Hibbett Q2 Profit Tops Estimates, Comps. Down 7.3%; Reiterates FY24 Guidance

Wesfarmers FY Profit Up 4.8%

Australian retailer Wesfarmers Ltd. (WES.AX,WFAFF.PK) reported that its net profit after tax for the full year ended 30 June 2023 was A$2.47 billion, an increase of 4.8 percent from the prior year. Earnings per basic share were 217.8 cents up from 207.8 cents in the previous year.

Annual revenue grew to A$43.55 billion from A$36.84 billion in the prior year.

The company said it will pay a final dividend of A$1.03 per share, bringing total fully-franked ordinary dividends for the year to A$1.91 per share, an increase of 6.1 percent on the prior year.

Wesfarmers said it will continue to invest in its existing operations and in the development of platforms for long-term growth and shareholder value creation. The Group expects net capital expenditure of between A$1.10 billion and A$1.40 billion for the 2024 financial year.

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Pre-market Movers: FTCH, CRVO, CRKN, ESOA, KEYS…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 07.35 A.M. ET).

In the Green

Crown ElectroKinetics Corp. (CRKN) is up over 20% at $2.00.
Energy Services of America Corporation (ESOA) is up over 12% at $4.05.
Integrated Rail and Resources Acquisition Corp. (IRRX) is up over 8% at $11.90.
StoneBridge Acquisition Corporation (APAC) is up over 8% at $11.90.
Nabors Energy Transition Corp. (NETC) is up over 8% at $11.80.
Black Mountain Acquisition Corp. (BMAC) is up over 5% at $11.35.

In the Red

Farfetch Limited (FTCH) is down over 40% at $2.84.
Cervomed, Inc. (CRVO) is down over 24% at $5.70.
Keysight Technologies, Inc. (KEYS) is down over 10% at $133.80.
Vipshop Holdings Limited (VIPS) is down over 7% at $15.08.
Predictive Oncology Inc. (POAI) is down over 7% at $4.50.
Tupperware Brands Corporation (TUP) is down over 7% at $2.23.
XPeng Inc. (XPEV) is down over 6% at $14.64.

Biden Hosts Trilateral Summit With Japan And South Korea At Camp David

President Joe Biden will host a trilateral summit at Camp David Friday to shore up Washington’s alliance with its two strongest Asian allies to counter the threats from China and North Korea.

The meeting between Biden, South Korean President Yoon Suk Yeol and Japanese Prime Minister Kishida Fumio at the US presidential retreat will be the first of its kind.

The three leaders of the world’s major economies are scheduled to meet at 11 AM ET.

“Our three countries will announce significant initiatives on Friday which will help cement our trilateral cooperation going forward,” White House National Security Adviser John Kirby said.

The leaders will address the media at a joint press conference after the trilateral summit at 3 PM.

“These initiatives will take our trilateral relationship to new heights as we work together to deliver benefits for our people and for people across the region,” Kirby told reporters.

Ubiquiti Inc. Profit Rises In Q4

Ubiquiti Inc. (UI) revealed earnings for its fourth quarter that increased from the same period last year

The company’s bottom line totaled $103.7 million, or $1.72 per share. This compares with $92.5 million, or $1.53 per share, in last year’s fourth quarter.

Excluding items, Ubiquiti Inc. reported adjusted earnings of $104.7 million or $1.73 per share for the period.

The company’s revenue for the quarter rose 10.8% to $491.1 million from $443.1 million last year.

Ubiquiti Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $103.7 Mln. vs. $92.5 Mln. last year.
-EPS (Q4): $1.72 vs. $1.53 last year.
-Revenue (Q4): $491.1 Mln vs. $443.1 Mln last year.

Gold Prices Mixed As Dollar Trades Firm Ahead Of Powell's Speech

Gold prices were mixed on Friday while the dollar index hit the highest since early July, as investors reacted to mixed comments from Fed officials and awaited Fed Chair Jerome Powell’s Jackson Hole speech for further clues on the outlook for rates.

Spot gold was marginally higher at $1,916.83 per ounce while U.S. gold futures were down 0.2 percent at $1,944.20.

Traders remain concerned about interest rates rising further following mixed messages from Fed officials.

While Boston Fed President Susan Collins warned of further rate increases, Philly Fed President Patrick Harker said the Fed has probably done enough to curb inflation.

Former St. Louis Fed President James Bullard believes that a reacceleration in growth this summer could delay plans for the Fed to end its interest-rate increases.

Treasury yields held steady as investors await more clarity on monetary policy from the Jackson Hole Symposium, where Fed Chair Jerome Powell is set to speak later in the day.

He is expected to outline whether interest rates should continue to rise to combat high inflation.

Hibbett Q2 Profit Tops Estimates, Comps. Down 7.3%; Reiterates FY24 Guidance

Hibbett, Inc. (HIBB) reported second-quarter net income of $10.9 million, or $0.85 per share, compared with net income of $24.7 million, or $1.86 per share, prior year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.73, for the quarter. Analysts’ estimates typically exclude special items.

Net sales decreased 4.6% to $374.9 million compared with $392.8 million, prior year. Comparable sales decreased 7.3%. Analysts on average had estimated $376.11 million in revenue.

Brick and mortar comparable sales declined 7.7% while e-commerce sales decreased 5.2%. E-commerce represented 15.1% of total net sales for the quarter.

As of July 29, 2023, the company had $33.1 million of available cash and cash equivalents on unaudited condensed consolidated balance sheet and $106.9 million of debt outstanding on $160.0 million unsecured line of credit.

The company reiterated its fiscal 2024 guidance.

Shares of Hibbett are up 4% in pre-market trade on Friday.

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