Stocks To Watch: Harley-Davidson, Valero Energy, NII Holdings, Cirrus Logic and Fortinet
Harley-Davidson, Inc. (NYSE:HOG) shares soared 6.22% to US$53.49 on over 3.76 million shares, above its average volume of 2 million shares. For the three months ended April 1, Harley reported net income of US$172 million, or 74 cents per share, up from US$119.3 million, or 51 cents per share, a year ago. Analysts polled by FactSet expected a profit of 72 cents per share. Sales of motorcycles and related products jumped 20% to US$1.27 billion from US$1.06 billion in the same quarter last year, ahead of average analyst predictions of US$1.22 billion. Worldwide motorcycle sales rose 20% to 59,677 bikes and included a 26% jump in U.S. sales. International sales rose 11%. Sales of parts and accessories rose 21% to US$199.1 million, while general merchandise sales, such as clothing, rose 19% to US$74.6 million. Based on the first-quarter results, Harley boosted its full year shipment guidance to a range of 245,000 to 250,000 bikes, up from 240,000 to 245,000 bikes. For the second quarter, which represents the height of the Harley's selling season, the company said it expects to ship between 79,000 and 84,000 bikes. Harley said its restructuring costs for the quarter totaled US$11.5 million and that it still expects its overall restructuring program, which began in 2009, to result in total one-time costs of between US$500 million and US$520 million, including between US$500 million and US$520 million this year.
Valero Energy Corporation (NYSE:VLO) was up 0.96% to US$24.16 on over 7.52 million shares, below its average volume of 9.68 million shares. The company is scheduled to report its first quarter 2012 financial results on May 01, 2012. Analysts are estimating the company to report profit of US$0.27 a share, compared to a year ago profit of US$0.18 a share. Revenue is expected to jump by 1.90% to US$26.81 billion, from US$26.31 billion a year ago. Valero Energy Corporation is an independent petroleum refining and marketing company. Valero’s refineries can produce conventional gasoline’s, distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products, as well as a slate of premium products, including conventional blendstock for oxygenate blending and reformulated gasoline blendstock for oxygenate blending, gasoline meeting the specifications of the California Air Resources Board, a diesel fuel, and low-sulfur and ultra-low-sulfur diesel fuel.
NII Holdings, Inc. (NASDAQ:NIHD) slid 0.50% to US$18.75 on over 5.52 million shares, below its average volume of 2.85 million shares. The company is scheduled to report its first quarter 2012 financial results on April 26, 2012. Analysts are estimating the company to report profit of US$0.22 a share, compared to a year ago profit of US$0.56 a share. Revenue is expected to jump by 4.10% to US$1.69 billion, from US$1.62 billion a year ago. NII Holdings, Inc. is a holding company for the operations of Nextel Communications, Inc. in selected international markets. The Company provides wireless communication services under the Nextel brand. Its value-added services include its Nextel Direct Connect feature, and its customer service.
Cirrus Logic, Inc. (NASDAQ:CRUS) soared 11% to US$23.09 on over 6.56 million shares, below its average volume of 1.73 million shares after Apple Inc. (NASDAQ:AAPL) solid second quarter earnings on increase sale of iPhones. Late Wednesday, for the quarter, the company reported revenue of US$110.6 million and non-GAAP profits of 36 cents a share, ahead of the Street at US$110.1 million and 34 cents. For Q1, Cirrus actually provided slightly disappointing guidance. The company is expecting revenue of US$96 million to US$106 million, below the Street at US$106.6 million. But Cirrus said it expects growth to accelerate later this year and announced that to support that growth it has signed a new one-year US$100 million unsecured credit agreement. Cirrus Logic, Inc. develops high-precision, analog and mixed-signal integrated circuits for a range of audio and energy markets. Building on the Company’s diverse analog mixed-signal patent portfolio, Cirrus Logic delivers products for consumer and commercial audio, automotive entertainment, and targeted industrial and energy-related applications. Cirrus Logic also develops ICs, board-level modules and hybrids for high-power amplifier applications branded as the Apex Precision Power (Apex) line of products.
Fortinet, Inc. (NASDAQ:FTNT) climbed 2.72% to US$26.44 on over 4.94 million shares, below its average volume of 1.68 million shares. Network security provider Fortinet Inc. said on Tuesday that its first-quarter net income grew along with revenue. Net income in the three months to March 31 rose to US$14.2 million, or 9 cents per share, from US$13.6 million, or 8 cents per share, a year earlier. Excluding stock-based compensation expenses and other items, adjusted earnings came to 11 cents per share, matching the estimate of analysts polled by FactSet. Revenue rose 26 percent to US$117.2 million from US$93.3 million a year ago. That beat the US$115 million expected by analysts.