1-800-FLOWERS.COM Stock Tanks 30% On Second-Quarter Results
Shares of 1-800-FLOWERS.COM, Inc. (FLWS) tanked nearly 30% on Thursday morning after the gifts retailer’s second-quarter profit dropped from last year hurt largely increased shipping and labor costs.
FLWS is currently trading at $14.78, down $6.30 or 29.89%, on the Nasdaq.
Second-quarter profit was $88.5 million or $1.34 per share, down from $113.7 million or $1.71 per share last year, primarily reflecting significant year-over-year cost increases in labor, inbound and outbound shipping, and digital marketing.
Adjusted earnings were $1.34 per share, down from $1.72 per share last year.
Revenues increased 7.5 percent to $943.0 million from $877.3 million in the prior year period. The company achieved revenue growth across its three business segments, including growth of 9.8 percent in its Gourmet Foods and Gift Baskets segment, led by growth of more than 10.0 percent in its Harry & David brand.
Gross margin declined 530 points to 40.1 percent, primarily reflecting increased costs for inbound and outbound shipping and labor. Operating expenses as a percent of total revenues, improved 70 basis points to 27.9 percent of total sales, compared with 28.6 percent of total sales in the prior year period.
United States Steel Q4 Profit Rises
United States Steel Corporation (X) Thursday reported fourth-quarter net earnings of $1.069 billion or $3.75 per share, compared to $49 million or $0.22 per share last year.
Adjusted earnings were $1.038 billion or $3.64 per share, compared to adjusted net loss of $60 million or $0.27 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $4.41 per share for the quarter. Analysts’ estimates typically exclude special items.
Net sales for the quarter rose to $5.62 billion from $2.56 billion in the previous year. Analysts expected revenue of $5.44 billion for the quarter.
Stephen Breyer Is Retiring, Clearing the Way for Biden to Nominate a New Supreme Court Justice
Supreme Court Justice Stephen Breyer is retiring, multiple outlets reported on Wednesday.
Breyer’s retirement will clear the way for President Biden to nominated a new liberal, a crucial move considering Breyer’s age, 83, and the uncertainty around which party will control the White House after the 2024 election.
Breyer is one of just three liberal justices on the nine-person court, along with Elena Kagan and Sonia Sotomayor. Former President Trump was able to nominate and confirm three new justices — Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett — in just four years in office, giving conservatives a 6-3 supermajority.
This is a breaking news story and will be updated.
Automatic Data Processing Down 5% Despite Higher Q2 Results
Shares of tech company Automatic Data Processing Inc. (ADP) are down 5 percent on Wednesday’s trading despite the company posting higher second quarter earnings, which also beat the Street estimates.
The company’s earnings came in at $694.4 million, or $1.65 per share. This compares with $647.5 million, or $1.51 per share, in last year’s second quarter.
Excluding items, Automatic Data Processing Inc. reported adjusted earnings of $696.7 million or $1.65 per share for the period. Analysts on average had expected the company to earn $1.63 per share, according to figures compiled by Thomson Reuters.
The company’s revenue for the quarter rose 8.9% to $4.03 billion from $3.70 billion last year.
Currently at $205.85, the stock has traded between $162.58 and $248.76 during the past 52 weeks.
Facebook's former elections boss speaks out
(Reuters)Facebook’s parent company Meta Platforms Inc has paused new users from joining its social media tracking tool CrowdTangle due to staffing constraints.
Meta, which disbanded the CrowdTangle team last year, has been under pressure to provide greater transparency into its platforms.
CrowdTangle founder and CEO Brandon Silverman left Facebook (FB) last year.
The tool is used by organizations and individuals to follow, analyze and report on public content available on Facebook, Instagram and Reddit.
CrowdTangle was recently moved to a new data and transparency team, which is working through staffing transitions and considerations, a Meta spokesperson said.
“We are pausing the ability for people to join CrowdTangle while we work through some staffing constraints,” the spokesperson added.
New users can still get added to existing company accounts on the tracking tool, the spokesperson said.
LG Electronics Q4 Profit Down, Sales Rise; Stock Dips
South Korean electronics major LG Electronics Inc. (LGEPF.OB) reported Thursday that its fourth-quarter net income plunged to 21.3 billion Korean won from last year’s 262.3 billion won.
Operating income declined to 677.7 billion won from 862.7 billion won last year. Sequentially, operating income increased.
Gross Profit increased to 4.74 trillion won from last year’s 4.29 trillion won.
Sales in the fourth quarter grew to 21.01 trillion won from prior year’s 17.40 trillion won.
The company noted that with the official closure of the LG Mobile Communications Co. in the second quarter, the prior year’s results have been adjusted to reflect the change.
In South Korea, LG Electronics shares traded at 124,000 won, down 3.88 percent.
OSI Systems Inc. Q2 Profit Decreases, but beats estimates
OSI Systems Inc. (OSIS) released earnings for second quarter that decreased from the same period last year but beat the Street estimates.
The company’s bottom line came in at $19.80 million, or $1.09 per share. This compares with $20.04 million, or $1.10 per share, in last year’s second quarter.
Excluding items, OSI Systems Inc. reported adjusted earnings of $23.19 million or $1.28 per share for the period.
Analysts on average had expected the company to earn $1.17 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 0.2% to $276.68 million from $276.01 million last year.
OSI Systems Inc. earnings at a glance (GAAP) :
-Earnings (Q2): $19.80 Mln. vs. $20.04 Mln. last year.
-EPS (Q2): $1.09 vs. $1.10 last year.
-Analyst Estimates: $1.17
-Revenue (Q2): $276.68 Mln vs. $276.01 Mln last year.
Full year EPS guidance: $5.75 – $6.02
Full year revenue guidance: $1.160 – $1.195 Bln