Shares of Best Buy Co. Inc. (NYSE: BBY), a retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related services, have edged higher in early trading today after the company reported better-than-expected fourth-quarter results. The company also said that it is not moving forward with its turnaround after founder Richard Schulze failed to give an acquisition offer by the deadline.
For the fourth quarter, Best Buy reported loss of $409 million, or $1.21 per share, compared to $1.82 billion, or $5.17 per share reported for the same period in the previous year. Excluding one-time items, the company reported earnings from continuing operations of $1.64 per share, beating Street estimates of $1.54 per share.
Revenue for the quarter was $16.71 billion, up 0.2% on a year-over-year basis. Same-store sales for the quarter rose 0.9%.
BBY shares rose to a high of $17.46 in early trading. At last check, the stock was trading 1.77% higher at $16.70 on volume of 5.13 million.
Shares of Mentor Graphics Corp. (NASDAQ: MENT), a supplier of electronic design automation (EDA) tools, have fallen sharply in early trading today after the company gave a weaker-than-expected outlook. The company’s fourth-quarter fiscal 2013 results, meanwhile, beat estimates.
For the first quarter of fiscal 2014, the Wilsonville, Oregon-based company expects GAAP earnings to breakeven. Adjusted earnings for the quarter are expected to come in at $0.05 per share. Revenue for the quarter is forecast at $225 million. Analysts expect the company to report first-quarter adjusted earnings of $0.21 per share and revenue of $241.67 million.
For fiscal year 2014, MENT expects GAAP earnings of approximately $1.41 per share, and adjusted earnings of around $1.53 per share. Analysts expect fiscal 2014 adjusted earnings of $1.59 per share. Revenue for fiscal year 2014 is expected to come in at $1.155 billion, compared to consensus forecast of $1.17 billion.
For the fourth quarter of fiscal 2013, Mentor Graphics reported net income of $61.7 million, or $0.49 per share, compared to $57.8 million, or $0.52 per share. Excluding one-time items, the company’s earnings for the quarter were $66 million, compared to $64.7 million reported for the same period in the previous year. On a per share basis, adjusted earnings were $0.58 per share, above consensus forecast of $0.55 per share. Revenue for the quarter was $331 million, up from $320 million reported for the same period in the previous year. Analysts were expecting the company to report fourth-quarter revenue of $343.18 million.
MENT shares fell to an intra-day low of $13.21 in early trading. At last check, the stock was trading 13.27% lower at $15.36 on volume of 469,090.
Shares of Sauer-Danfoss Inc. (NYSE: SHS), a developer, manufacturer and marketer of advanced systems for the distribution and control of power in mobile equipment, have risen sharply in early trading today after the company announced the signing of a definitive merger agreement with Danfoss A/S under which Danfoss will acquire 24.4% of SHS common shares it doesn’t already own.
SHS shares rose to a 52-week high of $58.73 earlier today. At last check, the stock was trading 8.46% higher at $58.70 on above average volume of 897,484.
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