Earnings Movers| Adidas Jumped 8% on Earnings Beat; LCID, DDD, SWKS Plunged 10%
US stock market closed slightly up on Monday. Among companies that released earnings, $adidas AG(ADDYY)$ rose 8% as invetories improve; $Lucid Group Inc(LCID)$, $3D(DDD)$ , $Skyworks Solutions(SWKS)$ fell around 10% after missed estimates.
1. ADDYY +8.26%: inventories improve and revenue remained flat despite adverse Yeezy impact
Adidas shares jumped on Friday after the German-based sportswear giant presented better-than-expected first-quarter results that showed strong revenue in Europe, Latin America and Asia Pacific.
Adidas AG reported a loss of €0.18 per share on €5.27B in revenue for Q1 2023, with currency-neutral revenues remaining flat year-over-year despite the adverse impact of the company's breakup with Kanye West's Yeezy brand.
EPS: -€0.09 vs. -€0.17
Revenue: €5.27B vs. €5.06 bln
2. $Lucid Group Inc(LCID)$ -8.69% after reporting a wider losses than expected
Luxury electric vehicle maker were down over 8% in after-hours trading after it reported a wider first-quarter loss, but said that it still has enough cash to continue operations into next year.
Lucid’s first-quarter net loss was $779.5 million, or 43 cents per share, much wider than the $81.3 million, or 5 cents per share, it reported in the first quarter of 2022, when it was still ramping up production of the Air.
Revenue, however, jumped year over year to $149.4 million from $57.7 million
EPS: -43 cents vs. -41 cents
Revenue: $149.4 mln vs. $209.9 mln expected
3. $3D(DDD)$ -11.44%: earnings and revenue both missed estimates
3D Systems came out with a quarterly loss of $0.09 per share versus the consensus estimate of a loss of $0.08.
This compares to loss of $0.06 per share a year ago. These figures are adjusted for non-recurring items.
Revenues were $121.24 million for the quarter ended March 2023, missing the consensus estimate by 7.02%. This compares to year-ago revenues of $133 million.
EPS: -$0.09 vs. -$0.08
Revenue: $121.24 mln, missing the consensus estimate by 7.02%
This quarterly report represents an earnings surprise of -12.50%. A quarter ago, it was expected that this maker of 3D printers would post a loss of $0.08 per share when it actually produced a loss of $0.06, delivering a surprise of 25%.
4. $Skyworks Solutions(SWKS)$ -8.16% sinks on outlook
Skyworks Solutions Inc shares fell -8.16% after its sales met expectations and earnings missed estimates. The company also guided for the next quarter.
Skyworks reported adjusted EPS of $2.02, missing estimates of $2.03 per share. However, the company's sales for the quarter came in at $1.15 billion against analyst estimates of $1.15 billion.
Skyworks provided guidance for the third quarter, with revenue expected to be $1.05 billion to $1.09 billion, lower than the analyst estimates of $1.15 billion.
The company expects adjusted EPS to be $1.67 at the midpoint of the revenue range, much lower than the consensus of $2.08.
EPS: $2.02 vs. $2.03
Sales: $1.15 bln vs. $1.15 bln
Revenue guidance: $1.09 bln vs. $1.15 bln
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