Streetbeat News

Earnings

PM

Philip Morris International Inc (NYSE:PM) shares fell after reporting Q4 results with revenues slightly beating expectations at $9.047 billion versus $9.01 billion expected, but adjusted EPS of $1.36 missing the $1.45 estimate. Organic net revenue grew by 8.3%, driven by higher combustible tobacco pricing. The company also saw significant growth in ZYN nicotine pouch shipments in the U.S. However, adjusted operating income margin decreased compared to the previous year. For 2024, Philip Morris projects net revenue growth of 6.5% to 8% and adjusted EPS below Wall Street estimates.

Portfolio Pulse from Nabaparna Bhattacharya

February 08, 2024 | 6:38 pm

SNA

Snap-on Inc (NYSE:SNA) reported Q4 FY23 results with a 3.5% Y/Y sales increase to $1.197 billion, missing consensus estimates by $5 million. The revenue growth was attributed to organic sales, acquisition-related sales, and favorable foreign currency translation. Despite a revenue miss, EPS of $4.75 beat the consensus of $4.66. Operating earnings and gross profit also saw increases from the previous year. However, shares fell 8.9% following the announcement. The company anticipates FY24 capital expenditures of $100 million to $110 million and an effective income tax rate of 22% to 23%.

Portfolio Pulse from Lekha Gupta

February 08, 2024 | 6:16 pm

BKKT

CMP

SYRA

TENX

Compass Minerals International, Inc. (CMP) shares fell by 9% following disappointing quarterly results, missing both earnings and sales estimates. Other stocks showed significant movement, with notable gainers including Syra Health Corp. (SYRA) and Hitek Global Inc. (HKIT), and losers like Tenax Therapeutics, Inc. (TENX) and Bakkt Holdings, Inc. (BKKT). The article also highlights stocks that surged due to partnerships, financial results, and other corporate announcements.

Portfolio Pulse from Avi Kapoor

February 08, 2024 | 6:07 pm

SPGI

S&P Global Inc (NYSE:SPGI) stock fell after reporting Q4 results, with revenue growth of 7% to $3.15 billion, surpassing consensus but adjusted EPS of $3.13 missing expectations. The company saw growth across its segments, with a notable 24% increase in operating profit. Despite this, shares dropped 4.73% in premarket trading. S&P Global also announced a share repurchase program of up to $2.4 billion and provided a FY24 outlook expecting revenue growth and adjusted EPS below consensus.

Portfolio Pulse from Anusuya Lahiri

February 08, 2024 | 6:07 pm

NVST

Envista Holdings Corporation (NYSE:NVST) reported Q3 2024 sales of $645.6 million, slightly above consensus but with a 2% Y/Y core sales decline. The company faced a net loss of $217.4 million in Q4 due to a non-cash charge for impairment of assets. Adjusted net income and EBITDA also declined compared to the previous year. Despite challenges, Envista expects low-single digit core sales growth and adjusted EBITDA margins of 16%-17% for the full year. William Blair downgraded NVST to Market Perform due to concerns over its execution and strategic initiatives. NVST shares fell 9.29% to $21.99.

Portfolio Pulse from Vandana Singh

February 08, 2024 | 5:57 pm

LQDT

Liquidity Services shares are trading lower following the announcement of Q1 financial results that did not meet expectations.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 5:53 pm

AMKBY

Moller Maersk (OTC:AMKBY) shares fell 15.5% after warning of potential impacts on its 2024 earnings due to the Red Sea crisis, leading to immediate capacity constraints and a temporary increase in rates. The crisis has caused the company to suspend its share buyback program and revise its full-year earnings forecast for 2024 to between $1 billion and $6 billion, down from $9.6 billion in 2023. The crisis has also led to increased costs and delays for shipping firms as they divert routes, potentially affecting global commodity markets and inflation.

Portfolio Pulse from Neil Dennis

February 08, 2024 | 5:52 pm

UTI

Universal Technical Institute's shares surged following the announcement of its Q1 financial results, which exceeded expectations. The company also provided positive guidance for the future.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 5:52 pm

NTGR

Netgear's stock is trading lower following the announcement of its Q4 financial results, which were accompanied by a Q1 net revenue guidance that fell short of expectations.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 5:50 pm

COP

ConocoPhillips (NYSE:COP) reported Q4 FY23 results with revenue of $15.307 billion, missing the consensus of $15.942 billion, but an adjusted EPS of $2.40 beat the $2.09 consensus. Production increased to 1,902 MBOED, up 144 MBOED Y/Y. The average realized price per barrel declined 18% Y/Y. The company announced a $9 billion capital return plan for FY24 and declared a quarterly dividend of $0.58 per share. Shares rose 1.8% to $114.35.

Portfolio Pulse from Lekha Gupta

February 08, 2024 | 5:47 pm