Check out the companies making headlines in after-hours trading. SolarEdge – Shares plunged 20% after the solar company cut its third-quarter revenue forecast to $720 million to $730 million, compared with its previous forecast of $880 million to $920 million. CEO Zvi Lando said the company experienced “significant unexpected” cancellations and postponements of existing backlogs at its European distributors. Enphase Energy and First Solar fell 14% and 4.9%, respectively, on the bad news from SolarEdge. Intuitive Surgical – Shares fell 7% after Intuitive Surgical missed third-quarter revenue expectations, posting $1.74 billion, while analysts had forecast $1.77 billion, according to LSEG, formerly known as Refinitiv. The company reported adjusted earnings per share of $1.46, beating analysts’ expectations of $1.41 per share. Knight-Swift Transportation – Shares rose 14% after the freight transportation company reported a decline in third-quarter revenue and profit. The company reported adjusted earnings of 41 cents per share, while analysts estimated earnings per share of 36 cents, according to LSEG. The company’s revenue of $2.02 billion beat analysts’ expectations of $1.89 billion. Western Alliance – The regional bank rose 3%. Western Alliance reported third-quarter profit of $1.97 per share, while analysts polled by FactSet forecast $1.91 per share. Net interest income was $587 million, while analysts forecast $559.1 million. WD-40 – The lubricants maker fell 5% in after-hours trading. The company reported fourth-quarter revenue of $140.5 million, up 8% from $130.4 million a year ago. Diluted earnings per share were $1.21, compared to $1.08 a year ago. CSX – Shares of the transportation company fell about 1% after the company’s third-quarter earnings fell short of analysts’ estimates. CSX reported profit of 42 cents per share, while analysts polled by LSEG called for 43 cents per share. Revenue came in above expectations at $3.57 billion, while analysts forecast $3.55 billion. — CNBC’s Darla Mercado contributed reporting.
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October 25, 2023