Turns Profitable (CMI, CLX, PVH, MGM, COCO)
Cummins Inc (NYSE:CMI) went up 0.76% to $94.53 after the Company released third quarter results. The revenue declined 11% to $4.1 billion. Revenues in North America increased 2% while revenues from international markets declined 21%. Earnings before interest and taxes were $496 million or 12% of sales compared to $640 million or 13.8% of sales in the third quarter of 2011. Net income was $352 million or $1.86 per diluted share compared to $452 million or $2.35 per diluted share in the previous year period. Fitch Rating Services increased its Long-term Issuer Default Rating and long-term debt ratings for Cummins to “A”.
The Clorox Company(NYSE:CLX)is up 0.03% to $72.12 after the Company announced first quarter results. The earnings were $133 million or $1.01 per share compared to $130 million or 98 cents per share in the previous year quarter. Net sales were $1.34 billion compared to$1.31 billion in the previous year period. However, analysts expected the Company to earn $0.95 per share on revenues of $1.35 billion for the quarter. The Company expects earnings per share to be in the range of $4.20-$4.35 for 2013. Sales growth is expected to be in the range of 2%-4%.
PVH Corp(NYSE:PVH)jumped up 20.20% to $109.83. The Company has agreed to buy apparel firm Warnaco Group Inc for about $2.9 billion. Under the terms of the deal, the Company will have control on all Calvin Klein clothing. Though PVH owns the Calvin Klein brand, underwear and jeans are controlled by Warnaco. Warnaco’s Calvin Klein businesses will be moved to PVH and run by Tom Murry, chief executive of Calvin Klein.
MGM Resorts International(NYSE:MGM)plunged 3.87% to $10.18. The Company reported third quarter net loss of $181.16 million or loss of 0.37 per share compared to net loss of $123.78 million or $0.25 per share loss in the prior year period. However, analysts expected the company to report a loss of $0.17 per share for the quarter. Revenues were $2.254 billion versus $2.233 billion in the prior year quarter.
Corinthian Colleges Inc(NASDAQ:COCO)soared 10.25% to $2.69 after the Company announced first quarter results.Net revenue increased 2.6% to $408.6 million. Total student population was 92,070 versus 91,107 in the prior year period, an increase of 1.1%. Operating income was $10.5 million compared to operating loss of $6.3 million in the prior year period. Income from continuing operations was $3.1 million compared to loss of $5.7 million in the prior year period. Diluted earnings per share from continuing operations were $0.04 versus a diluted loss per share of $0.07 in the first quarter of 2011.