Delta Q1 Loss Narrows; Sees Q2 Earnings Above Market, Backs FY23 View

Delta Air Lines, Inc. reported Thursday narrower net loss in its first quarter with strong growth in revenues. Adjusted earnings missed market estimates. Further, the company issued second-quarter outlook, expecting earnings above market with strong revenues, and also reiterated fiscal 2023 view. In pre-market activity on Nasdaq, the shares were gaining around 4 percent.

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Tesco PLC FY Adjusted Operating Profit Declines; Sales Up 5.3% At Constant Rates

Tesco PLC (TSCO.L, TSCDY.PK) reported that its fiscal year Group adjusted operating profit decreased by 7.1% at constant rates, primarily reflecting the impact of lower year-on-year volumes, the ongoing investment in customer offer and significant operating cost inflation, partially offset by a very strong Booker catering recovery and the acceleration of Save to Invest programme. Total retail adjusted operating profit was down 6.3% at constant rates. Group sales increased by 5.3% at constant rates, driven by strong sales performance in all segments as volumes held up relatively well despite cost-of-living pressures and some further post-pandemic normalisation. Statutory revenue rose 7.2% including fuel sales up 23.3%.

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Lamb Weston Raises FY23 Financial Targets

Lamb Weston Holdings, Inc. (LW) updated its financial targets for fiscal 2023, which now include the consolidation of LW EMEA. Net sales is projected in a range of $5.25 billion to $5.35 billion, including $300 million to $325 million of sales attributable to the consolidation of LW EMEA's results in the fourth quarter. The company previously expected to deliver net sales of $4.8 billion to $4.9 billion, which did not include the expected contribution from LW EMEA. Net income is projected in a range of $639 million to $664 million and EPS of $4.42 to $4.57. The company previously expected to deliver net income of $580 million to $620 million and EPS range of $4.03 to $4.28.

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Schnitzer Steel Industries Q2 Profit Meets Estimates

Schnitzer Steel Industries, Inc. (SCHN) reported Wednesday that net income attributable to shareholders for the second quarter plunged to $4.35 million or $0.15 per share from $37.62 million or $1.27 per share in the prior-year quarter.

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Conagra Brands Boosts FY23 Adj. EPS Outlook - Update

While reporting financial results for the third quarter on Wednesday, branded food company Conagra Brands, Inc. (CAG) raised its adjusted earnings guidance for the full-year 2023, while trimming annual organic net sales growth outlook.

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Acuity Brands Q2 Profit Tops Estimates; Net Sales Up 4%

Acuity Brands, Inc. (AYI) reported that its second quarter adjusted EPS increased 19 percent year-over-year. The company grew sales in both its lighting and spaces businesses, for the quarter.

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AMC Theatres Settles Shareholder Lawsuit Over Reverse Stock Split

AMC Entertainment Holdings Inc. has reached a settlement in a shareholder lawsuit to proceed with converting its preferred stock into common shares. Following the settlement, which will provide investors additional shares as part of recapitalization, the movie theater chain's shares fell 22 percent in the extended trade on Monday, while its preferred shares grew 22 percent.

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