Consumer stocks were moderately higher today in late trade, with shares of consumer staples companies in the S&P 500 posting a 0.4% advance while shares of consumer discretionary firms in the S&P 500 also were 0.3% higher.
In company news, Farmer Brothers Co. (FARM) shares surged Thursday after the packaged coffee and tea company swung to an adjusted fiscal Q4 profit following a nearly 2% increase in quarterly revenue compared with year-ago levels.
Net loss during the three months ended June 30 was $2.2 million, or $0.13 per share, reversing a $3.1 million GAAP profit during the same quarter last year. Excluding one-time items, it earned $0.23 per share, improving on a $0.04 per share adjusted net loss last year.
Net sales rose 1.8% year over year to $132.6 million from $130.2 million in sales last year. No analyst estimates were available for comparison.
FARM shares recently were up almost 22% at $25.98 apiece after an earlier climb to $27.40 a share. Over the past 12 months, the stock had declined almost 11% through yesterday’s close.
In other sector news,
(+) CNW, Agrees to a $3 billion buyout offer from rival XPO Logistics (XPO), which will pay $47.60 in cash for each CNW share, a 34% premium over Wednesday’s closing price.
(-) LULU, Sees Q3 EPS of $0.35 to $0.37, lagging Capital IQ consensus by at least $0.06 per share. Raises FY15 earnings outlook by $0.01 to new range of $1.87 to $1.92 per share, trailing Street view expecting $1.93 per share.
Companies: Farmer Brothers Company
Price: 25.95 Price Change: +4.65 Percent Change: +21.81
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