Macy’s Inc. Q2 Profit Decreases, but beats estimates

Macy’s Inc. (M) released earnings for second quarter that decreased from last year but beat the Street estimates.

The company’s bottom line totaled $275M, or $0.99 per share. This compares with $345M, or $1.08 per share, in last year’s second quarter.

Excluding items, Macy’s Inc. reported adjusted earnings of $277 million or $1.00 per share for the period.

Analysts on average had expected the company to earn $0.85 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 0.9% to $5.60 billion from $5.65 billion last year.

Macy’s Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $275M. vs. $345M. last year.
-EPS (Q2): $0.99 vs. $1.08 last year.
-Analyst Estimates: $0.85
-Revenue (Q2): $5.60 Bln vs. $5.65 Bln last year.

-Guidance:
Full year EPS guidance: $4.00 – $4.20
Full year revenue guidance: $24,340 -$24,580 Mln

Pre-market Movers: FRZA, SVFD, MEGL, HALL, TGA…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.45 A.M. ET).

In the Green

Forza X1, Inc. (FRZA) is up over 34% at $8.15
Magic Empire Global Limited (MEGL) is up over 28% at $22.70
TransGlobe Energy Corporation (TGA) is up over 20% at $3.96
ACV Auctions Inc. (ACVA) is up over 15% at $9.94
CN Energy Group. Inc. (CNEY) is up over 15% at $2.26
Mainz Biomed B.V. (MYNZ) is up over 13% at $10.57
Treasure Global Inc. (TGL) is up over 12% at $8.13
Energy Services of America Corporation (ESOA) is up over 11% at $2.67
Nu Holdings Ltd. (NU) is up over 10% at $5.16

In the Red

Save Foods, Inc. (SVFD) Is down over 34% at $3.11
Hallmark Financial Services, Inc. (HALL) is down over 26% at $1.82
Tremor International Ltd (TRMR) is down over 17% at $8.60
GAN Limited (GAN) is down over 15% at $3.67
Albireo Pharma, Inc. (ALBO) is down over 14% at $21.27
urban-gro, Inc. (UGRO) is down over 12% at $5.50
AmpliTech Group, Inc. (AMPG) is down over 11% at $2.45
Compass, Inc. (COMP) is down over 10% at $4.17
Bloom Energy Corporation (BE) is down over 7% at $28.03
ZipRecruiter, Inc. (ZIP) is down over 6% at $19.67
Sunlight Financial Holdings Inc. (SUNL) is down over 6% at $4.15
D-Wave Quantum Inc. (QBTS) is down over 5% at $10.11

Gold Steadies As Dollar Takes Breather

Gold eked out modest gains on Tuesday after hitting a near one-month low in the previous session.

Spot gold edged up 0.2 percent to $1,739.13 per ounce, while U.S. gold futures were up 0.2 percent at $1,751.75.

A slight pullback in the dollar helped lift prices, though worries lingered over the pace of rate hikes by the U.S. Federal Reserve.

The dollar fell slightly against its rivals after having hit a more than one-month high overnight, aided by fears of recession and recent hawkish comments from Fed officials.

Investors await a gathering of central bankers later this week in Jackson Hole, Wyoming, where Fed chairman Jerome Powell will deliver a speech.

In economic releases, survey results showed earlier today that Europe’s two largest economies both probably contracted in August.

The composite purchasing managers indexes for Germany and France hit a 26-month low and 18-month low, respectively.

U.S. new home sales for July and Eurozone consumer sentiment index for August are scheduled for release in the New York session.

The J. M. Smucker Company Reveals Retreat In Q1 Profit

The J. M. Smucker Company (SJM) revealed a profit for first quarter that decreased from the same period last year

The company’s bottom line totaled $109.8 million, or $1.03 per share. This compares with $153.9 million, or $1.42 per share, in last year’s first quarter.

Excluding items, The J. M. Smucker Company reported adjusted earnings of $178.1 million or $1.67 per share for the period.

The company’s revenue for the quarter rose 0.5% to $1.87 billion from $1.86 billion last year.

The J. M. Smucker Company earnings at a glance (GAAP) :

-Earnings (Q1): $109.8 Mln. vs. $153.9 Mln. last year.
-EPS (Q1): $1.03 vs. $1.42 last year.
-Revenue (Q1): $1.87 Bln vs. $1.86 Bln last year.

-Guidance:
Full year EPS guidance: $8.20 – $8.60

Medtronic plc Announces Rise In Q1 Bottom Line

Medtronic plc (MDT) reported a profit for its first quarter that increased from last year

The company’s earnings came in at $929 million, or $0.70 per share. This compares with $763 million, or $0.56 per share, in last year’s first quarter.

Excluding items, Medtronic plc reported adjusted earnings of $1.50 billion or $1.13 per share for the period.

The company’s revenue for the quarter fell 7.8% to $7.37 billion from $7.99 billion last year.

Medtronic plc earnings at a glance (GAAP) :

-Earnings (Q1): $929 Mln. vs. $763 Mln. last year.
-EPS (Q1): $0.70 vs. $0.56 last year.
-Revenue (Q1): $7.37 Bln vs. $7.99 Bln last year.

-Guidance:
Full year EPS guidance: $5.53 to $5.65

Medtronic Reiterates FY23 Outlook – Update

While reporting financial results for the first quarter on Tuesday, medical devices maker Medtronic plc. (MDT) reiterated its adjusted earnings and revenue growth guidance for the full-year 2023.

For fiscal 2023, the company still projects adjusted earnings in a range of $5.53 to $5.65 per share, which includes an estimated 17 to 22 cent negative impact from foreign currency, on organic revenue growth of 4 to 5 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.56 per share on revenue growth of 0.8 percent to $31.94 billion for the quarter. Analysts’ estimates typically exclude special items.

“Looking ahead, we expect organic revenue growth to improve each quarter, with the second half of the fiscal year much stronger than the first. We are optimistic about our future, as we create markets and realize new opportunities,” said Karen Parkhill, Medtronic chief financial officer.