TreeHouse Foods Announces Sale Of Its Fridley, Lodi Facilities – Quick Facts
TreeHouse Foods, Inc. (THS), a manufacturer and distributor of private label packaged foods and beverages in North America, has agreed to sell two of its in-store bakery facilities located in Fridley, Minn. and Lodi, Calif. to Rich Products Corp. Approximately 338 hourly and 45 salaried employees will transition from TreeHouse Foods to Rich Products, as part of the deal.
“The sale of the Fridley and Lodi facilities allows us to sharpen our focus at TreeHouse, and importantly, creates an opportunity for these plants to thrive under Rich Products’ ownership,” said Steve Oakland, CEO of TreeHouse Foods.
Nvidia stock gains after Needham ends bearish call
Needham analyst Ari Shusterman upgraded shares of Nvidia Corp. NVDA, +0.53% to hold from underperform on Monday, citing an upbeat meeting with management at last week’s CES technology conference in Las Vegas. The stock was up 1.5% in premarket trading. He wrote that his downgrade a year ago was based on the prediction that Nvidia would see a global macro slowdown hampering sales of consumer graphics cards and hyperscaler spending, but that instead the company saw an "aggressive" channel refill. "Heading into C1H20, Nvidia is facing easy year-over-year compares, specifically in graphics and data center," he wrote. "Gaming is showing signs of positive momentum as attach rates for ray tracing games have accelerated. Hyperscalers have also begun to spend again on AI workloads." Shusterman isn’t yet ready to jump on the bull train, however, writing that Nvidia’s stock looks fully valued trading at 34 times his earnings estimates for fiscal 2021. Nvidia shares have increased 31% in the past three months, as the S&P 500 SPX, -0.29% has increased 10%.
Red Robin Achieves Comparable Restaurant Revenue Growth In Q4 – Quick Facts
Red Robin Gourmet Burgers, Inc. (RRGB) reported preliminary fourth quarter revenues of $302.9 million, a decrease of 1.2% from a year ago, primarily due to restaurant closures, partially offset by the increase in comparable restaurant revenue. Comparable restaurant revenue was up 1.3%, for the quarter.
For full year 2019, Red Robin believes adjusted EBITDA will be between $100 million and $102 million.
For fiscal 2020, the company targets to achieve low single digit comparable restaurant revenue growth with incremental restaurant-level operating profit. The company projects flat to slightly positive adjusted EBITDA compared to 2019.
Beginning in 2021, the company expects mid-single digit comparable restaurant revenue growth, margin expansion, adjusted EBITDA growth of 10%-15%, $45+ million in free cash flow, along with a further reduction in debt and additional return of capital to shareholders.
German government posts record surplus in 2019
BERLIN, Jan 13 (Reuters) – The German government last year posted its biggest surplus since reunification in 1990, the Finance Ministry said on Monday, adding that this was partly due to interest payments being lower.
A fund set aside for helping to integrate migrants now contains 48.2 billion euros ($53.61 billion), of which around two-thirds have already been earmarked for use, the ministry said. It said there were around 17.1 billion euros in that fund still available for use.
NY Fed accepts $60.725 bln overnight repo bids
BOSTON, Jan 13 (Reuters) – The New York Federal Reserve on Monday said it accepted $60.725 billion in overnight bids from primary dealers in a repurchase agreement (repo) operation, a move intended to keep the federal funds rate within the target range. (Reporting by Ross Kerber; Editing by Alex Richardson)
At Home’s stock soars after raised earnings view, upbeat sales outlook
Shares of At Home Group Inc. HOME, -1.93% soared 10% toward a 7-month high in premarket trading Monday, after the home decor retailer raised its fiscal fourth-quarter earnings outlook and gave an upbeat outlook on sales. The company now expects adjusted earnings per share of 33 cents to 36 cents, compared with the previous guidance range of 31 cent to 36 cents; the FactSet consensus is 33 cents. At Home said it now expects sales at the high end of its previously provided guidance range of $385.0 million to $393.0 million, and same-store sales to be at the high end of its guidance of a decline of 6.0% to 4.0%. The FactSet consensus is for sales of $388.5 million and same-store sales to decline 5.3%. The stock had tumbled 50.2% over the past three months through Friday, while the SPDR S&P Retail ETF XRT, -0.29% had gained 6.2% and the S&P 500 SPX, -0.29% rose 9.9%.
Prince William, Prince Harry release joint statement denying ‘bullying’ reports
Prince William and Prince Harry released a joint statement Monday after rumours about William “bullying” Harry and Meghan Markle did the rounds online.
The statement read: “Despite clear denials, a false story ran in a U.K. newspaper today speculating about the relationship between The Duke of Sussex and The Duke of Cambridge.
Tactile Systems gives upbeat sales view
Tactile Systems Technology Inc. TCMD, +1.43% said Monday it is expecting revenue for fiscal 2019 to be up 31% year-over-year.
The medical technology company said it is expecting 2019 revenue of $188.4 million to $188.8 million, compared with last year’s $143.8 million. Analysts polled by FactSet are looking for revenue of $187.2 million.
Tactile Systems said for the fourth-quarter, it is expecting revenue of $56 million to $56.4 million, compared with last year’s $46.4 million and the $54.8 million analysts are expecting.
For 2020, the company is expecting revenue of $227.5 million to $230.5 million, compared with the $223.2 million analysts are expecting.
Write to Chris Wack at [email protected]