After-Hours Buzz: RHT, FIVE, LCC & More
Check out which companies are making headlines after the bell Wednesday:
Red Hat - The software company posted earnings of 33 cents a share, which excludes a 3 cent research tax credit, on revenue of $348 million. Analysts expected the company to report a profit of 30 cents a share on sales of $349 million. In addition, the company handed in current-quarter earnings and revenue guidance that disappointed analysts, sending shares sharply lower in extended-hours trading.
(Read More: Stocks End Mixed, S&P Slightly Below Closing High)
Five Below - The company posted earnings of 39 cents a share on revenue of $174 million, edging past expectations for 38 cents a share on sales of $170 million. But the company handed in current-quarter and full-year guidance that fell short of Wall Street consensus. Shares tumbled in extended-hours trading. Shares have already declined 14 percent this week.
US Airways - A bankruptcy judge approved the US Airways merger with American Airlines. US Airways edged higher in extended-hours trading. However, the judge did not approve the $20 million severance package for outgoing AMR CEO Tom Horton.
PVH - The parent company of Tommy Hilfiger and Calvin Klein reported earnings of $1.54 a share, excluding one-time items, on revenue of $1.64 billion, beating estimates for $1.50 a share on sales of $1.60 billion. In addition, the company handed in current-quarter revenue estimates that topped expectations. Still, shares declined in extended-hours trading.
Genworth Financial - The financial security company announced it will sell its wealth management business for $412.5 million to a partnership of Aquiline Capital Partners and Genstar Capital. The deal is expected to be completed in the second half of the year. Shares ticked higher in extended-hours trading.
Paychex - The payroll and human resource service company posted earnings of 40 cents a share, topping estimates by a penny a share, while revenue came in at $582 million, missing expectations for $593 million. Shares were largely unchanged in extended-hours trading.
Biogen Idec - The FDA approved biotechnology company's new multiple sclerosis drug, Tecfidera, that is expected to become the dominant oral treatment for the disease. The company said it will make the drug available for patients in the U.S. "in the coming days." Shares gained in extended-hours trading.
Steelcase - The office furniture company increased its quarterly dividend by 11 percent to 10 cents a share from 9 cents a share.