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    Beware of Bubbles Beware of Bubbles 9:11
    Goldman Sachs on Earnings Season Results and the Future Goldman Sachs on Earnings Season Results and the Future 4:37
    How Disney+ Became a Streaming Service Heavyweight How Disney+ Became a Streaming Service Heavyweight 6:26
2:47 a.m. Today - 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%.
2:47 a.m. Today - By Tomi Kilgore
Aramark loss narrows more than expected as revenue beats forecastsAramark reported Tuesday a narrower-than-expected fiscal second-quarter loss, revenue that fell less than forecast and raised its free cash flow outlook, citing "clear positive trends" for its businesses as the recovery from the COVID-19 pandemic takes hold. The food, facility and uniform company's stock was still inactive in premarket trading. The net loss for the quarter to April 2 narrowed to $77.6 million, or 30 cents a share, from $202.3 million, or 80 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss was 24 cents, beating the FactSet loss consensus of 34 cents. Revenue fell 24.4% to $2.82 billion, but topped the FactSet consensus of $2.75 billion. For fiscal 2021, the company raised its free cash flow guidance to a range of neutral to $250 million from neutral to $200 million, and said it expects organic revenue improvement over the course of the year. The stock has lost 2.2% year to date, 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%.
12:32 p.m. May 10, 2021 - By Claudia Assis
RealReal posts another quarterly loss, but sales riseShares of RealReal Inc. weaved between gains and losses in the extended session Monday after the e-commerce retailer of secondhand luxury goods reported a narrower first-quarter loss and sales that were above Wall Street expectations. RealReal said it lost $56 million, or 62 cents a share, in the quarter, compared with a loss of 44 cents a share in the year-ago quarter. Adjusted for one-time items, the company lost 49 cents a share. Revenue rose 27% to $98.8 million, the company said. Analysts polled by FactSet expected a GAAP loss of 53 cents a share on sales of $96 million. The company said it expects gross merchandise value between $320 million and $330 million for the second quarter, which would be 75% to 80% year-on-year growth. The stock ended the regular trading day down 10%.
12:19 p.m. May 10, 2021 - By Claudia Assis
Virgin Galactic reports wider Q1 loss, says pandemic still crimping businessVirgin Galactic Holdings Inc. stock fell more than 5% in the extended session Monday after the space-tourism company reported a wider-than-expected quarterly loss and said it continues to see pandemic-related, ongoing delays in its business and operations. Virgin reported a net loss of $130 million, or 55 cents a share, in the first quarter, compared with a net loss of $377 million in the first quarter of 2020. Analysts polled by FactSet expected Virgin to report a GAAP loss of 28 cents a share for the quarter. The company said it ended the quarter with $617 million in cash and equivalents. "We continue to make strides towards our strategic objectives and have solid momentum as we focus on completing our flight test program," Chief Executive Michael Colglazier said in a statement. Virgin Galactic ended the regular trading session down 8.5%.
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.
4:49 a.m. May 10, 2021 - By Tomi Kilgore
Trade Desk stock tumbles even after 10-for-1 stock split, profit and revenue that beat expectationsShares of Trade Desk Inc. tumbled 11.1 % toward a 6-month low in premarket trading Monday, even after the provider of advertising buying services reported better-than-expected first-quarter profit and revenue and announced a 10-for-1 stock split. The company said the stock split will be enacted in the form of a stock dividend, which will be distributed on June 16 to shareholders of record on June 9; the stock will start trading on a split-adjusted basis on June 17. Net income fell to $22.6 million, or 45 cents a share, from $24.1 million, or 50 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $1.41 from 90 cents and beat the FactSet consensus of 80 cents. Revenue grew 36.8% to $219.8 million, above the FactSet consensus of $216.9 million. Total operating expenses increased 41.5% to $212.0 million, with sales and marketing expenses climbing 62.6% and technology and development spending rising 46.5%. The company expects second-quarter revenue of between $259 million and $262 million, above the current FactSet consensus of $253 million. Trade Desk's stock has slumped 17.4% year to date through Friday, while the S&P 500 has gained 12.7%.
4:23 a.m. May 10, 2021 - By Tonya Garcia
Tyson earnings beat expectations but warns of mounting margin pressureTyson Foods Inc. stock rose 1% in Monday premarket trading after the protein manufacturer reported fiscal second-quarter earnings and sales that beat expectations. Net income totaled $476 million, or $1.30 per share, up from $376 million, or $1.03 per share, last year. Adjusted EPS of $1.34 was up from 80 cents last year and ahead of the FactSet consensus for $1.15. Sales of $11.30 billion were up from $10.89 billion last year and also beat the FactSet consensus for $11.19 billion. "We're seeing substantial inflation across our supply chain, which will likely create margin pressure during the back half of the year," said Dean Banks, Tyson's chief executive in a statement. COVID-19-related expenses for the second quarter totaled $95 million. Costs include personal protective equipment for workers and COVID testing. Tyson has over pandemic-related deaths among its workers, and after allegations that managers were betting on which workers would get COVID-19. Tyson stock has gained 22.3% for the year to date while the S&P 500 index is up 12.7% for the period.
3:50 a.m. May 10, 2021 - By Jack Denton
BioNTech shares soar 8% as COVID-19 vaccines drive revenue surgeShares in BioNTech surged 8% in premarket trading on Monday, after the German biotechnology group reported first-quarter earnings. Jointly with Pfizer , BioNTech co-developed the first COVID-19 vaccine to receive the green light from regulators following large-scale clinical trials. The group reported revenue of €2.05 billion ($2.49 billion) in the first three months of the year, outpacing expectations for €1.7 billion, according to FactSet consensus. Revenue in the same period in 2020 was €27.7 million. Net profit surged €1.13 billion in the first quarter of 2021, up from €53.4 million in 2020. BioNTech said that it had supplied more than 450 million doses of its COVID-19 vaccine to 91 countries or territories as of May 6, with signed agreements for more than 1.8 billion doses in 2021. The estimated revenue from COVID-19 vaccine deliveries, based on the currently signed contracts, is €12.4 billion. The group said there was no evidence that its COVID-19 vaccine needed to be adapted to deal with variants of the virus that have been identified.
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%.
3:20 a.m. May 10, 2021 - By Tomi Kilgore
Marriott's stock falls after profit beats expectations but revenue falls shyShares of Marriott International Inc. dropped 1.2% in premarket trading Monday, after the hotel operator reported first-quarter profit that beat expectations but revenue that fell shy, with occupancy increasing to nearly half by the end of the quarter. The company swung to a net loss of $11 million, or 3 cents a share, from net income of $31 million, or 9 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to 10 cents from 49 cents but beat the FactSet consensus of 4 cents. Total revenue dropped 50.5% to $2.32 billion, below the FactSet consensus of $2.38 billion, as revenue per available room (RevPAR) fell 46.3%, both worldwide and in the U.S. and Canada. Occupancy improved during the quarter to 49% in March from 33% in January. "In our largest region, the U.S. & Canada, demand increased rapidly as vaccine rollouts accelerated," said Chief Executive Tony Capuano. "Leisure demand gained momentum, particularly in ski and beach resort destinations." The cic not provide financial guidance given uncertainties associated with the COVID-19 pandemic. The stock has climbed 15.7% over the past three months through Friday, while the S&P 500 has gained 8.3%.
3:12 a.m. May 10, 2021 - By Ciara Linnane
Party City shares jump 7.4% premarket after better-than-expected quarter, upbeat guidanceParty City Holdco Inc. shares jumped 7.4% in premarket trade Monday, after the retailer posted a narrower-than-expected loss for the first quarter, sales that topped estimates and offered upbeat guidance for the current quarter. Party City said it had a net loss of $14.1 million, or 13 cents a share, in the quarter, narrower than the loss of $541.5 million, or $5.80 a share, posted in the year-earlier period. The company's adjusted per-share loss came to 5 cents, well ahead of the 18 cents loss consensus of FactSet analysts. Sales rose to $426.8 million from $414.0 million a year ago, also ahead of the $405.0 million FactSet consensus. "Despite operating in a pandemic impacted environment with fewer in-person celebrations, brand comparable sales increased 0.4% versus 2019," Chief Executive Brad Weston said in a statement. "While social gatherings were suppressed for a significant portion of the quarter, we were very encouraged by first quarter results and sales momentum which continued into April." The company is now expecting second-quarter revenue of $475 million to $490 million, ahead of the FactSet consensus for $383.0 million. It expects brand same-store sales to climb 92% to 97%, compared with a FactSet consensus of 77.5%. Shares have gained 29% in the year to date, while the S&P 500 has gained 12.7%.
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%.
2:55 a.m. May 10, 2021 - By Ciara Linnane
US Foods narrows loss as sales beat estimates US Foods Holding Corp. posted better-than-expected first-quarter earnings Monday, as volumes began to recover from last year's pandemic-driven slump. The foodservice distributor posted a net loss of $39 million, or 18 cents a share, in the quarter, narrower than the loss of $132 million, or 60 cents a share, posted in the year-earlier quarter. Adjusted per-share earnings came to 12 cents, or three times the 4 cents FactSet consensus. Sales edged down to $6.295 billion from $6.339 billion, but were also ahead of the $5.945 billion FactSet consensus. "During the first quarter, we saw a meaningful recovery in case volume with our restaurant and hospitality customers," Chief Executive Pietro Satriano said in a statement. "This momentum has continued into the early part of the second quarter as restrictions on in-person dining continue to be lifted in markets across the country." Total case volume was down 0.9% from a year ago but showed improvement through the quarter. US Foods is not offering guidance due to the uncertainty created by the pandemic. Shares were not yet active premarket, but have gained 22% in the year to date, while the S&P 500 has gained 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%.
3:50 a.m. May 7, 2021 - By Tomi Kilgore
DraftKings stock turns up after loss quadruples to miss expectations, but revenue triples to beat forecastsShares of DraftKings Inc. rose 1.4% in premarket trading Friday, reversing an earlier loss, after the sports betting company reported a first-quarter loss that more than quadrupled and was wider than expected, but revenue that nearly tripled to beat forecasts and raised its full-year outlook. The net loss, which was not provided in the earnings press release, increased to $346.3 million from $82.1 million in the year-ago period. The FactSet consensus for net losses was $200.1 million. Revenue rose 252.6% to $312.3 million, well above above the FactSet consensus of $236.2 million. (The company did not immediately respond to a request for comment on why it did not provide net-loss information on the public release.) Cost of revenue grew 167.6 million to $183.2 million while sales and marketing increased 299.3% to $228.7 million. Monthly unique payers (MUP) increased 114%, with an average of 1.5 million MUPs engaged each month, while average revenue per MUP increased 48% to $61, helping by increased engagement with iGaming and mobile sports betting offerings. The stock has tumbled 18.8% over the past three months through Thursday, while the S&P 500 has gained 8.1%.
3:49 a.m. May 7, 2021 - By Ciara Linnane
Cronos shares slide premarket after earnings fall short of estimatesCronos Group Inc.'s U.S.-listed shares slid 4.2% in premarket trading Friday, after the Canadian cannabis company posted weaker-than-expected earnings for the first quarter. Cronos said it had a net loss of C$161.6 million ($132.7 million), or 44 cents a share, in the quarter, after income of C$75.7 million, or 20 cents a share, in the year-earlier period. Revenue net of excise taxes came to C$12.6 million, up from C$8.43 million a year ago. The FactSet consensus was for a loss of 11 cents a share and revenue of C$20.2 million. Chief Executive Kurt Schmidt said earnings were in Canada were impacted by "market dynamics due to the COVID-19 pandemic and ensuing stay-at-home orders and various other restrictions." The company's adult-use brand named Spinach will launch edibles in the coming weeks, a new category for the Canadian market. Shares have gained 10% in the year to date, while the Cannabis ETF has gained 36% and the S&P 500 has gained 11.9%.
3:17 a.m. May 7, 2021 - By Ciara Linnane
AMC Networks profit beats estimates but revenue falls shortAMC Networks Inc. posted better-than-expected profit for the first quarter on Friday, but revenue fell short of estimates. The network said it had net income of $237.9 million, or $2.02 a share, in the quarter, up 7% from $222.5 million, or $1.22 a share, in the year-earlier period. Excluding restructuring charges and other special items, adjusted per-share earnings came to $2.98, a full dollar ahead of the $1.98 FactSet consensus. Revenue fell 5.8% to $691.7 million from $734.4 million, missing the $724.0 million FactSet consensus. The company overhauled its reporting of operating segments in the quarter, to reflect a reorganized operating structure focused on a multi-platform distribution approach. Streaming services and IFC Films are now included in domestic operations, and not international and other, as they were before. The company booked restructuring charges of $4.1 million in the quarter, relating to severance and other personnel costs, as well as $4.5 million relating to costs to terminate distribution in certain territories. Shares were not yet active premarket, but have gained 27% in the year to date, while the S&P 500 has gained 11.9%.
2:56 a.m. May 7, 2021 - By Tomi Kilgore
USA Today parent Gannett reports wider loss and lower revenue, while digital-only revenue increasesUSA Today parent Gannett Co. Inc. reported Friday a wider net loss on revenue that fell more than some analysts expected, citing negative impacts from the COVID-19 pandemic as well as "general trends" hurting the publishing industry. The Net loss widened to $142.3 million, or $1.06 a share, from $80.2 million, or 61 cents a share, in the year-ago period. Revenue dropped 18.1% to $777.1 million, as advertising and marketing services revenue declined 20.3% and circulation revenue fell 13.2% to $325.4 million. The average estimate of two analysts surveyed by FactSet were for a per-share loss of 13 cents and revenue of $792 million. Digital-only circulation revenue rose 46.7% to $23.2 million, while digital advertising and marketing services revenue reached $195.2 million or 25.2% of total revenue. The stock, which was still inactive in premarket trading, has lost 5.7% over the past three months while the S&P 500 has gained 8.1%.
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%.
2:43 a.m. May 7, 2021 - By Tomi Kilgore
Cinemark stock gains after loss widens more than expected but revenue beats forecastsShares of Cinemark Holdings Inc. climbed 0.8% in premarket trading Friday, after the movie theater operator reported a wider-than-expected first-quarter loss but revenue that fell less than expected, as admissions and concessions revenue both topped forecasts. The net loss widened to $208.2 million, or $1.75 a share, from $59.6 million, or 51 cents a share in the year-ago period. The FactSet consensus for net per-share losses was $1.44. Total revenue dropped 79% to $114.4 million, but beat the FactSet consensus of $92.6 million. Admissions revenue fell 80.8% to $56.1 million, but topped expectations of $45.8 million, while concessions revenue declined 79.3% to $39.5 million to beat expectations of $28.9 million. "We are highly optimistic about theatrical exhibition's resurgence in the U.S. over the coming months on account of a range of factors, including the rapid pace of the vaccine rollout, improving consumer sentiment about returning to movie theaters, recent box office successes and confirmation of consistent product supply," said Chief Executive Mark Zoradi. The company said its screen count was 5,872 as of March 31, and it had commitments to open six new theaters with 72 screens this year, and 13 new theaters with 123 screens after 2021. The stock has advanced 17.7% year to date through Thursday, while the S&P 500 has gained 11.9%.
2:12 a.m. May 7, 2021 - By Tomi Kilgore
Cigna stock gains, as profit and revenue rise above expectationsShares of Cigna Corp. gained 0.5% in premarket trading Friday, after the health services company reported first-quarter profit and revenue that rose above expectations, as total customer relationships grew 14% and pharmacy customers increased 28%. Net income was $1.16 billion, or $3.30 a share, compared with $1.18 billion, or $3.15 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $4.73 from $4.69, beating the FactSet consensus of $4.37. Revenue grew 6.5% to $40.97 billion, above the FactSet consensus of $40.21 billion. Customer relationships increased to 189.9 million from 167.0 million, as pharmacy customers rose to 101.0 million from 78.8 million. Cigna's stock has rallied 23.4% year to date through Thursday, while the S&P 500 has advanced 11.9%.
12:58 p.m. May 6, 2021 - By Claudia Assis
Bill.com stock rallies on narrower loss, higher sales for fiscal Q3Bill.com Holdings Inc. shares rallied more than 12% in the extended session Thursday after the software company that provides back-office software for businesses reported a narrower fiscal third-quarter adjusted loss and sales that topped views. Bill.com said it lost $26.7 million, or 32 cents a share, in the quarter, compared with a net loss of $8.3 million, or 11 cents a share, in the fiscal third quarter of 2020. Adjusted for one-time items, the company lost $1.7 million, or 2 cents a share. Sales rose 45% to $59.7 million. Analysts polled by FactSet expected an adjusted loss of 7 cents a share on sales of $54.6 million. The company guided for fiscal fourth-quarter revenue between $60.9 million and $61.9 million, and an adjusted loss between 5 cents a share and 4 cents a share. In a separate press release, Bill.com said it has agreed to buy Divvy, a maker of expense-management software, for about $2.5 billion. Both boards have approved the cash and stock deal, expected to close by the end of Bill.com's September quarter.
4:56 a.m. May 6, 2021 - By Tonya Garcia
Wayfair revenue rises year-over-year but slips from Q4Wayfair Inc. reported first-quarter net income totaling $18.2 million, or 16 cents per share, after a loss of $285.9 million, or $3.04 per share, last year. Wayfair has adopted a new accounting standard, effective Jan. 1, 2021. Under the old system, the company says it would have reported a loss of 31 cents per share. Adjusted EPS was $1.00, ahead of the FactSet consensus for 26 cents. Revenue of $3.478 billion was up from $2.330 billion last year and ahead of the FactSet consensus for $3.394 billion. In the , Wayfair reported revenue of $3.67 billion. Revenue was up 49% year-over-year compared with 45% in the fourth quarter. Active customers reached 33.2 million as of March 31, up 57.3% year-over-year. Average order value was $237, up from $235 last year. And repeat customers placed 74.5% of total orders in the first quarter, compared with 69.8% last year. Wayfair stock was up 4.5% in Thursday premarket trading, and has gained 20% for the year to date. The S&P 500 index is up 11% for 2021 so far.
4:46 a.m. May 6, 2021 - By Tonya Garcia
Kellogg shares rise after guidance raisedKellogg Co. shares rose 3.8% in Thursday premarket trading after the food company reported earnings on Thursday that beat expectations and raised its full-year guidance. Net income totaled $368 million, or $1.07 per share, up from $347 million, or $1.01 per share. Adjusted EPS of $1.11 beat the FactSet consensus for 96 cents. Sales of $3.584 billion was up from $3.412 billion and and also beat the FactSet consensus for $3.377 billion. Kellogg now expects 2021 organic net sales to be flat year-over-year versus previous guidance for a 1% decline. Kellogg stock has gained 1.4% for the year to date while the S&P 500 index is up 11% for the period.
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%.
3:55 a.m. May 6, 2021 - By Tomi Kilgore
II-VI stock sinks toward 6-month low after earnings beat expectations, but profit outlook comes up shyShares of II-VI Inc. sank 6.1% toward a six-month low in premarket trading Thursday, after the optical technology company beat fiscal third-quarter earnings expectations, but provided a downbeat profit outlook for the current quarter. Net income for the quarter to March 31 rose to $81.1 million, or 66 cents a share, from $5.9 mullion, or 6 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share nearly doubled, to 91 cents from 47 cents, and beat the FactSet consensus of 88 cents. Revenue grew 24.9% to $783.2 million, above the FactSet consensus of $772.3 million, with photonic solutions revenue rising 21.6% to $508.0 million and compound semiconductor revenue growing 31.5% to $275.3 million. For the fiscal fourth quarter ending June 30, the company expects adjusted EPS of 63 cents to 83 cents, below the current FactSet consensus of 92 cents, while the revenue guidance of $752 million to $802 million surrounds expectations of $796 million. The stock, which is on track to open at the lowest price seen during regular-session hours since November 2020, has shed 15.0% year to date through Wednesday, while the S&P 500 has advanced 11.0%.
3:33 a.m. May 6, 2021 - By Tomi Kilgore
ViacomCBS stock rallies after earnings beats expectations, as streaming revenue jumps 65%Shares of ViacomCBS Inc. surged 2.9% in premarket trading Thursday, after the media and entertainment company reported first-quarter profit and revenue that rose above expectations, boosted by a 65% jump in streaming revenue. Net income rose to $911 million, or $1.44 a share, from $516 million, or 84 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $1.52 from $1.12, to beat the FactSet consensus of $1.23. Revenue grew 14% to $7.41 billion, above the FactSet consensus of $7.32 billion. Streaming revenue rose 65% to $816 million, with global streaming subscribers increasing 20% to 36 million. On the company's Paramount+ streaming platform, the biggest drivers of subscription sign ups were live sports and specials, as well as kids content. TV Entertainment revenue rose 19% to $3.51 billion, cable network revenue grew 14% to $3.26 billion and filmed entertainment revenue rose 23% to $997 million. ViacomCBS's stock has tumbled 27.7% over the past three months but has gained 4.9% year to date, while the S&P 500 has tacked on 11.0% this year.
3:33 a.m. May 6, 2021 - By Tonya Garcia
Papa John's Epic Stuffed Crust pizza drives sales growthPapa John's International Inc. shares rose 4.2% in Thursday premarket trading after the pizza delivery company reported first-quarter earnings and revenue that beat expectations. Net income totaled $27.1 million, or 82 cents per share, up from $8.4 million, or 15 cents per share, last year. Adjusted EPS of 90 cents beat the FactSet consensus for 56 cents. Revenue of $511.7 million was up from $409.9 million last year and ahead of the FactSet consensus for $470.0 million. Comparable sales in North America grew 26.2% and were up 23.2% on an international basis. Papa John's attributed the growth to the new Epic Stuffed Crust pizza in North America and the company's expanding customer base. The FactSet consensus was for domestic comparable sales growth of 14.9% and international growth of 17.4%. Papa John's stock has gained 10.8% for the year to date while the S&P 500 index is up 11% for the period.
3:28 a.m. May 6, 2021 - By Jaimy Lee
Moderna reports $1.7 billion in COVID-19 vaccine sales, posts first profit everModerna Inc. brought in $1.7 billion in sales of its COVID-19 vaccine in the first quarter of 2021, marking the company's first significant billion-dollar revenue haul this year and also the first time it's ever reported a GAAP profit. Moderna had earnings of $1.2 billion, or $2.84 per share, in the first quarter of 2021. This is compared to a loss of $124 million, or 35 cents per share, in the first quarter a year ago. The FactSet consensus was $2.39. Moderna had revenue of $1.9 billion for the quarter, up from $8 million in the same quarter a year ago. The FactSet consensus for revenue was $2.0 billion. This quarter marked the first time that the company has generated product revenue during the first three months of the year. About $1.7 billion of that came from sales of its COVID-19 vaccine. (Before receiving authorization from the Food and Drug Administration, it generated grant and collaboration revenue.) Moderna's stock is up 55.8% for the year, while the S&P 500 has gained 10.9%.
3:21 a.m. May 6, 2021 - By Ciara Linnane
Cardinal Health shares slide 8.8% premarket after earnings fall short of esimatesCardinal Health Inc. shares slid 8.8% in premarket trade Thursday, after the drug distributor posted weaker-than-expected earnings for its fiscal third quarter and lowered the top end of its guidance. The company said net income fell to $119 million, or 40 cents a share, in the quarter to March 31, down from $350 million, or $1.19 a share, in the year-earlier period. Excluding special items, adjusted EPS came to $1.53, just below the $1.55 FactSet consensus. Revenue rose to $39.3 billion from $39.2 billion, also below the FactSet consensus of $40.1 billion. The company narrowed its fiscal 2021 adj. EPS guidance range to $5.90 to $6.05 from previous guidance of $5.85 to $6.10. Shares have gained 13.6% in the year to date, while the S&P 500 has gained 11%.
3:19 a.m. May 6, 2021 - By Tomi Kilgore
Norwegian Cruise stock drops after wider-than-expected loss, revenue missShares of Norwegian Cruise Line Holdings Ltd. fell 2.0% in premarket trading Thursday, after the cruise operator reported a wider-than-expected first-quarter loss and revenue that fell more than forecast, while cash burn was in line with forecasts and said it was preparing to return to service this summer. The net loss narrowed to $1.37 billion, or $4.16 a share, from $1.88 billion, or $8.80 a share, in the year-ago period. Excluding nonrecurring items, per-share losses widened to $2.03 from 99 cents, compared with the FactSet loss consensus of $2.02. Revenue plunged 99.8% to $3.1 million, below the FactSet consensus of $11.2 million. Monthly average cash burn was in line with the company's guidance of $190 million, and Norwegian expects second-quarter cash burn to average $190 million a month. The company said 2022 booking trends "are very positive driven by strong pent up demand," with the booked position for the first half of 2022 "meaningfully ahead" of the pre-pandemic 2019's record levels. "As for the resumption of cruises from the U.S., we continue to engage in dialogue with the U.S. Centers for Disease Control and Prevention," said Chief Executive Frank Del Rio. "Our team is working through the recently issued and modified technical guidance for which additional clarification is needed on how the incorporation of vaccine requirements impacts the Conditional Sail Order and our path forward." The stock has rallied 20.8% over the past three months through Wednesday while the S&P 500 has gained 7.2%.
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%.
2:47 a.m. May 6, 2021 - By Ciara Linnane
SeaWorld posts narrower-than-expected Q1 loss as revenue tops estimatesSeaWorld Entertainment Inc. said Thursday it had net loss of $44.9 million, or 57 cents a share, in the first quarter, narrower than the loss of $56.5 million, or 72 cents a share, posted in the year-earlier quarter. Revenue rose to $171.9 million from $153.6 million. The FactSet consensus was for a loss of 78 cents and revenue of $121.0 million. The theme park operator said the revenue number was down 21.2% from the first quarter of 2019, before the coronavirus pandemic shuttered parks. Total revenue per capital rose 17.2% to $77.63 from the first quarter of 2020. As of March 31, SeaWorld had about $431 million of cash and about $312 million available on a revolving credit facility. Ten of its 12 parks were open with capacity limitations. "Attendance trends have improved relative to 2019 during the first quarter of 2021, which included a slight benefit from an earlier Easter/Spring Break period when compared to the first quarter of 2019," Chief Executive Marc Swanson said in a statement. "We are encouraged by our guests desire to visit and spend at our parks and believe this is a good indicator for expected demand during our peak summer season." Shares were not active premarket but have gained 68% in the year to date, while the S&P 500 has gained 11%.
2:43 a.m. May 6, 2021 - By Tomi Kilgore
Regeneron stock rises, as profit, revenue and sales of SARS-CoV-2 antibody cocktail beat expectationsShares of Regeneron Pharmaceuticals Inc. rose 0.8% in premarket trading Thursday, after the biotechnology company beat first-quarter profit and revenue expectations, with sales of its REGEN-COV antibody cocktail to the SARS-CoV-2 virus also topping forecasts. Net income rose to $1.12 billion, or $10.09 a share, from $625 million, or $5.43 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to $9.89 from $6.60, beating the FactSet consensus of $8.68. Revenue increased 38% to $2.53 billion, topping the FactSet consensus of $2.50 billion, as REGEN-COV sales of $262 million beat expectations of $254.6 million. For 2021, the company cut its capital expenditures guidance range to $585 million to $650 million from $600 million to $680 million. The stock has lost 3.3% over the past three months through Wednesday, while the iShares Nasdaq Biotechnology ETF has dropped 11.9% and the S&P 500 has gained 7.2%.
2:15 a.m. May 6, 2021 - By Tomi Kilgore
Becton Dickinson beats profit expectations, plans to spin off Diabetes Care businessBecton Dickinson & Co. reported Thursday fiscal second-quarter profit and sales that rose above expectations, boosted by $480 million in COVID-19 testing sales, and announced plans to separate its Diabetes Care business into an independent publicly traded company. The medical technology company's stock was still inactive in premarket trading. Net income for the quarter to March 31 rose to $277 million, or 95 cents a share, from $145 million, or 53 cents a share, in the year-ago period. Excluding nonrecurring items, such as purchase accounting adjustments and European regulatory initiative related costs, adjusted earnings per share came to $3.19, above the FactSet consensus of $3.04. Revenue grew 15.4% to $4.91 billion, topping the FactSet consensus of $4.89 billion, as medical revenue rose 1.7% and life sciences revenue increased 10.4% while interventional revenue fell 3.9%. For 2021, the company expects adjusted EPS growth of 24% to 25%, while the FactSet consensus of $12.86 implies 26.1% growth. Separately, the company said it expects the spinoff to occur through a distribution of stock in the new company to its shareholders, with the deal expected to be completed in the first half of 2022. The stock has lost 1.9% over the past three months, while the S&P 500 has gained 7.2%.
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%.
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