Earnings Roundup: MON, AM, AYI, UNF, LNN
Wednesday, June 30, 2021 9:47 AM

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Monsanto Co. (NYSE: MON) on Wednesday reported that its fiscal third-quarter profit slumped 45% from last year, hurt by lower herbicide sales. Net income dropped to $384 million or 70 cents a share, from $694 million or $1.25 a share in the prior-year quarter. On an adjusted basis, the company earned 81 cents a share in the latest quarter. Revenue declined to $2.96 billion from $3.16 billion in the same quarter last year. Analysts, on average, expected the company to report earnings of 80 cents per share on revenue of $3.17 billion. Monsanto affirmed its cash flow and EPS guidance and provided preliminary financial guidance for fiscal year 2011. The company expects free cash flow for fiscal year 2010 will be in the range of $400 million to $500 million including the after-tax cash effect from a restructuring charge. The company expects fiscal-year 2010 earnings per share to be in the range of $2.40 to $2.60 on an ongoing basis and $2.15 to $2.41 on an as-reported basis. Analysts currently expect the company to report adjusted earnings of $2.51 per share for the fiscal 2010. For fiscal fourth-quarter, the company expects to report results in the range of loss of 11 cents per share - profit of 9 cents per share on a reported basis. The company anticipates fourth-quarter results, on an ongoing business basis, to be in the range of loss 9 cents per share - profit of 11 cents per share. The consensus estimate is for EPS of 3 cents per share for the fourth-quarter. 

"We've made some real changes to our portfolio and business approach, and the positive feedback I'm hearing from our customers tells me we are on the right track," said Hugh Grant, chairman, president and chief executive officer for Monsanto. "We have demonstrated agility in the face of adversity, enhancing our portfolio and equipping our sales team with an unprecedented amount of product choices and price points to offer our customers. We've repositioned our Roundup(R) business to recognize its appropriate role in supporting our Seeds and Genomics set segment. And we've demonstrated an ability to leverage our operational savings and sustain a strategic investment in research and development." 

Monsanto shares rose 0.21% to $47.44 in morning trading.

American Greetings Corp. (NYSE: AM) reported Wednesday that its fiscal first-quarter profit surged to $30.8 million, or 75 cents a share, from $10 million, or 25 cents, in the year-ago quarter. Revenue decreased to $396.3 million from $412.9 million. Analysts, on average, expected the company to report earnings of 79 cents per share on revenue of $416.87 million. For fiscal year 2011, the company continues to anticipate cash flow from operating activities of about $165 million and capital expenditures of approximately $40 million resulting in cash flow from operating activities minus capital expenditures of approximately $125 million.

Chief Executive Officer Zev Weiss said, "I am pleased that our earnings per share of 75 cents were the highest we have ever achieved in a first quarter. Our first quarter EPS benefited from several factors including the solid performance in our core business units, the changes we made over the last eighteen months to our portfolio of businesses, and the shares we repurchased over the last several years. We believe our refined business portfolio, which focuses on our core greeting card business, along with the changes we have made to our capital structure over the last several years, position the Company well for the opportunities and challenges ahead."

Shares of the company plunged as much as 8% on Wednesday.

Acuity Brands Inc. (NYSE: AYI) said Wednesday that its third-quarter net income slipped to $21.3 million, or 48 cents per share, from $22.0 million, or 51 cents per share, in the year-earlier quarter. Revenue climbed 3% to $407.6 million from $396.6 million. Analysts, on average, expected the company to report earnings of 56 cents per share on revenue of $410.13 million. 

Mr. Nagel, Chairman, President, and Chief Executive Officer of Acuity Brands, commented, "We expect the economic environment for the remainder of our fiscal year 2010 to remain challenging. Key indicators continue to signal declines for non-residential construction activity for the balance of 2010 and into 2011. Independent third-party forecasts continue to signal that for our fiscal 2010 the year-over-year percentage decline for net sales in the overall markets we serve will be in the mid-teens. Despite these challenges, we continue to see opportunities.

Shares of Acuity Brands slumped more than 10% to $40.97. 

Unifirst Corp. (NYSE: UNF) on Wednesday reported that its fiscal third quarter declined to $19.31 million, or 98 cents per share, from $21.69 million, or $1.12 per share, in the comparable quarter last year. Revenue rose 3.6% to $261.25 million from $252.11 million. Analysts, on average, expected the company to report earnings of 85 cents per share on revenue of $250.66 million.

Ronald D. Croatti, UniFirst President and Chief Executive Officer said, "We are pleased with the Company's overall results for the third quarter. The performance of our core laundry operations met our expectations and our sales force continues to have success expanding our customer base. In addition, our Specialty Garments segment produced record results for the quarter and likely will end the year with record revenues and profits."

Unifirst shares rallied 3.75% to $42.57 in morning trading.

Lindsay Corp. (NYSE: LNN) said Wednesday that its third-quarter net earnings climbed to $6.25 million, or 50 cents per share, from $5.27 million, or 42 cents per share, in the comparable quarter last year. Revenue jumped 18% to $100.07 million from $84.58 million. Analysts, on average, expected the company to report earnings of 42 cents per share on revenue of $95.44 million. Gross margin was 25.2 percent compared to 24.9 percent for the same prior year period.

Rick Parod, president and chief executive officer, commented, "Globally farmer sentiment has improved over last year, however the peak selling period for irrigation equipment has now ended for 2010. In our infrastructure segment, we believe stimulus spending has supported increased sales and quote activity, however a multi-year highway bill is essential for sustainable growth in the U.S." Parod added, "Growth drivers of expanded food production, efficient water use and improvements in transportation infrastructure remain very positive for our business, long-term."

Lindsay Corp. rose 2.25% to $33.14 on Wednesday.

Disclosure: Author doesn't own any of the stocks discussed here.

 

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Jim OPNT$0.10$0.09$0.07
XXXXX MNT$0.33$0.33$0.35
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XXXXX PETM$0.33$0.33$0.34
XXXXX JBX$0.70$0.82$0.80
XXXXX HPQ$0.69$0.70$0.70
XXXXX OPNT$0.10$0.09$0.07
XXXXX CHUX$0.31$0.35$0.36
XXXXX HPQ$0.69$0.70$0.70
XXXXX CRM$0.01$0.00$0.01

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