“After-Hours Stock Surge: Chipotle, VF Corp, Fortinet, Enphase Energy Lead the Charge”
chipotle (cmg)
The fast-food restaurant chain posted comparable sales for its most recent quarter that grew 5.6% year over year, but missed analysts’ expectations of a 7.04% increase. Chipotle reported fourth-quarter adjusted earnings per share of $8.29 versus estimates of $8.91. Revenue of $2.18 billion slightly missed expectations of $2.23 billion.
“We delivered strong growth in 2022, increasing average unit count and restaurant-level margin while opening the highest number of new restaurants in six years, despite facing a challenging and fluid macro environment,” said Brian Niccol, Chairman and CEO from Chipotle the company’s earnings release.
Chipotle’s Board of Directors has approved a stock repurchase program of up to $200 million.
Enphase Energy (ENPH)
The energy company posted adjusted earnings per share of $1.51 in the fourth quarter, beating analysts’ expectations of $1.24. Revenue of $724.65 million also beat Wall Street’s estimate of $706.51 million. Shares were up 7% after the close.
VF Corp (VFC)
The owner of NorthFace and Vans beat Wall Street expectations for revenue and earnings. Earnings per share for VF Corp’s most recent quarter came in at $1.12, beating expectations of 99 cents. The company posted revenue of $3.53 billion in the third quarter versus an estimated $3.48 billion.
Benno Dorer, interim president and CEO, said in the company’s earnings release, “We are shifting resource priorities across the company, including by reducing the dividend, considering the sale of non-core assets, reducing costs and eliminating non-core assets strategic spending as we improve consumer focus through targeted investments.”
Fortinet (FTNT)
The cybersecurity company is up 13% after its latest quarterly results after the close of business. Fortinet’s 2023 revenue guidance of $5.37 billion to $5.43 billion beat analyst estimates of $5.36 billion.
Ines is Senior Business Reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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