Sector Update: Consumer


Consumer stocks were slightly lower, with shares of consumer staples companies in the S&P 500 slipping about 0.1%. Shares of consumer discretionary firms in the S&P 500 also were down about 0.1%.

In company news, Lithia Motors ( LAD ) shares climbed to within a short distance of its 52-week high set earlier this month after the auto dealership chain late Tuesday reported positive Q2 results.

LAD shares were up nearly 4% in recent trade at $93.94 apiece. The stock earlier rose to $97.00 a share, just 20 cents under its July 7 high.

The company earned $35.2 million, or $1.34 per diluted share, on adjusted basis during its June quarter, beating its $27.4 million adjusted profit during the year-ago period and beating analyst estimates by $0.11 per share.

Revenue from continuing operations rose 21% year over year to $1.2 billion, matching Wall Street expectations for the period. Retail sales of new vehicles at locations open one year or more climbing 12% while retail same-store sales of used cars increased 11% over the same quarter last year.

For the current quarter ending in September, LAD is projecting per-share earnings in a range of $1.36 to $1.38, topping the analyst consensus by at least $0.05 per share. Revenue is seen coming in a range of $1.2 billion to $1.3 billion, exceeding the Street view by at least $100 million.

In other sector news,

(+) HA, (+13.4%) Earns $0.35 per share during Q2, ex items, beating Capital IQ consensus by $0.02. Revenue rises 7.8% year over year to $575.7 mln, topping estimates by around $4.77 mln.

(-) IRBT, (-8.5%) Revenue rises 7.2% year over year to $139.8 mln, trailing Street view by $3.2 mln. EPS of $0.28 is unchanged from last year but beats estimates by $0.06 per share. Projected FY14 results match analyst expectations.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: LAD

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