SEC Digest
Stay up to date on what's going on in the world of SEC Filings with our daily SEC Digest.

Red Hat, ConAgra, Oracle: Filings Digest September 19, 2014

In today’s SEC filings digest, Red Hat beats expectations, ConAgra profits rise, and Oracle misses expectations.

Red Hat beats expectations

Red Hat, Inc. (RHT) announced its financial results for the second quarter of the fiscal year 2014, posting results that topped analyst expectations. The Linux software creator saw revenue rise 19% from $374.4M to $446.0M, beating analyst estimates of $437M. The company attributes its continued success to overall market leadership and its portfolio of technology solutions. Earnings rose from the year-ago $41M and $0.21 per share to $47M and $0.25 per share, while adjusted earnings rose from $0.35 to $0.41, beating analyst $0.38 per share expectations. Red Hat also announced it has agreed to purchase FeedHenry, a private enterprise mobile application platform in a deal valued at 63.5M Euros, which is expected to close sometime during the third quarter of fiscal 2015.

ConAgra profits rise

ConAgra Foods, Inc. (CAG) announced its financial results for the first fiscal quarter of 2015, reporting a year-over-year rise in profits. The food company, which markets and sells brands like Orville Redenbacher popcorn and Healthy Choice frozen foods, reported total sales that were essentially unchanged from last year at $3.7B. Consumer foods sales dropped 1% to $1.6B, while sales in the private-label business dipped 1.7% to $980M. ConAgra, which purchased Ralcorp Holdings last year for $4.95B, has been trying to turn-around that business, which was worse than they originally thought. ConAgra earnings this quarter nearly tripled, attributed almost entirely to a one-time gain for splitting its flour milling operation, from $144.3M to $482.3M. Adjusted earnings per share rose from $0.37 to $0.39, beating analyst expectations at $0.35 per share.

Oracle misses expectations

Oracle Corporation (ORCL) announced its financial results for the first quarter of fiscal year 2015, posting results that missed analyst expectations. Overall company revenue rose 3% from $8.37B to $8.60B, missing analyst predictions at $8.78B. Software and cloud revenue rose 6% to $6.6B while software updates and product support revenue rose 7% to $4.7B. Hardware systems revenue negatively impacted the company with an 8% decline to $1.2B. Earnings dipped slightly from the year-ago $2.19B and $0.47 per share to $2.18B and $0.48 per share, while adjusted earnings rose from $2.76B and $0.59 per share to $2.81B and $0.62 per share, missing analyst $0.64 per share expectations. Oracle also announced that its CEO, Larry Ellison, will relinquish his role to Mark Hurd and Safra Catz. Ellison has been the company’s only CEO, serving in that capacity as its founder in 1977. Ellison’s stepping down marks the last of the Silicon Valley pioneer companies which saw their CEOs either step down, Bill Gates, or pass away, Steve Jobs.

← Back to all news