Box, Costco, Dell, Gap, Salesforce – 24/7 Wall St.
Here’s a quick look at some of the earnings reports released after the markets closed on Thursday. All of the reports we’ve covered exceed both earnings and sales estimates, but only one of the companies shows a significant share price gain as a result of the reports.
With just over a month into the current earnings season, the number of reports released each day has grown from a few hundred to a few dozen. Earlier this week we received reports on Wednesday from Lordstown Motors, Nordstrom and Zscaler. Then on Thursday, Best Buy, Nvidia, Snowflake and other results were reported.
Cloud content management provider Box Inc. (NYSE: BOX) announced results Thursday evening that exceeded expectations in terms of both revenue and earnings. Earnings per share (EPS) of $ 0.18 was one dime higher than forecast and revenue of $ 202.4 million exceeded S&P Capital IQ’s consensus of $ 200.4 million. Box offered a mixed outlook for the second quarter and full year, with some light on EPS and a bit higher on revenue guidance.
The stock traded less than 1% to $ 22.80 pre-market on Friday, in a 52-week range of $ 15.07 to $ 26.47. The consensus price target is $ 6.80.
Membership warehouse retailer Costco Wholesale Corp. (NASDAQ: COST) broke consensus estimates on the upper and lower lines. The company reported EPS of $ 2.75 for its fiscal third quarter, more than 20% above consensus. Revenue totaled $ 44.4 billion, about 1.4% more than expected. Comparable store sales (excluding gasoline and currency exchange effects) increased 15.2% year over year and e-commerce sales increased 38.2%.
The stock fell less than 1% to $ 385.00 in pre-market Friday, in a 52-week range of $ 293.84 to $ 393.15. The consensus price target is $ 396.74.
Dell Technologies Inc. (NYSE: DELL) also beat S&P Capital IQ revenue and profit estimates. The tech maker reported first quarter 2022 EPS of $ 2.13, 31% better than consensus, with revenue exceeding consensus 4.7% to $ 24.5 billion . The company said it plans to pay off at least $ 16 billion in debt in the current fiscal year, above Dell’s previous target of $ 14 billion. The increase is in part the result of a planned special dividend related to Dell’s split from its majority stake in VMware.
The stock traded flat on Friday before market release, at $ 99.70 in a 52-week range of $ 45.62 to $ 103.80. The consensus price target is $ 106.51.
Gap Inc. (NYSE: GPS) beat the consensus estimate of the loss per share of $ 0.09 by posting EPS of $ 0.48, well above the loss of $ 2.51 per share in the first quarter of last year. Sales were up 89% year-over-year to $ 3.99 billion, 15% better than consensus. Comparable store sales increased 28% year-over-year and were 19% higher than in the first quarter of 2019. The spread guided full-year sales growth in the 20 range. % low to medium and increased EPS forecast for the full year compared to previous years. range from $ 1.20 to $ 1.35 to a new range of $ 1.60 to $ 1.75.
The stock traded less than 1% pre-market on Friday, at $ 35.16 in a 52-week range of $ 8.81 to $ 37.63. The consensus price target is $ 32.50.
Dow Jones Salesforce.com Inc.’s (NYSE: CRM) Industrial Average Component also exceeded revenue and profit estimates. The company reported EPS of $ 1.21, nearly 38% above the consensus estimate, and revenue of $ 5.96 billion, a year-over-year increase of 22.6% and about 1.2% above the consensus estimate. Salesforce has raised its guidance for the second quarter and full year 2022. For the year, the company now expects EPS of $ 3.79 to $ 3.81 and sales of $ 25.9 to $ 26 billion. The new forecast exceeded S&P Capital IQ’s estimate for EPS of $ 3.45 and revenue of $ 25.75 billion.
The shares traded about 5.3% pre-market Friday at $ 237.78, in a 52-week range of $ 167.00 to $ 284.50. The consensus price target is $ 274.38.