Altria Group (NYSE: MO) surpassed the Street’s expectations and withdrew its fiscal 2020 adjusted EPS outlook. The company posted adjusted earnings of $1.09 per share on revenue of $6.36 billion compared to the analysts’ targeted EPS of $0.98 and revenue of $4.61 billion. Altria also pulled back its 2020 – 2022 adjusted EPS growth objective due to COVID-19 uncertainty. MO stock traded up about 2% immediately after the earnings announcement.
Altria did not repurchase any shares of its common stock and borrowed the full $3 billion capacity available under its revolving credit facility in the first quarter.
Due to the uncertainties related to the impact of the COVID-19 pandemic and economic recovery scenarios, Altria withdrew its full-year 2020 adjusted EPS guidance of $4.39 to $4.51. Altria also withdrew its 2020 to 2022 compounded annual adjusted EPS growth objective of 4% to 7%.
Shares of Beyond Meat Inc. (NASDAQ: BYND) were down 4% on Wednesday. The stock has dropped 22% over the past 12 months and 16% since the beginning of this year.
The gaming industry witnessed a spike in demand after the coronavirus-related movement restrictions forced people to stay indoors. As the consumption of online content grew steadily, spending on video games
Video game company Electronic Arts, Inc. (NASDAQ: EA) reported lower earnings and revenues for the fourth quarter of 2021. Earnings also missed analysts' forecast. During the March quarter, net bookings