Tuesday, 21 May 2024

U.S. GDP Grows More Than Previously Estimated In Q1

SpartanNash Q1 Profit Falls; Backs Full Year Outlook

Food solutions firm SpartanNash Company (SPTN), Tuesday reported lower earnings for the first quarter particularly reflecting increased cost of sales. However, revenue increased by 5.2 percent. The company also affirmed its earnings and sales guidance for the full year.

Quarterly earnings decreased to $11.3 million or $0.32 per share from $19.3 million or $0.53 per share for the same quarter of last year.

On average, seven analysts polled by Thomson Reuters expected earnings of $0.63 for the year. Analysts’ estimates typically exclude special items.

Adjusted EBITDA, however, increased $0.1 million to $76.8 million compared to $76.6 million for the same period last year.

Revenue increased $ 143.7 million to $2.91 billion from $2.76 billion of last year, on higher sales growth in both wholesale and retail segments.

The Street estimate for revenue was $2.95 billion.

Looking ahead for the full year, the company reaffirmed its previous guidance provided on February 23. It still expects the total net sales to be in the range of $9900 million-$10200 million. The Street estimate stands at $10.04 billion.

The adjusted EBITDA is expected between $2.20 million and $2.35 million.

Adjusted EPS is expected between $2.20 and $2.35 per share. The Street estimate is $2.21 per share.

In premarket activity, shares of SpartanNash were trading at $23.10, up 0.87% or $0.20 on the Nasdaq.

Denver Nuggets photos through the years

For the first time in their NBA history, the Denver Nuggets are in the NBA Finals.

Take a look back at the team throughout the years in pictures from The Denver Post archives.

And click here to read about the 12 moments that have defined the Nuggets’ magical run to NBA Finals.

Macy's Down In Pre-Market On Guidance Cut

Shares of Macy’s, Inc. (M), were losing almost 5 percent in Thursday’s pre-market trade after the company lowered its full-year profit guidance, due to lower demand trends.

Macy’s is currently trading at $12.80, down 5.81 percent or $0.79, in the pre-market trading session. The stock had closed Wednesday’s trading at $13.59. The stock has traded between $13.42 and $25.12 in the past 52-week period.

The company expects net sales to range from $22.8 billion to $23.2 billion, compared to the previous estimate of $23.7 billion to $24.2 billion.

Adjusted earnings per share are now projected to be between $2.70 and $3.20, as opposed to the earlier view of $3.67 to $4.11 per share.

Pre-market Movers: AGBA, QSG, AI, OKTA, AULT…

The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 07.25 A.M. ET).

In the Green

AGBA Group Holding Limited (AGBA) is up over 35% at $2.19.
QuantaSing Group Limited (QSG) is up over 23% at $10.66.
Ault Alliance, Inc. (AULT) is up over 18% at $13.15.
Chewy, Inc. (CHWY) is up over 17% at $34.68.
VCI Global Limited (VCIG) is up over 16% at $3.16.
Nanobiotix S.A. (NBTX) is up over 13% at $5.21.
Veeva Systems Inc. (VEEV) is up over 8% at $180.02.
LiveWire Group, Inc. (LVWR) is up over 6% at $8.65.
Alteryx, Inc. (AYX) is up over 5% at $40.92.

In the Red

C3.ai, Inc. (AI) is down over 21% at $31.53.
Okta, Inc. (OKTA) is down over 19% at $72.88.
Lexicon Pharmaceuticals, Inc. (LXRX) is down over 17% at $2.72.
Victoria’s Secret & Co. (VSCO) is down over 15% at $17.26.
Carrols Restaurant Group, Inc. (TAST) is down over 14% at $4.70.
Lucid Group, Inc. (LCID) is down over 12% at $6.79.
T Stamp Inc. (IDAI) is down over 12% at $2.21.
CrowdStrike Holdings, Inc. (CRWD) is down over 10% at $143.40.
Panbela Therapeutics, Inc. (PBLA) is down over 9% at $6.10.
Salesforce, Inc. (CRM) is down over 6% at $209.68.

Laurentian Bank Of Canada Q2 Profit Decreases, but beats estimates

Laurentian Bank Of Canada (LB.TO) released earnings for second quarter that decreased from the same period last year but beat the Street estimates.

The company’s earnings came in at C$49.3 million, or C$1.11 per share. This compares with C$59.5 million, or C$1.34 per share, in last year’s second quarter.

Excluding items, Laurentian Bank Of Canada reported adjusted earnings of C$51.7 million or C$1.16 per share for the period.

Analysts on average had expected the company to earn C$1.12 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 C$257.2 million from C$259.6 million last year.

Laurentian Bank Of Canada earnings at a glance (GAAP) :

-Earnings (Q2): C$49.3 Mln. vs. C$59.5 Mln. last year.
-EPS (Q2): C$1.11 vs. C$1.34 last year.
-Analyst Estimates: C$1.12
-Revenue (Q2): C$257.2 Mln vs. C$259.6 Mln last year.

U.S. GDP Grows More Than Previously Estimated In Q1

Economic growth in the U.S. slowed less than previously estimated in the first three month of 2023, according to revised data released by the Commerce Department on Thursday.

The Commerce Department said gross domestic product climbed by 1.3 percent in the first quarter compared to the previously estimated 1.1 percent increase. Economists had expected the pace of GDP growth to be unrevised.

The stronger than previously estimated GDP growth primarily reflected an upward revision to private inventory investment.

Despite the upward revision, the GDP growth in the first quarter still reflects a slowdown from the 2.6 percent jump seen in the fourth quarter of 2022.

The slower GDP growth primarily reflected a downturn in private inventory investment and a slowdown in nonresidential fixed investment.

The negative contributions were partly offset by an acceleration in consumer spending, an upturn in exports, and a smaller decrease in residential fixed investment.

The report also showed the jump by the personal consumption expenditures price index in the first quarter was unrevised at 4.2 percent.

Meanwhile, the surge by the core PCE price index, which excludes food and energy prices, was upwardly revised to 5.0 percent from 4.9 percent.

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