Korn/Ferry International Falls, The Kroger Jumps On Earnings (KFY, KR)
Korn/Ferry International (NYSE:KFY) slid in the pre-market session after the company projected below than estimated earnings for the first-quarter, while the fourth quarter earnings and revenue came ahead of analysts’ estimates.
The company reported net income of $12.03 million, or 25 cents a share, down from a year ago profit of $20.34 million, or 43 cents a share. On an adjusted basis, the company would have earned 28 cents per share, topping analysts’ target by a penny.
Revenue during the quarter jumped to $207.6 million from $205.8 million. The Los Angeles company generated $198.1 million in revenue from fees compared with $197.3 million in the fourth quarter of 2011. Analysts were estimating $199.3 million in total revenue.
For the year, Korn/Ferry’s net income totaled $54.3 million, or $1.15 per share, compared with $58.9 million, or $1.27 per share, in fiscal 2011. Excluding one-time items, adjusted earnings equaled $1.19 per share. Total revenue rose to $826.8 million from $776.3 million in fiscal 2011.
Going forward, the company projected fiscal first-quarter earnings per share in a range between 14 cents and 22 cents per share, while analysts have forecast first-quarter earnings of 30 cents a share, on average.
Shares of KFY are down 5.85% to $12.39 in the pre-market session.
The Kroger Co.(NYSE:KR) shares jumped after the company lifted its fiscal 2012 profit forecast and also approved a $1 billion stock buyback.
The company now projects to earn $2.33 to $2.40 a share, up from its previous estimate of $2.28 to $2.38 a share.
In the first quarter, the company reported net income of $439.4 million, or 78 cents a share, from $432.3 million, or 70 cents a share, in the year-ago period. Kroger’s sales climbed to $29.1 billion from $27.5 billion. Wall Street analysts expected Kroger to earn 72 cents a share on sales of $29.2 billion, according to a survey by FactSet Research. The analyst estimate for Kroger’s 2012 profit is $2.32 a share.
Shares of KR are up 4% in the pre-open session.