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5 big earnings reports: Bed Bath & Beyond, Illumina

Investing.com
·2 min read

By Davit Kirakosyan

Investing.com - In case you missed it, here are yesterday's 5 biggest earnings announcements. Get this news in real time by signing up for InvestingPro.

Bed Bath & Beyond (NASDAQ:BBBY) shares closed up more than 27%, and surged 23% after-hours, despite the company reporting lower-than-expected financial results for Q3. Retail investors drove stock prices higher as they speculated that the company could be a target for acquisition. Q3 EPS came in at ($3.65), significantly worse than the consensus estimate of ($2.38). Revenue fell 33% year-over-year to $1.26 billion, missing the consensus estimate of $1.33 billion. The company said it will lay off more employees in an attempt to reduce costs. This comes a week after Bed Bath announced it was exploring options including bankruptcy.

Illumina (NASDAQ:ILMN) shares closed down more than 6% on weaker-than-expected 2023 profit guidance. The company sees fiscal 2023 EPS in the range of $1.25-$1.50, compared with the consensus of $2.99, and revenue in the range of $4.90-$5.03, compared with the consensus of $5 billion. Following the announcement, Cowen lowered its price target on the stock to $296 from $350.00 and said that "after a number of disappointing qtrs & guidance cuts, on top of the unpopular GRAIL deal, investor confidence is shaken."

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SYNNEX (NYSE:SNX) shares closed up more than 4% after the company reported better-than-expected Q4 results. EPS came in at $3.44, compared with the consensus estimate of $2.93, and revenue was $16.2 billion (up 4.1% year-over-year), beating the consensus estimate of $15.79 billion. The company expects Q1/23 EPS in the range of $2.60-$3.00, compared with the consensus of $3.05, and revenue in the range of $15.2-16.2 billion, compared with the consensus of $15.85 billion.

Ichor Holdings (NASDAQ:ICHR) shares plunged more than 16% after-hours following the company’s announced preliminary results for Q4/22. Q4 revenue is expected to be in the range of $300-$302 million, missing the consensus estimate of $335 million.

Albertsons (NYSE:ACI) reported its Q3 results, with EPS of $0.87 coming in better than the consensus estimate of $0.67. Revenue was $18.2 billion, beating the consensus estimate of $17.59 billion. The earnings report comes after the company accepted a $24.6 billion merger offer from Kroger (NYSE:KR) in October.

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