After-Hours Buzz: Cintas, Marathon Petroleum, Brown & Brown & More
Check out which companies are making headlines after the bell Monday:
Cintas - The uniforms maker posted earnings of 69 cents a share, missing expectations by a penny a share, while revenue matched expectations at $1.13 billion. In addition, the company handed in 2014 earnings guidance that disappointed analysts, sending shares lower in extended-hours trading.
"While the U.S. economy has shown some signs of improvement in the past several months, much uncertainty remains," CEO Scott Farmer wrote in a press release. "This uncertainty, due to a number of factors including the effect of the Affordable Care Act, continues to cause many of our customers to delay hiring and investment decisions. We have developed our fiscal 2014 expectations with this uncertain economic landscape in mind."
Marathon Petroleum - The company said it expects to post earnings of between $1.87 a share and $1.97 a share, sharply below current expectations for $2.62 a share, citing lower crude oil price differentials and product realizations compared with spot market values. Shares declined in extended-hours trading. The company is slated to post earnings Aug. 1.
J.M. Smucker - The maker of fruit jams increased its quarterly dividend by 11.5 percent to 58 cents from 52 cents a share. Shares edged higher in extended-hours trading.
Brown & Brown - The diversified insurance company posted earnings of 36 cents a share on sales of $326 million, edging past expectations for 35 cents a share on revenue of $318 million. Shares rose in extended-hours trading.
Heidrick & Struggles - The global executive search firm announced that its CEO Kevin Kelly has stepped down from his post and resigned from the company's board of directors. Jory Marino will serve as interim CEO. Separately, the company said that it expects 2013 second-quarter net revenue to be at the high end of its previous guidance range of $110 million and $120 million when results are reported later this month. Shares tumbled in extended-hours trading.
Joe's Jeans - The retailer posted earnings and revenue that missed expectations. Separately, the company announced that it will acquire Hudson Clothing in a deal worth about $98 million. Shares plunged in extended-hours trading.