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Although the last few quarters have been characterized by a slight sequential growth, it’s still far from convincing in my opinion.
And the updated full-year guide implies sequential improvement in 4Q.
And when we look at 4Q, it seems like there's going to be - the guide implies a sequential rebound.
And whilst STAG's tangible book value per share at $16.02 as of the end of the quarter was a $0.10 per share sequential decrease from $16.12, it was up by 3.15% over the year-ago comp.
As a European entity, it takes us some time, obviously, to sometimes display that sequential operating loss improvements that we're looking for.
As expected, margins were under pressure, with non-GAAP gross margin declining by 40bps to 47.1% on a sequential basis, coming in at the low end of guidance.
As we look ahead to the report, we see margins bottoming out, and suspect a sequential increase from Q3 is likely.
Beginning with the sequential performance, sales in containerboard decreased 1% in Q1.
But having said that, we still are presenting not only significant growth year-over-year, but also sequential growth.
But we do - it will be a sort of sequential year-on-year getting us back to where we expect to be by the end of our multi-year plan and it's really driven, one by opportunities in product costs.
Fact is, sequential revenue growth last year was $10 mil. Q2 to Q3 and then a further $9 mil. Q3 to Q4.
For the full year, the company expects revenues to be ~$526 mn and non-GAAP operating margins of 38.1% at mid-point, implying fourth quarter revenues of $133.6 mn, a muted sequential acceleration but up 7% YoY.
I did think, however, that the margin guidance was decent, as a $300 million sequential revenue decline could have led to more than a one percentage point decline in non-GAAP gross margins.
Imagine that this is captured in a table, then the rows should contain the tasks that need to be done in sequential order and the columns will be dates which could be days, weeks or months.
Source: https://pakenhamnews.starcommunity.com.au/news/2023-08-04/the-art-of-planning/
In each of these SG&A areas, we have driven sequential improvement in the year-over-year deleverage as a percentage of sales from Q2 to Q4 2022.
It looks like things are slowing down quite a bit elsewhere, but if my math is right, your fiscal third quarter guidance implied product revenue will be a little bit lower than seasonal average on a sequential basis, any color would be helpful.
I was pleased to see the business post a near $6 million operating profit in the quarter, marking great sequential improvements as well as great improvement from a larger than $8 million operating loss as reported in the second quarter of 2022.
Operating costs grew 9.5% y/y in Q3 to $503.8 million, two points faster than revenue growth - pushing down operating margins to 12.6%, a 20bps reduction y/y and a 110bps sequential reduction.
Opie stresses that the government risks burdening consumers with higher costs as inflation wanes, urging a sequential approach with initial adjustments to collection and levies.
Source: https://www.ibtimes.co.uk/uk-governments-recycling-scheme-could-cost-more-18-billion-1718784
Our recent channel checks suggest sequential food delivery GOV growth is likely to remain muted for the third consecutive time in March quarter.
Source: https://www.thehindubusinessline.com/markets/brokers-call-zomato-buy/article66720389.ece