RBC Bearings Q1 Earnings Rise, Beats Estimates

RBC Bearings Inc. (RBC) on Friday reported higher earnings for the first quarter on higher revenues. Earnings per share beat market estimates.

Quarterly earnings increased to $44.28 million or $1.52 per share from $31.69 million or $1.09 per share of last year. Adjusted net income was $61.9 million compared or $2.13 per share.

On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $1.96 per share for the quarter. Analysts’ estimates typically exclude one-time items.

Revenues increased 9.3 percent to $387.1 million from $354.1 million the previous year. The Street estimate for revenue was $389.48 million for the quarter.

Looking ahead to fiscal 2024, the company is on track to reach net revenue of approximately $1.6 billion.

Looking forward to the second quarter, the company expects net revenue to be approximately $380.0 million to $390.0 million.

In pre-market activity, shares of RBC Bearings are trading at $210.16, down 2.00% on the New York Stock Exchange.

Eli Lilly: LIBRETTO-431 Study Meets Primary Endpoint

Eli Lilly and Company (LLY) reported topline results from the LIBRETTO-431 study evaluating Retevmo versus platinum-based chemotherapy plus pemetrexed – with or without pembrolizumab – as an initial treatment for patients with rearranged during transfection fusion-positive advanced or metastatic non-small cell lung cancer. The study met its primary endpoint, showing a statistically significant and clinically meaningful improvement in progression-free survival.

The company will present full results from the LIBRETTO-431 trial at an upcoming medical meeting, submitted to a peer-reviewed journal, and discussed with health authorities.

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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.

Liberty Media Corp.: Consolidated Liberty Reports Profit Of $253 Mln In Q2

Liberty Media Corp. reported second-quarter net earnings to shareholders for consolidated Liberty of $253 million, which included profit to Liberty SiriusXM Group of $166 million, a loss to Braves Group of $29 million, and profit to Formula One Group of $116 million. Net earnings to shareholders of consolidated Liberty was $622 million, prior year.

SiriusXM reported adjusted OIBDA of $702 million, up 3% year-over-year. Total Liberty SiriusXM Group reported adjusted OIBDA of $694 million, an increase of 3%. Liberty Media’s ownership of SiriusXM was 83.4% as of July 28.

Second quarter consolidated Liberty revenue was $3.24 billion, which included revenue of $2.25 billion for Liberty SiriusXM. Consolidated Liberty revenue was $3.26 billion, last year.

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Cloudflare Stock Gaining More Than 10% On Higher Q2 Revenue

Shares of Cloudflare, Inc. (NET) are rising more than 10 percent on Friday after reporting higher revenue in the second quarter, which came up above estimates.

Cloudflare is currently trading at $70.69, up $5.65 or 9.47 percent. The stock opened its trading at $63.59 after closing Thursday’s trading at $65.04. The stock has traded between $37.37 and $80.99 in the past 52-week period.

Revenue in the quarter was $308.4 million, compared with $234.5 million last year. On average, 23 analysts polled by Thomson Reuters expected the company to report revenue of $305.55 million.

TDS Surges After Announcing Plan To Explore Strategic Alternatives For UScellular

Telephone and Data Systems, Inc. (TDS) shares are gaining more than 54 percent on Friday morning trade after the company and United States Cellular Corp. (USM) together announced that they will explore strategic alternatives for UScellular. The comprehensive process will explore a range of strategic alternatives.

TDS has retained Citi as its financial advisor and has retained legal counsel in connection with the review of strategic alternatives for UScellular.

The companies said they have not set a deadline or definitive timetable set for the completion of the strategic review, and there can be no assurance regarding the results or outcome of this review.

Currently, shares are at $12.93, up 63.67 percent from the previous close of $7.90 on a volume of 2,320,885.

USM shares are at $29.23, up 66.26 percent from the previous close of $17.50 on a volume of 2,153,098.

DraftKings Gains On Narrower Loss In Q2, FY23 Outlook

Shares of DraftKings Inc. (DKNG) are gaining more than 8 percent on Friday morning trade after the company reported a narrower net loss for the second quarter, supported by a surge in revenues.

The quarterly loss attributable was $77.27 million or $0.17 per share compared to prior loss of $217.10 million or $0.50 per share a year ago.

Revenue for the quarter surged to $874.93 million from $466.19 million in the prior year. Wall Street analysts were looking for $874.93 million.

Further, the company raised its full-year 2023 revenue guidance to $3.46 to $3.54 billion, up from $3.135 to $3.235 billion. The current projection is for growth of 54 to 58 percent.

For the fourth quarter, the company expects nearly $1.2 billion in revenue.

Currently, shares are at $32.46, up 8.24 percent from the previous close of $29.99 on a volume of 16,483,360.