Earnings Previews: GitLab, Zim Integrated Shipping
In the first half-hour of Thursday trading, the Dow Jones industrials were up 0.41%, the S&P 500 up 0.32% and the Nasdaq 0.27% higher.
Before markets opened, FuelCell Energy posted a smaller-than-expected loss per share and revenue that was nearly 50% higher than the consensus estimates. Gross profit totaled $5.2 million, well above last year’s loss of $2.9 million in the same quarter. Operating expenses fell from $41.9 million last year to $27.7 million. Shares traded up nearly 18% early Thursday.
JD.com reported earnings per share (EPS) and revenue that beat consensus estimates. The company also announced its first dividend payment of $0.31 per share ($0.62 per American depositary share). The company said the dividend payment would total approximately $1 billion. The company also plans to adopt a variable dividend policy. Shares traded down 8.5% in early action on Thursday.
We incorrectly noted that KE Holdings would report results this morning. The company actually is expected to report quarterly earnings on March 16.
After U.S. markets close on Thursday, DocuSign, Gap and Oracle will report quarterly earnings.
Here is a look at what to expect when the following two companies post their quarterly results on Monday.
GitLab
GitLab Inc. (NASDAQ: GTLB) provides a collaborative software development platform in the United States, Europe and Asia. In the past 12 months, the stock jumped to a 52-week high (up around 80%) in mid-August before closing Wednesday with a one-year gain of about 27%. GitLab announced earlier this month that it was increasing its monthly user fee from $19 to $29, and the share price soared by more than 15% following the announcement. The company reports fourth-quarter results after Monday’s closing bell.
Of 14 brokerages covering the stock, 12 have a Buy or Strong Buy rating, while the other two have Hold ratings. At a recent share price of around $50.00, the upside potential based on a median price target of $60.00 is 20%. At the high price target of $75.00, the upside potential is 50%.
Fourth-quarter revenue is forecast at $119.59 million, which would be up 5.9% sequentially and by 53.7% year over year. Analysts have a consensus estimate for an adjusted per-share loss of $0.14, worse than the prior quarter’s loss of $0.10 per share but better than the year-ago loss of $0.16. For the full 2023 fiscal year that ended in January, GitLab is expected to post an adjusted loss of $0.57 per share, compared to last year’s loss per share of $1.20. Revenue is forecast to rise 66.6% to $420.94 million.
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