Commercial Metals Company Posts Impressive Results for the Third Quarter
Commercial Metals Company (NYSE:CMC) is in the spotlight today after the company beat estimates for the fiscal third quarter. The Texas-based steel and metals manufacturer posted EPS of $0.30, better than the analysts’ estimates of $0.25, while revenue came in at $1.23 billion, versus the consensus estimate of $1.15 billion. The company said in a statement that it expects its fourth-quarter results to remain strong and consistent with its performance in the third quarter. The demand from the US construction market remains strong as non-residential construction spending was up by 5% year over year in April 2016. Among the funds we track, 21 were long Commercial Metals Company (NYSE:CMC) at the end of the first quarter.
Steelcase Plunges After Posting Dismal Guidance for FQ2
Steelcase Inc. (NYSE:SCS)’s shares have declined by around 4% after the company posted a bleak guidance for the second quarter of fiscal 2017. The Michigan based furniture company sees its EPS in the range of $0.29 to $0.33 in the second quarter, versus the consensus of $0.37 and revenue outlook stands in the range of $770 million to $795 million, sharply down from the analysts’ expectations of $827.3 million. For the fiscal first quarter, Steelcase’s EPS of $0.18 was above the estimates of $0.16, while revenue of $718.8 million, topped the expected $702.37 million. According to our data, 25 investors amassed some $98.2 million worth of Steelcase Inc. (NYSE:SCS)’s stock at the end of the first quarter. Chuck Royce’s Royce & Associates owns around 1.85 million shares of the company.
Bed Bath & Beyond Misses Estimates
Bed Bath & Beyond Inc. (NASDAQ:BBBY)’s stock plunged after the bell on Thursday but has recovered in the first hours of trading after the company posted a surprise sales decline and disappointing earnings for the fiscal first quarter. The New Jersey based domestic merchandise company reported EPS of $0.80, below the analysts’ estimates of $0.86. Its revenue of $2.74 billion also missed the expectations of $2.78 billion. Comparable sales in the quarter slipped by 0.5% as compared to a rise of 2.2% in the same quarter of the last year. Bed Bath & Beyond is facing a tough competition from rivals like Amazon. In order to increase its eCommerce sales, the company recently acquired One Kings Lane, a home decor business that operates a furniture and home accessories sales website. At the end of the first quarter, 25 funds from our database were bullish on Bed Bath & Beyond Inc. (NASDAQ:BBBY), having amassed $314.5 million worth of stock in aggregate.