Earnings Scope for the week of 04-21-14
We went 0-for-2 in terms of earnings predictions last week, which led to a huge loss of 13% in the stocks. This brought the annual return for The Earnings Scope in 2014 down to 89%. This was our second straight week of disastrous results.
We relayed that Universal Forest Products (UFPI) had clobbered earnings estimates three quarters in a row due to higher lumber prices and a rise in new home construction. We did not think that trend would end abruptly this quarter. We were dead wrong. Sales were flat YoY at $554 million, which was about $20 million less than we were expecting. Net earnings did improve 38% to $7.2 million, or $0.36 per share, but this was far short of estimates for $0.43 per share. The stock lost 3% after the report.
We said that Knoll Corp. (KNL) would miss estimates for the third quarter in a row. We were dead wrong. Sales increased 14% YoY to $229 million, and net income soared 34% to $8.2 million, or $0.17 per share, which clobbered estimates for $0.12 per share. The stock rose 10% after the report.
The following companies are expected to report earnings the week of 4-21-2014:
Become An Earning Scope Subscriber And Save! CLICK HERE