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Tue, Jan. 12, 12:41 PM
Mon, Jan. 11, 5:38 PM
Mon, Jan. 11, 5:05 PM
Mon, Jan. 11, 4:46 PM
- After backing out a $1.6M pre-tax allowance for a bad debt charge related to "further challenges with a China distributor," Skullcandy (NASDAQ:SKUL) now expects Q4 GAAP EPS of $0.25-$0.27, below prior guidance of $0.38-$0.40 and a $0.37 consensus.
- The company also announces it has bought out the minority interest in its Mexican JV; the purchase price is undisclosed. Skullcandy: "The Skullcandy brand has resonated extremely well with consumers in [Mexico] since launching a few years ago. By working directly with our retail partners combined with additional demand creation investments, we believe we can accelerate sales growth and increase our market share at a faster pace."
- CEO Hoby Darling insists Skullcandy saw "solid consumer demand" in Q4 for both its core brand and its Astro gaming headset brand. The quarter's shortfall is blamed on a weak U.S. headphone market, "aggressive promotional activity" from rivals, with the gross margin impact of a product mix shift, a decision to minimize sales to discount channels, and ongoing "clean-up work with our largest China distributor."
- Shares are halted. The guidance cut comes ahead of a Wednesday ICR conference presentation (will take place at 10:30AM ET).
- Two months ago: Skullcandy plunges on Q3 sales miss, soft Q4 guidance
Dec. 30, 2015, 9:47 AM
- Believing forex swings and strong retail headphone promo activity is "overshadowing very strong constant currency sales growth and market share gains," Oppenheimer's Sean McGowan has launched coverage on Skullcandy (NASDAQ:SKUL) with an Outperform rating and $8 target.
- McGowan cautions recent headwinds could weigh on shares into 2016, but adds Skullcandy's results should look better a year from now. "We expect the stock to trade up to at least $8 12-18 months from now, and believe it will Outperform the broader markets."
- The coverage comes less than two months after Skullcandy plunged due to a Q3 sales miss and light Q4 guidance. Shares -46% YTD, and trading for just 10.6x a 2016 EPS consensus of $0.47.
Nov. 6, 2015, 11:05 AM
- In addition to missing Q3 revenue estimates (while posting in-line EPS), Skullcandy (NASDAQ:SKUL) has guided for Q4 revenue to be up 5%-7% Y/Y (9% exc. forex) and for GAAP EPS of $0.38-$0.40, below a consensus for 14.1% growth and EPS of $0.43.
- On the earnings call (transcript), the headphone maker blamed the outlook on "slower-than-expected growth and distributor transitions in Europe and China," along with forex. It's decreasing its business with certain Chinese distributors in order to better focus on online/digital channels, switching to a direct distribution model in Germany, and changing distributors in the Nordics.
- Q3 details: U.S.sales rose 22% Y/Y in Q3 to $47M; international sales rose 3% (14% exc. forex) to $19.5M. Gross margin fell 430 bps Y/Y to 41% due to forex and a mix shift towards lower-margin gaming headset and wireless products. SG&A spend rose 8% to $24.5M.
- On and over-ear headphones were 50% of Q3 revenue vs. 45% a year ago, in-ear headphones 44% vs. 49%, and speakers/accessories 7% vs. 6%. Skullcandy ended Q3 with $13.9M in cash (cash balances fell due to accelerated payment programs), and no debt.
- SA author Equitable Research recently argued Skullcandy is a value play. Among other things, he cited improved product quality, solid Google Trends data, and the strength of the Astro Gaming headset unit. He's still bullish post-earnings. "Bottom line is the US core brand is on fire right now ... Now the key is back half of next year as the company goes direct in China and Germany and the Nordic region. Sales will rise and so will margins. These are isolated issues causing small weakness and it is temporary."
- Q3 results, PR
Nov. 5, 2015, 4:12 PM
- Skullcandy (NASDAQ:SKUL): Q3 EPS of $0.08 in-line.
- Revenue of $67.17M (+15.7% Y/Y) misses by $1.38M.
Nov. 4, 2015, 5:35 PM
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Oct. 14, 2015, 7:51 AM
- Piper Jaffray is out with its latest survey on the brand preferences of teenagers.
- Steven Madden (NASDAQ:SHOO) grabbed more "mindshare" from upper-income females amid an overall stable performance. Piper reiterates SHOO with an Overweight rating, but slides its price target to $44 from $47.
- Wolverine Worldwide (NYSE:WWW) is given a price target cut to $19 following the read on teenagers.
- Nike (NYSE:NKE) dazzled again in the teen survey, with its brand at the very top in several key categories.
- There's a "cautiously optimistic" view on Skullcandy (NASDAQ:SKUL) from PJ after taking in the results. SKUL is reiterated at Overweight and assigned a PT of $10.
Aug. 7, 2015, 5:53 PM
- In addition to slightly beating Q2 EPS estimates (while slightly missing on revenue), Skullcandy (NASDAQ:SKUL) hiked its 2015 EPS guidance to $0.41-$0.43 (above a $0.39 consensus) from $0.36-$0.40.
- Full-year revenue growth guidance of 13%-15% (in-line with a 13.8% consensus) is reiterated. Q3 guidance is for 17%-19% revenue growth and EPS of $0.07-$0.08 vs. a consensus of 13.9% growth and $0.12.
- Boosting Q2 EPS: Gross margin was 42.8%, down 220 bps Y/Y (forex and a mix shift towards gaming products are blamed) but up 230 bps Q/Q. In addition, SG&A spend rose a moderate 4% Y/Y to $23.8M.
- U.S. sales rose 5% Y/Y to $58M, while international sales rose 16% to $16.7M. Skullcandy's Astro gaming headset line was an area of strength.
- Shares jumped to $7.98 in regular trading. They went into earnings just $0.27 above a 52-week low of $7.03.
- Q2 results, PR
Aug. 6, 2015, 4:06 PM
- Skullcandy (NASDAQ:SKUL): Q2 EPS of $0.04 beats by $0.01.
- Revenue of $57.99M (+7.7% Y/Y) misses by $0.56M.
Jul. 15, 2015, 2:34 PM
- Jeff Hutchings, formerly in charge of product innovation/engineering at audio system maker Harman, has been named Skullcandy's (SKUL -2.8%) VP of engineering and category.
- Tom Bishop, Skullcandy's VP of product and manufacturing for the last 3 years, will now lead the headphone maker's "Sourcing, Quality, Packaging and Manufacturing groups as well as select product development projects."
- Skullcandy is lower today on light volume - 139K shares vs. a 3-month daily average of 353K.
May 12, 2015, 11:40 AM| May 12, 2015, 11:40 AM | 1 Comment
May 6, 2015, 12:45 PM
May 5, 2015, 6:12 PM
- Though Skullcandy (NASDAQ:SKUL) beat Q1 revenue estimates and posted in-line EPS, the company guided on its CC (webcast) for Q2 EPS of $0.01-$0.03 and $0.36-$0.40, almost entirely below consensus estimates of $0.06 and $0.40.
- Sales guidance is healthier: The headphone maker expects 13%-15% 2015 revenue growth, above an 11.6% consensus.
- Gross margin declines are weighing on EPS: GM fell 600 bps Y/Y in Q1 to 40.5%. Skullcandy blames "foreign currency depreciation, increased air-freight and warehousing expense to overcome west-coast port slowdowns, and product mix shift to gaming products." Forex had a 3% impact on revenue growth.
- Cost controls boosted earnings: SG&A spend only rose 1% Y/Y to $22.4M (compares with 18% revenue growth). U.S. sales +19% to $31.1M; international sales +17% to $15.1M (+26% exc. forex).
- Shares have fallen to $9.97 AH.
- Q1 results, PR
May 5, 2015, 5:37 PM
Skullcandy Inc designs, markets and distributes audio and gaming headphones, earbuds, speakers and other accessories under the Skullcandy, Astro Gaming and 2XL brands. The Company operates through its Domestic and International segment.
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