Sector Update: Late Uptick Lifts Consumer Stocks Higher

Friday, October 23, 2020 3:48 PM | MT Newswires

Consumer stocks were moderately higher in late Friday trading, with the SPDR Consumer Staples Select Sector ETF climbing 0.2% while the SPDR Consumer Discretionary Select Sector ETF also was posting a 0.5% gain.

In company news, Tri Pointe Group (TPH) was 6.5% higher after the homebuilder reported non-GAAP net income of $0.63 per share for its Q3 ended Sept. 30, improving on a $0.45 per share adjusted profit during the year-ago period and beating the Capital IQ consensus by $0.19 per share. Total revenue rose 12.6% year-over-year to $829.9 million, also topping the $735.4 million Street view.

Mattel (MAT) rose nearly 10% after the toymaker late Thursday reported non-GAAP Q3 net income $0.95, up from $0.26 per share during the year-ago period and beating the Capital IQ consensus expecting $0.38 per share. Net sales increased to $1.63 billion from $1.48 billion last year, also exceeding the $1.46 billion analyst mean.

Boston Beer (SAM) raced to a new record high on Friday, climbing almost 19% to $1,087.25 a share, after the brewer reported Q3 net income of $6.51 per diluted share, up from $3.65 per share during the same quarter last year and easily beating the Capital IQ consensus expecting $4.77 per share. Revenue rose 30.4% year-over-year to $525.2 million, also exceeding the $520.9 million Street view.

Bloomin' Brands (BLMN) dropped 7% after the restaurant company reported a 20% decline in Q3 revenue compared with year-ago levels, falling to $771.3 million although that exceeded the Capital IQ consensus expecting $752.9 million. It also swung to an adjusted Q3 net loss of $0.12 per share, reversing a $0.10 per share profit during the same quarter last year. Analysts, on average, had been looking for a $0.32 a share non-GAAP net loss.

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