Earnings Roundup: KFT, ATVI, CROX, CF, EOG, SQNM
Thursday, August 05, 2021 7:01 PM

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Kraft Foods Inc. (NYSE: KFT) said Thursday that its second-quarter profit rose 13%, helped by margin expansion and double-digit sales growth. Net income totaled $937 million, or 53 cents per share, compared $827 million, or 56 cents per share, in the year-ago quarter. On an adjusted basis, the company earned 60 cents per share in the latest quarter. Revenue jumped 25% to $12.3 million. Analysts, on average, expected the company to report earnings of 52 cents a share on revenue of $12.33 billion. Looking ahead, the company said that it now expects its full-year organic net revenue to grow between 3 percent and 4 percent compared to its earlier forecast of at least 4 percent. The company reaffirmed its guidance for 2010 operating earnings per share of at least $2. Shares of the company rallied more than 3% in after-hours trading. 

Activision Blizzard, Inc. (NASDAQ: ATVI) reported that its second-quarter net income rose to $219 million, or 17 cents per share, from $195 million, or 15 cents per share, in the prior-year quarter. On an adjusted basis, the company earned 6 cents per share in the latest quarter. Revenue decreased 7% to $967 million from $1.04 billion. Analysts, on average, expected the company to report earnings of 5 cents per share on revenue of $719.77 million. Looking ahead to the third quarter, Activision Blizzard expects GAAP net revenues of $600 million, and to break even on GAAP earnings per diluted share. On a non-GAAP basis, the company expects net revenues of $725 million and $0.08 earnings per diluted share for the third quarter. Analysts currently expect the company to report earnings of $0.12 per share on revenues of $911.92 million for the third quarter. For the full-year, the company still expects GAAP net revenues of $4.2 billion and GAAP earnings per diluted share of $0.49, and on a non-GAAP basis, the company still expects net revenues of $4.4 billion and $0.72 earnings per diluted share as provided on May 6, 2010. Analysts currently expect expects earnings of $0.75 per share on revenue of $4.55 billion for the fiscal year 2010.  Shares of the videogame publisher tumbled more than 6% in extended trading. 

CROCS Inc. (NASDAQ: CROX) said late Thursday that it swung to a second-quarter profit of $32.3 million, or 37 cents a share, from a loss of $30.3 million, or 36 cents a share, in the year-earlier quarter. Revenue grew 15% to $228 million from $197.7 million.  Analysts, on average, expected the company to report earnings of 22 cents per share on revenue of $220.60 million. Looking ahead to the third quarter, the company said that it expects earnings in the range of 22 cents to 24 cents on revenues of approximately $205 million. Analysts currently expect the company to report third-quarter earnings of 16 cents per share on revenue of $190.27 million. Shares of the footwear-maker soared more than 10% in evening trading.

CF Industries Holdings Inc. (NYSE: CF) reported that its second-quarter net income slumped to $105.1 million, or $1.54 per share, from $213.0 million, or $4.33 per share, in the same quarter a year ago. On an adjusted basis, the company earned $2.73 per share in the latest quarter. Revenue jumped 32% to $1.3 billion from $991.0 million. Analysts, on average, expected the company to report earnings of $3.14 a share on revenue of $1.24 billion. 

EOG Resources Inc. (NYSE: EOG) said Thursday that it swung to second-quarter net income of $59.9 million, or 24 cents per share, from a net loss of $16.7 million, or 7 cents per share, in the comparable quarter last year. On an adjusted basis, the company earned 18 cents per share in the latest quarter. Revenue surged to $1.36 billion from $861.0 million. Analysts, on average, expected the company to report earnings of 17 cents a share on revenue of $102.24 million.

Sequenom Inc. (NASDAQ: SQNM) reported that its second-quarter net loss widened to $59.1 million, or 86 cents per share, from $20.2 million, or 33 cents per share, in the corresponding quarter last year. Net loss includes a non-cash charge by the company of $40.3 million for shares of common stock to be issued in conjunction with the settlement of the consolidated federal class action lawsuits plus a $1.5 million fixed charge related to the settlement of the consolidated derivative litigation. Revenue increased 24% to $11.4 million from $9.2 million. Analysts, on average, expected the company to post a loss of 26 cents a share on revenue of $10.57 million.

Disclosure: Author doesn't own any of the stocks discussed here.

 

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