Beyond Meat plant-based burger patties.
Source: Beyond Meat
Check out the companies making headlines after the bell:
Shares of Beyond Meat tanked as much as 15% after the bell despite the company’s raised revenue guidance and third-quarter earnings that topped expectations. The alternative plant-based meat company raised its revenue guidance from at least $240 million to between $265 million and $275 million. Wall Street, meanwhile, estimated fourth-quarter revenue of $265 million.
For its third quarter, Beyond Meat posted earnings of 6 cents per share on revenue of $92 million, exceeding the earnings of 3 cents per share and revenue of $82.2 million analysts expected, according to Refnitiv consensus estimates.
GrubHub shares plummeted nearly 22% after the company reported weaker-than-expected revenue for its third quarter and a lower-than-expected revenue outlook for its fourth quarter. The food delivery company projects fourth-quarter revenue between $315 million and $335 million, falling short of the $388 million Wall Street expected.
GrubHub’s third-quarter revenue came in at $322 million, falling short of the $330.5 million analysts had forecast. Though its third-quarter revenue increased by 30%, the company’s daily average grubs, or orders placed by customers, only increased by 10%. Active diners, meanwhile, increased by 29%.
The company matched earning estimates of 27 cents per share excluding certain items.
Alphabet shares dropped nearly 4% after the Google parent company reported mixed third-quarter earnings. The company beat revenue estimates at $40.50 billion, though fell short on earnings, reporting an EPS of $10.12. Wall Street expected earnings of $12.42 per share on revenue of $40.32 billion.
Shares of T-Mobile US slipped nearly 2% before settling just under its closing price after the company also posted mixed third-quarter earnings. The wireless carrier reported earnings of $1.01 per share, exceeding the EPS of 96 cents analysts forecast. Revenue came in at $11.06 billion, falling short of the $11.33 billion expected, according to Refinitiv consensus estimates.
Mirati Therapeutics shares soared as much as 30% after the company announced that its experimental cancer drug significantly reduced tumor size in 40% of patients with advanced lung and colorectal cancer in a small, early-stage trial. The maximum tolerated dose of its MRTX849 drug has not yet been established, the San Diego-based biotechnology company said in a press release.
Shares of Sanmina plunged as much as 13% following the company’s mixed earnings for its fourth quarter and weak first-quarter guidance. The electronics manufacturer reported earnings of 84 cents per share excluding certain items, exceeding the earnings per share of 77 cents Wall Street expected. Revenue fell short at $1.89 billion, compared to the $1.93 billion analysts expected, according to Refinitiv.
The company plans to “right size the organization” as a result of soft demand for the first half of the fiscal year for 2020, CEO Hartmut Liebel said in a press release. Sanmina’s board also authorized the repurchase of up to an additional $200 million in common stock.
Shares of Texas Roadhouse spiked more than 8% during extended trading after the company topped third-quarter earnings estimates on the top and bottom line. The steakhouse restaurant chain posted earnings of 52 cents per share on revenue of $650 million, exceeding the EPS of 46 cents and revenue of $649 million analysts expected, according to Refinitiv consensus estimates.
The company’s same store sales increased by 4.4%, while domestic franchise same store sales increased by 3.2%. Investors expected increases of 4.3% and 3.6%, respectively, according to Refinitiv.
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