FinancialInsiders.com Earnings Recap Week Ending October 6th, 2017
Friday, October 06, 2017
FinancialInsiders.com News Commentary
NEW YORK, October 6, 2017 /PRNewswire/ --
U.S. equities rose to another record on Thursday, boosted by strong economic data. The
Dow Jones Industrial average rose 0.50 percent, or 113.75 points, to 22,775.39 on Thursday
and hit a new all-time high during the trading session. It also posted an eight-day
winning streak, the longest since 2013. The S&P 500 also hit new all-time and closed 0.56
percent higher at 2,552.07. NASDAQ composite Index gained 0.78 percent to 6585.36. Strong
economic data supported the momentum in the stock market. U.S. jobless claims fell by
12,000 to 260,000, the Labor Department said on Thursday. The trade deficit narrowed to
$42.4 billion in August due to increasing exports of goods and services. Paychex, Inc.
(NASDAQ: PAYX), Advanced Micro Devices, Inc. (NASDAQ: AMD), Constellation Brands, Inc.
(NYSE: STZ), Monsanto Company (NYSE: MON), PepsiCo, Inc. (NYSE: PEP).
Investors are closely watching the monthly employment report on Friday and the
upcoming third-quarter earnings season. Randy Frederick, Vice President of trading and
derivatives at Charles Schwab said in a CNBC report: "The economic backdrop is very
strong. We had multi-year highs on both ISM numbers and the impact from the hurricanes on
the overall economy seems to be smaller than expected. When the stream of economic data is
strong, the impact from events like hurricanes tends to be smaller."
Paychex, Inc. (NASDAQ: PAYX) shares jumped more than 3% Tuesday after the provider of
integrated human capital management (HCM) solutions announced total service revenue of
$803.1 million for the three months ended August 31, 2017, an increase of 4% from $773.5
million for the same period last year. Net income and diluted earnings per share each
increased 5% to $227.8 million and $0.63 per share, respectively, for the first quarter.
Adjusted net income increased 9% to $222.8 million and adjusted diluted earnings per share
increased 11% to $0.62 per share for the first quarter. Martin Mucci, President and Chief
Executive Officer, commented, "We posted solid growth across our major human capital
management ('HCM') product lines in the first quarter, in particular our comprehensive
human resource ('HR') outsourcing solutions and our cloud-based time and attendance
products continue to perform well."
Advanced Micro Devices, Inc. (NASDAQ: AMD) shares jumped about 6% Tuesday after the
company announced the AMD Embedded Radeon(TM) E9170 Series graphics processing unit
(GPU). The new processor is the first 'Polaris' architecture-based AMD Embedded discrete
GPU available in multi-chip module (MCM) format with integrated memory for smaller,
power-efficient custom designs, as well as PCI Express(R) and MXM formats for standard
form factor systems. "Developers are continuing to push the boundaries on what's possible
for embedded systems, demanding more performance, more features and more design options,
all while significantly reducing power consumption. At the GPU level, it is critical to
provide versatile solutions that do not compromise on graphics performance or 4K
multi-display capabilities," said Colin Cureton, Director of Product Management, AMD
Constellation Brands, Inc. (NYSE: STZ) shares jumped about 4% on Thursday after the
provider of agricultural products for farmers reported 2nd quarter 2018 earnings. STZ
reported basis EPS of $2.48 and comparable basis EPS of $2.47, an increase of 42% and 40%,
respectively. The company generated $1.1 billion of operating cash flow and $598 million
of free cash flow. STZ also increased fiscal 2018 reported basis EPS outlook to $7.90 -
$8.05 and comparable basis EPS outlook to $8.25 - $8.40; which is driven primarily by
strong beer business results. The company Affirms fiscal 2018 operating cash flow target
of approximately $2.0 billion.
Monsanto Company (NYSE: MON) reported 4th quarter earnings this Wednesday, concluding
the 2017 fiscal year with earnings per share (EPS) of $5.09, as compared to last year's
as-reported full-year EPS of $2.99, adding that EPS is expected to grow in the first
quarter of fiscal 2018. Monsanto reported quarterly net sales of $2.7 billion, and net
sales for the full fiscal year of $14.6 billion. Full-year net sales were up more than $1
billion year-over-year, due primarily to record technology adoption for the newest soybean
technologies across the Americas and global corn pricing. "Our record sales and gross
profit in the Seeds and Genomics segment this year, fueled by the outstanding penetration
of our latest soybean and cotton technologies and continued adoption of our newest corn
hybrids around the world, reflects the need for new solutions in what continues to be a
challenging ag economy," said Hugh Grant, Chairman and Chief Executive Officer for
PepsiCo, Inc. (NYSE: PEP) reported 3rd quarter earnings this Wednesday. The global
food and beverage company reported net revenue increased 1.3 percent. Foreign exchange
translation had a 1-percentage-point unfavorable impact on reported net revenue. Organic
revenue, which excludes the impacts of foreign exchange translation and structural changes,
grew 1.7 percent. Reported EPS was $1.49, a 9 percent increase from the prior-year
period. Foreign exchange translation reduced reported EPS growth by 1 percentage point.
"Overall, our businesses performed well in the third quarter in what continues to be a
challenging environment," said Chairman and CEO Indra Nooyi. "Each of our operating
sectors delivered results in line with or ahead of our expectations, with the exception of
North America Beverages (NAB) where revenues declined following two consecutive years of
very strong third-quarter growth. Despite the challenges in our NAB business, the PepsiCo
portfolio overall generated revenue, operating profit and earnings per share growth."
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