Del Monte Foods Co. (NYSE: DLM) said Thursday that its fiscal first quarter profit rose slightly as productivity savings and improved product mix helped offset a decline in revenue. Net income climbed to $59.4 million, or 29 cents a share, from $58.6 million, or 29 cents a share. in the year-earlier quarter. Revenue slipped to $804.6 million from $813.7 million in the same quarter last year. Analysts, on average, expected the company to earn 27 cents a share on revenue of $830 million. Looking ahead to fiscal 2011, Del Monte reaffirmed earnings from continuing operations in a range of $1.38 to $1.42 per share. Net sales for the year is now projected to grow 1% to 3% over fiscal year 2010 net sales of $3.74 billion, compared to previous forecast of a 2% to 4% growth. Analysts currently expect the company to report earnings of $1.41 per share on revenue of $3.85 billion for the full-year 2011.
Canadian Solar Inc. (NASDAQ: CSIQ) reported Thursday that its second quarter net income slumped to $3.22 million, or 7 cents per share, from $17.67 million, or 49 cents per share, in the year-ago quarter. Revenue jumped to $328.68 million from $114.18 million. Analysts, on average, expected the company to report earnings of 15 cents per share on revenue of $305.66 million. Shares of the company slumped more than 4% in morning trading.
Sycamore Networks Inc. (NASDAQ: SCMR) reported that it swung to a fiscal fourth-quarter net income of $0.52 million, or 2 cents per share, from a loss of $34.93 million, or $1.23 per share, in the prior-year quarter. On an adjusted basis, the company earned 5 cents per share in the latest quarter. Revenue increased to $22.23 million from $17.24 million. Analysts, on average, expected the company to post a loss of 9 cents per share on revenue of $15.00 million. Shares of the company surged more than 14% in Thursday morning trading.
UTi Worldwide Inc. (NASDAQ: UTIW) said that its second-quarter net income rose to $18.87 million, or 19 cents per share, from $11.76 million, or 12 cents per share, in the comparable quarter last year. Revenues jumped 37% to $1.15 billion from $840.50 million. Analysts, on average, expected the company to report earnings of 17 cents per share on revenue of $1.08 billion. Shares of UTi Worldwide soared more than 7% in morning trading.
Methode Electronics Inc. (NYSE: MEI) reported that it swung to a fiscal first quarter net income of $4.1 million, or 11 cents per share, compared to a loss of $19 thousand, or breakeven per share, in the same quarter last year. Revenue grew 9.5% to $98.3 million from $89.8 million. Analysts, on average, expected the company to report earnings of 15 cents per share on revenue of $106.05 million.
Disclosure: Author doesn't own any of the stocks discussed here.
