Market Overview

Earnings Recap For The Week Of September 18

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It was a relatively quiet week for earnings, with Adobe Inc (NASDAQ: ADBE) and FedEx (NYSE: FDX) being the biggest names to report. Here's a recap. 

FedEx

Analysts were beyond impressed when FedEx again managed to crush expectations as the shipping giant is getting ready for a holiday ‘shipathon' that is just around the corner. FedEx delivered very strong results during the quarter that ended on August 31 with revenue increasing from $17 billion in the same quarter last year to $19.3 billion. The increased demand found its way to the bottom line with net income rising 60% to $1.28 billion.

Adobe

Adobe continued its winning streak by setting a new revenue record. It delivered the best fiscal third-quarter results in the company's history, exceeded expectations and maintaining its five-year streak of year-over-year quarterly increases in revenue.

Lennar Corporation

The U.S. real estate company Lennar Corp. (NYSE: LEN) topped analyst estimates both for revenue and earnings. It attributed higher demand to record-low mortgage rates as it sold 13,842 houses in its latest quarter. The housing market has only gotten hotter since the U.S. government eased COVID-restrictions as U.S. homebuilding posted its strongest growth in four years in July. 

Francesca's Holding Corporation

Meanwhile, Francesca's Holdings Corp.'s (NASDAQ: FRAN) had a rough day when it posted its fiscal second-quarter results. The stock plunged 8.75% on September 16, reducing its market cap to $10.92 million. The pandemic has been rough on retail boutiques the group operates, especially the fashion apparel, jewelry, and accessories segments.

Apogee Enterprises

Apogee Enterprises (NASDAQ: APOG), a leading provider of architectural glass, framing systems, and installation services, has been disrupted by the pandemic but is slowly rebounding. Its stock fell 0.4% in pre-market trading after the company reported Q2 results, but earnings and revenue did manage to beat estimates. However, due to not knowing how severe nor how long will the downturn be, the company did not provide any outlook.

Cantel Medical

Meanwhile, Cantel Medical (NYSE: CMD) also topped forecasts. The Little Falls, N.J.-based infection prevention products and services company posted losses of $2.3 million from reported revenue of $233.4 million, a 2.5% year-over-year drop. The decline in organic revenue was greatly offset by the impact of acquisitions. Although medical revenue decreased 25%, dental revenue increased 59%. The company expects a full recovery, although the timing also remains uncertain.

Acutus Medical

Acutus Medical (NASDAQ: AFIB) reported revenue of $1.1 million in the second quarter of 2020 that ended on June 30th. This figure marks a 54% increase compared to the same quarter last year. Back in August, the arrhythmia management company completed an initial public offering and gained $163.3 million in net proceeds. Despite headwinds brought on by the pandemic, the company managed to execute its commercial launch. Although gross margin was negative at 135%, it greatly improved from last year's quarter when it stood at 232%. Therefore, economies of scale and greater efficiency in labor was achieved.

Outlook

Provided that the second lockdown can be avoided, it is possible that the worst is behind us. However, no one can tell with certainty as we are still not near to winning the battle against COVID-19. This week's results do show signs of an economic rebound but we are not out of the woods yet.

This article is not a press release and is contributed by a verified independent journalist for IAM Newswire. It should not be construed as investment advice at any time please read the full disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: contributors@iamnewswire.com

The post This Week in a Nutshell – Adobe and FedEx Take Center Stage appeared first on IAM Newswire.

 

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