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Assessing Earnings, Inflation & Growth

  • Assessing Earnings, Inflation & Growth Assessing Earnings, Inflation & Growth 10:26
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2:00 a.m. Nov. 24, 2021 - By Tomi Kilgore
Deere stock jumps after profit and sales rise above expectations, even as supply-chain pressures continueShares of Deere & Co. jumped 2.4% in premarket trading Wednesday, after the agricultural and construction equipment company reported fiscal fourth-quarter profit and sales that rose above expectations, as strong demand for farm and construction equipment helped offset cost of sales growth that outpaced sales growth amid supply-chain challenges. Net income rose to $1.28 billion, or $4.12 a share, from $757 million, or $2.39 a share, in the year-ago period. The FactSet consensus for earnings per share was $3.87. Sales grew 16.4% to $11.33 billion, while cost of sales increased 20.7% to $7.81 billion to knock gross margin down to 31.1% from 33.5%. "Looking ahead, we expect demand for farm and construction equipment to continue benefiting from positive fundamentals, including favorable crop prices, economic growth, and increased investment in infrastructure," said Chief Executive John May. "At the same time, we anticipate supply-chain pressures will continue to pose challenges in our industries. We are working closely with our suppliers to address these issues and ensure that our customers can deliver essential food and infrastructure more profitably and sustainably." The stock has slipped 5.1% over the past three months through Tuesday while the S&P 500 has gained 4.6%.
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.
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%.
3:12 a.m. Nov. 23, 2021 - By Tonya Garcia
Abercrombie & Fitch beats expectations but stock slidesAbercrombie & Fitch Co. reported third-quarter net income totaling $47.2 million, or 77 cents per share, up from $42.3 million, or 66 cents per share, last year. Adjusted EPS of 86 cents was well ahead of the FactSet consensus for 66 cents. Sales of $905.2 million were up from $819.7 million last year and also ahead of the FactSet consensus for $895.0 million. Digital sales rose 8%. Abercrombie's lineup includes the namesake chain and Hollister, which both reported sales rises during the quarter. "We continue to actively manage through ongoing supply chain constraints, including production and delivery delays and elevated costs," said Chief Executive Fran Horowitz, who expressed confidence that new and existing customers would find what they're looking for during the holiday shopping season. Abercrombie & Fitch stock slumped 6.5% in Tuesday premarket trading, but has skyrocketed 131% for the year to date while the S&P 500 index has gained 24.7% for the period.
2:51 a.m. Nov. 23, 2021 - By Tonya Garcia
Dick's Sporting Goods stock rises after earnings beat, guidance raisedDick's Sporting Goods Inc. stock rose 1.4% in Tuesday premarket trading after the sporting goods retailer reported third-quarter earnings that beat expectations and raised its full-year profit guidance. Net income totaled $316.5 million, or $2.78 per share, up from $177.2 million, or $1.84 per share, last year. Adjusted EPS of $3.19 blew past the FactSet consensus for $2.06. Sales of $2.75 billion were up from $2.41 billion last year and also ahead of the FactSet consensus for $2.51 billion. Same-store sales grew 12.2%, well ahead of the FactSet consensus for 3.5% growth. "Our fourth quarter is off to a strong start," said Chief Executive Lauren Hobart in a statement. Dick's expects full-year sales of $12.12 billion to $12.19 billion, comparable sales growth of 24% to 25%, EPS of $12.88 to $13.06 and adjusted EPS of $14.60 to $14.80. the FactSet consensus is for sales of $11.04 billion, comparable sales growth of 22.2% and EPS of $12.40. Dick's stock has soared 149.6% for the year to date while the S&P 500 index has gained 24.7% for the period.
2:49 a.m. Nov. 23, 2021 - By Tomi Kilgore
Dollar Tree matches and profit and tops sales views, moves to $1.25 price point for all storesShares of Dollar Tree Inc. sank 1.2% in premarket trading Tuesday, after the discount retailer matched profit expectations and topped sales forecasts but saw gross margin fall, and said it was moving to a $1.25 price point for all Dollar Tree stores. Net income fell to $216.8 million, or 96 cents a share, from $330.0 million, or $1.39 a share, in the year-ago period. The FactSet consensus for earnings per share was 96 cents. Sales rose 3.9% to $6.42 billion, above the FactSet consensus of $6.41 billion, while cost of sales grew 9.4% to outpace sales growth and to knock gross margin down to 27.5% from 31.2%. Same-store sales rose 1.6%, beating the FactSet consensus of 1.5%, as Family Dollar same-store sales rose 2.7% and Dollar Tree same-store sales increased 0.6%. For the fourth quarter, the company expects EPS of $1.69 to $1.79 and sales of $7.02 billion to $7.18 billion, compared with the FactSet EPS consensus of $1.74 and sales expectations of $7.03 billion. Regarding the $1.25 price point: "For 35 years, Dollar Tree has managed through inflationary periods to maintain the everything-for-one-dollar philosophy that distinguished Dollar Tree and made it one of the most successful retail concepts for three decades. However, as detailed in its September announcement, the company believes this is the appropriate time to shift away from the constraints of the $1.00 price point in order to continue offering extreme value to customers." The stock has rallied 28.1% over the past three months through Monday while the S&P 500 has gained 4.5%.
2:35 a.m. Nov. 23, 2021 - By Tonya Garcia
Best Buy beats expectations and raises guidance, but stock slumpsBest Buy Co. Inc. reported fiscal third-quarter net income totaling $499 million, or $2.00 per share, up from $391 million, or $1.48 per share, last year. Adjusted EPS of $2.08 beat the FactSet consensus for $1.95. Revenue of $11.91 billion was up from $11.85 billion last year and also ahead of the FactSet consensus for $11.65 billion. Enterprise comparable sales rose 1.6%, with domestic comparable sales up 2% and international comparable sales down 3%. The FactSet consensus was for an enterprise comparable sales decline of 0.2%, and U.S. comparable sales up 0.3%. Gross margin as 23.5% down slightly from 23.6% last year. For the fourth quarter, Best Buy is guiding for revenue of $16.4 billion to $16.9 billion and comparable sales between a 2% decline and 1% growth. The FactSet consensus is for revenue of $15.58 billion and comparable sales growth of 0.1%. For the year, Best Buy raised its revenue outlook to $51.8 billion to $52.3 billion from $51.0 billion to $52.0 billion. Comparable sales growth is expected to be 10.5% to 11.5%, up from previous guidance for 9% to 11% growth. The FactSet consensus is for revenue of $48.32 billion and comparable sales growth of 11.5%. Best Buy shares sank 10.4% in Tuesday premarket trading, but have rallied 38.3% for the year to date while the S&P 500 index is up 24.7% for the period.
2:22 a.m. Nov. 23, 2021 - By Steve Gelsi
Analog Devices beats targets for adj. earnings, revenueAnalog Devices Inc. said Tuesday its fourth-quarter net income fell 79% to $99 million, or 16 cents a share, from $462 million, or $1.04 a share in the year-ago period. Adjusted earnings rose to $1.73 a share from $1.44 a share. Revenue increased by 53% to $2.34 billion. Analysts expected the semiconductor company to earn $1.70 a share on revenue of $2.25 billion, according to a survey by FactSet. Looking ahead, the company expects first-quarter adjusted earnings of $1.68 to $1.88 a share, compared to the analyst estimate of $1.71 a share. It's targeting first quarter revenue of $2.5 billion to $2.7 billion, against an analyst target of $2.38 billion. Shares of Analog Devices edged up by 0.2% in premarket trades.
1:59 a.m. Nov. 23, 2021 - By Tomi Kilgore
Medtronic stock drops toward 8-month low after revenue miss and lowered full-year growth outlookShares of Medtronic PLC dropped 1.2% toward an eight-month low in premarket trading Tuesday, after the medical technology company beat fiscal second-quarter profit expectations but missed on revenue, citing the negative impact of the COVID-19 pandemic resurgence and healthcare staffing challenges on medical procedure volumes. Net income for the quarter to Oct. 29 nearly tripled to $1.31 billion, or 97 cents a share, from $489 million, or 36 cents a share, in the year-ago period. Revenue rose 2.6% to $7.85 billion but was below the FactSet consensus of $7.97 billion, while cost of sales fell 7.7%. Cardiovascular revenue rose 3.7% to $2.83 billion, medical surgical revenue increased 0.6% to $2.30 billion, neuroscience revenue fell 0.4% to $1.07 billion and diabetes revenue grew 1.9% to $585 million. For fiscal 2022, the company affirmed its adjusted EPS guidance range of $5.65 to $5.75, but cut its revenue growth outlook to 7% to 8% from 9%. The stock has shed 9.0% over the past three months through Monday, while the SPDR Health Care Select Sector ETF has slipped 2.8% and the S&P 500 has gained 4.5%.
2:31 a.m. Nov. 22, 2021 - By Steve Gelsi
Avaya shares rise in pre-market after Q4 results beat targetAvaya Holdings Corp. shares jumped 6% in premarket trades on Monday after the company's better-than-expected fourth-quarter results. The company's net income fell to $6 million, or 6 cents a share, from $37 million, or 39 cents a share, in the year-ago period. Adjusted net income fell to 77 cents a share from 93 cents a share. Revenue increased to $760 million from $755 million in the year-ago quarter. Analysts expected the company to earn 72 cents a share on revenue of $738.7 million, according to a FactSet survey. Looking ahead, Avaya expects first-quarter adjusted profit of 63 cents to 75 cents a share and revenue of $725 million to $745 million, compared to the analyst target of 79 cents a share and revenue of $746.8 million.
1:58 a.m. Nov. 19, 2021 - By Tomi Kilgore
Foot Locker reports big earnings beat and says inventory levels are 'ready' for the holidays, but stock fallsShares of Foot Locker Inc. fell 4.5% in premarket trading, even after the athletic shoe and apparel retailer reported Friday fiscal third-quarter adjusted profit and sales that rose above expectations, while cost of sales fell, and said it was "ready" for the holidays despite the supply chain issues. Net income fell to $158 million, or $1.52 a share, from $265 million, or $2.52 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to $1.93 from $1.21, well above the FactSet consensus of $1.37. Sales grew 3.9% to $2.19 billion, above the FactSet consensus of $2.15 billion, while cost of sales fell 1.9%. Same-store sales rose 2.2%, compared with the FactSet consensus of 0.6% growth. "The combination of robust demand and fresh inventory, coupled with more full-priced selling, led to gross margin expansion of 380 basis points to 34.7%, from the 30.9% in the prior year period," said Chief Financial Officer Andrew Page. Looking ahead, Page said he expects global supply chain constraints to persist throughout the fourth quarter, but he believes "we are positioned for the holiday season, with positive momentum and inventory levels ready to meet customer demand." The stock has gained 5.8% over the past three months through Thursday, while the S&P 500 has tacked on 6.8%.
11:21 a.m. Nov. 18, 2021 - By Jon Swartz
Workday names new CFO, acquires cloud company VNDLYShares of Workday Inc. were initially down 6% in extended trading Thursday after the software company reported fiscal third-quarter results that surpassed Street estimates, named Barbara Larson as new chief financial officer, and its intention to acquire VNDLY, a cloud-based vendor-management software company. Workday reported net income of $43.3 million, or 17 cents a share, vs. a net loss of $24.3 million, or 10 cents a share, in the year-ago quarter. Adjusted earnings were $1.10 a share. Revenue jumped 20% to $1.33 billion from $1.1 billion a year ago. Billings were slightly below estimates, however. Analysts surveyed by FactSet had expected net income of 87 cents a share on revenue of $1.31 billion. Workday's stock is up 25% this year, while the broader S&P 500 index has gained 25%.
3:04 a.m. Nov. 18, 2021 - By Tonya Garcia
Macy's profit soars past expectations and raises its full-year outlookMacy's Inc. stock jumped 10.3% in Thursday premarket trading after the department store retailer reported third-quarter earnings that trounced Street expectations. Net income totaled $239 million, or 76 cents per share, after a loss of $91 million, or 29 cents per share, last year. Adjusted EPS of $1.23 blew past the FactSet consensus for 31 cents per share. Sales of $5.44 billion were up from $3.99 billion last year and also beat the FactSet consensus of $5.20 billion. Comparable sales grew 37.2% on an owned basis and were up 35.6% on an owned-plus-licensed basis. The FactSet consensus was for 32.3% growth. Macy's added 4.4 million new customers, and says it will launch a curated marketplace in order to continue adding new customers and grow sales. The marketplace will expand the assortment into new categories as well as build on existing ones. The marketplace is expected to launch in the second half of 2022. Macy's other banners include Bloomingdale's and the Bluemercury beauty chain, which both saw comparable store increases in a similar range as the namesake chain. For the year, Macy's raised its sales guidance to $24.12 billion to $24.28 billion from $23.55 billion to $23.95 billion. The company now expects adjusted EPS of $4.57 to $4.76 up from $3.41 to $3.75. The FactSet consensus is for sales of $22.11 billion and EPS of $3.65. Macy's stock has skyrocketed more than 174% for the year to date while the S&P 500 index has gained 24.8% for the period.
2:54 a.m. Nov. 18, 2021 - By Tonya Garcia
Petco beats earnings expectations and raises full-year guidancePetco Health & Wellness Co. Inc. shares edged up 0.1% in Thursday premarket trading after the company reported third-quarter earnings that beat expectations and raised its full-year guidance. Net income totaled $52.8 million, or 20 cents per share, up from $3.4 million, or 2 cents per share, last year. Sales of $1.44 billion were up from $1.26 billion last year. The FactSet consensus was for EPS of 18 cents and sales of $1.37 billion. Comparable sales grew 15%, well ahead of the FactSet consensus for 7.8%. Petco raised its full-year guidance and now expects revenue of $5.725 billion to $5.775 billion, up from $5.6 billion to $5.7 billion, and adjusted EPS of 86 cents to 88 cents, up from 81 cents to 85 cents. The FactSet consensus is for revenue of $5.27 billion and EPS of 79 cents. Petco stock began trading , priced at $18. The stock is set to open Thursday at $24.72, and has gained 28% over the past three months. The S&P 500 index is up 6.6% for the last three months.
2:39 a.m. Nov. 18, 2021 - By Tonya Garcia
Kohl's reports record earnings and raises full-year guidanceKohl's Corp. shares jumped 6.2% in Thursday premarket trading after the department store retailer reported third-quarter record earnings that beat expectations. Net income totaled $243 million, or $1.65 per share, after a loss of $12 million, or 8 cents per share, last year. Revenue of $4.60 billion was up from $3.98 billion last year. The FactSet consensus was for EPS of 70 cents and revenue of $4.27 billion. Comparable sales rose 14.7% ahead of the FactSet consensus for 12.5% growth. Kohl's plans to repurchase $1.3 billion in shares in 2021 after repurchasing $506 million in the third quarter. Kohl's raised its full-year sales expectations to growth in the mid-twenties percentage range, up from low-twenties percentage range growth. And adjusted EPS is now expected to be in the range of $7.10 to $7.30, up from $5.80 to $6.10 previously. The FactSet consensus is for sales of $17.22 billion, suggesting 25.2% growth, and EPS of $5.71. Kohl's shares have surged 38.8% for the year to date, outpacing the S&P 500 index , which is up 24.8% for the period.
1:52 a.m. Nov. 18, 2021 - By Ciara Linnane
BJ's Wholesale Club tops Q3 estimates and announces up to $500 million share buyback programBJ's Wholesale Club Holdings Inc. posted stronger-than-expected earnings for its third quarter on Thursday and said its board has approved a share buyback program of up to $500 million. The Westborough, Mass.-based wholesaler posted net income of $126.5 million, or 92 cents a share, for the quarter, up from $122.8 million, or 88 cents a share, in the year-earlier period. Adjusted per-share earnings came to 91 cents, well ahead of the 81 cent FactSet consensus. Revenue rose to $4.264 billion from $3.732 billion, also ahead of the $3.929 billion FactSet consensus. "Our business accelerated during Q3 on broad based strength, and we saw growth in all of our divisions, with acceleration in traffic and ticket, growth in digitally-enabled sales and conventional sales, all underpinned by strong membership statistics in both new and tenured members," Chief Executive Bob Eddy said in a statement. Same-store sales rose 13.1% to beat the FactSet consensus for a 1.7% decline. The company said it is not offering guidance because of external factors and uncertainties in the market. Shares were not yet active premarket but have gained 61% in the year to date, while the S&P 500 has gained 25%.
3:32 a.m. Nov. 17, 2021 - By Tonya Garcia
T.J. Maxx parent beats earnings expectations, says holiday inventory is up versus pre-COVIDTJX Cos. shares rose 3.6% in Wednesday premarket trading after the off-price retailer reported fiscal third-quarter earnings and sales that beat expectations. Net income totaled $1.02 billion, or 84 cents per share, up from $866.7 million, or 71 cents per share, last year. Sales of $12.53 billion were up from $10.12 billion in 2020. The FactSet consensus was for EPS of 81 cents and sales of $12.27 billion. Overall open-only comp store sales rose 14% for the period. Open-only comp store sales measures sales growth or decline at stores open for the same days in fiscal 2020, before COVID. TJX's portfolio includes TJ Maxx, HomeGoods and Marshalls. For the start of the fourth quarter, TJX says open-only comp store sales are up mid-teens compared to fiscal 2020. Inventory as of Oct. 30 was at $6.6 billion, up from $6.3 billion in fiscal 2020. "We are in an excellent inventory position, with most of the product needed for the holiday season either on hand or scheduled to arrive at our stores and online in time for the holidays," said Chief Executive Ernie Herrman in a statement. During the period, some of the company's stores in Australia were closed due to the pandemic resulting in about $30 million to $40 million in estimated lost sales. Currently, there are no stores closed due to COVID-19. TJX stock is up 1.8% for the year to date while the S&P 500 index has rallied 25.2% for the period.
1:14 a.m. Nov. 17, 2021 - By Tomi Kilgore
Lowe's stock jumps toward a record after profit and revenue beats, surprise growth in same-store salesShares of Lowe's Companies surged 2.1% into record territory in premarket trading Wednesday, after the home improvement retailer reported fiscal third-quarter profit and revenue that beat expectations, a surprise increase in same-store sales and raised its full-year outlook. Net income for the quarter to Oct. 29 rose to $1.90 billion, or $2.73 a share, from $692 million, or 91 cents a share, in the year-ago period. The FactSet consensus for earnings per share was $2.35. Sales grew 2.7% to $22.92 billion, beating the FactSet consensus of $22.08 billion, as cost of sales rose 2.1% and gross margin improved to 33.1% from 32.7%. Overall same-store sales rose 2.2%, compared with the FactSet consensus for a 1.3% decline, while U.S. same-store sales growth of 2.6% beat expectations of a 1.9% decline. For fiscal 2021, the company raised its revenue outlook to "approximately $95 billion" from "approximately $92 billion." Separately, the company said it repurchased $2.9 billion worth of its stock during the third quarter. The stock, which closed at a record $244.78 on Tuesday, has run up 34.3% over the past three months while the S&P 500 has gained 5.7%.
5:07 a.m. Nov. 16, 2021 - By Tonya Garcia
On Holding stock soars after surprise profitOn Holding AG stock soared 21% in early Tuesday trading after the newly-public athletic company reported a surprise third-quarter profit. Net income totaled CHf 13.0 million (US$14.0 million), or CHf 0.04 per share, up from CHf 8.1 million, or CHf 0.03 per share, last year. Sales totaled CHf 218.0 million (US$234.8 million), up from CHf 130.1 million last year. The FactSet consensus was for a loss of CHf 0.11 per share and sales of CHf 182.8 million. On's Co-Chief Executive Martin Hoffmann called the most recent quarter the "strongest" in the company's history in terms of sales. "Recent supply chain challenges will lead to a transitory supply shortage in the fourth quarter and the first half of 2022," he said in a statement. "But since early November, all our production factories are open, and our outlook on net sales and adjusted EBITDA exceeds our original assumptions." The company is guiding for sales of CHF 710 million for the full year, up about 67% from 2020. The FactSet consensus is for CHf 678.6 million. On is guiding for sales of CHF 960 million for 2022. On Holding stock began trading on Sept. 15. Shares have soared by nearly 50% over the past month. The S&P 500 index is up 5.1% for the last month.
2:26 a.m. Nov. 16, 2021 - By Tonya Garcia
Walmart raises full-year earnings guidanceWalmart Inc. stock rose 2.2% in Tuesday premarket trading after the retail giant raised its full-year earnings guidance, the third consecutive quarter it has done so. Net income totaled $3.11 billion, or $1.11 per share, down from $5.14 billion, or $1.80 per share, last year. Adjusted EPS of $1.45 beat the FactSet consensus for $1.40. Revenue of $140.53 billion was up from $134.71 billion last year and also beat the FactSet consensus of $135.43 billion. U.S. e-commerce sales were up 8% year-over-year, and have grown 87% on a two-year basis. Walmart international sales fell 20.1% to $23.6 billion, impacted by divestitures. U.S. comparable sales excluding fuel grew 9.2%, ahead of the FactSet consensus for 6.4% growth. U.S. inventory is up 11.5% ahead of the holidays. Walmart is one of the large retailers that has to get around supply chain bottlenecks. Walmart expects full-year EPS of $5.00, adjusted EPS of $6.40, up from previous guidance of $6.20 to $6.35 and U.S. comp sales growth excluding fuel of 6%. The FactSet consensus is for EPS of $6.34 and U.S. comp sales growth of 0.8%. Walmart stock is up nearly 2% for the year to date while the Dow Jones Industrial Average has gained nearly 18% for the period.
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%.
1:12 a.m. Nov. 16, 2021 - By Tomi Kilgore
Home Depot's stock rises toward a record after big profit, sales beatsShares of Home Depot Inc. rose 0.7% into record territory in premarket trading Tuesday, after the home improvement retailer reported fiscal third-quarter profit, net sales and same-store sales that rose above expectations. Net income for the quarter to Oct. 31 increased to $4.13 billion, or $3.92 a share, from $3.43 billion, or $3.18 a share, in the year-ago period, to beat the FactSet consensus for earnings per share of $3.42 by a wide margin. Net sales rose 9.8% to $36.82 billion, well above the FactSet consensus of $34.95 billion. Same-store sales grew 6.1%, to beat the FactSet consensus of 2.4% growth, while U.S. same-store sales rose 5.5% to top expectations of a 2.3% rise. Cost of sales rose 9.9% to $24.26 billion, as gross margin declined to 34.1% from 34.2%. "As evidenced by our strong performance in the quarter, our team continues to do an outstanding job of operating with flexibility and agility," said Chief Executive Craig Menear. "Ultimately, this is what has allowed us to respond to the elevated home improvement demand that has persisted." The stock, which was on track to open above the Nov. 12 record close of $372.63, has run up 39.7% year to date through Monday, while the Dow Jones Industrial Average has advanced 17.9%.
11:14 a.m. Nov. 15, 2021 - By Jon Swartz
Endeavor shares up 1% on sales, earnings beatShares of Endeavor Group Holdings Inc. were up 1% in extended trading Monday after the company fiscal third-quarter results. Endeavor reported net income of $63.6 million, or 16 cents a share, vs. a net loss of $21.8 million in the same quarter a year ago. Revenue climbed 61% to $1.39 billion from $864.5 million a year ago. Analysts surveyed by FactSet had expected net income of 12 cents a share on revenue of $1.32 billion. Endeavor's stock is up slightly since its IPO in April, while the broader S&P 500 index 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.
2:49 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.
2:22 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 .
1:38 a.m. Nov. 15, 2021 - By Tomi Kilgore
Thoughtworks adjusted profit, revenue rise above expectations in first earnings report after IPOThoughtworks Holding Inc. reported Monday that it swung to a third-quarter net loss as a result of $73.2 million of stock-based compensation expenses related to its , but adjusted profit and revenue that rose above expectations. The technology consultancy company's stock was still untraded ahead of the open. The net loss was $25.2 million, or 10 cents a share, after income of $21.9 million, or 8 cents a share, in the year-ago period. Excluding nonrecurring items, such as stock-based compensation expenses, adjusted earnings per share rose to 14 cents from 8 cents, beating the FactSet consensus of 10 cents. Revenue rose 45.0% to $285.1 million, above the FactSet consensus of $281.2 million. Looking ahead, the company expects fourth-quarter adjusted EPS of 8 cents to 9 cents, compared with the FactSet consensus of 9 cents, and revenue of $285 million to $287 million, above expectations of $283.7 million. The stock, which went public on Sept. 15, has advanced 10.9% over the past month while the S&P 500 has gained 4.7%.
2:02 a.m. Nov. 12, 2021 - By Tomi Kilgore
Spectrum Brands results including HHI top profit and revenue expectationsSpectrum Brands Holdings Inc. reported Friday fiscal fourth-quarter profit and sales including HHI results that topped expectations, despite challenges resulting from ongoing COVID-19 pandemic-related supply chain disruptions. Shares of the household products company, which brands include Remington, George Foreman, SmartBones and Black Flag, were still inactive in premarket trading. The company had announced in September plans to for $4.3 billion to ASSA Abloy, in deal that has not yet closed. Including the HHI results, net income for the quarter to Sept. 30 rose to $50.3 million, or $1.16 a share, from $45.5 million, or $1.05 a share, in the year-ago period. Excluding nonrecurring items, adjusted EPS came to $1.11, above the FactSet consensus of $1.10. Sales slipped 1.2% to $1.16 billion, above the FactSet consensus of $1.10 billion, as home and personal care sales grew 2.3%, global pet care sales rose 9.1% and home and garden sales fell 7.3%. The company expects to fiscal 2022 sales to grow in the mid-to-high single-digits percentage range, even after absorbing an expected additional level of inflation of about $230 million to $250 million. The stock has rallied 17.2% over the past three months while the S&P 500 has gained 4.2%.
2:00 a.m. Nov. 12, 2021 - By Ciara Linnane
Sustainable jewelry company Brilliant Earth shares rally premarket after first earning as public company top estimatesSustainable jewelry company Brilliant Earth Group Inc. shares jumped 7.6% in premarket trade Friday, after the company below past estimates in its first earnings report as a public company. The San Francisco-based Brilliant Earth posted net income of $4 million, or 1 cent a share for the third quarter, after net income of $8.0 million a year ago. Adjusted per-share earnings came to 9 cents, ahead of the 1 cent FactSet consensus. Sales rose 33% to $95.2 million from $71.4 million a year ago, also ahead of the $87.1 million FactSet consensus. The company went public in late September with the goal of making sustainable jewelry aimed at Gen Z and millennial customers. It is now expecting fiscal 2021 sales to total $366 million to $369 million, above the FactSet consensus for $357.2 million. Shares have gained 17% over their IPO issue price of $12.
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.
3:13 a.m. Nov. 11, 2021 - By Tonya Garcia
Dillard's profit blows past estimatesDillard's Inc. stock jumped 6.4% in Thursday premarket trading after the department store retailer reported third-quarter earnings that blew past estimates. Net income totaled $197.3 million, or $9.81 per share, up from $31.9 million, or $1.43 per share, last year. Sales of $1.481 billion were up from $1.025 billion last year. The FactSet consensus was for EPS of $5.52 and sales of $1.440 billion. Comparable retail sales grew 48%, ahead of the FactSet consensus for 25% growth. Dillard's operates 250 Dillard's locations and 30 clearance centers in 29 states, as well as an e-commerce site. Dillard's stock has skyrocketed 369.5% for the year to date while the benchmark S&P 500 index is up 23.7% for the period.
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%.
2:00 a.m. Nov. 11, 2021 - By Tomi Kilgore
Tapestry stock jumps after earnings beat, raised outlook and new $1 billion stock buyback programShares of Tapestry Inc. shot up 4.4% in premarket trading Thursday, after fashion company, with brands including Coach and Kate Spade, reported fiscal first-quarter profit and revenue that beat expectations and raised the full-year outlook, citing "strong" customer engagement and increased demand. Separately, the company announced a new $1 billion stock repurchase program. Net income for the quarter to Oct. 2 slipped to $226.9 million, or 80 cents a share, from $231.7 million, or 83 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 82 cents beat the FactSet consensus of 70 cents. Sales grew 26.3% to $1.48 billion, above the FactSet consensus of $1.44 billion, as Coach sales rose 27% to $1.11 billion, Kate Spade sales increased 25% to $299.5 million and Stuart Weitzman sales grew 18% to $66.5 million. For fiscal 2022, the company raised its EPS guidance range to $3.45 to $3.50 from $3.30 to $3.35 and its revenue outlook to "approaching" $6.6 billion from $6.4 billion. The stock has declined 3.4% over the past three months through Wednesday, while the S&P 500 has gained 4.5%.
1:18 a.m. Nov. 11, 2021 - By Ciara Linnane
Yeti shares up premarket after earnings beat and raised guidanceYeti Holdings Inc. shares jumped 1.6% in premarket trade Thursday, after the maker of cups and coolers for outdoor activities beat estimates for the third quarter and raised its guidance. The company posted net income of $52.9 million, or 60 cents a share, for the quarter, up from $51.4 million, or 58 cents a share, in the year-earlier period. Adjusted per-share earnings came to 64 cents, ahead of the 60 cent FactSet consensus. Sales rose to $362.6 million from $294.6 million a year ago, also ahead of the $358 million FactSet consensus. "While we are not immune to the confluence of supply chain disruptions and cost pressures that are pervasive in the market, our team's ongoing execution has supported our ability to once again raise both our top and bottom line outlooks for the year," said CEO Matt Reintjes in a statement. The company is now expecting full-year sales to grow 28% to 29%, compared with prior guidance of up 26% to 28%. It expects full-year adjusted EPS of $2.51 to $2.53, compared with prior guidance of $2.42 to $2.46. Shares have gained 51% in the year to date, while the S&P 500 has gained 23.7%.
1:16 a.m. Nov. 11, 2021 - By Tomi Kilgore
Schick, Wet Ones parent Edgewell beats profit and sales expectations, gives in-line outlookEdgewell Personal Care Co. reported Thursday fiscal fourth-quarter profit that more than doubled and revenue that rose above expectations, and while demand is improving supply-chain disruptions are ongoing and inflation is "significant." Shares of the consumer products company, which brands include Schick, Playtex, Hawaiian Tropic and Wet Ones, were still inactive in premarket trading. Net income for the quarter to Sept. 30 rose to $44.1 million, or 80 cents a share, from $21.0 million, or 38 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.01 beat the FactSet consensus of 84 cents. Sales grew 11.1% to $543.2 million, above the FactSet consensus of $522.4 million, while cost of sales increased 11.9%. Wet shave sales rose 3.8%, sun and skin care sales jumped 37.9% and feminine care sales increased 9.9%. For fiscal 2022, the company expects adjusted EPS of $2.98 to $3.26, surrounding the FactSet consensus of $3.07, and sales growth in the low-single digit percentage range, while the FactSet sales consensus of $2.10 billion implies 3.7% growth. The stock has dropped 15.5% over the past three months, while the S&P 500 has gained 4.5%.
9:21 a.m. Nov. 10, 2021 - By Tomi Kilgore
Kelly Services stock tumbles as profit and revenue miss mark amid 'tight' labor conditionsShares of Kelly Services Inc. tumbled 9.5% in afternoon trading Wednesday, after the staffing services company reported third-quarter profit and revenue that rose less than forecast, and lowered its full-year outlook, amid . Net income more than doubled to $34.8 million, or 87 cents a share, from $16.7 million, or 42 cents a share, in the year-ago period. Excluding nonrecurring items, such as gain from an investment in Persol Holdings, adjusted earnings per share fell to 25 cents from 29 cents, to miss the FactSet consensus of 26 cents. Revenue rose 15.1% to $1.195 billion, below the FactSet consensus of $1.245 billion. The company cut its 2021 revenue growth guidance range to 9.5% to 10.5% from 11% to 12%. The company had similar issues in the third quarter of pre-pandemic 2019, as earnings missed expectations . The stock has plunged 20.6% over the past three months, while the S&P 500 has gained 4.8%.
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.
2:18 a.m. Nov. 10, 2021 - By Ciara Linnane
UPDATE: Perrigo shares slide 10% premarket after earnings miss and profit warning Perrigo Plc , the Dublin-based consumer self-care products maker, posted weaker-than-expected third-quarter earnings on Wednesday and issued a profit warning for the full year, after the pandemic added to supply chain issues to leave it with the most unshipped orders ever amid a shortage of trucks and drivers. Perrigo posted a loss of $54 million, or 40 cents a share, for the quarter, after income of $26 million, or 19 cents a share, in the year-earlier period. Adjusted per-share earnings came to 45 cents, below the 65 cent FactSet consensus. Sales rose to $1.04 billion from $1.00 billion a year ago, also below the FactSet consensus of $1.05 billion. CEO Murray S. Kessler said the challenging operating environment falls into three categories: " a historically weak cough/cold season affecting first quarter sales and manufacturing efficiencies, higher input costs and the sudden supply chain disruption, primarily in the form of a shortage of truck drivers, which began in the third quarter. In combination, these factors are forecasted to negatively impact total year adjusted diluted EPS by $0.79, which could only be partially offset, leading us to lower our earnings guidance." The company is now expecting full-year adjusted EPS of $2.00 to $2.10, well below the FactSet consensus of $3.05. Shares fell 10% premarket and are up 6% in the year through Tuesday, while the S&P 500 has gained 25%.
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.
2:16 a.m. Nov. 10, 2021 - By Tomi Kilgore
EVgo reports surprise profit and revenue more than doubles, but stock pulls backShares of EVgo Inc. pulled back 4.8% in premarket trading Wednesday, after rocketing 48.3% over the past two sessions, after the electric-vehicle charging network reported a surprise third-quarter profit, revenue that more than doubled to beat expectations and raised its full-year outlook. The company reported net income of $6.1 million, or 9 cents a share, after recording no net income a year ago. The FactSet consensus was for a per-share loss of 8 cents. Revenue grew 119% to $6.18 million, above the FactSet consensus of $5.38 million. For 2021, the company raised its revenue guidance to $20 million to $22 million from $20 million, and its outlook for network throughput of 24 GWh to 26 GWh from 24 GWh. The stock had soared this week on the back of and after EVgo announced with General Motors Co. and Uber Technologies Inc. . EVgo shares have soared 38.2% over the past three months while the S&P 500 has gained 5.6%.
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