VMware Revenue Jumps 12%, Beats Estimates

Virtualization and cloud computing provider VMware reported revenue and profit that beat estimates as it continues its transition from primarily a software license vendor to a services-based model.The company said it earned non-GAAP net income of $489 million, or $1.19 a share, in the second quar...

By Matthew Heller • Aug. 25, 2017

Tiffany Comp Sales Drop for 7th Straight Quarter

An increase in wholesale sales of diamonds helped Tiffany beat earnings estimates but same-store sales declined for the seventh straight quarter.For the second quarter, the luxuty goods company on Thursday reported net income of $115 million, or 92 cents per share, on net sales of $959.7 million....

By Matthew Heller • Aug. 24, 2017

Explore the Trendline➔

Tax policy shifts: What CFOs need to know to stay ahead

Discover how evolving tax policies are creating new opportunities and challenges for CFOs.

By CFO.com staff

Toll Brothers Hit by Drop in Average Sale Price

U.S. luxury homebuilder Toll Brothers reported mixed quarterly results on Tuesday as profits beat analysts’ estimates but revenue disappointed amid a dip in average selling price per home.For its third quarter, the company had net income of $148.6 million, or 87 cents a share, up from $105.5 mill...

By Matthew Heller • Aug. 22, 2017

Medtronic Sales Show Impact of Supply Glitch

Medical device maker Medtronic overcame lagging sales of diabetes products to post better-than-expected earnings, though revenue missed estimates.Sales in Medtronic’s cardiac and vascular business, which sells defibrillators, pace-makers, heart valves and stents, rose 5.1% to $2.65 billion in the...

By Matthew Heller • Aug. 22, 2017

Foot Locker Shares Dive on Big Earnings Miss

Foot Locker shares tumbled to their biggest daily loss in nearly nine years after the athletic apparel retailer reported quarterly results well below Wall Street expectations, including a 6% drop in same-store sales.CEO Richard Johnson suggested Foot Locker’s suppliers were in part to blame for i...

By Matthew Heller • Aug. 21, 2017

Deere Shares Drop on Equipment Sales Miss

Deere & Co. missed quarterly sales estimates, dragging its shares down more than 5%, but the company still sees agricultural market conditions improving worldwide.For the third quarter, the world’s largest farm-equipment manufacturer on Friday reported worldwide net sales rose 16% to $7.808 b...

By Matthew Heller • Aug. 18, 2017

Walmart’s E-Commerce Sales Jump 60% in Q2

Walmart Stores reported better-than-expected earnings and a 12th straight quarter of same-store sales growth in the U.S. as the retail giant benefited from its aggressive moves into e-commerce.Walmart’s online sales soared 60% in the second quarter, with much of the growth in food. The company no...

By Matthew Heller • Aug. 18, 2017

Voluntary Audit Committee Disclosures Surge

Despite a lack of new audit committee disclosure requirements since the Sarbanes-Oxley Act of 2002, companies have been voluntarily disclosing more and more about their audit committees and their relationships with auditors, an Ernst & Young study issued earlier this month finds.For instance,...

By David Katz • Aug. 18, 2017

The Many Myths of Budgeting Season

August, it has been said, is the Sunday of summer. Relaxation gives way to a muted but growing anxiety about the demands of September as the workforce slowly marches back into business-as-usual mode. For no one is that more true than the CFO, as August marks the entrance to primetime budgeting se...

By Hal Polley • Aug. 17, 2017

Chamber Urges SEC to Nix Auditor Disclosure Rule

In a strongly worded letter, the U.S. Chamber of Commerce urged the Securities and Exchange Commission to turn thumbs down on a proposal that would require auditors to disclose their biggest concerns in their audits of public companies.If the SEC approves the Public Company Accounting Oversight B...

By David Katz • Aug. 16, 2017

Target’s Comp Sales Rise 1.3%, Beat Estimates

Target is apparently making some headway in its turnaround efforts, reporting its first increase in comparable-store sales after four straight negative quarters amid a surge in online traffic.The retailer on Wednesday said comparable sales rose 1.3% in the second quarter, better than the expected...

By Matthew Heller • Aug. 16, 2017

UK Watchdog Fines PwC $6.6M Over Audit

Britain’s accounting watchdog has hit PwC with a record 5.1 million pound ($6.6 million) fine and a severe reprimand for “extensive misconduct” in its audit of a troubled professional services firm.The Financial Reporting Council announced the sanctions on Wednesday after an investigation of the ...

By Matthew Heller • Aug. 16, 2017

Why Banks Are Paying So Little Interest

From December 2015 through June 2017, the Federal Reserve raised the short-term benchmark interest rate four times, each time in an increment of 25 basis points. But according to national average deposit rates published by the Federal Deposit Insurance Corp., the interest rates banks are paying d...

By Vincent Ryan • Aug. 16, 2017

KPMG Settles Charges of Improper Energy Audit

KPMG has agreed to pay more than $6.2 million to settle Securities and Exchange Commission charges that the accounting firm failed to properly audit the financials of an oil and gas company that reported that assets valued at less than $5 million were worth nearly $500 million.“Auditing firms mus...

By David Katz • Aug. 15, 2017

Dick’s Sporting Goods Stock Dives on Q2 Results

Despite the demise of some of its leading competitors, Dick’s Sporting Goods on Tuesday reported disappointing quarterly earnings and lowered its full-year outlook, sending its shares down more than 21%.Dick’s was expected to pick up market share from Sport Chalet and Sports Authority, which both...

By Matthew Heller • Aug. 15, 2017

A Vote of Confidence for the PCAOB?

In an apparent vote of confidence for the Public Company Accounting Oversight Board and its embattled chairman, James R. Doty, Securities and Exchange Commission Chairman Jay Clayton announced that Doty has agreed to stay on as the SEC begins to fill four out of the PCAOB’s five board seats.James...

By David Katz • Aug. 14, 2017

Q2 Earnings Send JC Penney Stock to New Low

J.C. Penney shares hit an all-time low on Friday as worse-than-expected quarterly earnings and same-store sales fueled investor concern over its turnaround program.In the second quarter, the retailer saw its net loss widen to $62 million, or 20 cents per share, from $56 million, or 18 cents per s...

By Matthew Heller • Aug. 11, 2017

Macy’s Same-Store Sales Decline Slows in Q2

The decline in Macy’s same-store sales slowed in the latest quarter but investors apparently remain doubtful that the struggling retailer’s turnaround efforts will succeed.For the second quarter, comparable sales fell 2.8%. It was the 10th straight quarter of decline for Macy’s, though the drop w...

By Matthew Heller • Aug. 11, 2017

DineEquity Shares Rise 4% on Earnings Beat

The parent of Applebee’s and IHOP reported Thursday that same-store sales declined at both restaurant chains but its shares rose as profit topped analysts’ estimates.DineEquity said domestic comparable store sales fell 6.2% at Applebee’s and 2.6% at IHOP in the second quarter compared with the ye...

By Matthew Heller • Aug. 10, 2017

Blue Apron Beats Estimates But Stock Plunges

In its first earnings release as a public company, meal-kit delivery service Blue Apron on Thursday reported better-than-expected revenue and adjusted EBITDA but its stock took another blow.For the second quarter, Blue Apron’s net sales increased 18% year-over-year to $238.1 million, driven by an...

By Matthew Heller • Aug. 10, 2017

TripAdvisor Earnings Beat But Growth Flat

TripAdvisor reported quarterly results that beat expectations for profit but a shift to lower-value mobile traffic and increased competition dampened earnings growth.The company’s adjusted earnings per share for the second quarter were unchanged from a year ago at $0.38, with share buybacks durin...

By Matthew Heller • Aug. 10, 2017

Lower Inventory Boosts Ralph Lauren Profit

Ralph Lauren earnings beat analysts’ estimates as the apparel chain’s bottom-line benefited from reduced discounting and inventory.For the first quarter, Ralph Lauren earned $59.5 million, or 72 cents per share, compared with a loss of $22.3 million, or 27 cents per share, a year earlier.The year...

By Matthew Heller • Aug. 9, 2017

Disney Shares Tumble on Weak Q3 Results

Walt Disney Co.’s announcement of a major shift to streaming content wasn’t enough to avert the worst day for its stock in 15 months amid weak third-quarter results.The company’s adjusted earnings beat analysts’ estimates but operating income declined 10% year over year to $4.01 billion, reflecti...

By Matthew Heller • Aug. 9, 2017

Big Q2 Loss Sends Fossil Shares Down 24%

Shares in Fossil Group fell sharply on Wednesday after the watchmaker reported it swung to a quarterly loss and announced the resignation of CFO Dennis Secor.Fossil has moved into smartwatches amid the decline of its traditional watch business but its second-quarter results did little to convince...

By Matthew Heller • Aug. 9, 2017

When Projects Have a Zero or Negative NPV

The net present value (NPV) rule is essentially the golden rule of corporate finance that every business school student is exposed to in most every introductory finance class. The NPV rule dictates that investments should be accepted when the present value of all the projected positive and negati...

By Gregory V. Milano • Aug. 8, 2017