Category: CTXS – Citrix Systems, Inc. Common Stock

Backyard Pools to Suburban Homes Lifted By Covid: Earnings Wrap

(Bloomberg) — From new backyard pools to suburban home offices, the changes in Americans’ daily lives brought on by the pandemic are proving to be a lifeline for many S&P 500 companies.A quarter of the index’s members have released third-quarter results. Remote-work software firm Citrix Systems Inc., swimming-pool distributor Pool Corp. and homebuilder PulteGroup Inc. were among those that beat Wall Street’s expectations on Thursday, the season’s busiest day so far.About 83% of the companies that have reported third-quarter results this season exceeded earnings estimates, and 73% beat revenue forecasts. That trend closely aligns with what was seen during the entire second-quarter season.To be sure, some of the largest companies remain pressured as Covid-19 continues to spread. Among air carriers, American Airlines Group Inc. deferred delivery of Boeing Co.’s 737 Max jets amid an expected 50% drop in fourth-quarter system capacity. Southwest Airlines Co. said it’s also in talks to restructure its Max order book as the industry comes to terms with a long-term slump in demand.Among other large caps like Coca-Cola Co. and AT&T Inc., the picture was more mixed. Coke said global unit case volume fell 4% as sales at restaurants and entertainment venues continue to be affected by the pandemic, although that was an improvement from the prior quarter when volume fell 16%. AT&T said the pandemic cut its earnings per share by about 21 cents overall, although wireless demand and HBO MAX subscriptions were a bright spot.Key Developments:U.S. Jobless Claims Decline After California Resumes ReportingPelosi, Mnuchin to Talk Stimulus Again as Trump Hints at FailureBarclays Sees VIX Plunging to Pre-Covid Level in Clear Biden WinInvestors Brace for Barrage of Covid Vaccine Data to Roil MarketHere’s today’s top earnings news by sector:Transport & IndustrialsAmerican Airlines said fourth-quarter flying capacity will be down more than 50% year-over-year. The company also said it’s reached an agreement with Boeing to defer deliveries of 18 737 MAX aircraft that it would have taken in 2021 and 2022.Southwest Airlines reported an adjusted loss per share that was narrower than estimated. The company said it’s also in talks to restructure orders for Boeing’s grounded 737 MAX as the carrier evaluates fleet needs amid weak demand because of the pandemic.Alaska Air’s third-quarter operating revenue was greater than analysts’ estimates. The company said it plans to extend its pandemic-era policy of blocking the middle seats on its mainline Boeing 737 and Airbus aircraft until Jan. 6.HomebuildersPulteGroup reported orders that crushed estimates, the latest sign of accelerating demand for new homes during the pandemic as buyers look for more space in the suburbs. Home orders for the three months through September jumped 36% from a year earlier to 8,202, topping the average analyst estimate.ConsumerCoca-Cola sales are inching back toward normal, even as it warns surging virus cases could continue to muddle near-term results. “While many challenges still lie ahead, our progress in the quarter gives me confidence we are on the right path,” Chief Executive Officer James Quincey said.Pool Corp. boosted its earnings-per-share forecast for the full year. The supply and equipment distributor said sales benefited from “continued elevated demand” for residential pool products as consumers looked to enjoy safe social and entertainment alternatives in their own backyards.Tractor Supply reported earnings-per-share for the third quarter that beat analysts’ estimates. The company said that the Covid-19 pandemic had a significant impact on consumer demand as customers “focused on the care of their homes, land and animals.”Kimberly-Clark’s third-quarter adjusted earnings per share fell short of estimates, but the company raised its adjusted EPS forecast for the full year. The maker of Kleenex and Cottonelle noted increased demand because of Covid-19.Technology & TelecommunicationsAT&T exceeded profit and wireless-subscriber estimates despite ongoing satellite-TV customer losses and the negative financial effects of the Covid-19 pandemic. The company also said it doubled its HBO MAX activations and now has a total of 38 million HBO and HBO MAX subscribers.Citrix Systems increased its adjusted earnings-per-share forecast for the full year. The software company noted strong demand for Citrix Workspace and said it sees “durable change in the way that people work.”Health CareQuest Diagnostics raised its 2020 forecast for profit and revenue as demand for coronavirus tests drove sales. The laboratory giant said it has performed over 22 million Covid-19 molecular and serology tests to date, which it said is more than any other provider.Danaher reported adjusted earnings-per-share and sales for the third quarter that topped analysts’ estimates. The company anticipates that non-GAAP core revenue growth including Cytiva will be in the low-double-digit range for the fourth quarter.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Backyard Pools to Suburban Homes Lifted By Covid: Earnings Wrap

(Bloomberg) — From new backyard pools to suburban home offices, the changes in Americans’ daily lives brought on by the pandemic are proving to be a lifeline for many S&P 500 companies.A quarter of the index’s members have released third-quarter results. Remote-work software firm Citrix Systems Inc., swimming-pool distributor Pool Corp. and homebuilder PulteGroup Inc. were among those that beat Wall Street’s expectations on Thursday, the season’s busiest day so far.About 83% of the companies that have reported third-quarter results this season exceeded earnings estimates, and 73% beat revenue forecasts. That trend closely aligns with what was seen during the entire second-quarter season.To be sure, some of the largest companies remain pressured as Covid-19 continues to spread. Among air carriers, American Airlines Group Inc. deferred delivery of Boeing Co.’s 737 Max jets amid an expected 50% drop in fourth-quarter system capacity. Southwest Airlines Co. said it’s also in talks to restructure its Max order book as the industry comes to terms with a long-term slump in demand.Among other large caps like Coca-Cola Co. and AT&T Inc., the picture was more mixed. Coke said global unit case volume fell 4% as sales at restaurants and entertainment venues continue to be affected by the pandemic, although that was an improvement from the prior quarter when volume fell 16%. AT&T said the pandemic cut its earnings per share by about 21 cents overall, although wireless demand and HBO MAX subscriptions were a bright spot.Key Developments:U.S. Jobless Claims Decline After California Resumes ReportingPelosi, Mnuchin to Talk Stimulus Again as Trump Hints at FailureBarclays Sees VIX Plunging to Pre-Covid Level in Clear Biden WinInvestors Brace for Barrage of Covid Vaccine Data to Roil MarketHere’s today’s top earnings news by sector:Transport & IndustrialsAmerican Airlines said fourth-quarter flying capacity will be down more than 50% year-over-year. The company also said it’s reached an agreement with Boeing to defer deliveries of 18 737 MAX aircraft that it would have taken in 2021 and 2022.Southwest Airlines reported an adjusted loss per share that was narrower than estimated. The company said it’s also in talks to restructure orders for Boeing’s grounded 737 MAX as the carrier evaluates fleet needs amid weak demand because of the pandemic.Alaska Air’s third-quarter operating revenue was greater than analysts’ estimates. The company said it plans to extend its pandemic-era policy of blocking the middle seats on its mainline Boeing 737 and Airbus aircraft until Jan. 6.HomebuildersPulteGroup reported orders that crushed estimates, the latest sign of accelerating demand for new homes during the pandemic as buyers look for more space in the suburbs. Home orders for the three months through September jumped 36% from a year earlier to 8,202, topping the average analyst estimate.ConsumerCoca-Cola sales are inching back toward normal, even as it warns surging virus cases could continue to muddle near-term results. “While many challenges still lie ahead, our progress in the quarter gives me confidence we are on the right path,” Chief Executive Officer James Quincey said.Pool Corp. boosted its earnings-per-share forecast for the full year. The supply and equipment distributor said sales benefited from “continued elevated demand” for residential pool products as consumers looked to enjoy safe social and entertainment alternatives in their own backyards.Tractor Supply reported earnings-per-share for the third quarter that beat analysts’ estimates. The company said that the Covid-19 pandemic had a significant impact on consumer demand as customers “focused on the care of their homes, land and animals.”Kimberly-Clark’s third-quarter adjusted earnings per share fell short of estimates, but the company raised its adjusted EPS forecast for the full year. The maker of Kleenex and Cottonelle noted increased demand because of Covid-19.Technology & TelecommunicationsAT&T exceeded profit and wireless-subscriber estimates despite ongoing satellite-TV customer losses and the negative financial effects of the Covid-19 pandemic. The company also said it doubled its HBO MAX activations and now has a total of 38 million HBO and HBO MAX subscribers.Citrix Systems increased its adjusted earnings-per-share forecast for the full year. The software company noted strong demand for Citrix Workspace and said it sees “durable change in the way that people work.”Health CareQuest Diagnostics raised its 2020 forecast for profit and revenue as demand for coronavirus tests drove sales. The laboratory giant said it has performed over 22 million Covid-19 molecular and serology tests to date, which it said is more than any other provider.Danaher reported adjusted earnings-per-share and sales for the third quarter that topped analysts’ estimates. The company anticipates that non-GAAP core revenue growth including Cytiva will be in the low-double-digit range for the fourth quarter.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.