There was a boatload of earnings announcements today, so let’s quickly summarize them. 📝
We’ll keep the shipping puns goings by beginning with Teekay Tankers Ltd. The oil and gas shipping company reported adjusted earnings per share of $5.13 on adjusted revenues of $270.5 million. Its record Q1 profit allowed it to initiate a quarterly dividend of $0.25 per share. The board also declared a special dividend of $1 and approved a $100 million share repurchase program. $TNK shares rose nearly 13% on the news. 🚢
Chinese e-commerce giant JD.com reported adjusted earnings per ADS of RMB4.76 and revenues of RMB242.96 billion, which topped consensus estimates. Product revenue fell 4.3% YoY but was offset by service revenue rising 34.5% YoY and now representing 20% of its total revenues. The company said it’s seeing encouraging trends in Q2, both financially and operationally. However, CEO Lei Xu is retiring just a year into the job for “personal reasons.” He is transitioning the role to current CFO Sandy Xu Ran. Nonetheless, $JD shares rose 7% on the news. 🛒
Bitcoin mining company Marathon Digital said it received another subpoena from the U.S. Securities and Exchange Commission (SEC). The regulator is looking into related-party transactions and other things that may have violated federal securities laws. That overshadowed its slight earnings and revenue beat. As a result, $MARA shares fell nearly 15% on the day. ₿
Amylyx Pharmaceuticals saw sales rise 22% QoQ to $71.4 million in its third quarter with a product on the market. Its treatment for amyotrophic lateral sclerosis, Relyvrio, generated significantly more revenue than expected, driving the beat. Analysts were expecting a $0.24 per share loss, but it delivered $0.02 per share in earnings. The company said it made significant progress on the commercial launches of its drug in the U.S. and Canada during the quarter. $AMLX shares jumped 13% after hours. 💉
American snack food company Utz Brands reported adjusted earnings per share of $0.11, topping expectations by $0.01. However, revenues of $351.4 million came in shy of the $352.5 million analysts forecasted. Like its peers, higher prices drove the majority of its sales growth. It raised prices by 9.7% during the quarter, which offset the 5.7% drop in sales volumes. Despite the miss, executives reaffirmed their 3% to 5% sales growth outlook. They also raised the lower end of their adjusted EBITDA range from 6% to 7%. $UTZ shares fell 7%. 🍿
Floral and foods gift retailer 1-800-Flowers reported mixed results but rallied sharply anyway. We guess people are excited about Mother’s Day this weekend or something. Anyway…the company saw total consolidated revenues decline 11.1% YoY to $417.6 million and had an adjusted net loss of $0.27 per share. Executives focused on the challenging consumer environment. For fiscal 2023 they expect total revenues to decline 8% YoY, adjusted EBITDA of $85 to $90 million, and free cash flow above $75 million. $FLWS shares rose 8% on the day. 🎕