WASHINGTON (MarketWatch) — Among the stocks that could see active trade in Friday’s session are AZZ Inc., ValueClick Inc. and Research In Motion Ltd.
Constellation Brands Inc. /zigman2/quotes/207737284/composite STZ -1.56% , KB Home /zigman2/quotes/206220859/composite KBH -2.13% , Finish Line Inc. , Investors Real Estate Trust /zigman2/quotes/203424196/composite IRET +1.16% and Motorcar Parts of America Inc. /zigman2/quotes/203557527/composite MPAA -0.63% are on deck to report quarterly financial results to close out the week.
Along with reporting results for the first quarter ended May 31, AZZ /zigman2/quotes/207538123/composite AZZ -2.25% raised its full-year financial forecast. As revised, the Ft. Worth-based company now sees generating a profit of $4.10 to $4.30 a share on revenue of $550 million to $575 million, up from $3.25 to $3.55 a share on $475 million to $510 million previously. The revision largely reflects AZZ’s forecast for how its recently completed acquisition of Nuclear Logistics Inc. will contribute to results for the balance of fiscal 2013. The per-share forecast isn’t adjusted for a two-for-one stock split that AZZ also announced late Thursday. Additional shares will be distributed July 30 to stockholders of record as of July 16, the company said. AZZ’s board also declared a regular quarterly dividend on pre-split shares of 25 cents. The cash dividend’s payable July 26 to holders of record as of July 12, the company said.
Also late Thursday, ValueClick updated financial projections for the second quarter, pegging revenue “at the high end” of its previously forecast range of $155 million to $160 million and saying earnings before interest, taxes, depreciation and amortization would also be “at the high end” of management’s prior $46 million-to-$48 million estimate. Quarterly results are due out sometime in late July or early August. The Westlake Village, Calif.-based digital marketing company also said its board authorized another $100 million for stock repurchases, with a prior $100 million program now virtually exhausted. Since May 2, ValueClick said it’s bought back about 5.9 million common shares for some $99.6 million. The new buyback program will be funded via ValueClick’s generation of free cash flow and its credit facility, which has been increased by $50 million, the company said.
The board of HollyFrontier Corp. /zigman2/quotes/201783514/composite HFC -0.06% authorized a further $350 million for the company to use in buying back stock, bringing its total remaining authorization to about $410 million. Repurchases will be made from time to time, via the open market or privately negotiated transactions, the Dallas-based energy company said. Adopting a second buyback program this year “reflects our continued commitment to deliver value to our shareholders,” said Mike Jennings, president and chief executive, in a statement. Since last July, HollyFrontier’s board has declared four special dividends as well as approving a pair of dividend increases.
Team Health Holdings Inc. commenced a secondary offering of 8 million shares of common stock, the physician staffing company said. Most of the stock’s to be sold by investment fund Ensemble Parent LLC, the Knoxville, Tenn.-based company’s principal stockholder and a Blackstone Group LP /zigman2/quotes/203156858/composite BX +0.25% affiliate; some company executives and directors are selling 75,000 shares in the offering. Underwriters will have the option to buy up to 1.2 million additional Team Health shares. The company said it will receive no proceeds from the offering.
Unilife Corp. expects to realize net proceeds of about $18.8 million as a result of an underwritten offering of nearly 6.2 million shares of common stock. All of the shares in the offering, expected to close July 5, are to be sold at a price of $3.25 each by York, Pa.-based Unilife. The company said proceeds would be used, among other things, to continue funding the development of advanced systems to delivery drugs and for production expansion.
Thursday earnings recap
Research In Motion reported a net loss of $518 million, or 99 cents a share, for the first quarter ended June 2, a reversal from the BlackBerry maker’s year-earlier profit of $695 million, or $1.33 a share. On an adjusted basis, RIM’s loss for the latest quarter amounted to 37 cents a share; the consensus estimate as compiled by FactSet Research had been for a loss of 1 cent a share. Quarterly revenue fell to $2.81 billion from the prior year’s $4.91 billion and came up shy of the $3.1 billion consensus. RIM also painted a gloomy outlook for the next several quarters, saying business conditions are likely to remain “very challenging” as reflected in lower handset volumes. Further, the company pushed back the launch of its BlackBerry 10 smartphone into the first three months of 2013. Read more on RIM.
Nike Inc. /zigman2/quotes/203439053/composite NKE +0.37% posted a net profit of $549 million, or $1.17 a share, for the fourth quarter ended May 31, down from $594 million, or $1.24 a share, earned in the final three months of fiscal 2011. The Beaverton, Ore.-based company generated quarterly revenue of $6.47 billion, up from the prior year’s $5.77 billion. The FactSet-derived consensus had been for a profit of $1.37 a share and for revenue of $6.51 billion, however. In the earnings release, President and CEO Mark Parker noted Nike encountered “some headwinds in a challenging global economy” and said that these “will continue into the next year.” Futures orders, an important benchmark for measuring Nike’s business, rose 7% compared with a year ago, with currency translations acting as a drag. And inventories as of May 31 stood 23% higher than a year earlier.
Smith & Wesson Holding Corp. posted a fourth-quarter net profit of $12.5 million, or 19 cents a share, up from $1.1 million, or 2 cents, earned in the final three months of fiscal 2011. Sales for the quarter ended April 30 jumped 28% to $129.8 million, up from the prior year’s $101.7 million. Earnings from continuing operations improved to 27 cents a share for the latest quarter from 7 cents a year earlier. Analysts polled by FactSet had, on average, been looking for the gun maker to turn a profit of 17 cents on $128.6 million in sales. Springfield, Mass.-based Smith & Wesson also projected growth of 50% to 62.5% for earnings from continuing operations for fiscal 2013 and forecast double-digit sales growth for both the first quarter and the full year.