MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Tuesday, June 18, 2013
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4:46 PM More on La-Z-Boy (LZB): FQ4 beats on all counts. Net earnings fell 6.6% Y/Y however, as year-ago results were bolstered by a large benefit from antidumping income. Margins improved in the latest period to 33.8% from 31.6%. Retail segment sales, which includes La-Z-Boy Furniture Galleries stores, swung to an operating profit of $4M from a year-earlier loss of $1.1M. Same-store written sales rose 11.2%, while wholesale upholstery, the main contributor to its top line, saw revenue grow 8.4% to $289.4M. Comment!
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4:43 PM A little more on Adobe: Marketing Cloud bookings +25% Y/Y. 26% of Digital Marketing transactions now mobile (25% in FQ1). 42% of Document Services (Acrobat) revenue subscription-based; 1M+ paid subs. 3.9M shares repurchased. R&D spend +12% Y/Y to $203M, sales/marketing spend +4% to $402M. Company on track to reach goal of 1.25M Creative Cloud subs by end of FY13; 93% of CC subs on annual (rather than monthly) plans. Deferred revenue -1% Q/Q to $691.3M. 35% of company's revenue recurring at end of FQ2, up from 31% at end of FQ1. (PR) Comment!
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4:35 PM More on Adobe: FQ3 guidance is for revenue of $975M-$1.025B and EPS of $0.29-$0.35, vs. consensus of $1.01B and $0.35. FY13 guidance is for revenue of $4.1B and EPS of $1.45 vs. consensus of $4.11B and $1.44. Paid Creative Cloud subs +221K Q/Q to 700K in FQ2, better than FQ1's +153K. CC annual recurring revenue +$123M Q/Q to $356M (rose $80M in FQ1), 81% of subs use full suite. Digital Media revenue -18% Y/Y to $670M (shift to subscriptions), Digital Marketing (Omniture, AdLens) revenue +11% to $285M. ADBE +3.9% AH, CC at 5PM ET (webcast). (slides) (datasheet) (prepared remarks) (PR) Comment!
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10:59 AM Health Net (HNT +1.1%) reaffirms its FY13 guidance of $2.20 - $2.30 per share on revenues of between $10.7B - $11.2B. Street estimates are for an EPS of $2.23 on revenues of $11.17B. Comment!
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7:52 AM Mechel (MTL) reports a Q1 net loss of $321M, with adjusted EBITDA of $210M and a 16% Y/Y decline in revenues to $2.48B, as the Russian miner says it was hurt by unfavorable price trends in global markets but expects changes to its asset structure and debt portfolio will enable it to survive an extended slowdown. MTL +1% premarket. Comment!
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Monday, June 17, 2013
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6:19 PM More on Korn/Ferry (KFY): FQ4 beats across the board, as quarterly fee revenue jumps to $227.9M, an increase of 17%. Fee revenue in Leadership & Talent Consulting services grew 92% Y/Y. Looking forward, the company sees Q113 revenue of $215M - $227M, versus consensus estimates of $217.47M. Shares +2.1% AH. Comment!
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4:47 PM Rambus (RMBS) +2% AH after announcing a patent settlement/licensing deal with STMicroelectronics (STM). The deal resolves all outstanding claims - ST has been one of Rambus' ITC legal adversaries, covers the licensing of Rambus' memory and cryptography IP, and gives Rambus access to ST's silicon on insulator tech for use in future memory/interface tech development. Separately, Rambus is narrowing its Q2 revenue guidance range to $56M-$58M from $53M-$58M (consensus is at $57M). (SK Hynix deal) (LSI deal) Comment!
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