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Caribbean Global Market Update

Cintas, Nike Reported Strong Results; Zynga Acquires Small Giant Games

Author: Mukesh Buch
Islandjournal.net
Last Update: 12:05 PM EST December 21 2018


12:05 PM New York City, New York CarMax beats earnings estimates. Cintas reported strong results and lifted revenues growth forecast. Ennis jumped after revenues and profit soared. Nike soared after better-than-expected results. Zynga agreed to acquire Small Giant Games for $560 million.

Tollbooth Index slipped 75.89 or 0.6% to 13,807.43 but for the year-to-date rose 0.3%.

Earnings Review

CarMax Inc (KMX) soared 5.3% or $3.03 to $59.75 after the used-car retailer reported net sales in the third-quarter ending in November jumped 4.6% from a year ago to $4.3 billion.

Net income in the quarter surged 27.9% to $190.3 million or $1.09 per diluted share from $148.8 million or 81 cents in the same quarter last year.

The retailer said used unit sales in comparable stores fell 1.2% and total used unit sales advanced 2.3% and total wholesale unit sales increased 10%.

Cintas Corporation (CTAS) gained 1.3% or $2.06 to $161.10 after the uniforms and related business services reported revenues in the second-quarter ending in November advanced 7% from a year ago to $1.7 billion.

Net income in the quarter soared 77.2% to $243 million or $2.18 per diluted share from $137.1 million or $1.23 in the same quarter last year.

Cintas forecasted fiscal 2019 revenues growth of 6.1% or between $6.8 billion and $6.9 billion and diluted earnings per share in the range of $7.68 to $7.76.

Ennis Inc (EBF) jumped 5.6% or 97 cents to $18.53 after the forms, labels, tags, envelopes, folders maker said revenues in the third-quarter ending in November soared 15.5% from a year ago to $108.1 million.

Net income in the quarter jumped 25.3% to $10.4 million or 40 cents per diluted share from $8.3 million or 33 cents in the same quarter last year.

Nike Inc (NKE) soared 8.7% or $5.85 to $73.38 after the sports footwear, apparel, equipment, accessories maker reported revenues in the second-quarter ending in November surged 10% from a year ago to $9.4 billion.

Net income in the quarter jumped 10% to $847 million or 52 cents per diluted share from $767 million or 46 cents in the same quarter last year.

Nike said higher income was driven by strong revenue growth and gross margin.

Zynga Inc (ZNGA) jumped 6.5% or 24 cents to $3.83 after the social video game developer agreed to acquire Helsinki-based rival Small Giant Games, in a stock and cash for about $560 million in cash and stock.

Under the terms, Zynga offered $330 million in cash and $230 million of unregistered Zynga common stock.

The video game developer maker lifted fiscal 2018 booking forecast of about $260 million from the earlier estimate of $250 million and net loss of $1.5 million from the earlier estimate of $2 million.


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