All articles tagged with #profit beat
GameStop reported a 16.9% decline in Q1 revenue to $732.4 million, missing analyst estimates, but its non-GAAP profit of $0.17 per share significantly beat expectations. Despite a profit beat, the company's sales decline and future revenue projections suggest challenging demand conditions for the retailer.
FedEx's shares surged in premarket trading after the company beat estimates for quarterly profit and reported a higher operating margin at its Express unit. The company has taken measures to protect margins at Express, including reducing flight hours and efforts to fly fewer jets. FedEx also announced plans to buy back $500 million worth of its shares in the current quarter and approved a new $5-billion share repurchase program. The firm tightened its annual profit forecast and now expects earnings in the range of $17.25 to $18.25 per share. At least four brokerages raised their price targets on the stock, with shares of FedEx trading at 12.72 times forward profit estimates.
Target's stock surged 11.4% after reporting a fiscal fourth-quarter profit well above expectations, with lower markdowns and shrink costs boosting margins. Chief Growth Officer Christina Hennington noted mixed consumer outlook, with consumers feeling stretched but showing an affinity for style and newness. The company's net income rose to $1.38 billion, with adjusted earnings per share beating expectations. Target expects adjusted EPS of $1.70 to $2.10 for the first quarter and $8.60 to $9.60 for the full year, while also rolling out a new Target Circle membership program to reignite sales and market-share gains.
PepsiCo reported a rare revenue miss due to weakness in its North America businesses, causing its stock to slump. However, the company's quarterly profit beat expectations, and it announced a 7% increase in its annual dividend. Despite the revenue decline, net income jumped, and the company expects organic revenue growth of at least 4% for 2024.
Caterpillar's shares reached a record high after reporting a double-digit increase in operating profit, driven by strong demand for mining equipment and higher prices across its machinery divisions. The company's performance was buoyed by steady spending on heavy machinery among commercial clients and a decrease in dealer inventories. Despite challenges in the Asia Pacific region, the company's profit margins have been supported by a substantial order backlog and demand from various industries. Caterpillar's fourth-quarter profit exceeded consensus estimates, with sales and revenue in line with analysts' forecasts.
GE stock surged by 7% after the company reported a quarterly profit beat and raised its guidance, attributing the success to the rapid growth of its aerospace business. GE Aerospace has experienced robust demand and solid execution, particularly in commercial engines and services. The company now expects adjusted earnings of $2.55 to $2.65 per share in 2023, up from the previous projection of no more than $2.30. Despite supply chain challenges, GE's commercial engine deliveries have increased by 30% year-to-date. CEO Larry Culp also highlighted the growth potential beyond the commercial category, including a deal with the US Army for test engines. GE's results reflect the success of its five-year-turnaround plan, which involved cost-cutting measures and divestment of businesses. The spin-off of GE Vernova, its renewable energy and power unit, is expected to occur in Q2 2024.
General Mills reported fiscal first-quarter earnings and sales that slightly beat analysts' estimates, benefiting from a moderating inflation environment. The company reiterated its full-year guidance and expressed confidence in its ability to navigate ongoing supply chain challenges.