Cleantech Solutions Jumps On Earnings Beat (CLNT, VELT, FTR, KERX, ANF)
Cleantech Solutions International Inc (NASDAQ:CLNT) shares declined 15.51% to $3.35 in the morning hour after the company reported first quarter net income of $0.30 million, or $0.12 per diluted share, from net income of $2.70 million, or $1.04 per diluted share, in the corresponding quarter last year. Non-GAAP first quarter net income declined to $0.50 million, or $0.21 per diluted share. Revenue for the first quarter plunged 46.4% to $9.40 million from $17.60 million reported for the same quarter last year.
Velti Plc (NASDAQ:VELT) stock plunged 15.58% to $7.26 in the early hour after the company posted first quarter net loss of $8.82 million or $0.14 per share, as compared to $15.87 million or $0.34 per share last year. Adjusted net loss for the quarter decreased to $1.14 million or $0.02 per share. Total revenues for the quarter soared 75% to $51.79 million. Analysts expected loss of $0.02 per share on revenue estimate of $46.37 million for the quarter.
Looking forward, the company anticipates second quarter revenues in the range of $55 million to $59 million. Analysts currently expect the company to generate revenues of $54.69 million.
Frontier Communications Corp (NASDAQ:FTR) stock gained 3.66% to $3.38 in the morning hour. Frontier Communications stock had its “neutral” rating restated by Zacks in a research report issued to clients and investors and currently has a $3.50 price target on the stock. The company last issued its quarterly earnings data on Monday, May 7,2012. The company reported $0.03 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.06 by $0.03, while revenue was down 5.8% compared to the same quarter last year. Analysts on an average predicted that Frontier Communications will post $0.06 earnings per share next quarter.
Keryx Biopharmaceuticals (NASDAQ:KERX) shares declined 5.10% to $1.86 in the early hour. On May 11, 2012, Keryx Biopharmaceuticals was upgraded by equities research analysts at Ladenburg Thalmann from a “neutral” rating to a “buy” rating in a research note issued to investors. The firm currently has a $3.00 price target on the stock. The company last posted its quarterly earnings results on Tuesday, May 8, 2012. The company reported ($0.13) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.12) by $0.01. On average, analysts predict that Keryx Biopharmaceuticals will post $-0.08 earnings per share next quarter.
Abercrombie & Fitch Co. (NYSE:ANF) shares declined 10.93% to $40.44 in the morning hour after the company posted first quarter net income of $3 million or $0.03 per share from $25.14 million or $0.28 per share a year ago. Net sales grew to $921.22 million from $836.67 million in the prior-year quarter. Analysts expected the company to report earnings of $0.02 per share on revenues of $951.37 million.