NEW YORK (
was a standout in Thursday's busy after-hours session after the operator of coin-counting machines and DVD rental kiosks trounced Wall Street's profit expectations with its first-quarter report and said it plans to begin renting video games in June.
The Bellevue, Wash.-based company reported earnings from continuing operations of $14.8 million, or 46 cents a share, for the three months ended March 31 on revenue of $424.1 million. The performance was well ahead of the average estimate of analysts polled by
for a profit of 22 cents a share on revenue of $409.4 million.
Coinstar also provided a bullish outlook for the both the second quarter ending in June and the full year. The company sees earnings from continuing operations of 76 to 86 cents a share for the second quarter and $2.75 to $3.10 a share for the year vs. respective estimates of 68 cents and $2.77 a share.
"Strong growth in our redbox business and consistent performance in the Coin business delivered better-than-expected earnings in the first quarter," said Paul Davis, the company's CEO in a statement. "The quarter was marked by solid execution across our businesses and the enhancements to operations are showing progress
The stock was last quoted at $55.98, up 9%, on volume of more than 720,000 in late trades, according to
. Based on a regular session close at $56.59, the shares were down 4.4% so far in 2011, but Wall Street was optimistic ahead of the report with 11 of the 17 analysts covering the stock at either strong buy (5) or buy (6).
( SPWRA) soared following news that European oil giant
in the company.
Total is launching a cash tender offer for up to 60% of SunPower, proposing to pay $23.25 per share, a 46% percent premium over the April 27 closing price of SunPower's A shares and a 49% premium over the B shares closing price.
The Class A shares jumped 34% to $21.56 in extended trading on volume of nearly 550,000, while the Class B stock rose 36% to $21.50 with roughly 90,000 shares changing hands.
The news wasn't so bright for
, however, as the stock sold off in the wake of the San Jose, Calif.-based optical networker's disappointing third-quarter report.
The company posted a surprise loss for the three months ended in March, despite in-line revenue as margins weakened, and said it expects a sequential decline in revenue and margins for the current quarter because of slow demand.
Oclaro reported an adjusted loss of $4.1 million, or 8 cents a share, for the three months ended in March on revenue of $116.6 million. The average estimate of analysts polled by
was for earnings of 6 cents a share in the March period. Non-GAAP gross margins came in at 25% for the quarter vs. 30% in the December-ended quarter.
For its fiscal fourth quarter ending in June, the company sees revenue of between $105 million and $115 million with non-GAAP gross margins heading down to a range of 21-24%. The current average analysts' view calls for revenue of $117.3 million in the June period.
"Oclaro has continued to invest in its new product pipeline while certain telecom customers have experienced a short-term inventory correction," said Alain Couder, the company's president and CEO. "We expect the slowdown to continue through our upcoming fiscal fourth quarter. Our planned new products are expected to provide revenue growth and gross margin traction in the second half of the calendar year."
The stock was last quoted at $10.39, down 11%, on volume of nearly 90,000. Year-to-date, the shares are down 11% as well -- based on Thursday's regular session closing price of $11.72 -- although they've risen 40% since dipping to a 52-week low of $8.25 in late October.
The news seemed to be weighing on other optical names, such as
, down 3% to $26.49 on volume of more than 70,000; and
, falling 1.8% to $20.23 on volume of 120,000.
took a hit in late trades after the Niwot, Colo.-based shoe maker beat Wall Street's expectations with its first-quarter results but gave a lackluster view for the second quarter.
Crocs said it expects earnings of 43 cents a share for the three months ending in June on revenue of roughly $280 million. That's slightly below the average estimate of analysts polled by
for a profit of 44 cents a share on revenue of $281.6 million in the June period.
Shares were last quoted at $20, down 6%, on volume of nearly 280,000. The pullback comes with the stock up 20% so far in 2011, based on its regular session closing price of $21.29. Of the six analysts covering the stock, four have strong buy ratings.
Other big moves in late trades included
Research In Motion
( RIMM), which
and saw its stock drop 11% to $50.26 on volume of more than 5 million;
, whose shares lost 8% to $87.20 on volume in excess of 550,000 after the shoe company forecast a loss of 25 cents a share for the second quarter; and
, which leapt 18% after the company roared past analyst expectations with a profit of 65 cents a share on revenue of $278.8 million in the first quarter.
Written by Michael Baron in New York.
>To contact the writer of this article, click here:
>To submit a news tip, send an email to:
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.