3 Widely Held Stocks Buzzing After Earnings
Target Corporation (NYSE:TGT) reported net income above Wall Street’s expectations for the third quarter. Net income for the discount store rose to $555 million (82 cents per share) vs. $535 million (74 cents per share) in the same quarter a year earlier. This marks a rise of 3.7% from the year earlier quarter. Revenue rose 5.1% to $16.4 billion from the year earlier quarter. TGT beat the mean analyst estimate of 74 cents per share. Analysts were expecting revenue of $16.24 billion
“We’re very pleased with our third quarter financial results, which reflect strong performance in our U.S. Retail and U.S. Credit Card segments,” said Gregg Steinhafel, chairman, president, and chief executive officer of Target Corporation. “We’re confident that we have the right strategy and team in place to drive continued strong performance this holiday season and well into the future, allowing us to continue rewarding our shareholders while investing millions of dollars each week to support the many local communities where our guests and team members live, work and shop.”
Competitors to Watch: Wal-Mart Stores, Inc. (NYSE:WMT), Costco Wholesale Corp. (NASDAQ:COST), Dollar Tree, Inc. (NASDAQ:DLTR), Dollar General Corp. (NYSE:DG), Gordmans Stores, Inc. (NASDAQ:GMAN), Wal-mart de Mexico S A B de C V (WMMVY), Family Dollar Stores, Inc. (NYSE:FDO), 99 Cents Only Stores (NYSE:NDN), Fred’s, Inc. (NASDAQ:FRED), and BJ’s Wholesale Club, Inc. (NYSE:BJ).
TYCO International Ltd. (NYSE:TYC) reported net income above Wall Street’s expectations for the fourth quarter. Net income for the diversified machinery company rose to $392 million (83 cents per share) vs. $273 million (55 cents per share) in the same quarter a year earlier. This marks a rise of 44% from the year earlier quarter. Revenue rose 4.4% to $4.69 billion from the year earlier quarter. TYC reported adjusted net income of 92 cents per share. By that measure, the company beat the mean estimate of 86 cents per share. It beat the average revenue estimate of $4.51 billion.
“We are on track with our recently-announced plan to separate Tyco into three standalone public companies in this fiscal year. This marks an exciting new opportunity for all three companies to pursue their own focused growth strategies and create significant shareholder value,” Breen added.
Competitors to Watch: Honeywell Intl. Inc. (NYSE:HON), 3M Company (NYSE:MMM), General Electric Company (NYSE:GE), China Security & Surveillance Tech. Inc. (NYSE:CSR), Checkpoint Systems, Inc. (NYSE:CKP), Magal Security Systems Ltd. (NASDAQ:MAGS), Mace Security Intl., Inc. (MACE), Textron Inc. (NYSE:TXT), and Napco Security Systems (NASDAQ:NSSC).
PetSmart Inc (NASDAQ:PETM) reported its results for the third quarter. Net income for PetSmart Inc rose to $56.2 million (50 cents per share) vs. $45.6 million (38 cents per share) in the same quarter a year earlier. This marks a rise of 23.1% from the year earlier quarter. Revenue rose 7.9% to $1.5 billion from the year earlier quarter. PETM beat the mean analyst estimate of 48 cents per share. Analysts were expecting revenue of $1.49 billion.
“The favorable momentum that we experienced during the quarter validates the work that we are doing, and continues to move us forward on our journey to becoming a best-in-class specialty retailer,” said Bob Moran, President and Chief Executive Officer.”For the full year, we expect comparable store sales growth of mid-single digits. We are raising our earnings per share guidance from a previous range of $2.46 to $2.52 to our current expectations of $2.50 to $2.54,” said Chip Molloy, Senior Vice President and Chief Financial Officer. “For the fourth quarter of 2011, we are expecting comparable store sales growth in the low- to mid-single digit range, and earnings per share between $0.85 and $0.89.”
Competitors to Watch: PetMed Express (NASDAQ:PETS), Rite Aid (NYSE:RAD), Walgreen (NYSE:WAG), CVS (NYSE:CVS), Target (NYSE:TGT), Wal-Mart (NYSE:WMT), Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA).