Earnings Roundup: HNZ, JOYG, BGP, BF-B, GIII
Wednesday, September 01, 2021 9:28 AM

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HJ Heinz Co. (NYSE: HNZ) reported Wednesday that its fiscal first-quarter net income climbed 13%, helped by accelerating double-digit sales growth in emerging markets and strong growth in North American consumer products. Net income rose to $240.43 million, or 75 cents per share, from $212.56 million, or 67 cents per share, in the year-earlier quarter. Revenue increased to $2.48 billion from $2.44 billion. Analysts, on average, expected the company to report earnings of 73 cents per share on revenue of $2.53 billion. Looking ahead to fiscal 2011, on a constant currency basis, the company still expects earnings per share growth in the range of 7% to 10%, and sales to be up by 3% to 4% for the year, and Operating income growth of 7% to 10%. Analysts currently expect the company to report earnings of $3.05 per share on revenues of $10.63 billion for fiscal 2011.

Joy Global, Inc. (NASDAQ: JOYG) said Wednesday that its fiscal third-quarter net income slipped 4.7% to $118.5 million, or $1.13 a share, from $124.3 million, or $1.21 a share, in the year-ago quarter. Revenue decreased 11% to $850 million from $956.39 million. Analysts, on average, expected the company to report earnings of $1.02 per share on revenue of $878.20 million. The company also boosted its fiscal 2010 outlook. Joy Global now expects earnings between $4.10 and $4.15 per share, up from its previous forecast in the range of $3.85 to $4.00 per share. The company anticipates revenues between $3.35 billion and $3.40 billion. Analysts currently expect earnings of $4 per share on revenue of $3.41 billion for the full-year.

Borders Group Inc. (NYSE: BGP) on Wednesday posted a second-quarter loss of $46.7 million, or 67 cents a share, compared with a loss of  $45.6 million, or 76 cents, in the same quarter last year. Revenue slipped 12% to $526.1 million from $601.8 million. Shares of the book-store operator rose more than 1% in pre-market trading.

Brown-Forman (NYSE: BF-B) said Wednesday that its fiscal first-quarter net income dropped 8% to $111.4 million, or 76 cents a share, from $121.4 million, or 81 cents a share, in the prior-year quarter. Revenue grew 1% to $745 million. Analysts, on average, expected the company to report earnings of 84 cents per share on revenue of $758.39 million.  The company reaffirmed its fiscal 2011 full-year earnings outlook of $2.98 to $3.38 per share. The company also continues to expect underlying operating income growth in the mid-single digits for its fiscal 2011. Analysts expect the company to report earnings of $3.27 per share for fiscal 2011.

G-III Apparel Group, Ltd. (NASDAQ: GIII) reported that it swung to a second-quarter profit of $3 million, or 15 cents a share, compared to a loss of $2.8 million, or 17 cents a share, in the comparable quarter last year. Revenue jumped 39% to $189 million from $135.9 million. Analysts, on average, expected the company to post a loss of 2 cents per share on revenue of $161.86 million. Looking ahead, the company boosted its 2011 earnings guidance to a range of $52.0 million to $54.0 million or $2.60 to $2.70 per share, from its previous forecast of net income of $44.0 million to $46.0 million, or between $2.20 and $2.30 per share. For 2011, the company now anticipates net sales of approximately $1.025 billion compared to its prior forecast of approximately $950.0 million. Analysts currently expect the company to report earnings of $2.33 per share on revenues of $942.25 million for fiscal 2011. Shares of the company surged as much as 20% in pre-market trading.

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

 

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