Ralph Lauren Reiterates FY23 Revenue Growth Outlook – Update

While reporting its financial results for the first quarter on Thursday, luxury fashion house Ralph Lauren Corp. (RL) said it expects revenues to be flat to up slightly in constant currency for the second quarter.

For fiscal 2023, the company also continues to expect constant currency revenues to increase approximately low-single digits to last year.

On average, analysts polled by Thomson Reuters expect a net sales decline of 4.60 percent to $1.63 billion for the quarter and net sales growth of 2.80 percent to $6.62 billion for the year.

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UroGen Pharma Ltd. Q2 Loss decreases, beats estimates

UroGen Pharma Ltd. (URGN) released Loss for second quarter that decreased from last year and beat the Street estimates.

The company’s earnings totaled -$24.14 million, or -$1.03 per share. This compares with -$26.69 million, or -$1.18 per share, in last year’s second quarter.

Analysts on average had expected the company to earn -$1.14 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 27.3% to $21.14 million from $16.60 million last year.

UroGen Pharma Ltd. earnings at a glance (GAAP) :

-Earnings (Q2): -$24.14 Mln. vs. -$26.69 Mln. last year.
-EPS (Q2): -$1.03 vs. -$1.18 last year.
-Analyst Estimates: -$1.14
-Revenue (Q2): $21.14 Mln vs. $16.60 Mln last year.

TaskUs Down 15% On Weak Q3, FY23 Outlook

Shares of TaskUs, Inc. (TASK) are down 15% on Thursday despite second-quarter results beating Street as the company issued its third-quarter and full-year revenue outlook, which are lower than the Street estimates.

TASK is trading on the Nasdaq at $10.15, down 15.28% or $1.83 per share. It has traded between $8.80 and $24.10 in the past 52-week period.

The company expects third-quarter revenue in the range of $220 million to $222 million, and full-year revenue in the range of $900 million to $910 million. While the Street guidance for the third quarter is $228.73 million and for the full-year $932.14 million.

The company reported a net income of $10.1 million or $0.10 per share for the quarter, an increase from last year’s profit of $7.7 million or $0.07 per share.

On an adjusted basis, it reported an income of $31.8 million or $0.32 per share, compared to the income of $38.7 million or $0.38 per share the prior year.

Analysts on average had expected the company to earn $0.30 per share, according to figures compiled by Thomson Reuters.

Revenue decreased to $229.2 million from $246.5 million the previous year. It beat the consensus estimate of $227.3 million.

European Economic News Preview: Italy Final Inflation Data Due

Final consumer price data from Italy is the major economic report due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, Statistics Norway publishes consumer and producer price data for July. Inflation is expected to slow to 5.7 percent in July from 6.4 percent in June.

In the meantime, industrial production, new orders and household consumption figures are due from Sweden. Economists expect orders to grow 1.5 percent annually after rising 14.9 percent in May.

At 3.00 am ET, the Czech Statistical Office is set to issue consumer prices for July. Inflation is forecast to slow to 8.8 percent from 9.7 percent in June.

At 4.00 am ET, Italy’s statistical office ISTAT is scheduled to publish consumer price data for July. Final inflation is seen at 6.0 percent in July, unchanged from the flash estimate, and down from 6.4 percent in June.

At 5.00 am ET, industrial production data is due from Greece.

U.S. Labor Productivity Rebounds 3.7% In Q2, Much More Than Expected

Labor productivity in the U.S. rebounded by much more than expected in the second quarter of 2023, according to a report released by the Labor Department on Thursday.

The report said labor productivity spiked by 3.7 percent in the second quarter after slumping by a revised 1.2 percent in the first quarter.

Economists had expected productivity to jump by 2.0 percent compared to the 2.1 percent plunge that had been reported for the previous quarter.

The bigger than expected increase in labor productivity, a measure of output per hour, came as output surged by 2.4 percent but hours worked tumbled by 1.3 percent.

The Labor Department also said unit labor costs shot up by 1.6 percent in the second quarter after soaring by 3.3 percent in the first quarter.

Unit labor costs were expected to surge by 2.6 percent compared to the 4.2 percent spike that had been reported for the previous quarter.

The smaller than expected jump in unit labor costs came as the increase in productivity helped offset a 5.5 percent surge in hourly compensation.

Real hourly compensation, which takes changes in consumer prices into account, advanced by 2.7 percent in the second quarter after tumbling by 1.6 percent in the first quarter.

Carrols Restaurant Stock Jumps 16% On Q2 Results

Shares of Carrols Restaurant Group, Inc. (TAST) are gaining over 16% on Thursday morning after the restaurant operators’ second-quarter profit and revenues trumped Street expectations.

TAST is currently trading at $7.20, up $1.01 or 16.32%, on the Nasdaq. The stock opened its trading at $6.21 after closing Wednesday’s trading at $6.19. The stock has traded between $1.31 and $7.75 in the past 52-week period.

Second-quarter restaurant sales increased 9.8% to $485.2 million from $441.9 million last year.

Net income for the quarter was $15.0 million or $0.23 per share, compared to a net loss of $26.5 million or $0.52 per share last year.

Adjusted profit was $17.0 million or $0.27 per share, compared to adjusted net loss of $8.9 million or $0.18 per share last year.

Analysts polled by Thomson Reuters expected earnings of $0.02 per share on revenues of $475.23 million.