J.M. Smucker (SJM) just reported quarterly results this morning. The company beat on earnings posting $1.29 a share when estimates were for $1.15. Revenue was right in line with the consensus at $1.34 billion. The company says overall volume for the quarter was up 2%. Net income climbed 13%, in large part because the company's Folgers improved margins as coffee prices fell. The stock hit its 52-week high back in April. It's currently up 14% this year and nearly 35% over the last year.
Next up is VeriFone (PAY) which says unchanged here but has been trading 17% lower this morning on the NYSE. The maker of credit card terminals missed estimates when it reported earnings after yesterday's closing bell. The company posted adjusted profits of 42-cents a share when estimates were for 47-cents. And the drop from last year is significant when VeriFone made 75-cents a share on about 15% more revenue. The company has also lowered its outlook, but says it hopes to turn things around by investing money to develop new products VeriFone has lost more than a quarter of its market cap this year. Shares tumbled 43% back in February when the company issued its last report.
Now we look at Vera Bradley (VRA) which has been down more than 8% lower. Trading of the company's shares actually had to be halted last night as the maker of handbags and accessories lowered its outlook for the year. The company also announced that CEO Michael Ray is retiring. He's been at the helm since 2007. Prior to the drop we're seeing this morning Vera Bradley shares have been down 6% this year.
Finally, there's Ascena Retail Group (ASNA) which has been trading 8% lower this morning. This is the parent company of chains including Lane Bryant and Dress Barn, and Justice. Its quarterly report shows net income plunging 37% even though sales were up. The company also missed estimates posting profits of 26-cents a share when consensus was for 30-cents. CEO David Jaffe is blaming the economy and poor weather, but also admits the company made some bad choices in merchandise. The losses we're seeing now erase the majority of the 12% gain the company has made year-to-date.
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