Movers: Advance Auto Parts, AutoZone, Cracker Barrel, Itron, Occidental Petroleum, Target, Zoom Video

Scott Peters
28 Feb, 2023
New York City

Advance Auto Parts, Inc increased 3.5% to $145.12 after the retailing company exceeded earnings expectations and announced leadership change.  

Advance Auto Parts said revenue in the fourth quarter increased 3.2% to $2.5 billion and comparable store sales rose 2.1%. 

Net income in the quarter decreased to $106.7 million from $81.7 million and diluted earnings per share rose to $1.79 from $1.30 a year ago. 

Full- year 2022 revenue increased 1.4% to $11.2 billion and comparable sales rose 0.3% from a year ago. 

Net income decreased to $501.8 million from $616.1 million and diluted earnings per share declined to $8.27 from $9.55 a year ago. 

President and chief executive Tom Greco announced his retirement at the end of the year.

AutoZone, Inc decreased 3% to  $2,494.08 after the auto parts retailer reported better-than-expected same store sales but earnings were below expectations. 

AutoZone, Inc said revenue in the fiscal second quarter ending on February 11 increased 9.5% to $3.7 billion from $3.4 billion and net income rose to $476.5 million from $471.7 million and diluted earnings per share increased to $24.64 from $22.30 a year ago. 

Domestic same store comparable sales rose 5.3% from the previous year. 

The aftermarket automotive parts retailer repurchased 372,000 shares of its common stock for $906.0 million during the second quarter, at  an average price of $2,434 per share and $1.8 billion were still remaining under its current share repurchase  authorization at the end of the fiscal second quarter. 

Cracker Barrel Old Country Store, Inc increased 1.8% to $109.71 after the restaurant chain reported a rise in sales and maintained its quarterly dividend.  

Cracker Barrel said revenue in the fiscal second quarter ending on January 27 increased 8.3% to $933.9 million from a year ago. 

Comparable store restaurant sales increased 8.4% and retail store sales rose 4.1%.     

Net income decreased 19% to $30.5 million from $37.6 million and diluted earnings per share fell to $1.37 from $1.60 in the previous year. The restaurant chain announced a quarterly dividend of $1.30 per share payable on May 9 to shareholders of record as of April 14. 

Itron Inc increased 6.2% to $54.94 after the metering equipment maker for utilities companies swung to a quarterly profit.  

Itron Inc said revenue in the fourth quarter declined to $467.5 million from $485.6 million and measuring equipment maker for utilities swung to a net profit of $22.2 million from  a loss of $58.9 million in the previous year. 

Diluted earnings per share was 49 cents from a loss of $1.30 in the previous year. 

Revenue in the full-year 2022 increased to $1.80 billion from $1.98 billion and net loss declined to $9.7 million from $81.7 million and diluted loss per share fell to 22 cents from $1.83 a year ago. 

Norwegian Cruise Line Holdings declined 11.3% to $14.64 after the travel company forecasted weak annual profit on rising cost of fuel and wages. 

Norwegian Cruise said revenue in the fourth quarter increased to $1.5 billion from $487.4 million and net loss shrank to $484 million from $1.5 billion and diluted loss per share fell to $1.14 from $4.01 in the previous year. 

Total revenue per passenger day increased 23% on a reported basis and rose 24% in constant currency from the comparable period in 2019. 

In full-year 2022, revenue increased to $4.8 billion from $647 million and net loss fell to $2.2 billion from $4.5 billion and diluted loss per share decreased to $5.41 from $12.33 a year ago. 

"Full year 2023 cumulative booked position is ahead of 2019 levels inclusive  of the Company’s approximately 19% increase in capacity, at continued higher pricing," said the company in its earnings statement. 

Occidental Petroleum Corporation increased 0.6% to $59.30 after the energy company reported weaker-than-expected earnings and increased its quarterly dividend. 

Occidental Petroleum said revenue in the fourth quarter increased to $8.2 billion from $4.2 billion and net income rose to $1.7 billion from $1.3 billion and diluted earnings per share rose to $1.74 from $1.37 a year ago. 

In full-year 2022, revenue increased to $37 billion from $16.2 billion and net income surged to $12.5 billion from $1.5 billion and diluted earnings per share soared to $12.40 from $1.58 a year ago. 

Average worldwide realized crude oil prices decreased 12% from the previous quarter to $83.64 a barrel and realized natural gas liquids  prices fell 25% to $26.35 per barrel and average domestic realized gas prices plunged 37% to $4.45 per Mcf.

The company announced a new $3.0 billion stock repurchase program and increased its dividend by 38%. 

Target Corporation increased 2.8% to $171.46 after the retailer reported a weak sales increase and earnings fell on higher costs and the company issued a cautious outlook.

Target Corporation said revenue in the fourth quarter increased 1.2% to $30.9 billion but net income plunged 43% to $876 million and diluted earnings per share dropped to $1.89 from $3.21 a year ago. 

In full-year 2022, revenue increased 2.8% to $107.6 billion and net income plunged 60% to $2.8 billion from $6.9 billion and diluted earnings per share dropped to $5.98 from $14.10 a year ago. 

Comparable sales in the quarter increased 0.7% on top of 8.9% and advanced 2.2% on top of 12.7% in 2021. Comparable traffic in 2022 increased 2.1% on top of 12.3% in the previous year.  

Zoom Video Communications increased 1.8% to $75.03 after the company reported better-than-expected earnings and sharp decline in sales growth. 

Zoom Video Communications said revenue in the fourth quarter increased 4% to $1.1 billion and the company swung to a net loss of $104.4 million from a profit of $490.5 million. 

The earnings per share was a loss of 36 cents compared to a profit of $1.60 a year ago. 

Revenue in the fiscal year ending in January increased 7.0% to $4.4 billion and net income dropped to $103.7 million from $1.4 billion and diluted earnings per share dropped to 34 cents from $4.50 a year ago.