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July 01, 2023
Constellation Brands Inc, McCormick & Company Inc, Acuity Brands, Inc. and other stocks published their quarterly earnings. Here's what you need to know.
Leading equity indices in the US rose as S&P 500 closed the day at 4,450.38, having gained 1.23%. Nasdaq ended the session at 13,800 after a 1.45% gain.
What is an earnings report?
An earnings report is an official statement of a company's profitability over a certain period of time. These reports are typically announced once a quarter, and their timing is considered when making predictions about the market due to the large impact they have on it.
Markets were up and stocks have released their quarterly earnings reports. Have a look.
Constellation Brands: mixed results
Constellation Brands Inc reported inconclusive earnings results yesterday, with EPS at 2.66 and revenues at $2.51 billion. Since the release of its earnings report, Constellation Brands Inc lost 0.29%.
The beer, wine and spirits producer has recovered almost all of its session losses after dipping down to $238 yesterday. Daily trading volume (2.90 million shares) increased, making up 261% of the 21-day average (1.11 million).
McCormick & Company | Retains downward momentum since earnings report Thursday
The company reported earnings of 0.48 per share Thursday, falling short of expectations of 0.57. Revenue was also lower than expected at $1.66 billion versus $1.67 billion. McCormick & Company lost 5.03% since the release of its earnings report.
Generally flat but with a slight bullish bias, McCormick & Company ranged between $86.5 and $88 before closing higher at $87.23. Daily trading volume (2.37 million shares) was above the current multiday average of 1.77 million.
Acuity Brands | Bounces $2.42 since downbeat earnings report Thursday
The company reported earnings of 3.3 per share Thursday, falling short of expectations of 3.71. Revenue was also lower than expected at $1 billion versus $1 billion. Although earnings did not match projections, Acuity Brands gained 1.51% since the release of its earnings report.
After ending Thursday's session at $162.46, Acuity Brands went up to $165.52 yesterday only to fall back and close at $163.08. Daily trading volume (527,733 shares) increased, making up 114% of the 21-day average (462,091).
