US Movers: Coca-Cola, Hasbro, JetBlue, Restaurant Brands, Zoominfo

Scott Peters
13 Feb, 2024
New York City

The Coca-Cola Company gained 1.1% to $60.40 after the beverage maker reported mixed quarterly results in the fourth quarter. 

Revenue in the quarter rose 7% to $10.85 billion from $10.1 billion after the company passed on higher prices to customers and bottlers; net income declined 3% to $1.98 billion from $2.03 billion; and diluted earnings per share fell to 46 cents from 47 cents a year ago. 

Unit case volume increased by 2% in the quarter, and organic revenue rose by 12%, largely driven by double-digit price increases in Europe and the Middle East, Latin America, and Asia Pacific. 

JetBlue Airways soared 13.2% to $6.82 after activist investor Carl Icahn reported a 10% stake in the company and added that the company's stock is undervalued. 

Zoominfo Technologies increased 16% to $18.40 after the market intelligence company reported better-than-expected quarterly results. 

Revenue in the December quarter increased to $316.4 million from $301.7 million, net income swung to a loss of $5.5 million from a profit of $23.2 million, and diluted earnings per share were a loss of 1 cent compared to a profit of 8 cents a year ago. 

During the year 2023, the company repurchased 22.6 million shares at an average price of $17.68 for an aggregate of $400.1 million. 

The company guided fiscal first quarter 2024 revenue between $307 million and $310 million and full-year revenue between $1.26 billion and $1.28 billion. 

Hasbro declined 5.8% to $48.30 after the toymaker reported sharply lower-than-expected earnings in the fourth quarter. 

Revenue in the fourth quarter declined 23% to $1.29 billion from $1.7 billion, net loss soared to $1.06 billion from $128 million, and diluted loss per share expanded to $7.64 from 93 cents a year ago. 

Revenue in the fourth quarter declined 23% after the growth in the Wizards of the Coast and Digital Gaming segments of 7%, which was more than offset by declines of 25% in the consumer products segment and a 49% plunge in the entertainment segment. 

Operating loss of $1,912 million compared to an operating profit of $23 million in 2022. 2023 loss includes $1,846 million (non-cash) of goodwill and intangible asset impairment associated with the eOne Film and TV business and within Family Brands to align with a change in entertainment strategy. 

Restaurant Brands International was nearly unchanged at $78.30 after the parent company of Tim Hortons reported better-than-expected quarterly results. 

Revenue in the fourth quarter increased to $1.8 billion from $1.69 billion, net income advanced to $508 million from $229 million, and diluted earnings per share rose to $1.60 from 74 cents a year ago. 

Systemwide sales across all restaurant brands rose 9.6%, slower than 11.4% in the quarter a year ago. 

Consolidated comparable store sales increased 5.8%, including a 4.6% rise at international locations. 

Comparable sales at Tim Hortons coffee chain rose 8.4%, Burger King increased 6.3%, Popeyes Louisiana Kitchen advanced 5.5%, and Firehouse Subs increased 3.5%.