After the bell on Wednesday,
Bed Bath & Beyond Inc. (
BBBY: chart) reported net income of $97.2 million, or 32 cents a share, for the fiscal second quarter ended August 30, up from net income $75.5 million, or 25 cents a share in the year-ago quarter. The Union, New Jersey-based superstore retailer topped marginally market’s expectations for earnings of 30 cents a share.
The company’s sales increased to $1.11 billion from $903 million a year earlier with sales at stores open within the past year rising 5.9%. The figure includes Christmas Tree Shops, a gift retailer that was bought for $200 million in June.
On another optimistic note, Bed Bath & Beyond raised its full-year earnings projection to $1.25 as on account of the purchase. The forecast comes in line with average analysts’ expectations.
Prior to the earnings release, the company’s shares fell 1.92% to close at $39.42 on Wednesday.
Business intelligence software developer
Cognos Inc. (
COGN: chart) posted the company’s most impressive second-quarter on record as its net earnings jumped 23% to $18.2 million, or 20 cents a share, for the three-month period ended August 31, up from $13.7 million, or 15 cents a share a year earlier.
Revenue at the Ottawa-based Canadian company was $158.2 million, up from $129 million in the year-earlier quarter. The company cited the 25% surge in revenues as the major factor for the positive earnings result.
Cognos predicts that about $10 million of the third-quarter revenue is likely to come from the company’s new software product, ReportNet, launched in the second quarter.
As a result, the Canadian company expects third-quarter revenues to range from $170 million to $172 million, translating into profit between 24 cents and 25 cents per share.
The earnings release preceded market close on Wednesday. Shares of Cognos on Nasdaq dipped 3.21% to close at $30.47.
Before market open on Wednesday,
McCormick & Company Inc. (
MKC: chart) posted a 46% jump in third-quarter net earnings to deliver a penny less than analysts’ earnings projections.
For the three months ended August 31, McCormick earned $51.3 million, or 36 cents a share, up from a profit of $35.2 million, or 25 cents year-over-year. Excluding a gain from the sale of its packaging business and other special items, McCormick earned $40.1 million, or 28 cents a share.
Analysts polled by Reuters Research had suggested an average forecast of 29 cents per share.
The Sparks, Maryland-based spice maker seasoned the third quarter with solid new product sales and improved distribution. However, higher benefit costs, distribution expenses and increased advertising support offset the company’s upbeat developments to prevent it from achieving a profit margin increase.
With sales expected to grow 9% to 11%, McCormick left its fiscal-year earnings forecast unchanged at $1.35 to $1.37 a share.
McCormick shares edged up 0.96% Wednesday to close at $27.46.
London-based
Corus Group (
CGA: chart) reported Wednesday that in the half year to 28 June its operating loss before exceptional items was £36 million, compared with £141 million year-over year. Group operating loss totaled £57 million, a recovery from £239 million in the year-ago interim period.
Sales at the Anglo-Dutch steel maker climbed to £4.023 billion for the first half, up from £3.576 billion in the year-earlier period, primarily on the back of higher prices and volumes in carbon steel.
Corus remained reserved about outlooks for the second half despite signs of a moderate recovery in the global economy. The company cited limited European demand as a major concern in its market.
Corus shares in New York plummeted 13.72% to close at $4.34.
Vivendi Universal S.A. (
V: chart) reported a steeper-than-expected loss for the first half of the year, which still narrowed dramatically the company’s loss for the same period last year. The French media-to-telecom owner posted a loss of €632 million in the first half through June 30 against a loss of €12.3 billion a year ago. Last year's figure included an €11 billion impairment charge.
