>>> Colony Capital beats by $0.03, reports revs in-line

Colony Capital beats by $0.03, reports revs in-line
  • Reports Q3 (Sep) funds from operations of $0.20 per share, $0.03 better than the S&P Capital IQ Consensus of $0.17; revenues fell 14.6% year/year to $674.77 mln vs the $673.2 mln two analyst estimate.
  • Following a strategic review process, the Company announced that it is implementing a corporate restructuring and reorganization plan to match resources that further align its increasing focus on the investment management business under an ‘asset-light' business model while exiting certain non-core businesses and assets. The plan is expected to deliver $50 to $55 million ($45 to $50 million on a cash basis) of annual compensation and administrative cost savings on a run-rate basis by year-end 2019 and will result in a reduction of the Company's global workforce by approximately 15%. The majority of the benefit of the restructuring efforts will be seen in 2019 and early 2020, although some benefits may be realized in the fourth quarter of 2018.
  • The Company's Board of Directors declared a fourth quarter 2018 cash dividend of $0.11 per share of Class A and Class B common stock.

>>> Sinclair Broadcast beats by $0.09, beats on revs; guides Q4 revs above conse

Sinclair Broadcast beats by $0.09, beats on revs; guides Q4 revs above consensus; guides FY18 revs above consensus; Increases dividend to $0.20
  • Reports Q3 (Sep) earnings of $0.62 per share, excluding non-recurring items, $0.09 better than the S&P Capital IQ Consensus of $0.53; revenues rose 18.9% year/year to $766.3 mln vs the $752.56 mln S&P Capital IQ Consensus.
    • Looking ahead to the fourth quarter, we just finished what is the biggest mid-term political advertising year in our Company's history with political advertising expected to be over 60% higher than the 2014 mid-term election cycle and over 20% higher than the 2016 presidential election year, based on our current portfolio. As a result of the growth in political revenue this year, our Board has approved increasing our quarterly dividend per share from $0.18 to $0.20.
  • Co issues upside guidance for Q4, sees Q4 revs of $870-882 mln vs. $804.29 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY18, sees FY18 revs of $3.032-2.054 mln vs. $2.96 bln S&P Capital IQ Consensu

>>> Rockwell Automation beats by $0.09, misses on revs; guides FY19 EPS, revs in

Rockwell Automation beats by $0.09, misses on revs; guides FY19 EPS, revs in-line
  • Reports Q4 (Sep) earnings of $2.11 per share, excluding non-recurring items, $0.09 better than the S&P Capital IQ Consensus of $2.02; revenues rose 3.7% year/year to $1.73 bln vs the $1.77 bln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY19, sees EPS of $8.85-9.25, excluding non-recurring items, vs. $9.00 S&P Capital IQ Consensus; sees FY19 revs of $6.85-7.05 bln (+2.7-5.7%) vs. $7.04 bln S&P Capital IQ Consensus.
  • "We are expecting another good year of growth and financial performance in fiscal 2019. While global trade tensions create uncertainty, we have not seen an impact on customer demand as industrial companies continue to focus on productivity. Internally, we are taking actions that are expected to mitigate the impact of tariffs on our operations. Macroeconomic indicators remain favorable across most geographies, with PMI metrics above 50 and continued Industrial Production growth. We have balanced exposure across a broad range of industries, and we expect heavy industries and consumer verticals to continue to be the strongest growth drivers

>>> Office Depot beats by $0.01, beats on revs; guides FY18 revs above consensus

Office Depot beats by $0.01, beats on revs; guides FY18 revs above consensus; guides FY19 revs above consensus (2.75)
  • Reports Q3 (Sep) earnings of $0.13 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.12; revenues rose 10.2% year/year to $2.89 bln vs the $2.83 bln S&P Capital IQ Consensus.
    • Product sales in the third quarter were up 1.1%, while service revenues grew 123.7%, driven primarily by the service revenues contributed by the CompuCom acquisition. Service revenue excluding the CompuCom division and revenue recognition impacts, grew 17% in the third quarter.
    • Adjusted EBITDA, a primary measure in which the company measures operating performance, for the third quarter 2018 was $172 million compared to $167 million in the prior year period.
    • Retail comps -5%
  • Co issues upside guidance for FY18, sees FY18 revs of ~$11 bln vs. $10.92 bln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY19, sees FY19 revs of ~$11.1 bln vs. $10.79 bln S&P Capital IQ Consensus.
  • Co states, "For 2018, we now expect to exceed our guidance for total sales, as well as reaffirm our guidance for adjusted operating income. Also, our operational discipline and focus on working capital initiatives have enabled us to generate $434 million in Free Cash Flow year to date, surpassing our guidance for the year. We now expect to approximate $450 million in Free Cash Flow by year end. We are also providing guidance for 2018 Adjusted EBITDA, an operating metric we watch closely and a measure our investors frequently request.

>>> US Early premarket gappers

Early premarket gappers

Gapping up:

  • RENN +19.3%, TWLO +16.2%, ARRS +15%, SEND +13.1%, CUTR +12.9%, ETSY +12.8%, FIVN +10.5%, XOG +10.5%, DIOD +10.4%, WTTR +10%, GHDX +7.9%, CSLT +7.9%, PTI +7.2%, CPE +6.5%, VIRT +6.5%, PLNT +6.4%, MNTA +4.6%, NEWR +4.6%, LC +4.4%, RPD +4.4%, HALO +4.4%, FTK +4.3%, PXD +4.2%, PUMP +4.1%, DATA +3.6%, DVMT +3.5%, PZZA +3.3%, XEC +3.2%, AVEO +3%, PAGP +2.4%, PAA +2.3%, BTG +2.3%, MDR +2.2%, CCS +2.2%, CIEN +2%, COTY +1.8%, BMY +1.3%, PSEC +1.2%

Gapping down:

  • INFN -28.6%, MB -21.5%, PRMW -21.2%, ZG -20.5%, INGN -19.8%, MED -14.8%, FTR -14.8%, CHUY -14.6%, TRUE -14.2%, HEAR -12.6%, CTSO -11.9%, ICHR -10.4%, RRGB -9.5%, JAZZ -9%, MYGN -8.6%, CWH -8.3%, AKRX -8%, AXDX -7.4%, DXC -7.4%, MTCH -5.9%, RDFN -5.8%, VSLR -5.8%, WEN -5.7%, DAR -5.7%, KORS -5.7%, ZAGG -5.3%, IAC -4.9%, UCTT -4.9%, COMM -4.7%, HCKT -4.3%, IAG -4.1%, GGB -3.3%, PAAS -3.1%, SRLP -3%, SUPN -2.8%, SCSC -2.7%, RRTS -2.5%, DPLO -2.4%, GDDY -2.3%, DXCM -2.2%, MODN -2.1%, REGI -2%, ENPH -1.9%, DISH -1.6%, GNL -1.4%, KTOS -1.1%, BWXT -1.1%

>>> Dean Foods misses by $0.22, beats on revs; lowers FY18 EPS significantly (7

Dean Foods misses by $0.22, beats on revs; lowers FY18 EPS significantly (7.70)
  • Reports Q3 (Sep) adj. loss of $0.28 per share, $0.22 worse than the S&P Capital IQ Consensus of ($0.06); revenues fell 2.3% year/year to $1.89 bln vs the $1.85 bln S&P Capital IQ Consensus. Closed and consolidated seven manufacturing plants; incurred higher than expected transitory costs Q3 volume in-line with expectations; first full quarter of anticipated customer volume losses Significant inflation in fuel, freight and resin versus prior year
  • Co issues downside guidance for FY18, lowers EPS to ($0.30-0.10) from $0.32-0.52 vs. $0.38 S&P Capital IQ Consensus.
  • "The heavy lifting of the seven plant closures in the third quarter is now behind us. However, residual transitory costs associated with our plant consolidation efforts, retailers continued investment in private label and higher than expected transportation-related inflation leads us to lower our guidance. We now anticipate an adjusted net loss for the full year in the range of $0.10 to $0.30. Our focused and disciplined approach to our enterprise-wide cost productivity plan enabled us to reduce our capital expenditure guidance to between $100 and $120 million. Our full year cash flow guidance is reduced to between $30 and $50 million.

>>> DISH Network beats by $0.15, reports revs in-line (31.49)

DISH Network beats by $0.15, reports revs in-line (31.49)
  • Reports Q3 (Sep) GAAP earnings of $0.82 per share, $0.15 better than the S&P Capital IQ Consensus of $0.67; revenues fell 5.0% year/year to $3.4 bln vs the $3.4 bln S&P Capital IQ Consensus.
  • The company closed the third quarter with 10.286 million DISH TV subscribers and 2.370 million Sling TV subscribers. The total 12.656 million Pay-TV subscribers is compared with 13.203 million Pay-TV subscribers at the end of third quarter 2017. Net Pay-TV subscribers declined ~341,000 in the third quarter, compared with an increase of ~16,000 in the third quarter 2017. In the quarter, net DISH TV subscribers declined ~367,000 and Sling TV subscribers increased ~26,000. DISH TV's average monthly subscriber churn rate was 2.11 percent versus 1.82 percent for third quarter 2017

>>> Coty beats by $0.03, misses on revs (11.18)

Coty beats by $0.03, misses on revs (11.18)
  • Reports Q1 (Sep) earnings of $0.11 per share, $0.03 better than the S&P Capital IQ Consensus of $0.08; revenues fell 9.2% year/year to $2.03 bln vs the $2.17 bln S&P Capital IQ Consensus.
    • Adjusted gross margin weakened by 120 bps to 60.4% due to supply chain disruptions
    • Coty CEO Camillo Pane said, "We are very disappointed with the supply chain disruptions that we have experienced over the last quarter and the resulting poor Q1 financial performance. While we had anticipated some level of disruption in the first quarter from warehousing and planning consolidation, the increased scope of the disruptions resulted in much weaker results than previously expected. We have been working to remedy the supply chain issues and expect to temper the headwinds in 2Q19, and have them be substantially resolved in 3Q19, although we do not expect to fully recover the 1Q19 financial impact in the balance of FY19

>>> Michael Kors beats by $0.17, reports revs in-line; guides Q3 EPS below conse

Michael Kors beats by $0.17, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY19 EPS in-line, reaffirms FY19 revs guidance (57.45)
  • Reports Q2 (Sep) earnings of $1.27 per share, excluding non-recurring items, $0.17 better than the S&P Capital IQ Consensus of $1.10; revenues rose 9.3% year/year to $1.25 bln vs the $1.26 bln S&P Capital IQ Consensus.
    • Michael Kors Retail revenue of $643.9 million was approximately flat compared to the prior year. Comparable store sales decreased 2.1%. On a constant currency basis, comparable store sales decreased 1.3%.
      • Michael Kors Wholesale revenue declined 1.3% to $457.8 million compared to the prior year.
      • Michael Kors Licensing revenue decreased 6.8% to $35.4 million compared to the prior year.
    • Jimmy Choo revenue was $116.7 million.
  • Co issues downside guidance for Q3, sees EPS of $1.52-1.57 vs. $1.82 S&P Capital IQ Consensus; sees Q3 revs of ~$1.46 bln vs. $1.48 bln S&P Capital IQ Consensus.
    • The Company expects third quarter retail revenue for Michael Kors to grow in the low single digits.
    • The Company expects wholesale revenue to decrease in the high single digits, and licensing revenue to decline in the mid-teens.
  • Co issues guidance for FY19, sees EPS of $4.95-5.05, excluding non-recurring items, vs. $5.02 S&P Capital IQ Consensus; reaffirms FY19 revs guidance of ~$5.125 bln vs. $5.14 bln S&P Capital IQ Consensus.
    • Reported comparable store sales for Michael Kors is expected to be down in the low single digits, primarily driven by an unfavorable currency impact.