Sector Update: Consumer
Consumer stocks are lower with shares of consumer staples companies in the S&P 500 off around 1.0%. Shares of consumer discretionary firms in the S&P 500 are about 0.8% lower in afternoon trading.
In company news, Arctic Cat ( ACAT ) shares fell hard Thursday, skidding over 18% to $43.95 a share shortly before the closing bell after the maker of snowmobiles and other recreational equipment missed analyst estimates with its fiscal Q3 financial results. It also reduced its outlook for FY14 earnings and revenue.
The company earned $0.89 per share during the quarter, missing the Capital IQ consensus by $0.44. Revenue climbed 3.6% year over year to $225.8 million, also lagging expectations by around $13.58 million.
ACAT also cut its guidance for FY14 EPS by $0.37 from its previous forecasts to a new range of $2.90 to $3.00, trailing the Street view by at least $0.25 per share. Revenue projections for the current fiscal year were trimmed by $14 million to a new range of $740 million to $750 million, in-line with expectations looking for $749.87 million in yearly sales.
In other sector news,
(+) URI, (+1.1%) Reports Q4 adjusted EPS of $1.59, up from $1.27 in year-ago quarter and beating estimates by $0.11 per share. Revenue rises 7.1% to $1.34 mln. Sees FY14 revenue in a range of $5.25 bln to $5.45 bln; the Street is at $5.3 billion.
(-) FUEL, (-3.5%) Artificial intelligence advertising shop posts preliminary Q4 results. Sees revenue in range of $84 mln to $85 mln, up at least 109% over year-ago levels and $10 mln over prior forecasts. Issues in-line Q1 guidance. Launches plans to sell 2 mln shares with certain shareholders selling another 3 mln shares.
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