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3:44 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.
8:13 a.m. Oct. 12, 2021 - By Tonya Garcia
Coconut water brand Vita Coco sets IPO terms, plans to raise $224 million Vita Coco Co., makers of coconut water and other beverages, has set terms for its initial public offering, with plans to raise $224 million. The company will offer 11.5 million shares, expected to price in a range of $18 to $21. Vita Coco would be valued at $1.1 billion at the midpoint of that range. Keurig Dr. Pepper Inc. has agreed to purchase $20 million worth of shares from Verlinvest in a private placement transaction. Vita Coco plans to list on the NASDAQ under the ticker "COCO." Goldman Sachs, BofA Securities, Credit Suisse, Evercore ISI, Wells Fargo Securities, Guggenheim Securities, Piper Sandler, and William Blairare the underwriters for the deal. Founded in 2004, Vita Coco is based in New York City and had sales of $311 million for the year ending Dec. 31, 2020, up from $284 million the previous year. The Renaissance IPO ETF has slipped 1.7% for the year to date while the S&P 500 index has gained 16.4% for the period.
5:00 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.
3:55 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.
3:18 a.m. Oct. 7, 2021 - By Steve Gelsi
Tilray posts larger-than-expected lossTilray Inc. said Thursday its first quarter net loss widened to $34.6 million or 8 cents a share, from a loss of $21.7 million, or 9 cents a share in the year-ago period. The cannabis company said sales increased to $168 million from $117.5 million. Tilray was expected to report a loss of 6 cents a share on sales of $172.6 million, according to an analyst survey by FactSet. Tilray said it's on track with at least $80 million cost savings from its merger deal with Aphria. Shares of Tilray rose 2.3% in pre-market trades on Thursday. Tilray shares are up 30.6% this year, compared to a rise of 12.5% for the Nasdaq.
4:08 a.m. Oct. 6, 2021 - By Steve Gelsi
Constellation Brands earnings fall on Canopy Growth lossesConstellation Brands Inc. said Wednesday its second-quarter earnings fell to $1.5 million, or a penny a share, from $512.1 million, or $2.62 a share in the year-ago period. Excluding losses from its ownership stake in Canadian cannabis company Canopy Growth , the wine and spirits company earned $2.52 a share in the latest period. Sales increased to $2.57 billion from $2.46 billion. Analysts expected earnings of $2.79 a share on sales of $2.3 billion, according to a FactSet survey. The company said it expects fiscal 2022 adjusted earnings of $10.15 to $10.45 a share, compared to the analyst projection of $10.05 a share. Constellation Brands shares are down 2.7% this year, compared to a rise of 15.7% by the S&P 500 .
2:14 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%.
6:24 a.m. Oct. 4, 2021 - By Tonya Garcia
Chipotle's smoked brisket will be a hit, says UBSChipotle's Mexican Grill Inc.'s smoked brisket limited-time offer will be a hit, according to UBS analysts. "We anticipate solid demand for the just launched smoked brisket limited-time offer, which is priced at a 10% premium to steak and we could see a ~high-single digit sales mix based on historical launches and a favorable initial customer response based on our select store checks," analysts wrote. Chipotle announced it would add smoked brisket to the menu "We don't anticipate brisket will last as long as carne asada (went through end of Feb), but should drive incremental visits from existing customers & support new customer trial." Analysts also think workers will be a momentum driver, along with new menu items like quesadillas. "Chipotle appears positioned for elevated sales growth over the balance of '21 and long term given continued digital gains, loyalty expansion, new menu items, and a further recovery in dine-in traffic & throughput opportunities." UBS rates Chipotle stock buy and raised its price target to $2,100 from $1,850. Chipotle is scheduled to announce its third-quarter earnings on Oct. 21. Chipotle stock has rallied 30.8% for the year to date while the S&P 500 index is up 15.4% for the period.
3:23 a.m. Oct. 1, 2021 - By Tonya Garcia
Keurig Dr. Pepper shares jump after $4 billion share buyback program announcedKeurig Dr. Pepper Inc. shares jumped 3.3% in Friday premarket trading after the beverage company announced a $4 billion share buyback program. Based on the current stock price, the program represents 8% of outstanding shares. The program is effective for four years starting January 1, 2022 and ending December 31, 2025. Keurig Dr. Pepper is hosting a virtual investor day event on Friday. The company also reaffirmed its 2021 guidance for adjusted earnings per share growth in the range of 13% to 15% and constant currency net sales growth in the range of 6% to 7%. The FactSet consensus is for EPS of $1.60, implying a 14.6% increase. Keurig Dr. Pepper shares are up 6.8% for the year to date while the S&P 500 index has gained 14.7% for the period.
3:37 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%.
3:18 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.
6:16 a.m. Sept. 23, 2021 - By Steve Gelsi
Canadian retail cannabis sales set record, shares riseShares of Canadian cannabis companies rose on Thursday after Statistics Canada reported record sales in July. New Cannabis Ventures reported that July retail sales for the country reached C$338.9 million, up 6% from June. Sales for July rose 45.6% from a year ago. Shares of Tilray Inc. rose 3.2%, Canopy Growth advanced by 3.4%, Aurora Cannabis gained 3.1% and Village Farm International added 3.5%. Sitting out the gains, Ayr Wellness dipped 0.3%.
3:29 a.m. Sept. 22, 2021 - By Tonya Garcia
General Mills earnings beat the Street with pet food and cooking-at-home trends expected to continueGeneral Mills Inc. shares rose 1.7% in Wednesday premarket trading after the food company reported fiscal first-quarter profit and sales that beat expectations. Net income totaled $627 million, or $1.02 per share, down from $638.9 million, or $1.03 per share, last year. Adjusted EPS of 99 cents beat the FactSet consensus for 89 cents. Sales of $4.54 billion were up from $4.36 billion last year and also ahead of the FactSet consensus for $4.30 billion. "General Mills expects changes in consumer behaviors driven by the COVID-19 pandemic will result in ongoing elevated consumer demand for food at home, relative to pre-pandemic levels," the company said in its earnings release. Changes include working from home, more cooking and baking and a bigger pet population with consumers spending more on pet food. General Mills brands include Cheerios, Yoplait yogurt and pet product brands Nudges and True Chews. For fiscal 2022, General Mills is guiding for organic net sales growth at the higher end of its previous outlook in the range of a 1%-to-3% decline. General Mills stock has slipped 1.3% for the year to date while the S&P 500 index has gained nearly 16%.
4:04 a.m. Sept. 20, 2021 - By Steve Gelsi
Cantor Fitzgerald cuts Canopy Growth price target on lower salesCanopy Growth Corp. analyst Pablo Zuanic on Monday cut his 12-month price target on Canopy Growth Corp. , to C$21 from C$30.50 on a lower sales outlook for the Canadian cannabis company amid price pressure in the business. Zuanic reiterated a neutral rating on the stock and said he expects September quarterly sales to fall to C$135 million, compared to the analyst consensus of C$156 million. "We agree that Canopy Growth, under CEO David Klein, has made significant strides [by] cutting costs, refocusing the business, building a U.S. ecosystem for growth now in CBD/consumer packaged goods and in THC in the future upon federal permissibility," he said. While the company will benefit from a full quarter of its recently acquired Supreme Cannabis business, it will be offset by a low teens decline in the base domestic cannabis business, he said. Canopy is attempting a pivot away from value-price cannabis, but results so far are mixed, he said. Shares of Canopy Growth are down 40% so far this year, compared to an 8.6% rise by the Cannabis ETF . Shares of Canopy Growth dipped 1.5% in pre-market trades.
3:18 a.m. Sept. 14, 2021 - By Tonya Garcia
Kroger partners with Instacart for nationwide "Kroger Delivery Now" serviceKroger Co. announced Tuesday that it has partnered with Instacart to launch "Kroger Delivery Now," offering groceries and other essentials delivered in 30 minutes. The service offers more than 25,000 items and reaches as many as 50 million homes. "Last year, Kroger achieved more than $10 billion in e-commerce sales, and we're committed to doubling both our digital sales and profitability rate by the end of 2023 and expect Kroger Delivery Now will help us reach that target," said Kroger Chief Executive Rodney McMullen in a statement. Kroger's portfolio of grocery store chains includes the namesake, Ralphs, Fred Meyer and King Soopers. Kroger and Instacart first partnered in 2017. Kroger reported that beat expectations on Friday. Kroger shares have run up 35% for the year to date while the S&P 500 index has gained 19% for the period.
2:40 a.m. Sept. 14, 2021 - By Ciara Linnane
Rao's pizza sauce parent Sovos Brands to raise up to $372.8 million in IPO at valuation of up to $1.6 billionSovos Brands Inc. , the company behind Rao's pizza sauces and noosa yogurt, set terms for its initial public offering on Tuesday, with plans to offer 23.3 million shares, priced at $14 to $16 each. The company would raise $372.8 million at a valuation of $1.6 billion at the top of that range. JP Morgan and Goldman Sachs are lead underwriters on the deal with proceeds to be used to repay borrowings under its credit facilities and for general corporate purposes. The company had net income of $10.4 million in the 26 weeks to June 26, up from $9.1 million in the year-earlier period. Sales rose to $351.2 million from $261.4 million.
4:21 a.m. Sept. 10, 2021 - By Tonya Garcia
Kroger raises full-year adjusted earnings guidanceKroger Co. reported second-quarter net income totaling $467 million, or 61 cents per share, down from $819 million, or $1.03 per share last year. Adjusted EPS of 80 cents beat the FactSet consensus for 64 cents. Sales of $31.68 billion were up from $30.49 billion last year and also ahead of the FactSet consensus for $30.64 billion. Digital sales more than doubled, up 114%. Identical sales excluding fuel fell 0.6%, ahead of the FactSet consensus for a 3.2% decline. On a two-year stack, identical sales were up 14%. Kroger raised its full-year adjusted EPS guidance to $3.25 to $3.35, up from of $2.95 to $3.10. The FactSet consensus is for EPS of $3.09. Kroger shares fell 1.4% in Friday premarket trading, but have gained 45.3% for the year to date. The S&P 500 index has run up 19.6% for 2021 so far.
10:47 a.m. Sept. 9, 2021 - By Tonya Garcia
Burger King hops onto the celebrity meal bandwagon with Keep It Real dealsBurger King said Thursday that it will launch three celebrity mashup meals, dubbed Keep It Real deals, starting Sunday, September 12. Rapper Nelly has collaborated on the Cornell Haynes Jr Meal, which includes a Whopper and small Sprite. Brazilian entertainer Anitta has partnered for the Larissa Machado Meal, made with an Impossible Whopper. And TikTok star LilHuddy has lent his name to the Chase Hudson Meal, which has a Spicy Ch'King sandwich and chocolate shake. Each of the meals is named after the real names of the participating celebrities. Celebrity collaborations have become a trend at fast-food chains with McDonald's Corp. driving sales through its and Taco Bell, a Yum Brands Inc. chain, creating a new role for its partnership with . Burger King is part of the Restaurant Brands International Inc. portfolio. Restaurant Brands shares are up 5.6% for the year to date while the S&P 500 index has gained 19.7% for the period.
4:27 a.m. Sept. 9, 2021 - By Steve Gelsi
MKM Partners cuts Boston Beer price target on profit warningMKM Partners on Thursday reiterated its neutral rating and cut its price target to $530 a share from $804 a share for Boston Beer Co. . Shares of the brewer dropped 8.8% in pre-market trades Thursday, after the company and lowered its 2021 earnings view to below its previous estimate of $18 to $22 a share. MKM Partners analyst Bill Kirk said the firm expects shares of Boston Beer to remain weak. "Until new innovation replaces the growth from Truly [hard seltzer], it will be difficult for investors to get excited," Kirk said. "We expect sharp negative seasonality following this Labor Day weekend and the inventory glut to require product destruction and/or sharp discounts to resolve." MKM Partners said it needs to see a seltzer recovery or new Boston Beer innovation opportunities to recommend owning the stock. Boston Beer stock is down 44% year to date, while the S&P 500 is up about 20%.
6:21 a.m. Sept. 7, 2021 - By Steve Gelsi
Greenlane shares rise as analyst green lights the stock as a buyGreenlane Holdings Inc. shares are up about 3% on Tuesday after the Boca Raton, Fla.-based maker of packaging, rolling papers, glass products and grinders for cannabis was initiated with a buy rating and $6 price target by Alliance Global Partners. The ratings move comes after the company completed its acquisition of KushCo Holdings Inc. on Sept. 1. Alliance Global analyst Aaron Grey said the combined company is positioned to capitalize on growth in the cannabis business. Greenlane is currently trading at about 1.1 times estimated calendar 2022 sales, well below other ancillary players. Greenlane stock is down 29% this year compared to a 19.8% gain by the Cannabis ETF and a declined of 10% by the AdvisorShares Pure US Cannabis ETF .
2:46 a.m. Sept. 2, 2021 - By Tomi Kilgore
Hormel Foods stock sinks after profit matches expectations but full-year outlook cutShares of Hormel Foods Corp. sank 4.6% in premarket trading Thursday, after the branded foods company, which brands include Planters, Skippy and Spam, reported fiscal third-quarter profit that matched expectations, while record revenue beat, but cut its full-year earnings guidance, as the company managed through inflationary pressure and labor availability challenges. Net income fell to $177.1 million, or 32 cents a share, from $203.3 million, or 37 cents a share, in the year-ago period. Excluding nonrecurring items, earnings per share came to 39 cents, matching the FactSet consensus. Sales grew 20.2% to $2.86 billion, above the FactSet consensus of $2.73 billion, while cost of products sold increased 24.6% and gross margin fell to 14.8% from 17.7%. For fiscal 2021, the company cut its EPS guidance range to $1.65 to $1.69 from $1.70 to $1.82 but raised its sales outlook to $11.0 billion to $11.2 billion from $10.2 billion to $10.8 billion. "We saw significant inflationary pressure in almost all areas of our business, including raw materials, packaging, freight, labor and many other inputs during the quarter," said Chief Executive Jim Snee. "We have implemented pricing actions across virtually every brand, which has been our main lever to offset these inflationary pressures." The stock has lost 7.2% over the past three months through Wednesday, while the S&P 500 has gained 7.5%.
4:00 a.m. Sept. 1, 2021 - By Ciara Linnane
Jack Daniel's parent Brown-Forman profit falls sharply as supply chain issues and pandemic weighBrown-Forman Corp. posted net income of $192 million, or 40 cents a share, for its fiscal first quarter to July 31, down from $324 million, or 67 cents a share, in the year-earlier period. Sales rose to $906 million from $753 million. The FactSet consensus was for EPS of 39 cents and sales of $831 million. "While we are optimistic the operating environment will continue to improve, we are closely monitoring the potential volatility associated with the evolving pandemic and continued supply chain disruptions," Chief Executive Lawson Whiting said in a statement. The company said sales were boosted by 20% growth at the Jack Daniel's family of brands, while premium bourbon sales rose 34% and the tequila portfolio grew them by 32%. The company offered a cautious outlook for fiscal 2022, predicting "volatile" results through the year thanks to supply-chain disruptions . It expect gross margin to be flat or slightly lower, compared with earlier expectations for a slight improvement. Shares were not yet active premarket but have fallen 11.6% in the year to date, while the S&P 500 has gained 20%.
3:42 a.m. Sept. 1, 2021 - By Tonya Garcia
Campbell Soup earnings beat, share buyback program revisedCampbell Soup Co. reported fiscal fourth-quarter net income of $288 million, or 95 cents per share, up from $86 million, or 28 cents per share, last year. Adjusted EPS of 55 cents beat the FactSet consensus for 47 cents. Sales of $1.873 billion were down from $2.108 billion last year but also ahead of the FactSet consensus for $1.809 billion. Campbell approved a $500 million share repurchase program, which replaces a canceled $1.5 billion program. This new program is in addition to the $250 million repurchase program announced during the last quarter. For full-year fiscal 2022, Campbell is guiding for flat sales to a 2% decline and an adjusted EPS of $2.75 to $2.85. The FactSet consensus is for sales of $8.338 billion, implying a 1.6% decline, and EPS of $2.83. Campbell Soup shares edged up 0.7% in Wednesday premarket trading and have fallen 13.7% for the year to date. The S&P 500 index has gained 20.4% for the period.
7:10 a.m. Aug. 31, 2021 - By Steve Gelsi
Valens buys craft grower Stash CannabisThe Valens Company Inc. shares fell 0.7% on Tuesday after the cannabis company said it agreed to acquire all of the outstanding shares of premium marijuana brand Citizen Stash Cannabis Corp. in a deal that values the target company at about $43 million on an enterprise value basis. Shares of Citizen Stash rose 11.8%. Under terms of the deal, Citizen Stash shareholders will receive 0.1620 of a Valens common share for each Citizen Stash common share. Valens said the transaction will add to earnings in 2021 and 2022 before synergies, along with an expansion into premium flower and pre-rolled cigarettes, which account for more than 70% of retail sales. Valens Company CEO Tyler Robson said the acquisition will help the company "significantly expand its presence in the recreational market."
3:50 a.m. Aug. 26, 2021 - By Tomi Kilgore
Sanderson Farms beats profit and sales expectations, as rise in demand and prices offset chicken feed costsSanderson Farms Inc. reported Thursday that rose five-fold to top expectations and revenue that also rose above forecasts, as "significantly improved" demand and prices for products sold helped offset sharp increases in feed costs. Shares of the chicken producer, processor and distributor were still inactive in premarket trading. Net income rose to $164.8 million, or $7.38 a share, from $32.8 million, or $1.48 a share, in the year-ago period. The FactSet consensus for earnings per share was $6.78. Sales rose 41.4% to $1.35 billion, above the FactSet consensus of $1.28 billion. Average quoted market price for boneless breast meat rose 71.4%, for bulk leg quarter grew 66.3% and for chicken breast tenders increased 107.3%. Meanwhile, average feed costs per pound of poultry processed increased 45.8%, while prices paid for corn mean grew 87.7% and for soybean meal rose 50.1%. "Our financial results for the third quarter of fiscal 2021 reflect significantly improved demand and prices for products sold to food service customers, continued strong demand for products sold to retail grocery store customers, reduced volumes due to planned egg set reductions that we implemented during the early stages of the COVID-19 pandemic, and higher costs of feed grains," said Chief Executive Joe Sanderson. The stock has rallied 16.0% over the past three months while the S&P 500 has tacked on 7.2%.
3:21 a.m. Aug. 26, 2021 - By Tomi Kilgore
J.M. Smucker tops profit and sales expectations, but cuts full-year profit outlookShares of J.M. Smucker Co. slipped 0.5% in premarket trading Thursday, after the branded foods company reported fiscal first-quarter profit and sales that topped forecasts, but cut its full-year earnings outlook amid gross margin pressure. Net income for the quarter to July 31 fell to $153.9 million, or $1.42 a share, from $273.0 million, or $2.08 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.90, above the FactSet consensus of $1.89. Sales declined 5.8% to $1.86 billion, beating the FactSet consensus of $1.80 billion. Cost of products sold grew 1.9% to $1.22 billion, reducing gross margin to 34.4% from 39.3%. "Our industry continues to navigate a period of significant supply chain volatility, disruption, and cost inflation," said Chief Executive Mark Smucker. "In the near term, we expect to experience higher raw material and logistics cost increases." For fiscal 2022, the company improved its sales growth outlook to negative 1.5% to negative 2.5% from negative 2% to negative 3%, but lowered its adjusted EPS guidance range to $8.25 to $8.65 from $8.70 to $9.10, as gross margin is expected to decline to 36.0% from 39.2% in fiscal 2021. The FactSet EPS consensus is $8.89. The stock has shed 5.4% over the past three months through Wednesday while the S&P 500 has gained 7.2%.
4:20 a.m. Aug. 10, 2021 - By Tonya Garcia
Sysco shares jump after earnings beat, 'strong' JulySysco Corp. stock rose 4.5% in Tuesday premarket trading after the foodservice company reported fiscal fourth-quarter TKTKTK Net income totaled $151.1 million, or 29 cents per share, after a loss of $618.4 million, or $1.22 per share, last year. Adjusted EPS of 71 cents beat the FactSet consensus for 60 cents. Sales of $16.14 billion were up from $8.87 billion last year and also ahead of the FactSet consensus for $14.66 billion. The company says "currently [there are] no signs of Delta variant impacting demand," and July demand is strong. Sysco stock has slipped 1.1% for the year to date while the S&P 500 index is up 18% for the period.
3:59 a.m. Aug. 9, 2021 - By Tonya Garcia
Tyson stock rises after earnings beatTyson Foods Inc. stock rose 2.3% in Monday premarket trading after the meat manufacturer reported fiscal third quarter earnings and sales that beat expectations. Net income totaled $749 million, or $2.05 per share, up from $526 million, or $1.44 per share, last year. Adjusted EPS of $2.70 far exceeded the FactSet consensus for $1.61. Sales of $12.48 billion were up from $10.02 billion and also beat the FactSet consensus for $11.46 billion. Foodservice demand increased, giving the prepared food category a boost to sales of $2.32 billion. And demand for beef was up with volume growth of 24%, reaching sales of $4.95 billion. Tyson that it will require that all workers are vaccinated. Expenses tied to COVID-19 were $55 million in the third quarter. Tyson stock has gained 10.4% for the year to date while the S&P 500 index has gained 18.1% for the period.
3:30 a.m. Aug. 6, 2021 - By Ciara Linnane
Canopy Growth revenue falls short of estimatesCanopy Growth Corp. shares rose 0.8% in premarket trade Friday, after the Canadian cannabis company posted a profit for its fiscal first quarter, thanks to noncash fair value changes in some of its holdings of more than C$600 million ($479.9 million). The company posted net income of C$392.4 million, or 84 cents a share, for the quarter to June 30, after a loss of C$108.5 million, or 30 cents a share, in the year-earlier period. Earnings were boosted by other income that totaled C$581 million, primarily due to non-cash fair value changes of $601 million. Revenue net of excise taxes came to C$136 million, up 23% from the year-earlier period. The FactSet consensus was for a loss of 23 cents a share and revenue of C$151 million. "While we're encouraged by regulatory advancement in the U.S., Canopy is not waiting as we continue to scale our business on both sides of the border with an exciting product pipeline planned for the coming quarters," Chief Executive David Klein said in a statement. Revenue was driven by double-digit growth in Canadian cannabis and other consumer products, which offset a decline in international sales. The company said CBD business in the U.S., led by the Martha Stewart line, continued to built momentum. The company is still aiming for positive adjusted EBTIDA by the end of fiscal 2022, driven by higher revenue, cost savings and improved price/mix. Shares have fallen 22% in the year to date, while the Cannabis ETF has gained 21% and the S&P 500 has gained 18%.
4:19 a.m. Aug. 5, 2021 - By Tonya Garcia
Kellogg sales rise, beat expectationsKellogg Co. reported second-quarter net income of $380 million, or $1.11, up from $351 million, or $1.02 per share, last year. Adjusted EPS of $1.14 beat the FactSet consensus for $1.03. Revenue of $3.555 billion was up from $3.465 billion last year and also ahead of the FactSet consensus for $3.431 billion. Kellogg now expects organic net sales for 2021 to be flat to up 1%, slightly up from previous guidance for flat sales. The FactSet consensus is for sales of $13.886 billion, implying a 0.8% increase. Kellogg stock rose 1.2% in Thursday premarket trading, though shares are down 0.3% for the year to date. The S&P 500 index has gained 17.2% for 2021 so far.
3:25 a.m. Aug. 5, 2021 - By Tonya Garcia
Papa John's earnings beat expectations, dividend raisedPapa John's International Inc. reported second-quarter net loss of $79.9 million, or $2.30 per share, after net income of $15.7 million, or 48 cents per share, last year. Adjusted EPS of 93 cents beat the FactSet consensus for 74 cents. Revenue of $515.0 million was up from $460.6 million and also ahead of the FactSet consensus for $494.0 million. Comparable sales rose 5.2% in North America and were up 21.2% internationally. The FactSet consensus was for a 1% rise domestically and 18.4% growth around the world. Papa John's announced a 55.6% increase in the annual dividend to $1.40 from 90 cents. For the third quarter, the company has declared a 35-cent dividend to be paid on August 27 to shareholders of record at the close of business on August 16. Papa John's also announced an expanded partnership with Drake Food Service International that will result in 220 additional Papa John's restaurants by 2025, including more than 170 across Latin America, Spain and Portugal where Drake operates more than 280 restaurants and 50 in the U.K. In total Drake will run 560 Papa John's locations. In , Papa John's announced a new London headquarters. Papa John's stock has gained 35.7% for the year to date while the S&P 500 index is up 17.2% for the period.
3:13 a.m. Aug. 4, 2021 - By Tonya Garcia
Kraft Heinz sales slip but beat expectationsKraft Heinz Co. reported a second-quarter net loss of $27 million, or 2 cents per share, after a loss of $1.65 billion, or $1.35 per share, last year. Adjusted EPS of 78 cents beat the FactSet consensus for 72 cents. Sales of $6.615 billion were down from $6.648 billion last year and ahead of the FactSet consensus for $6.551 billion. Kraft says sales were impacted by the , which closed during the quarter. For 2021, Kraft is forecasting organic net sales growth in the mid-single-digit percentage. The FactSet forecast is for sales of $25.285 billion, suggesting a 3.4% decline. Kraft stock slipped 0.4% in Wednesday premarket trading, and has gained 12.4% for the year to date. The benchmark S&P 500 index has gained 17.8% for the period.
2:13 a.m. Aug. 4, 2021 - By Tomi Kilgore
Fresh Del Monte profit more than doubles and top expectations as sales edge higherFresh Del Monte Products Inc. reported second-quarter profit that more than doubled, boosted by relaxed restrictions on social gatherings, and revenue that rose 5% as strength in fresh and value-added products helped offset a decline in bananas. The stock was still inactive in premarket trading. Net income for the quarter to July 2 rose to $47.2 million, or 99 cents a share, from $17.9 million, or 38 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 98 cents, while the average estimate of two analysts surveyed by FactSet was 83 cents. Sales rose to $1.14 billion from $1.09 billion, compared with the FactSet average estimate of $1.15 billion. Fresh and value-added products sales grew 5.9% to $674.0 million, due primarily to higher sales of pineapples, fresh-cut fruits and vegetables, while banana sales fell 0.7% to $426.7 million, mostly a result of lower sales in the Middle East. "Our pineapple, fresh-cut fruit and prepared food products led sales and profitability growth, despite inflationary and cost pressures, which are expected to continue," said Chief Executive Mohammad Abu-Ghazaleh. The stock has rallied 30.0% year to date, while the S&P 500 has gained 17.8%.
4:26 a.m. July 29, 2021 - By Tonya Garcia
Albertsons raises full-year guidanceAlbertsons Cos. Inc. shares rose 2.8% in Thursday premarket trading after the grocer reported fiscal first-quarter earnings that beat expectations and raised its guidance. Net income totaled $444.8 million, or 78 cents per share, down from $586.2 million, or $1.00 per share, last year. Adjusted EPS of 89 cents beat the FactSet consensus for 71 cents. Revenue of $21.27 billion was down from $22.75 billion but ahead of the FactSet consensus for $20.52 billion. Identical sales fell 10.5%, beating the FactSet consensus for an 11.1% decline. Albertsons attributed the declines to cycling high COVID-19-related demand in 2020. On a two-year stack, identical sales were up 16.5%. For the year, Albertsons is guiding for an identical sales decline in the range of 5% to 6%, up from previous guidance for a decline of 6% to 7.5%, and adjusted EPS of $2.20 to $2.30, up from previous guidance for $1.95 to $2.05. The FactSet consensus is for an identical sales decline of 6.3% and EPS of $2.00. Albertsons stock has rallied nearly 18% for the year to date, outpacing the S&P 500 index , which is up 17.2% for the period.
3:52 a.m. July 29, 2021 - By Tonya Garcia
Keurig Dr. Pepper earnings and sales beat expectationsKeurig Dr. Pepper Inc. reported second-quarter net income of $448 million, or 31 cents per share, up from $298 million, or 21 cents per share, last year. Adjusted EPS of 38 cents beat the FactSet consensus for 37 cents. Sales of $3.14 billion were up from $2.86 billion and also ahead of the FactSet consensus of $3.06 billion. Keurig Dr. Pepper maintained its adjusted EPS guidance for growth in the range of 13% to 15%. FactSet is guiding for EPS of $1.60, implying 14.6% growth. In addition to the namesake brands, Keuring Dr. Pepper's portfolio includes Green Mountain Coffee Roasters, Canada Dry and Snapple. Keurig Dr. Pepper stock edged up 0.5% in Thursday premarket trading, and has gained 10.4% for the year to date. The S&P 500 index is up 17.2% for the period.
3:40 a.m. July 29, 2021 - By Tonya Garcia
Molson Coors reports highest sales growth in a decadeMolson Coors Beverage Co. stock rose 2.4% in Thursday premarket trading after the beer producer reported second-quarter earnings and sales that beat expectations. Net income totaled $388.6 million, or $1.79 per share, up from $195.0 million, or 90 cents per share. Adjusted EPS of $1.58 beat the FactSet consensus for $1.34. Sales of $3.564 billion were up from $3.030 billion last year and ahead of the FactSet consensus for $2.811 billion. "This quarter represents the best results we have had since implementing our revitalization plan nearly two years ago, and it delivered the most top-line growth of any quarter in over a decade," said Chief Executive Gavin Hattersley in a statement. Molson Coors brands include Coors Light and Miller Lite beers, and Vizzy hard seltzer. Molson Coors stock has gained 9.6% for the year to date while the S&P 500 index has run up 17.2% for the period.
3:20 a.m. July 29, 2021 - By Tonya Garcia
Hershey reports earnings beat, raises sales guidanceHershey Co. reported second-quarter net income of $301.2 million, or $1.45 per share, up from $268.9 million, or $1.29 per share, last year. Adjusted EPS of $1.47 beat the FactSet consensus for $1.43. Sales of $1.99 billion were up from $1.71 billion last year and also ahead of the FactSet consensus for $1.84 billion. For the full year, Hershey expects net sales growth in the range of 6% to 8% up from previous guidance of growth in the range of 4% to 6%. EPS is expected to be in the range of $6.59 to $6.85, slightly down from the previous guidance for growth in the range of range of 9% to 12%. Adjusted EPS guidance remains unchanged, in the $6.79 to $6.92 range. The FactSet consensus is for sales of $8.63 billion, implying growth of 5.9%, and EPS of $6.89. Hershey stock rose 0.9% in Thursday premarket trading, and has gained nearly 16% for the year to date. The S&P 500 index is up 17.2% for the period.
12:26 p.m. July 22, 2021 - By Jon Swartz
Del Taco shares decline 3% despite sales jump, quarterly profitShares of Del Taco Restaurants Inc. were down 3% in extended trading Thursday after the fast-food chain reported fiscal second-quarter results. Del Taco reported net income of $6 million, or 16 cents a share, vs. a net loss of $576,000, or 2 cents a share, in the year-ago quarter. The company's adjusted net income was $6.1 million, or 16 cents a share. Revenue jumped 19.5% to $125 million from $104.6 million a year ago. Analysts surveyed by FactSet had expected net income of 12 cents a share on revenue of $122.8 million. Del Taco's shares are up 5% so far in 2021. The broader S&P 500 index has gained 16% this year.
3:53 a.m. July 22, 2021 - By Tonya Garcia
Domino's Pizza earnings beat expectations, announces $1 billion share repurchase programDomino's Pizza Inc. stock rose 2.1% in Thursday premarket trading after the pizza delivery company reported second-quarter earnings and revenue that beat expectations. Net income totaled $116.6 million, or $3.06 per share, after net income of $118.7 million, or $2.99 per share, last year. Adjusted EPS of $3.12 beat the FactSet consensus for $2.87. Revenue totaled $1.032 billion, up from $920.0 million last year and also ahead of the FactSet consensus for $974.0 million. U.S. same-store sales grew 3.5%, beating the FactSet consensus for a 1.4% decline. And international same-store sales growth of 13.9% was ahead of the FactSet consensus for 8.7% growth. Domino's has authorized a new $1 billion share repurchase program. On July 20, the company declared a quarterly dividend 94 cents to be paid on September 30 to shareholders of record as of September 15. Domino's stock has rallied 22.7% for the year to date while the S&P 500 index is up 16% for the period.
2:48 a.m. July 19, 2021 - By Tomi Kilgore
Cal-Maine reports a surprise loss, as egg prices dropped amid lifting of COVID-19 restrictions Cal-Maine Foods Inc. reported Monday a surprise fiscal fourth-quarter loss and revenue that fell below expectations, with egg sales dropping as the lifting of COVID-19-related restrictions led to less meals prepared at home. The stock was still inactive in premarket trading. For the quarter to May 29, the company swung to a net loss of $4.2 million, or 9 cents a share, from net income of $60.5 million, or $1.24 a share, in the year-ago period. The FactSet consensus was for a earnings per share of 18 cents. Sales declined 22.8% to $349.8 million, below the FactSet consensus of $391.2 million. Dozens of eggs sold fell 9.4% to 255.85 million, while net average selling price per dozen dropped 16.3% to $1.318. Dozens of eggs produced slipped 1.4% to 239.63 million. "While retail demand has been strong for most of this fiscal year, that trend began to change in the fourth quarter as consumers started dining out again and preparing fewer meals at home," said Chief Executive Dolph Baker. "As a result, food service demand has improved as retail demand has slowed down, with overall demand for shell eggs approaching a more normalized balance that is closer to pre-pandemic levels." Separately, since the company tends to pay a quarterly dividend that is equal to one-third of the quarter's net income, and given that it recorded a net loss for the fourth-quarter, it will not pay a fourth-quarter dividend. The stock has declined 3.6% year to date while the S&P 500 has gained 15.2%.
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