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5:03 a.m. Jan. 6, 2022 - By Tonya Garcia
Lamb Weston results beat expectationsLamb Weston Holdings Inc. stock soared 11.8% in Thursday trading after the potato and vegetable company reported fiscal second-quarter earnings and sales that beat expectations. Net income totaled $32.5 million, or 22 cents per share, down from $96.9 million, or 66 cents per share, last year. Adjusted EPS of 50 cents beat the FactSet consensus for 33 cents. Sales of $1.000 billion were up from $896.1 million last year and ahead the FactSet consensus for $997.8 million. For the full-year, Lamb Weston is guiding for low-to-mid single digit sales growth. The FactSet consensus is for sales of $4.051 billion, suggesting 10.4% growth. Lamb Weston has fallen 7.9% over the past year while the S&P 500 index has gained 25% for the period.
3:36 a.m. Jan. 6, 2022 - By Tonya Garcia
Conagra misses earnings expectations, raises sales guidanceConagra Brands Inc. shares slipped 1.4% in Thursday premarket trading after the food company reported fiscal second-quarter earnings below Street expectations. Net income totaled $275.5 million, or 57 cents per share, down from $378.9 million, or 77 cents per share, last year. Adjusted EPS of 64 cents missed the FactSet consensus of 68 cents. Sales of $3.059 billion were up from $2.995 billion and ahead of the FactSet consensus of $3.015 billion. Factors impacting sales include the divestitures of the Egg Beaters and Peter Pan peanut butter businesses. Brands in the Conagra portfolio include Hunt's, Vlasic and Pam cooking spray. "Looking ahead, we expect to continue experiencing cost pressures above original expectations in the second half of fiscal 2022," said Chief Executive Sean Connolly in a statement. "However, we believe the sustained elevated consumer demand coupled with the mitigating actions we have successfully executed, and will continue executing, put us on track to overcome these near-term challenges, improve margins in the back half of the fiscal year, and deliver on our profit plan." For fiscal 2022, the company now expects organic net sales growth of about 3%, up from previous guidance for 1% growth. The company maintained its adjusted EPS guidance of $2.50. The FactSet consensus is for sales of $11.24 billion, implying growth of 0.5%, and EPS of $2.46. Conagra stock has fallen 4.4% over the past year while the S&P 500 index has gained 25.4%.
2:54 a.m. Jan. 6, 2022 - By Steve Gelsi
Constellation Brands net income falls but sales beat estimateConstellation Brands on Thursday said its third-quarter net income fell to $470.8 million, or $2.48 per Class A common share from $1.28 billion, or $6.68 a share in the year-ago period. Adjusted earnings were $3.12 a share. Third-quarter sales fell to $2.51 billion from $2.64 billion. Net sales fell to $2.32 billion from $2.44 billion. Analysts expected earnings of $2.77 a share and net sales of $2.28 billion, according to a survey of analysts by FactSet. Looking ahead, Constellation Brands expects a fiscal 2022 loss of 25 cents to a loss of 10 cents a share and adjusted 2022 earnings of $10.50 to $10.65 a share. Wall Street analysts expect 2022 earnings of $9.89 a share for the spirits company. Shares of Constellation Brands rose 1.2% in premarket trades.
2:36 a.m. Jan. 5, 2022 - By Tonya Garcia
Simply Good Foods raises full-year sales guidanceSimply Good Foods Co. stock rose 2.1% in Wednesday premarket trading after the company beat quarterly expectations and raised its outlook. Net income totaled $21.1 million, or 22 cents per share, down from $42.9 million, or 23 cents per share, the prior year. Adjusted EPS of 43 cents beat the FactSet consensus for 34 cents. Sales of $281.3 million were up from $231.2 million the previous year and also ahead of the FactSet consensus of $266.3 million. "As expected, the mid-September price increase, favorable mix and cost savings initiatives, more than offset supply chain cost inflation in the quarter and resulted in gross margin expansion and earnings growth," said Chief Executive Joseph Scalzo in a statement. Simply Good Foods is parent company to the Atkins and Quest health food brands. The company also attributed the sales rise to increased mobility, with IRI MULO + Convenience Stores showing an 18.7% increase in the U.S. Even without "meaningful improvement" to return-to-office traffic, the company is guiding for a full-year sales increase of 12% to 14%, up from previous guidance for an 8% to 10% rise. The outlook for gross margin contraction is 250 basis points compared with previous guidance for "modest" contraction. The FactSet consensus is for sales of $1.099 billion, suggesting an increase of 9.2%. Simply Good Foods stock has rallied 39% over the last year while the S&P 500 index has gained 28.6% for the period.
2:22 a.m. Dec. 21, 2021 - By Tonya Garcia
General Mills shares fall after profit miss, sales outlook raisedGeneral Mills Inc. stock fell 1.5% in Tuesday premarket trading after the food company reported fiscal second-quarter profit that missed expectations. Net income totaled $597.2 million, or 97 cents per share, down from $688.4 million, or $1.11 per share, last year. Adjusted EPS of 99 cents missed the FactSet consensus for $1.05. Sales of $5.024 billion were up from $4.719 billion and ahead of the FactSet consensus for $4.839 billion. General Mills said operating profit fell 13% to $800 million due to inflation and supply chain disruption. Still, the company expects elevated COVID-19 at-home dining behaviors and pet food spending to continue. General Mills brands include Cheerios cereal, Yoplait yogurt and Blue Buffalo pet food. General Mills now expects full-year organic net sales to rise 4% to 5%, up from previous guidance for a decline of 1% to 3%. The FactSet consensus is for sales of $18.291 billion, implying 0.9% year-over-year growth. General Mills stock has gained 15.3% for the year while the S&P 500 index is up 21.6% for the period.
2:11 a.m. Dec. 9, 2021 - By Tonya Garcia
Hormel reports record salesHormel Foods Corp. shares rose 1.1% in Thursday premarket trading after the food company reported fiscal fourth-quarter sales that beat the Street and reached a new record. Net income totaled $281.7 million, or 51 cents per share, up from $234.4 million, or 43 cents per share, last year. Sales of $3.455 billion were up from $2.420 billion last year. The FactSet consensus was for EPS of 50 cents and sales of $3.223 billion. "For the second consecutive quarter, we delivered the highest quarterly net sales in our company's history," said Chief Executive Jim Snee in a statement. Hormel brands include the namesake, Planters and Jennie-O turkey. For fiscal 2022, the company expects sales of $11.7 billion to 12.5 billion and EPS of $1.87 to $2.03. The FactSet consensus is for sales of $12.086 and EPS of $1.94. Hormel stock has fallen 8.2% for the year to date while the S&P 500 index is up 25.2% for the period.
2:49 a.m. Dec. 8, 2021 - By Tonya Garcia
United Natural Foods stock rises after earnings and sales beatUnited Natural Foods Inc. shares rose nearly 7% in Wednesday premarket trading after the food wholesaler reported fiscal first-quarter earnings and sales that beat expectations. Net income totaled $76 million, or $1.25 per share, after a loss of $1 million, or 2 cents per share, last year. Adjusted EPS of 97 cents blew past the FactSet consensus for 58 cents. Sales of $6.997 billion were up from $6.684 billion last year. The FactSet consensus was for $6.792 billion. For fiscal 2022, United Natural Foods is guiding for sales of $27.8 billion to $28.3 billion, EPS of $3.60 to $3.90, and adjusted EPS of $3.90 to $4.20. The FactSet consensus is for sales of $27.948 billion and EPS of $4.09. United Natural stock has soared more than 207% in 2021 while the S&P 500 index is up 24.8% for the period.
2:49 a.m. Dec. 8, 2021 - By Tonya Garcia
Campbell Soup earnings beat the StreetCampbell Soup Co. stock edged up 0.3% in Wednesday premarket trading after the food company reported fiscal first-quarter adjusted earnings per share that beat the Street. Net income totaled $261 million, or 86 cents per share, down from $309 million, or $1.02 per share, last year. Adjusted EPS of 89 cents beat the FactSet consensus for 81 cents. Sales of $2.236 billion were down from $2.340 billion last year and just below the FactSet consensus for $2.276 billion. Sales were "tempered" by supply chain disruptions and comparisons to last year's inventory replenishment, according to a statement from Chief Executive Mark Clouse. The company says it's on track to achieve the $850 million in cost savings by the end of fiscal 2022. For the full-year, Campbell Soup is guiding for flat to a 2% decline in net sales, and flat to a 4% decline in adjusted EPS. The FactSet consensus is for $8.431 billion, suggesting a 0.5% decline, and EPS of $2.76, suggesting a 7.5% drop. Campbell Soup stock has fallen 15% in 2021 while the S&P 500 index has gained 24.8%.
2:48 a.m. Dec. 8, 2021 - By Tomi Kilgore
Jack Daniel's parent Brown-Forman stock set to fall after profit, sales miss expectations but full-year growth outlook raisedShares of Brown-Forman Corp. were indicated down about 1% in premarket trading Wednesday, after the spirits company, which brands include Jack Daniel's, Finlandia, El Jimador and Woodford Reserve, reported fiscal second-quarter profit and sales that missed expectations, but boosted its full-year growth outlook. Net income for the quarter to Oct. 31 slipped to $236 million, or 49 cents a share, from $240 million, or 50 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 53 cents. Sales grew 0.9% to $994 million, below the FactSet consensus of $1.05 billion. For the first half of the fiscal year, Jack Daniel's family of brands sales rose 8% from the same period a year ago, Woodford Reserve sales grew 10%, Tequila sales increased 16%, wine sales increased 9% and vodka sales rose 26%. For fiscal 2022, the company raised its sales growth guidance to a "high-single digit" percentage from "mid-single digit," while the current FactSet sales consensus of $3.75 billion implies 8.4% growth. The stock has lost 8.8% year to date through Tuesday, while the S&P 500 has gained 24.8%.
1:46 a.m. Dec. 3, 2021 - By Tomi Kilgore
Recently IPO'd Dole reports profit and revenue growth, in face of inflation and supply chain headwindsShares of Dole PLC were indicated up nearly 1% in premarket trading Friday, after the fresh fruit and vegetables company, , reported a rise in third-quarter profit and revenue, in the face of inflationary pressures and supply chain congestion and labor shortages. Pro-forma net income rose to $29.9 million, or 31 cents a share, from $18.6 million, or 20 cents a share, in the year-ago period. Revenue rose 0.3% to $2.32 billion, while cost of sales grew 0.7% to $2.18 billion. FactSet did not have consensus estimates for earnings or revenue. Fresh fruit revenue rose 0.8% to $676.8 million, as lower volume of bananas in North American and lower pricing of bananas in Europe and pineapples in North America offset higher banana pricing in North American and volume growth in pineapples. Fresh vegetables revenue increased 1.0% to $323.8 million as higher pricing in its value-added salads business offset lower volumes. For 2021, the company is expecting revenue of $9.2 billion to $9.4 billion. The stock has tumbled 16.7% over the past three months while the S&P 500 has gained 0.9%.
3:20 a.m. Nov. 23, 2021 - By Tomi Kilgore
J.M. Smucker stock surges after profit and sales beats, even as cost of sales jumpShares of J.M. Smucker Co. hiked up 2.8% toward a three-month high in premarket trading Tuesday, after the food company, which brands include Folgers, Milk-Bone, Jif and Smuckers, reported fiscal third-quarter profit and sales that beat expectations even as cost of sales jumped, and lifted its full-year outlook. Net income for the quarter to Oct. 31 fell to $206.0 million, or $1.90 a share, from $230.8 million, or $2.02 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $2.43 from $2.39, beating the FactSet consensus of $2.24. Sales grew 0.8% to $2.05 billion, topping the FactSet consensus of $2.01 billion, while cost of sales grew 10.1% to lower gross margin to 34.7% from 40.2%. U.S. Retail Pet Foods sales fell 1.% to $701.6 million, Coffee sales rose 8% to $645.1 million and Consumer Foods sales dropped 8% to $441.2 million. For fiscal 2022, the company raised its adjusted EPS guidance range to $8.35 to $8.75 from $8.25 to $8.65 and its sales growth outlook to negative 0.5% to positive 0.5% from negative 2.5% to 1.5%. The stock has slipped 2.8% over the past three months through Monday, while the S&P 500 has gained 4.5%.
1:49 a.m. Nov. 16, 2021 - By Tomi Kilgore
Aramark earnings rose above forecasts, sees revenue approaching pre-COVID levels by end of next yearAramark reported Tuesday a big fiscal fourth-quarter profit beat and revenue that rose above forecasts. Although the food, facilities and uniform services company still expects a negative COVID impact of an estimated $1.6 billion to $1.9 billion in fiscal 2022, revenue should approach pre-COVID levels by the end of the year, helped by new business and pricing pass throughs. The company swung to net income of $35.4 million, or 14 cents a share, from a loss of $148.6 million, or 59 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 56 cents from 21 cents, well above the FactSet consensus of 19 cents. Revenue grew 31.9% to $3.55 billion, beating the FactSet consensus of $3.29 billion, as U.S. food and support services (FSS) revenue grew 51.4% to $2.16 billion and uniform and career apparel revenue slipped 1.7%. International FSS revenue increased 21.6% to $765 million. Aramark's stock, which was still inactive in premarket trading, has slipped 1.3% year to date, while the S&P 500 has gained 24.7%.
3:03 a.m. Nov. 15, 2021 - By Tonya Garcia
Tyson Foods beats on profit and sales, launches program with a goal of $1 billion in savingsTyson Foods Inc. reported fiscal fourth quarter net income totaling $1.36 billion, or $3.71 per share, up from $654 million, or $1.79 per share, last year. Adjusted EPS of $2.30 beat the FactSet consensus for $2.22. Sales of $12.81 billion were up from $11.46 billion last year and ahead of the FactSet consensus for $12.66 billion. Tyson brands include the namesake, Ball Park hot dogs and Jimmy Dean sausages. "To foster continuous improvement and faster decision making, we're launching a new productivity program designed to deliver more than $1 billion in annual savings by the end of 2024," said Chief Executive Donnie King in a statement. The program will focus on automation, operations and other areas of the business. For fiscal 2022, savings are expected to be $300 million to $400 million. Tyson has raised its dividend to 46 cents per share on class A shares, and to 41.4 cents per share on class B stock. The dividend is payable on December 15, 2021, to shareholders of record at the close of business on December 1, 2021. Tyson shares are up 26% for the year to date while the S&P 500 index is up 24.7% for the period.
2:22 a.m. Nov. 15, 2021 - By Steve Gelsi
Trulieve net income rises by 7%Trulieve Cannabis Corp. said Monday its third-quarter net income rose 7% to $18.6 million, or 14 cents a share, from $17.42 million, or 15 cents a share, in the year-ago period. Revenue increased to $224.1 million from $136.3 million. The latest quarter was impacted by $16.4 million of one-time compensation and transaction costs related to its Harvest acquisition. The Tallahassee, Fla.-based cannabis company was expected to earn 26 cents a share on $221.2 million of revenue, according to an analyst survey by FactSet. "Our team closed the Harvest acquisition in under five months while simultaneously meeting expansion targets in several markets," CEO Kim Rivers said. "We are excited to keep the momentum going into 2022 as we fully integrate Harvest while further building scale and depth in our cornerstone markets." Shares of Trulieve are down 3.6% so far in 2021, compared to a rise of 3.7% by the Cannabis ETF .
3:37 a.m. Nov. 11, 2021 - By Steve Gelsi
GrowGeneration shares sink on revenue viewGrowGeneration Corp. shares fell 12% in premarket trades on Thursday after the hydroponic gardening retailer said it expects 2021 revenue of $435 million to $440 million, short of the analyst target of $448.4 million. The company reported third-quarter net income of $4 million, or 7 cents a share, up from $3.3 million, or 6 cents a share, in the year-ago quarter. Adjusted Ebitda rose to 18 cents a share from 13 cents a share. Revenue increased 111% to $116 million. Analysts were looking for earnings of 9 cents a share and revenue of $114.8 million, according to a FactSet Survey.
3:23 a.m. Nov. 11, 2021 - By Steve Gelsi
Green Thumb Industries' net income doublesGreen Thumb Industries delivered mixed third-quarter results by matching revenue estimates but falling short on adjusted Ebitda, Benchmark analyst Mike Hickey said in a research note on Thursday. The Chicago and Vancouver-based cannabis company said it earned $20.2 million, or 8 cents a share, up from net income of $9.64 million, or 4 cents a share, in the year-ago quarter. Revenue increased by 49% to $234 million. Adjusted Ebitda jumped 52.6% year-over-year to $81 million, short of the consensus target of $83 million. "We anticipate strong financial momentum and increased institutional ownership in both GTBIF and their domestic MSO cannabis peers," Hickey said. "We think the U.S. cannabis regulatory framework will become more favorable in short time for domestic MSOs and allow uplifting to senior exchanges and accelerate cannabis market growth. We believe the U.S. cannabis market offers an unparalleled return opportunity and that GTI is a market share leader." Shares of Green Thumb Industries are down 11% so far this year, compared to a 3.3% dip by the Cannabis ETF .
2:46 a.m. Nov. 11, 2021 - By Steve Gelsi
Cresco Labs swings to a loss on $261 million non-cash chargeCresco Labs Inc. said Thursday it lost $263.45 million in the third quarter after reporting net income of $25.58 million in the year-ago quarter. The cannabis company did not provide results on a per share basis. The quarter included a non-cash impairment charge of $291 million related to a strategic shift in its California operations. Revenue rose to $215.5 million from $153.3 million in the year-ago quarter, and ahead of the $210 million revenue figure in the second quarter. Cresco Labs reiterated its revenue target of $235 million to $245 million for the fourth quarter. Shares of Cresco Labs are down 12.8% so far this year, while the Cannabis ETF is off by 3.3%.
2:21 a.m. Nov. 10, 2021 - By Steve Gelsi
Performance Food Group serves up profit on sales boostPerformance Food Group Co. said Wednesday it swung to first quarter net income of $4.7 million, or 3 cents a share, from a net loss of $700,000 or a penny a share, in the year-ago quarter. Adjusted earnings increased to 72 cents a share from 43 cents a share. Net sales for the first quarter increased by 47.4% to $10.4 billion. Analysts were looking for earnings of 41 cents a share and revenue of $10 billion, according to a survey by FactSet. Including its acquisition of Core-Mark, Performance Food Group expects fiscal 2022 net sales to be in a range of $49.5 billion to $50.5 billion, compared to the analyst target of $48.7 billion. Shares of Performance Food Group are down 2.6% this year, compared to a gain of 24.7% by the S&P 500.
2:43 a.m. Nov. 9, 2021 - By Tonya Garcia
Vital Farms raises full-year revenue expectationsVital Farms Inc. shares rose 3.5% in Tuesday premarket trading after the pasture-raised egg and butter producer reported third-quarter revenue that beat expectations and raised its full-year revenue guidance. Net loss totaled $1.3 million, or 3 cents per share, after net income of $1.7 million, or 4 cents per share, last year. Revenue of $64.6 million was up from $53.4 million last year. The FactSet consensus was for a loss of 5 cents per share and revenue of $63.7 million. Vital Farms raised its full-year revenue outlook to between $253 million to $256 million, up nearly 20% versus last year. The FactSet consensus is for sales of $252.4 million. Vital Farms stock has dropped 35.1% for the year to date while the S&P 500 index has gained 25.2% for the period.
2:29 a.m. Nov. 9, 2021 - By Tonya Garcia
Rao's parent Sovos Brands beats expectations in first earnings announcementSovos Brands Inc. reported a third-quarter net loss of $4.6 million, or 6 cents per share, after net income of $2.2 million, or 3 cents per share, last year. Adjusted EPS of 10 cents beat the FactSet consensus for 7 cents per share. Sales of $178.7 million were up from $136.9 million and also ahead of the FactSet consensus for $169.3 million. "Dollar consumption of our brands in our three largest categories-pasta sauce, yogurt and frozen-increased by double digits during the quarter, demonstrating the momentum of our core businesses," said Chief Executive Todd Lachman in a statement. The Sovos lineup includes Rao's pastas and sauces, Noosa yogurt and Birch Benders pancake and waffle mixes. For the full year, Sovos is guiding for sales of $710 million to $715 million. The FactSet consensus is for sales of $702.1 million. Sovos shares began trading on with shares priced at $12. Shares are set to open Tuesday at $14.95 after gaining 12.2% over the past month. The S&P 500 index is up 7.1% over the last month.
6:01 a.m. Nov. 4, 2021 - By Tonya Garcia
Papa John's shares soar after earnings beat, new $425 million share buyback programPapa John's International Inc. stock soared 8.4% in Thursday trading after the pizza chain reported third-quarter earnings that beat expectations and announced a new share buyback program. Net income totaled $29.3 million, or 79 cents per share, up from $15.7 million, or 35 cents per share, last year. Adjusted EPS of 83 cents beat the FactSet consensus of 71 cents. Revenue of $512.8 million was up from $472.9 million and also ahead of the $500.9 million FactSet consensus. Comparable sales grew 7.3%, far exceeding the FactSet consensus for 4.8% growth. North American comparable sales grew 6.9% and international comparable sales were up 8.3%. Papa John's has approved a new $425 million share repurchase program, which represents about 9.4% of current outstanding shares, based on the Oct. 29 closing stock price. Papa John's stock has gained 57.7% for the year to date while the S&P 500 index is up 24.5% for the period.
3:18 a.m. Nov. 4, 2021 - By Tonya Garcia
Kellogg raises sales guidance despite labor strikeKellogg Co. reported third-quarter net income of $307 million, or 89 cents per share, down from $348 million, or $1.01 per share, last year. Adjusted EPS of $1.09 beat the FactSet consensus for 94 cents. Sales of $3.622 billion were up from $3.429 billion and ahead of the FactSet consensus for $3.541 billion. Kellogg U.S. cereal plant workers have , one of many challenges the company says it faces in the fourth quarter. But Kellogg raised its full-year organic sales growth guidance to an increase of 2% to 3%. The FactSet consensus is for sales of $14.041 billion, suggesting 2% growth. Kellogg stock has edged up 1.8% for the year to date while the S&P 500 index has gained 24% for the period.
1:55 a.m. Nov. 4, 2021 - By Steve Gelsi
Dine Brands doubles net income, sees expenses near upper end of rangeDine Brands Global Inc. on Thursday said its third-quarter net income rose to $23.1 million, or $1.33 a share, from $10.02 million, or 60 cents a share, in the year-ago period. Adjusted net income rose to $1.55 a share from 80 cents a share, after breaking out non-recurring items. The parent of Applebee's and IHOP franchised and area licensed restaurants said revenue increased to $228.72 million from $176.64 million. Analysts expected earnings of $1.36 a share on revenue of $223.5 million, according to a FactSet survey. Looking ahead, Dine Brands continues to expect selling and administrative expenses for 2021 near the high end of the range of its earlier projection of $168 million to $178 million. Shares of Dine Brand are up 43.3% this year, compared to a rise of 24.1% by the S&P 500. Shares rose 3.2% in pre-market trades on Thursday.
2:31 a.m. Nov. 3, 2021 - By Tomi Kilgore
Scotts Miracle-Gro stock gains after narrower-than-expected loss, sales fell less than forecastShares of Scotts Miracle-Gro Co. rose 2.1% in premarket trading, after the lawn care and indoor and hydroponic growing products company reported a narrower-than-expected fourth-quarter loss and revenue that topped forecasts, as a big beat in its U.S. Consumer business offset a Hawthorne miss. For the quarter to Sept. 30, the company swung to a net loss of $47.8 million, or 86 cents a share, from income of $3.9 million, or 7 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss of 82 cents beat the FactSet loss consensus of 87 cents. Sales declined 17.1% to $737.8 million but was above the FactSet consensus of $680.8 million. U.S. Consumer sales fell 28% to $369.4 million but was well above expectations of $268.7 million, while Hawthorne sales slipped 2% to $329.1 million and missed expectations of $362.3 million. The company said over-supply of cannabis in California pressured Hawthorne's results. "Commodity prices were a headwind throughout fiscal '21 but were partially offset in the quarter by price increases in our U.S. Consumer segment that took effect in August," said Chief Financial Officer Cory Miller. "We have communicated to our retail partners that we will take additional pricing actions effective in January as we continue to battle higher costs from urea, resin, grass seed and other commodities." The stock has tumbled 16.8% over the past three months through Tuesday, while the S&P 500 has gained 4.7%.
1:25 a.m. Nov. 3, 2021 - By Ciara Linnane
Fresh Del Monte shares slide 3.6% premarket after profit miss amid higher costs and labor shortagesFresh Del Monte Produce Inc. said Wednesday it had net income of $1.3 million, or 3 cents a share, in the third quarter, down from $17.4 million, or 37 cents a share, in the year-earlier period. Sales rose to $1.005 billion from $989.7 million a year ago. The FactSet consensus was for EPS of 30 cents and sales of $1.044 billion. CEO Mohammad Abu-Ghazaleh said the company was operating in one of the "most challenging macroeconomic environments in recent history," hit by higher costs across its supply chain. "During the third quarter, we continued to experience significantly higher input cost and labor shortages, which impacted our margins and profitability," he said in a statement. "To offset this impact we are implementing inflation-justified price increases in an effort to maintain our continuous supply and service levels." By segment, fresh and value-added products saw sales edge up to $601.2 million from $600.6 million a year ago. Banana sales rose to $365.3 million from $361.8 million and other products and services sales rose to $38.3 million from $27.3 million. Shares fell 3.6% premarket but have gained 40% in the year to date, while the S&P 500 has gained 23%.
3:33 a.m. Oct. 28, 2021 - By Tonya Garcia
Keurig Dr. Pepper sales beat expectationsKeurig Dr. Pepper Inc. reported third-quarter net income of $530 million, or 37 cents per share, up from $443 million, or 31 cents per share, last year. Adjusted EPS of 44 cents was in line with the FactSet consensus. Sales of $3.250 billion were up from $3.020 billion last year and ahead of the FactSet consensus for $3.165 billion. The company maintained its full-year adjusted EPS guidance for an increase in the range of 13% to 15%. The FactSet consensus is for EPS of $1.60, implying a 14.4% increase. Keurig stock edged up 0.4% in Thursday premarket trading, and has risen 6.9% for the year to date. The S&P 500 index has gained 21.2% for the year to date.
2:43 a.m. Oct. 28, 2021 - By Ciara Linnane
Molson Coors shares up premarket after earnings top estimatesMolson Coors Beverage Co. shares rose 1.5% in premarket trade Thursday, after the brewer of Coors Light, Miller Lite, Molson Canadian, and other beer brands beat earnings estimates for the third quarter. Colorado-based Molson posted net income of $453 million, or $2.08 a share, for the quarter, up from $342.8 million, or $1.58 a share, in the year-earlier period. Adjusted per-share earnings came to $1.75, ahead of the $1.53 FactSet consensus. Sales rose 2.5% to $2.883 billion from $2.754 billion, below the $2.914 billion FactSet consensus. Sales were boosted by stronger pricing, favorable brand mix and the further reopening of premises that were shuttered for the pandemic last year. "The momentum we have established and gains we have made come against an incredibly difficult backdrop of global supply chain challenges and transportation cost inflation," CEO Gavin Hattersley said in a statement. The company reaffirmed guidance for sales to rise in mid-single digits on a constant currency basis. Shares have fallen 3.5% in the year through Wednesday, while the S&P 500 has gained 21%.
2:29 a.m. Oct. 28, 2021 - By Tonya Garcia
Hershey beats expectations and raises its full-year guidanceHershey Co. stock rose 2% in Thursday premarket trading after the candy company reported third-quarter earnings that beat expectations and raised its guidance. Net income totaled $444.9 million, or $2.14 per share, compared with $447.3 million, or $2.14 per share, last year. Adjusted EPS of $2.10 beat the FactSet consensus for $2.00. Sales of $2.360 billion were up from $2.220 billion last year and ahead of the FactSet consensus for $2.325 billion. Hershey raised its full-year sales growth guidance to a range of 8% to 9% from previous guidance for growth in the range of 6% to 8%. EPS is now expected to be in the range of $6.88 to $7.04, or up 13% to 15%, an increase from previous guidance in the range of 8% to 12%. And Hershey is now guiding for adjusted EPS in the range of $6.98 to $7.11, up 11% to 13%, compared with previous guidance for growth in the range of 8% to 10%. The FactSet consensus is for sales of $8.827 billion, implying an 8.3% rise, and EPS of $6.91. Hershey stock has gained 17.8% for the year to date while the S&P 500 index has rallied 21.2% for the period.
2:19 a.m. Oct. 27, 2021 - By Tonya Garcia
Kraft Heinz earnings and sales beat expectationsKraft Heinz Co. reported third-quarter net income of $733 million, or 59 cents per share, up from $597 million, or 49 cents per share, last year. Adjusted EPS of 65 cents beat the FactSet consensus for 58 cents. Sales of $6.324 billion were down from $6.441 billion, but also ahead of the FactSet consensus for $6.044 billion. Sales results include the divestiture of the , which was sold to Hormel Foods Corp. . Kraft Heinz expects full-year organic net sales to be flat with 2020, a year that the company calls "exceptionally strong." Kraft Heinz stock edged up 0.9% in Wednesday premarket trading, and has gained 5.1% for the year to date. The S&P 500 index has advanced 21.8% for 2021 so far.
2:17 a.m. Oct. 27, 2021 - By Tomi Kilgore
Coca-Cola stock surges after profit and revenue beats, raised outlookShares of Coca-Cola Co. surged 3.0% in premarket trading Wednesday, after the beverage giant reported third-quarter profit and revenue that rose above expectations, with all geographic regions saw revenue and unit case volume growth, and raised its full-year earnings growth view. The company reported net income that rose to $2.47 billion, or 57 cents a share, from $1.74 billion, or 40 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came in at 65 cents, beating the FactSet consensus of 58 cents. Revenue grew 16.1% to $10.04 billion, above the FactSet consensus of $9.77 billion, including 8% growth in concentrate sales. Unit case volume rose 6%, amid improving performance in away-from-home channels. For 2021, the company raised its adjusted EPS growth guidance range to 15% to 17% from 13% to 15%, while the current FactSet EPS consensus of $2.26 implies 15.9% growth. The stock has declined 4.9% over teh past three months through Tuesday, while the Dow Jones Industrial Average has gained 2.0%.
1:46 a.m. Oct. 25, 2021 - By Tomi Kilgore
Restaurant Brands stock gains after profit beats expectations, while revenue came up shyShares of Restaurant Brands International Inc. edged up 0.2% in premarket trading Monday, after the Burger King, Popeyes and Tim Hortons restaurant chains parent beat profit expectations but came up a bit shy on revenue, as COVID-19 contributed to supply chain and labor challenges. Net income rose to $221 million, or 70 cents a share, from $145 million, or 47 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 76 cents, above the FactSet consensus of 74 cents. Total revenue grew 11.8% to $1.495 billion, below the FactSet consensus of $1.522 billion, while cost of sales rose 17.2% to $490 million. Same-store sales for Burger King rose 7.9%, for Popeyes fell 2.4% and for Tim Hortons increased 8.9%. The stock has shed 6.0% over the past three months through Friday while the S&P 500 has gained 3.0%.
2:18 a.m. Oct. 19, 2021 - By Tomi Kilgore
Philip Morris stock gains after profit and revenue beat expectations, overall shipments rise 2.1%Shares of Philip Morris International Inc. rose 0.6% in premarket trading Tuesday, after the cigarette and tobacco company reported third-quarter profit and revenue that rose above expectations, as overall shipment volume increased. The company reported operating income that rose 6.5% from a year ago to $3.46 billion, and earnings per share that grew to $1.55 from $1.48. Excluding nonrecurring items, adjusted EPS rose 11.3% to $1.58 to top the FactSet consensus of $1.56. Revenue increased 9.1% to $8.12 billion, above the FactSet consensus of $7.94 billion, while cost of sales rose 7.5% to $2.60 billion. Overall shipment volume rose 2.1% to 188.33 billion units, as a 23.8% surge in heated tobacco shipments to 23.49 billion units offset a 0.4% decline in cigarette shipments to 164.84 billion units. Looking ahead, the company said it expects adjusted EPS toward the upper-half of previously provided guidance. "We confirm our confidence in our 2021 to 2023 growth targets, despite device constraints that could persist into the first half of 2022, with temporarily lower IQOS user growth rates," said Chief Executive Jacek Olczak. The stock has slipped 0.4% over the past three months through Monday while the S&P 500 has gained 5.4%.
2:48 a.m. Oct. 18, 2021 - By Tonya Garcia
Albertsons shares pop after profit and sales beat expectations, guidance raisedAlbertsons Cos. Inc. shares jumped 5% in Monday premarket trading after the grocer reported fiscal second-quarter results that beat expectations and raised its full-year guidance. Net income totaled $295.2 million, or 52 cents per share, up from $284.5 million, or 49 cents per share, last year. Adjusted EPS of 54 cents beat the FactSet consensus for 45 cents per share. Sales of $16.506 billion were up from $15.758 billion and also ahead of the FactSet consensus of $15.864 billion. Identical sales rose 1.5%, above the FactSet consensus for a 1.2% decline. Albertsons announced a to 12 cents. And the company has raised its full-year outlook. It now expects identical sales in the range of a 2.5%-to-3.5% decline, versus previous guidance for a 5%-to-6% drop. And adjusted EPS is now forecast for a range of $2.50 to $2.60 up from previous guidance for a range of $2.20 to $2.30. The FactSet consensus is for an identical sales decline of 4% and EPS of $2.28. Albertsons shares have gained 62.5% for the year to date while the benchmark S&P 500 index is up 19% for the period.
2:44 a.m. Oct. 14, 2021 - By Tonya Garcia
Domino's Pizza shares slide after revenue missDomino's Pizza Inc. stock fell 4.7% in Thursday premarket trading after the pizza delivery chain reported third-quarter revenue that missed the Street. Net income totaled $120.4 million, or $3.24 per share, up from $99.1 million, or $2.49 per share last year. Revenue totaled $997.99 million, up from $967.7 million. The FactSet consensus was for EPS of $3.11 and revenue of $1.03 billion. U.S. same-store sales fell 1.9% while international same-store sales rose 8.8%. The FactSet consensus was for a U.S. increase of 1.7% and international rise of 8%. This week, Domino's declared a quarterly dividend of 94 cents, payable to shareholders of record as of December 15 on December 30. Domino's stock has gained 24.2% for the year to date while the S&P 500 index is up 16.2% for the period.
5:15 a.m. Oct. 12, 2021 - By Tomi Kilgore
Portillo's sets IPO terms as the street-food company looks to raise $405.4 millionPortillo's Inc. has set terms for its initial public offering, in which the profitable Illinois-based Chicago street food company is looking to raise up to $405.4 million. The company is offering 20.27 million shares in the IPO, which is expected to price between $17 and $20 a share. The company is expected to have 33.57 million Class A and 37.91 million Class B shares outstanding after the IPO, which would value the company at up to about $1.43 billion at the expected IPO pricing. The company is also expected to have 33.57 million LLC units outstanding after the IPO. The stock is expected to list on the Nasdaq under the ticker symbol "PTLO." Jefferies, Morgan Stanley, BofA Securities and Piper Sandler are the lead underwriters. The company recorded net income of $13.9 million on revenue of $258.0 million for the two quarters ended June 27, after a net loss of $733,000 on revenue of $217.3 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has slipped 1.2% over the past three months while the S&P 500 has eased 0.7%.
4:00 a.m. Oct. 7, 2021 - By Tonya Garcia
Lamb Weston stock sinks after earnings miss, gross margin warningLamb Weston Holdings Inc. shares sank 8.6% in Thursday premarket trading after the potato-and-vegetable company reported fiscal first-quarter profit and sales that missed expectations. Net income totaled $29.8 million, or 20 cents per share, down two-thirds from $89.3 million, or 61 cents per share, last year. Sales of $984.2 million were down from $871.5 million last year. The FactSet consensus was for EPS of 37 cents and sales of $1.00 billion. Though foodservice business improved, there are challenges ahead. "[T]he impact of extreme summer heat that negatively affected potato crops in the Pacific Northwest, combined with industrywide operational challenges, including highly inflationary input and transportation costs, labor availability, and upstream and downstream supply chain disruptions, will result in higher costs as the year progresses, and significantly pressure our earnings," said Chief Executive Tom Werner in a statement. "Accordingly, we expect our gross profit margins to remain below pre-pandemic levels through fiscal 2022." The company is raising prices, adjusting worker schedules and taking other steps to offset these problems. Lamb Weston expects fiscal 2022 net sales to be above the long-term target of low-to-mid single digits. The Factset consensus is for sales of $4.119 billion, implying an increase of 12.2%. Lamb Weston stock is down 20.8% for the year to date while the S&P 500 index has gained 16.2% for the period.
2:55 a.m. Oct. 7, 2021 - By Tonya Garcia
Conagra sales decline but beat the StreetConagra Brands Inc. reported fiscal first quarter net income totaling $235.4 million, or 49 cents per share, down from $329.0 million, or 67 cents per share, last year. Adjusted EPS of 50 cents beat the FactSet consensus for 48 cents. Sales of $2.653 billion were down from $2.679 billion but also ahead of the FactSet consensus for $2.539 billion. The decline was attributed, in part, to divestitures of the Peter Pan, Egg Beaters and H.K. Anderson businesses. Remaining brands include Vlasic, Duncan Hines and Healthy Choice. In a statement Chief Executive Sean Connolly said the company is on track for its profit plan for the year, despite the declines. "We continue to experience ongoing inflationary pressure, but expect the sustained elevated consumer demand and the comprehensive actions we have executed and expect to execute in the future, will enable us to successfully deliver our adjusted EPS guidance for the year," he said. For fiscal 2022, Conagra is guiding for organic net sales growth of about 1%, up from previous guidance of flat sales, and adjusted EPS of $2.50. The FactSet consensus is for sales of $11.024 billion, implying a 1.4% decline, and EPS of $2.46. Conagra shares rose 1.7% in Thursday premarket trading, but are down nearly 5% for the year to date. The S&P 500 index has gained 16.2% for 2021 so far.
1:14 a.m. Oct. 5, 2021 - By Tomi Kilgore
PepsiCo's stock gains after profit and revenue beat expectations, full-year outlook increasedShares of PepsiCo Inc. edged up 0.3% in premarket trading Tuesday, after the snack and beverage giant reported third-quarter profit and revenue that beat expectations, while gross margins declined, and provided an upbeat full-year outlook. Net income rose to $2.22 billion, or $1.60 a share, from $2.29 billion, or $1.65 a share, in the year-ago period. Excluding nonrecurring items, core earnings per share came in at $1.79, above the FactSet consensus of $1.73. Revenue grew 11.6% to $20.19 billion, beating the FactSet consensus of $19.39 billion, with growth seen in all categories. Cost of sales rose 15.2% to $9.39 billion, as gross margin declined to 53.5% from 54.9%. In North America, Frito-Lay revenue rose 6%, Quaker Foods revenue increased 2% and PepsiCo Beverages revenue grew 7%. For 2021, the company raised its growth outlook for organic revenue to 8% from 6%, and now expects "at least" 12% core EPS growth versus previous growth expectations of 12%. The stock has edged up 0.9% over the past three months through Monday, while the S&P 500 has slipped 1.2%.
2:37 a.m. Sept. 30, 2021 - By Ciara Linnane
McCormick beats earnings estimates as sustained eating-at-home trend offsets inflationary and logistics pressuresSpices and flavorings maker McCormick & Co. Inc. beat earnings estimates for the third quarter, boosted by continued strong demand for eating at home that helped offset inflationary and logistics pressures that are hurting many companies. The company posted net income of $212.4 million, or 79 cents a share, for the quarter, up from $206.2 million, or 76 cents a share, in the year-earlier period. Adjusted per-share earnings came to 80 cents, ahead of the 72 cents FactSet consensus. Sales rose to $1.549 billion from $1.430 billion, also ahead of the FactSet consensus of $1.538 billion. "While the profit driven by our strong third quarter sales growth was tempered by higher inflation and industry-wide logistics challenges, we expect to manage through this inflationary environment as we have successfully done in the past, including through pricing, and fully offset cost pressures over time," Chief Executive Lawrence E. Kurzius said in a statement. McCormick is now expecting fiscal 2021 sales to grow 12% to 13% and for EPS to range from $2.80 to $2.85. It expects adjusted EPS to range from $2.97 to $3.02, down from earlier guidance of $3.00 to $3.05. Shares were not yet active premarket, but have fallen 13% in the year to date, while the S&P 500 has gained 16%.
2:18 a.m. Sept. 28, 2021 - By Tonya Garcia
United Natural Foods misses sales expectations but offers an upbeat outlookUnited Natural Foods Inc. reported fiscal fourth-quarter net income totaling $43 million, or 69 cents per share, down from $53 million, or 89 cents per share, last year. Adjusted EPS of $1.18 beat the FactSet consensus of 80 cents. Sales of $6.735 billion were down from $6.767 billion and below the FactSet consensus for $6.850 billion. For fiscal 2022, United Foods is guiding for sales of $27.8 billion to $28.3 billion, EPS of $3.60 to $3.90 and adjusted EPS of $3.90 to $4.20. The FactSet consensus is for sales of $27.831 billion and EPS of $3.38. United Natural shares fell 1.9% in Tuesday premarket trading but have soared 137.8% for the year to date. The S&P 500 index has gained 18.3% for 2021 so far.
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