Breaking News
Oct 27, 2023
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AutoNation Inc. edged up a fraction to $130.54 after the auto dealer network operator reported mixed quarterly results.
Revenue in the third quarter increased 3% to $6.8 billion from $6.6 billion, net income plunged 31% to $243.7 million from $352.6 million, and diluted earnings per share declined 12% to $5.54 from $6.31.
New vehicle sales increased 11% to $3.2 billion, used vehicle sales declined 10% to $2.2 billion, and after-sales service revenue jumped 12% to $1.2 billion.
Customer financial services revenue edged up 2% to $370 million.
New vehicle days supply, the industry measure of selling days, increased to 31 days from 19 days, and used vehicle days supply rose to 33 days from 31 days. -
BJ's Restaurants Inc. jumped 8.6% to $25.61 after the company reported a stable adjusted quarterly loss and said comparable sales are returning to a normal seasonal pattern after weakness in the third quarter.
Revenue in the third quarter increased 2.3% to $318.6 million, and comparable restaurant sales edged up 0.4%.
Restaurant sales are seasonal, and sales in August and September are generally softer than other months, but the company did not experience seasonal weakness last year.
In the first three weeks of October, restaurant sales have returned to their normal pattern, and comparable sales are trending in the "low single digits," an improvement of 500 basis points from September levels.
Net loss expanded to $3.8 million from $1.6 million, and diluted loss per share increased to 16 cents from 7 cents a year ago.
During the third quarter of 2023, BJ’s repurchased and retired approximately 164,000 shares of its common stock at a cost of $4.3 million.
As of October 3, 2023, the company had approximately $17.8 million remaining on its authorized stock repurchase program. -
Hertz Global Holdings Inc. declined 4.6% to $8.62 after the vehicle rental company reported quarterly results.
Revenue in the third quarter increased 8% to $2.7 billion from $2.5 billion, net income jumped to $629 million from $577 million, and basic earnings per share increased to $2.02 from $1.62 a year ago.
Vehicle depreciation expense soared to $501 million from $294 million a year ago, after electric vehicle manufacturers lowered prices throughout 2023, resulting lower residual values and increasing depreciation expense and negatively impacting salvage cost.
Average rentable vehicles increased 12% to 562,267; vehicle utilization edged up to 83% from 80%; and transaction days jumped 16% to 43.1 million from 37.1 million.
Total revenue per day declined 7% to $62.46, and total revenue per month per vehicle fell 4% to $1,596 from $1,658 a year ago.
In the quarter, the company repurchased 3 million shares for $50 million. -
CBRE Group declined 0.5% to $66.15 after the commercial real estate services and investment company reported a sharp decline in earnings.
Commercial real estate capital markets remain under severe pressure, leading to a sustained slowdown in property sales and debt financing activity.
Revenue in the third quarter increased 4.5% to $7.8 billion from $7.5 billion, net income plunged 57% to $191 million from $447 million, and diluted earnings per share declined to 61 cents from $1.38 a year ago.
CBRE revised its core earnings per share to decrease by mid-30%, compared with a 20% to 25% decline anticipated in the previous quarter.
Global leasing revenue declined 16%, driven by a 21% plunge in the Americas and 11% in Europe, the Middle East, and North Africa, but leasing revenue in the Asia-Pacific region jumped 11%.
Commercial property sales revenue plunged by 38% as buyers and sellers paused amid sharply rising interest rates.
In the Americas, commercial real estate sales revenue plunged 41%, EMEA dropped 47%, and APAC declined 12%.
The company repurchased approximately 6.2 million shares for $516 million, averaging $83.03 per share, during the third quarter of 2023, with approximately $1.5 billion of capacity remaining under the company’s authorized stock repurchase program as of September 30. -
Chevron Corporation dropped 6.7% to $144.35 after the integrated energy company reported quarterly results.
Revenue in the third quarter declined to $54. billion from $66.6 billion, net income plunged to $6.5 billion from $11 billion, and diluted earnings per share dropped to $3.48 from $5.78 a year ago.
Third-quarter earnings were negatively impacted by lower crude oil prices and weaker margins on refined product sales.
The company's worldwide net oil-equivalent production increased 4%, and U.S. production was up 20%, driven largely by the recent acquisition of PDC Energy.
PDC Energy added 179,000 oil-equivalent per day in the quarter.
In the quarter, the company distributed to shareholders about $6.2 billion, including dividends of $2.9 billion and stock repurchases of $3.4 billion.
Additionally, the company board of directors declared a cash dividend of $1.51 per share, payable on December 11 to shareholders on record on November 17.
The company is on track to complete its recently announced $60 billion acquisition of Hess Corp. by the end of 2024. -
Royal Caribbean Cruises Ltd. increased 2.2% to $84.0 after the company reported improving quarterly results and added bookings in the third quarter were "significantly exceeding" the levels in 2019.
Revenue in the third quarter increased to $4.1 billion from $3.0 billion, net income soared to $1.0 billion from $32.9 million, and diluted earnings per share advanced to $3.65 from 13 cents a year ago.
"Demand for 2024 has continued to accelerate, with bookings significantly and consistently outpacing 2019 levels. Booked load factors and rates are higher than all prior years while the booking window has continued to extend," the company forecasted in a statement to investors. -
United Parcel Service, Inc. declined 3% to $140.87 after the company reported quarterly results.
Revenue in the third quarter decreased 12.8% to $21.1 billion from $24.2 billion, net income plunged 56.4% to $1.1 billion from $2.6 billion, and diluted earnings per share dropped to $1.31 from $2.96 a year ago.
UPS now expects full-year 2023 consolidated revenue to be between $91.3 billion and $92.3 billion and a consolidated adjusted operating margin of between 10.8% and 11.3%.
The company reiterated its full-year planned capital expenditure target of about $5.3 billion and dividend payment expectations of $5.4 billion.
UPS now expects full-year 2023 stock repurchases to be approximately $2.25 billion. -
Southwest Airlines declined 2.2% to $23.60 after the regional airline reported lower-than-expected revenue of $6.53 billion, and the company said it plans to trim its capacity growth after demand growth returns to pre-pandemic levels.
Revenue increased 4.9% to $6.53 billion from $6.22 billion, net income declined 30.3% to $193 million from $277 million, and diluted earnings per share fell to 31 cents from 44 cents a year ago.
The company lowered its first quarter capacity growth to between 10% and 12% from the previous estimate of between 14% and 16%, resulting in full-year 2024 capacity growth in the range of 6% and 8%.
The airline reiterated its 2023 capital spending estimate of $3.5 billion, including $2.3 billion in aircraft capital spending, assuming approximately 85–8 aircraft deliveries in 2023, and $1.2 billion in non-aircraft capital spending, including the winter operations plan.
Last winter, Southwest was forced to halt all flights after a winter storm and technological slip-ups led to a cascade of flight cancellations for a few days.
The company reiterated its total annual capital spending to be approximately $4 billion, on average, for the five years 2023 through 2027. -
Hasbro, Inc. plunged 12.3% to $48.0 after the toymaker reported weaker-than-expected results in the third quarter and suggested sales are likely to fall at a faster pace then previously estimated.
Revenue in the third quarter declined 10% to $1.5 billion from $1.67 billion, and the company swung to a net loss of $171.1 million from a profit of $129.2 million, and diluted earnings per share were ($1.23) compared to 93 cents a year ago.
The company estimated full-year 2023 revenue to decline between 13% and 15%, compared to a 3% to 6% decline in its previous estimate, and operating cash flow between $500 million and $600 million.
Earlier this year, the company said it plans to sell its film and television business eOne, home of Peppa Pig, to Lionsgate for $500 million. -
Bristol-Myers Squibb dropped 5.7% to $53.40 after the company reported quarterly earnings.
The pharmaceutical company said sales of its popular blood cancer drug, Revlimid, were down because of rising competition from generic drugs.
Revenue in the third quarter declined 2% to $10.96 billion from $11.2 billion, net income rose to $1.9 billion from $1.2 billion, and diluted earnings per share advanced to 93 cents from 75 cents a year ago.
Revlimid worldwide revenues fell 41% from a year ago to $1.4 billion, primarily due to generic competition and an increase in the number of patients receiving free drug products from the Bristol Myers Squibb Patient Assistance Foundation.
The company reiterated its full-year 2023 revenue decline to a low single-digit and narrowed its earnings per share range to between $3.68 and $3.83 from the previous range between $3.72 and $4.02.
Oct 26, 2023