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4:20 a.m. Today - By Tomi Kilgore
Paccar stock falls after surprise profit decline, but revenue rose above forecastsShares of Paccar Inc. shed 0.8% in premarket trading Tuesday, after the truck maker reported a surprise decline in third-quarter profit but revenue that rose above forecasts, as the semiconductor shortage reduced deliveries by more than 17%. Net income fell to $377.7 million, or $1.08 a share, from $385.5 million, or $1.11 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.20. Sales and revenue grew 4.4% to $4.74 billion, above the FactSet consensus of $4.73 billion, while total revenue grew 4.3% to $5.15 billion to top expectations of $5.11 billion. Cost of sales and revenue rose 5.6% to $4.18 billion. The company's Kenworth, Peterbilt and DAF brands delivered 32,800 trucks during the quarter, while the undersupply of chips reduced truck deliveries by about 7,000 vehicles. "PACCAR expects global truck production to improve as supply chain deliveries are resolved," said Chief Executive Preston Feight. The company expects 2021 capital investments of $525 million to $550 million and research and development expenses to be $320 million to $330 million. The stock has gained 1.1% year to date through Monday, while the S&P 500 has advanced 21.6%.
3:43 a.m. Today - By Ciara Linnane
Lockheed Martin shares slide 4.9% premarket after sales miss and lowered guidance Lockheed Martin Corp. shares slid 4.9% in premarket trade Tuesday, after the defense contractor's profit and sales fell and sales missed consensus estimates and the company said it would reassess its five-year business plan. Bethesda, Md.-based Lockheed posted net income of $614 million, or $2.21 a share, less than half the $1.8 billion, or $6.25 a share, posted in the year-earlier period. Sales fell to $16.0 billion from $16.5 billion. The earnings included non-cash pension settlement charges of $1.7 billion, or $4.72 a share after tax. The FactSet consensus was for EPS of $1.97 and sales of $17.1 billion. "We have recently undertaken a reassessment of our five-year business plan given recent external and programmatic events," CEO James Taiclet said in a statement. "Our conclusions, which are reflected in our updated 2021 guidance and subsequent trend information, reflect continuing strong cash flow generation, but a slight reduction in revenue in 2022 and roughly flat to low-single-digit growth rates in both revenue and segment operating profit over the next few years, with increasing growth opportunities in the years that follow." The company is now expecting adj. EPS of $27.17, compared with prior guidance of $26.70 to $27.00. It expects sales of $67.0 billion compared with prior guidance of $67.3 billion to $68.7 billion. Shares have gained 5% in the year to date, while the S&P 500 has gained 21.6%.
3:22 a.m. Today - By Tonya Garcia
Sherwin-Williams earnings miss as supply chain challenges take a toll on sales and marginsSherwin-Williams Co. reported third-quarter net income of $502.2 million, or $1.88 per share, down from $705.8 million, or $2.55 per share, last year. Adjusted EPS of $2.09 missed the FactSet consensus for $2.11. Sales of $5.147 billion were up from $5.122 billion and ahead of the FactSet consensus for $5.090 billion. Chief Executive John Morikis says demand is strong, but supply chain challenges hurt results. "Consolidated net sales increased less than 1%, as raw material availability negatively impacted total sales by a high single digit percentage, of which approximately 75% of the impact was in The Americas Group," he said in a statement. "The raw material availability challenges combined with higher raw material costs significantly pressured gross margins in the quarter." The company will continue to raise prices to offset the cost of raw materials. For the fourth quarter, Sherwin Williams is guiding for a net sales increase in the mid-to-high single digit percent. The FactSet consensus is for sales of $4.682 billion, implying 4.3% growth. For the year, the company expects a sales increase in the high-single digit percent and adjusted EPS of $8.35 to $8.55. The FactSet consensus is for sales of $19.869 billion, implying a rise of 8.2%, and EPS of $8.61. Sherwin Williams stock rose 1.1% in Tuesday premarket trading, and is up 26.4% for the year to date. The S&P 500 index has gained 21.6% for 2021 so far.
3:11 a.m. Today - By Steve Gelsi
Raytheon net income jumps; raises 2021 outlookRaytheon Technologies Corp. said Tuesday its third-quarter net income increased sharply to $1.4 billion, or 93 cents a share, from $151 million, or 10 cents a share in the year-ago period. The aerospace and defense contractor's adjusted profit rose to $1.26 a share from 56 cents a share. Sales increased to $16.21 billion, from $14.747 billion. Analysts were expecting a profit of $1.09 a share on revenue of $16.399 billion, according to a FactSet survey. Citing increased demand for its products, Raytheon increased its 2021 profit forecast to between $4.10 and $4.20 a share, from its earlier view of $3.85 to $4 a share. Analysts expected the company to earn $4.06 a share. Raytheon stock rose 0.6% in premarket trades. The stock is up 27.7% this year, compared to a rise of 20.6% by the S&P 500.
3:00 a.m. Today - By Tomi Kilgore
Hasbro stock rises after profit tops forecasts, revenue rose in line with expectationsShares of Hasbro Inc. rose 2.1% in premarket trading Tuesday, after the toy maker reported third-quarter earnings that beat forecasts, citing particular strength in its entertainment business. Net income rose to $253.2 million, or $1.83 a share, from $220.9 million, or $1.61 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $1.96 from $1.88 and beat the FactSet consensus of $1.69. Revenue grew 10.9% to $1.97 billion, matching the FactSet consensus, while cost of sales slipped 0.1% to $609.5 million. Entertainment revenue soared 76% to $327.1 million and Wizards of the Coast and digital gaming revenue increased 32% to $360.2 million, while consumer products revenue fell 3% to $1.28 billion, as supply chain disruptions and high demand led to stock levels that were below targets. The stock has dropped 14.7% over the past three months through Monday, while the S&P 500 has gained 3.3%.
3:49 a.m. Oct. 25, 2021 - By Tonya Garcia
Kimberly-Clark announces profit warning as company prepares to raise pricesKimberly-Clark Corp. shares fell 2.7% in Monday premarket trading after the consumer goods company reported third-quarter earnings that missed expectations and lowered its earnings guidance. Net income totaled $469 million, or $1.39 per share, compared with $472 million, or $1.38 per share, last year. Adjusted EPS of $1.62 missed the FactSet consensus for $1.65. Sales of $5.01 billion were up from $4.68 billion last year and ahead of the FactSet consensus for $4.99 billion. "Our earnings were negatively impacted by significant inflation and supply chain disruptions that increased our costs beyond what we anticipated," said Chief Executive Mike Hsu in a statement. "We are taking further action, including additional pricing and enhanced cost management, to mitigate these headwinds as it is becoming clear they are not likely to be resolved quickly." A global restructuring program announced in 2018 is expected to be complete at the end of the year with total charges of $2.1 billion to $2.2 billion pre-tax, and pre-tax annual savings of $550 million to $560 million by the end of 2021. Kimberly-Clark narrowed its sales forecast to growth of 1% to 2% compared to previous guidance of 1% to 4%. Adjusted EPS guidance was lowered to $6.05 to $6.25 from previous guidance of $6.65 to $6.90. The FactSet consensus is for sales of $19.418 billion, implying growth of 1.5%, and EPS of $6.70. Kimberly-Clark stock has fallen 1.3% for the year to date while the S&P 500 index has gained 21% for the period.
2:45 a.m. Oct. 22, 2021 - By Tomi Kilgore
Honeywell's stock drops after profit tops expectations but revenue misses amid 'tough' supply chain environmentShares of Honeywell International Inc. slumped 3.4% in premarket trading Friday, after the aerospace and building materials company reported third-quarter profit that topped expectations but revenue that came up short, citing "tough challenges" in the supply chain. Net income rose to $1.27 billion, or $1.80 a share, from $758 million, or $1.07 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose 29% to $2.02, above the FactSet consensus of $1.99. Sales grew 8.7% to $8.47 billion, below the FactSet consensus of $8.66 billion. Among the company's business segments, all saw sales rise from a year ago, but only performance materials and technologies topped expectations, while aerospace, building technologies and safety and productivity solutions were a bit shy. For 2021, the company raised its guidance range for adjusted EPS to $8.00 to $8.10 from $7.95 to $8.10, but cut its revenue guidance to $34.2 billion to $34.6 billion from $34.6 billion to $35.2 billion. The stock has declined 3.5% over the past three months through Thursday, while the S&P 500 has gained 4.2%.
2:18 a.m. Oct. 22, 2021 - By Tomi Kilgore
Autoliv stock falls after profit falls more than 50% to miss expectations as supply shortages weighed on LVPThe U.S.-listed shares of Autoliv Inc. fell 0.6% in premarket trading Friday, after the Sweden-based auto safety systems maker reported third-quarter adjusted profit that was half of last year's and missed expectations, as shortages of semiconductor supplies and other components led to a 20% drop in light vehicle production (LVP). Net income fell to $60 million, or 68 cents a share, from $99 million, or $1.12 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share dropped 50.7%, to 73 cents from $1.48, to miss the FactSet consensus of 81 cents. Sales declined 9.3% to $1.85 billion, just below the FactSet consensus of $1.87 billion. For 2021, the company expects sales growth of "around 11%," while the current FactSet consensus of $8.41 billion implies 13% growth. "The decline in LVP, unpredictable changes in customer call-offs and higher raw material costs resulted in reduced profitability despite significant cost control measures, including headcount reductions," said Chief Executive Mikael Bratt. The stock has gained 3.4% year to date through Thursday, while the S&P 500 has climbed 21.3%.
6:05 a.m. Oct. 21, 2021 - By Jacob Passy
Existing-home sales improve in September, eating up available inventoryExisting-home sales rose 7% on a monthly basis in September, reaching a seasonally-adjusted, annual rate of 6.29 million, the National Association of Realtors said Thursday. Compared to a year ago, though, sales were down roughly 2%. The increase in sales was the result of improved inventory in recent months, which gave buyers more options to choose from and allowed more people to lock in purchases. However, inventory dropped nearly 1% from the previous month as of the end of September, and was down 13% from a year ago.
3:17 a.m. Oct. 21, 2021 - By Ciara Linnane
AutoNation shares jump 2.6% premarket as earnings blow past estimates amid strong demand for carsAutoNation Inc. shares jumped 2.6% in premarket trade Thursday, after the car retailer blew past estimates for the third quarter as net income roughly doubled from a year ago. Fort Lauderdale, Fla.-based AutoNation posted net income of $361.7 million, or $5.12 a share, for the quarter, up from $182.6 million, or $2.05 a share, in the year-earlier period. Revenue rose to $6.379 billion from $5.405 billion. The FactSet consensus was for EPS of $4.20 and revenue of $6.291 billion. "During the quarter, consumer demand continued to outpace supply, driven by consumer desire for personal transportation and ongoing manufacturing supply chain disruptions," the company said in a statement. "New vehicle inventory remains at historically low levels, which combined with strong execution, has supported record profitability." CEO Mike Jackson said they expect the pent-up demand to support sales for the foreseeable future. New vehicle revenue was flat compared to the prior year and down 3% compared to the third quarter of 2019, before the outbreak of the pandemic. Used vehicle revenue rose 53% from a year ago and was up 67% compared to the third quarter of 2019. Shares have gained 67.6% in the year to date, while the S&P 500 has gained 21%.
2:15 a.m. Oct. 21, 2021 - By Tomi Kilgore
Dow's stock gains as profit and revenue rise above forecasts, as local price jumpShares of Dow Inc. edged up 0.2% in premarket trading Thursday, after the chemicals and specialty materials company reported third-quarter profit and revenue that rose above Wall Street forecasts, amid big jumps in local prices due to tight supply and demand dynamics. The company swung to net income of $1.68 billion, or $2.23 a share, from a loss of $25 million, or 4 cents a share, in the same period a year ago. Excluding nonrecurring items, adjusted earnings per share rose to $2.75 from 50 cents, beating the FactSet consensus of $2.56. Sales surged 52.8% to $14.84 billion, above the FactSet consensus of $14.33 billion. Packaging and specialty plastics sales grew 69.5% to $7.74 billion to beat the FactSet consensus of $7.25 billion, as local price increased 63%; industrial intermediates and infrastructure sales rose 46.5% to $4.48 billion vs. expectations of $4.40 billion, as local price increased 49%; performance materials and coatings sales rose 26.2% to $2.53 billion to top expectations of $2.49 billion, as local price increased 23%. "e continue to see robust end-market demand that is expected to extend into 2022, coupled with near-term logistics constraints and low inventory levels across our value chains," said Chief Executive Jim Fitterling. The stock has gained 7.9% year to date through Wednesday, while the Dow Jones Industrial Average has advanced 16.4%.
2:41 a.m. Oct. 20, 2021 - By Tomi Kilgore
Lithia Motors stock set to rally after profit and revenue rise well above forecastsShares of Lithia Motors Inc. were indicated up about 1% in premarket trading Wednesday, after the auto retailer reported third-quarter profit and revenue that rose sharply and were well above expectations. Net income nearly doubled, to $307.9 mullion, or $10.11 a share, from $158.8 million, or $6.86 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose 63% to $11.21, beating the FactSet consensus of $9.30. Revenue grew 70.4% to $6.17 billion, above the FactSet consensus of $5.78 billion, while cost of sales increased 67.8% to $4.98 billion. New vehicle retail revenue rose 53.9% to $2.90 billion and used vehicle retail revenue rose 90.2% to $2.08 billion. "The pipeline is robust and we continue to identify accretive deals that strategically expand our network while meeting our disciplined return thresholds," said Chief Executive Bryan DeBoer. The company said it is pacing ahead of schedule toward its goal of $50 billion in revenue and $50 of EPS by 2025. The stock has gained 15.7% year to date while the S&P 500 has advanced 20.3%.
3:23 a.m. Oct. 19, 2021 - By Tonya Garcia
P&G reports profit decline but maintains guidanceProcter & Gamble Co. shares slipped 0.8% in Tuesday premarket trading after the consumer packaged goods company reported fiscal Q1 profit that fell versus last year. Net income totaled $4.112 billion, or $1.61 per share, down from $4.277 billion, or $1.63 per share, last year. Sales of $20.338 billion were up from $19.318 billion last year. The FactSet consensus was for EPS of $1.59 and sales of $19.826 billion. Sales in all segments, including beauty, grooming and fabric care were up. P&G brands include Tide, Always, Bounty and Dawn. "These results keep us on track to deliver our top-line, bottom-line and cash targets for the fiscal year," said Chief Executive David Taylor in a statement. For full fiscal year 2022, P&G still expects all-in sales growth in the range of 2% to 4%, EPS growth in the range of 6% to 9% compared with fiscal 2021 $5.50 last year, and core EPS growth in the range of 3% to 6% compared to $5.66. The FactSet consensus is for sales of $78.866 billion, suggesting growth of 3.6%, and EPS of $5.93, implying 4.8% growth. P&G stock has risen 2.3% for the year to date while the Dow Jones Industrial Average is up 15.2% for the period.
2:58 a.m. Oct. 19, 2021 - By Ciara Linnane
J&J beats profit estimates for latest quarter as sales fall short and company raises full-year guidanceJohnson & Johnson shares rose 1.6% in premarket trading Tuesday, after the consumer goods and pharmaceuticals company posted better-than-expected third-quarter profit and raised its full-year guidance. The New Brunswick, NJ.-based company posted net income of $3.667 billion, or $1.37 a share, for the quarter, up from $3.554 billion, or $1.33 a share, in the year-earlier period. Adjusted per-share earnings came to $2.60, ahead of the $2.35 FactSet consensus. Sales rose to $23.338 billion from $21.082 billion, missing the $23.642 billion FactSet consensus. CEO Alex Gorsky said earnings were driven by strength in pharma, a continuing recovery in medical devices and growth in consumer health. Consumer health sales rose 5.3% to $3.700 billion, pharmaceuticals sales rose 13.7% to $12.994 billion and medical device sales rose 8% to $6.644 billion. The company is now expecting full-year adjusted EPS of $9.77 to $9.82, up from guidance offered in July of $9.60 to $9.70. It expects sales to range from $91.6 billion to $92.1 billion, up from prior guidance of $91.3 billion to $90.8 billion. Including its COVID-19 vaccine, it expects sales to range from $94.1 billion to $94.6 billion. The FactSet consensus is for EPS of $9.71 and sales of $94.4 billion. Shares have gained 1.7% in the year through Monday, while the Dow Jones Industrial Average has gained 15% and the S&P 500 has gained 19.5%.
5:29 a.m. Oct. 15, 2021 - By Tomi Kilgore
Ford stock gains after China sales report, with Q3 down but year-to-date sales upShares of Ford Motor Co. edged up 0.4% in premarket trading Friday, after the automaker reported overnight third-quarter China vehicle sales that fell from a year ago, amid continued challenges resulting from the semiconductor shortage, but outperformed its U.S. vehicle sales performance by a wide margin. The company said it sold 150,100 vehicles in Greater China during the quarter, down 8.7% from a year ago, while Lincoln brand passenger vehicle sales increased 24%. The year-to-date total has reached 457,000 vehicles, up 11% from the year-ago period. That compares with a 25.8% decline in third-quarter U.S. vehicles sales, with Lincoln-brands sales down 35.8%, according to a MarketWatch analysis of monthly data, and a 7.0% drop in year-to-date sales through September. Ford's stock has soared 75.8% year to date through Thursday, while shares of rival General Motors Co. have rallied 38.5% and the S&P 500 has advanced 16.8%.
3:46 a.m. Oct. 13, 2021 - By Ciara Linnane
Stoneridge issues profit and sales warning for Q3 as supply chain snags and higher costs weigh on its OEM customersStoneridge Inc. , a Novi, Michigan-based maker of electrical and electronic vehicle systems, lowered its third-quarter guidance on Wednesday, and said the continued supply chain-related challenges and higher costs had reduced production schedules for its original equipment manufacturers, or OEM, customers. The company noted an IHS Markit forecast from Sept. 16 for third-quarter worldwide automotive production suggested its weighted average end-markets declined by about 13% f relative to assumptions made on its second-quarter earnings call. "The overall transportation industry continues to be challenged by the global pandemic and its aftermath," CEO Jon DeGaynor said in a statement. "Recent production shutdowns and altered production forecasts at our automotive and commercial vehicle OEM customers, often on short notice, have created volatility and had a negative impact on our financial results for the third quarter." The company is now expecting a third-quarter loss per share of 40 cents to 34 cents, and adjusted loss per share of 29 cents to 23 cents. Sales ae expected to come in at about $180 million. The FactSet consensus is for a loss per share of 10 cents and sales of $185 million. The company has raised prices to mitigate the higher costs, where possible. Shares were down 1.5% premarket and have lost 31% in the year to date, while the S&P 500 has gained 16%.
3:30 a.m. Oct. 12, 2021 - By Steve Gelsi
Fastenal sales rise 10% but costs increase Fastenal Co. said Tuesday its third-quarter net income rose to $243.5 million or 42 cents a share from $221.5 million or 38 cents a share, in the year-ago quarter. Sales increased by 10% to $1.55 billion. A survey of analysts by FactSet estimated earnings of 42 cents a share on sales of $1.54 billion. Employee-related costs increased by 16.8%. The company said it'll continue to take actions in the fourth quarter to mitigate transportation and product costs, amid upward price pressure related to materials. The construction products distributor said it saw "strong growth in underlying demand for manufacturing and construction equipment and supplies." While the company recorded an uptick in sales of certain COVID-related supplies, relative to the prior year, "the impact on our net sales of the current increase in infections and hospitalizations is significantly reduced from what was experienced in the year earlier period," the company said. Shares of Fastenal fell 2.6% in pre-market trades Prior to Tuesday, the shares were up 7% in 2021, compared to a rise of 16.1% in the S&P 500 .
2:59 a.m. Oct. 7, 2021 - By Tomi Kilgore
Helen of Troy beats profit and sales expectations, boosts full-year outlookHelen of Troy Ltd. reported Thursday fiscal second-quarter profit and revenue that fell from a year ago but beat expectations, amid strength in housewares and beauty sales, and raised its full-year outlook. Shares of the company, which brands include Vicks, Braun and Hydro Flask, were still inactive in premarket trading. Net income for the quarter to Aug. 31 fell to $51.3 million, or $2.11 a share, from $87.3 million, or $3.43 a share, in the year-ago period. Excluding non-recurring items, core earnings per share came to $2.65, beating the FactSet consensus of $2.25. Sales declined 10.5% to $475.2 million, above the FactSet consensus of $424.6 million, as housewares sales grew 6.6% to $215.2 million, health and home sales fell 33.1% to $141.5 million and beauty sales increased 0.8% to $118.5 million. For fiscal 2022, the company raised its guidance ranges for core EPS to $7.68 to $8.11 from $6.60 to $7.28 and for sales to $2.02 billion to $2.07 billion from $1.93 billion to $1.98 billion. The stock has lost 1.9% year to date, while the S&P 500 has gained 16.2%.
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 .
2:12 a.m. Oct. 6, 2021 - By Tomi Kilgore
Acuity Brands reports big profit beat, as increased sales and price increases offset higher costsAcuity Brands Inc. reported Wednesday fiscal fourth-quarter profit that was well above expectations, as increased sales volume, price increases and productivity improvements helped offset higher material, labor and freight costs. The lighting company's stock was still inactive in premarket trading. Net income rose to $98.1 million, or $2.72 a share, from $73.7 million, or $1.87 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose 39.1% to $3.27, beating the FactSet consensus of $2.85. Sales grew 11.4% to $992.7 million, above the FactSet consensus of $961.6 million. Cost of sales increased 11.1% to $573.4 million, as gross margin improved to 42.2% from 42.1%. The stock has rallied 45.6% year to date, while the S&P 500 has advanced 15.7%.
9:59 a.m. Oct. 4, 2021 - By Tomi Kilgore
3M stock hits 7-month low after J.P. Morgan downgradeShares of 3M Co. fell to a more than seven-month low before paring losses, after J.P. Morgan analyst Stephen Tusa downgraded the parent of Post-it and Scotch brands maker of N95 masks, citing a lack of fundamental direction and continued uncertainty regarding environmental liabilities. The stock was down 0.3% in afternoon trading, but was down as much as 1.6% at its intraday low of $173.78, the lowest price seen since Feb. 24. Tusa cut his rating to neutral, after being at overweight since Jan. 27, while trimming his price target to $210 from $215. "On the liability front, one could argue visibility is worse now than before, and the company's decision to report expenses in the segments, as opposed to breaking them out in corporate, is difficult to understand, while recent ear-plug suits are negative new news," Tusa wrote in a note to clients. " On the businesses, after a short bump on growth off of a bottom, the company is again missing big on margins on only a slight decline in sales and our historical concerns around an impaired business model here remain - economic recovery has not cured this problem, and companies that continually deliver big misses on only minor fundamental bumps are lower quality and deserve a discount." The stock has shed 11.9% over the past three months, while the Dow Jones Industrial Average has slipped 2.4%.
3:49 a.m. Sept. 30, 2021 - By Steve Gelsi
CarMax shares fall after company misses earnings estimateCarMax Inc. said Thursday its second-quarter net income fell about 4% to $285.3 million or $1.72 a share, from $296.7 million, or $1.79 a share in the year-ago period. The car retailer said earnings per share fell due to last year's Covid-related cost savings. Sales rose to $7.99 billion, a record, from $5.37 billion in the year-ago period. Analysts expected earnings of $1.88 a share and sales of $6.91 billion, according to a survey by FactSet. Shares of CarMax fell nearly 8% in pre-market trades. The stock is up 55% so far this year compared to a 16% increase by the S&P 500 .
6:03 a.m. Sept. 24, 2021 - By Jacob Passy
New home sales jump in August despite record pricesU.S. new-home sales increased 1.5% to an annual rate of 740,000, the government said Friday. The figure equates to how many homes would be sold over a yearlong period of time if the same number were bought in each month based on the rate of sales in July. Compared to a year ago, sales were down 24%.The median forecast of economists polled by MarketWatch was that new home sales would come in at an annual rate of 720,000 for August. The median sales price of new houses sold in August was $390,900, rising slightly from the previous month to reach a new record high.
6:03 a.m. Sept. 22, 2021 - By Jacob Passy
Existing-home sales retreat in August as buyers wait for better pricesExisting-home sales dropped 2% to a seasonally-adjusted, annual rate of 5.88 million in August, the National Association of Realtors said Wednesday. Compared with August 2020, home sales were down 1.5%. Economists polled by MarketWatch had projected existing-home sales to come in at 5.87 million. The median sales price of an existing home was up nearly 15% year-over-year at $356,700.
4:43 a.m. Sept. 17, 2021 - By Tomi Kilgore
MasterCraft cuts sales outlook provided just 2 weeks ago, after a delay in shipment of a key partShares of MasterCraft Boat Holdings Inc. sank 5.8% in premarket trading Friday, after the recreational powerboat maker cut its fiscal first-quarter revenue growth outlook, citing a "temporary delay" in the shipment of a key component from an engine parts supplier. The company said it expects the timing of the shipment of the component to shift to the fiscal second-quarter. The company now expects net sales growth "approaching" the 30% range, compared with guidance provided two weeks ago of the mid-30% range. Meanwhile, the company affirmed its full-year guidance for sales growth in the "high-teens" percentage range. "While we are experiencing a temporary delay in customer deliveries, importantly, our production starts have not been impacted, resulting in a build up of work in process inventory," said Chief Executive Fred Brightbill. The stock has gained 2.7% year to date through Thursday, while the S&P 500 has advanced 19.1%.
4:16 a.m. Sept. 16, 2021 - By Tomi Kilgore
Home prices keep rising, but sales fall for the first time in 15 monthsThe median sale price for a home in August rose year-over-year by more than double-digit percentages for the 13th-straight month, but sales fell for the first time in 15 months, according to real estate services company Redfin Corp. The median home-sale price was $380,271 in August, down 1.0% from July but up 16.2% from the same period a year ago, with prices increasing in 83 of the 85 largest metro areas tracked by Redfin. The largest price increases were 36% in Austin, Texas and 25% in Phoenix, Arizona, while the two areas of declines were Milwaukee, Wisconsin (down 1.6%) and Bridgeport, Connecticut (down 1.1%). "When it comes to home prices in this market, what goes up stays up," said Redfin Chief Economist Daryl Fairweather. Meanwhile, seasonally-adjusted home sales fell 1.4% from July and 6.0% from a year ago, with sales declining in 44 of the 85 largest metro areas. The biggest sales declines were 23% in New Orleans, Louisiana and 16% in Salt Lake City, Utah, while the biggest gains were 65% in New York, New York and 47% in Honolulu, Hawaii. Redfin's stock has tumbled 29.4% year to date, while the iShares U.S. Home Construction ETF has run up 24.8% and the S&P 500 has rallied 19.3%.
3:29 a.m. Sept. 15, 2021 - By Ciara Linnane
Swiss sneaker company On Holding's IPO prices above range at $24 a shareSwiss athletic-footwear maker On Holding , which has a cooperation agreement with tennis great Roger Federer, said its initial public offering priced at $24 a share, above its proposed price range of $18 to $20. The company sold 31.1 million shares to raise $746.4 million shares at a valuation of $6.5 billion. Shares will start trading later Wednesday on the New York Stock Exchange, under the ticker symbol "ONON." Goldman Sachs, Morgan Stanley and Morgan Stanley are lead underwriters in a syndicate of nine banks on the On deal. Proceeds are to be used for general corporate purposes. The company had net income of 3.8 million Swiss francs ($4.1 million) in the six months through June 30, after a loss of 33.1 million francs in the year-earlier period, according to its IPO documents. Sales came to 315.5 million francs, up from 170.9 million francs. The Renaissance IPO ETF has gained 5% in the year to date, while the S&P 500 has gained 18%.
3:19 a.m. Sept. 15, 2021 - By Tomi Kilgore
Weber's stock set to bounce back above IPO price after sales rise to another record, but miss expectationsShares of Weber Inc. rose 1.3% in premarket trading Wednesday, to put them on track to bounce back above the $14 mark, which is where , after the company reported fiscal third-quarter sales that rose to another record, but came up a bit short of expectations. Net income for the quarter to June 30 fell to $17.7 million, or $32.84 a share, from $78.7 million, or $142.69 a share, in the year-ago period. Sales grew 19.3% to $668.9 million, a fifth straight quarterly record, but was below the FactSet consensus of $669.2 million. For 2021, the company expects sales of $1.96 billion to $1.97 billion, compared with the FactSet consensus of $1.96 billion. "During the third quarter, we continued to experience record levels of demand for Weber® grills and accessories across every product fuel type in our portfolio and every region globally," said Chief Executive Chris Scherzinger. "We see ongoing resilience in the outdoor cooking category and continued market share growth for Weber." The stock, which went public on Aug. 5, had tumbled 17.6% amid a six-day losing streak to close Tuesday at $13.92, the first close below the IPO price. Over the same time, the Renaissance IPO ETF has slipped 1.6% and the S&P 500 has lost 2.0%.
3:17 a.m. Sept. 10, 2021 - By Tomi Kilgore
Vista Outdoor to pay $474 million to buy Foresight Sports, to boost golf technology offeringsVista Outdoor Inc. announced Friday an agreement to buy San Diego-based golf performance analysis and game enhancement company Foresight Sports for $474 million. The deal could also include up to $25 million if sales milestones are reached. Vista Outdoor expects the deal to close in the third quarter of fiscal 2022, which for the company ends December. The company expects the deal to immediately add to earnings after closing. "The addition of Foresight Sports immediately positions Vista Outdoor as one of the top technology players in the golf industry," said Vista Outdoor Chief Executive Chris Metz. "Together under the same roof, Bushnell Golf and Foresight Sports will elevate their brands' strengths, engage and expand into new segments of the industry and drive growth and brand awareness at unprecedented scale." Vista Outdoor's stock, which is still inactive in premarket trading, has run up 69.5% year to date, while the S&P 500 has advanced 19.6%.
3:26 a.m. Sept. 9, 2021 - By Tonya Garcia
Lovesac earnings beat expectations with help from a Costco pop-up shopLovesac Co. shares soared 11.6% in Thursday premarket trading after the furniture company reported fiscal second-quarter earnings that far exceeded expectations. Net income totaled $8.4 million, or 52 cents per share, after a loss of $1.1 million, or 8 cents per share, last year. Sales of $102.4 million were up from $61.9 million last year. The FactSet consensus was for EPS of a penny and sales of $113.0 million. Sales got a boost from the reopening of pop-up shops and shop-in-shop locations after closures last year due to COVID-19, and the addition of an online pop-up shop on the Costco Wholesale Corp. website. Stamford, Conn.-based Lovesac is known for its foam beanbag chairs called Sacs and modular couches called Sactionals. Shawn Nelson, the company's chief executive, said in a statement that the third quarter is "off to a strong start" and expressed confidence that its supply chain could manage the current "tight" environment. Lovesac shares have run up 17.1% for the year to date while the S&P 500 index has gained 20.2% for the period.
10:51 a.m. Sept. 8, 2021 - By Tonya Garcia
Archer Daniels takes major stake in pet treat and supplement manufacturersArcher Daniels Midland Co. said Wednesday that it has taken a 75% equity stake in private-label pet treat and supplement manufacturers PetDine, Pedigree Ovens, The Pound Bakery and NutraDine. The transaction values the four enterprises, also called P4 Companies, at $600 million. They have 300 employees, 650 customers across 15 countries, and make products like treats, liquids and powders for pets. Archer Daniels will also acquire production facilities in Illinois and Colorado. Vince Macciocchi, president of Archer Daniels' Nutrition business, said in a statement that the deal is part of the pursuit of the growing pet nutrition business, with global annual sales of pet food projected to grow to $140 billion by 2026 and pet treats growing at an even faster rate. Archer Daniels could purchase the remaining 25% in the coming years. Archer Daniels shares have gained 18.8% for the year to date while the S&P 500 index has gained 20% for the period.
3:29 a.m. Sept. 8, 2021 - By Tonya Garcia
Sherwin-Williams lowers guidance as raw material access, Hurricane Ida take tollSherwin-Williams Co. shares fell 2.4% in Wednesday premarket trading after the paint company lowered its third-quarter guidance. The company now expects sales to rise or fall in the low-single-digit percent range versus previous guidance for an increase in the mid-to-high-single digit percent range. The FactSet consensus is for sales of $5.522 billion, suggesting an increase of 7.8%. "We are now expecting raw material availability, including the unfavorable impact of Hurricane Ida, to negatively impact our third-quarter consolidated sales by a high-single digit percentage," said Chief Executive John Morikis in a statement. Access to raw materials hurt second-quarter sales by about 3.5%, he said. "We continue to see strong demand across the pro architectural and industrial end markets we serve. However, persistent and industry-wide raw material availability issues have not improved as anticipated, impacting our ability to fully meet the strong demand." Sherwin-Williams continues to guide for a full-year sales increase in the high-single- to low-double digit percent range and earnings per share of $9.15 to $9.45. The FactSet consensus is for sales of $20.43 billion, implying an 11.3% increase, and EPS of $9.40. Sherwin-Williams brands include the namesake, Dutch Boy, Krylon and Minwax. Sherwin-Williams stock has run up 23.6% for the year to date while the S&P 500 index is up 20.3% for the period.
4:51 a.m. Sept. 7, 2021 - By Ciara Linnane
Paints maker PPG warns that Q3 sales will lag guidance by $225 million to $275 million due to shortages, higher costsShares of paint maker PPG Industries Inc. slid 4% in premarket trade Tuesday, after the company said it expects third-quarter sales volumes to be lower by $225 million to $275 million from guidance issued at the start of the quarter, due to disruptions in commodity supply, chip shortages and continued logistics and transportation challenges in many regions, including the U.S., Europe and China. "In addition, raw material inflation for the third quarter is trending higher than previously communicated by about $60 million to $70 million," the company said in a statement. The supply-chain disruptions have deteriorated since the company's earnings announcement on July 19 and it is now withdrawing its third-quarter and full-year guidance. However, aggregate economic demand remains robust, it said, and PPG expects strong sales growth heading into 2022 once conditions normalize. Shares have gained 8% in the year to date, while the S&P 500 has gained 20.8%.
10:36 a.m. Sept. 2, 2021 - By Tomi Kilgore
Smith & Wesson stock tumbles after sales miss, Wedbush sees pressure for the rest of the yearShares of Smith & Wesson Brands Inc. tumbled 11.5% in afternoon trading Thursday, after the gun maker reported , but revenue came up short. After five straight quarters of record revenue, as the company benefited from COVID-19-related lockdowns, Chief Executive Mark Smith said although firearms demand remained "very strong," the company did witness "a return to normal summer seasonality" during the quarter. Analyst James Hardiman at Wedbush reiterated his neutral rating but cut his stock price target to $24 from $28. "Despite positive near-term earnings dynamics, investors have made it clear that they perceive [Smith & Wesson] to be a major pandemic beneficiary, which puts downward pressure on the stock over the course of 2021," Hardiman wrote in a note to clients. The stock has rallied 24.0% year to date, while the S&P 500 has advanced 20.6%.
5:31 a.m. Sept. 2, 2021 - By Tomi Kilgore
Ford's August vehicles sales drops by one-third from last yearFord Motor Co. reported August total vehicle sales that dropped by one-third from a year ago, with sharp declines in all types of vehicles, although electric vehicles sales jumped by two-thirds to a new August record. The automaker's stock was little changed in morning trading. Total sales were 124,176 vehicles, down 33.1% from a year ago, as trucks sales dropped 29.4%, SUV sales fell 25.3% and car sales slid 86.0%. Within trucks, F-Series sales fell 22.5% to 57,321 vehicles. Meanwhile, electrified vehicle sales rose 67.3% to 8,756 vehicles. Reservations for Ford's full electric F-150 Lightning truck surpassed 130,000 vehicles. On a monthly basis, Ford said August retail sales increased 6.5% from July, with F-Series retail sales growing 11% to mark the best F-Series sales month since the chip shortage began. Ford's stock has dropped 12.1% over the past three months through Wednesday, while the S&P 500 has gained 7.9%.
4:47 a.m. Sept. 2, 2021 - By Tomi Kilgore
Toro stock gains after profit and revenue rise above expectations, and outlook liftedShares of Toro Co. rose 0.6% in premarket trading Thursday, after the lawn care equipment company reported fiscal third-quarter profit and sales that rose above expectations, as strength in the residential business helped offset a miss in professional, and raised its full-year outlook as strong demand was expected to offset continued supply chain, inflation and labor pressures. Net income for the quarter to July 30 rose to $96.3 million, or 89 cents a share, from $89.0 million, or 82 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 92 cents, above the FactSet consensus of 78 cents. Sales increased 16.2% to $976.8 million, beating the FactSet consensus of $954.7 million. Professional sales grew 15.2% to $718.5 million, missing the FactSet consensus of $723.1 million, while Residential sales rose 23.0% to $252.1 million to top expectations of $236.2 million. Gross margin fell to 33.9% from 35.0%. For fiscal 2021, the company raised its adjusted EPS guidance range to $3.53 to $3.57 from $3.45 to $3.55 and lifted its sales growth outlook to 17% from 12% to 15%. The stock has slipped 1.3% over the past three months through Wednesday, while the S&P 500 has gained 7.5%.
3:54 a.m. Sept. 2, 2021 - By Tomi Kilgore
MasterCraft stock rallies after swinging to big profit beat as sales tripled to a recordShares of MasterCraft Boat Holdings Inc. ran up 4.9% in premarket trading Thursday, after the recreational powerboat company swung to a fiscal fourth-quarter profit that was well above expectations, as sales tripled to a record, and provided an upbeat full-year outlook. Net income for the quarter to June 30 was $16.5 million, or 87 cents a share, after a loss of $2.8 million, or 15 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 98 cents, above the FactSet consensus of 78 cents, after a per-share loss of 10 cents last year. Sales grew 204.4% to $155.5 million, beating the FactSet consensus of $142.3 million. Gross margin improved to 23.9% from 14.5%, citing overhead absorption from higher sales volume, lower warranty costs and lower dealer incentives. For fiscal 2022, the company expects adjusted EPS to grow in the high-teens percentage range, while the FactSet EPS consensus of $3.51 implies a 6.0% rise, and sales are expected to increase in the high-teens range, while the FactSet consensus of $586.9 million implies 11.6% growth. The stock has declined 6.2% over the past three months through Wednesday, while the S&P 500 has gained 7.5%.
3:51 a.m. Sept. 2, 2021 - By Ciara Linnane
G-III Apparel blows past earnings estimates and raises guidanceG-III Apparel Group Ltd. shares rose 1.6% in premarket trade Thursday, after the parent of brands including DKNY, Calvin Klein and Tommy Hilfiger blew past estimates for its fiscal second quarter. The company swung to a profit of $19.2 million, or 39 cents a share, in the quarter to July 31, after a loss of $14.9 million, or 31 cents a share, in the year-earlier period. Sales rose to $483.1 million from $297.2 million a year ago. The FactSet consensus was for EPS of 10 cents and sales of $467.0 million. Chief Executive Morris Goldfarb said the company is "encouraged" by strong consumer demand for apparel and accessories, as it raised its guidance, while acknowledging the uncertainty being created by the pandemic and supply-chain issues creating higher shipping costs and delays. It now expects sales of about $2.7 billion for fiscal 2022 and for net income of $3.10 to $3.20 a share. That compares with a prior forecast of sales of about $2.57 billion and EPS of $2.60 to $2.70. For its fiscal third quarter, it expects sales of about $1.00 billion and EPS of $1.65 to $1.75. Shares have gained 37% in the year to date, outperforming the S&P 500's 20% gain.
2:47 a.m. Aug. 31, 2021 - By Tomi Kilgore
American Woodmark misses profit expectations, as sales growth lagged rise in cost of salesAmerican Woodmark Corp. reported Tuesday fiscal first-quarter profit and sales that missed expectations, as "significant pricing actions" weren't implemented in time to offset increasing inflationary pressures. The cabinet maker's stock was still inactive in premarket trading. Net income fell to $3.0 million, or 18 cents a share, from $16.1 million, or 94 cents a share, in the year ago period. Excluding nonrecurring items, adjusted earnings per share fell to 70 cents from $1.63, below the FactSet consensus of $1.48. Sales dropped 13.5% to $442.6 million, missing the FactSet consensus of $461.3 million. Cost of sales increased 25.3% to $389.1 million, lowering gross margin to 12.1% from 20.4%. "Although we have and are also in the process of implementing significant pricing actions due to the increasing inflationary pressures we are facing, we only realized approximately $3 million of impact in the first quarter of fiscal 2022," said Chief Executive Scott Culbreth. "Assuming our current sales level, we expect the impact of confirmed pricing actions to increase in the second half of fiscal 2022 to over $25 million per quarter." The stock has shed 14.3% year to date, while the S&P 500 has gained 20.6%.
12:31 p.m. Aug. 27, 2021 - By Claudia Assis
Hair products maker Olaplex files for IPOOlaplex Holdings Inc., a maker of hair products, has filed for an initial public offering, according to a filing late Friday. Private-equity Advent and other funds bought Olaplex in January 2020. The company filed to sell $100 million worth of stocks, although that amount is often a placeholder used to calculate filing fees. Olaplex listed sales of $270 million in the six months ended June 2021, up from $100 million in the year-ago period. It earned $95 million in the period, contrasting with losses of $22 million a year ago. The pandemic has shifted demand for Olaplex's products to specialty retail and direct-to-consumer businesses, the company said. "This shift enabled us to scale our DTC capability faster than expected," the company said in the filing. "Even as salons in our professional channel locations have reopened, we have not seen a decline in the demand for our products in our DTC channel, nor do we expect to," it said. The company also created an affiliate program last year so hairstylists would sell Olaplex products for at-home use, it said. Olaplex would trade on the Nasdaq under the symbol OLPX. Underwriters include Goldman Sachs, JPMorgan, and Morgan Stanley.
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