Chipotle Announces Opening Of Its 500th Chipotle Restaurant

Griffon Q4 Adj. Profit From Cont. Ops. Rises; Revenue Up 24%

Griffon Corp. (GFF) reported fourth quarter adjusted income from continuing operations of $59.7 million, or $1.09 per share compared to $17.7 million, or $0.33 per share, prior year. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.78, for the quarter. Analysts’ estimates typically exclude special items. Adjusted EBITDA from continuing operations was $125 million, increasing 135% from the prior year quarter of $53 million.

Loss from continuing operations in the fourth quarter was $415.4 million, or $7.97 per share, compared to income from continuing operations of $12.6 million, or $0.24 per share, prior year. The results included non-cash impairment charge of $454.8 million, net of tax, or $8.31 per share, related to goodwill and indefinite lived intangible assets in CPP segment.

Revenue was $709 million, increasing 24% from $570 million in the prior year. Analysts on average had estimated $708.66 million in revenue.

The company expects 2023 revenue of $2.95 billion and adjusted EBITDA of at least $500 million excluding items.

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PTC To Acquire ServiceMax For Around $1.46 Bln

PTC Inc. (PTC), a computer software and related services provider, said on Thursday that it has inked a definitive deal to buy privately held ServiceMax, for around $1.46 billion in cash on a debt-free, cash-free basis, from an entity majority owned by Silver Lake.

ServiceMax, cloud-native, product-centric field service management or FSM software, is anticipated to yield around $160 million in ARR for PTC’s second quarter of 2023. ServiceMax’s FSM expertise will complement PTC’s entire digital thread portfolio.

The purchase price will be funded in two stages – $808 million at closing, and $650 million paid in October 2023, the company said in a statement.

The transaction, expected to be closed in early 2023, will be funded with cash on hand, borrowings under PTC’s existing credit facility, and a new $500 million committed term loan.

PTC is trading down by 3.05 percent at $126.47 per share on the Nasdaq.

William Carter Recalls Infant’s Yellow Footed Fleece Pajamas

William Carter Company has recalled infant’s yellow footed fleece pajamas with animal graphic due to puncture and laceration hazards.

According to Consumer Product Safety Commission, the company has recalled about 50,800 infant’s yellow footed fleece pajamas with animal graphic, because small metal wire pieces can be found in the pajamas, posing puncture and laceration hazards to young children.

Ther recall involves Carter’s infant’s one-piece fleece, footed pajamas. The recalled pajamas are yellow with an all over heart design and a pink animal graphic. They were sold in children’s sizes 12M, 18M, and 24M. Style number 1O102410 is printed on the front of the care tag sewn on the inside of the pajamas, and the UPC number is printed on the back of the same care tag.

The company has asked its customers to immediately take the recalled infant footed fleece pajamas away from children and return them to a Carter’s store location for a full refund in the form of a gift card.

The recalled products were sold at Carter’s, Kohl’s, Macy’s, Belk, Boscov’s and other stores nationwide and online at www.carters.com from July 2022 through September 2022 for about $22.

Brady Corp. Q1 Profit Tops Estimates

Brady Corp. (BRC) reported that its first-quarter EPS excluding certain items was $0.84 compared to $0.72, prior year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.83, for the quarter. Analysts’ estimates typically exclude special items.

Net income was $39.4 million compared to $35.0 million last year. Earnings per Class A nonvoting common share were $0.79, compared to $0.67.

Sales were $322.6 million compared to $321.5 million, last year. Sales increased 0.3 percent, which consisted of an organic sales increase of 6.9 percent and a decrease of 6.6 percent from foreign currency translation. Analysts on average had estimated $323.82 million in revenue.

For fiscal 2023, the company’s GAAP earnings per class A nonvoting common share guidance remains unchanged at $3.13 to $3.43 per share, and EPS excluding certain items guidance also remains unchanged at $3.30 to $3.60.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

BJ’s Wholesale Club Down 8% Despite Better-than-expected Results

Shares of BJ’s Wholesale Club Holdings, Inc. (BJ) are down 8 percent on Thursday’s trading, continuing their downward trend since the past few days.

The stock is down despite the company posting improved results in the third quarter and also lifting its full-year 2022 outlook. The company’s net income grew to $129.94 million or $0.95 per share from $126.52 million or $0.92 per share in the prior-year quarter.

Total revenues for the quarter increased 12.2 percent to $4.79 billion from $4.26 billion in the same quarter last year.

Looking to fiscal 2023, the company raised earnings guidance to $3.70- $3.80 per share from the earlier given $3.50-$3.60 per share.

Currently at $74.63, the stock has traded between $51.45 and $80.41 during the past 52 weeks.

Chipotle Announces Opening Of Its 500th Chipotle Restaurant

Chipotle Mexican Grill (CMG) Thursday announced the opening of its 500th restaurant with a Chipotlane, the brand’s digital order drive thru pick-up lane.

The iconic 500th outlet is located in Louisville, Kentucky.

“We are thrilled to celebrate this landmark Chipotlane opening,” said Tabassum Zalotrawala, Chief Development Officer. “Chipotlanes are the digital drive thru of the future and a key piece of our growth strategy as we plan to more than double our restaurant count over the long term to achieve 7,000 restaurants or more in North America.”

The Chipotlane format was introduced in the U.S. in early 2018, giving guests and delivery drivers a fast and convenient experience. New restaurant openings that feature this digital order pick-up lane have demonstrated higher volumes and greater returns than a traditional Chipotle restaurant format.

In October 2021, Chipotle opened its first Chipotlane restaurant in Canada. Next year, the company plans to open between 255 to 285 new restaurants, with at least 80% including a Chipotlane.