SYSCO Corporation Jumps On Solid Earnings (SYY, INSM, PETS)
SYSCO Corporation (NYSE:SYY) shares climbed 2.15% to $28.50 in the pre-market hour after the company fiscal third-quarter earnings were flat from a year earlier as higher prices for items like meat and poultry dampened the company’s sales growth.
The company reported a third quarter profit of $259.6 million, as compared to $258.5 million in the year ago period. Earnings per share were unchanged at $0.44 a share. Sales rose 7.6% to $10.5 billion. Analysts expected earnings of $0.43 a share on revenue of $ 10.45 billion.
Insmed Incorporated (NASDAQ:INSM) shares soared 41.11% to $3.81 in the pre-market hour after the company announced that the U.S. Food and Drug Administration (FDA) has lifted the clinical hold previously placed on ARIKACE in Cystic Fibrosis (CF) patients with Pseudomonas lung infections. Insmed has reached agreement with FDA on a revised CF clinical trial population consisting of adult patients who have chronic Pseudomonas lung infections and FEV-1 % predicted between 25% and 75%.
Petmed Express Inc (NASDAQ:PETS) shares gained 1.74% to $14 in the pre-market hour after the company reported fourth quarter profit of $4 million, as compared to $4.15 million a year earlier. On a per-share basis, earnings climbed to $0.20 a share from $0.19 a share due to fewer shares outstanding in the most-recent quarter. Sales jumped 9.8% to $55.9 million. Analysts had most recently forecast earnings of $0.18 a share on revenue of $52 million. Gross margin fell to 33.9% from 34.3%, owing to 11% jump in input costs.
Additionally, the company’s Board of Directors declared a quarterly dividend of $0.15 per share on its common stock. The dividend will be payable on May 25, 2012, to shareholders of record at the close of business on May 14, 2012.