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Share of Chili's parent Brinker International Inc. EAT rallied 1.4% toward a nine-month high in premarket trading Tuesday, after a grand slam of an earnings report, in which the restaurant chain beat fiscal second-quarter profit, revenue and same-store sales and expectations and provided an upbeat outlook. Net income rose to $27.9 million, or 62 cents a share, from $27.6 million, or 60 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 76 cents was well above the FactSet consensus of 52 cents. Revenue grew 10.1% to $1.02 billion, beating the FactSet consensus of $991.7 million. Overall same-store sales (SSS) growth of 9.7% topped the FactSet consensus for a 6.8% rise, as Chili's SSS rose 8.0% to beat expectations of 5.6% growth and Maggiano's SSS jumped 21.2% to exceed expectations of a 17.9% increase. For fiscal 2023, the company expects adjusted EPS of $2.60 to $2.90 and revenue of $4.05 billion to $4.15 billion, both above the FactSet consensus for EPS of $2.56 and revenue of $4.04 billion. The stock has rallied hiked up 21.5% over the past three months through Tuesday while the S&P 500 SPX has gained 5.7%.
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Scotts Miracle-Gro. Co. SMG said Wednesday its first-quarter loss widened to $64.7 million, or $1.17 a share, from a loss of $50 million, or 90 cents a share in the year-ago quarter. The lawn and cannabis growing products company's adjusted loss widened to $1.02 a share from 88 cents a share in the year-ago period. Revenue fell 7% to $526.6 million. Analysts expected Scotts Miracle-Gro to lose $1.34 a share on revenue of $502.4 million, according to estimates compiled by FactSet. Scotts Miracle-Gro said it's targeting $185 million in annualized savings for an initiative called project springboard. The company also reported record December shipments in its U.S. Consumer business that "contributed to a strong early season buildout demonstrating confidence in the lawn and garden season." First-quarter sales in its Hawthorne cannabis growing product unit fell 31% to $131.5 million, compared with $190.6 million, due to "challenges" in the industry, the company said. Looking ahead, Scotts Miracle-Gro is projecting 20% to 30% lower sales for Hawthorne in fiscal 2023. Shares of Scotts Miracle-Gro are up 48.6% in 2023, compared to a 10.7% rise by the Nasdaq.
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Boston Scientific Corp. stock BSX slid 5% in premarket trade Wednesday, after the medical device maker missed profit estimates for the fourth quarter. The company had net income of $126 million, or 9 cents a share, up from $80 million, or 6 cents a share, in the year-earlier period. Excluding one-time items, adjusted EPS came to 45 cents, below the 47 cent FactSet consensus. Sales rose to $3.242 billion from $3.127 billion, in line with the $3.243 billion FactSet consensus. The company said it had a negative impact of about 200 basis points associated with unplanned reserves set up for Italian government payback provisions, which shaved 4 cents off adjusted EPS. The company is now expecting first-quarter adjusted EPS of 42 cents to 44 cents, while FactSet is looking for 44 cents. It expects full-year adjusted EPS of $1.86 to $1.93, compared with a FactSet consensus of $1.93. The stock is up 6.3% in the last 12 months, while the S&P 500 SPX has fallen 10%.
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Altria Group Inc. MO said Wednesday it had net income of $2.690 billion, or $1.50 a share, in the fourth quarter, up from $1.624 billion, or 88 cents a share, in the year-earlier period. Excluding one-time items, the tobacco company had adjusted EPS of $1.18, just ahead of the $1.17 FactSet consensus. Revenue fell 2.3% to $6.111 billion, while FactSet was calling for $5.148 billion. The company is now expecting full-year adjusted EPS of $4.98 to $5.13, compared with a FactSet consensus of $5.04. The company's board has approved a new $1 billion share buyback program. The stock was up 0.7% premarket but has fallen 11% in the last 12 months, while the S&P 500 SPX has fallen 10%.
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Shares of Super Micro Computer Inc. SMCI fell more than 10% in the extended session Tuesday after the IT company reported fiscal second-quarter earnings above Wall Street expectations but called for softer current-quarter sales. The company, which does business as Supermicro, earned $176 million, or $3.14 a share, in the quarter, compared with $42 million, or 78 cents a share, in the same quarter of last year. Adjusted for one-time items, the company earned $3.26 a share. Revenue rose to $1.80 billion from $1.17 billion a year ago. "We continue to lead the market with the best designs and best-in-class total IT solutions," Chief Executive Charles Liang said. "In fact, the structural shifts in the end markets favor our solution strategy." Super Micro guided for fiscal 2023 sales between $6.5 billion and $7.5 billion, and adjusted per-share earnings between $9.00 and $11.30. That compares with FactSet consensus of adjusted EPS of $10.49 on sales of $6.9 billion for the year. For the fiscal third quarter, the company expects net sales between $1.42 billion and $1.52 billion, and adjusted EPS between $1.88 and $2.14. The FactSet expectations call for adjusted EPS of $2.12 on sales of $1.6 billion. Shares of Super Micro ended the regular trading day up 0.3%.
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