Tesla earnings in focus; Etsy raises full-year guidance; Kate Spade shares plunge
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Tesla (TSLA) – The electric automaker is set to report second-quarter results after the bell Wednesday. Analysts are expecting an adjusted net loss of 52 cents on revenue of $1.62 billion. Wall Street will be looking for an update on the number of reservations for Tesla’s Model 3 and any comments on the potential financial impact of its deal to acquire SolarCity (SCTY).
Etsy (ETSY) – The online retail marketplace reported mixed quarterly results, posting a loss per share of 6 cents on revenue of $85.35 million. Etsy reported that it had approximately 1.7 million active sellers and 26.1 million active buyers during the quarter. Etsy also raised its full-year revenue outlook.
Kate Spade (KATE) – Weak tourism weighed on Kate Spade’s quarterly results as the company lowered its yearly forecast and quarterly earnings fell short. Kate Spade now expects sales between $1.37 billion and $1.4 billion, down from its previous range of between $1.39 billion and $1.41 billion.
3D Systems (DDD) – The company beat Wall Street earnings estimates by 6 cents but missed on revenue, reporting earnings per share of 12 cents on revenue of $158.1 million. 3D Systems CEO Vyomesh Joshi noted, “We see clear opportunities for improvements in 3D printers and on-demand manufacturing services as we drive operational excellence and focus on providing reliable end-to-end solutions.”
Ryanair Holdings (RYAAY) – It was a record month for Ryanair Holdings as its traffic rose 12% to 11.3 million customers in July. The carrier’s load factor rose one percentage point to 96%.
Office Depot (ODP) – The company reported same-store sales fell 1% during the second quarter while sales in its North American Retail Division dropped 7%. Office Depot also said a strategic review led to a three-year plan with goals of accelerating opportunities in its contract channel, reinventing the North American retail model and implementing multi-year cost reductions.
Toyota (TM) – The automaker is delaying the launch of its plug-in Prius model by about three months instead of its original plan to roll out the vehicle this fall. Toyota did not give a reason for the delay.
