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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%.
2:47 a.m. Today - By Tomi Kilgore
Xerox stock drops after profit beat but revenue surprisingly fell, and outlook cutShares of Xerox Holdings Corp. dropped 3.7% in premarket trading Tuesday, after the printer and copier maker reported third-quarter profit that rose above expectations, but revenue that surprisingly declined, as deterioration in supply chain conditions and the delta variant caused delays in clients' plans to return employees to the workplace. Net income was $90 million, or 48 cents a share, after $90 million, or 41 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 48 cents, above the FactSet consensus of 43 cents. Revenue slipped to $1.76 billion from $1.77 billion, below the FactSet consensus of $1.81 billion. Cost of sales rose 4.6% to $498 million, to lower gross margin to 32.4% from 36.8%. The company lowered its 2021 revenue outlook to approximately $7.1 billion, compared with the FactSet consensus of $7.26 billion. Separately, the company set a new $500 million share repurchase program, following the completion of an expected $500 million buyback program in 2021. The stock has slumped 12.9% over the past three months through Monday, while the S&P 500 has gained 3.3%.
2:42 a.m. Today - By Ciara Linnane
Post-it maker 3M's shares jump 2% premarket after earnings beat3M Co. shares rose 2% in premarket trade Tuesday, after the maker of Post-It notes and diversified industrial company beat estimates for the third quarter. The St. Paul, Minn.-based company posted net income of $1.434 billion, or $2.45 a share, for the quarter, compared with $577.8 million, or $2.45 a share, in the year-earlier period. Sales rose to $8.942 billion from $8.350 billion. The FactSet consensus was for EPS of $2.21 and sales of $8.655 billion. "Overall, end-market demand remained strong, and we navigated supply chain disruptions by maintaining a relentless focus on serving and innovating for our customers," CEO Mike Roman said in a statement. The company is now expecting full-year EPS of $9.70 to $9.90, compared with prior guidance of $9.70 to $10.10. It expects full-year sales to grow 9% to 10% compared with prior guidance of 7% to 10%. The FactSet consensus is for EPS of $9.79 and sales of $35.1 billion, implying growth of 9%. Shares have gained 4% in the year to date, while the S&P 500 has gained 21.6%.
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.
2:46 a.m. Oct. 25, 2021 - By Tomi Kilgore
Restaurant Brands stock gains after profit beats expectations, while revenue came up shyShares of Restaurant Brands International Inc. edged up 0.2% in premarket trading Monday, after the Burger King, Popeyes and Tim Hortons restaurant chains parent beat profit expectations but came up a bit shy on revenue, as COVID-19 contributed to supply chain and labor challenges. Net income rose to $221 million, or 70 cents a share, from $145 million, or 47 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 76 cents, above the FactSet consensus of 74 cents. Total revenue grew 11.8% to $1.495 billion, below the FactSet consensus of $1.522 billion, while cost of sales rose 17.2% to $490 million. Same-store sales for Burger King rose 7.9%, for Popeyes fell 2.4% and for Tim Hortons increased 8.9%. The stock has shed 6.0% over the past three months through Friday while the S&P 500 has gained 3.0%.
2:27 a.m. Oct. 25, 2021 - By Tomi Kilgore
Otis beats profit and sales expectations, raised full-year outlookOtis Worldwide Corp. reported Monday third-quarter profit and sales that rose above expectations, with sales growth exceeding the rise in expenses, and raised its full-year outlook. The elevator and escalator maker said net income increased to $331 million, or 77 cents, from $266 million, or 61 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to 77 cents from 69 cents, beating the FactSet consensus of 73 cents. Sales rose 10.8% to $3.62 billion, above the FactSet consensus of $3.55 billion, as costs and expenses increased 9.7% to $3.08 billion. Among business segments, new equipment sales rose 18.1% to $1.68 billion, above the FactSet consensus of $1.57 billion, while service revenue grew 5.1% to $1.94 billion, just shy of expectations of $1.98 billion. For 2021, the company raised its adjusted EPS guidance to ~$2.95 from $2.89 to $2.93 and listed its sales outlook to ~$14.3 billion from $14.1 billion to $14.2 billion. The stock, which was still inactive in premarket trading, has lost 3.3% over the past three months while the S&P 500 has gained 3.0%.
4:47 a.m. Oct. 22, 2021 - By Tonya Garcia
BJ's Restaurants has cut items from its menu and limited dining room capacity due to staffing shortagesBJ's Restaurants Inc. Chief Executive Greg Levin said in a third-quarter earnings statement that staffing shortages have driven the company to shorten its menu, cut dining room capacity and cut hours in certain locations. "As a result, we finished the third quarter with comparable restaurant sales down 0.5%, compared to the same period in 2019," he said. "Looking forward, as our staffing levels improve, we expect sales to benefit as we seat more tables, expand back to pre-pandemic hours, and return all of our restaurants to full menus by early November." BJ's reported a net loss of $2.2 million, or 9 cents per share, after a loss of $6.6 million, or 30 cents per share, last year. Revenue of $282.2 million was up from $198.9 million last year. The FactSet consensus was for earnings of 8 cents per share and revenue of $292.3 million. Comparable restaurant sales grew 41.8%, below the 44.2% FactSet consensus. Comparable sales were down 0.5% compared with the the same period in 2019. BJ's plans to open eight restaurants in 2022. BJ's stock slipped 0.5% in Friday premarket trading, and is down 8.7% for the year to date. The S&P 500 index has gained 21.1% 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%.
4:21 a.m. Oct. 21, 2021 - By Tomi Kilgore
Freeport-McMoRan's stock falls after profit rises above expectations but revenue comes up a bit shyShares of Freeport-McMoRan Inc. fell 1.8% in premarket trading Thursday, after the mining company reported third-quarter net profit that soared more than four-fold, while revenue came up short of expectations, as realized copper prices soared but gold prices fell. Net income climbed to $1.40 billion, or 94 cents a share, from $329 million, or 22 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 89 cents, above the FactSet consensus of 81 cents. Revenue grew 58.0% to $6.08 billion, just short of the FactSet consensus of $6.13 billion, as cost of sales increased 23.8% to $3.55 billion. The average realized price per pound of copper rose 39.5% to $4.20, the average realized price per ounce for gold fell 7.6% to $1.76 billion and the average realized price per pound for molybdenum jumped 101.6% to $18.61. The stock has rallied 12.4% over the past three months, while the S&P 500 has gained 4.1%.
3:37 a.m. Oct. 21, 2021 - By Tonya Garcia
Tractor Supply reports earnings beat, raises guidanceTractor Supply Co. reported third-quarter net income of $224.4 million, or $1.95 per share, up from $190.6 million, or $1.62 per share, last year. Sales of $3.018 billion were up from $2.607 billion last year. The FactSet consensus was for EPS of $1.66 and sales of $2.861 billion. Comparable sales growth of 13.1% beat the FactSet consensus for 7% growth. "Despite unprecedented pressures across our supply chain, we are raising our outlook for fiscal 2021 and are on track for a record year of sales and earnings," said Chief Executive Hal Lawton in a statement. For 2021, Tractor Supply now expects sales of $12.6 billion, up from previous guidance for $12.1 billion to $12.3 billion. Comp store sales are expected to grow 16%, up from the previous outlook for growth of 11% to 13%. And EPS is now expected to be $8.40 to $8.50, up from $7.70 to $8.00 previously. The FactSet consensus is for sales of $12.263 billion, comp store sales growth of 13.4% and EPS of $8.01. Tractor Supply stock rose 1.4% in Thursday premarket trading, and is up 43.9% for the year to date. The S&P 500 index is up 20.*% for 2021 so far.
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%.
3:49 a.m. Oct. 20, 2021 - By Jaimy Lee
Biogen's stock is up on strong earnings; new Alzheimer's drug had $300,000 in sales in Q3Shares of Biogen Inc. were up 1.8% in premarket trading on Wednesday after the company beat expectations for the third quarter despite lower-than-expected utilization of Aduhelm, its controversial and closely watched new Alzheimer's disease treatment. Biogen had net income of $329.2 million, or $2.22 per share, in the third quarter of 2021, compared with net income of $701.5 million, or $4.47 per share, in the same quarter a year ago. Adjusted earnings per share were $4.47, against a FactSet consensus of $4.09. Biogen's revenue was $2.7 billion in the third quarter of the year, down 18% from $3.37 billion in the same three months of last year, against a FactSet consensus of $2.6 billion in revenue. The drop in revenue is due to several factors, including ongoing declining sales in its multiple-sclerosis portfolio and weak uptick of Aduhelm, which reported sales of $300,000. "The potential uptake of Aduhelm in the U.S. is delayed, but we continue to believe in its long-term potential," CEO Michel Vounatsos said in a news release. The company updated its guidance for the year, saying it now expects revenue of $10.8 billion to $10.9 billion in 2021, compared with previous guidance of $10.6 billion to $10.8 billion. It also expects adjusted EPS of $18.85 to $19.35, compared with previous guidance of $17.50 to $19.00. Biogen's stock is up 9.5% for the year, while the broader S&P 500 is up 20.3%.
3:44 a.m. Oct. 20, 2021 - By Tomi Kilgore
Abbott Laboratories stock surges after big profit and sales beats, and upbeat full-year outlookShares of Abbott Laboratories rallied 2.8% in premarket trading Wednesday, after the health care company reported third-quarter profit and sales that rose well above expectations, with the strongest growth seen in its diagnostics business, and provided an upbeat full-year outlook. Net income rose to $2.52 billion, or $1.17 a share, from $1.76 billion, or 69 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $1.40 from 98 cents to beat the FactSet consensus of 94 cents. Sales grew 23.4% to $10.93 billion, above the FactSet consensus of $9.56 billion, as nutrition sales rose 9.6%, diagnostics sales increased 48.2%, established pharmaceuticals sales grew 15.15 and medical devices sales rose 14.6%. Sales growth outpaced the 13.9% rise in operating costs and expenses. For 2021, the company expects adjusted EPS of $5.00 to $5.10, compared with the FactSet consensus of $4.46. Abbott Labs' stock has gained 9.0% year to date through Tuesday, while the S&P 500 has rallied 20.3%.
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%.
3:33 a.m. Oct. 19, 2021 - By Jaimy Lee
J&J's COVID-19 shot generated $502 million in sales in the third quarterShares of Johnson & Johnson were up 0.1% in premarket trading on Tuesday after the company said it brought in $502 million in worldwide sales of its COVID-19 vaccine in the third quarter of 2021 as part of its . That adds up to a total of $766 million in sales of its COVID-19 shot so far this year. J&J's stock is up 1.7% for the year, while the broader S&P 500 has gained 19.4%.
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.
3:18 a.m. Oct. 19, 2021 - By Tomi Kilgore
Philip Morris stock gains after profit and revenue beat expectations, overall shipments rise 2.1%Shares of Philip Morris International Inc. rose 0.6% in premarket trading Tuesday, after the cigarette and tobacco company reported third-quarter profit and revenue that rose above expectations, as overall shipment volume increased. The company reported operating income that rose 6.5% from a year ago to $3.46 billion, and earnings per share that grew to $1.55 from $1.48. Excluding nonrecurring items, adjusted EPS rose 11.3% to $1.58 to top the FactSet consensus of $1.56. Revenue increased 9.1% to $8.12 billion, above the FactSet consensus of $7.94 billion, while cost of sales rose 7.5% to $2.60 billion. Overall shipment volume rose 2.1% to 188.33 billion units, as a 23.8% surge in heated tobacco shipments to 23.49 billion units offset a 0.4% decline in cigarette shipments to 164.84 billion units. Looking ahead, the company said it expects adjusted EPS toward the upper-half of previously provided guidance. "We confirm our confidence in our 2021 to 2023 growth targets, despite device constraints that could persist into the first half of 2022, with temporarily lower IQOS user growth rates," said Chief Executive Jacek Olczak. The stock has slipped 0.4% over the past three months through Monday while the S&P 500 has gained 5.4%.
2:58 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%.
4:12 a.m. Oct. 18, 2021 - By Tomi Kilgore
Peabody Energy provides preliminary third-quarter update, and stock ralliesPeabody Energy Corp. said Monday it expects to report third-quarter revenue of $670 million to $690 million, net of $238 million of unrealized mark-to-market losses from hedges. The FactSet revenue consensus was $876.8 million. Shares of the coal producer shot up 3.7% in premarket trading. The company said it expects after-tax net loss from continuing operations of $55 million to $75 million, while coal sales to customers were more than $900 million to reached the highest level in seven quarters. The company is expected to report full third-quarter results on Oct. 28, with analysts surveyed by FactSet expecting Peabody to swing to earnings of 83 cents a share from a loss of 66 cents a year ago. The stock has rocketed 562.2% year to date through Friday, while the S&P 500 has gained 19.0%.
3:48 a.m. Oct. 18, 2021 - By Tonya Garcia
Albertsons shares pop after profit and sales beat expectations, guidance raisedAlbertsons Cos. Inc. shares jumped 5% in Monday premarket trading after the grocer reported fiscal second-quarter results that beat expectations and raised its full-year guidance. Net income totaled $295.2 million, or 52 cents per share, up from $284.5 million, or 49 cents per share, last year. Adjusted EPS of 54 cents beat the FactSet consensus for 45 cents per share. Sales of $16.506 billion were up from $15.758 billion and also ahead of the FactSet consensus of $15.864 billion. Identical sales rose 1.5%, above the FactSet consensus for a 1.2% decline. Albertsons announced a to 12 cents. And the company has raised its full-year outlook. It now expects identical sales in the range of a 2.5%-to-3.5% decline, versus previous guidance for a 5%-to-6% drop. And adjusted EPS is now forecast for a range of $2.50 to $2.60 up from previous guidance for a range of $2.20 to $2.30. The FactSet consensus is for an identical sales decline of 4% and EPS of $2.28. Albertsons shares have gained 62.5% for the year to date while the benchmark S&P 500 index is up 19% for the period.
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%.
2:20 a.m. Oct. 15, 2021 - By Tomi Kilgore
Alcoa's stock set for strong open after earnings beat, dividend initiation and new $500 million buyback programShares of Alcoa shot up 5.5% in premarket trading Friday, after the aluminum company reported , said it was initiating a cash dividend and set a new . The company said late Thursday revenue growth was driven by higher aluminum and alumina prices, and higher premiums for value-add products. The new quarterly cash dividend of 10 cents a share will be payable Nov. 19 to shareholders of record on Oct. 29. Based on Thursday's stock closing price of $48.60, the annual dividend rate implies a dividend yield of 0.82%, compared with the implied yield for the S&P 500 of 1.36%. And the new stock buyback program represents 5.5% of Alcoa's market capitalization as of Thursday's close. The stock, which is on track to open just shy of the Sept. 15 three-year closing high of $51.68, has more than doubled (up 110.9%) year to date through Thursday, while the S&P 500 has gained 18.2%.
6:21 a.m. Oct. 14, 2021 - By Tomi Kilgore
Plug Power's stock pulls back to snap long win streak after unveiling highlights of annual SymposiumIn an apparent case of buy the rumor, sell the news, shares of Plug Power Inc. pulled back 4.4% in morning trading, putting them on track to snap a seven-day win streak, after the after the hydrogen and fuel-cell systems company unveiled some highlights of its much-anticipated annual Symposium. The stock had soared 12.8% on Wednesday, , and had soared 38% over the past seven days. The company said it now expects 2022 sales of $825 million to $850 million, which is above the FactSet consensus of $759.7 million. Plug also established 2025 sales guidance of $3 billion, which compares with the current FactSet consensus of $2.22 billion. Among other highlights, Plug said it was partnering with Fortescue Future Industries to form a 50-50 joint venture to build a gigafactory in Australia, entered into an agreement to buy liquified hydrogen transportation company Cryo Technologies and confirmed plans to generate 500 tons per day of liquid green hydrogen by the end of 2025. The stock has run up 21.0% over the past three months, while the S&P 500 has gained 1.1%.
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.
3:21 a.m. Oct. 14, 2021 - By Tonya Garcia
Walgreens profit and sales beat expectationsWalgreens Boots Alliance Inc. shares rose 2.5% in Thursday premarket trading after the pharmacy retailer reported fiscal fourth-quarter earnings and sales that beat expectations. Net income totaled $627 million, or 72 cents per share, up from $373 million, or 43 cents per share, last year. Adjusted EPS of $1.17 beat the FactSet consensus for $1.02. Sales of $34.26 billion rose from $30.37 billion and were also ahead of the FactSet consensus for $33.03 billion. U.S. comparable pharmacy sales rose 8.1% while Boots UK comparable pharmacy sales were up 11.4%. U.S. comparable retail sales increased 8.9% while Boots UK comparable retail sales rose 15%. Walgreens provided 13.5 million COVID-19 vaccinations in the quarter, and 34.6 million for the entire fiscal year. Walgreens has a virtual investor conference taking place on Thursday. Walgreens stock has gained 18.5% for the year to date, outpacing the S&P 500 index , which is up 16.2% for the period.
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 .
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.
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%.
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%.
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