Pre-Market Earnings Results: Cracker Barrel, Visteon, Steve Madden, OGE Energy, WCI

Cracker Barrel Old Country Store (NASDAQ:CBRL) said adjusted fiscal Q2 adjusted earnings rose to $1.56, in line with analysts’ estimates, though revenue missed the consensus after severe winter weather affected store traffic. The company had adjusted earnings per diluted share of $1.43 in the prior year quarter. Total revenue in the three months to end January was $698.5 million down 0.6% from a year ago. Comparable store restaurant sales decreased 0.6%, including a 2.3% increase in average check. Analysts had been looking for revenue of $707 million, according to Capital IQ. The company re-affirmed its previous earnings guidance and expects to report earnings per diluted share towards the midpoint of the $5.60 and $5.80 range. Cracker Barrel expects total revenue of approximately $2.7 billion. Analysts expect EPS of $5.76 and revenue of $2.7 billion. For Q3, Cracker Barrel sees EPS of between $1.20 and $1.30, with analyst estimates at $1.28.

Climate, electronics and interior-systems supplier Visteon (NYSE:VC) reported Q4 adjusted earnings and revenue above expectations, while the midpoint of its 2014 sales guidance was a bit under analysts’ mean estimate. Q4 net income attributable to the company soared to $513 million, or $10.32 per share, from $39 million, or $0.74 per share, a year earlier. The latest quarter included a $465 million gain related to the sale of Visteon’s 50% ownership interest in Yanfeng Visteon Automotive Trim Systems Co., partially offset by $51 million of related taxes and other transaction costs. Excluding one-time items, the company earned $1.93 per share in the latest quarter, down from $2.02 per share a year earlier but well above the mean estimate of analysts polled by Capital IQ for earnings of $1.47 per share. Sales rose 7.4% to $1.96 billion, above analysts’ mean estimate for $1.9 billion. Hyundai-Kia accounted for approximately 35% of sales, with Ford Motor (F) representing 25%, and Renault-Nissan and PSA Peugeot-Citroen each accounting for 4%. For 2014, the company forecast sales sales with a midpoint of $7.8 billion. Analysts’ latest mean estimate was $8 billion. Shares were inactive in recent pre-market trading after climbing 2.2% to $87.50 in Monday’s after-hours action ahead of the results. They have a 52-week range of $52.26 to $88.74.

Footwear company Steven Madden, Ltd. (NASDAQ:SHOO) reports Q4 2013 adjusted net income of $35.1 million, or $0.53 per diluted share. On average, 13 analysts surveyed by Capital IQ were expecting $0.53. Revenues totaled $342.9 million versus the $347 million analyst forecast. In the same period last year, adjusted net income was $32.3 million, or $0.48 per diluted share, on revenues of $315.5 million. For fiscal 2014, the company expects net sales will increase 5% to 7% over net sales in 2013. Diluted EPS for fiscal year 2014 is expected to be in the range of $2.05 to $2.15. Analysts are looking for EPS of $2.15.

OGE Energy Corp. (NYSE:OGE), the parent company of Oklahoma Gas and Electric Company, and holder of 28.5% limited partner interest and 50% general partner interest in Enable Midstream Partners LP, reported earnings that topped analyst estimates. OGE Energy reported earnings of $0.29 per diluted share, compared with $0.19 per diluted share in Q4 of 2012. The Street called for $0.24 per share in Q4 earnings, according to Capital IQ estimates. Total operating revenue was $509 billion; the Street estimate was not available. On an annual basis, OGE Energy reported earnings of $1.94 per average diluted share in 2013, compared with earnings of $1.79 per average diluted share in 2012. OGE Energy consolidated earnings guidance for 2014 is $1.94 to $2.06 per averaged diluted share, a range on par with the $1.97 per share the Street expects.

WCI Communities (NYSE:WCIC) reported Q4 earnings that jumped more than five-fold even as sales fell amid an income tax benefit gain. The developer of lifestyle communities and luxury homes said diluted earnings from continuing operations rose to $5.16 per diluted share from $0.99 the year earlier while total sales fell to $94.8 million from $105.3 million. The company recorded a $125.6 million income tax benefit this year that boosted earnings. No comparable analyst estimates were available. At end December, the backlog was up 26% from a year ago at $143.8 million, primarily due to improvement in the housing market resulting in more new orders and higher average selling prices.


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