Express, Inc. Q2 Net Income Declines; Comps. Up 1%

Express, Inc. (EXPR) reported second quarter net income of $7.0 million, or $0.10 per share compared to net income of $10.6 million, or $0.15 per share, a year ago. Gross margin was 33.1% of net sales compared to 32.6%, an increase of approximately 50 basis points. Consolidated net sales increased 2% to $464.9 million, with consolidated comparable sales up 1%.

Tim Baxter, CEO, said: “While our performance was below our outlook, we achieved solid results despite challenging macroeconomic conditions that worsened as the quarter progressed. While we have lowered our outlook for the back half of this year to reflect the uncertainty of macroeconomic conditions, we remain committed to our long-term objective of a mid-single digit operating margin.”

For the third quarter, the company expects: comparable sales to decrease mid-single digits; and gross margin rate to decrease approximately 350 basis points.

For the full year 2022, the company expects: comparable sales to increase mid-single digits; gross margin rate to increase approximately 100 basis points; and a loss per share of $0.16 to $0.22.

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Donaldson Q4 Profit Matches Estimates; Sales Up 15.1%

Donaldson Company, Inc. (DCI) reported fourth-quarter adjusted profit per share of $0.84 compared to $0.66, prior year. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.84, for the quarter. Analysts’ estimates typically exclude special items.

Net profit was $101.1 million or $0.81 per share compared to $84.3 million or $0.66 per share, prior year.

Net sales increased 15.1% to $890.0 million. Analysts on average had estimated $880.24 million in revenue.

Donaldson expects fiscal 2023 EPS between $2.91 and $3.07. Full-year 2023 net sales are projected to increase between 1% and 5% versus the prior year. Engine sales are projected to increase between flat and 4%.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Pre-market Movers: LGO, NERV, TMDX, BBBY, FTCH…

The following are some of the stocks making big moves in Wednesday’s pre-market trading (as of 07.30 A.M. ET).

In the Green

Largo Inc. (LGO) is up over 21% at $8.62
Minerva Neurosciences, Inc. (NERV) is up over 21% at $5.46
TransMedics Group, Inc. (TMDX) is up over 17% at $58.20
Bed Bath & Beyond Inc. (BBBY) is up over 14% at $10.04
Farfetch Limited (FTCH) is up over 14% at $9.00
Starbox Group Holdings Ltd. (STBX) is up over 13% at $17.49
Getty Images Holdings, Inc. (GETY) is up over 12% at $31.00
Cue Health Inc. (HLTH) is up over 10% at $4.30
O-I Glass, Inc. (OI) is up over 8% at $15.43
New Concept Energy, Inc. (GBR) is up over 8% at $2.15
Intuit Inc. (INTU) is up over 6% at $477.00
TravelCenters of America Inc. (TA) is up over 6% at $61.83
Houston American Energy Corp. (HUSA) is up over 6% at $5.31
Redwire Corporation (RDW) is up over 5% at $3.10

In the Red

Nordstrom, Inc. (JWN) is down over 13% at $20.15
Puyi Inc. (PUYI) is down over 12% at $7.12
Aurinia Pharmaceuticals Inc. (AUPH) is down over 7% at $7.31
GigaCloud Technology Inc. (GCT) is down over 6% at $24.81
McEwen Mining Inc. (MUX) is down over 6% at $2.83

Longeveron: FDA Grants Fast Track Designation To Lomecel-B

Longeveron Inc. (LGVN) announced the FDA has granted Fast Track Designation to Lomecel-B for the treatment of Hypoplastic Left Heart Syndrome. Lomecel-B is currently in a phase 2a trial for HLHS. The FDA previously granted the company’s Lomecel-B Orphan Drug and Rare Pediatric Disease designations in November of 2021 for HLHS.

Chris Min, Interim CEO and Chief Medical Officer, said: “Fast Track Designation underscores the urgent need in HLHS, and we look forward to continuing to work closely with the FDA to bring this potential new therapy to infants as expeditiously as possible.”

For More Such Health News, visit rttnews.com.

US Airstrikes Target Iranian-backed Groups In Syria

The US military carried out airstrikes targeting Iranian-backed militant groups in Syria on Tuesday.

It came in retaliation to multiple rockets attacks on August 15 near a military base in northeastern Syria where US forces are stationed.

The U.S. strikes in Deir ez-Zor targeted infrastructure facilities used by groups affiliated with Iran’s Islamic Revolutionary Guard Corps, the U.S. Central Command said in a statement.

“Today’s strikes were necessary to protect and defend U.S. personnel. The United States took proportionate, deliberate action intended to limit the risk of escalation and minimize the risk of casualties,” USCENTCOM Communication Director Colonel Joe Buccino said.

No casualties were reported according to an initial assessment, he was quoted as saying.

The airstrikes were in line with President Joe Biden’s direction.

Joe Buccino made it clear that the United States does not seek conflict, but will continue to take necessary measures to protect and defend its people.

“U.S. forces remain in Syria to ensure the enduring defeat of ISIS,” he added.

Iranian-backed militias in southern Syria regularly attack US troops based in Syria and Iraq.

Nearly 900 U.S. soldiers are currently deployed for duty in Syria, years after its troops withdrew from the war-torn country.

Brown-Forman Corp. Q1 Profit Climbs

Brown-Forman Corp. (BFB) released earnings for its first quarter that increased from last year

The company’s earnings came in at $249M, or $0.52 per share. This compares with $192M, or $0.40 per share, in last year’s first quarter.

The company’s revenue for the quarter rose 11.0% to $1.01 billion from $0.91 billion last year.

Brown-Forman Corp. earnings at a glance (GAAP) :

-Earnings (Q1): $249M. vs. $192M. last year.
-EPS (Q1): $0.52 vs. $0.40 last year.
-Revenue (Q1): $1.01 Bln vs. $0.91 Bln last year.