NEW YORK (
) -- Shares of
Boston Beer Co.
rose on light volume late Tuesday after the beer maker lifted its profit outlook for the current fiscal year and gave an above-consensus view for next year.
The company said it now sees earnings of $3.30 to $3.60 a share for fiscal 2010, ending on Dec. 31, up from a prior outlook of $2.85 to $3.15 a share. The current average estimate of analysts polled by
is for a profit of $3.20 a share for the year. Boston Beer attributed the higher view to increased shipment volumes and the timing of certain selling, general and administrative expenses.
For fiscal 2011, the company forecast earnings of $3.95 a share, excluding the impact of its Freshest Beer Program, an effort to improve the wholesale distribution of its products to improve freshness. Wall Street's current consensus estimate is for a profit of $3.53 a share next year.
The stock was last quoted at $88.95, up 5%, on volume of around 10,000, according to
. Based on a regular session close at $84.75, the shares are up more than 80% so far in 2010.
ticked up 2.7% to $140.70 with more than 315,000 shares changing hands in extended trading after the
After the closing bell, the company said it expects earnings of $8.75 to $9 a share in fiscal 2011 on net sales ranging from $3.7 billion to $3.9 billion. The current average estimate of analysts polled by
is for a profit of $8.61 a share on revenue of $3.63 billion.
"First Solar revenue and profit is continuing to grow in 2011," said Rob Gillette, the company's CEO, in a statement. "We are benefiting from diversifying global partner demand and an increase in revenue from utility scale projects."
The stock finished Tuesday's regular session at $137.04, up 24 cents. At that level, the shares have gained just 1% year-to-date. First Solar is widely covered on Wall Street. Of the 49 analysts currently rating the stock, the breakdown is 15 strong buys, 14 buys, 14 holds, 4 holds and 2 sells. The analysts' median 12-month price target on the shares stands at $160, implying upside of 14.4%.
said late Tuesday its board has approved the buyback of an additional 20 million common shares.
, which the San Rafael, Calif.-based maker of 3D design software applications said is in addition to the 5.5 million common shares left under a prior program, represents almost 9% of the company's total outstanding shares of 226.5 million as of Oct. 31. The buyback is meant to help offset dilution from employee compensation plans, Autodesk said.
Autodesk also reaffirmed its previously disclosed outlooks for the fourth quarter of fiscal 2011, fiscal 2011 and fiscal 2012, and said Ken Bado, an executive vice president sales and services, will be leaving the company on Jan. 13.
The stock was last quoted at $39.23, a gain of less than 1%, on volume of around 35,000, according to
. The shares closed Tuesday's regular session at $38.92, up nearly 1%, on volume of 3.5 million. Year-to-date, the stock is up almost 52%.
Analysts are evenly split between bullishness and boredom when it comes to Autodesk's stock. Of the 19 analysts with ratings on the shares, 10 say hold while the rest are at either strong buy (5) or buy (4).
Written by Michael Baron in New York.
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