Movers: Boston Beer, Chefs' Warehouse, Choice Hotels, Cisco, Copa, Shopify, Zillow

Scott Peters
16 Feb, 2023
New York City

Boston Beer Company Inc plunged 14.5% to $336.0 after the company said depletions in the distribution system declined to 3%. 

Boston Beer said revenue in the fourth quarter increased 28.6% to $447.5 million and net loss in the quarter fell to $11.4 million from $51.7 million and diluted loss per share fell to 93 cents from $4.22 a year ago. 

In 2022, revenue increased 1.6% to $2.09 billion and net income rose to $67 million from $14.5 million or $5.44 from $1.17 a year ago.

Chef's Warehouse Inc declined 3.4% to $36.63 after the company reported a quarterly loss because of early debt repayment linked charges and variable interest rate on the new securities. 

Chefs' Warehouse said revenue in the fourth quarter increased 41.8% to $791.3 million but net income plunged to $1.2 million from $8.4 million or diluted EPS declined to 3 cents from 22 cents a year ago. 

In 2022, revenue increased to $2.6 billion from $1.7 billion and the food distributor swung to a net profit of $27.8 million from a loss of $4.9 million or 73 cents from (13 cents) a share.

Choice Hotels International Inc declined 3.3% to $125.50 after the company reported a decline in quarterly earnings. 

Choice Hotels revenues increased 27% to $362 million but net income decreased 13% to $55.5 million from $64 million and diluted earnings per share fell to $1.04 from $1.14 a year ago. 

In 2022, revenue increased 31% to $1.4 billion and net income increased 15% to $332 million from $288 million or $5.99 from $5.15 a share a year ago.

Revenue per available room increased 20.4% in the fourth quarter from the previous quarter, outperforming industry average by 700 basis points. 

Cisco Systems Inc increased 6.1% to $51.37 after the networking gear maker reported better-than-expected revenue and earnings. 

Cisco said revenue in the fiscal second quarter ending in January increased 7% to $13.6 billion and net income dropped 7% to $2.8 billion from $3.0 billion and diluted earnings per share declined to 67 cents from 71 cents a year ago. 

The company increased quarterly dividend by 1 cent to 39 cents to be paid on April 26 to shareholders on record on April 5.

Copa Holdings, SA decreased 1.1% to $94.97 and the Panama based Caribbean and Central America focused airline reported a surge in passenger count and miles transported. 

Copa Holdings said revenue in the fourth quarter rose 30.6% to $890.6 million from the corresponding period in 2019 and net income soared to $88.3 million from $2.7 million or basic EPS increased to $2.23 from 6 cents a share in the period. 

In 2022, revenue increased 9.5% to $2.96 billion and net income rose 41% to $348 million or $8.58 from $5.81 a share in the 3-year period.

Passenger traffic, measured in terms of revenue passenger mile, increased 7.5% compared to the period in 2019, while capacity increased 5.9%. 

As a result, load factors for the quarter increased by 1.4  percentage points to 86.6%. 

Shopify Inc dropped 15.5% to $51.37 after the online e-commerce platform forecasted a weaker-than-expected outlook. 

Shopify said revenue in the fourth quarter increased 25.3% to $1.7 billion and net loss increased to $672 million from $371 million and diluted loss per share rose to 49 cents from 30 cents a year ago. 

In 2022, revenue increased to $5.6 billion and the online e-commerce platform swung to a net loss of $3.5 billion from a profit of $2.9 billion or ($2.73) from $2.29 a share a year ago.

The Canada-based company forecasted 2023 revenues to increase in "in the high-teen percentages," slower than 21% increase in 2022.  

Upwork Inc declined 10.4% to $12.48 after the online platform for remote working said gross service volume growth decelerated for the sixth quarter in a row to 5% from 50% in the second quarter 2021. 

Upwork said revenue in the fourth quarter increased 18% to $161.4 million and net loss declined to $16.5 million from $22.6 million and diluted loss per share fell to 13 cents from 18 cents a year ago. 

In 2022, revenue increased to $618.3 million from $502.8 million and net loss expanded to $89.9 million from $56.2 million or 69 cents from 44 cents a share a year ago.

Zillow Group Inc increased 2.5% to $47.84 after the online real estate platform reported revenue ahead of expectations but held out for tough times ahead. 

Zillow Group said revenue in the fourth quarter declined 19% to $435 million and net loss shrank to $72 million from $261 million and diluted loss per share was 31 cents from 2 cents a year ago. 

In 2022, revenue declined to $1.95 billion from $2.1 billion and net loss fell to $101 million from $528 million or 36 cents from a profit of 39 cents a year ago.

Home sales declined 40% in the fourth quarter from a year ago after home prices continued to rise in double-digits across the nation for the third year in a row.