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Millions in Texas still without power as grid falters

West Texas Intermediate oil prices rose 2% in morning trade, while gasoline futures were up nearly 3%.

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People line up to fill their empty propane tanks Tuesday, Feb. 16, 2021, in Houston. Temperatures stayed below freezing Tuesday, and many residents were without electricity.

Brett Coomer | Houston Chronicle | AP

Millions in Texas faced power outages for a third straight day on Wednesday as the deadly storm that brought snow and ice to the region wreaks havoc on the state’s energy infrastructure.

An estimated three million barrels per day of oil production remains offline. Power production from natural gas to coal to renewables has been impacted, just as consumers turn up their thermostats amid the frigid temperatures.

“A significant amount of capacity remains offline,” noted Morris Greenberg, senior manager at S&P Global Platts Analytics.

West Texas Intermediate crude futures prices rose as much as 2% to trade at $61.25 per barrel, before easing off that level. International benchmark Brent crude was slightly higher at $63.51 per barrel. Gasoline futures were up nearly 1% though natural gas edged lower after jumping on Tuesday. Heating oil futures were higher.

With “oil wells and refineries offline, we could be facing a significant shortfall for a number of days, further tightening supply at a time when it has already been restricted and demand is expected to return,” wrote Craig Erlam senior market analyst at OANDA.

Wholesale power prices in Texas have surged as contractual obligations forced companies to buy at any price. And some of the heightened cost could end up on Texas consumers’ utility bills. Some companies like Griddy, which gives consumers access to wholesale electricity prices, outlined ways for its users to switch power providers in an effort to shield them from volatile price swings.

“Real-time power prices in Texas hit the $9,000/[megawatt hour] mark multiple times across the state, with day-ahead on-peak prices averaging more than $7,000/MWh in all four zones in the Electric Reliability Council of Texas region,” noted Citi analysts. The normal price would be around $70/MWh.

The unusually harsh winter storms left more than 3 million in Texas without power, along with nearly 100,000 in Kentucky and more than 70,000 in West Virginia, according to PowerOutage.us.

The power outages raised questions about the stability of the electric grid, pushing some members of Congress to call for hearings on why the system failed.

“Ultimately, those responsible for the operation and management of our energy grid will have to answer for the glaring collapse of our energy infrastructure and inadequate communication to the public,” Rep. Van Taylor, R-Texas, said in a statement.

The energy sector advanced more than 1% on Wednesday. Devon Energy gained 3%, while Exxon, Chevron and Apache were all up more than 1%. The sector gained 2.26% on Tuesday, making it the best-performing S&P group.

“A significant amount of capacity remains offline,” noted Morris Greenberg, senior manager at S&P Global Platts Analytics.

Source: https://www.cnbc.com/2021/02/17/energy-prices-climb-again-as-deep-freeze-holds-grip-on-the-south.html

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Earnings

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Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

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Source: https://www.cnbc.com/earnings/

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Stitch Fix shares surge as online styling service reports surprise profit

Stitch Fix shares jumped after the online shopping and styling service reported a surprise profit for its fiscal fourth quarter.

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The Stitch Fix application for download in the Apple App Store on a smartphone arranged in Hastings-on-Hudson, New York, U.S., on Saturday, June 5, 2021. Stitch Fix Inc. is scheduled to release earning on June 7.

Tiffany Hagler-Geard | Bloomberg | Getty Images

Stitch Fix shares jumped 14% in extended trading Tuesday after the online shopping and styling service reported a surprise profit for its fiscal fourth quarter.

Sales for the three-month period ended July 31 also came in higher than analysts were expecting, thanks to outsized growth in Stitch Fix’s women’s and kids’ categories. Menswear has been growing more slowly, the company said.

Consumers have been splurging on new outfits in recent months, as many head back to school and return to social gatherings. Some have also citied the need for new clothes after either gaining or losing weight during the Covid pandemic.

Here’s how Stitch Fix did compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 19 cents vs. a loss of 13 cents expected
  • Revenue: $571.2 million vs. $548 million expected

Net income attributable to shareholders was $28 million, or 19 cents per share, in the latest period. A year ago, it posted a net loss of $44.5 million, or 44 cents a share. Analysts had been looking for the company to book a loss of 13 cents per share.

Revenue grew to $571.2 million from $443.4 million a year earlier. That was better than analysts’ expectations for $548 million.

Stitch Fix reported nearly 4.2 million active clients, up 18% from a year earlier. The company said net revenue per active client was $505, surpassing the $500 threshold for the first time ever. Customers have been purchasing more items to keep at home, Stitch Fix said, as they have more brands and price points to choose from.

Stitch Fix defines active clients as people who either ordered a “Fix” subscription or bought an item directly from its website in the preceding 52 weeks from the final day of the quarter.

The company also said it had its lowest ever churn rate at the end of the period, meaning its customers are sticking around.

Last month, Stitch Fix finally opened up its direct-buy option, which is now known as “Freestyle,” to the public. This allows people to shop Stitch Fix for individual items of clothing, without needing to sign up for a subscription.

CEO Elizabeth Spaulding said this should help Stitch Fix grow its addressable market in the year ahead. The company’s next initiative will be to market and raise broader awareness around the offering, she said. Stitch Fix is preparing to roll out a national advertising campaign on the debut.

Early indications are that “Freestyle” is meaningfully accretive to the company’s revenue per active client metric, Spaulding told analysts on a conference call.

“Clients have agency, flexibility and choice while also experiencing a highly personalized shopping experience,” Spaulding said.

For its fiscal first quarter, Stitch Fix said it sees sales in a range of $560 million to $575 million. That’s below analysts’ expectations for $588 million.

For the upcoming fiscal year, Stitch Fix anticipates sales rising 15% or more from the prior year. Analysts polled by Refinitiv had been looking for an 18% increase.

While the entire retail industry is working through supply chain complications, Stitch Fix said it is seeing a small impact, but nothing that will hurt the business in the fall and winter months. The company said it is less reliant on Vietnam, where manufacturing has largely come to a standstill due to ongoing pandemic lockdowns in the region.

As of Tuesday’s market close, Stitch Fix shares have fallen nearly 39% this year. The company has a market cap of $3.8 billion.

Find the full press release from Stitch Fix here.

Sales for the three-month period ended July 31 also came in higher than analysts were expecting, thanks to outsized growth in Stitch Fix’s women’s and kids’ categories. Menswear has been growing more slowly, the company said.

Source: https://www.cnbc.com/2021/09/21/stitch-fix-sfix-q4-2021-earnings.html

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Earnings

Corporate Company Earnings, Find Earnings Per Share and Earnings History Online

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© 2021 CNBC LLC. All Rights Reserved. A Division of NBCUniversal

Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Market Data Terms of Use and Disclaimers

Data also provided by Reuters

Source: https://www.cnbc.com/earnings/

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