3 Stocks to Watch on Wednesday: Cintas Corporation (CTAS), Micron Technology, Inc. (MU) and Nike Inc (NKE)

It was a slow day for U.S. equities, with non-cyclical cons being a bright spot with a 0.5% rise, while healthcare stocks dropped 0.4%. The S&P 500 Index gained a fraction of a percentage, the Dow Jones Industrial Average slipped nearly 0.1% and the Nasdaq Composite gained 0.2%.

3 Stocks to Watch on Wednesday: Cintas Corporation (CTAS), Micron Technology, Inc. (MU) and Nike Inc (NKE)Cintas Corporation (NASDAQ:CTAS), Micron Technology, Inc. (NASDAQ:MU) and Nike Inc (NYSE:NKE) all posted their quarterly earnings results late Tuesday.

Here’s what you should know:

Cintas Corporation (CTAS)

It was a good quarterly report for Cintas that saw its shares rise higher late yesterday.

The company posted earnings of $217 million, or $1.96 per share over its first quarter of fiscal 2018. The figure was ahead of the year-ago earnings of $138 million, or $1.26 per share, while also topping analysts’ outlook of $1.23 per share.

Revenue came in at $1.61 billion, marking a 27.2% increase compared to the year-ago quarter. The figure was also stronger than Wall Street’s consensus estimate of $1.57 billion, per FactSet.

The organic growth rates for the Uniform Rental and Facility Services was 8.1%, while the same figure in its First Aid and Safety Services segment was 11.9% for the three months.

Operating income rose to $249.1 million, a 22.1% hike compared to the year-ago period’s result of $203.9 million.

CTAS stock popped 3.6% after hours Tuesday.

Micron Technology, Inc. (MU)

Micron shares were higher on the company’s fourth-quarter results.

The tech company closed out fiscal 2017 with fourth-quarter earnings of $2.02 per share, topping Wall Street’s prediction of $1.83 per share. Profit was also better than the adjusted year-ago loss of one cent per share.

Micron’s revenue came in at $6.14 billion, nearly doubling the year-ago figure of $3.22 billion. The figure beat analysts’ expectations of $5.96 billion, according to Thomson Reuters.

CEO Sanjay Mehrotra said Micron expects “healthy industry fundamentals to continue into 2018.”

For the fiscal first quarter, the company said it forecasts earnings between $2.09 and $2.23 a share while revenue will be in the range of $6.1 billion and $6.5 billion.

Analysts are calling for earnings of $1.85 per share on revenue of $6.06 billion.

MU shares surged 5.3% after the bell.

Nike Inc (NKE)

Nike reported earnings that topped expectations, but fell year-over-year.

The athletic apparel company posted first-quarter earnings of $950 million, or 57 cents per share, below the $1.25 billion, or 73 cents per share it posted a year ago. On an adjusted basis, the 57-cent-per-share profit topped expectations of 48 cents per share.

The decline was caused by gross margin declining, a higher effective tax rate and other expenses. Revenue held steady at $9.07 billion, equaling the year-ago mark and falling below analysts’ projections of $9.08 billion, per Thomson Reuters.

“Looking ahead to the rest of fiscal 2018, we will ignite NIKE’s next horizon of global growth through the strength of our brand, the power of our innovative products and the most personal, digitally connected experiences in our industry,” Nike CEO Mark Parker said in a statement.

The company’s apparel revenue came in at $2.7 billion, while equipment revenue was $420 million.

NKE stock fell 4.2% after hours Tuesday.

As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2017/09/3-stocks-watch-wednesday-cintas-corporation-ctas-micron-technology-inc-mu-nike-inc-nke/.

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