During the first week of October, a few important companies have reported their earnings. Be it Pepsico (PEP) or Costco Wholesale (COST), the companies tend to showcase their results in a nice way, but investors tend to react to the results based on their performance and outlook and the stock movement shows the clear picture. Here is the list of some major companies that reported earnings this week.
Food and beverages giant Pepsico (PEP) reported a 16% jump in earnings for the third quarter helped by tax benefits. Revenue rose by 1.5% driven by strong international divisions operating performance. For the full year, the company lifted its organic revenue growth outlook as existing operations are on the upward drive. However, core EPS guidance was lowered as expenses are drinking away the protein. The stock remained grounded after the earnings announcement.
For the first quarter of fiscal 2019, Paychex’s (PAYX) top line increased 9%, benefitting from the solid growth in human capital management products. The bottom line jumped by 16%. The payroll services company guided management solutions revenue to increase marginally in single-digit and a double-digit growth is predicted from PEO and insurance services revenues. Shares dropped after results. Click to view the graphical view of the results.
Strong homebuilding operations and contributions from CalAtlantic business drove the top line of Lennar Corp. (LEN) higher by 74%, while earnings jumped 82%. The real estate firm has seen an increase in the sales of residential units and new orders. The stock remained mostly positive after the results. A graphical representation of the company’s results can be found here.
Warehouse club operator Costco Wholesale (COST) posted a 13.5% increase in earnings for the fourth quarter on higher sales from stores and online as well as an increase in membership revenue. The bottom line advanced due to the tax benefit related to the change in stock-based compensation rule. The stock hit the bottom and traded lower as the company detected a material weakness in its internal control over financial reporting.
The strength in Specialty Memory business lifted Smart Global Holdings’ (SGH) top line in the fourth quarter upward by 68%. Brazil performance was cited as the main contributor. The specialty memory services maker guided first-quarter profit above consensus. Shares skyrocketed more than 25% to $34.15 on Friday. Click to view the earnings analysis.
Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per
Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus
Virgin Galactic (NYSE: SPCE) reported fourth-quarter 2020 financial results after the regular market hours on Thursday. The space tourism company reported zero revenue in the fourth quarter, compared to $529,000