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Omar Venerio
Omar Venerio
Articles (1456) 

3 Stocks Move Friday

Financial results impact shares of Dropbox, Universal Display and Fluor

February 22, 2019 | About:

Shares of Dropbox Inc. (NASDAQ:DBX) fell more than 8% on Thursday after the company posted fourth-quarter earnings of 10 cents per share on revenue of $375.9 million, reflecting 23% year-over-year growth. The company beat earnings estimates by 2 cents and revenue expectations by $5.93 million.

The number of paying users reached 12.7 million, up from 11 million in the year-ago quarter. Average revenue per paying user was $119.61, up from$113.39.

The GAAP gross margin was 74.9%, an increase of 490 basis points from the prior-year quarter. The non-GAAP gross margin was 75.7%, up 480 basis points.

For full fiscal 2018, the GAAP gross margin was 71.6%, up from 66.7% in the previous year. The non-GAAP gross margin was 75.1%, up from 67.8%.

During the final quarter of 2018, Wilbur Ross (Trades, Portfolio) initiated a new position, buying 15,803 shares. Joel Greenblatt (Trades, Portfolio) also established a 16,410-share holding. Pioneer Investments (Trades, Portfolio) boosted its position 138.91% to 57,100 shares.

Shares Universal Display Corp. (NASDAQ:OLEDgained more than 22% on Friday after announcing fourth-quarter results. The company posted earnings of 40 cents per share on $70.14 million in revenue, a 39.5% year-over-year decline. The company beat earnings estimates by  9 cents, but revenue was in line with expectations.

Revenue from material sales was $39.9 million and revenue from royalty and license fees was $25.9 million.

“For 2019, we forecast meaningful growth to resume for us as new OLED capacity comes online, new OLED products are launched, and progress continues with our customers’ OLED commercialization plans," Executive Vice President and Chief Financial Officer Sidney D. Rosenblatt said. "With the ongoing proliferation of OLED applications, we believe that the market is excited for stunningly colorful, thin, and cutting-edge products, including groundbreaking plastic-based form factors that are expected to forge new and extraordinary commercial product roadmaps in the display and lighting industries.”

Looking ahead to2019, the company expects revenue between $325 million and $350 million.

During the fourth quarter, Steven Cohen (Trades, Portfolio) boosted his stake 7,740.92% to 501,819 shares.

Shares of Fluor Corp. (NYSE:FLR) jumped 1.51% on Friday after announcing earnings of 77 cents per share for the fourth quarter of 2018, beating estimates by 16 cents. Revenue declined 4.6% to $4.8 billion, missing expectations by $50 million.

By segment, energy and chemicals sales were $7.7 billion, down from $8.6 billion in the prior-year quarter. The profit was $337 million.

The mining, industrial, infrastructure and power division reported a loss of $14 million, an improvement from a loss of $141 million in the prior year. Revenue was flat at $5.2 billion. Sales in the diversified services business were also flat at $2.5 billion. It reported a profit of $100 million, compared to $134 million a year ago.

For 2019, the company expects earnings per share between $2.50 and $3.

John Hussman (Trades, Portfolio), John Rogers (Trades, Portfolio) and Greenblatt added to their holdings during the quarter.

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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