Earnings Previews: Kroger, Macy’s
In mid-morning trading Tuesday, the Dow Jones industrials were down 0.15% and the S&P 500 down 0.52%, but the Nasdaq Composite was up 0.05%.
After U.S. markets closed on Monday, Occidental Petroleum reported mixed results for the fourth quarter. Earnings per share (EPS) missed the consensus estimate by $0.22 while revenues came in essentially flat. The company did announce a new $3 billion share buyback plan and a 38% increase to its common stock dividend payment. Shares traded up 2.1% Tuesday morning.
Range Resources beat consensus estimates on both the top and bottom lines. Shares traded up 5.4%.
Zoom Video hammered the consensus EPS estimate and also beat the revenue forecast. The company also said it would jump on the AI bandwagon. Shares were up 0.6%.
Before U.S. markets opened Tuesday, Target reported that it beat both top-line and bottom-line estimates and that store traffic was the primary growth driver in the company’s fourth quarter. Year over year, sales growth was 1.3%, not exactly heart-stopping, and while EPS came in higher than expected, it was down 40% from a year ago. Shares traded up 3.2%.
Norwegian Cruise Lines missed the consensus EPS estimate but did beat the revenue estimate. The company issued downside EPS guidance for both the current quarter and the full 2023 fiscal year. Shares traded down 9.9%.
After U.S. markets close on Tuesday, AMC Entertainment, HP and Rivian are scheduled to report quarterly results. Then, Kohl’s, Lowe’s and Nio are on deck to report first thing Wednesday morning, as well as Plug Power, Salesforce and Snowflake later in the day.
Here is a look at what to expect when these two major retail companies report results first thing Thursday morning.
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Kroger
Grocery store operator Kroger Co. (NYSE: KR) has seen a more than 7.5% drop in its share price over the past 12 months. The announced $24.6 billion merger with Albertsons is not much nearer completion than it was several months ago. The Washington State Supreme Court last month declined to review the state attorney general’s request to stop the special dividend that would be paid to Albertson’s shareholders when the deal is completed. But the company still has to clear regulatory approval and fight back against unions and competitors who oppose the merger.
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