estimate of between 1.8% and 2.1%.

BJ''s lifted fiscal 2018 net income forecast in the range of $108 million to $114 million from the earlier estimate of $101 million to $111 million and diluted earnings per share in the range of 89 cents to 94 cents from the earlier estimate of 83 cents to 91 cents.

Copart Inc ((CPRT)) jumped 4.8% or $2.28 to $49.58 after the online vehicle auction services provider stated revenues in the first-quarter ending in October jumped 10.1% from a year ago to $461.4 million.

Net income in the quarter jumped 47.2% to $114.1 million or 47 cents per diluted share from $77.5 million or 32 cents in the same quarter last year.

Caleres Inc ((CAL)) plunged 7.3% or $2.27 to $28.77 after the footwear retailer said sales in the third-quarter ending in October jumped 10.1% from a year ago to $775.8 million.

Same store sales in the quarter increased 2.8%.

Net income in the quarter plunged 15% to $29.2 million or 67 cents per diluted share from $34.4 million or 80 cents in the same quarter last year.

Deere & Co ((DE)) jumped 5.1% or $7.02 to $145.54 after the agricultural, construction, and forestry machinery maker reported revenues in the fourth-quarter ending on October 28 soared 18% from a year ago to $8.3 billion.

Net income in the quarter jumped 4.5% to $784.8 million or $2.42 per diluted share from $510.3 million or $1.57 per share in the same quarter last year.

Deere & Co forecasted fiscal 2019 net sales to jump 7% and net income of about $3.6 billion. The machinery company said equipment sales are estimated to soar 7%, agriculture and turf equipment sales are forecasted to increase 3% and sales in the construction and forestry equipment business to surge 15%.

Foot Locker Inc ((FL)) soared 14.3% or $6.58 to $52.67 after the sportswear and footwear retailer said net sales in the third-quarter ending on November 3 were flat from a year ago to $1.8 billion.

Comparable store sales in the quarter advanced 2.9%.

Net income in the quarter jumped 27.5% to $130 million or $1.14 per diluted share from $102 million or 81 cents in the same quarter last year.

The Gap Inc ((GPS)) advanced 3.4% or 83 cents to $25.49 after the apparel and accessories retailer stated net sales in the third-quarter ending on November 3 soared 7% from a year ago to $4.1 billion.

Comparable store sales in the quarter were flat.

Net income in the quarter jumped 16.2% to $266 million or 69 cents per diluted share from $229 million or 58 cents in the same quarter last year.

The Gap forecasted fiscal 2018 diluted earnings per share in the range of $2.55 to $2.60 and comparable sales are estimated to remain flat or slightly increase.

Hormel Foods Corp ((HRL)) gained 31 cents to $45.25 after the food products distributor reported net sales in the fourth-quarter ending on October 28 rose 1% from a year ago to $2.5 billion.

Net income in the quarter soared 19.8% to $261.4 million or 48 cents per diluted share from $218.2 million or 41 cents in the same quarter last year.