PPG Industries Inc, Tilray, Inc., Constellation Brands Inc and other stocks published their quarterly earnings, check out this rundown of reports and how they turned out.
Markets completed a mixed session yesterday while Nasdaq closed at 10,426, a 1.1% change. S&P 500 lost 0.65% and ended the session at 3,589.
What is an earnings report?
An earnings report is an official statement of a company's profitability over a certain period of time. Usually, these reports are released four times a year (quarterly reports) and have a significant impact on the market. These announcements are typically taken into consideration when making predictions.
Markets are flat and stocks have released their quarterly earnings reports. Here is an update on what to look out for.
PPG Industries Inc: exceeds expectations
The company released its quarterly earnings Monday, beating analysts estimates. The company reported earnings of 1.86 per share on revenue of $4.58 billion, topping estimates of 1.83 per share on revenue of $4.57 billion. Since the release of its earnings report, PPG Industries Inc lost 3.16%.
After ending Monday at $110.75, PPG Industries Inc went up to $112.68 only to drop back to its starting point and close at $110.76. Daily trading volume (1.96 million shares) was higher than the current multiday average of 1.41 million.
Tilray: fails to meet forecast
The company reported earnings of -0.13 per share Friday, falling short of expectations of -0.07. Revenue was also lower than expected at $153.21 million versus $157 million. Since the release of its earnings report, Tilray lost 25.64%
Pronounced bearish sentiment in the market pushed Tilray into a notable 5.54% slide yesterday, falling 17 cents and ultimately closing at $2.9.
Tilray is now trading 76.44% below the significant high of $13.03 it set around 10 months ago. The company's market cap is $1.77 billion with an average daily volume of 24.27 million shares.
Constellation Brands: rises above expectations
Constellation Brands released its quarterly earnings Thursday, beating analysts estimates. The company reported earnings of 3.17 per share on revenue of $2.66 billion, topping estimates of 2.78 per share on revenue of $2.5 billion. Since the release of its earnings report, Constellation Brands lost 6.17%.
After closing yesterday at $221.39, Constellation Brands peaked at $225.64 before giving up early gains and closing at $221.39. The day's trading volume totalled 1 million shares — slightly below the 21-day average of 1.14 million.