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July 04, 2023
Constellation Brands Inc, McCormick & Company Inc, Acuity Brands, Inc. and other stocks have published their quarterly earnings.
Leading equity indices in the US rose as Nasdaq closed the day at 13,817, having gained 0.21%. S&P 500 gained 0.12% and closed at 4,455.59.
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 earnings results Friday, with EPS at 2.66 and revenues at $2.51 billion; these results are mixed when compared to a consensus of 2.83 Earnings Per Share and $2.47 billion revenue. Since the release of its earnings report, Constellation Brands Inc gained 0.25%.
The beer, wine and spirit maker topped out at $249.25 having ended yesterday at $247.47. However, despite early momentum, the stock gave up its gains to now trade at $247.47. Daily trading volume (1.26 million shares) increased, making up 113% of the 21-day average (1.12 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. Since the release of its earnings report, McCormick & Company lost 4%
Pronounced bullish sentiment in the market helped the food manufacturing company to make a notable 1.08% gain yesterday, rising 94 cents and ultimately closing at $88.17. Trading volume totalled 1.13 million which equates to around 65% of the stock's 21-day average yesterday.
Acuity Brands | Bounces $2.56 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 1.59% since the release of its earnings report.
Without a clear direction, Acuity Brands closed at $163.22 while ranging between $162.24 and $166.2. Trading volume totalled 181,761 which equates to around 40% of the stock's 21-day average yesterday.
MSC: better than estimations
MSC released its quarterly earnings Thursday, beating analysts estimates. The company reported earnings of 1.82 per share on revenue of $1 billion, topping estimates of 1.75 per share on revenue of $1 billion. Since the release of its earnings report, MSC lost 0.23%.
Pronounced bullish sentiment in the market helped the industrial supplies specialist to make a notable 0.47% gain yesterday, rising 45 cents and ultimately closing at $95.73. Trading volume totalled 251,358 which equates to around 54% of the stock's 21-day average yesterday.
