SEC Digest
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Rite Aid, IHS, Lennar: Filings Digest September 18, 2014

In today’s SEC filings digest, Rite Aid profits rise, IHS profits nearly double, and Lennar revenue and earnings rise.

Rite Aid profits rise

Rite Aid Corporation (RAD) announced its financial results for the second quarter of fiscal year 2015, posting a rise in profits from the year-ago quarter. The pharmacy retailer saw revenue increase 3.9% to $6.52B, a reflection of increased same-store sales and beating analyst predictions at $6.48B. Prescription sales, which account for 68% of overall store sales, continued to improve with a 3.7% increase in prescription count. Rite Aid earnings rose from the year-ago $32.8M and $0.03 per share to $127.8M and $0.13 per share, beating analyst $0.06 per share expectations. Due to the recent loss of exclusive rights to some generic drugs, the company is expecting lower generic drug profits as well as lower overall profits for the second half of the year. Rite Aid projects earnings per share to be between $0.22 and $0.33, down from the original guidance between $0.30 and $0.40 per share.

IHS profits nearly double

IHS Inc. (IHS) announced its third quarter financial results for the fiscal year 2014, reporting earnings that almost doubled from the year-ago quarter. The information and analytics provider posted a 16% jump in revenue to $556M, part of which it attributes to the acquisition of R.L. Polk last year, and noted that organic revenue growth was 3%. Subscription revenue increased 18% to $432.1M while non-subscription revenue rose 7% to $123.9M. Earnings jumped from the year-ago $23.4M and $0.35 per share to $46.5M and $0.68 per share, while adjusted earnings rose from $1.27 to $1.49 per share, beating analyst expectations at $1.44 per share. CEO Scott Key commented that the company is very pleased with its organic growth and performance related to its commercial expansion during the quarter.

Lennar revenue and earnings rise

Lennar Corp. (LEN) announced its third quarter financial results for the 2014 fiscal year, reporting increases in both revenue and earnings from last year. The homebuilder attributed higher prices and deliveries to its increased performance, as deliveries increased 9% to 5,457 homes. The average price of delivered homes increased 14% to $333K while the average price of new orders increased 4% to $330K. Total revenue for Lennar increased 26% to $2.01B, beating analyst $1.96B expectations. Earnings jumped substantially as well, from $120.7M and $0.54 per share to $177.8M and $0.78 per share, beating the $0.67 per share expectation. CEO Stuart Miller remarked that the housing market is making a slow and steady recovery and that the company’s main segment, home-building, continues to see improvements.

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