shot up 8.5% in premarket trade Tuesday, branded foods company reported fiscal third-quarter earnings and sales that beat expectations.
The parent of Smuckers, Folgers, Crisco and Meow Mix reported net income for the quarter to Jan. 31 of $121.4 million, or $1.07 a share, down from $831.3 million, or $7.32 a share, in the same period a year ago, which included a net benefit from tax reform. Excluding non-recurring items, such as a impairment charge within its pet foods business, adjusted earnings per share came to $2.26, above the FactSet consensus of $2.01.
Sales rose 6% to $2.01 billion, topping the FactSet consensus of $1.99 billion, as strength in retail coffee and retail consumer foods offset weakness in retail pet foods. For fiscal 2019, the company affirmed its adjusted EPS guidance of $8.00 to $8.20, which was above the FactSet consensus of $7.98, and its sales outlook of $7.9 billion. The stock has declined 7.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Roku shares are soaring on earnings beat and strong streaming growthRoku reported fourth quarter 2018 earnings that beat analyst estimates and provided guidance in line or above expectations for 2019.
Read more »
Chinese stock markets soar on signs that the trade war with U.S. could be endingState media lauded the progress in trade talks as a “win-win.”
Read more »
GE's stock soars after deal to sell biopharma business to Danaher for $21.4 billionShares of General Electric Co. shot 8.8% in premarket trade Monday, after the industrial conglomerate agreed to sell its biopharma business to Danaher Corp. for $21.4 billion in cash. "Today's transaction is a pivotal milestone," said GE Chief Executive Lawrence Culp. "It demonstrates that we are executing on our strategy by taking thoughtful and deliberate action to reduce leverage and strengthen our balance sheet." Culp had served as CEO of Danaher from 2001 to 2014. Danaher said it expects to finance the deal with $3 billion from an equity offering, cash on hand and the issuance of debt. Danaher expects the deal, which is expected to close in the fourth quarter of 2019, to reduce net earnings by share by $1.15 to $1.20 in the first full year, but add to adjusted EPS by about 45 cents to 50 cents. GE's stock has soared 34.4% over the past three months through Friday, while Danaher shares have climbed 10.8% and the Dow Jones Industrial Average has gained 7.2%.
Read more »
Stock markets are soaring after Trump delays tariffs on Chinese goodsTrump's tweet about 'substantial progress' on trade talks sent Chinese stocks to their best one-day surge since July 2015.
Read more »
Medtronic quarterly profit beats on strength in surgical productsMedical device maker Medtronic on Tuesday beat Wall Street estimates for quarterly profit, driven by higher sales in its surgical products unit and restorative therapies group.
Read more »