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Wall Street Ends the Week Higher

GuruFocus.com

- By Omar Venerio

U.S. stocks were in positive territory on Friday on the back of positive labor market data. Nonfarm payrolls rose by 196,000 in March, the Bureau of Labor Statistics reported. The Dow Jones Industrial Average gained 0.09% to 26,407, the S&P 500 index rose 0.39% to 2,890 and the Nasdaq Composite Index advanced 0.53% to 7,933.

Shares of Franklin Covey Co. (FC) gained more than 8% on Friday after the company announced second-quarter results. Revenue grew 8.2% from the prior-year quarter to $50.36 million, beating expectations by $1.64 million. The company reported a loss of 25 cents per share, beating estimates by 1 cent.


"We are very pleased with the trajectory of our results for the second quarter and first half of fiscal 2019, which exceeded our expectations, and produced increased sales, increased gross profit, improved operating results, and a significant increase in Adjusted EBITDA in the quarter, fiscal year, and for the latest 12 months," Chairman and CEO Bob Whitman said. "These financial results reflect the growth and impact of our high recurring revenue, high-margin, high flow-through, low capital intensity subscription business model."

The gross profit grew 8% to $35.4 million, up from $32.7 million in the prior-year quarter. The gross margin was 70.2% of sales, down slightly from 70.3%.

Further, the adjusted earnings before interest, taxes, depreciation and amortization of $1 million improved from a loss of $0.7 million in the year-ago quarter.

Looking ahead to fiscal 2019, the company reaffirmed is adjusted EBITDA guidance of $18 million to $22 million.

Gainers

  • Apache Corp. (APA)

  • EOG Resources Inc. (EOG)

  • Centene Corp. (CNC)

  • Anadarko Petroleum Corp. (APC)

  • Hess Corp. (HES)

  • Cigna Corp. (CI)



Losers

  • Dow Inc. (DOW)

  • Kohl's Corp. (KSS)

  • Macy's Inc. (NYSE:M)

  • Gap Inc. (GPS)

  • Boeing Co. (BA)



Global markets

The main European stock markets traded mostly higher. The U.K.'s FTSE 100 gained 0.61%, France's CAC 40 rose 0.23%, Germany's Dax swelled 0.18% and Spain's IBEX 35 slid 0.25%.

In Asia, Japan's Nikkei 225 gained 0.38%, India's BSE Sensex advanced 0.46%, Hong Kong's Hang Seng retreated 0.17% and China's Shanghai Composite rose 0.94%.

Disclosure: The author holds no positions in any stocks mentioned.

This article first appeared on GuruFocus.