Highlighting post-earnings moves from KR, CTAS, SSP, and MEDP
The latest earnings season has come and gone. Given our headquarters is based in Cincinnati, Ohio we figured it would be fun to honor the local flavor and shed some light on how some of our very own Queen City-based companies that recently stepped into the earnings confessional.
Starting off with the heaviest hitter, Kroger Co (NYSE:KR) announced its first-quarter results ahead of the open on June 15. The grocer reaffirmed its full-year forecast and reported better-than-expected profits of $1.51 per share, but revenue missed estimates.
Kroger stock dropped to its lowest level since March after the event, but pared most of those losses to close 2.7% lower. The following day, no fewer than six analysts slashed their price targets. Still trading around the same price -- $45.97 at last glance -- KR is up 3% in 2023.
Cintas Corp (NASDAQ:CTAS) has continued to chop higher since its post-earnings bull gap on March 29, following upbeat fiscal third-quarter results and a raised 2023 revenue forecast. Recently hitting a June 16 record high of $497.70, the equity is up 7.7% year-to-date.
E W Scripps Co (NASDAQ:SSP) announced slightly narrower-than-expected first-quarter losses per share and a revenue miss before the open on May 5. In response, SSP closed 8% higher for its best day since November. Year-to-date, the security is down 40.7%.
The shares of Medpace Holdings Inc (NASDAQ:MEDP) soared after the biotech concern's better-than-expected first-quarter results, released after the close on April 24, adding 11.2% the following day. MEDP has been climbing since its mid-March lows, and is up 23.8% in the past three months.