U.S. stocks were lower on Tuesday as the GOP’s plan to cut taxes cleared a hurdle as the House voted in favor of it by a 227-203 margin, moving to Senate. The S&P 500 Index fell 0.3%, the Dow Jones Industrial Average lost 0.2% and the Nasdaq Composite declined 0.4%.
U.S. equities moved lower on Tuesday as investors grew tired of the constant headlines concerning the GOP’s tax cut plans. And besides, much of the speculative excitement has shifted over to cryptocurrencies, with bitcoin sliding hard after the close in what looks like the start of a prolonged pullback.
Several companies unveiled their quarterly earnings results after the bell, including Bridgeline Digital Inc (NASDAQ:BLIN), Rev Group Inc (NASDAQ:REVG) and Steelcase Inc. (NYSE:SCS).
Here’s how they did:
Bridgeline Digital Inc (BLIN)
Bridgeline Digital shares were skyrocketing after the bell as the company reported for its latest quarter.
For its fourth quarter of fiscal 2017, the company posted a net loss of $3.1 million, an improvement over the $3.4 million the company lost in the year-ago quarter. Adjusted EBITDA gained $300 million year-over-year, surging from a loss of $41 million to $341 million.
Quarterly revenue came in at $4.2 million for Bridgeline Digital’s period, a 13.7% increase compared to the $3.7 million from the year-ago period. The company’s subscription and perpetual license revenue gained 17.3% to $1.8 million from the $1.5 million a year ago.
Operating expenses were more than $400,000 lower than in the year-ago period, falling 13.6% from $3 million to $2.6 million. The cost-cutting initiative was designed to help the company’s management control its expenses in order to streamline its cash to Bridgeline Digital’s core assts.
For its fiscal year 2018, the company’s guidance is for revenue that will be higher than $16.3 million raked in during its fiscal 2017, while management expects to generate a positive adjusted EBITDA for the year.
BLIN stock skyrocketed 23.1% after the bell Tuesday.
Rev Group Inc (REVG)
Rev Group reported on its latest quarter after hours.
For its fourth quarter of fiscal 2017, the company unveiled earnings of $22.7 million, or 35 cents per diluted share. On an adjusted basis, earnings were 44 cents per share, topping the year-ago mark of 37 cents per share.
Revenue came in at $683.9 million, marking a 25.5% growth compared to the year-ago mark for the quarter. For its fiscal year 2017, revenue amounted to $2.27 billion, a 17.7% increase year-over-year.
For the full year, Rev Group reported net income of $31.4 million, or adjusted earnings of $162.5 million, a 32.3% surge compared to the year-ago mark. “We are pleased to report another quarter of strong earnings and year-over-year growth,” said Rev Group President and CEO Tim Sullivan.
“The combination of successful commercial and product strategies, higher sales volumes and our team’s focus on operational improvement initiatives drove improved profit margins across all our businesses on a year over year basis,” Sullivan added.
REVG stock fell 4.5% after the market closed yesterday.
Steelcase Inc. (SCS)
Steelcase reported on its latest quarter Tuesday, which saw the company’s sales and profit decline year-over-year.
The company unveiled third-quarter adjusted earnings of 22 cents per share on an adjusted basis, which was in line with Wall Street’s consensus estimate of 22 cents per share. In the year-ago period, the company earned 34 cents per share on an adjusted basis.
Revenue tallied up to $772.1 million for Steelcase’s period, which was below the $786.5 million posted by the company during the year-ago period. Analysts were calling for revenue of $780.73 million.
Orders in the Americas were down roughly 6% year-over-year, while the backlog at the end of the quarter in the Americas came in approximately 7% lower than in the year-ago period.
“Orders for day-to-day business in the Americas were flat in November following significant declines earlier in the quarter,” said Jim Keane, president and CEO of Steelcase.
“We’re feeling increasingly confident about next year because of recent improvements in our project win rates, as well as a growing list of large project opportunities with decision dates in the coming quarters,” he added.
Steelcase sees revenue for its fourth quarter to be in the range of $740 million to $765 million, while earnings are expected to be between 14 and 18 cents per share on an adjusted basis. Both of these figures were higher in the year-ago period.
SCS stock plummeted 7.67% after hours Tuesday.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
