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Sector Update: Consumer
By: MT Newswires
Consumer shares are mixed in pre-bell trading today.
Among consumer stocks in the news, FedEx ( FDX ) is up 2.3% at $113.20 as it reports Q1 EPS of $1.53, vs. the analyst consensus of $1.50 per share on Capital IQ. Revenue was $11 billion, versus expectations of $11 billion.
FedEx reaffirmed its forecast of full-year earnings per share growth of 7% to 13% from last year's adjusted results. This outlook assumes the market outlook for fuel prices, U.S. GDP growth of 2.1% and world GDP growth of 2.6%. The capital spending forecast for fiscal 2014 remains $4 billion.
FedEx Express will increase shipping rates by an average of 3.9% for U.S. domestic, U.S. export and U.S. import services effective January 6, 2014.
And, General Mills ( GIS ) shares are up 0.6% as it reports Q1 sales of $4.37 billion, vs. the analyst consensus of $4.29 billion on Capital IQ. EPS was $0.70, in line with expectations.
The company reaffirmed its full-year fiscal 2014 guidance of low single-digit growth in net sales, mid single-digit growth in segment operating profit, and adjusted diluted EPS of $2.87 to $2.90.
Finally, Cracker Barrel ( CBRL ) shares are up 0.1% as it reports total revenue of $674.1 million for Q4 2013, representing an increase of 3.9% over Q4 of the prior year adjusted for the impact of the additional week.
Earnings were $1.43 per share, down from $1.47 per share a year prior. Analysts expected $1.35 per share on $669 million for Q4.