==On Holding (ONON) reported earnings on Tue 14 May 24 (b/o)

 

On beats by CHF0.19, beats on revs; guides FY24 revs above consensus

ONON stock sprinted higher early Tuesday after Swiss shoemaker On Holding, the parent company behind On Running, cleared Q1 forecasts by a wide margin.

On Holding (ONON) reported earnings of 36 cents per share, more than doubling from the 17 cents reported last year. FactSet analysts expected adjusted earnings to tick down 2 cents to 15 cents per share.

Revenue jumped nearly 20% to a record $561 million, although sales growth slowed for the fifth quarter in a row. Analyst consensus forecasts saw revenue jumping 16.8% to $548 million.

On's direct-to-consumer sales increased 48.7% year-over-year on a constant currency basis. DTC sales now make up 37.5% of On's total net sales.

The company maintained its outlook of at least 30% net sales growth for the year. On expects to achieve a gross profit margin of around 60% for the year.

FactSet predicts 2024 an 87.5% earnings increase, to 75 cents per share, on 23% revenue growth to $2.511 billion.

Earnings this week : May 13 - 17, 24 (wk 20)

Monday (May 13)

• Morning: ACIU FTRE HUYA LEGN TME
• Afternoon: AGYS AHR ALLO  AUGX PSFE  STNE

Tuesday (May 14)

• Morning: BABA HD IHS IGT JACK ONON SE SFL SDHC SONY
• Afternoon: BOOT CSWC DHT DLO NXT PBH

Wednesday (May 15)

• Morning: ARCO DOLE DT MNDY RSKD
• Afternoon: CSCO CPA GRAB MAXN  REKR  SPIR ZTO

Thursday (May 16) 

• Morning: WMS BIDU GOOS DE LSPD NICE UAA WMT
• Afternoon: AMAT CPRT DOCS DXC FLO TTWO

Friday (May 17)

• Morning: RBC

Earnings spotlight: Monday, May 13 - Petrobras (PBR), Tencent Music (TME), and Agilysys (AGYS).  

Earnings spotlight: Tuesday, May 14 - Home Depot (HD), Alibaba (BABA), Sony (SONY), Tencent Holdings (OTCPK:TCEHY), and Flutter Entertainment (FLUT).  

Earnings spotlight: Wednesday, May 15 - Cisco Systems (CSCO), Grab Holdings (GRAB), Spire Global (SPIR), and Hut 8 (HUT). 

Earnings spotlight: Thursday, May 16 - Walmart (WMT), Applied Materials (AMAT), Deere (DE), JD.com (JD), Baidu (BIDU), Take-Two Interactive (TTWO), and Under Armour (UAA).

Unusual Options Activity

The following options are exhibiting notable trading, potentially indicating changing sentiment toward the underlying stocks, and/or potentially representing positioning for increased volatility.

Bullish Call Activity:

• CVBF May 12.5 calls (volume: 3090, open int: 0, implied vol: ~183%, prev day implied vol: 108%). Co is expected to report earnings late July.
• ONON May 30 calls (volume: 1660, open int: 150, implied vol: ~82%, prev day implied vol: 76%). Co is confirmed to report earnings May 16 before the open.
• CVS May 71 calls (volume: 3250, open int: 590, implied vol: ~42%, prev day implied vol: 41%). 1200 contracts traded in a single transaction. Co is expected to report earnings early August.

Bearish Put Activity:

• HOG May 35 puts (volume: 2080, open int: 0, implied vol: ~69%, prev day implied vol: 54%). Co is expected to report earnings late July.
• LPSN May 6 puts are seeing interest with the underlying stock up 17% (volume: 2580, open int: 0, implied vol: ~155%, prev day implied vol: 141%). Starboard delivers open letter to LPSN stockholders. Co is confirmed to report earnings Tuesday before the open.

Sentiment: The CBOE Put/Call ratio is currently: 0.91, VIX: (17.38, -2.71, -13.5%).
May 19 is options expiration -- the last day to trade May equity options.