Streetbeat News

Earnings

HERTF

Heritage Cannabis Holdings Corp. reported a 1.5% YoY decrease in Q2 FY23 revenue, with net revenue of CA$7.4 million ($5.6 million). The company's gross margin increased due to improved production efficiencies and a lower excise rate. However, comprehensive loss increased to CA$2 million due to higher interest costs and unrealized losses on derivative liabilities. The company's entry into the U.S. market is performing well, with facilities in Missouri and West Virginia gaining a strong foothold.

Portfolio Pulse from Vuk Zdinjak

June 29, 2023 | 1:48 pm

LNN

Lindsay Corporation (NYSE:LNN) reported a Q3 FY23 operating revenue decline of 23.2% YoY to $164.55 million, missing the consensus of $208.40 million. EPS of $1.53 also missed the street view of $2.15. The company cited economic uncertainty and negative farmer sentiment as reasons for the decline. The company's shares are trading lower by 6.54%.

Portfolio Pulse from Nabaparna Bhattacharya

June 29, 2023 | 1:46 pm

ERIC

Shares of Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) are trading higher by 3.88% to $5.35 in sympathy with BlackBerry Ltd, which reported better-than-expected Q1 FY2024 results. BlackBerry's Cybersecurity business unit achieved sequential revenue and billings growth, with total company revenue of $373 million, IoT revenue of $45 million, and Cybersecurity revenue of $93 million. BlackBerry's total cash and investments increased by $91 million to reach $578 million.

Portfolio Pulse from Henry Khederian

June 29, 2023 | 1:32 pm

PAYX

Paychex, Inc reported Q4 FY23 revenue growth of 7% YoY to $1.23 billion, beating the consensus of $1.22 billion. Total service revenue grew 7% YoY to $1.20 billion. Operating income increased by 15% YoY to $453.3 million. For FY23, Paychex expects revenue to grow by 6% - 7%, and adjusted EPS to grow by 9% - 10%. Following the announcement, PAYX shares traded higher by 2.16% at $113.10 premarket.

Portfolio Pulse from Anusuya Lahiri

June 29, 2023 | 1:21 pm

HNNMY

Hennes & Mauritz AB (H&M) reported a 6% YoY increase in Q2 FY23 sales to SEK 57.6 billion, despite high raw material and freight costs and a strong U.S. dollar. Operating profit for the quarter was SEK 4.741 billion with an operating margin of 8.2%. The company's board has been authorized to start a share buyback program for a maximum amount of SEK 3 billion. H&M's shares (HNNMY) closed lower by 1.38% at $2.85 on Wednesday.

Portfolio Pulse from Shivani Kumaresan

June 29, 2023 | 1:19 pm

BSET

Bassett Furniture Indus (NASDAQ:BSET) reported its Q2 earnings, beating estimated earnings by 700.0% with an EPS of $0.24 versus an estimate of $0.03. However, revenue was down $28.19 million from the same period last year. Last quarter, the company missed on EPS by $0.08, which was followed by a 1.0% drop in the share price the next day.

Portfolio Pulse from Benzinga Insights

June 29, 2023 | 1:15 pm

SMPL

Simply Good Foods Company (NASDAQ:SMPL) reported Q3 FY23 sales of $324.79 million, a 2.6% increase YoY, beating the consensus of $321.38 million. Adjusted EPS of $0.44 also surpassed the consensus of $0.41. However, gross margin contracted 80 basis points YoY to 36.7%. The company reported net income of $35.4 million, down from $38.8 million YoY. The company repaid $40.0 million of its term loan debt and expects FY23 net sales to increase slightly more than its long-term algorithm of 4-6%.

Portfolio Pulse from Nabaparna Bhattacharya

June 29, 2023 | 1:07 pm

BSET

Bassett Furniture Indus (NASDAQ:BSET) reported Q2 earnings of $0.24 per share, a 70.37% decrease YoY. The company also reported quarterly sales of $100.50 million, missing the analyst consensus estimate of $102.89 million by 2.32%. This represents a 21.92% decrease in sales compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 1:05 pm

MU

Micron Technology Inc's shares are rising after reporting better-than-expected Q3 results and receiving several analyst upgrades. The company reported Q3 revenue of $3.75 billion, beating the consensus estimate of $3.65 billion, and a quarterly loss of $1.43 per share, better than the estimated loss of $1.58 per share. However, the company's recovery and forecast are impacted by the Cyberspace Administration of China's decision to ban Chinese companies from buying Micron products.

Portfolio Pulse from Adam Eckert

June 29, 2023 | 12:57 pm

MKC

McCormick's CFO has revised the company's 2023 gross margin projection to be between 50 to 100 basis points higher than 2022, up from the previous outlook of 25 to 75 basis points.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 12:44 pm