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Nov 27, 2024
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HP Inc. dropped 7.7% to $36.09 after the personal computing company estimated weaker-than-expected adjusted earnings in the fiscal 2025 first quarter.
The company estimated fiscal 2025 first quarter diluted earnings per share between 57 cents and 63 cents and for the full-year fiscal 2025 between $3.06 and $3.36.
The company estimated adjusted earnings between 70 cents and 76 cents, sharply lower than as much as 83 cents estimated by some analysts.
Net revenue increased 1.7% to $14.1 billion from $13.8 billion, net income decreased 7% to $0.9 billion from $1 billion, and diluted earnings per share fell 4% to 93 cents from 97 cents a year ago.
HP returned $1.2 billion to shareholders in the fourth quarter, including $900 million to repurchase 25.4 million of its own stock and $263 million in dividend payment of 27.56 cents per share. -
Dell Technologies declined 12.8% to $124.32 after the company posted weaker-than-expected fiscal third quarter results.
Revenue in the third quarter ending on November 1 increased 10% to $24.4 billion from $22.3 billion, net income advanced 12% to $1.1 billion from $1.0 billion, and diluted earnings per share rose 16% to $1.58 from $1.36 a year earlier.
“AI is a robust opportunity for us with no signs of slowing down,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies.
“Interest in our portfolio is at an all-time high, driving record AI server orders demand of $3.6 billion in Q3 and a pipeline that grew more than 50%, with growth across all customer types.” -
Workday Inc. plunged 12% to $238.0 after the human resource software company estimated lower-than-expected revenue and operating margin in the fourth quarter.
The software company estimated subscription revenue of $2.025 billion and an operating margin of 25% in the period.
Revenue in the fiscal third quarter ending in September increased 15.8% to $2.1 billion from $1.8 billion, net income advanced to $193 million from $114 million, and diluted earnings per share rose to 72 cents from 43 cents a year ago.
Workday repurchased approximately 0.6 million shares of Class A common stock for $157 million as part of its share repurchase programs.
Nov 26, 2024
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Best Buy Company declined 5.4% to $88.0 after the consumer electronics retailer reported weaker-than-estimated revenue and earnings in the third quarter.
Revenue in the fiscal third quarter ending on November 2 declined to $9.44 billion from $9.75 billion, net income increased to $273 million from $263 million, and diluted earnings per share rose to $1.26 from $1.21 a year earlier.
Comparable domestic same-store store sales declined to 2.8% from 7.3%, and the retailer adjusted its full-year comparable sales estimate to decline in the range of 2.5% and 3.% from the previous estimated range of decline between 3.0% and 1.5%.
The company also lowered its full-year sales range to between $41.1 billion and $41.5 billion, from the previous guidance between $41.3 billion and $41.9 billion. -
Dick's Sporting Goods jumped 8.4% to $233.24 after the outdoor goods retailer posed strong third quarter earnings and lifted its annual outlook, driven by demand improvement during the back-to-school shopping season.
Revenue in the fiscal third quarter ending on November 2 increased 0.5% to $3.06 billion from $3.04 billion, net income advanced 13% to $228 million from $201 million, and diluted earnings per share rose 15% to $2.75 from $2.39 a year earlier.
Comparable same-store sales in the quarter accelerated to 4.2% from 1.9% a year ago, and the company raised comparable sales growth guidance for the full-year to a range of 3.6% to 4.2% from the previous range between $2.5% and 3.5%.
The company also raised full year 2024 earnings per diluted share guidance to a range of $13.65 to 13.95, up from the previously estimated range between $13.55 to 13.90.
Nov 25, 2024
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Macy's declined 1.6% to $16.10 after the department store retailer delayed the release of its third quarter results by December 11.
Macy’s, Inc. net sales decreased 2.4% to $4.74 billion, with comparable sales down 2.4% on an owned basis and down 1.3% on an owned-plus-licensed-plus-marketplace basis.
Macy's net sales were down 3.1% and comparable sales fell 3.0%; Bloomingdale's net sales rose 1.4% and comparable sales up 1.0%; and Blue Mercury net sales were up 3.2% and comparable sales advanced 3.3%.
The company said it identified a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries. This accounted to approximately $132 to $154 million of cumulative delivery expenses from the fourth quarter of 2021 through fiscal third quarter ended November 2, 2024.
During this same time period, the company recognized approximately $4.36 billion of delivery expenses.
There is no indication that the erroneous accounting accrual entries had any impact on the company’s cash management activities or vendor payments, and the employee is no longer with the company.
Nordstrom and Dell Technologies are among the leading companies scheduled to release earnings this week. -
Bath & Body Works jumped 14.5% to $34.65 after the specialty retailer reported better-than-expected results in the third quarter.
Revenue in the fiscal third quarter, with 13 weeks ending on November 2, increased 3% to $1.61 billion from $1.56 billion, net income declined to $106 million from $119 million, and diluted earnings per share dropped to 49 cents from 52 cents a year ago.
The company estimated the fourth quarter 2024 net sales to decline between 4.5% and 6.5% from $2.91 billion a year ago, largely because of a shift in calendar.
Fourth quarter net sales are likely to be negatively impacted by 500 basis points because of the extra one week in the quarter a year ago.
Fourth quarter earnings per diluted share are expected to be between $1.94 and $2.07, compared to $2.55 in the fourth quarter 2023 and adjusted earnings per diluted share of $2.06 in the fourth quarter 2023.