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3:56 a.m. Nov. 23, 2021 - By Tonya Garcia
Jack in the Box shares slump after margin declineJack in the Box Inc. shares slumped 7.1% in Tuesday premarket trading after the taco chain reported a fiscal fourth-quarter margin decline and same-store sales that missed expectations. Net income totaled $38.9 million, or $1.80 per share, up from $37.8 million, or $1.64 per share, last year. Revenue totaled $278.5 million, up from $255.4 million last year. The FactSet consensus was for EPS of $1.74 and revenue of $268.9 million. Same-store sales edged up 0.1%, missing the FactSet consensus for 3.1% growth. Restaurant-level margins were 20.1%, down 6.9% from the year-ago period, driven by higher costs, taking back lower-volume franchises and higher wages. Jack in the Box stock is up 3.2% for the year to date while the S&P 500 index has gained 24.7% for the period.
2:49 a.m. Nov. 15, 2021 - By Steve Gelsi
Warner Music Group swings to a profit from narrow lossWarner Music Group Corp. on Monday said its fourth-quarter net income rose to $28 million, or 5 cents a share, from a loss of $1 million, or breakeven on a per-share basis, in the year-ago period. Revenue rose to $1.38 billion from $1.13 billion. Adjusted net income rose to $69 million from $20 million in the prior-year quarter. Analysts expected the company to earn 15 cents a share on revenue of $1.35 billion, according to a survey by FactSet. Shares of Warner Music Group are up 27.3% so far in 2021, compared to a rise of 24.7% by the S&P 500.
2:18 a.m. Nov. 10, 2021 - By Tonya Garcia
Wendy's beats on profits, increases its share repurchase programWendy's Co. shares rose 1.4% in Wednesday premarket trading after the fast-food chain reported profit that beat expectations and increased its share repurchase program. Net income totaled $41.2 million, or 18 cents per share, up from 39.8 million, or 17 cents per share, last year. Adjusted EPS of 19 cents beat the FactSet consensus for 18 cents. Revenue of $470.3 million was up from $452.2 million and just below the FactSet consensus for $470.5 million. Same-restaurant sales growth was 3.3%, below the FactSet consensus for 4.9% growth. U.S. same-restaurant sales growth was 2.1%, and international same-restaurant sales growth was 14.7%. Wendy's added $80 million to its share repurchase program, bringing the total to $300 million. The company is also launching a $125 million share repurchase program in the fourth quarter. For 2021, Wendy's now expects global sales growth of 11% to 12% and adjusted EPS of 79 cents to 80 cents. The FactSet consensus is for sales of $1.891 million, suggesting 9.1% growth, and EPS of 82 cents. Wendy's stock is up 5.1% for the year to date while the benchmark S&P 500 index has gained 24.7% for the period.
1:24 a.m. Nov. 8, 2021 - By Tomi Kilgore
Marriott Vacations swings to Q3 profit that beats expectations, says current quarter 'has started well'Marriott Vacations Worldwide Corp. reported Monday that it swung to a third-quarter profit that beat expectations, while revenue rose in line with forecasts, as contract sales nearly tripled to reach within 3% of pre-pandemic 2019 levels. The vacation ownership company's stock was still inactive in premarket trading. Net income was $10 million, or 23 cents a share, after a loss of $62 million, or $1.51 a share, in the year-ago period. Excluding nonrecurring items, the company swung to adjusted earnings per share of $1.60 from a per-share loss of 81 cents, while the FactSet consensus was for EPS of $1.41. Total revenue grew 62.1% from a year ago to $1.05 billion, matching the FactSet consensus, while contract sales jumped 171.4% to $380 million, with first-time buyers representing 30% of contract sales. Average revenue per member increased 16.8% to $42.95. "The fourth quarter has started well with October contract sales above 2019 levels and reservations on the books for the first half of next year are already strong," said Chief Executive Stephen Weisz. The stock has rallied 18.3% over the past three months through Friday while the S&P 500 has gained 5.9%.
5:37 a.m. Nov. 4, 2021 - By Tomi Kilgore
Penn National Gaming stock tumbles after big profit miss, as momentum slowed mid-quarterShares of Penn National Gaming Inc. tumbled 9.6% toward a three-month low in morning trading Thursday, after the online gaming and sports betting company and Barstool Sports partner reported a big third-quarter profit miss as momentum in its core business slowed in the second half of the quarter. Net income fell to $86.1 million, or 52 cents a share, from $141.9 million, or 93 cents a share, in the year-ago period, below the FactSet consensus for earnings per share of 85 cents. Revenue grew 33.8% to $1.51 billion, in line with the FactSet consensus, as gaming revenue rose 26.4% to $1.26 billion and food, beverage, hotel and other revenue jumped 87.8% to $255.6 million. Operating expense growth of 36.3% outpaced revenue growth. On the post-earnings conference call with analysts, Chief Executive Jay Snowden said "momentum slowed" in the second half of August and into September, due to Hurricane Ida, which "significantly" hurt results in the South region, and given regional flare ups of the delta variant of the COVID-19 virus. The stock, on track for the lowest close since Aug. 19, has dropped 23.9% year to date, while the S&P 500 has climbed 24.6%.
2:16 a.m. Nov. 4, 2021 - By Tomi Kilgore
ViacomCBS stock rallies as profit matches expectations, revenue beatsShares of ViacomCBS Inc. rose 1.8% in premarket trading Thursday, after the media and entertainment company reported third-quarter profit that matched expectations and revenue that beat, amid strength in its streaming and TV entertainment businesses. Net income fell to $538 million, or 80 cents a share, from $615 million, or $1.00 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to 76 cents from 83 cents, compared with the FactSet consensus of 76 cents. Revenue grew 13.2% to $6.61 billion, above the FactSet consensus of $6.56 billion, as streaming revenue rose 62% to $1.08 billion and TV entertainment revenue increased 24.2% to $2.92 billion. The company added 4.3 million global streaming subscribers in the quarter, bringing the total to nearly 47 million. The stock has lost 3.2% over the past three months through Wednesday, while the S&P 500 has gained 5.9%.
3:36 a.m. Nov. 3, 2021 - By Emily Bary
Playtika stock tanks after earnings, outlook fall shortShares of Playtika Holding Corp. are off 16% in premarket trading Wednesday after the mobile-gaming company fell short with its third-quarter results and delivered an outlook that came in below the consensus forecast. The company generated net income of $80.5 million, or 20 cents a share, down from $119.9 million, or 31 cents a share, in the year-prior quarter. The FactSet consensus was for 26 cents a share. Playtika's revenue increased to $635.9 million from $613.3 million, whereas analysts tracked by FactSet were anticipating $664.6 million. For the full year, Playtika expects revenue of $2.57 billion and adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) of $980 million. The FactSet consensus is for $2.65 billion in full-year revenue and $1.03 billion in adjusted Ebitda. Playtika shares have added 34% over the past three months as the S&P 500 has increased about 5%.
2:54 a.m. Nov. 3, 2021 - By Tonya Garcia
Wingstop shares drop after profit and revenue missWingstop Inc. shares fell 6.8% in Wednesday premarket trading after the chicken wing chain reported third-quarter earnings and revenue that missed Street expectations. Net income totaled $11.3 million, or 38 cents per share, up from $10.1 million, or 34 cents per share, last year. Adjusted EPS of 29 cents missed the FactSet consensus for 35 cents. Revenue of $65.8 million was up from $64.0 million last year and was also below the FactSet consensus for $74.8 million. Domestic same-store sales rose 3.9%, below the FactSet consensus for 5.3%. For the full year, Wingstop expects domestic same-store sales growth of 7% to 8%. The FactSet consensus is for an 8.6% increase. Wingstop shares have gained 27% for the year to date while the S&P 500 index is up 23.4% for the period.
2:43 a.m. Nov. 3, 2021 - By Emily Bary
Discovery adds 3 million direct-to-consumer subscribers but earnings fallDiscovery Communications Inc. saw earnings fall but revenue rise in its third quarter as the company dealt with expenses related to the Olympics and the growth of its streaming service. The company posted third-quarter net income of $156 million, or 24 cents a share, down from $300 million, or 44 cents a share, in the year-earlier quarter. Analysts tracked by FactSet were anticipating 11 cents a share in GAAP earnings. The media company pointed to a 77% rise in total operating expenses, partly due to costs around the Olympics. Discovery generated $3.15 billion in revenue, up from $2.56 billion a year prior and flat with the FactSet consensus, which called for $3.15 billion. Discovery disclosed that its direct-to-consumer business had 20 million paying subscribers as of the end of the quarter, driven by "the strength of our global brands and fan-favorite content, including the Summer Olympic Games and Shark Week." Discovery added 3 million direct-to-consumer subscribers since the end of the second quarter. Shares have declined 12% over the past three months as the S&P 500 has risen 5%.
2:30 a.m. Nov. 3, 2021 - By Ciara Linnane
New York Times shares up 3.8% premarket after earnings top estimatesNew York Times Co. shares rose 3.8% in premarket trade Wednesday, after the company beat earnings estimates for the third quarter and offered upbeat guidance. The newspaper group said it had net income of $54.7 million, or 32 cents a share, in the quarter, up from $33.6 million, or 20 cents a share, in the year0earlier period. Adjusted per-share earnings came to 23 cents, ahead of the 20 cents FactSet consensus. Revenue rose to $509.1 million from $426.9 million a year ago, also ahead of the $499 million FactSet consensus. CEO Meredith Kopit Levien said the company added 455,000 net new digital subscriptions in the quarter, and hit a milestone of more than one million international digital subscriptions. That boosted the total to more than 8.3 million across the company's digital and print products. Subscription revenue rose 13.8% to $342.6 million, ad revenues rose 39.9% to $110.9 million and other revenue rose 19.1% to $55.6 million. Total revenues were up 18.8% compared with the third quarter of 2019, before the outbreak of the pandemic. Digital ad revenue rose 40.2% and print ad revenue rose 39.4%. Total operating costs rose 18.8% to $460.1 million. The company is now expecting fourth-quarter subscription revenue to climb about 12% and for digital-only subscription revenue to rise abut 25%. Ad and digital ad revenue are expected to rise in the mid-teens. Shares have gained about 8% in the year to date, while the S&P 500 has gained 23%.
2:14 a.m. Nov. 3, 2021 - By Ciara Linnane
Marriott revenue tops estimates and says it expects pickup in October to continueMarriott International Inc. beat revenue estimates for the third quarter on Wednesday, and said a pickup in business in October as the delta variant of the coronavirus began to wane is expected to continue. The company posted net income of $220 million, or 67 cents a share, for the quarter, up from $100 million, or 31 cents a share, in the year-earlier period. Adjusted per-share earnings came to 99 cents, matching the FactSet consensus. Revenue climbed to $3.946 billion from $2.254 billion, ahead of the $3.713 billion FactSet consensus. CEO Anthony Capuano said worldwide revenue per average room (RevPAR) was down 26% compared to the third quarter of 2019, before the outbreak of the pandemic, a better result than the 44% decline seen in the second quarter. Occupancy topped 58% thanks to strength in leisure demand. "Globally, leisure travel generally remained very strong throughout the quarter, while the Delta variant had the most impact on business transient demand. With the worst of the Delta variant wave now hopefully behind us, business transient demand picked up again in October, a trend we expect to continue," the executive said in a statement. Marriott is not offering guidance because of the continued uncertainty relating to the pandemic. Shares were slightly lower premarket, but have gained 21% in the year to date, while the S&P 500 has gained 23%.
2:41 a.m. Nov. 2, 2021 - By Tonya Garcia
Outback parent Bloomin' Brands reports sales missBloomin' Brands Inc. stock fell 4% in Tuesday premarket trading after the restaurant company reported third-quarter revenue that missed expectations. Net income totaled $3.4 million, or 3 cents per share, after a loss of $17.6 million, or 20 cents per share, last year. Adjusted EPS of 57 cents beat the FactSet consensus for 54 cents. Revenue of $1.010 billion was up from $771.3 million but below the FactSet consensus of $1.038 billion. Bloomin' says sales began to slow in August due to typical seasonality, concerns about the delta variant and the decision not to replicate promotions that took place in 2019. Comparable sales at Outback Steakhouse were up 18.3% year-over-year, Carrabba's Italian Grill was up 28.8%, Bonefish Grill was up 36.6% and Fleming's Prime Steakhouse & Wine Bar jumped 59.6%, bringing total U.S. comparable sales to a 25.5% rise. The FactSet consensus was for an increase of 28.3%. Bloomin' is guiding for fourth-quarter EPS of at least 45 cents and adjusted EPS of at least 50 cents. The FactSet consensus for 69 cents. Revenue is expected to be at least $1.02 billion. The FactSet consensus is for $1.107 billion. Bloomin' stock has climbed 16.2% for the year to date while the S&P 500 index has gained 22.8% for the period.
2:17 a.m. Oct. 29, 2021 - By Tomi Kilgore
Charter Communications stock gains after profit, revenue rise above forecastsShares of Charter Communications Inc. gained 0.2% in premarket trading Friday, after the broadband communications and cable TV company reported profit and revenue that rose above expectations, with the company's internet business showing the biggest growth. Net income rose to $1.22 billion, or $6.50 a share, from $814 million, or $3.90 a share, in the year-ago period. The FactSet consensus for earnings per share was $5.76. Revenue rose 9.2% to $13.15 billion, beating the FactSet consensus of $12.93 billion. Residential revenue grew 9.4% to $10.27 billion, with internet revenue rising 13.6% to $5.36 billion and video revenue up 6.7% to $4.50 billion. Commercial revenue rose 7.1% to $1.72 billion and mobile revenue increased 45.4% to $535 million, while advertising sales dropped 15.1% to $391 million. Capital expenditures slipped to $1.9 billion from $2.0 billion, while free cash flow increased to $2.5 billion from $1.8 billion. The stock has slipped 1.1% over the past three months through Thursday, while the S&P 500 gained 4.0%.
2:56 a.m. Oct. 28, 2021 - By Ciara Linnane
Taco Bell parent Yum Brands shares up 3.5% premarket after earnings top estimates Taco Bell parent Yum Brands Inc. shares jumped 3.5% in premarket trade Thursday, after the company beat earnings estimates for the third quarter. Louisville, Ky.-based Yum posted net income of $528 million, or $1.75 a share, for the quarter, up from $283 million, or 92 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.22, ahead of the $1.08 FactSet consensus. Revenue climbed 11% to 1.606 billion from $1.448 billion a year ago, also ahead of the $1.590 billion FactSet consensus. Same-restaurant sales rose 5%, below the FactSet consensus for 5.8%. System sales rose 11% at KFC, were up 8% at Taco Bell and up 4% at Pizza Hut. Shares have gained 16% in the year to date, while the S&P 500 has gained 21%.
2:49 a.m. Oct. 27, 2021 - By Tonya Garcia
McDonald's profit and sales rise, beating expectationsMcDonald's Corp. shares rose nearly 3% in Wednesday premarket trading after the fast-food giant reported third-quarter earnings and sales that beat expectations. Net income totaled $2.150 billion, or $2.86 per share, up from $1.763 billion, or $2.35 per share, last year. Adjusted EPS of $2.76 was ahead of the FactSet consensus for $2.46. Sales of $6.201 billion were up from $5.418 billion last year and also ahead of the FactSet consensus of $6.050 billion. Global comparable sales rose 12.7% with the U.S. up 9.6%. The FactSet consensus was for a 10% rise. International operated markets, which includes the U.K. and France, was up 13.9% and international developmental licensed markets, which includes Japan and China, were up 16.7%. McDonald's stock has gained 10.2% for the year to date while the Dow Jones Industrial Average has advanced 16.8% for the period.
1:16 a.m. Oct. 27, 2021 - By Tomi Kilgore
Hilton swings to in-line profit, revenue rises above forecasts as comparable RevPAR nearly doublesShares of Hilton Worldwide Holdings Inc. edged up 0.1% in premarket trading Wednesday, after the hotel chain swung to a third-quarter profit that was in line with expectations, while revenue rose above forecasts, as comparable revenue per available room (RevPAR) nearly doubled. The company swung to net income of $240 million, or 86 cents a share, from a loss of $79 million, or 29 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 78 cents, matching the FactSet consensus. Revenue grew 87.5% to $1.75 billion, topping the FactSet consensus of $1.70 billion. Systemwide comparable RevPAR increased 98.7% from a year ago, but declined 18.8% from the same period in 2019. "We are pleased with our third quarter results which continue to reflect recovery from the adverse impact of the COVID-19 pandemic," said Chief Executive Christopher Nassetta. "Leisure travel remained strong and business travel continued to pick up during the quarter." The stock has rallied 12.4% over the past three months while the S&P 500 has gained 3.9%.
6:56 a.m. Oct. 1, 2021 - By Tonya Garcia
First Watch Restaurant Group shares jump 18% in trading debutFirst Watch Restaurant Group Inc. shares jumped 18.2% after its trading debut on Friday. First Watch shares priced at $18 on Thursday, the midpoint of the $17-to-$20 expected range. BofA Securities, Goldman Sachs & Co. LLC and Jefferies were the lead underwriters for the IPO, which was one of a few that took place this week, including , and . First Watch is trading on the Nasdaq under the ticker "FWRG." Calling itself "the daytime cafe," First Watch specializes in breakfast, brunch and lunch. The company recorded net income of $1.8 million on revenue of $281.1 million in the six months ended June 27, after a loss of $31.4 million on revenue of $133.2 million in the same period a year ago. The Renaissance IPO ETF has fallen 1.4% for the year to date while the S&P 500 index has gained 15.4% for the period.
4:56 a.m. Sept. 24, 2021 - By Tomi Kilgore
Carnival's stock rises after Q3 business updateShares of Carnival Corp. surged 1.3% in morning trading, after the cruise operator provided an update on its third quarter. The company reported a net loss of $2.8 billion, wider than the loss of $2.1 billion in the sequential second quarter, but narrower than the $2.9 billion loss seen in the year-ago quarter. In the pre-pandemic third quarter of 2019, Carnival had net income of $1.8 billion. The adjusted third-quarter loss was $2.0 billion, compared with an adjusted loss of $1.7 billion a year ago. The company did not provide per-share loss figures. The company said the cruises operating in the third quarter were cash flow positive, and the company expects this to continue. Monthly average cash burn during the quarter was $510 million, which is better than previous guidance. Booking volumes for all cruises during the third quarter were down from the second quarter but higher than the first quarter, as concerns over the spread of the delta variant weighed on booking volumes in August. Meanwhile, cumulative advanced bookings for the second half of 2022 are "ahead of a very strong 2019." The update comes a day after Carnival said it expected to have by the end of October. Carnival's stock has lost 8.9% over the past three months, while the S&P 500 has gained 4.2%.
2:22 a.m. Sept. 23, 2021 - By Tonya Garcia
Olive Garden parent beats earnings expectations, authorizes $750 million share buyback programDarden Restaurants Inc. stock rose 4.4% in Thursday premarket trading after the restaurant company reported fiscal first-quarter earnings that beat expectations and announced a new buyback program. Net income totaled $230.9 million, or $1.75 per share, up from $36.1 million, or 28 cents per share, last year. Sales totaled $2.306 billion, up from $1.527 billion last year. The FactSet consensus was for EPS of $1.64 and sales of $2.240 billion. Same-restaurant sales rose 47.5%, beating the FactSet consensus for 44.3% growth, with Olive Garden up 37.1%, Longhorn Steakhouse up 47% and fine dining up 84.6%. Other chains in the Darden lineup include Yard House, The Capital Grille and Seasons 52. Darden declared a dividend of $1.10 per share payable on November 1, 2021 to shareholders of record at the close of business on October 8, 2021. And the company has authorized a new $750 million share buyback program, bringing the total authorization to about $1 billion. For fiscal 2022, Darden is guiding for sales of $9.4 billion to $9.6 billion, same-restaurant sales growth of 27% to 30% and EPS of $7.25 to $7.60. The FactSet consensus is for sales of $9.408 billion, same-restaurant sales growth of 30.2% and EPS of $7.43. Darden stock has run up 26.2% for the year to date while the S&P 500 index has gained 17% for the period.
3:32 a.m. Sept. 21, 2021 - By Tonya Garcia
Cracker Barrel shares drop after profit and revenue missesCracker Barrel Old Country Store Inc. shares fell 6.1% in Tuesday premarket trading after the retail/restaurant chain reported fiscal fourth-quarter profit and revenue that missed expectations. Net income totaled $36.4 million, or $1.53, up from $25.1 million, or $1.05 per share, last year. Adjusted EPS of $2.25 missed the FactSet consensus for $2.33. Revenue totaled $784.4 million, up from $495.1 million but below the FactSet consensus of $794.7 million. Restaurant comp growth was 53.5% versus last year and retail comps were up 74.8%. The FactSet consensus was for restaurant comp growth of 62.4% and retail comps of 54.7%. Compared with 2019, revenue was just below $787.1 million reported for the same period that year, restaurant comps were down 6.8% and retail comps were up 18.2%. Cracker Barrel approved a share repurchase program of $100 million, and approved a quarterly dividend of $1.30 per share, payable on November 9, 2021 to shareholders of record on October 22, 2021. Cracker Barrel stock is up 5.3% for the year to date while the benchmark S&P 500 index has gained 16% for the period.
3:11 a.m. Sept. 7, 2021 - By Steve Gelsi
Online betting company Sportradar eyes $500 million in IPO proceedsSwiss-based online betting service Sportrader Group AG on Tuesday said it plans to offer 19 million shares at $25 to $28 per share in its upcoming initial public offering under the symbol SRAD on the Nasdaq. Based on the midpoint of the range, the company will raise about $504 million. With about 1.1 billion Class A and Class B ordinary shares to be outstanding after the IPO, Sportradar will have a market capitalization of about $29 billion based on the midpoint of the IPO price range. The company generated $26.1 million of net income and revenue of $478 million in 2020. Sportradar is selling Class A ordinary shares in the IPO. Following the IPO, founder and CEO Carsten Koerl will be the only holder of Class B shares and will hold about 82% of the voting power. Entities affiliated with Eldridge and Radcliff Management LLC agreed to buy $159 million of Class A shares at the IPO price, as part of the deal. J.P Morgan, Morgan Stanley, Citigroup and UBS Investment Bank are joint bookrunners on the IPO, with several other banks also underwriting the offering.
2:16 a.m. Aug. 18, 2021 - By Tonya Garcia
Chili's parent Brinker International reports earnings missBrinker International Inc. shares fell 1% in Wednesday premarket trading after the restaurant company reported fiscal fourth-quarter earnings that missed expectations. Net income totaled $75.0 million, or $1.58 per share, after a loss of $49.2 million, or $1.20 per share, last year. Adjusted EPS of $1.68 was below the FactSet consensus for $1.72. Revenue of $1.009 billion was up from $563.2 million last year and just ahead of the FactSet consensus for $1.004 billion. Brinker got a boost from dining room and banquet sales, and sales from the It's Just Wings digital brand. There was also an additional week during the most recent period. Comparable sales jumped 65.4%, below the FactSet consensus for 67.8% growth. Chili's comparable sales grew 59.8% and Maggiano's soared 147.9%. Brinker stock has tumbled 10% for the year to date while the S&P 500 index has gained 18.4% for 2021 so far.
2:24 a.m. Aug. 12, 2021 - By Tomi Kilgore
Meredith earnings beat expectations, as digital advertising revenue jumps Meredith Corp. reported Thursday fiscal fourth-quarter earnings that topped expectations, amid strength in digital advertising revenue which exceeded magazine revenue for the year for the first time. Share of the media company, which magazines include "PEOPLE," "Better Homes & Gardens" and "Southern Living" were still inactive in premarket trading. The company swung to net income of $36.7 million, or 74 cents a share, from a loss of 3.84 a share, in the year-ago period. The FactSet consensus for earnings per share was 48 cents. Total revenue rose 17.5% to $717.9 million, beating the FactSet consensus of $690.2 million. National Media Group revenue grew 26%, driven by 80% growth in digital advertising revenue, non-political spot advertising rose 50% and combined newsstand, subscription revenue increased 7% and licensing/digital and other consumer driven revenue rose 19%. "We delivered strong operational performance in fiscal 2021 despite the many challenges presented by the COVID-19 pandemic, ending the year in a stronger financial and competitive position than when we started," said Chief Executive Tom Harty. "Our digital businesses are delivering record performance, and our agreed sale of the Local Media Group significantly strengthens our financial position." The stock has soared 125.7% year to date, while the S&P 500 has gained 18.4%.
5:15 a.m. Aug. 11, 2021 - By Tonya Garcia
Wendy's announces earnings beat, increased dividend and plans for more restaurants and delivery kitchensWendy's Co. stock rose 3.7% in Wednesday trading after the burger chain reported second-quarter earnings that beat expectations. Net income totaled $65.7 million, or 29 cents per share, up from $24.9 million, or 11 cents per share, last year. Adjusted EPS of 27 cents beat the FactSet consensus for 18 cents. Revenue of $493.3 million was up from $402.3 million and ahead of the FactSet consensus for $462.6 million. Global same-restaurant sales rose 17.4%, beating the FactSet consensus for a 15.8% rise. U.S. same-restaurant sales were up 16.1% while international same-restaurant sales grew 31.4%. The U.S. FactSet consensus was for a 14.1% increase. Wendy's has announced plans for a $10 million incremental spend on advertising for the breakfast menu in 2021, bringing the total for the year to $25 million. Wendy's restated its goal to make breakfast 10% of sales by 2022. The company also aims to open and operate 700 delivery kitchens in the U.S., Canada and U.K. with Reef Kitchens by 2025 after a test of eight kitchens in Canada proved successful. Cash obtained from a debt refinancing will fund a $100 million plan to add 80-to-90 new franchise locations between 2022 and 2025. Wendy's is increasing its quarterly dividend by 20% to 12 cents per share payable on September 15 to shareholders of record as of September 1. And the share buyback program has gotten authorization for an additional $70 million, bringing the total to $220 million. For 2021, Wendy's now expects global sales growth of 11% to 13%, and adjusted EPS of 79 cents to 81 cents. The FactSet consensus is for sales of $1.854 billion, suggesting growth of 6.9%, and EPS of 74 cents. Wendy's stock has risen 4.5% for the year to date while the S&P 500 index has gained 18.4% for the period.
2:33 a.m. Aug. 6, 2021 - By Tonya Garcia
AMC Networks beats expectations, settles lawsuit with 'Walking Dead" producerAMC Networks Inc. stock rose 3.4% in Friday premarket trading after the entertainment company reported second-quarter earnings that beat expectations. Net income totaled $35.9 million, or 83 cents per share, more than double the $15.0 million, or 28 cents per share, last year. Adjusted EPS of $3.45 far exceeded the FactSet consensus for $1.80. Revenue of $771.4 million was up from $646.3 million and ahead of the FactSet consensus for $696.9 million. AMC Networks has settled its years-long lawsuit with Frank Darabont, who was formerly a writer, director and producer on the hit zombie show "The Walking Dead," such that he and other plaintiffs, including Creative Artists Agency, LLC have been awarded cash payment of $200 million, and AMC Networks has recorded a charge of $143 million. AMC's portfolio includes the namesake network and streaming bundle, BBC America, IFC, SundanceTV and WE tv. AMC Networks stock has gained 38.5% for the year to date while the S&P 500 index is up 18% for the period.
2:03 a.m. Aug. 6, 2021 - By Ciara Linnane
USA Today parent Gannett shares jump 7% premarket as company swings to profit and tops estimatesGannett Co. Inc. shares jumped 7% in premarket trade Friday, after the USA Today parent posted a surprise profit for the second quarter as revenue topped estimates. Gannett posted net income of $22.6 million, or 10 cents a share, after a loss of $436.9 million, or $3.32 a share, in the year-earlier period. Revenue rose to $804.3 million from $767.0 million a year ago. The FactSet consensus was for a loss per share of 23 cents and revenue of $791 million. "Digital-only subscriber growth continued to set new records in the second quarter of 2021, ending the quarter at approximately 1.4 million, up 41% compared to a year ago," Chief Executive Michael Reed said in a statement. Digital revenues came to $259.3 million, or 32.2% of overall revenue. Total platform customers rose to 15,000, up 10.6% from the prior quarter. Shares have gained 65% in the year to date, while the S&P 500 has gained about 18%.
5:40 a.m. Aug. 5, 2021 - By Tonya Garcia
Applebee's parent Dine Brands swings to a profitDine Brands Global Inc. reported second-quarter net income totaled $28.7 million, or $1.69 per share, after a loss of $134.8 million, or $8.33 per share last year. The company said the difference was owing to $106.5 million non-cash impairment charges related to Applebee's goodwill and other intangible assets from COVID-19 last year. Adjusted EPS of $1.94 beat the FactSet consensus of $1.71. Revenue of $233.6 million more than doubled from $109.7 million last year and beat the FactSet consensus for $228.2 million. Domestic systemwide same-store sales at Applebee's rose 102.2%, while at IHOP, the rise was 120.1%. Compared with 2019, Applebee's was up 10.5% while IHOP was down 3.4%. Dine Brands stock edged up 0.2% in Thursday trading, and has rallied 32.3% for the year to date while the S&P 500 index is up 17.6% for 2021 so far.
3:05 a.m. Aug. 5, 2021 - By Ciara Linnane
ViacomCBS earnings beat driven by streaming as Paramount+ adds more than 6 million subscribers for second straight quarterViacomCBS Inc. posted net income of $995 million, or $1.50 a share, for the second quarter, up from $453 million, or 83 cents a share, in the year-earlier period. Adjusted per-share earnings came to 97 cents, a penny ahead of the 96 cents FactSet consensus. Revenue rose to $6.564 billion from $6.075 billion, also ahead of the $6.488 billion FactSet consensus. Chief Executive Bob Bakish said streaming was a standout in the quarter as the company's Paramount+ service added more than 6 million subscribers for a second straight quarter, boosting the customer base to more than 42 million. Ad revenue rose 24%, driven by CBS broadcasts of sporting events, which were absent last year due to the coronavirus pandemic. Affiliate revenue rose 9% and streaming revenue was up 92%. Theatrical revenue reflected the release of "A Quiet Place Part II" in the quarter, while there were no releases in he year-earlier quarter. Licensing and other revenue fell 36%, mostly due to COVID and to the licensing of the domestic rights to "South Park" last year. Shares were up 0.4% premarket and have gained 4% in the year to date, while the S&P 500 has gained 17%.
3:15 a.m. Aug. 4, 2021 - By Ciara Linnane
New York Times beats earnings estimates in Q2 as it adds 142,000 net digital subscribersNew York Times Co. shares jumped 1.7% in premarket trade Wednesday, after the newspaper group beat earnings estimates for the second quarter, as subscription and ad revenues gained. The company posted net income of $54.3 million, or 32 cents a share, for the quarter, up from $23.7 million, or 14 cents a share, in the year-earlier period. Adjusted per-share earnings came to 36 cents, ahead of the 27 cents FactSet consensus. Revenue rose 23.6% to $498.5 million from $403.8 million a year ago, also ahead of the $488.0 million FactSet consensus. Subscription revenues rose 15.7% to $339.2 million, ad revenues rose 66.4% to $112.8 million and other revenue rose 8.7% to $46.5 million. Compared with the second quarter of 2019 before the pandemic, revenue were up 14.3%. Subscription revenues "rose primarily due to growth in the number of subscriptions to the Company's digital-only products, which include our news product and our Games, Cooking and Audm products, as well as a benefit from subscriptions graduating to higher prices from introductory promotional pricing," the company said in a statement. The company added 142,000 net digital subs with 77,000 in news and 65,000 in cooking and games, said CEO Meredith Kopit Levien. "We now have more than 8 million paid subscriptions across our digital and print products - a testament to the success of our strategy, the strength of the market for paid digital journalism, and our unique opportunity to meet that demand," she said. For the third quarter, the company is expecting sub revenues to climb 13% to 15%, and for ad revenues to rise about 30% to 35%. Shares have fallen 16.5% in the year to date, while the S&P 500 has gained 17.8%.
2:16 a.m. Aug. 3, 2021 - By Tomi Kilgore
Marriott stock jumps after big profit beat, revenue more than doubles but comes up a bit shyShares of Marriott International Inc. jumped 2.0% in premarket trading Tuesday, after the hotel operator reported a big second-quarter profit beat, as revenue more than doubled but came up a bit shy of expectations, amid a "swift resurgence" in lodging demand. The company swung to net income of $422 million, or $1.28 a share, from a loss of $234 million, or 72 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 79 cents, above the FactSet consensus of 47 cents. Revenue grew 115% to $3.15 billion, missing the FactSet consensus of $3.32 billion. Worldwide revenue per available room (RevPAR) increased 262.6%, occupancy increased to 51% and the global average daily rate was down 17% from the same period in 2019. "The rate of global lodging recovery accelerated during the second quarter and momentum has continued into July," said Chief Executive Anthony Capuano. The stock has gained 9.8% year to date through Monday, while the S&P 500 has advanced 16.8%.
1:51 a.m. July 30, 2021 - By Ciara Linnane
Burger King parent Restaurant Brands tops consensus estimates, resumes dividend and share buybacksRestaurant Brands International Inc. posted above-consensus earnings for the second quarter on Friday, after the COVID-19 pandemic hurt business in the year-earlier period. The parent of Burger King and Tim Hortons said it had net income of $390 million, or 84 cents a share, for the quarter, up from $163 million, or 35 cents a share, in the year-earlier period. Adjusted per-share earnings came to 77 cents, ahead of the 61 cents FactSet consensus. Revenue rose to $1.438 billion from $1.048 billion, also ahead of the $1.369 billion FactSet consensus. Digital sales rose nearly 60% in home markets and were up 15% from the prior quarter. Chief Executive José E. Cil said he was encouraged by the momentum across the business and the rapid adoption of digital channels by customers. The board has approved a dividend and a $1 billion share buyback program, he said. Burger King sales rose 37.9% to $5.883 billion, while Tim Horton sales rose 33% to $1.637 billion. Shares were slightly higher premarket and have gained 6.2% in the year to date, while the S&P 500 has gained 17.7%.
3:26 a.m. July 29, 2021 - By Tonya Garcia
Taco Bell parent Yum Brands beats earnings and sales consensusYum Brands Inc. stock rose 2.8% in Thursday premarket trading after the fast-food company reported earnings and sales that beat the Street. Net income totaled $391 million, or $1.29 per share, up from $206 million, or 67 cents per share, last year. Adjusted EPS of $1.16 beat the FactSet consensus for 96 cents. Revenue of $1.60 billion was up from $1.20 billion last year and also ahead of the FactSet consensus for $1.48 billion. Worldwide comparable sales jumped 23%, with Taco Bell up 21%, KFC rising 30% and Pizza Hut increasing 10%. Habit Burger Grill comparable sales rose 31%. Yum stock has gained 13% for the year to date while the S&P 500 index is up 17.2% for the period.
1:13 a.m. July 29, 2021 - By Tomi Kilgore
Hilton's stock slips after swinging to profit that beat expectations, but missing on revenueShares of Hilton Worldwide Holdings Inc. fell 0.8% in premarket trading Thursday, after the hotel chain swung to a second-quarter profit that beat expectations, but revenue that came up short. Net income was $130 million, or 46 cents a share, after a loss of $430 million, or $1.55 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 56 cents, above the FactSet consensus of 40 cents. Revenue climbed 135.6% to $1.33 billion, the most since the first-quarter of 2020, but was below the FactSet consensus of $1.42 billion. Revenue per available room (RevPAR) more than tripled from a year ago to $73.03, above expectations of $67.80. "The broader distribution of vaccinations and the easing of travel and other restrictions have allowed for renewed interest in travel and tourism, with families embarking on long-delayed trips, and businesses scheduling in-person meetings again," said Chief Executive Christopher Nassetta. "While the pace of recovery varies by region, particularly with the uncertainty surrounding coronavirus variants, we expect continued strength in leisure demand and further upticks in business travel to drive continued resurgence in the back half of the year." The stock has rallied 16.4% year to date through Wednesday, while the S&P 500 has advanced 17.2%.
3:48 a.m. July 28, 2021 - By Tonya Garcia
Wingstop shares sink after earnings declineWingstop Inc. shares sank 7% in Wednesday premarket trading after the chicken chain reported a year-over-year second-quarter income decline. Net income totaled $11.3 million, or 38 cents per share, down from $11.5 million, or 39 cents per share, last year. Revenue totaled $74.0 million up from $66.1 million last year. The FactSet consensus was for EPS of 33 cents and revenue of $73.3 million. Domestic same-store sales rose 2.1%, below the FactSet consensus for a 2.9% increase. On a two-year basis, the growth was 34%. Wingstop has opened more than 200 restaurants over the last year, according to Charlie Morrison, chief executive of the company. Wingstop has 1,624 restaurants systemwide, including 175 franchised restaurants abroad. In the U.S. 1,415 restaurants are franchised. Wingstop has raised its quarterly dividend 21% to 17 cents per share to be paid on September 3 to shareholders of record as of August 13. Wingstop shares have run up 28.2%, outpacing the S&P 500 index , which is up 17.2% for the period.
2:26 a.m. July 28, 2021 - By Tonya Garcia
McDonald's earnings beat with help from the Crispy Chicken Sandwich and BTSMcDonald's Corp reported second-quarter net income totaling $2.219 billion, or $2.95 per share, up from $483.8 million, or 65 cents per share, last year. Adjusted EPS of $2.37 beat the FactSet consensus for $2.11. Revenue of $5.888 billion was up from $3.762 billion last year and also ahead of the FactSet consensus for $5.584 billion. Global comparable sales soared 40.5%, ahead of the FactSet consensus for 38.9% growth. The U.S. was up 25.9%, international operated markets soared 75.1% and international developmental licensed markets were up 32.3%. On a two-year stack, global comparable sales were up 6.9% with the U.S. up 14.9%. U.S. comparable sales benefited from the Crispy Chicken Sandwich and promotion. Manu Steijaert has been appointed to the newly-created role of chief customer officer. McDonald's stock slipped 0.1% in Wednesday premarket trading but has run up 14.8% for the year to date. The Dow Jones Industrial Average has gained 14.6% for 2021 so far.
3:37 a.m. July 22, 2021 - By Tomi Kilgore
Gambling.com IPO's expected pricing slashed, cutting potential valuation by more than $130 millionGambling.com Ltd. disclosed Thursday that the expected pricing of its initial public offering has been slashed, lowering the valuation for the U.K.-based provider of digital marketing services for the online gambling industry to up to $304.3 million from up to $439.5 million. The company is still offering 5.25 million shares in the IPO, but selling shareholders are no longer offering 2.25 million shares, as previously disclosed, as the expected pricing was cut to between $8 and $9 a share from between $11 and $13 a share. The company is now looking to raise up to $47.25 million, down from up to $68.25 million. Jefferies, Stifel and Truist Securities are the underwriters. The stock is expected to list on the Nasdaq under the ticker symbol "GAMB." The company recorded net income of $4.5 million on revenue of $11.5 million for the three months ended March 31, compared with net income of $4.7 million on revenue of $4.1 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 1.4% year to date while the S&P 500 has rallied 16.0%.
2:23 a.m. June 24, 2021 - By Tonya Garcia
Olive Garden parent Darden Restaurants reports same-restaurant sales nearly at 2019 levelDarden Restaurants Inc. reported fiscal fourth-quarter net income of $368.5 million, or $2.78 per share, after a loss of $480.0 million, or $3.86 per share, last year. Adjusted EPS of $2.03 beat the FactSet consensus for $1.79. Sales of $2.28 billion were up from $1.27 billion last year and ahead of the FactSet consensus for $2.20 billion. Same-restaurant sales nearly doubled, up 90.4%, with Olive Garden up 61.9%, Longhorn Steakhouse up 107.5% and the fine dining category up 143.6%. The FactSet consensus was for consolidated same-restaurant sales growth of 88%. Compared to 2019, same-restaurant sales were down 0.5%, with Longhorn Steakhouse up 13.5% from the same period in 2019. For fiscal 2022, Darden is guiding for sales of $9.2 billion to $9.5 billion, same-restaurant sales growth of 25% to 29% and earnings of $7.00 to $7.50 per share. The FactSet consensus is for sales of $9.26 billion, same-restaurant sales growth of 29.4% and EPS of $7.17. Darden stock slipped 0.3% in Thursday premarket trading, but has gained 13.7% for the year to date. The S&P 500 index is up 13% for 2021 so far.
9:18 a.m. June 5, 2021 - By Quentin Fottrell
My husband of 30 years hid income with his mother’s help. When confronted he said, ‘I’m a liar. I’ve been doing this for 10 years!’ ‘I want to protect the last of my inheritance and two money-market accounts currently in my name’‘I want to protect the last of my inheritance and two money-market accounts currently in my name.’
7:09 a.m. May 30, 2021 - By Quentin Fottrell
My wife and I defrauded the government by hiding income. Now we’re divorcing, and she’s threatening to ruin us both ‘She left me for her pandemic boyfriend. She was caught at our vacation home with him’‘She left me for her pandemic boyfriend. She was caught at our vacation home with him.’
7:30 a.m. May 22, 2021 - By Quentin Fottrell
My wife inherited $800K. She put $300K toward our mortgage and $500K in her own bank account — after 35 years of marriage ‘What do you think of the way she has treated her inheritance? If we divorce, will I have to pay her alimony?’‘What do you think of the way she has treated her inheritance? If we divorce, will I have to pay her alimony?’
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