Seeking Alpha
  • Today - Thursday, August 21, 2014

  • 6:48 PM
    • Thanks partly to an accounting policy change that will result in PC product revenue being recognized over time rather than entirely up-front, Intuit (NASDAQ:INTU) expects FY15 (ends July '15) revenue of $4.275B-$4.375B and EPS of $2.45-$2.50, well below a consensus of $4.85B and $3.97.
    • Adjusted revenue, which takes the policy change into account, is expected to be in a range of $4.75B-$4.85B.
    • Small business revenue +12% Y/Y in FQ4, with QuickBooks Online subs growing 40% Y/Y to 683K (60K added in the quarter). Consumer tax revenue +22%; ProTax +16%.
    • Costs/expenses +13% Y/Y to $787M. $152.5M was spent on buybacks.
    • FY17 targets: Revenue of $5.8B, EPS of $5, and 2M QuickBooks Online subs.
    • FQ4 results, PR
    | Comment!
  • 5:56 PM
    • Strong Xbox One/PS4 sales fueled a 124.8% Y/Y FQ2 increase in GameStop's (NYSE:GME) new hardware sales to $332.3M (19% of revenue), which in turn drove the company's big revenue beat. Comparable store sales rose 21.9%.
    • New software sales +15.6% Y/Y to $497M; pre-owned value game sales +5.5% to $558M; game accessories +17% to $107.5M; digital +6% to $52.3M; mobile/consumer electronics +85.1% to $112.1M.
    • A mix shift towards hardware led gross margin to fall 260 bps Y/Y to 31.8%. SG&A spend fell to 27.5% of revenue from 30.5%. $75.5M was spent on buybacks.
    • GameStop expects FQ3 EPS of $0.58-$0.64 (above a $0.57 consensus), with comp. sales growth of 1%-5%. FY14 EPS guidance of $3.40-$3.70 is being maintained for now (consensus is already up to $3.67); 6%-12% full-year comp. sales growth is expected.
    • FQ2 results, PR
    | Comment!
  • 5:49 PM
    • Gap (NYSE:GPS) +1.2% AH after edging analyst estimates for Q2 earnings and revenues, boosted by firm sales at its Old Navy business.
    • Q2 comp sales were flat vs. a 5% increase in the year-ago quarter; Gap sales suffered a 5% decline, Banana Republic was flat, and Old Navy gained 4% Y/Y.
    • Q2 operating margin was 14.2% vs. 13.5% a year ago, but GPS continues to expect roughly flat margin for the full year.
    • Raises FY 2014 EPS guidance to $2.95-$3.00 vs. prior forecast of $2.90-$2.95 and $2.95 analyst consensus estimate.
    • Announces plans to enter India through franchise-operated Gap brand stores in 201, starting in Mumbai and Delhi; Gap expects eventually to have ~40 stores in the country.
    | Comment!
  • 5:30 PM
  • 5:22 PM
    • Brocade (NASDAQ:BRCD) guides in its earnings slides (.pdf) for FQ4 revenue of $550M-$570M and EPS of $0.21-$0.23, in-line with a consensus of $561.3M and $0.22.
    • In spite of the Fibre Channel struggles seen by adapter card/embedded switch vendors Emulex and QLogic, Brocade's SAN product revenue (60% of total) rose 1% Q/Q and 4% Y/Y in FQ3 to $325M. SAN switch and director sales respectively rose 9% and 5% Y/Y, offsetting an adjusted 11% drop in server product (adapter/embedded switch) sales.
    • IP networking revenue rose 9% Q/Q and fell 1% Y/Y to $133M; the Y/Y drop is better than FQ2's 9%. Router weakness, product strategy changes, and the sale of Brocade's adapter card business to QLogic offset switch growth.
    • SAN products are expected to be down 1%-2% Q/Q in FQ4, and IP networking up 6%-15%. Geopolitical issues and transitions at OEM partners (i.e. IBM) are expected to weigh on SAN revenue, while high-density router launches and federal seasonality are expected to boost IP networking.
    • Gross margin rose 50 bps Q/Q and 160 bps Y/Y to 67.2%, beating guidance of 65.5%-66.5%. FQ4 GM guidance is at 66%-67%. $112M was spent on buybacks. EMC/IBM/Hitachi made up 48% of revenue vs. 47% a year ago.
    • FQ3 results, PR (.pdf)
    | 1 Comment
  • 5:15 PM
    • Aeropostale (NYSE:ARO) -9.2% AH despite posting a narrower than expected Q2 loss, as the struggling teen apparel retailer issues downside guidance for Q3, sees a loss of $0.44-$0.48/share vs. analyst consensus for a $0.35 loss.
    • Q2 gross margin narrowed to 15.8% from 17.9%, but input costs fell 11% to $333M.
    • ARO had pre-announced some of its Q2 results earlier in the week while announcing the return of former CEO Julian Geiger to replace Thomas Johnson.
    | Comment!
  • 4:58 PM
    • In addition to beating Q2 revenue estimates (while missing on EPS), Qunar (NASDAQ:QUNR) is guiding for 90%-95% Y/Y Q3 revenue growth; the consensus is for revenue to grow 83% to $72M.
    • Mobile revenue rose 511.8% Y/Y in Q2 to $22.9M (35.5% of revenue), fueling the revenue beat. Flight revenue +143.3% to $45M; hotel revenue +79.5% to $11.5M. Flight ticket volume +66.1%, and revenue/ticket +46.4%. Hotel room night volume +105.2%, but revenue per room night -12.5%.
    • Gross margin fell to 73.6% from 78.1% in Q1 and 78.2% a year ago (hurt EPS). Qunar notes higher payment-processing fees pressured its gross profit.
    • Spending was heavy: R&D spend +181.6% Y/Y to $29.3M, sales/marketing +212.4% to $34.7M, product sourcing spend +416.1% to $10.9M, G&A spend +432.9% to $18M. Online marketing spend +120.5% Q/Q to $23.8M.
    • If history is any guide, Ctrip (NASDAQ:CTRP) and/or eLong (NASDAQ:LONG) could follow Qunar higher.
    • Q2 results, PR
    | Comment!
  • 4:38 PM
    • Qunar Cayman Islands (NASDAQ:QUNR): Q2 ADS of -$0.57 misses by $0.04.
    • Revenue of $64.5M beats by $8.47M.
    • Shares +7.09% AH.
    • Press Release
    | Comment!
  • 4:38 PM
    • Though Marvell (NASDAQ:MRVL) posted in-line FQ2 revenue and beat EPS estimates, it's guiding for FQ3 revenue of $960M-$1B and EPS of $0.29 (+/- $0.02), below a consensus of $1.01B and $0.32. No explanation is provided in the earnings release for the outlook.
    • FQ2 gross margin was 50.6%, +180 bps Q/Q and -140 bps Y/Y, and near the high end of a 49%-51% guidance range (drove the EPS beat). FQ3 GM guidance is also at 49%-51%.
    • GAAP opex fell 2% Y/Y to $363.4M (compares with a slight revenue increase), with R&D spend nearly flat at $294.8M. No buybacks were carried out.
    • FQ2 results, PR
    | Comment!
  • 4:37 PM
    | Comment!
  • 4:34 PM
    • Nordson (NASDAQ:NDSN): FQ3 EPS of $1.20 beats by $0.07.
    • Revenue of $458.55M (+13.8% Y/Y) beats by $8.78M.
    • Press Release
    | Comment!
  • 4:33 PM
    | 2 Comments
  • 4:30 PM
    • ScanSource (NASDAQ:SCSC): FQ4 EPS of $0.60 beats by $0.01.
    • Revenue of $758.1M (+6.4% Y/Y) beats by $18.07M.
    • Shares +1.88% AH.
    • Press Release
    | Comment!
  • 4:29 PM
    • Brocade Communications Systems (NASDAQ:BRCD): FQ3 EPS of $0.23 beats by $0.04.
    • Revenue of $545.46M (+1.7% Y/Y) beats by $10.75M.
    • Press Release
    | Comment!
  • 4:26 PM
    • Lantronix (NASDAQ:LTRX): FQ4 EPS of $0.01 beats by $0.03.
    • Revenue of $11.1M (-0.3% Y/Y) misses by $0.35M.
    • Press Release
    | Comment!
  • 4:26 PM
    • The Fresh Market (NASDAQ:TFM): Q2 EPS of $0.36 beats by $0.01.
    • Revenue of $422.23M (+19.0% Y/Y) beats by $10.38M.
    • Shares +5.16% AH.
    • Press Release
    | Comment!
  • 4:23 PM
    • TravelCenters of America (NYSE:TA): FQ1 EPS of $0.01 beats by $0.20.
    • Revenue of $1.97B (+0.5% Y/Y)
    • Press Release
    | Comment!
  • 4:19 PM
    • Salesforce (NYSE:CRM) expects FQ3 revenue of $1.365B-$1.37B and EPS of $0.12-$0.13 vs. a consensus of $1.37B and $0.13. FY15 (ends Jan. '15) guidance is for revenue of $5.34B-$5.37B and EPS of $0.50-$0.52 vs. a consensus of $5.34B and $0.51.
    • The deferred revenue balance rose 31% Y/Y in FQ2 to $2.35B, a slight slowdown from FQ1's 34% growth. The unbilled deferred revenue balance grew 32% to $5B, after growing 33% in FQ1.
    • GAAP sales/marketing spend rose to 51% of revenue from 50% a year ago, and R&D spend to 16% from 15%. G&A spend fell to 13% from 16%. Free cash flow more than doubled Y/Y to $174.3M, and was well above net income of $85.7M.
    • Americas revenue (71% of total) +39% Y/Y, Europe (19% of total) +42%, Asia-Pac (10% of total) +25%.
    • Sales Cloud (core CRM software) revenue totaled $610.1M, Service Cloud (customer support software) $318.7M, Salesforce1 (cloud app platform) $181.4M, and ExactTarget (cloud marketing software) $122.4M.
    • CRM -0.8% AH. FQ2 results, PR
    | 5 Comments
  • 4:16 PM
    • New York & Company (NYSE:NWY): Q2 EPS of $0 in-line.
    • Revenue of $226.1M (+1.4% Y/Y) beats by $1.88M.
    • Press Release
    | Comment!
  • 4:14 PM
    • Tuesday Morning (NASDAQ:TUES): FQ4 EPS of -$0.08 misses by $0.03.
    • Revenue of $212.6M (+5.2% Y/Y) misses by $0.51M.
    • Press Release
    | Comment!
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