Peet's Coffee, Zynga: After-Hours Trading (Update 1)
By Michael Baron - 02/14/12 - 8:38 PM EST
Updated from 5:14 p.m. ET to include latest share prices, information about Apple's move.
NEW YORK (TheStreet
) -- Shares of Peet's Coffee & Tea
fell in late trades on Tuesday after the company came in a penny short with its fourth-quarter profit and gave a mediocre outlook for fiscal 2012.
The Emeryville, Calif.-based company posted non-GAAP earnings of $5.6 million, or 42 cents a share, in the three months ended Jan. 1 on revenue of $101.6 million. The average estimate of analysts polled by Thomson Reuters
was for earnings of 43 cents a share on revenue of $103 million.
For the full year, Peet's sees non-GAAP earnings of $1.70 to $1.80 a share and revenue growth of 10% off its 2011 total of $371.9 million. That implies a total of $409.1 million. The current consensus view is for earnings of $1.79 a share in 2012 on revenue of $409.9 million.
The stock was last quoted at $65.50, down 4%. Based on Tuesday's regular-session close at $68.28, the shares are up more than 60% in the past year, hitting a 52-week high of $69.97 on Feb. 8. At current levels, the forward price-to-earnings multiple on the stock is at 38.2X vs. 18.5X for Green Mountain Coffee Roasters
and 21.7X for Starbucks
"Despite record high coffee costs since becoming a public company, we finished fiscal 2011 with diluted earnings per share toward the higher end of our stated range, consistent with previous guidance," said Patrick O'Dea, the company's president and CEO, in a statement. "Our sales growth continues to be strong, led by our grocery business, which grew 29% in the quarter and 30% for the year."
Check out TheStreet's quote page for Peet's Coffee & Tea for year-to-date share performance, analyst ratings, earnings estimates and much more.
Shares of Zynga
slumped in Tuesday's extended session despite the online game developer beating Wall Street's earnings expectations in its first ever quarterly report
as a public company.
The stock was last quoted at $13.35, down 7%. The shares had a strong run ahead of the report, rising 7% in the regular session to close at $14.35. Zynga priced its IPO at $10 per share in mid-December, but the stock didn't do much until Facebook
filed for its own IPO earlier this month, disclosing how much of its revenue it derives from Zynga games like FarmVille
For the three months ended Dec. 31, Zynga reported non-GAAP earnings of $37.2 million, or 5 cents a share, on revenue of $311.2 million. The average estimate of analysts polled by Thomson Reuters
was for a profit of 3 cents a share on revenue of $301.1 million.
Zynga said it expects bookings of $1.35 billion to $1.45 billion this year but added this caveat: "We expect that growth will be weighted towards the back-half of the year with slower sequential growth in the first half of the year."
The company sees non-GAAP earnings of 24 to 28 cents a share for fiscal 2012, a view that's above the current consensus view of 22 cents a share.
Also moving in late trades was MetLife
, which advanced 2.1% to $38.10 after the insurance giant reported operating earnings of $1.31 billion, or $1.31 a share, for its fiscal fourth quarter with revenue reaching $16.4 billion.
Based on Tuesday's close at $37.32, MetLife shares were down about 20% in the past year, but Wall Street was bullish ahead of the report with 17 of the 21 analysts covering the stock at strong buy (6) or buy (11), and the median 12-month price target at $45.50.
Check out TheStreet's quote page for MetLife for year-to-date share performance, analyst ratings, earnings estimates and much more.
shares also continued to grind higher in the extended session, rising another 0.4% to $511.50. The stock's momentum was stoked by a rare appearance at an investor conference
CEO Tim Cook, who didn't shy away from the idea that the iPod, iPad and iPhone maker may start paying a dividend.
"We have more cash than we need to run the business on a daily basis," Cook said at the Goldman Sachs Technology and Internet Conference, adding that the company's dividend discussions are proceeding apace. "It is being discussed more now, and in greater detail."
Apple shares have now gained ground in eight straight sessions since closing at $455.12 on Feb. 12. The stock is up 24% so far in 2012, and more than 40% in the past year. The regular-session peak of $509.56 on Tuesday represents a new all-time high, and Apple's market cap now sits at $475 billion, far ahead of Exxon Mobil's
at $400.8 billion, making the previous competition between the pair for world's largest company a moot point.
--Written by Michael Baron in New York.
>To contact the writer of this article, click here: Michael Baron
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