U.S. Movers: AutoZone, Macy's, Lowe's, Palo Alto Networks

Scott Peters
21 May, 2024
New York City

Palo Alto Networks declined 4.8% to $308.21 after the cybersecurity company reported better-than-expected quarterly earnings, but the company's guidance for the current quarter fell short of market expectations. 

Revenue in the fiscal third quarter ending in April rose 15% to $2.0 billion from $1.7 billion, net income soared to $278.8 million from $107.8 million, and diluted earnings per share advanced to 79 cents from 31 cents a year ago. 

The company guided revenue in the fourth quarter to rise to between $2.15 billion and $2.17 billion, an increase between 9% and 11% from a year ago. 

The company revised its annual revenue estimate to between $7.99 billion and $8.01 billion, an increase of 16% from a year ago. 

Lowe's Companies decreased 1.8% to $225.04 after the home improvement retailer said comparable store sales declined 4.1% in the first quarter. 

The retailer reported better-than-expected quarterly results. 

Total sales in the first quarter declined to $21.4 billion from $22.3 billion, net income dropped to $1.8 billion from $2.26 billion, and diluted earnings per share declined to $3.06 from $3.77 a year ago. 

Earnings in the quarter a year ago included gains from the sale of Canadian retail operations; after adjusting for the sale, earnings were $3.67 a share. 

The retailer declared a dividend of $1.10, compared to $1.05 a year ago. 

The company estimated annual sales between $84 billion and $85 billion, comparable sales to fall between 2% and 3%, and diluted earnings per share between $12.0 and $12.30. 

Macy's Inc. gained 0.1% to $19.13 after the department store chain reported better-than-expected quarterly results.

Net sales in the first quarter declined 2.7% to $4.84 billion from $4.98 billion, net income dropped to $62 million from $155 million, and diluted earnings per share fell to 22 cents from 55 cents a year ago. 

The retailer tightened its annual sales range to between $22.3 billion and $22.9 billion from the previous estimate of between $22.2 billion and $22.9 billion. 

The company also lifted its adjusted diluted earnings per share range to between $2.55 and $2.90 from the $2.45 and $2.85 range released on February 27. 

AutoZone declined 1.8% to $2,875.78 after the specialty retailer reported mixed results in the fiscal third quarter. 

Revenue in the third quarter increased 3.5% to $4.2 billion from $4.1 billion, net income advanced to $651.7 million from $647.7 million, and diluted earnings per share increased to $36.69 from $34.12 a year ago. 

Total comparable same-store sales rose 1.9%, driven by an 18.1% sales increase at international stores and flat sales at domestic stores. 

The company repurchased 242,000 of its own shares at an average price per share of $3,036, for a total of $734.7 million. The company still had $1.4 billion available at the end of the fiscal third quarter.