Streetbeat News

Earnings

PNR

Pentair plc (NYSE:PNR) reported a slight decline in Q1 2024 net sales by 1.11% YoY to $1.02 billion, slightly beating consensus estimates. Despite the revenue dip, gross margin expanded to 38.4%, and adjusted EPS increased to 94 cents, surpassing expectations. The company saw varied performance across its segments, with notable improvements in segment income and return on sales (ROS). CEO John L. Stauch highlighted solid order rates and the success of transformation initiatives aimed at achieving a 24% ROS by fiscal 2026. Pentair provided a positive outlook for Q2 and the full year 2024, expecting sales growth and adjusted EPS above consensus estimates. Shares rose 2.08% to $80.89 following the announcement.

Portfolio Pulse from Akanksha Bakshi

April 23, 2024 | 3:44 pm

ZION

Zions Bancorporation, N.A. (NASDAQ:ZION) reported Q1 FY24 results with a revenue decline of 11.6% year-on-year to $742 million, missing estimates by a slight margin. However, its adjusted EPS of $1.03 exceeded expectations. The company saw a 33% decline in PPNR, but loans, leases, and total deposits showed growth. Following the earnings announcement, RBC Capital raised its price target on ZION from $46 to $47, while UBS lowered its target from $47 to $45.

Portfolio Pulse from Avi Kapoor

April 23, 2024 | 3:39 pm

JBLU

SAVE

JetBlue Airways Corporation (NASDAQ:JBLU) experienced a significant stock price drop of over 10% following a disappointing annual outlook announcement. The company reported a Q1 adjusted EPS loss of 43 cents, beating consensus but showing a decline from the previous year. Sales decreased by 5% Y/Y to $2.21 billion, with a 2.7% Y/Y decrease in capacity. Operating expenses rose by 14%, with a notable increase in costs per available seat mile. JetBlue also mentioned the termination of its $3.8 billion acquisition deal with Spirit Airlines Inc. (NYSE:SAVE) due to legal challenges. For 2024, JetBlue forecasts a revenue drop in the low single digits and a decrease in available seat miles.

Portfolio Pulse from Vandana Singh

April 23, 2024 | 3:29 pm

IAI

LCG

MSCI

MSCI Inc reported a 14.8% year-on-year revenue growth for fiscal Q1, missing consensus estimates. Adjusted EPS exceeded expectations. The stock dipped following the results, with a 12.90% decrease in share price. Operating margins declined, and the company noted unusual client events impacting cancellations. MSCI reiterated its FY24 outlook, maintaining previous guidance on operating expenses, capex, and free cash flow. The company is also featured in IShares U.S. Broker-Dealers & Securities Exchanges ETF and Sterling Capital Focus Equity ETF.

Portfolio Pulse from Anusuya Lahiri

April 23, 2024 | 3:28 pm

CDNS

SMH

The Arora Report indicates profitable hedges and semiconductor stabilization after a 17% drop, highlighting the sector's leading role and its central position in the AI revolution. Notable earnings from General Motors and Cadence Design Systems show mixed signals for the market. Early trade money flows are positive for several tech giants, neutral for Apple, and mixed for major ETFs. The article also discusses strategies for protection bands and portfolio adjustments in the current market environment.

Portfolio Pulse from The Arora Report

April 23, 2024 | 3:25 pm

VERS

WFH

XRX

Xerox Holdings Corp (NASDAQ: XRX) reported a significant decline in its fiscal first-quarter 2024 sales, missing analyst expectations with a 12.4% year-on-year decrease to $1.50 billion versus the consensus of $1.53 billion. Adjusted EPS also fell short at $0.06 compared to the expected $0.35. The company saw a decrease in equipment sales by 25.8% and post-sale revenue by 8.5%, with gross margin and operating income also declining. Despite these results, Xerox reiterated its FY24 revenue and free cash flow guidance. XRX shares dropped 10.8% following the announcement. Investors can also gain exposure to Xerox through ProShares Trust ProShares Metaverse ETF (NYSE: VERS) and Direxion Work From Home ETF (NYSE: WFH).

Portfolio Pulse from Anusuya Lahiri

April 23, 2024 | 3:19 pm

HRI

Herc Holdings Inc (NYSE:HRI) shares surged after reporting a 9% year-on-year sales growth to $804 million in Q1 FY24, surpassing analyst expectations. The increase was driven by a $65 million rise in equipment rental revenue, attributed to positive pricing and volume growth. Adjusted EBITDA rose by 10%, with margins expanding to 42.2%. Adjusted EPS of $2.36 also beat estimates. The company reaffirmed its 2024 outlook, targeting 7-10% equipment rental revenue growth and adjusted EBITDA of $1.55 to $1.60 billion.

Portfolio Pulse from Shivani Kumaresan

April 23, 2024 | 3:16 pm

SSD

Simpson Manufacturing shares are trading lower due to worse-than-expected Q1 financial results.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 3:16 pm

DHI

LEN

PHM

TOL

Homebuilder stocks are experiencing an uptick due to PulteGroup's strong earnings report and positive new home sales data, indicating a robust demand in the housing market.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 3:15 pm

WRB

W.R. Berkley's stock price has declined following the release of their Q1 earnings report.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 3:12 pm