Stocks continued to slide Friday as investors absorbed a growing torrent of earnings news, with major benchmarks waffling between positive and negative territory throughout the session.
Still, several individual companies rode their respective quarterly reports higher, including VF Corporation (NYSE: VFC) , Limelight Networks (NASDAQ: LLNW) , and Stanley Black & Decker (NYSE: SWK) . Here's why they did so well.
Image source: Getty Images.
VF Corporation's fashionable performance
Shares of VF climbed 4.2% after stronger-than-expected fiscal first-quarter 2019 results from the parent company of brands including The North Face, Smartwool, Vans, Wrangler, and Timberland. VF's quarterly revenue from continuing operations grew 23% year over year to $2.766 billion, which translated to 62% increase in adjusted (non- GAAP ) earnings per share to $0.43. Analysts, on average, were only looking for earnings of $0.33 per share on revenue of $2.68 billion.
"VF's first quarter results were strong, driven by continued broad based acceleration across our core brands and platforms," stated Chairman and CEO Steve Rendle. "We are executing well against our 2021 growth plan and continuing on our journey to reshape the portfolio and transform VF into a purpose-led, performance driven, consumer-centric organization focused on and committed to delivering superior returns to shareholders."
In addition, VF increased its full-year guidance to call for revenue ranging from $13.6 billion to $13.7 billion (up from $13.45 billion to $13.55 billion previously), and for earnings per share of $3.52 to $3.57 (up from $3.48 to $3.53 before).
Limelight Networks shines
Limelight Networks stock soared 9.6% after the digital content delivery leader announced its second-quarter earnings results. Revenue climbed 11% to $50.2 million, with adjusted net income arriving at $4.0 million, or $0.04 per share, up $0.01 per share from the same year-ago period. Most investors would have settled for earnings of $0.03 per share on revenue of $49.6 million.
CEO Bob Lento credited their strength to growth in the company's video-delivery services.
Limelight also increased its full-year revenue outlook for the second time in as many quarters, this time to a range of $200 million to $203 million (up from $198 to $202 million before). If that wasn't enough, Limelight anticipates capital expenditures to be below $20 million for the year, compared to its previous expected range of between $20 million and $22 million.
Stanley Black & Decker builds a solid quarter
Finally, robust second-quarter results sent shares of Stanley Black & Decker up 3.3%. The tools and household hardware company saw revenue increase 11% year over year to $3.64 billion, which led to 28% growth in adjusted earnings per share to $2.57. By comparison, consensus estimates predicted lower earnings of $2.02 per share on revenue of just $3.49 billion.
CEO James Loree called it a "strong" performance, noting that the company overcame roughly $70 million of commodity and currency pressure.
"The underlying markets remain healthy and provide a favorable backdrop as we execute our robust pipeline of organic growth initiatives: the Lenox and Irwin revenue synergies, FlexVolt, emerging markets, e-commerce and the rollout of the Craftsman brand," Loree added.
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