Streetbeat News

Earnings

OC

Owens Corning Inc's Q2 FY23 net sales decreased by 1.5% YoY to $2.56 billion, beating the consensus of $2.54 billion. Adjusted EPS was $4.22, above the consensus of $3.23. The company's gross profit rose 2.5% YoY to $752 million. The company held cash and equivalents of $968 million at the end of Q2. For Q3 2023, the company expects net sales similar to the comparable quarter in the prior year, while generating high-teen EBIT margins. The company revised its guidance for FY23.

Portfolio Pulse from Nabaparna Bhattacharya

July 26, 2023 | 12:45 pm

KO

Coca-Cola's Q2 volume was flat, but showed sequential improvement with June being the strongest month in the quarter, according to a company executive.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 12:44 pm

INTC

TSEM

Tower Semiconductor Ltd (TSEM) reported a Q2 FY23 revenue decline of 16.2% YoY to $357.2 million, beating consensus estimates. Gross profit and operating profit also declined. The company, which is set to be acquired by Intel Corp (INTC), saw its shares rise by 11.70% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

July 26, 2023 | 12:43 pm

CHKP

Check Point Software Technologies Ltd reported Q2 FY23 revenue growth of 3% YoY to $588.7 million, missing consensus of $588.9 million. Non-GAAP EPS of $2.00 beat consensus of $1.89. Revenue from Products and licenses declined 12% YoY, Security subscriptions increased 14% YoY, and Software updates and maintenance grew 2.1% YoY. Non-GAAP operating margin increased by 100 basis points to 45%. The company generated $191 million in operating cash flow and held $3.5 billion in cash and equivalents. CHKP shares traded lower by 2.88% at $125.00 premarket.

Portfolio Pulse from Anusuya Lahiri

July 26, 2023 | 12:39 pm

SPWR

SunPower reported below consensus Q2 revenue and guided FY23 net loss, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 12:37 pm

SPWR

SunPower Corporation has projected a net loss of between $90 million and $70 million for the fiscal year 2023.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 12:34 pm

HAS

MAT

WBD

Mattel, Inc. (NASDAQ:MAT) is set to report its Q2 results after the market close today. The company is expected to post a loss of $0.02 per share, compared to a profit of $0.18 a year ago. The revenue for the June quarter may have dropped 19% YoY to $1 billion. The company's stock has rallied since late June due to the Barbie movie craze. Mattel and Hasbro, Inc. (NASDAQ:HAS) announced a multi-year licensing agreement, which led to a rally in Mattel's stock. Warner Bros. Discovery, Inc.'s (NYSE:WBD) Barbie movie collected $155 million in domestic box office in the first three days, marking the highest opening in 2023.

Portfolio Pulse from Shanthi Rexaline

July 26, 2023 | 12:34 pm

SPWR

SunPower has projected its Q2 2023 revenue to be $464M, which is lower than the estimated $483.76M.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 12:33 pm

HLT

Hilton Worldwide Holdings Inc (NYSE:HLT) reported Q2 FY23 sales growth of 18.7% year-on-year to $2.66 billion, beating the analyst consensus of $2.58 billion. The company also raised its FY23 forecast. The occupancy rate for the quarter was 75.9% in the U.S., 75.4% in Europe, and 67.5% in Middle East & Africa. Hilton added 14,000 rooms to its system in Q2, resulting in 11,200 net additional rooms during the period. The company expects an FY23 capital return of $2.4 billion-$2.6 billion.

Portfolio Pulse from Shivani Kumaresan

July 26, 2023 | 12:32 pm

TLRY

Tilray Brands, Inc. (NASDAQ:TLRY) reported its financial results for the fiscal year ended May 31, 2023, with net revenue of $627 million, a slight decrease from the previous year. However, gross profit increased by 26% to $147 million, and adjusted EBITDA rose 28% to $61 million. The company's beverage alcohol net revenue increased by 33% to $95 million, while cannabis net revenue decreased. For the fiscal year 2024, the company expects to achieve adjusted EBITDA targets of $68 million to $78 million. Tilray shares were trading 15.47% higher in the pre-market session.

Portfolio Pulse from Vuk Zdinjak

July 26, 2023 | 12:28 pm