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Caribbean Market Update

Broadcom, Cooper Beat Estimates; Verint Reaffirms Revenue Outlook

Author: Mukesh Buch
Islandjournal.net
Last Update: 3:43 AM EDT June 08 2018


12:35 PM New York City, New York Broadcom declined despite profit and revenues beat estimates. Cooper profit tumbled 42%. Lakeland Industries net soared on 6% jump in revenues. Verint Systems net loss narrowed on strong revenues.

Tollbooth Index dropped 106.32 or 0.6% to 16,521.72 but for the year-to-date soared 19.9%.

Earnings Review

Broadcom Inc (AVGO) fell 2.8% or $7.57 to $257.11 after the semiconductor device supplier reported net revenues in the second-quarter ending on May 6 surged 20% from a year ago to $5 billion.

Net income in the quarter soared to $3.7 billion or $8.33 per diluted share from $464 million or $1.05 in the same quarter last year.

Broadcom said operating expenses declined 20% to $1.4 billion but operating income jumped 11.3% to $474 million from a year ago period.

The Cooper Companies, Inc (COO) slipped 1.8% or $4 to $222.50 after the contact lenses and surgical products maker said revenues in the second-quarter ending in April soared 21% from a year ago to $631.3 million.

Net income in the quarter tumbled 41.9% to $60.9 billion or $1.23 per diluted share from $104.9 million or $2.12 in the same quarter last year.

The Cooper said revenues in the CooperVision unit jumped 14% to $467.5 million and revenue in the CooperSurgical business surged 44% to $163.8 million.

The surgical products maker forecasted fiscal 2018 total revenue growth between $2.52 billion and $2.55 billion and diluted earnings per share in the range of $11.70 to $11.90.

Revenue in the CooperVision segment estimated in the range of $1.87 billion to $1.89 billion and revenues in the CooperSurgical business between $645 million and $660 million.

Lakeland Industries, Inc (LAKE) slid 10 cents to $14.20 after the sells safety garments and accessories manufacturer said net sales in the fourth-quarter ending in April jumped 6% from a year ago to $24.3 million.

Net income in the quarter soared 11.7% to $1.9 million or 23 cents per diluted share from $1.7 million or 15 cents in the same quarter last year.

The safety products maker said gross profit in the quarter surged 11% to $9.5 million and operating income fell to $2.4 million on higher operating expenses compared to $2.5 million in the same period a year ago.

Verint Systems Inc (VRNT) rose 30 cents to $44.35 after the enterprise and cyber software developer said revenues in the first-quarter ending in April jumped 10.8% from a year ago to $289.2 million.

Net loss in the quarter narrowed to $2.2 million or 3 cents per diluted share from $19.8 million or 32 cents in the same quarter last year.

Verint reaffirmed fiscal 2019 revenue growth forecast of about $1.23 billion with 2% margin on the up and downside and diluted earnings per share of $3.09 at the mid-point.


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