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Earnings

12:59 p.m. May 13, 2021 - By Claudia Assis
HyreCar stock rises more than 6% as Q1 sales riseShares of HyreCar Inc. rallied more than 6% late Thursday after the peer-to-peer car-sharing platform reported a wider quarterly loss but sales came in slightly above expectations. HyreCar said it lost $7.2 million, or 37 cents a share, in the quarter, compared with $4.1 million, or 25 cents a share, in the year-ago period. Sales rose 29% to $7.45 million, "showing the resilience of our platform and the growing demand for our services as the country opens up," Chief Executive Joe Furnari said in a statement. Analysts polled by FactSet expected HyreCar to report a GAAP loss of 13 cents a share on sales of $7.2 million. The stock ended the regular trading day down 6.7%.
3:02 a.m. May 13, 2021 - By Tomi Kilgore
Canada Goose stock jumps after surprise profit, revenue that rose well above forecastsThe U.S.-listed shares of Canada Goose Holdings Inc. rallied 2.3% in premarket trading Thursday, after the Canada-based luxury apparel maker reported a surprise fiscal fourth-quarter profit and revenue that rose well above forecasts and pre-pandemic levels, as ecommerce revenue more than doubled. Net income rose to C$2.9 million ($2.4 million), or 3 cents a share, from C$2.5 million, or 2 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came in at 1 cent, compared with the FactSet per-share loss consensus of 12 cents. Revenue jumped 48.2% to C$208.8 million ($171.8 million), beating the FactSet consensus of C$158.9 million, as global ecommerce revenue increased 123.2%. The company said revenue rose in all geographic regions except Canada, which revenue fell 6.9% amid elevated mandatory retail closures relative to other markets. "Canada Goose has shifted from recovery to growth beyond pre-pandemic levels. We achieved our largest ever fourth quarter by revenue," said Chief Executive Dani Reiss. The stock has slipped 3.6% over the past three months through Wednesday, while the S&P 500 has gained 3.3%.
2:46 a.m. May 13, 2021 - By Tomi Kilgore
Casper stock rallies after revenue rises to a record to beat expectations as losses narrowShares of Casper Sleep Inc. surged 4.8% toward a three-month high in premarket trading Thursday, after the mattress-in-a-box seller reported a narrower loss and revenue that rose above expectation, and provided an upbeat outlook. The net loss narrowed to $21.2 million, or 52 cents a share, from $34.0 million, or $1.23 a share, in the year-ago period. The FactSet consensus for per-share losses was 53 cents. Revenue grew rose to a record $127.7 million from $113.0 million, beating the FactSet consensus of $125.0 million, as gross margin improved to 52.2% from 46.9%. "Our third-party manufacturing model is enabling us to effectively navigate industry-wide supply chain challenges as we meet growing demand for our products," said Chief Executive Philip Kim. For the second quarter, the company expects revenue of $146 million to $153 million, above the current FactSet consensus of $134.1 million. Casper's stock has lost 4.7% over the past three months through Wednesday but has run up 57.6% year to date, while the S&P 500 has gained 3.3% the past three months and advanced 8.2% this year.
6:37 a.m. May 12, 2021 - By Tomi Kilgore
IPower stock set to go public, after IPO priced below recently lowered expected rangeIPower Inc. is set to go public Wednesday, after the California-based supplier hydroponic equipment, which are used by its consumers to grow vegetables, fruit, flowers and cannabis, said its initial public offering priced at $5 a share, which was below the recently lowered expected range of between $7 and $9 a share. The company raise $16.8 million as it sold 3.36 million shares in the IPO, that's up from an expected 3.00 million share offering as of May 7. When the company initially set terms for its IPO on April 27, the company said it was offering 5.00 million shares at an expected pricing of between $9 and $11 a share. With 24.6 million shares outstanding after the IPO, the pricing values the company at $123.0 million. The stock is expected to start trading on the Nasdaq under the ticker symbol "IPW." D.A. Davidson, Roth Capital Partners and Tiger Brokers were the underwriters. For the six months ended Dec. 31, 2020, the company reported net income of $1.34 million on revenue of $26.21 million, after income of $577,222 on revenue of $15.51 million in the same period a year ago. The company is going public on a day that the Renaissance IPO ETF was shedding 2.2% and the S&P 500 was down 1.0%.
4:22 a.m. May 12, 2021 - By Tomi Kilgore
Toyota expects 15% of U.S. sales to be battery, fuel cell electric vehicles by 2030Toyota Motor Corp. said Wednesday it expects battery electric vehicles (BEV) and fuel cell electric vehicles (FCEV) to make up 15% of total U.S. sales by 2030. The Japan-based auto maker said that including hybrid electric vehicles (HEV) and plug-in hybrids (PHEV), 70% of the combined Toyota and Lexus vehicles sold will be electrified by 2030. Globally, Toyota expects to sell 8 million electrified vehicles by 2030, including 2 million BEVs and FCEVs. Toyota's U.S.-listed stock rose 2.6% in premarket trading, after the company reported and was well above expectations. The stock has lost 1.5% year to date through Tuesday, while shares of U.S.-based rival General Motors Co. have soared 33.8%, the iShares MSCI Japan ETF has edged up 0.3% and the S&P 500 has gained 10.5%.
2:47 a.m. May 12, 2021 - By Tomi Kilgore
Wolverine World Wide profit matches forecasts while revenue comes up short, but full-year outlook liftedWolverine World Wide Inc. reported a first-quarter profit that matched expectations but revenue that came up a bit shy, while lifting its full-year outlook amid stronger-than-anticipated ecommerce growth. The stock was still inactive in premarket trading. The footwear and apparel company, which brands include Hush Puppies, Stride Rite and Saucony, said net income tripled to $38.5 million, or 45 cents a share, from $13.0 million, or 16 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 40 cents, matching the FactSet consensus of 40 cents. Revenue rose 16.3% to $510.7 million, below the FactSet consensus of $511.8 million, with owned ecommerce revenue growing 83.6%. Cost of goods sold increased 12.0%, with gross margin improving to 43.5% from 41.4%. For 2021, the company nudged up its revenue guidance range to $2.24 billion to $2.30 billion from $2.19 billion to $2.25 billion. "Our ongoing investment in digital fueled eCommerce growth of 84%, well ahead of our expectations. Our brands are well positioned in trending, performance-oriented product categories like running, hiking, and work; and their momentum remains strong," said Chief Executive Blake Krueger. "We anticipate growth to continue to accelerate moving forward." The stock has rallied 36.8% year to date, while the S&P 500 has advanced 10.5%.
12:53 p.m. May 11, 2021 - By Claudia Assis
Battery startup QuantumScape posts wider Q1 lossQuantumScape Corp. shares fell 4% in the extended session Tuesday after the battery-maker startup reported a wider-than-expected quarterly loss for its first quarter. QuantumScape said it lost $75 million in the quarter, or 20 cents a share, compared with a loss of 6 cents a share in the year-ago quarter. Analysts polled by FactSet had expected a loss of 7 cents a share for the quarter. In a letter to investors, the startup said it met a contractual milestone with Volkswagen AG and delivered battery cells for further testing at the car maker, an investor in the company, which resulted in an an additional $100 million into QuantumScape in April, it said. With proceeds from its follow-on equity offering, the Volkswagen investment, and public warrant exercises, it expects to enter 2022 "with greater than ($1.3 billion) in liquidity, reflecting a net increase of more than $300M compared to our liquidity entering the year," it said. Shares of QuantumScape ended the regular trading day up 3.6%.
2:47 a.m. May 11, 2021 - By Ciara Linnane
Perrigo shares down 1.6% premarket as earnings fall short of estimatesPerrigo Co. Plc share slid 1.6% in premarket trade Tuesday, after the Dublin-based provider of consumer self-care products posted weaker-than-expected earnings for its first quarter. The company said it had net income of $3 million, or 2 cents a share, in the quarter, down from $58 million, or 42 cents a share, in the year-earlier period. Excluding special items, adjusted per-share earnings came to 50 cents, below the 57 cents FactSet consensus. Sales fell to $1.010 billion from $1.083 billion, also below the $1.025 billion FactSet consensus. Perrigo has spent the past two years changing from a healthcare company to a consumer self-care company and announced the sale of its generic drug business on March 1. That deal is expected to generate about $2 billion in cash. "We have made the necessary investments in infrastructure, capabilities, talent and capacity, and as a result have restored Perrigo to growth, all while weathering the storm of a horrific global pandemic," Chief Executive Murray S. Kessler said in a statement. Earnings and sales declines were due to consumer pantry loading a year ago and a historically weak cough and cold season this year, both caused by COVID-19, he said. "Looking ahead to the rest of the year, we are encouraged to see the recent increases in retail store foot traffic, more people traveling again, and children returning to school in the fall," he said. The company is still expecting fiscal 2021 adjusted EPS to range from $2.50 to $2.70, compared with a FactSet consensus of $2.62. Shares have fallen 3.6% in the year through Monday, while the S&P 500 has gained 11.5%.
12:54 p.m. May 10, 2021 - By Claudia Assis
Callaway Golf stock jumps 6% after Q1 profit, sales top viewsShares of Callaway Golf Co. rose more than 5% in the extended session Monday after the golf equipment and apparel maker reported first-quarter profit and sales that blew past Wall Street expectations and said demand for its goods has been "unprecedented" amid the pandemic. Callaway said it earned $272 million, or $2.19 a share, in the quarter, compared with $29 million, or 30 cents a share, in the first quarter of 2020. Adjusted for one-time items, the company earned $77 million, or 62 cents a share. Sales rose 47% to $652 million, Callaway said. Analysts polled by FactSet expected GAAP EPS of 12 cents a share and adjusted EPS of 14 cents a share on sales of $562 million. "Our golf equipment business is continuing to experience unprecedented demand while our soft goods business and Topgolf business are recovering from the pandemic faster than anticipated," Chief Executive Chip Brewer said in a statement. "Although the COVID-19 pandemic continues, especially in international markets, we are pleased with the current state and trends of our business." The stock ended the regular trading day down 3.9%.
5:28 a.m. May 10, 2021 - By Tomi Kilgore
Workhorse stock drops after revenue was less than half what was expectedShares of Workhorse Group Inc. dropped 7.2% toward a more than 10-month low after, after the electric truck maker swung to a net loss and reported revenue that were less than half what was expected, as the number of trucks produced reached its target later than anticipated. The net loss was $120.5 million, after net income of $4.8 million in the year-ago period. Excluding non-cash adjustments, the operating loss widened to $16.5 million from $9.1 million, while the FactSet loss consensus was $19.8 million. The company did not provide per-share information. Sales rose to $521,060 from $84,300, below the FactSet consensus of $2.3 million. The company produced a total of 38 C-Series vehicles year to date. "Although we had planned to have achieved our year-to-date number of trucks produced sooner, we took the additional time to ensure that we were building top-quality vehicles for our customers while improving our production processes," said Chief Executive Duane Hughes. The stock, on track to open at the lowest price seen during regular-session hours since June 26, 2020, has plummeted 74.9% over the past three months through Friday, while the S&P 500 has gained 8.3%.
4:51 a.m. May 10, 2021 - By Tonya Garcia
Revlon launches turnaround program focused on the namesake and Elizabeth Arden brandsRevlon Inc. stock fell 5.3% in Monday premarket trading after the beauty company reported first-quarter earnings and sales that fell short of Street expectations. Net loss totaled $97.4 million, or $1.79 per share, after a loss of $216.6 million, or $4.02 per share, last year. Sales of $445 million were down from $453 million last year. The FactSet consensus was for a loss of $1.08 per share and sales of $520 million. E-commerce net sales increased to 13% of total sales from 12% of net sales last year. The beauty company announced the Revlon Global Growth Accelerator Program, a transformation designed for margin and revenue growth. "This will enable the company to maximize the potential of our iconic brand portfolio with a focus on Revlon and Elizabeth Arden in key markets as well as continue to expand our digital and e-commerce capabilities," said Chief Executive Debra Perelman in a statement. The company experienced double-digit net sales growth in its Elizabeth Arden and fragrance businesses in the first quarter. Revlon stock has slumped 6% for the year to date while the S&P 500 index is up 12.7% for the period.
3:47 a.m. May 10, 2021 - By Tonya Garcia
Coty earnings miss expectations but CoverGirl making gainsCoty Inc. stock sank 4.6% in Monday premarket trading after the global beauty company's fiscal third-quarter earnings missed expectations. Net loss totaled $18.5 million, or 2 cents per share, after a loss of $271.6 million, or 36 cents per share, last year. Adjusted EPS was breakeven after a loss of 14 cents last year. The FactSet EPS consensus was for a penny per share. Revenue of $1.028 billion was down from $1.063 billion last year and ahead of the FactSet consensus for $1.026 billion. The company is in the midst of a strategic growth plan, with the CoverGirl brand gaining market share in the U.S. over the past five weeks. The plan also includes re-positioning plans for Rimmel and Max Factor in Europe and cutting sales in what Chief Executive Sue Nabi called "low-quality channels." Coty reiterated its guidance for full-year revenue of $4.5 billion to $4.6 billion and cost reductions of about $300 million in fiscal year 2021. The FactSet consensus is for full-year revenue of $4.536 billion. Coty stock has gained 47.3% for the year to date while the S&P 500 index has gained 12.7% for the period.
3:23 a.m. May 10, 2021 - By Tomi Kilgore
Air Products profit misses expectations as COVID-19 and weather weigh, but sales beat forecastsShares of Air Products & Chemicals Inc. slumped 2.3% in premarket trading Monday, after the industrial gases company reported a fiscal second-quarter profit that came up short of expectations, while sales beat forecasts, as the COVID-19 pandemic and a severe winter storm in the U.S. Gulf Coast weighed on results. Net income for the quarter to March 31 was $473.1 million, or $2.13 a share, after earnings of $477.8 million, or $2.15 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose 2% to $2.08, below the FactSet consensus of $2.12. The company said it estimates COVID-19 reduced adjusted EPS by 10 cents to 15 cents. "Adjusted EPS improved over the prior year, we continued to improve pricing, and we again generated strong cash flow," said Chief Executive Seifi Ghasemi. Sales grew 12.9% to $2.50 billion, above the FactSet consensus of $2.34 billion, while cost of sales increased 19.5%. For 2021, the company expects adjusted EPS of $8.95 to $9.10, surrounding the FactSet consensus of $9.02. The stock has rallied 14.6% over the past three months through Friday, while the S&P 500 has gained 8.3%.
3:10 a.m. May 10, 2021 - By Tomi Kilgore
Energizer stock jumps after adjusted profit and sales beats, raised outlookShares of Energizer Holdings Inc. jumped 1.7% toward a nine-month high in premarket trading Monday, after the batteries and lighting products company beat adjusted profit and sales expectations and raised its full-year outlook, boosted by elevated demand in its battery and auto businesses. The net loss for the quarter to March 31 narrowed to $14.3 million, or 21 cents a share, from $121.8 million, or $1.75 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 77 cents from 37 cents, beating the FactSet consensus of 60 cents. Sales grew 16.7% to $685.1 million, above the FactSet consensus of $625.9 million, boosted by new distribution, increased replenishment volumes and favorable pricing. For fiscal 2021, the company raised its adjusted EPS guidance range to $3.30 to $3.50 from $3.10 to $3.40, and said it now expects sales growth of 5% to 7% while the current FactSet sales consensus of $2.88 billion implies 4.9% growth. The stock has rallied 19.8% year to date through Friday, while the S&P 500 has advanced 12.7%.
2:48 a.m. May 10, 2021 - By Tomi Kilgore
Procore Technologies sets IPO terms, to be valued at up to $8.3 billionProcore Technologies Inc. has set terms of its initial public offering, which would value the California-based construction management software company up to about $8.3 billion. The company is looking to raise up to $615.6 million, as it plans to offer 9.47 million shares in the IPO, which is expected to price between $60 and $65 a share. The stock is expected to list on the NYSE under the ticker symbol "PCOR." Goldman Sachs, J.P. Morgan, Barclays are Jefferies are the lead underwriters. The company plans to use the proceeds from the IPO to increase capitalization and financial flexibility, and create a public market for its common stock. Procore recorded a net loss of $99.2 million on revenue of $328.6 million in 2020, after a loss of $83.1 million on revenue of $236.0 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has dropped 25.8% over the past three months while the S&P 500 has gained 8.3%.
4:46 a.m. May 7, 2021 - By Tomi Kilgore
Nikola stock rises, toward snapping 8-day losing streak, after narrower-than-expected lossShares of Nikola Corp. rallied 3.6% in premarket trading Friday, putting them on an early track to snap a 8-session losing streak, after the electric vehicle maker reported a narrower-than-expected first-quarter loss while reporting no revenue, which was in line with forecasts. Net losses widened to $120.2 million, or 31 cents a share, from $33.1 million, or 12 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss widened to 14 cents from 12 cents but beat the FactSet loss consensus of 27 cents. There was no revenue, after solar revenue of $58,000 a year ago. Looking ahead, the company expects to deliver the first Nikola Tre battery-electric vehicle (BEV) to customers during the fourth quarter of 2021, to break ground on the first commercial hydrogen station i 2021 and start vehicle trial production at its JV facility in Germany in June and at its facility in Arizona in July. The stock, which has tumbled 17.9% over the past eight sessions, has dropped 33.6% year to date through Thursday, while the S&P 500 has gained 11.9%.
2:46 a.m. May 7, 2021 - By Ciara Linnane
Spectrum Brands blows past estimates, raises FY21 sales guidanceSpectrum Brands Holdings Inc. posted stronger-than-expected earnings for its fiscal third quarter Friday, and raised its fiscal 2021 guidance. The owner of household brands swung to a profit of $36.8 million, or 88 cents a share, in the quarter to March 29, from a loss of $59.2 million, or $1.29 a share, in the year-earlier period. Adjusted per-share earnings came to $1.76, well ahead of the 99 cents FactSet consensus. Sales rose to $1.149 billion from $937.8 million, also ahead of the $1.032 billion FactSet consensus. Sales at the company's hardware and home improvement division rose 18.4% to $389.5 million. "Security sales reflected growth across retail, e-commerce and new build channels," the company said. Home and personal care sales rose 28% to $297.9 million, driven by strength in small kitchen appliances. Pet care sales rose 23.9% to $293.6 million, driven by aquatics and companion animal categories, while home and garden sales rose 21% to $168.8 million. Spectrum Brands is now expecting fiscal 2021 sales to rise by double-digits, compared with earlier guidance of high single-digit growth. The company is raising its total savings gross target from productivity improvements to $200 million from $150 million. The board has approved a new 3-year, $1 billion share buyback program. Shares were not yet active premarket, but have gained 16% in the year to date, while the S&P 500 has gained 11.9%.
4:34 a.m. May 6, 2021 - By Tomi Kilgore
Vista Outdoor stock jumps after bit profit and sales beats, upbeat outlookShares of Vista Outdoor Inc. climbed 2.6% in premarket trading Thursday, after the shooting accessories and outdoor products company reported a fiscal fourth-quarter profit that beat expectations, as sales rose to the highest level in more than four years, with demand and order rates continued to increase across all of the company's businesses. For the quarter to March 31, the company swung to net income of $67.0 million, or $1.11 a share, from a loss of $141.2 million, or $2.44 a share, in the year-ago quarter. Excluding nonrecurring items, adjusted earnings per share rose to $1.02 from 11 cents, beating the FactSet consensus of 67 cents. Sales grew 40% to $596.5 million, above the FactSet consensus of $532.7 million, the most quarterly revenue since the fourth quarter of 2016. Shooting sports sales increased 37% to $403 million, amid strong demand for commercial ammunition and hunting and shooting accessories, while outdoor products sales rose rose 47% to $193 million with strength across all brands. The company expects fiscal first-quarter EPS of 80 cents to 90 cents and sales of $600 million to $620 million, compared with EPS expectations of 69 cents and a sales forecast of $534 million. The stock has rocketed 265.8% over the past 12 months through Wednesday, while the S&P 500 has advanced 46.3%.
2:59 a.m. May 6, 2021 - By Tomi Kilgore
Tapestry swings to profit that beats expectations, as Coach and Kate Spade sales top forecastsCoach parent Tapestry Inc. reported Thursday that it swung to a fiscal third-quarter profit that beat expectations, as Coach and Kate Spade sales rose above forecasts. The luxury lifestyle brands company's stock was little changed in premarket trading. Net income for the quarter to March 27 was $91.7 million, or 32 cents a share, after a loss of $677.1 million, or $2.45 a share, in the year-ago period. Excluding nonrecurring items, adjusted per-share results swung to earnings of 51 cents from a loss of 27 cents, beating the FactSet consensus of 31 cents. Net sales increased 18.7% to $1.27 billion, above the FactSet consensus of $1.22 billion. Coach sales grew 25% to $964 million to beat expectations of $933.2 million and Kate Spade sales increased 1% to $252 million to top expectations of $251.5 million. The company expects fiscal 2021 revenue to grow at a mid-teens percentage rate, while the current FactSet sales consensus of $5.47 billion implies 10.2% growth. The stock has soared 55.8% year to date, while the S&P 500 has gained 11.0%.
1:34 p.m. May 5, 2021 - By Claudia Assis
Arlo Technologies stock rallies after narrower Q1 lossShares of Arlo Technologies Inc. jumped 10% in the extended session Wednesday after the maker of home security cameras and other equipment reported a narrower-than-expected first-quarter loss and sales topped forecasts. Arlo said it lost $10.7 million, or 13 cents a share, in the quarter, compared with a loss of $15.2 million, or 19 cents a share, in the year-ago quarter. Adjusted for one-time items, Arlo lost 3 cents a share, compared with 8 cents a share a year ago. Sales rose 26% to $82.6 million, Arlo said. Analysts polled by FactSet expected Arlo to report an adjusted loss of 21 cents a share on sales of $76.9 million. "In 2020 we successfully pivoted to become services-focused to create a more predictable, more profitable business and our strong Q1 results are further proof of our progress," Chief Executive Matthew McRae said in a statement. Arlo guided for second-quarter revenue between $80 million and $90 million, and an adjusted per-share loss between 20 cents and 13 cents. Shares of Arlo ended the regular trading day down 0.2%.
5:03 a.m. May 5, 2021 - By Tomi Kilgore
Atlas Air stock jumps toward 3-year high after big earnings beat, positive revenue outlookShares of Atlas Air Worldwide Holdings rallied 3.1% toward a three-year high in premarket trading Wednesday, after the provider of outsourced aircraft and aviation operating services reported first-quarter profit and revenue that rose above expectations, as strong demand for airfreight helped lift yields above typical seasonal levels. Net income rose to $89.9 million, or $3.05 a share, from $23.4 million, or 90 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to $2.45 from $1.15, beating the FactSet consensus of $1.78. Revenue increased 33.8% to $861.3 million, above the FactSet consensus of $822.7 million, as volumes rose 20.9% to 88,523 block hours. The company expects second-quarter revenue of $950 million, compared with the FactSet consensus of $808 million, flying about 90,000 block hours and adjusted net income increasing by about 30%. The stock, which is on track to open at the highest prices seen during regular-session hours since July 2018, has run up 27.7% year to date through Tuesday, while the S&P 500 has advanced 10.9%.
4:11 a.m. May 5, 2021 - By Tomi Kilgore
Jones Lang LaSalle profit rises to more than triple expectations, as estimates of real estate investments increasedJones Lang LaSalle Inc. reported Wednesday a first-quarter profit that was more than triple what was expected, boosted by a $34.7 million increase in the estimated value of investments in proptech companies. Shares of the real estate and investment management company were still inactive in premarket trading. Net income rose to $109.7 million, or $1.97 a share, from $25.8 million, or 10 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to $2.10 from 49 cents, beating the FactSet consensus of 66 cents. Revenue slipped 1% to $4.04 billion, while revenue before reimbursements declined 5% to $2.13 billion, but topped the FactSet consensus of $1.85 billion. Fee revenue was down 4% to $1.44 billion but beat expectations of $1.34 billion, and leasing revenue fell 9% to $49.5 million. The stock has run up 28.8% year to date, while the S&P 500 has advanced 10.9%.
3:43 a.m. May 5, 2021 - By Tomi Kilgore
GM stock surges after profit more than doubles expectations, while revenue surprisingly slipsShares of General Motors Co. surged 3.7% in premarket trading, after the automaker reported first-quarter profit that was more than double what was expected, while revenue surprisingly declined and the full-year outlook was a bit shy of forecasts. Net income rose to $2.98 billion, or $2.03 a share, from $247 million, or 17 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $2.25 from 62 cents, beating the FactSet consensus of $1.05. Revenue slipped 0.7% to $32.47 billion, while the FactSet consensus called for a rise to $33.00 billion. For 2021, GM expects adjusted EPS of between $4.50 and $5.25, compared with the FactSet consensus of $5.29. Chief Executive Mary Barra said in a letter to shareholders that the investment in electric vehicles will continue to accelerate. "We will continue to convert assembly plants to build EVs and expand our battery cell capacity as we make progress on our goal of EV market share leadership in North America," Barra wrote. "We will lead the industry in safely commercializing self-driving technology." GM's stock has run up 32.9% year to date through Tuesday, while the S&P 500 has gained 10.9%.
3:24 a.m. May 5, 2021 - By Tonya Garcia
Tupperware swings to a profit, shares jumpTupperware Brands Corp. stock jumped 6.2% in Wednesday premarket trading after the container company reported first-quarter results that beat expectations. Net income totaled $45.3 million, or 85 cents per share, after a loss of $7.8 million, or 16 cents per share, last year. Adjusted EPS of 82 cents was up from 9 cents last year and ahead of the FactSet consensus for 54 cents. Sales of $460.3 million were up from $375.9 million last year and ahead of the FactSet consensus of $434.0 million. "We continue to revitalize the brand through the expanded use of digital tools by our sales force to solve consumer needs," said Miguel Fernandez, Tupperware chief executive, in a statement. "Additionally, we have made great progress building the team needed to accelerate growth in new channels of distribution so more consumers have access to our environmentally-friendly, reusable products." Tupperware stock has tumbled nearly 26% over the year to date while the S&P 500 index is up 10.9% for the period.
2:13 a.m. May 5, 2021 - By Tomi Kilgore
Lumber Liquidators stock set to selloff after profit beat expectations but sales came up shortShares of Lumber Liquidators Holdings Inc. were indicated down about 5% in premarket trading Wednesday, after the wood flooring retailer reported first-quarter profit that beat expectations but sales that came up short, as results continued to be impacted by tariffs on certain products imported from China. Net income fell to $10.6 million, or 36 cents a share, from $12.2 million, or 42 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 34 cents, above the FactSet consensus of 23 cents. Net sales rose 6.0% to $283.5 million, below the FactSet consensus of $293.1 million, as same-store sales grew 6.9% to miss expectations of a 10.4% rise. The company said same-store sales were driven by strong demand for installation and home improvement projects and shutdowns related to the COVID-19 pandemic a year ago. Cost of sales rsoe 3.4% to $167.9 million. The company did not provide financial guidance, citing uncertainties surrounding the impact of the COVID-19 pandemic as it relates to consumer spending and supply chain disruptions. The stock has dropped 19.5% year to date through Tuesday, while the S&P 500 has climbed 10.9%.
12:45 p.m. May 4, 2021 - By Claudia Assis
Zillow stock rises 4% as real-estate company sees continued strength in housingShares of Zillow Group Inc. rose more than 4% in the extended session Tuesday after the real-estate company topped Wall Street expectations for its first quarter on continued strength of the housing market and more visitors to the company's apps and sites. Zillow said it earned $52 million, or 21 cents a share, in the first quarter, versus a loss of $163 million a year ago. Adjusted for one-time items, Zillow said it earned 47 cents a share in the quarter. Revenue rose 8% to $1.2 billion, the company said. Analysts polled by FactSet had expected Zillow to report adjusted earnings of 26 cents a share on sales of $1.1 billion. Zillow called for second-quarter sales between $1.236 billion and $1.284 billion, as growth trends will continue, the company said. Zillow called for consolidated adjusted EBITDA between $116 million and $140 million in the quarter. Traffic to Zillow's apps and websites rose 15% to 221 million average monthly unique users, driving 2.5 billion visits during the quarter, up 19% year-on-year, the company said. Shares of Zillow ended the regular trading day down 3.4%.
5:29 a.m. May 4, 2021 - By Tomi Kilgore
Ford April vehicle sales jumped to nearly 200,000, as EV sales soared nearly fourfoldFord Motor Co. said Tuesday that total U.S. April vehicle sales rose 64.8% from a year ago to 197,813 vehicles, boosted by a near fourfold rise in electric vehicle (EV) sales. April retail sales were 57.1% above 2020 results, but were also 23.7% above pre-pandemic April 2019 results. EV sales rose 262% to a monthly record of 11,172 vehicles, representing 5.6% of total vehicles sold, amid new product offerings. Total April truck sales grew 47.5% to 97,054 vehicles, SUV sales surged 119.8% to 90,383 vehicles and car sales dropped 20.9% to 10,376 vehicles. Transaction pricing in April rose to a record $43,600 per vehicle. Ford's stock, which slipped 0.6% in premarket trading, has rallied 32.3% year to date through Monday, while shares or rival General Motors Co. have hiked up 37.3% and the S&P 500 has gained 11.6%.
3:21 a.m. May 4, 2021 - By Tonya Garcia
Under Armour now guiding for full-year earnings rather than a lossUnder Armour Inc. stock rose 2.8% in Tuesday premarket trading after the athletic company reported first-quarter earnings that beat expectations and raised its guidance. Net income totaled $77.8 million, or 17 cents per share, after a loss of $589.7 million, or $1.30 per share, last year. Adjusted EPS of 16 cents beat the FactSet consensus for 4 cents. Revenue of $1.257 billion was up from $930.2 million and also ahead of the FactSet consensus for $1.131 billion. Under Armour now expects full-year 2021 revenue to be up at a high-teen percentage rate compared to previous guidance for a rise in the high-single-digit percentage rate. Full-year 2021 EPS is expected to be 2 cents to 4 cents, compared with previous guidance for a loss of 18 cents to 20 cents. And adjusted EPS is expected to be 28 cents to 30 cents versus previous guidance for 12 cents to 14 cents. The FactSet consensus is for revenue of $4.941 billion, suggesting a rise of 10.4% and EPS of 21 cents. Under Armour that it has agreed to pay $9 million to settle an SEC charge that it misled investors. Under Armour neither admitted or denied the charge. Under Armour stock has gained 40.8% for the year to date while the S&P 500 index is up 11.6% for the period.
2:21 a.m. May 4, 2021 - By Tomi Kilgore
DuPont beats profit and sales expectations, raised full-year outlookShares of DuPont de Nemours Inc. rose 0.9% in premarket trading Tuesday after the specialty materials, chemicals and agricultural products company reported first-quarter profit and sales that beat expectations, with all of its business segments showing growth, and raised its full-year outlook. The company swung to net income of $5.39 billion, or $8.90 a share, from a loss of $616 million, or 83 cents a share, in the year-ago period. Earnings per share excluding discontinued operations was 89 cents, and adjusted EPS excluding nonrecurring items was 91 cents, above the FactSet consensus of 75 cents. Sales rose 8.3% to $3.98 billion, beating the FactSet consensus of $3.85 billion. "As we emerge from the COVID-19 pandemic, the leading positions we hold in semiconductor, smartphones, automotive, water filtration, and residential construction end-markets enabled us to deliver strong first quarter results ahead of expectations with organic sales growth in all three reporting segments," said Chief Executive Ed Breen. For 2021, the company raised its adjusted EPS guidance range to $3.60 to $3.75 from $3.30 to $3.45 and its sales guidance to $15.7 billion to $15.9 billion from $15.4 billion to $15.6 billion. The stock has gained 10.1% year to date, while the S&P 500 has advanced 11.6%.
12:50 p.m. May 3, 2021 - By Claudia Assis
Mosaic swings to profit, sales rise nearly 30% in Q1Shares of Mosaic Co. dropped nearly 5% in the extended session Monday after the producer of potash and phosphate fertilizers beat Wall Street expectations for its first quarter and said the outlook for the remainder of 2021 continued to be favorable. Mosaic said it earned $157 million, or 41 cents a share, in the quarter, versus a loss of $203 million, or 54 cents a share, in the year-ago quarter. Adjusted for one-time items, Mosaic said it earned 57 cents a share, versus a loss of 6 cents a share a year ago. Sales rose 28% to $2.3 billion, as the company "capitalized on stronger market conditions," Mosaic said in a statement. Analysts polled by FactSet expected Mosaic to report adjusted earnings of 54 cents on sales of $2.26 billion. The outlook for the rest of the year remains favorable, and gross margins in the quarter were up almost 10 times mostly because of price increases, the company said. The stock ended the regular trading day down 0.4%. It has tripled in the past 12 months, compared with gains around 48% for the S&P 500 index.
3:00 a.m. May 3, 2021 - By Ciara Linnane
Estée Lauder beats profit estimates as sales fall shortEstée Lauder Companies shares slid 0.6% in premarket trading Monday, after the cosmetics and beauty company posted stronger-than-expected profit for its fiscal third quarter but sales that missed estimates. The company posted net income of $456 million, or $1.24 a share, in the quarter to March 31, after a loss of $6 million, or 2 cents a share, in the year=-earlier period. Excluding restructuring charges and other one-time items, the company's adjusted EPS came to $1.59, ahead of the $1.32 FactSet consensus. Sales rose to $3.86 billion from $3.35 billion a year ago, but were below the FactSet consensus of $3.94 billion. "We exceeded our sales and earnings expectations, even as several markets experienced increasing pressure from COVID-19 throughout the quarter," Chief Executive Fabrizio Freda said in a statement. The resurgence of COVID-19 cases in several countries, particularly in Western Europe and Latin America, led to government restrictions to prevent further spread of the virus, he said. The company is now expecting fiscal 2021 sales to grow 11% to 12% and for adjusted EPS to range from $6.05 to $6.15. The FactSet consensus is for adjusted EPS of $6.01. Shares have gained 18% in the year to date, while the S&P 500 has gained 11%.
12:05 p.m. May 2, 2021 - By Quentin Fottrell
Is my boyfriend of 13 years entitled to half my house? I bought it 12 years ago — and he never helped with the bills ‘He is now claiming that he’s entitled to half the value of the house’‘He is now claiming that he’s entitled to half the value of the house.’
11:06 a.m. April 30, 2021 - By Tomi Kilgore
S&P 500 earnings growth at the half way point is nearly double what was expectedWith the S&P 500 first-quarter earnings reporting season finally more than half over, as 60.4% of the index's components having reported results, the blended EPS growth estimate is now nearly double what it was when the reporting started, and about triple what it was at the end of the fourth quarter. The overall blended earnings-per-share growth rate, which includes reported results and consensus analyst estimates for yet-to-be-reported EPS, is 45.7% through Friday morning, according to FactSet data, nearly three weeks ago. At the end of the fourth quarter, the growth estimate was 15.6%. The current growth outlook is the highest since the first quarter of 2010, when earnings increased 55.4%. The sectors showing the biggest growth are consumer discretionary at 180.1% and financials at 133.5%, while industrials is the only sector currently showing an EPS decline, of 6.4%. The reason for the big improvement in the growth outlook is that 86% of companies that have reported have beat expectations, which is on pace to the the highest percentage since FactSet started tracking beat percentages in 2008. The S&P 500 is down 0.6% in afternoon trading, but has gained 6.0% in April.
9:31 a.m. April 30, 2021 - By Tomi Kilgore
Goodyear's outlook for raw material cost increases more than doubled, stock turns lowerShares of Goodyear Tire & Rubber Co. sank 2.4% in afternoon trading Friday, reversing an earlier intraday gain of as much as 2.0%, after the tire seller reported , but also more than doubled its full-year outlook for raw materials cost increases. Chief Financial Officer Darren Wells said on the post-earnings conference with analysts that raw materials costs for 2021 are expected to increase by $325 million to $375 million, largely in the second half of the year, compared with previous estimates for an increase of $125 million to $175 million. For the first quarter, however, raw material costs actually declined by $15 million, but prices increases were expected to "catch up some" over the coming quarters. Meanwhile, pricing in the quarter improved by $64 million as the company raised prices ahead of the raw material price increases.
7:09 a.m. April 30, 2021 - By Tomi Kilgore
Colgate-Palmolive sales beat supported by price increases of double the inflation rateShares of Colgate-Palmolive Co. surged 1.6% in morning trading Friday, on the heels of the oral, personal and home care company's , in which profit and sales beat expectations. Total sales rose 6.0%, while the cost of sales grew 4.6%. On the post-earnings conference call with analysts, Chief Executive Noel Wallace said the company was "battling the cost inflation across the board," according to a FactSet transcript, and he didn't expect those headwinds to abate any time soon. He said pricing was an important element of growth, as is cost management. Overall pricing increased 4.5%, including a rise of 5.5% in North America. In comparison, the rose 0.5% in March, which pushed headline inflation up 2.3% over the past year. The stock has lost 5.2% year to date, while the SPDR Consumer Staples Select Sector ETF has edged up 3.0% and the S&P 500 has gained 11.4%.
4:01 a.m. April 30, 2021 - By Tomi Kilgore
Goodyear Tire stock jumps after profit, sales beat expectation as COVID-19 impact moderatedShares of Goodyear Tire & Rubber Co. jumped 3.9% in premarket trading Friday, after the tire seller reported first-quarter profit and sales that beat Wall Street estimates, as the COVID-19 pandemic's impact on industry demand "moderated." The company swung to net income of $12 million, or 5 cents a share, from a loss of $619 million, or $2.65 a share, in the year-ago period. Excluding nonrecurring items, such as rationalization charges associated with a plan to cut expenses, modernization costs and a $23 million impact related to Winter Storm Uri, adjusted earnings per share came to 43 cents, above the FactSet consensus of 12 cents. Sales grew 14.9% to $3.51 billion, beating the FactSet consensus of $3.39 billion, as tire unit volumes rose 12%, with replacement tire volume increased 14%. "Our consumer replacement business delivered outstanding results," said Chief Executive Richard Kramer. "By leveraging improved distribution and new products, we outperformed the industry while expanding margins." Goodyear's stock has soared 68.2% over the past three months, while the S&P 500 has advanced 13.4%.
3:25 a.m. April 30, 2021 - By Tonya Garcia
Newell swings to a profit, raises guidanceNewell Brands Inc. shares rose 1% in Friday premarket trading after the consumer goods company swung to a first-quarter profit and raised its 2021 guidance. Net income totaled $89 million, or 21 cents per share, after a loss of $1.28 billion, or $3.02, last year. Adjusted EPS of 30 cents beat the FactSet consensus for 13 cents. Sales of $2.29 billion were up from $1.89 billion and also ahead of the FactSet consensus of $2.07 billion. Newell's portfolio includes Oster, Rubbermaid, Paper Mate pens, and Marmot outdoor gear. For the second quarter, Newell is guiding for sales of $2.50 billion to $2.58 billion, core sales growth of 17% to 20% and adjusted EPS of 41 cents to 45 cents. The FactSet consensus is for sales of $2.38 billion and EPS of 42 cents. For the full year, the company now expects sales of $9.9 billion to $10.1 billion versus previous guidance for $9.5 billion to $9.7 billion, core sales growth of 5% to 7% versus previous low-single-digit growth guidance, and adjusted EPS of $1.63 to $1.73 up from $1.55 to $1.65. The FactSet consensus is for full-year sales of $9.69 billion and EPS of $1.64. Newell Brands shares are up 27.1% for the year to date, outpacing the S&P 500 index , which is up 12.1% for the period.
3:06 a.m. April 30, 2021 - By Tomi Kilgore
Colgate-Palmolive stock gains after profit, sales top expectationsShares of Colgate-Palmolive Co. edged up 0.2% in premarket trading Friday, after the oral, person and home care and pet nutrition company reported first-quarter profit and sales that topped expectations and provided an in-line full-year outlook. Net income fell to $681 million, or 80 cents a share, from $715 million, or 83 cents a share, in the year-ago period. The FactSet consensus was for earnings per share of 79 cents. Sales grew 6.0% to $4.34 billion, beating the FactSet consensus of $4.27 billion, as North America was the only region that showed a sales decline, of 0.5%. "Looking ahead, we are seeing volatility in consumer demand and currencies as well as further increases in raw material prices and logistics costs, but remain confident that our investment choices and growth strategies will help us manage through these challenges and emerge even stronger," said Chief Executive Noel Wallace. The company expects 2021 sales to be up 4% to 7%, while the FactSet sales consensus of $17.41 billion implies 5.7% growth. The stock has lost 6.7% year to date through Thursday, while the S&P 500 has gained 12.1%.
2:47 a.m. April 30, 2021 - By Ciara Linnane
Clorox shares slide 5.9% premarket as it swings to loss and sales miss estimatesClorox Co. shares fell 5.9% in premarket trade Friday, after the maker of household cleaning products and other goods swung to a loss in its fiscal third quarter as it booked a pretax noncash impairment charge relating to goodwill, trademarks and other assets in its Better Health Vitamins, Minerals and Supplements business. Sales were also below consensus and its guidance was soft. The company swung to a loss of $61 million, or 49 cents a share, in the quarter to March 31, after earnings of $241 million, or $1.89 a share, in the year-earlier period. Excluding the impairment charge, the company had adjusted EPS of $1.62, ahead of the $1.48 FactSet consensus. Sales edged down to $1.781 billion from $1.783 billion, below the $1.858 billion FactSet consensus. The company's gross margin shrank by 320 basis points as a result of higher manufacturing and logistics costs along with increased commodity costs. Sales at its health and wellness division fell 8%, while sales of household bags, grilling and cat litter rose 6%. Sales of lifestyle goods such as food, water filtration and personal care were flat, and international sales rose 9%. The company is now expecting fiscal 2021 adjusted EPS of $7.45 to $7.65, compared with a FactSet consensus of $8.37. Shares are down 8% year to date, while the S&P 500 has gained 12%.
2:45 a.m. April 29, 2021 - By Ciara Linnane
Caterpillar shares jump 3% premarket as earnings blow past estimatesCaterpillar Inc. shares jumped 3% in premarket trade Thursday, after the maker of construction, energy and mining equipment blew past estimates for its first quarter. Caterpillar said it had net income of $1.530 billion, or $2.77 a share, in the quarter, up from $1.092 billion, or $1.98 a share, in the year-earlier quarter. Adjusted per-share earnings came to $2.87, well ahead of the $1.94 FactSet consensus. Sales rose to $11.9 billion from $10.6 billion a year ago, also ahead of the $10.9 billion FactSet consensus. "The increase was due to higher sales volume driven by higher end-user demand and the impact from changes in dealer inventories," the company said in a statement. "Dealers increased their inventories more during the first quarter of 2021 than during the first quarter of 2020." Shares have gained 27.6% in the year to date, while the Dow Jones Industrial Average has gained 10.5% and the S&P 500 has gained 11.4%.
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