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Omar Venerio
Articles (1437) 

2 Stocks Fall Thursday

Sonoma Pharmaceuticals, Michaels impacted by earnings

June 14, 2018 | About:

Shares of Sonoma Pharmaceuticals Inc. (NASDAQ:SNOA) fell on Thursday after reporting a fourth-quarter loss of 93 cents per share on revenue of $3.65 million Wednesday afternoon. The company fell short of earnings estimates by 34 cents and revenue expectations by $840,000.

Product revenues in the U.S. were $1.4 million for the quarter, down 26% from the same period last year due to lower sales of dermatology and animal health care products. Product revenue in Latin America was $912,000, up 9% from the same period last year. Product revenue in Europe and the rest of the world was $995,000, a 12% decrease from the prior-year quarter. This decrease was the result of lower sales in China and the Middle East.

Further, the company´s gross profit was $1.3 million, or 36% of total revenue, compared to a gross profit of $1.9 million, or 48% of total revenue, in the year-ago quarter.

Shares of The Michaels Companies Inc. (NASDAQ:MIK) fell almost 18% after reporting first-quarter earnings of 39 cents per share on revenue of $1.16 billion. The company beat earnings estimates by one cent and revenue expectations by $10 million.

“Our first quarter results were in-line with our expectations, and our team is executing well against our plans to make it easier for customers to bring their creativity to life,” Chairman and CEO Chuck Rubin said.

Looking ahead to the second quarter of 2018, the company expects comparable store sales to be flat, adjusted operating income between $65 million and $70 million and adjusted diluted earnings per share to be between 12 cents and 14 cents.

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

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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