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Late-Session Earnings Bonanza: Ford, Chipotle, Snap & More

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Markets bounced back this Tuesday from a Monday sell-off, though not all the way back to Friday highs (on the Dow, S&P 500 and Nasdaq; the Russell 2000 saw its near-term high in late January). The Dow gained +141 points, +0.37%, while the S&P gained +0.23%. The Nasdaq, while positive, was essentially flat at +0.07%, while the small-cap Russell won the day, +0.85%, and continues inching its way back toward breakeven.

Ford (F - Free Report) is enjoying one of its best trading days in recent memory, shooting up +4% ahead of its Q4 earnings announcement, then an additional +6% on the release: earnings of 29 cents per share outperformed the 12 cents in the Zacks consensus (though still well off the 51 cents per share reported in the year-ago quarter) on better-than-expected revenues of $43.2 billion — nicely ahead of the $38 billion analysts had been expecting. This is Ford’s second-straight earnings beat.

Across individual units, EVs lost -$1.5 billion, roughly in-line with estimates, whereas the combination internal combustion engine (ICE) and hybrid unit gained $813 million in the quarter. Commercial vehicles performed even better: $1.81 billion over the past three months. The company also announced a special dividend of 18 cents per share, in addition to its normal quarterly dividend of 15 cents. Ford stock is now less than -1% year to date.

Chipotle (CMG - Free Report) is also performing well in today’s after-market, following it Q4 results after the closing bell today: earnings of $10.36 per share is a strong improvement from the projected $9.73 (and ahead of the $8.29 per share in the year-ago quarter), on quarterly sales of $2.52 billion, beating the $2.49 billion in the Zacks consensus. Same-store sales outperformed, +8.4% versus the +7.1% anticipated, as the company cited increased traffic and some price hikes for the outperformance. Chipotle also plans to open between 285-315 new stores in 2024. Shares are up +2.5% in late trading.

Snap (SNAP - Free Report) shares, however, sold off heavily immediately following its mixed Q4 report after today’s close, with earnings of 8 cents per share beating consensus by a penny, while revenues of $1.36 billion was light the $1.39 billion expected. Daily active users (DAU), at 414 million, were slightly better than expected, though guidance looks weak. As a result, shares are getting pummeled -31% after hours, giving up most of the +43% gains the stock had made over the past year.

North Face and Vans parent VFC (VFC - Free Report) also came up light in its fiscal Q3 this afternoon, with earnings of 57 cents per share on quarterly sales of $2.96 billion missing estimates of 79 cents and $3.26 billion, respectively. Vans fell -28% in the quarter, while North Face was -10%. Wholesale came in -26% and direct-to-consumer was -8%. However, the company also announced a strategic review, which will hopefully right the ship. Even still, shares are -8.5% in the late session.

Gilead (GILD - Free Report) , a drug company specializing in HIV treatment and Hep-C drugs, missed earnings estimates by 4 cents per share to $1.72 (above the $1.67 per share a year ago) while reporting sales of $7.12 billion in Q4, higher than the $7.08 billion in the Zacks consensus. Lower revenues of Covid treatment drugs were cited. That said, guidance for next quarter earnings are up, but still not enough to keep shares from sliding an additional -3% in after-hours trading.

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