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Jul 20, 2023
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Pool Corporation declined 0.3% to $365.20 after the pool products retailer reported a decline in sales.
Revenue in the second quarter declined 10% to $1.9 billion from $2.1 billion and net income fell 24% to $232.3 million from $307.3 million and diluted earnings per share dropped to $1.10 from $1.0 a year ago.
Net sales decreased 10% in the second quarter of 2023 to $1.9 billion compared to $2.1 billion in the second quarter of 2022 following 15% net sales growth in the second quarter of 2022 and 40% growth in the second quarter of 2021, resulting in a compound annual growth rate of 13% from 2019 to 2023.
The company lowered its annual earnings per share outlook to a new range between $13.14 and $14.14 from the previous estimate between $14.62 to $16.12. -
D R Horton, Inc declined 3.7% to $123.10 after the company reported sharply higher-than-expected revenue and earnings.
Revenue in the fiscal third quarter increased to $9.7 billion from $8.8 billion but net income declined to $1.4 billion from $1.7 billion and diluted earnings per share fell to $3.93 from $4.70 a year ago.
Home sales in the quarter increased 8% to 22,985 units and 4% to $8.7 billion and net orders increased 37% to 22,879 and 26% to $8.7 billion.
Despite the rising mortgage rates, new home sales continued to advance amid tight home supply availability as demand outstrips supply in suburban areas in the South and in the West.
Cancelation rate declined to 18% in the quarter from 24% in the prior year quarter.
In the quarter, the company repurchased 3.1 million shares for $342.9 million.
At the end of the quarter, the company had 43,800 homes in inventory, of which 5,700 homes were completed. -
Las Vegas Sands Corp dropped 3% to $57.85 after the casino and resort company reported mixed quarterly results.
Revenue in the quarter soared to $2.5 billion from $1.0 billion and net income swung to a profit of $368 million from a loss of $414 million and diluted earnings per share increased to 41 cents from (38) cents.
The company reinstated its quarterly cash dividend of 20 cents a share. -
Netflix Inc declined 8.3% to $437.95 after the video content streaming company reported weak revenue growth in the second quarter.
Revenue rose 2.7% to $8.2 billion from $7.9 billion and net income was nearly unchanged at $1.49 billion and diluted earnings per share rose to $3.29 from $3.20 a year ago.
Free cash flow jumped to $1.3 billion from $13 million and global streaming paid members increased 8% to 238.39 million from 220. 67 a year ago. -
Tesla Inc declined 5.7% to $274.92 after the electric vehicle maker reported quarterly results and executives indicated lower sales volume in the current quarter because of plant maintenance.
Total revenue jumped 47% to $24.9 billion from $16.9 billion and net income attributable to common stockholders increased 20% to $2.7 billion from $2.3 billion and diluted earnings per share rose 91 cents from 76 cents a year ago.
Quarterly revenue and earnings were ahead of market expectations and operating margin fell to a low of at least five quarters to 9.6% from the high of 17.2% in third quarter of 2022 on higher discounting.
Free cash flow jumped 62% to $1.0 billion from $621 million a year ago. -
Goldman Sachs Group Inc declined 0.3% to $336.85 after the company reported lower-than-expected adjusted quarterly earnings because of losses in real estate and GreenSky.
Net revenue declined 8% to $10.9 billion from $11.9 billion and net earnings plunged to $1.2 billion from $2.8 billion and diluted earnings per share dropped to $3.08 from $7.73 a year ago.
Investment banking fees declined 20% to $1.4 billion from $1.8 billion after merger advisory fees plunged 46% to $647 million from $1.2 billion.
Fixed-income bonds, currencies and commodities trading revenue plunged 28% to $2.7 billion from $3.6 billion and equities trading revenue increased 1% to $2.9 billion.
Asset and wealth management revenue decreased 4% to $3.04 billion from $3.2 billion a year ago.
Book value increased 1.9% to $309.33 a share. -
Ally Financial Inc increased 3.0% to $29.0 after the company reported a decline in earnings but ahead of market expectations.
Total revenue in the quarter was unchanged at $2.07 billion and net financing revenue declined to $1.6 billion from $1.8 billion and net income attributable to shareholders declined to $301 million from $454 million and diluted earnings per share fell to 99 cents from $1.40 a year ago.
The company has about 2.9 million retail deposit customers with an average balance of $50,000 and 92% of retail deposit balances are FDIC insured.
Net interest margin was 3.4%, indicating that the bank is passing on higher interest rates to its customers but not to depositors.
Total deposits increased by $13.9 billion from a year ago to $154.3 billion at the end of the second quarter.
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Western Alliance Bancorp extended gains for the second day in a row by 8% to $46.42 despite the company reporting weak quarterly results.
Net revenue increased 21.3% to $669.3 million and net income decreased 17.1% to $215.7 million from $260.2 million and diluted earnings per share fell to $1.96 from $2.39 a year ago.
Total deposits declined 5% from a year ago and rose 7.3% from the previous quarter to $51.0 billion.
The rise in deposits from the previous quarter showed that the bank is attracting more customers, a key driver indicator of the customer confidence.
Net interest margin decreased to 3.42% from 3.54% a year ago and from 3.79% in the previous quarter. -
J.B. Hunt Transportation Services increased 2.9% to $193..33 after the trucking services provider reported better-than-expected quarterly results.
Revenue in the second quarter declined 18% to $3.13 billion from $3.83 billion and net earnings dropped to $189.5 million from $1255.4 million and diluted earnings per share fell to $1.81 from $2.42 a year ago.
The decline in revenue was primarily driven by a decrease in revenue per load of 24% in Integrated Capacity Solutions, 13% in Intermodal, and 21% in Truckload, and a 4% decline in productivity in Dedicated Capacity Solutions, as a result of changes in customer rate, freight mix and lower fuel surcharge revenue.
Volume declines of 7% in JBI, 26% in ICS, 4% in DCS, and stop count decline of 24% in Final Mile Services also contributed to the year-over-year decline in revenue, partially offset by a 6% increase in JBT volume.
In the second quarter, the company repurchased 315,000 shares for $53 million and at the end of June $463 million were available for stock repurchase.
Total outstanding shares at the end of the second quarter were 103.3 million. -
Lockheed Martin Corp fell 0.04% to $469.76 after the defense contractor reported quarterly results met some investors' expectations.
Revenue in the second quarter edged up 8% to $16.7 billion from $15.4 billion and net income rose to $1.7 billion from $309 million and diluted earnings per share advanced to $6.63 from $1.16 a year ago.
Order backlog increased to record high $158 billion.
Free cash flow declined to $771 million from $1.027 billion a year ago.
The company revised higher its annual sales range to between $66.25 billion and $66.75 billion from the previous estimate between $65.0 billion and $66.0 billion released in April.
Jul 19, 2023
Jul 18, 2023