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Earnings Analysis: 
Fastenal, Healthcare Services Net Jump; Delta Air Net Declines
Author: Mukesh Buch
123jump.com
Last Update: 12:19 PM ET April 12 2017



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12:00 PM New York ClubCorp first-quarter net loss narrowed to $8 million. Cardinal Financial first-quarter net dropped 5% to $12 million. Delta Air Lines first-quarter net declined 36% to $603 million. Fastenal first-quarter net soared 6% to $134 million. Healthcare Services first-quarter net jumped 18% to $22 million.

Tollbooth Index fell 18 or 0.2% to 11,558.94.

Earnings Review

ClubCorp Holdings Inc (MYCC), the leisure and entertainment services provider said revenues in the first-quarter ending on March 21 advanced 3% from a year ago to $221.3 million.

Net loss in the quarter narrowed to $7.5 million or 12 cents per diluted share from $8.4 million or 13 cents in the same quarter last year.

The golf and country clubs services provider reaffirmed revenue in the range of $1.09 billion to $1.14 billion, and operating profit between $255 million and $265 million.

Cardinal Financial Corporation (CFNL), the financial services provider stated net interest income in the first-quarter ending in March rose 1.9% from a year ago to $31 million.

Net income in the quarter dropped 5.3% to $12.4 million or 36 cents per diluted share from $13.1 million or 39 cents in the same quarter last year.

Delta Air Lines, Inc (DAL), the airline operator reported total revenues in the first-quarter ending in March fell 1.1% from a year ago to $9.1 billion.

Net income in the quarter declined 36% to $603 million or 82 cents per diluted share from $946 million or $1.21 in the same quarter last year.

Delta estimated April storm will reduce its pre-tax profit in second-quarter by $125 million after the airline was forced to cancel 4,000 flights due to bad weather and the operational recovery.

Fastenal Company (FAST), the industrial and construction products provider said net sales in the first-quarter ending in March jumped 6.2% from a year ago to $1.05 billion.

Net income in the quarter soared 6.3% to $134.2 million or 46 cents per diluted share from $126.2 million or 44 cents in the same quarter last year.

Fastenal said increase in net sales was driven primarily by higher unit sales.

Healthcare Services Group, Inc (HCSG), the cleaning and dietary service provider reported total revenues in the first-quarter ending in March advanced 5% from a year ago to $404.5 million.

Net income in the quarter jumped 18.3% to $22 million or 30 cents per diluted share from $18.6 million or 26 cents in the same quarter last year.

The cleaning service provider said it had signed new service agreements with expected annualized revenues of over $160 million and contracts are scheduled to begin in the second quarter of 2017.

Shaw Communications Inc (SJR), Canada-based diversified connectivity provider said revenues in the second-quarter ending in February soared 13.3% from a year ago to $1.3 billion.

Net income in the quarter plunged 10.4% to $147 million or 30 cents per diluted share from $164 million or 32 cents in the same quarter last year.

In the quarter, Shaw lost 5,000 customers in its cable, satellite, Internet and telephone divisions but well below the estimated loss of about 30,000.

The wireless services provider said in the quarter there were significant improvements in wireless postpaid and prepaid new subscribers, adding over 33,000.

Chief executive officer Alek Krstajic of its wireless unit Freedom Mobile stepped down and he will be replaced by chief operating offering Paul McAleese.
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Market data: BATS Exchange. Inc.

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