Breaking News
Feb 10, 2024
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Ingles Markets declined 4.2% to $78.38 after the discount grocery store operator reported a slight decline in quarterly sales and a sharp decline in earnings.
Revenue in the fiscal first quarter ending on December 30 declined 0.8% to $1.48 billion from $1.49 billion in the quarter ending on December 24, 2023; net income dropped to $43.4 million from $69.4 million; and diluted earnings per share fell to $2.28 from $3.65 a year ago. -
PepsiCo decreased 1% to $172.20 after the food and beverage maker reported mixed quarterly results and said food and beverage volumes declined in its North American unit.
Net revenue in the fourth quarter declined 0.5% to $27.85 billion from $27.99 billion, net income advanced to $1.3 billion from $518 million, and diluted earnings per share rose to 94 cents from 37 cents a year ago.
Volumes in the fourth quarter in its beverage unit declined 6%, Quaker Foods fell 8%, and Frito-Lay eased 2%.
PepsiCo hiked its quarterly dividend by 10% to $1.265 per share, payable to shareholders of record on March 1 and on April 1.
PepsiCo has paid consecutive quarterly dividends since 1965, and 2023 marked the 51st consecutive annual dividend increase.
In 2024, the company plans to return $8.2 billion to shareholders, comprised of $7.2 billion in dividends and $1.0 billion in stock repurchases.
The beverage and food maker also estimated that organic revenue in 2024 will increase by 4%, with at least an 8% increase in constant currency earnings per share.
Based on the company's assumptions and guidance, core earnings per share in 2024 are estimated to increase by 7% to $8.15 from $7.62 a year ago. -
Ralph Lauren increased 1.8% to $175.01 after the fashion apparel and accessories maker reported better-than-expected quarterly results.
Revenue in the fiscal third quarter ending in December increased 6% to $1.9 billion from $1.8 billion, net income advanced to $276.6 million from $216.5 million, and diluted earnings per share rose to $4.19 from $3.20 a year ago.
Inventories at the end of the third quarter declined 15% to $1.1 billion, with the planned decline in North America and Europe offsetting the slight increase in Asia to support growth initiatives.
Sales struggled in North America, rebounded in Europe after the lapping of wholesale discounts offered last year, and surged in Asia.
North American sales were flat at $993 million, and comparable store sales at retail outlets increased by 5%, driven by a 6% increase in physical store sales and a 4% rise in online sales.
Revenue in Europe surged 11% to $522 million, driven by 11% in comparable store sales after physical stores rose 11% and online sales advanced 12%.
Revenue in Asia increased 16% to $446 million, driven by a 14% advance in comparable store sales, a 13% rise in physical store sales, and a 25% surge in online sales.
The company reiterated its full-year fiscal 2024 outlook of low-single-digit revenue growth and returned $425 million to shareholders through dividends and stock repurchases in the fiscal year to date. -
Walt Disney Co. soared 7.9% to $107.0 after the media and entertainment company reported better-than-expected revenue, earnings, and full-year outlook.
The media company announced a $1.5 billion stake in Epic Games, the creator and developer of Fortnite.
Disney confirmed that the company is on track to launch its ESPN streaming service in 2025.
The company also said it is on track to cut $7.5 billion in costs by the end of fiscal 2024. -
PayPal Holdings declined 9.5% to $57.35 after the payments services provider estimated weaker-than-estimated earnings in the first quarter and full year.
However, the company reported fourth-quarter results that were ahead of consensus estimates.
Revenue in the fourth quarter increased 9% to $8.0 billion from $7.4 billion, net income soared 52% to $1.4 billion from $521 million, and diluted earnings per share rose 61% to $1.29 from 81 cents a year ago.
The company estimated revenue in the first quarter of 2024 to increase between 6.5% and 7%, and diluted earnings per share are expected to increase "mid-single-digit" from 70 cents a year ago.
For the full-year 2024, earnings per share are expected to be between $3.60 and $3.80, lower than $3.84 in 2023. -
Spirit Airlines jumped 4.2% to $7.24 after the deep discount airline reported better-than-expected quarterly results.
Revenue in the fourth quarter declined to $1.32 billion from $1.39 billion, net loss shrank 32% to $183.6 million from $1270.6 million, and diluted loss per share fell to $1.68 from $2.49 a year ago.
Total revenue per passenger flight segment declined 15.3% to $114.84, driven by a 25% decrease in fare revenue to 48.24 and a 6.6% fall in non-ticket revenue to $66.60. -
Arm Holdings soared 27.9% to $98.45 after the advanced chip designer reported sharply higher revenue and earnings in its latest quarter.
The UK-based chipmaker reported fiscal third quarter revenue rose 14% to $824 million from $724 million, net income fell 52% to $87 million from $184 million, and diluted earnings per share decreased to 8 cents from 18 cents a year ago.
The company exceeded its fiscal third-quarter revenue estimate of between $720 million and $800 million.
The company estimated fiscal fourth quarter revenue between $850 million and $900 million and lifted its full-year revenue estimate range to between $3.155 billion and $3.205 million from the previous range between $2.96 billion and $3.08 billion. -
Alibaba Group decreased 0.4% to $77.90 after the China-based e-commerce platform operator reported sharply lower quarterly earnings.
Revenue in the December quarter slowed to 5% to 260.35 billion yuan, or $36.67 billion, and net income plunged 77% to 10.7 billion yuan, or $1.5 billion, from a year ago, respectively.
The e-commerce giant also expanded its stock repurchase program by $25 billion to $35.3 billion through March 2027. -
Chipotle Mexican Grill jumped 2.5% to $2,550.0 after the fast food restaurant operator reported sharply higher quarterly earnings following a surge in store traffic.
Net sales in the quarter increased 15.4% to $2.52 billion, net income rose to $282.1 million from $223.7 million, and diluted earnings per share advanced to $10.21 from $8.02 a year ago.
The restaurant chain operator said foot traffic increased 7.4% and comparable same-store sales advanced 8.4% from a year ago.
For the full year 2024, the company estimated a same-store sales increase in the "mid-single-digit" range and plans to open between 285 and 315 new stores. -
Ford Motor Company increased 5.5% to $12.74 after the vehicle maker reported better-than-expected earnings and announced an additional dividend to shareholders.
Revenue in the fourth quarter rose 2% to $46 billion from $44 billion, net income swung to a profit of $1.3 billion from a loss of $0.5 billion, and diluted earnings per share were 32 cents compared to a loss of 13 cents a year ago.
The company declared a regular first-quarter dividend of 15 cents per share and announced a supplemental dividend of 18 cents per share payable on March 1 to shareholders on record on February 16.
The company also said it plans to defer certain investments in the EV business because mainstream adoption of electric vehicles is "happening at a slower rate" than the industry expected.
Feb 8, 2024
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