Ferrari, Crocs and energy drink maker Celsius all cleared earnings forecasts early Tuesday. CROX stock reversed higher and spiked on Tuesday. Celsius stock and RACE shares retreated after results. All three stocks posted double-digit rallies this year.
Celsius Stock
Celsius reported a 108% jump in earnings to 27 cents per share, clearing estimates of 20 cents per share. Revenue for the energy drink maker leapt 37% to a first quarter record $355.7 million, but fell short of expectations of $390.4 million.
The Boca Raton, Fla.-based company saw its gross margin increase to 51.2% from 43.8%.
Celsius noted that retailers are resetting shelves for spring, which is about one-third complete as of March 31. Once the reset concludes, Celsius expects its "best shelf space gains in company history," making its products more visible and accessible to customers. Celsius expects the shelf gains to begin appearing in scanner data starting in July.
The company warned "ongoing inventory fluctuations may be expected in subsequent quarters," due to its largest distributor comprising 62% of total North American sales in the first quarter.
Celsius stock pared its decline to 1.8% Tuesday, marking its first drop after four consecutive daily gains. Shares fell 4.7% in early trade.
CELH shares are eight weeks into a cup-base chart pattern. Celsius stock has rallied 41% so far this year.
Crocs
Crocs reported a 16% increase in adjusted earnings to $3.02 per share while revenue rose 6% to a first quarter record $939 million.
The results cleared FactSet predictions of $2.25 per share on $884.3 million in sales.
The company's gross margin rose to 55.6% from 53.9%.
Direct-to-consumer revenues jumped 11.8% while wholesale revenues grew 3.2%.
Crocs brand revenues increased by 14.6% to $744 million. But HeyDude brand sales fell 17.2% to $195 million.
Crocs guided Q2 adjusted earnings between $3.40 and $3.55 per share on 1% to 3% revenue growth. The company expects Crocs brand sales to grow 7% to 9% while HeyDude sales drop 17% to 19%.
FactSet forecasts Q2 earnings slide 3% to $3.48 per share on a 3.3% revenue increase to $1.1 billion.
Crocs expects 2024 earnings range from $12.25 to $12.73 per share adjusted on 3% to 5% revenue growth. Analysts predict 2024 earnings increase 3.7% to $12.47 per share on 4.6% sales growth to $4.14 billion.
CROX stock leapt 7.8% early Tuesday after shares initially fell 2.5% premarket on results.
Similar to Celsius stock, Crox shares are five weeks into a possible cup base pattern. Crocs rallied more than 46% so far this year.
Ferrari Stock
Luxury sports car manufacturer Ferrari reported a 20% earnings increase to 1.95 euros per share. In dollars, earnings rose 18% to $2.10 per share, clearing FactSet expectations of $2 per share.
Net revenue increased 11% to $1.585 billion euros ($1.709 billion). Analysts predicted $1.677 billion in sales.
Total shipments fell by seven units year-over-year to 3,560 units for the quarter.
Cars and spare parts revenue rose 9.2% to $1.49 billion, beating views of $1.44 billion. Sponsorships, commercial and brand revenue increased 9% to $156 million. Ferrari noted new sponsorships drove higher revenue, but were partially offset by its lower Formula 1 ranking in 2023 compared to last year.
Ferrari expects 2024 adjusted earnings of 7.50 euros ($8.09) per share or more, up from 6.9 euros ($7.47) last year. The Italian racing company sees 2024 revenues greater than 6.4 billion euros ($6.899 billion), increasing from 6 billion ($6.47 billion) in 2023.
The guidance was below FactSet forecasts of $8.29 per share on $6.997 billion in revenue.
RACE stock skidded 6.1% Tuesday after results, dropping below its 50-day moving average on the move.
Ferrari has had a shallower pullback than Celsius stock, leaving it in a six-week flat base with a 442.80 buy point.
Ferrari raced 18.6% higher in 2024.
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