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Caribbean Market Update

PPG Industries Plunges 7%, Blackbaud Tumbles 13%

Author: Mukesh Buch
Islandjournal.net
Last Update: 11:58 AM EDT October 09 2018


11:55 AM New York City, New York AZZ missed profit but the equipment maker lifted outlook. Blackbaud tumbled on weak forecast. Helen of Troy reported better-than-expected results. PPG Industries plunged on weak fiscal outlook.

Tollbooth Index jumped 191.66 or 1.2% to 16,230.60 and for the year-to-date soared 17.9%.

Earnings Review

AZZ Inc (AZZ) gained 1.5% or 73 cents to $49.40 after the specialty electrical equipment and engineered services provider said revenues in the second-quarter ending in August soared 13.5% from a year ago to $222.8 million.

Net income in the quarter surged 14.9% to $11.2 million or 43 cents per diluted share from $9.8 million or 38 cents in the same quarter last year.

The steel fabricator said gross margins in the quarter fell to 21.1% from 22.3% in a year ago period and operating margins decreased to 7.7% from 8.9%.

AZZ lifted fiscal 2019 sales forecast in the range of $930 million to $970 million from $900 million to $960 million and diluted earnings per share between $1.90 and $2.25 from the earlier estimate of $1.75 to $2.25.

Blackbaud Inc (BLKB) tumbled 13.2% or $11.90 to $78.12 after the cloud software and services provider lowered fiscal 2018 revenue forecast to between $844 million and $854 million from the earlier estimate of $870 million to $890 million and diluted earnings per share between $2.46 and $2.52 from the earlier estimate of $2.75 to $2.88.

Griffin Industrial Realty Inc (GRIF) fell 30 cents to $39 after the industrial and warehouse real estate developer said revenues in the third-quarter ending in August soared 13.5% from a year ago to $8 million.

Net in the quarter swung to a loss of $0.1 million or 2 cents per diluted share from profit of $1.3 million or 26 cents in the same quarter last year.

Helen of Troy Limited (HELE) slid 18 cents to $122.52 after the house-wares, health and beauty products maker reported revenues in the second-quarter ending in August surged 14.1% from a year ago to $393.5 million.

Net income in the quarter surged 14.9% to $44 million or $1.66 per diluted share from $8.9 million or 33 cents in the same quarter last year.

For fiscal 2019, Helen of Troy increased revenues growth forecast to between 3.8% and 5.5% or $1.54 billion to $1.56 billion.

The company estimated house-wares sales growth in the range of 9% to 11% and health and home sales growth between 5% and 7% and sales in beauty products segment to decline in the low- to mid-single digits.

The consumer products maker estimated diluted earnings per share in the range of $7.65 to $7.90.

PPG Industries, Inc (PPG) plunged 7.7% or $8.45 to $101.13 after the paints, coatings, and specialty materials supplier forecasted net sales in the third-quarter of about $3.8 billion, flat from a year ago period and diluted earnings per share in the range of $1.47 to $1.51 from $1.52 in the same period a year ago.

The paints and coatings supplier forecasted fourth-quarter diluted earnings per share in the range of $1.03 to $1.13.


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