Pivotal Rides Shift to Cloud, Progressive Net Jumps 57%

Mukesh Buch
12 Dec, 2018
New York City

Pivotal Software beats earnings estimates. Photronics net surged 55% on 20% jump in revenues. Progressive Corp net jumped 57%. Vera Bradley net soared but revenues plunged.

[R]12:15 PM New York City, New York – Pivotal Software beats earnings estimates. Photronics net surged 55% on 20% jump in revenues. Progressive Corp net jumped 57%. Vera Bradley net soared but revenues plunged.[/R]

Tollbooth Index soared 214.30 or 1.4% to 15,056.74 but for the year-to-date soared 9.4%.

Earnings Review

Pivotal Software Inc ((PVTL)) soared 7.6% or $1.36 to $19.16 after the cloud based software services provider reported revenues in the third-quarter ending on November 2 jumped 30% from a year ago to $168.1 million.

Net loss in the quarter narrowed to $34.3 million or 13 cents per diluted share from $39.3 million or 57 cent in the same quarter last year.

The cloud based software provider forecasted fiscal 2019 total revenues $657 million to $659 million and subscription revenue in the range of $398 million to $399 million.

Photronics Inc ((PLAB)) slid 7 cents to $9.51 after the photographic quartz plates maker said revenues in the fourth-quarter ending in October jumped 20% from a year ago to $144.7 million.

Net income in the quarter surged 55% to $12.5 million or 18 cents per diluted share from $5.4 million or 8 cents in the same quarter last year.

Photronics forecasted fiscal 2019 first-quarter revenue in the range of $120 million to $130 million and per diluted earnings per share between 1 cent and 7 cents.

Progressive Corporation ((PGR)) increased 2.1% or $1.31 to $64.78 after the auto insurance provider said net premiums earned in the month of November soared 20% from a year ago to $2.5 billion.

Net income in the quarter jumped 57% to $242.4 million or 41 cents per diluted share from $154.9 million or 26 cents in the same quarter last year.

Scholastic Corporation ((SCHL)) advanced 2.1% or 91 cents to $43.72 after the education and media publisher today announced quarterly cash dividend of 15 cents per share for the third quarter of fiscal 2019 and payable on March 15, 2019.

Vera Bradley Inc ((VRA)) plunged 8.4% or 85 cents to $9.33 after the women''s handbags, luggage and home accessories maker said revenues in the first-quarter ending on November 3 plummeted 14.4% from a year ago to $97.7 million.

Net income in the quarter soared to $4.2 million or 12 cents per diluted share from $0.4 million or 1 cent in the same quarter last year.

Vera Bradley forecasted fiscal 2019 net revenues in the range of $412 million to $417 million from $454.6 million in fiscal 2018 diluted earnings per share in the range of 57 cents to 60 cents.