Stocks Fall After Earnings: PLL, LULU, NAV
Pall Corporation (NYSE:PLL) plunged about 10% after the company reported much lower than estimated third quarter earnings. The company said that it earned $78.92 million or $0.67 per share, down from a year ago profit of $71.07 million or $0.60 a share. On an adjusted basis, the company would have earned $83.39 million or $0.70 a share, missing analysts’ estimates by 10 cents a share. Total revenue grew to $657.98 million from $653.79 million in the prior-year quarter, again shy of consensus revenue estimate of $725.17 million for the quarter.
Lululemon Athletica inc. (NASDAQ:LULU) slumped over 8% as the company’s guidance for the current quarter fell short of analysts’ projections. The company expects to earn 28 cents to 30 cents per share on revenue of $273 million to $278 million in the second quarter, missing analysts’ estimates of 33 cents per share on revenue of $289.2 million. For the full year, the company expects to earn $1.55 to $1.60 on revenue of $1.32 billion to $1.34 billion, shy of analysts’ target of $1.63 per share on revenue of $1.35 billion.
In the first quarter, the company earned $46.6 million, or 32 cents per share, up from a year ago profit of $33.4 million, or 23 cents per share, a year ago, and topping analysts’ estimates by 2 cents. Quarterly revenue surged 53% to $285.7 million from $186.8 million, ahead of analysts’ target of $274 million.
Navistar International Corporation (NYSE:NAV) also smashed down by 16.50% after the company swung to a loss in the first quarter. The company reported a loss of $172 million, or $2.50 a share, reversing a year ago profit of $74 million, or 93 cents a share. Navistar said it incurred warranty charges of $104 million related to 2010 emission standard engines in the quarter.
Revenue during the quarter slid 2% year over year to $3.3 billion. The company now expects 2012 adjusted earnings of breakeven to $2.00 per share, down from its prior view of $4.25 to $5.25 per share.