Ford Motor Co. (NYSE:F) [Detail Analytic Report] slightly down in early trading session on Friday as it declared that it is investing $182.2 in Pivotal, a cloud-based software firm, to further enhance its software development capabilities and provide innovations to customers more quickly. The investment in Pivotal aims to help drive transition of Ford to an auto and a mobility firm. Ford is continuing to focus on and spent in its core business designing, manufacturing, marketing, financing and servicing cars, SUVs, trucks and electrified vehicles.
At the same time, Ford is aggressively pursuing emerging opportunities via Ford Smart Mobility its plan to be a leader in connectivity, mobility, autonomous vehicles, the customer experience, and data and analytics. Mark Fields, President and CEO of Ford commented that extending their business to be both an auto and mobility firm requires leading-edge software expertise to deliver excellent customer experiences. Their investment in Pivotal will help strengthen their ability to deliver these customer experiences at the speed of Silicon Valley, including continually extending FordPass their digital, physical and personal mobility experience platform.
Rob Mee, Chief Executive of Pivotal stated that they are at a major inflection point in worldwide business, and Pivotal is at the fulcrum of that change. They are teaming up with iconic firms like Ford to help transform their businesses with their unique software development methodology and modern cloud platform and analytics tools. They are excited to create a deeper alliance with Ford through this investment as they drive its evolution to becoming both an auto and mobility firm reinventing yet again how the world moves.
Cott Corporation (NYSE:COT) [Detail Analytic Report] announced its first quarter loss of $1.9 million. The Ontario-situated firm disclosed that it had a loss of 3 cents a share. Earnings, revised for non-recurring costs, were 2 cents a share. The results topped Wall Street estimates. The average estimate of four experts polled by Zacks Investment Research was for a loss of 3 cents a share.
Cott Corporation declared its first quarter revenue of $698.4 million, which also beat Street forecasts. According to experts polled by Zacks expected $691 million. Shares of Cott have soared 22 percent since the starting of the year. The stock has climbed 45 percent in the previous twelve months.
Commenting of the results, Chief Executive Officer of Cott, Jerry Fowden stated that he is very pleased with the quarter’s strong new customer additions across their entire Home and Office business as well as the overall increase in their gross margin and improved free cash flow. During the quarter they invested more than $3 million in incremental sales and marketing behind home and office customer programs which helped drive a Q1 42% increase in new customer adds, Fowden added.
Tumi Holdings, Inc. (NYSE:TUMI) [Detail Analytic Report] declared that it had entered into a definitive contract with Samsonite International S.A. under which Samsonite will take over Tumi for $26.75 per share in an all cash deal. Tumi continues to expect the deal to complete in the second half of 2016, subject to the receipt of approvals by Samsonite and Tumi investors, and the satisfaction of other customary closing conditions.
Moreover, Tumi Holdings also announced profit of $7.9 million in its first quarter. On a per-share basis, the firm reported that it had net income of 12 cents. Earnings, revised for non-recurring gains, came in 10 cents a share. The results trailed Wall Street anticipations.
Tumi Holdings reported revenue of $118.3 million in the quarter, which beat Street forecasts. According to Zacks, analysts have expected $114.3 million. Shares of Tumi have soared 60 percent since the starting of the year.