Earnings Roundup: BIG, MDT, BKC, BKS, TSL, DAKT
Tuesday, August 24, 2021 9:48 AM

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Big Lots Inc. (NYSE: BIG) said Tuesday that its fiscal second-quarter net profit rose 37%, helped by lower markdowns, improved shrink results, and a favorable merchandise mix impact. Net income climbed to $38.9 million, or 48 cents a share, from $28.4 million, or 34 cents a share, in the year-ago quarter. Revenue increased 5.1% to $1.14 billion from $1.09 billion in the same quarter last year. Analysts, on average, expected the company to report earnings of 47 cents per share on revenue of $1.15 billion. The company boosted its full-year guidance for income from continuing operations to a range of $2.82 to $2.90 per share from the prior guidance of $2.75 to $2.85 per share. Analysts currently expect earnings of $2.85 per share. Shares of the company slumped more than 2% in morning trading.

Medtronic Inc. (NYSE: MDT) reported that its fiscal first-quarter net income surged to $830 million, or 76 cents per share, from $445 million, or 40 cents per share, in the year-earlier quarter. On an adjusted basis, the company earned 80 cents per share in the latest quarter. Revenue declined to $3.77 billion from $3.93 billion. Analysts, on average, expected the company to report earnings of 81 cents per share on revenue of $3.95 billion. Looking ahead, the company lowered its fiscal 2011 earnings guidance to a range $3.40 to $3.48 per share, from the prior range of $3.45 to $3.55 per share. Shares of the medical device maker sank as much as 8% in Tuesday morning trading.

Burger King Holdings Inc. (NYSE: BKC) said that its fiscal fourth-quarter net income dropped to $49.0 million, or 36 cents per share, from $58.9 million, or 43 cents per share, in the prior-year quarter. Revenue slipped 1% to $623.0 million from $629.9 million. Analysts, on average, expected the company to report earnings of 34 cents per share on revenue of $635.19 million.

Barnes & Noble Inc. (NYSE: BKS) reported Tuesday that it swung to a fiscal first-quarter loss of $62.5 million, or $1.12 a share, from net income of $12.3 million, or 21 cents a share, in the same quarter last year. Adjusted loss was $1.02 a share, in-line with its previously issued guidance of $0.85 to $1.15 per share. Revenue grew 21% to $1.4 billion from $1.156 billion. Looking ahead, the company expects fiscal year 2011 net loss per share to be in a range of $0.25 to $0.65. Excluding legal costs, the company's fiscal year 2011 earnings per share guidance remains essentially unchanged with previously issued guidance of $0.00 to a loss of $0.40. Analysts currently expect the company to report earnings of 6 cents per share for fiscal 2011. Shares of the bookseller slid more than 3% in early trading.

Trina Solar Ltd  (NYSE: TSL) said that its second-quarter net income jumped to $38.71 million, or 52 cents per American Depository Share (ADS), from $18.6 million, or 35 cents per ADS, in the comparable quarter last year. Revenue surged to $370.76 million from $150.0 million. Analysts, on average, expected the company to report earnings of 49 cents per share on revenue of $336.80 million. Shares of the company plunged more than 4% in morning trading.

Daktronics Inc. (NASDAQ: DAKT) reported that its first-quarter net income improved to $2.44 million, or 6 cents per share, from $1.43 million, or 3 cents per share, in the year-ago period. Revenue decreased to $100.5 million from $113.45 million. Analysts, on average, expected the company to post a loss of 4 cents per share on revenue of $94.67 million. Shares of the company soared more than 6% in morning trading.

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

 

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