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Kellogg sales rise, beat expectationsExternal Link

Kellogg Co. reported second-quarter net income of $380 million, or $1.11, up from $351 million, or $1.02 per share, last year. Adjusted EPS of $1.14 beat the FactSet consensus for $1.03. Revenue of $3.555 billion was up from $3.465 billion last year and also ahead of the FactSet consensus for $3.431 billion. Kellogg now expects organic net sales for 2021 to be flat to up 1%, slightly up from previous guidance for flat sales. The FactSet consensus is for sales of $13.886 billion, implying a 0.8% increase. Kellogg stock rose 1.2% in Thursday premarket trading, though shares are down 0.3% for the year to date. The S&P 500 index has gained 17.2% for 2021 so far.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Thu, 05 Aug 2021 12:19:36 GMT
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ViacomCBS earnings beat driven by streaming as Paramount+ adds more than 6 million subscribers for second straight quarterExternal Link

ViacomCBS Inc. posted net income of $995 million, or $1.50 a share, for the second quarter, up from $453 million, or 83 cents a share, in the year-earlier period. Adjusted per-share earnings came to 97 cents, a penny ahead of the 96 cents FactSet consensus. Revenue rose to $6.564 billion from $6.075 billion, also ahead of the $6.488 billion FactSet consensus. Chief Executive Bob Bakish said streaming was a standout in the quarter as the company's Paramount+ service added more than 6 million subscribers for a second straight quarter, boosting the customer base to more than 42 million. Ad revenue rose 24%, driven by CBS broadcasts of sporting events, which were absent last year due to the coronavirus pandemic. Affiliate revenue rose 9% and streaming revenue was up 92%. Theatrical revenue reflected the release of "A Quiet Place Part II" in the quarter, while there were no releases in he year-earlier quarter. Licensing and other revenue fell 36%, mostly due to COVID and to the licensing of the domestic rights to "South Park" last year. Shares were up 0.4% premarket and have gained 4% in the year to date, while the S&P 500 has gained 17%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Thu, 05 Aug 2021 12:05:19 GMT
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Revlon shares rise after revenue beatExternal Link

Revlon Inc. stock rose 4.2% in Thursday premarket trading after the beauty company reported second-quarter revenue that beat expectations. Net losses totaled $64.7 million, or $1.25, after a loss of $112.5 million, or $2.37 per share, last year. Revenue of $497.5 million were up from $347.6 million last year. the FactSet consensus was for a loss of $1.07 and revenue of $469.0 million. Revlon brands include the namesake beauty line, Elizabeth Arden, Cutex nail care products and Creme of Nature hair care items. Revlon stock has slumped 8.4% for the year to date while the S&P 500 index has gained 17.2% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Thu, 05 Aug 2021 11:54:49 GMT
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Parker Hannifin tops profit and sales expectations, but provides downbeat outlook; stock fallsExternal Link

Parker Hannifin Corp. reported Thursday fiscal fourth-quarter record profit and revenue that beat Wall Street's expectations, as international industrial sales beat forecasts to offset a miss in North America sales. The motion control and technologies and systems company also provided a fiscal 2022 earnings outlook that was a little below expectations. The stock fell 0.8% in premarket trading. The company swung to net income of $504.8 million, or $3.84 a share, from $289.5 million, or $2.23 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $4.38, above the FactSet consensus of $4.32. Sales grew 25.3% to $3.96 billion, topping the FactSet consensus $3.93 billion. North America industrial sales rose 27% to $1.82 billion, below the FactSet consensus of $1.88 billion, while international industrial sales grew 37% to $1.51 billion to beat expectations of $1.43 billion. Aerospace sales increased 1% to $630.0 million, above expectations of $627.0 million. For fiscal 2022, the company expects adjusted EPS of $16.20 to $17.00, compared with the FactSet consensus of $17.19. The stock has lost 3.9% over the past three months through Wednesday, while the S&P 500 has gained 5.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Thu, 05 Aug 2021 11:51:04 GMT
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Penn National Gaming to acquire theScore from Score Media for about $2.0 billion in cash and stock, Score shares jump 65% premarketExternal Link

Penn National Gaming Inc. said Thursday it has agreed to acquire theScore, a digital media and sports betting company, from Toronto-based Score Media and Gaming Inc. for about $2.0 billion in cash and stock. Under the terms of the deal, theScore shareholders will receive $17 in cash and 0.2398 Penn shares for each theScore share owned, equal to $23 a share based on Penn National's 5-day volume weighted average trading price as of July 30. The deal has been approved by the boards of both companies and is expected to close in the first quarter of 2022. Penn is planning to finance the cash portion of the deal of about $1 billion with existing cash. Penn Chief Executive Jay Snowden said theScore is the leading sports app in Canada and third most popular in all of North America. "theScore's unique media platform and modern, state-of-the art technology is a powerful complement to the reach of Barstool Sports and its popular personalities and content," he said in a statement. Score Media shares jumped 65% premarket after resuming trading following a halt for the deal news. Penn shares were up 0.6% premarket but are down 23% in the year to date, while the S&P 500 has gained 17%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Thu, 05 Aug 2021 11:31:07 GMT
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