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Nov 22, 2023
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ThyssenKrupp AG rose 6.7% to €7.07 after the German industrial engineering and steel company estimated profit in the fiscal year 2024.
The company reported a net loss of €2 billion in the fiscal year 2023 compared to €1.2 billion in income in the previous year, primarily due to impairment losses in its steel business in Europe.
Sales in the year declined to €37.5 billion from €41.1 billion, and adjusted operating earnings fell to €703 million from €2.06 billion a year ago.
The company proposed to pay a cash dividend of 15 euro cents, reflecting a free cash flow improvement to €363 million from an outflow of €476 million. -
Fresenius Medical Care increased 0.4% to €27.71 after the dialysis service provider lifted its annual outlook.
Revenue in the third quarter declined 3% to €4.9 billion from €5.03 billion, net income fell to €84 million from €230 million, and net income dropped to 29 cents from 7 cents a year ago.
The company reiterated its 2023 revenue to grow at a low to mid-single-digit percentage rate from €19.4 billion in 2022.
The company raised its 2023 operating earnings to grow at a low single-digit percentage rate from €1.54 billion in 2022, from the previous outlook of flat to a decline in the low single-digit percentage rate.
The German company also said it had resolved its legal dispute with the U.S. Department of Defense and finalized its settlement for payment of dialysis services provided under the Tricare program to members of military service, their dependents, and retirees.
The company sought to receive payment for services provided under the Tricare program on or before January 11, 2023.
As a consequence of the settlement agreement, Fresenius anticipates a positive impact on operating income of €175 million in the fourth quarter. -
HP Inc. decreased 2.3% to $27.21 after the personal computing and equipment company reported quarterly results.
Revenue in the fiscal fourth quarter decreased 5% to $13.8 from $14.8 billion, the company swung to a net income of $974 million from a loss of $23 million, and diluted earnings per share of 97 cents from a loss of 2 cents a year ago.
Personal Systems net revenue fell 8% to $9.4 billion on the ongoing weakness in consumer and enterprise demand, and Printing net revenue fell 3% to $4.4 billion.
HP estimated fiscal first quarter 2024 diluted earnings per share between 60 cents and 70 cents and non-GAAP diluted earnings per share in the range between 76 cents and 86 cents.
The company estimated 2024 diluted earnings per share in the range between $2.68 and $3.08 and non-GAAP diluted earnings per share $3.25 and $3.65.
HP generated $1.9 billion of free cash flow in the fourth quarter, which included net cash provided by operating activities of $2 billion adjusted for net investments in leases of $28 million and net investments in property, plant and equipment of $134 million.
HP’s dividend payment of $0.2625 per share in the fourth quarter resulted in cash usage of $0.3 billion. HP returned 14% of its fourth quarter free cash flow to shareholders. -
Lowe's Companies dropped 5.3% to $193.59 after the home improvement retailer lowered its full-year sales and earnings outlook.
Net sales in the third quarter declined to $20.5 billion from $23.5 billion, net income soared to $1.8 billion from $154 million, and diluted earnings per share rose to $3.06 from 25 cents a year ago.
Earnings in the prior year included an impairment charge of $2.1 billion after the company sold its Canadian retail business.
During the quarter, the company repurchased approximately 7.3 million shares for $1.6 billion and paid $642 million in dividends.
Comparable sales in the quarter declined 7.4% after the pandemic-fueled demand for home improvement projects moderated.
The company lowered its full-year 52-week sales estimate to $86 billion from the previous estimate range of $87 billion to $89 billion.
Comparable sales are expected to decline 5% from the previously estimated range of 2% to 4%.
The company also lowered its adjusted diluted earnings per share estimate to $13.0 from the previous estimate between $13.20 and $13.60. -
Zoom Video Communication declined 1.4% to $65.03 after the company released quarterly results.
Revenue in the fiscal third quarter ending in October increased 3.2% to $1.2 billion from $1.1 billion, net income advanced to $141.2 million from $48.2 million, and diluted earnings per share rose to 47 cents from 16 cents a year ago.
Enterprise subscribers continued to expand and rose 5% from a year ago to 219,700.
About 3,731 customers, an increase of 13.5% from a year ago, paid more than $100,000 in the trailing twelve months.
The company guided fiscal fourth quarter revenue between $1.125 billion and $1.130 billion, and non-GAAP diluted earnings per share are estimated between $1.13 and $1.15.
Zoom lifted its fiscal year 2024 revenue estimate to between $4.506 billion and $4.511 billion, and non-GAAP diluted earnings per share to between $4.93 and $4.95. -
Best Buy Company declined 5.2% to $64.60 after the retailer lowered its annual and quarterly sales outlook.
Revenue in the third quarter declined to $9.7 billion from $10.6 billion, net income fell to $263 million from $277 million, and diluted earnings per share declined to $1.21 from $1.22 a year ago.
Domestic comparable sales declined 7.3% after falling 10.5% in the quarter a year ago, and the company said comparable sales tend to fall between 3% and 7%.
However, the retailer said non-GAAP operating costs in the quarter are likely to rise between 4.7% and 5.0%, matching the increase of 4.8% in the quarter a year ago.
Best Buy estimated fiscal year 2024 revenue for 53 weeks to range between $43.1 billion and $43.7 billion, lower than the previous estimate between $43.8 billion and $44.5 billion.
Comparable sales in the fiscal year are expected to fall between 6.0% and 7.5%, compared to the previous estimate of a decrease between 4.5% and 6.0%. -
Abercrombie & Fitch declined 4.9% to 68.0 after the retailer reported quarterly results.
Net sales in the fiscal third quarter increased 20% to $1.1 billion from $880 million, and the retailer swung to a net income of $97.7 million from a loss of $718 million, and diluted earnings per share were $1.83 compared to a loss of 4 cents per share a year ago.
Comparable sales across both brands increased 16% after a 26% jump in Abercrombie & Fitch and a 7% rise in Hollister stores.
Sales in the fiscal fourth quarter are expected to rise in low double-digits from $1.2 billion a year ago, and the retailer said operating margins are estimated to improve from the previous year because of higher retail prices and lower freight costs.
The company lifted its 2023 sales growth outlook to between 12% and 14% from $3.7 billion in 2022, compared to the previous growth estimate of 10%.
Abercrombie revised its operating margin to be around 10%, up from the previous estimate between 8% and 9%, which includes the 250 basis point benefits of lower freight costs. -
Walmart dropped 6.2% to $159.20 after the retailer reported quarterly results and issued a cautious outlook.
Revenue in the fiscal third quarter increased 5.2% to $160.8 million from $152.8 billion, and the company swung to a profit of $453 million from a loss of $1.8 billion. Diluted earnings per share were 17 cents, compared to a loss of 66 cents a year ago.
Sales at U.S. locations reflected ongoing challenging conditions for consumers; sales of groceries and health and wellness products rose, but discretionary items and general merchandise sales declined "modestly."
Walmart U.S. sales increased 4.4% to $109.4 billion, driven by a 4.9% increase in comparable store sales; transactions rose 3.4%; and average ticket size advanced 1.5% from a year ago.
The retailer also indicated U.S. e-commerce sales rose by 24%, and advertising sales on its online platform rose by 26% from a year ago.
The company guided full-year 2024 consolidated sales to increase between 5% and 5.5% and adjusted earnings per share to be between $6.40 and $6.80. -
Cisco Systems plunged 9.6% to $48.16 after the networking equipment maker reported strong quarterly results but said product order growth is likely to slow down.
Revenue in the fiscal 2024 first quarter ending in October increased 8% to $14.7 billion, net income advanced 36% to $3.6 billion from $2.7 billion, and diluted earnings per share rose to 89 cents from 65 cents a year ago.
The company guided fiscal second-quarter revenue between $12.6 billion and $12.8 billion and earnings per share between 59 cents and 64 cents.
For the full-year 2024, the company estimated revenue in the range of $52.8 billion and $55.0 billion and earnings per share between $2.97 and $3.08.
The company declared a cash dividend of 39 cents per share payable on January 24 to shareholders on record on January 4. -
Palo Alto Networks declined 6.5% to $239.52 after the cyber security company reported better-than-expected quarterly results, but the company's new orders or billing outlook fell short of market expectations.
Revenue in the fiscal first quarter ending in October jumped 20% to $1.9 billion, net income advanced to $194.2 million from $20.0 million, and diluted earnings per share rose to 56 cents from 6 cents a year ago.
The company blamed the weakness in billings growth on rising interest rates.
The company guided total billings in the fiscal second quarter between $2.335 billion and $2.385 billion, representing growth between 15% and 18% a year ago.
For the fiscal year 2024, the company estimated total billings in the range of $10.7 billion and $10.8 billion, an increase between 16% and 17%.
Total revenue in the fiscal year 2024 will range between $8.15 billion and $8.20 billion, an increase between 18% and 19% from a year ago.
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