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4:47 a.m. Today - 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. Today - 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. Today - 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%.
4:17 a.m. Sept. 30, 2021 - By Tonya Garcia
Bed Bath & Beyond stock sinks 17% after profit and sales miss, weak guidance Bed Bath & Beyond Inc. shares sank 17.1% in Thursday premarket trading after the retailer reported fiscal second-quarter profit and sales that missed expectations and gave guidance below Street consensus. Net loss totaled $73.2 million, or 72 cents per share, after net income of $217.9 million, or $1.75 per share, last year. Adjusted EPS of 4 cents was well below the FactSet consensus for 52 cents. Sales of $1.985 billion was down from $2.688 billion in 2020 and below the Factset consensus for $2.059 billion. Comparable sales fell 1%, which the company attributed to a decline in August traffic. The FactSet consensus was for a 1.5% increase. "As COVID-19 fears re-emerged amid the on-going Delta variant, we experienced a challenging environment," said Chief Executive Mark Tritton in a statement, explaining the sales and gross margin pressure the company experienced. "This was particularly evident in large, key states such as Florida, Texas and California, which represent a substantial portion of our sales. Furthermore, unprecedented supply chain challenges have been impacting the industry pervasively, and we saw steeper cost inflation escalating by month, especially later in the quarter, beyond the significant increases that we had already anticipated." Bed Bath & Beyond is guiding for third quarter sales between $1.96 billion to $2.0 billion, flat comparable sales, and adjusted EPS in the range of $0.00 to $0.05. The FactSet consensus is for sales of $2.021 billion, comparable sales growth of 2% and EPS of 29 cents. Bed Bath & Beyond is forecasting full year sales of $8.1 billion to $8.3 billion, flat-to-slightly up comparable sales, and adjusted EPS in the range of $0.70 to $1.10. The FactSet consensus is for sales of $8.312 billion, comparable sales growth of 13.9% and EPS of $1.51. Bed Bath & Beyond shares have gained 25% for the year to date while the S&P 500 index is up 16.1% for the period.
3:37 a.m. Sept. 30, 2021 - By Ciara Linnane
McCormick beats earnings estimates as sustained eating-at-home trend offsets inflationary and logistics pressuresSpices and flavorings maker McCormick & Co. Inc. beat earnings estimates for the third quarter, boosted by continued strong demand for eating at home that helped offset inflationary and logistics pressures that are hurting many companies. The company posted net income of $212.4 million, or 79 cents a share, for the quarter, up from $206.2 million, or 76 cents a share, in the year-earlier period. Adjusted per-share earnings came to 80 cents, ahead of the 72 cents FactSet consensus. Sales rose to $1.549 billion from $1.430 billion, also ahead of the FactSet consensus of $1.538 billion. "While the profit driven by our strong third quarter sales growth was tempered by higher inflation and industry-wide logistics challenges, we expect to manage through this inflationary environment as we have successfully done in the past, including through pricing, and fully offset cost pressures over time," Chief Executive Lawrence E. Kurzius said in a statement. McCormick is now expecting fiscal 2021 sales to grow 12% to 13% and for EPS to range from $2.80 to $2.85. It expects adjusted EPS to range from $2.97 to $3.02, down from earlier guidance of $3.00 to $3.05. Shares were not yet active premarket, but have fallen 13% in the year to date, while the S&P 500 has gained 16%.
3:18 a.m. Sept. 28, 2021 - By Tonya Garcia
United Natural Foods misses sales expectations but offers an upbeat outlookUnited Natural Foods Inc. reported fiscal fourth-quarter net income totaling $43 million, or 69 cents per share, down from $53 million, or 89 cents per share, last year. Adjusted EPS of $1.18 beat the FactSet consensus of 80 cents. Sales of $6.735 billion were down from $6.767 billion and below the FactSet consensus for $6.850 billion. For fiscal 2022, United Foods is guiding for sales of $27.8 billion to $28.3 billion, EPS of $3.60 to $3.90 and adjusted EPS of $3.90 to $4.20. The FactSet consensus is for sales of $27.831 billion and EPS of $3.38. United Natural shares fell 1.9% in Tuesday premarket trading but have soared 137.8% for the year to date. The S&P 500 index has gained 18.3% for 2021 so far.
3:22 a.m. Sept. 23, 2021 - By Tonya Garcia
Olive Garden parent beats earnings expectations, authorizes $750 million share buyback programDarden Restaurants Inc. stock rose 4.4% in Thursday premarket trading after the restaurant company reported fiscal first-quarter earnings that beat expectations and announced a new buyback program. Net income totaled $230.9 million, or $1.75 per share, up from $36.1 million, or 28 cents per share, last year. Sales totaled $2.306 billion, up from $1.527 billion last year. The FactSet consensus was for EPS of $1.64 and sales of $2.240 billion. Same-restaurant sales rose 47.5%, beating the FactSet consensus for 44.3% growth, with Olive Garden up 37.1%, Longhorn Steakhouse up 47% and fine dining up 84.6%. Other chains in the Darden lineup include Yard House, The Capital Grille and Seasons 52. Darden declared a dividend of $1.10 per share payable on November 1, 2021 to shareholders of record at the close of business on October 8, 2021. And the company has authorized a new $750 million share buyback program, bringing the total authorization to about $1 billion. For fiscal 2022, Darden is guiding for sales of $9.4 billion to $9.6 billion, same-restaurant sales growth of 27% to 30% and EPS of $7.25 to $7.60. The FactSet consensus is for sales of $9.408 billion, same-restaurant sales growth of 30.2% and EPS of $7.43. Darden stock has run up 26.2% for the year to date while the S&P 500 index has gained 17% for the period.
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.
3:29 a.m. Sept. 22, 2021 - By Tonya Garcia
General Mills earnings beat the Street with pet food and cooking-at-home trends expected to continueGeneral Mills Inc. shares rose 1.7% in Wednesday premarket trading after the food company reported fiscal first-quarter profit and sales that beat expectations. Net income totaled $627 million, or $1.02 per share, down from $638.9 million, or $1.03 per share, last year. Adjusted EPS of 99 cents beat the FactSet consensus for 89 cents. Sales of $4.54 billion were up from $4.36 billion last year and also ahead of the FactSet consensus for $4.30 billion. "General Mills expects changes in consumer behaviors driven by the COVID-19 pandemic will result in ongoing elevated consumer demand for food at home, relative to pre-pandemic levels," the company said in its earnings release. Changes include working from home, more cooking and baking and a bigger pet population with consumers spending more on pet food. General Mills brands include Cheerios, Yoplait yogurt and pet product brands Nudges and True Chews. For fiscal 2022, General Mills is guiding for organic net sales growth at the higher end of its previous outlook in the range of a 1%-to-3% decline. General Mills stock has slipped 1.3% for the year to date while the S&P 500 index has gained nearly 16%.
4:43 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%.
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%.
4:21 a.m. Sept. 10, 2021 - By Tonya Garcia
Kroger raises full-year adjusted earnings guidanceKroger Co. reported second-quarter net income totaling $467 million, or 61 cents per share, down from $819 million, or $1.03 per share last year. Adjusted EPS of 80 cents beat the FactSet consensus for 64 cents. Sales of $31.68 billion were up from $30.49 billion last year and also ahead of the FactSet consensus for $30.64 billion. Digital sales more than doubled, up 114%. Identical sales excluding fuel fell 0.6%, ahead of the FactSet consensus for a 3.2% decline. On a two-year stack, identical sales were up 14%. Kroger raised its full-year adjusted EPS guidance to $3.25 to $3.35, up from of $2.95 to $3.10. The FactSet consensus is for EPS of $3.09. Kroger shares fell 1.4% in Friday premarket trading, but have gained 45.3% for the year to date. The S&P 500 index has run up 19.6% for 2021 so far.
12:57 p.m. Sept. 9, 2021 - By Claudia Assis
Sumo Logic stock falls 5% after quarterly resultsShares of Sumo Logic Inc. fell more than 5% in the extended session Thursday despite a quarterly beat for the software company. Sumo Logic said it lost $32 million, or 30 cents a share, in the fiscal 2022 second quarter, compared with a loss of $12.2 million, or 66 cents a share, in the year-ago period. Adjusted for one-time items, the company lost 11 cents a share. Revenue rose 19% to $58.8 million, the company said. FactSet consensus called for a loss of 14 cents a share on sales of $57 million. The company guided for third quarter of fiscal 2022's revenue between $60.3 million and $61.3 million, which would represent between 16% and 18% growth on-year, and an adjusted net loss per share of 14 cents. For full fiscal-year 2022, the company guided for revenue between $236.8 million and $238.8 million, representing 17% to 18% growth, and an adjusted loss between 52 cents a share and 51 cents a share. The company "will continue to invest in platform expansion and expanded routes to market to position us to capture the significant opportunity created by digital transformation and cloud migration," Chief Executive Ramin Sayar said in a statement. The stock ended the regular trading day down less than 0.1%.
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