Movers: Avis Budget, Cadence Design, Fidelity National, Flowers Genpact, Mettler Toledo, Norfolk Southern, ZoomInfo

  • Scott Peters
  • U.S.A. New York City
  • Feb 13, 2023
  • Avis Budget and Cadence Design were in focus ahead of quarterly results. Fidelity National wrote down goodwill linked to Worldpay acquisition in 2019.

    Avis Budget Group Inc increased 1.8% to $218.82 ahead of the company's quarterly results after the close of regular trading hours.  

    The rental car company is expected to report rising revenue and earnings following the travel rebound in the holiday period despite the growing worries of economic slowdown. 

    In the fourth quarter 2021, Avis reported revenue increased to $2.6 billion from $1.4 billion and net income swung to $382 million from a loss of $90 million and diluted earnings per share was $6.63 compared to a loss of $1.29 a year ago.  

    Cadence Design Systems Inc increased 0.7% ahead of its quarterly earnings release after the close of regular trading hours. 

    In the third quarter, the chip design software maker reported revenue of $902 million and net income of $186 million or diluted earnings per share of 69 cents. 

    Fidelity National Information Services Inc plunged 15% to $64 after the company forecasted cautious outlook for the current year. 

    Revenue in the fourth quarter increased 1% to $3.7 billion and net loss attributable to stock holders was $17.4 billion compared to $291 million a year ago. 

    The company recorded a non-cash goodwill impairment charge of $17.6 billion related to the $48 billion acquisition of Worldpay Inc for $43 billion in 2019.   

    Flowers Foods Inc decreased 0.2% to $27.45 and last week the food products maker reported earnings that met Wall Street expectations. 

    Revenue in the fourth quarter increased 10.1% to $1.08 billion and net income increased to $48.6 million from $39.3 million and diluted earnings per share rose to 23 cents from 18 cents a year ago. 

    About 24.4 million shares are still available for repurchase under the stock repurchase plan revised in the second quarter.  

    Flowers Foods forecasted 2023 revenue between $5.17 billion to $5.24 billion, representing an increase of approximately 7.7% to 9.1% compared to the prior year period.

    Genpact Ltd extended last week's gains by 1.2% to $47.82 after the business services provider reported earnings ahead of expectations. 

    Revenue in the fourth quarter increased 3% to $1.1 billion and net income increased 23% to $90 million from $73 million and diluted earnings per share rose to 48 cents from 38 cents a year ago. 

    Mettler Toledo International Inc increased 3.1% to $1,545.37 after the company forecasted cautious outlook in the current year. 

    Net sales increased 2% to $1.05 billion and net income rose to $265.8 million from $230.6 million and diluted earnings per share rose to $11.97 from $10.08 a year ago. 

    Norfolk Southern Corp dropped 3.8% to $242.61 after the company received a potential liability notice from the Environmental Protection Agency related to last week's derailment of railcars with hazardous materials in Ohio. 

    ZoomInfo Technologies Inc gained 1.8% and last week the information service provider reported better-than-anticipated quarterly results but offered cautious outlook for the year ahead. 

    Revenue in the fourth quarter increased 36% to $301.7 million and net income declined to $23.2 million from $144.9 million and diluted earnings per share fell to 6 cents from 36 cents a year ago. 

    The company guided first quarter 2023 revenue in the range of $299 million and $301 million and non-GAAP adjusted operating income between $118 million and $120 million. 

     

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