In today’s briefing:
- Levi Strauss & Co.: Driving Growth with DTC
- DISH Network Corporation: Major Drivers
- Peloton Interactive Inc.: An App Update That Could Shake Up The Fitness World? – Key Drivers
- CF Industries: Decarbonization of the Agriculture Supply Chain & Other Drivers
- FMC Corporation: Major Drivers
- MariMed, Inc. – MariMed Revolts Against 280E
- MillerKnoll, Inc. – 4Q23 Results Top Expectations
- Pure Storage Inc.: What’s Next for Their Evergreen Subscription Services? – Key Drivers
- Qorvo Inc.: A Striking Performance Amidst a Difficult Demand Environment – Key Drivers
- Qualys Inc.: Could The Cowbell Partnership Change The Face Of Cybersecurity & Insurance? – Key Drivers
Levi Strauss & Co.: Driving Growth with DTC
- Levi Strauss managed to exceed analyst expectations in terms of revenue as well as earnings.
- Starting with Levi’s brand, they increased market share this quarter, establishing share leadership in the United States among the important 18- to 30-year-old target consumer group, and they continue to increase share in women’s denim bottoms.
- The Levi’s brand increased by 9% in the quarter, with their men’s bottoms business reaching a significant level in Q1 and women’s bottoms generating its highest revenue of any quarter.
DISH Network Corporation: Major Drivers
- DISH’s results were a major disappointment as the company failed to meet the revenue expectations as well as the earnings expectations of Wall Street.
- In the last quarter, the company faced a cybersecurity incident, leading to disruptions in its network and operations.
- Financially, the incident resulted in approximately $30 million in expenses for remediation and additional support, impacting DISH TV disconnects and churn.
Peloton Interactive Inc.: An App Update That Could Shake Up The Fitness World? – Key Drivers
- Peloton Interactive delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par earnings.
- Their management believes they are in a considerably better situation from the cost structure standpoint.
- We give Peloton Interactive, Inc. a ‘Hold’ rating with a revised target price.
CF Industries: Decarbonization of the Agriculture Supply Chain & Other Drivers
- CF Industries Holdings managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.
- The company had net earnings of $560 million for the first quarter of 2023.
- We give CF Industries Holdings, Inc. a ‘Hold’ rating with a revised target price.
FMC Corporation: Major Drivers
- FMC delivered a mixed result in the recent quarter, with revenues below market expectations but it managed to surpass the analyst consensus in terms of earnings.
- North America experienced a substantial quarter with significant sales growth, driven by high customer demand, price increases, and a favorable product mix.
- Despite revised market conditions, FMC’s management is confident about achieving revenue growth through pricing gains, new product offerings, and expanded market access.
MariMed, Inc. – MariMed Revolts Against 280E
- On July 12th, MariMed stormed Boston Harbor to protest the unfair tax treatment of US cannabis companies.
- The Boston Tea Party was a protest in 1773 where American colonists dumped British tea into the harbor to protest unfair taxation.
- It fueled the push for independence and played a crucial role in the lead-up to the American Revolution.
MillerKnoll, Inc. – 4Q23 Results Top Expectations
After the market close on 7/12/2023, Miller Knoll reported Q4 non-GAAP EPS of $0.41 (as adjusted), beating our estimate and consensus estimate, each at $0.39.
Additionally, revenues of $956.7MM (above the mid-point of the $930MM to $970MM guidance) beat our $936MM and consensus $942MM estimates. GAAP EPS was $0.00.
Guidance always merits significant investor attention. Management guided historically only to the current quarter.
Pure Storage Inc.: What’s Next for Their Evergreen Subscription Services? – Key Drivers
- Pure Storage managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
- Q1 operating earnings of approximately $20 million exceeded expectations, despite higher-than-expected salary expenditures and their first sales kickoff event since 2020.
- Besides, despite the positive initial reception to FlashBlade//E, Pure Storage expects a modest revenue increase in the second half of the year.
Qorvo Inc.: A Striking Performance Amidst a Difficult Demand Environment – Key Drivers
- Qorvo delivered a strong result and managed an all-around beat in the last quarter.
- Qorvo maintained factory production at unusually low quantities, which resulted in underutilization effects that adversely affected margins.
- In the quarter, Qorvo expanded its design engagements with automotive Tier 1s for 5G network access devices.
Qualys Inc.: Could The Cowbell Partnership Change The Face Of Cybersecurity & Insurance? – Key Drivers
- Qualys managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
- Revenues increased by 15% to $130.7 million, with the channel continuing to contribute more and now accounting for 43% of overall revenues, up from 41% a year earlier.
- Patch Management and CyberSecurity Asset Management contributed 10% of LTM bookings and 16% of LTM new bookings in Q1.
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