Snowflake Fiscal Q4 Earnings, Revenue Increase; CEO Slootman to Retire

/ / Technology /

Snowflake (SNOW) reported fiscal Q4 non-GAAP net income Wednesday of $0.35 per share, up from $0.14 a year earlier. Analysts polled by Capital IQ expected $0.18. Revenue for the quarter ended Jan. 31 was $774.7 million, up from $589.0 million a year earlier. Analysts surveyed by Capital IQ expected $759.6 million. The company said it expects fiscal Q1 product revenue of $745 million to $750 million. Snowflake said in a separate release that Chief Executive Frank Slootman has decided to retire and Sridhar Ramaswamy was appointed as chief executive, effective immediately. Ramaswamy previously served as senior vice president of AI at Snowflake, according to the company. Slootman will remain as chairman of the board, Snowflake added. The company’s shares were down over 23% in after market activity.

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Salesforce Full-Year Revenue Outlook Misses Views Following Fiscal Fourth-Quarter Beat

/ / Technology /

Salesforce (CRM) late Wednesday reported higher-than-expected fiscal fourth-quarter results, driven by a double-digit rise in subscription and support revenue, while the software maker’s top-line outlook for the year trailed Wall Street’s estimates. Adjusted per-share earnings rose to $2.29 during the three months ended Jan. 31 from $1.68 a year earlier, topping the consensus on Capital IQ of $2.27. Revenue gained 11% to $9.29 billion, compared with the Street’s $9.22 billion view. Subscription and support revenue gained 12% to $8.75 billion, while professional services and other fell 9% to $539 million. Salesforce said it expects fiscal 2025 revenue of $37.7 billion to $38 billion, which would fall short of the $38.61 billion consensus estimate. The company forecast adjusted EPS of $9.68 to $9.76, compared with analysts’ expectations of $9.58. Salesforce’s shares were down 4% in after-hours trade. For the current quarter, the company projects adjusted EPS at $2.37 to $2.39 on

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HP Fiscal Q1 Non-GAAP Earnings Rise, Revenue Falls; Fiscal 2024 EPS Guidance Reaffirmed

/ / Technology /

HP (HPQ) reported fiscal Q1 non-GAAP earnings late Wednesday of $0.81 per diluted share, up from $0.73 a year earlier. Analysts surveyed by Capital IQ expected $0.81. Revenue for the quarter ended Jan. 31 was $13.19 billion, down from $13.80 billion a year earlier. Analysts surveyed by Capital IQ expected $13.59 billion. The company said it expects fiscal Q2 non-GAAP EPS of $0.76 to $0.86. Analysts surveyed by Capital IQ expect $0.82. HP reaffirmed its fiscal year 2024 non-GAAP EPS guidance of $3.25 to $3.65. Analysts surveyed by Capital IQ expect $3.45. Shares of the company more than 4% in after-hours trading.

HP Fiscal Q1 Non-GAAP Earnings Rise, Revenue Falls; Fiscal 2024 EPS Guidance Reaffirmed Read Post »

Toronto Stocks Fall; RBC Slips on Weaker Income, Higher Credit-Loss Provisions

/ / Financials /

Canadian stocks fall, with the benchmark S&P/TSX Composite Index ticking down 0.4% to 21243 and the blue-chip S&P TSX 60 Index edging down 0.3% to 1282. The S&P/TSX Index sees gains in its consumer services sector, while the transportation sector leads the decline. Royal Bank of Canada ticks down 0.2% to C$130.93 on a jump in credit-loss provisions and weaker income across much of its business in 1Q.

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Snowflake Shares Fall on CEO Retirement, Weak Sales Outlook — WSJ

/ / Technology /

By Denny Jacob Snowflake shares fell 20% in extended-hours trading after the cloud-data company provided a weak sales outlook for the current year and said Frank Slootman has retired as chief executive, effective immediately. Slootman had been Snowflakes CEO since 2019 and led the company through its initial public offering ( in 2020, one of techs biggest IPOs that year ( The 65-year-old will continue to serve as chairman, Snowflake said. He will be replaced by Sridhar Ramaswamy, who previously served as senior vice president of artificial intelligence. Earlier, Ramaswamy led Googles advertising products ( which included search, display and video advertising, among other items. Snowflake shares recently traded at $183, down 20% from the stock’s 4 p.m. close. News of the CEO change came as the company reported its fourth-quarter results and provided an outlook for 2025. Here are the highlights: — Fourth-quarter sales rose 32% to $774.7 million,

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LOWE’S (NYSE:LOW) REPORTS FOURTH QUARTER 2023 SALES AND EARNINGS RESULTS

/ / Consumer Discretionary /

LOWE’S REPORTS FOURTH QUARTER 2023 SALES AND EARNINGS RESULTS PR Newswire MOORESVILLE, N.C., Feb. 27, 2024 — Comparable Sales Decreased 6.2%; Diluted EPS of $1.77– — Provides Full Year 2024 Outlook — MOORESVILLE, N.C., Feb. 27, 2024 /PRNewswire/ — Lowe’s Companies, Inc. (NYSE: LOW) today reported net earnings of $1.0 billion and diluted earnings per share (EPS) of $1.77 for the quarter ended Feb. 2, 2024, compared to diluted EPS of $1.58 in the fourth quarter of 2022, which included pre-tax transaction costs of $441 million associated with the sale of our Canadian retail business. Excluding the transaction costs in the prior year, fourth quarter 2022 adjusted diluted EPS(1) was $2.28. Total sales for the quarter were $18.6 billion,(2) compared to $22.4 billion in the prior year quarter. Prior-year quarterly sales included approximately $1.4 billion from the additional 53(rd) week, as well as $958 million generated from our Canadian retail

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Lowe’s Companies (NYSE:LOW) FY24 Outlook: Revenue $84B – $85B Vs. Vs. $85.61B Estimate, EPS $12.00 – $12.30 Vs. $12.95 Estimate

/ / Consumer Discretionary /

Full Year 2024 Outlook Total sales of $84 to $85 billion Comparable sales expected to be down -2 to -3% as compared to prior year Operating income as a percentage of sales (operating margin) of 12.6% to 12.7% Interest expense of approximately $1.4 billion Effective income tax rate of approximately 25% Diluted earnings per share of approximately $12.00 to $12.30 Capital expenditures of approximately $2 billion

Lowe’s Companies (NYSE:LOW) FY24 Outlook: Revenue $84B – $85B Vs. Vs. $85.61B Estimate, EPS $12.00 – $12.30 Vs. $12.95 Estimate Read Post »

Lowe’s (NYSE:LOW) 2024 Guidance Misses Analyst Expectations

/ / Consumer Discretionary /

Lowe’s logged a stronger 4Q than Wall Street had been expecting, but its outlook for fiscal 2024 missed current analyst estimates. The home-improvement giant says it expects comparable sales, which strip out the impacts of store openings and closings, to fall 2% to 3% this year, which is a smaller decline than it saw in 2023 but steeper than the 1.5% drop analysts are currently projecting. Guidance for $84B to $85B in annual revenue is below current estimates for $85.36B, and its forecast for $12 to $12.30 a share in annual earnings comes in under current projections for $12.68 a share.

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Exxon Mobil Scaling Up Guyana Operations Not Without Risk, RBC Says

/ / Energy /

Exxon Mobil scaling up operations in Guyana would make sense, though doing so would reduce the U.S. oil and gas company’s diversification and increase its exposure to a country threatened by a possible border dispute, RBC Capital Markets analysts say in a research note. Exxon and China’s Cnooc are stakeholders alongside Hess in a Guyana oil project and disagree with Chevron over the terms of a right of first refusal that could scupper its $53 billion deal for Hess. At first glance, it seems that Exxon and Cnooc could block the deal but not necessarily acquire Hess Guyana themselves, though this is likely up for debate, RBC says.

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