Stock Alert: Acadia Healthcare Up 20% On Quarterly Results, Outlook
Shares of Acadia Healthcare Company, Inc. (ACHC) are jumping over 20% on Friday morning after the company reported third-quarter results that trumped Wall Street estimates and issued a fourth-quarter outlook, which is above current expectations.
ACHC is currently trading at $34.99, up $6.01 or 20.74%, on the Nasdaq.
Third-quarter profit dropped to $37.0 million or $0.42 per share from $42.6 million or $0.48 per share last year. Adjusted earnings were $0.68 per share, up from $0.52 per share last year. Revenues rose to $833.3 million from $777.3 million last year.
Analysts polled by Thomson Reuters expected earnings of $0.54 per share and revenues of $803.72 million.
Looking forward to the fourth quarter, Acadia expects adjusted earnings of $0.68 to $0.72 per share and revenues of $810 million to $835 million. Analysts currently expect earnings of $0.56 per share on revenues of $815.05 million.
Stock Alert: NuVasive Down 7%
Shares of NuVasive, Inc. (NUVA), a developer of minimally disruptive surgical products for spine surgery, are declining more than 7 percent or $3.51 in Friday’s morning trade at $45.76 despite its third-quarter results beating analysts’ estimates.
Thursday, NuVasive reported third-quarter net income of $5.87 million or $0.11 per share, down from $11.01 million or $0.21 per share in the year-ago quarter. Adjusted earnings were $0.55 per share, compared to $0.59 per share last year. Revenue rose to $295.28 million from $290.84 million a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $0.24 per share on revenues of $256.68 million.
However, U.S. stocks are lower on Friday, reflecting weakness in shares of tech companies such as Apple and Amazon, lingering concerns about the recent spike in coronavirus cases and uncertainty about next week’s presidential elections.
NuVasive has traded in a range of $28.55 to $81.91 in the past 52 weeks.
Stocks tumble as Covid-19 cases soar
New York (CNN Business)It has been a messy week for the stock market. With only four days to go until Election Day, rising Covid-19 infections and uncertainty about further government stimulus to help the economy, there’s plenty for investors to worry about.
The Dow (INDU) is on track for its worst week since March, when the market tumbled under the first wave of coroanvirus infections and lockdowns. We’re not back in lockdown mode yet, but in Europe, countries have tightened restrictions again to combat a second wave.
The Dow opened down 0.4%, or 109 points, on Friday.
The S&P 500 (SPX), which is the broadest measure of Wall Street, is looking a bit better — but not by much. The index kicked the day off 0.5% lower, and it’s on track for its worst week since at least June. But if losses accelerate it could be its worst since March as well.
The Nasdaq Composite (COMP) opened 0.8% lower, putting it on pace for its worst week since September.
Big tech is looking less enticing Friday as well. Apple (AAPL) and Amazon (AMZN), which reported earnings late Thursday, saw their shares tumble at the market open.
Under Armour Was a Big Earnings Underdog in Q3
Under Armour Inc. (NYSE: UAA) released its third-quarter financial results before the markets opened on Tuesday. The company said that it had a $0.26 in earnings per share (EPS) and $1.40 billion in revenue, while the consensus estimates had called for just $0.03 in EPS on $1.16 billion in revenue. In the same period of last year, the apparel maker said it had $0.23 in EPS and $1.43 billion in revenue.
In a separate release, the company announced that it has agreed to sell its MyFitnessPal platform to Francisco Partners. The transaction is valued at $345 million and is expected to close within the fourth quarter of this year.
Back to earnings: Revenue remained relatively flat year over year. The company posted a gross margin of 47.9%, driven by channel mix benefits and supply chain efficiencies.
For its segments, the company reported as follows:
- Apparel revenues decreased 5.9% year over year to $927.0 million.
- Footwear revenues increased by 19.2% to $298.7 million.
- Accessories revenues were 22.8% higher to $145.1 million.
Looking ahead to the 2020 full year, the company expects to see EPS in the range of $0.47 to $0.49 and revenues declining in a high-teen percentage rate compared to 2019 results. The analysts currently have consensus estimates of a net loss of $0.72 per share on and $3.91 billion in revenue for the year.
Under Armour stock traded up more than 9% early Friday to $15.05 a share. The 52-week trading range is $13.16 to $21.96, and the consensus price target was last seen at $11.46.
Stock Alert: MoneyGram Surges On Upbeat Quarterly Results
Shares of money transfer services provider MoneyGram International, Inc. (MGI) are surging more than 27% Friday morning on a jump in the third quarter earnings.
The stock touched a new high of $5.90 this morning.
MoneyGram reported earnings of $0.12 per share, up from loss of $0.10 per share last year.
Adjusted earnings of $0.16 per share in the third quarter beat the average estimate of analysts polled by Thomson Reuters at $0.07 per share.
Total revenue for the quarter increased to $323.2 million from $322.2 million in the same quarter a year ago. The consensus estimate was for $307.74 million.
MoneyGram said its online direct-to-consumer channel (MGO) delivered 114% revenue growth driven by strong consumer demand for the MoneyGram app, high customer retention rates, and increased productivity rates. Cross-border online transactions grew 176% year-over-year.
For the fourth quarter, the company anticipates revenue growth of about 1%. This compares with the analysts’ view of 4.8% decline.