Brown-Forman, Ollie’s Report Earnings; Vertiv, Comstock Announce $2.6B, $1.65B Deals

Mumbai, Sept 3: US-listed companies delivered a broad mix of earnings updates, strategic transactions, acquisitions, partnerships and capital-allocation initiatives. Quarterly results highlighted varied operating performance across sectors, while major corporate announcements focused on business expansion, balance-sheet strengthening and shareholder returns.  

Companies also advanced fundraising and investment plans through IPOs, equity offerings and share repurchase programmes, alongside mergers and strategic collaborations. These developments provided investors with updates on corporate growth strategies, financial performance, capital deployment and broader business priorities across the market. 

Brown-Forman Q1 Net Sales Dip 1% to $911M as Operating Income Falls 3% 

Brown-Forman Corporation (NYSE: BFA, BFB) reported first-quarter fiscal 2027 results, with reported net sales declining 1% to $911 million, while organic net sales also fell 1%. Reported operating income decreased 3% to $252 million, although organic operating income increased 4%. Diluted earnings per share rose 6% to $0.38. The company reaffirmed its full-year outlook, expecting organic net sales to remain approximately flat and organic operating income to decline 3%–5%. 

Sales were pressured by the end of the Korbel relationship, lower used barrel sales and weakness in the tequila portfolio. These factors were partly offset by strong growth in the Ready-to-Drink (RTD) portfolio, led by New Mix, whose sales increased 48% (36% organic) on strong consumer demand in Mexico. The tequila portfolio declined 12%, while Herradura sales fell 17%, primarily due to lower US volumes. 

Geographically, Emerging Markets grew 11%, driven by Mexico and double-digit New Mix growth. Developed International markets declined 6%, reflecting lower Jack Daniel’s Tennessee Whiskey volumes in Germany, France and Spain, while US sales fell 3%. 

Gross margin expanded 40 basis points to 60.2%, supported by lower costs. Operating cash flow increased to $173 million, while free cash flow rose $32 million to $161 million. Brown-Forman Class A shares traded at $27.01, down 0.84%. 

Ollie’s Bargain Outlet Revenue Climbs 9.1% to $741M as Comparable Sales Dip 1.8% 

Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) reported second-quarter financial results for the period ended 1 August 2026, with net sales rising 9.1% to $741.3 million, primarily driven by growth in new store units. However, comparable store sales declined 1.8%, compared with a 5.0% increase in the same quarter last year. 

Gross margin increased 360 basis points to 43.5%, supported by lower supply chain costs, including a 380-basis-point benefit from IEEPA tariff refunds. Adjusted net income rose 40.3% to $85.4 million, while adjusted diluted earnings per share increased 43.4% to $1.42. 

Ollie’s Army loyalty membership increased 12.7% to 18.1 million members. The retailer opened 15 new stores and closed one following storm damage, ending the quarter with 686 stores across 36 states, representing an 11.9% increase in store count. Selling, general and administrative expenses rose 80 basis points to 26.6% of net sales, mainly due to fixed-cost deleverage and higher marketing expenses. 

For fiscal 2026, Ollie’s revised its outlook, lowering expected net sales to $2.928-$2.941 billion from $2.980-$3.000 billion previously. Comparable store sales are now expected to grow 0%-0.5%, while operating income is projected at $345-$350 million and adjusted diluted EPS at $4.57-$4.65. Ollie’s shares traded at $72.34, down 4.08%. 

Sprinklr Revenue Rises 1% to $213.7M as Operating Margin Contracts to 5% 

Sprinklr (NYSE: CXM), the unified customer experience management platform, reported second fiscal quarter 2027 results for the period ended 31 July 2026, with total revenue rising 1% year-over-year to $213.7 million, compared with $212.0 million a year earlier. Subscription revenue increased 3% to $194.8 million. 

GAAP operating income declined to $10.0 million from $16.3 million, while GAAP operating margin fell to 5% from 8%. Non-GAAP operating income decreased to $31.3 million from $38.2 million, with the non-GAAP operating margin declining to 15% from 18%. 

Total remaining performance obligations (RPO) reached $1.03 billion, an 11% year-over-year increase, while current RPO grew 3%. GAAP net income per diluted share was $0.03, compared with $0.05 a year earlier, while non-GAAP net income per diluted share stood at $0.11, versus $0.13. Cash, cash equivalents and marketable securities totalled $452.9 million as of 31 July 2026. 

For the third fiscal quarter, Sprinklr expects subscription revenue of $196.0-$197.0 million and total revenue of $215.0-$216.0 million. For fiscal 2027, subscription revenue is projected at $782.5-$784.5 million, with non-GAAP operating income of $139.0-$141.0 million. Sprinklr shares traded at $7.60, down 7.43%. 

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FuelCell Energy Revenue Falls 29% While G-III Apparel Beats EPS Estimates Despite Revenue Miss 

FuelCell Energy, Inc. (NASDAQ: FCEL) reported third-quarter revenue of $33.0 million, down 29% from $46.7 million a year earlier, while its gross loss widened to $5.1 million, reflecting higher product costs and manufacturing overhead. Despite weaker revenue, committed backlog increased 4.1% to $1.3 billion, while an additional $2.35 billion in awarded capacity backlog brought total committed and awarded backlog to $3.65 billion. The company also recorded a $17 million inventory valuation charge, while cash, cash equivalents and restricted cash stood at $737.3 million. FuelCell Energy shares closed at $16.96, down 0.87%, after falling as much as 13% to $14.90 in early trading. 

G-III Apparel Group, Ltd. (NASDAQ: GIII) reported second-quarter earnings per share of $0.26, exceeding the analyst estimate of $0.23 by $0.03. However, quarterly revenue of $554.09 million missed the consensus estimate of $570.37 million. G-III Apparel shares traded at $32.17, down 1.29% on the day, while the stock was down 4.57% over three months and up 14.23% over 12 months. 

Daktronics Posts 7.1% Sales Growth to $234.6M, EPS Jumps 21.2% to $0.40 

Daktronics, Inc. (NASDAQ: DAKT) reported fiscal 2027 first-quarter results for the period ended 1 August 2026, with sales rising 7.1% to $234.6 million from $219.0 million a year earlier, despite one fewer week. Operating income increased 7.2% to $24.9 million, with an operating margin of 10.6%. Diluted earnings per share rose 21.2% to $0.40, the company’s highest quarterly diluted EPS in the past 12 quarters. 

Product backlog stood at $311.3 million, marking the sixth consecutive quarter above $300 million. New orders totalled $191.8 million, down from $238.5 million a year earlier, reflecting the timing of several substantial orders expected in the second quarter. 

Operating cash flow increased to $31.4 million from $26.1 million, while gross profit rose to $71.6 million, with a 30.5% margin versus 29.7%. Cash stood at $154.6 million. Daktronics repurchased 225.5 thousand shares for $4.4 million. The company remains on track towards fiscal 2028 targets. Shares traded at $19.36, down 0.87%. 

StealthGas Reports Q2 Net Income of $17.3M, EPS at $0.46 

StealthGas Inc. (NASDAQ: GASS) reported second quarter 2026 net income of $17.3 million, corresponding to basic earnings per share of $0.46. This represents an 8.8% increase from the previous quarter’s $15.9 million but a reduction compared to the $20.4 million achieved in the second quarter of 2025. Revenues for the quarter amounted to $42.9 million, same as the previous quarter. 

TCE Rates Improve for Larger Vessels as Fleet Days Secured. The average daily TCE (Time Charter Equivalent) was $15,709. About 60% of fleet days for the remainder of 2026 are secured on period charters, with total fleet employment days generating approximately $90 million in contracted revenues. 

Debt-Free Status with Liquidity Strengthened to Over $250M. All vessels in the fully owned fleet are unencumbered, and the company has paid down all its bank debt since the third quarter of 2025. Cash, cash equivalents, and short-term investments stood at $168.3 million as of 30 June 2026, and have since been enhanced to over $250 million following the successful resolution of an insurance claim. Voyage expenses for the quarter increased to $7.2 million from $4.4 million, mainly due to higher bunker costs. 

Headquartered in Athens, Greece, StealthGas is a ship-owning company serving the liquefied petroleum gas sector of the international shipping industry. The company announced chartering arrangements including a two-year time charter for its LPG carrier Gas Flawless until July 2028. StealthGas shares were trading at $9.61, up 0.52%. 

REX American Resources Beats EPS by $0.64, Revenue Misses at $168.5M 

REX American Resources Corporation (NYSE: REX) reported fiscal second quarter 2026 results that beat earnings expectations but fell short on revenue. Adjusted earnings per share came in at $1.06, significantly exceeding the analyst estimate of $0.42. Revenue of $168.5 million missed the consensus estimate of $194.8 million, though it increased from $158.6 million in the same quarter last year, representing a 6.2% year-over-year gain. 

Gross Profit Surges to $53.3M on 45Z Tax Credits. Gross profit surged to $53.3 million from $14.3 million in the prior-year quarter, driven by improved crush margins and $18.4 million in production tax credit income from the Section 45Z program. Net income attributable to REX shareholders reached $34.9 million, compared to $7.1 million in the second quarter of fiscal 2025. 

Carbon Capture Project Advances with Draft EPA Permits. The company received draft permits from the US Environmental Protection Agency on 17 August for three Class VI injection wells related to its carbon capture and sequestration project. Capital expenditures for the One Earth Energy carbon capture project and ethanol production expansion totalled $191.2 million to date. 

Headquartered in Dayton, Ohio, REX American Resources is a holding company that invests in alternative energy and ethanol production entities. The company maintained a strong balance sheet with $379.5 million in cash, cash equivalents, and short-term investments as of 31 July 2026, with no bank debt. REX American Resources shares were trading at $41.99, up 2.22%. 

Vertiv to Acquire UIG for Up to $2.6B as Data Centre Power Demand Soars 

Vertiv Holdings Co. (NYSE: VRT) announced that its subsidiary has entered into an agreement to acquire Utility Innovation Holdings, Inc., operating as UtilityInnovation Group (UIG), for approximately $1.45 billion in cash at closing. The deal includes additional consideration of up to $1.15 billion in cash based on achieving certain EBITDA targets over 12- and 24-month periods, bringing the total potential transaction value to approximately $2.6 billion. 

UIG Acquisition Adds Microgrid Controls to Vertiv’s Portfolio. Founded in 2020 and headquartered in Raleigh, North Carolina, UIG specialises in microgrid solutions, advanced power controls, and behind-the-meter power architecture design for data centres. The acquisition adds microgrid controls, onsite generation orchestration, microgrid-specific switchgear, and behind-the-meter power architecture to Vertiv’s portfolio, including a proprietary controls platform and pre-engineered microgrid switchgear that orchestrate multiple power sources in real time. 

EBITDA Multiple at 13x with Accretion Expected in First Year. At the initial purchase price, the acquisition represents approximately 13 times UIG’s expected 2027 EBITDA. Vertiv stated the EBITDA multiple would be lower if the full earnout is paid and expects the acquisition to be accretive to adjusted earnings per share in the first year following completion.  

“For AI data centre operators, competitive advantage increasingly depends on how quickly they can move from site selection to first token,” said Gio Albertazzi, Chief Executive Officer of Vertiv. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in the fourth quarter of 2026. Vertiv shares traded at $255.97, down 1.06% on the day. 

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Comstock Resources Surges 11% on $1.65B SOCAR Strategic Partnership 

Comstock Resources, Inc. (NYSE: CRK) announced that it has entered into a letter of intent with the State Oil Company of the Azerbaijan Republic (SOCAR) under which SOCAR would acquire a non-operated working interest representing 20% of Comstock’s interest in its Legacy Haynesville upstream assets, 15% (reducing to 7.5% after five years) of its Western Haynesville upstream assets, and 15% of Comstock’s 73% ownership interest in Pinnacle Gas Services LLC for an aggregate purchase price of $1.65 billion in cash. 

SOCAR Partnership Strengthens Balance Sheet and Accelerates Development. The partnership introduces a reputable international strategic partner with an investment-grade balance sheet to help accelerate value creation. Comstock intends to use the proceeds to reduce total indebtedness from $3.1 billion to $1.5 billion as of 30 June 2026, substantially reducing financial leverage. The resulting stronger balance sheet will support continued delineation and development of Comstock’s 545,000 net acres in the Western Haynesville, one of the largest undeveloped natural gas resources in the United States. 

$450M Drilling Venture with Jerry Jones Announced. Comstock also announced a Haynesville shale drilling venture with Jerry Jones, the Company’s majority stockholder. Beginning 1 September 2026, a partnership owned by the Jones family will fund the drilling and completion costs of 85% of 18 Western Haynesville wells and 80% of nine Legacy Haynesville wells over the next twelve months, which is expected to cost approximately $450 million. M. Jay Allison, Chairman and CEO of Comstock, commented: “This partnership introduces a reputable international strategic partner to help accelerate value creation for our investors, while allowing us to materially reduce debt”. Comstock shares surged 11.02% to $16.02 on the announcement, with trading volume reaching nearly six times the monthly average. 

SB Energy Files for $5-7B IPO as Nvidia Commits $3B, Backlog Hits $439B 

SB Energy, the AI infrastructure company majority-owned by SoftBank, filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering on Nasdaq under the ticker symbol SBE. The company aims to raise between $5 billion and $7 billion in the offering at a valuation above $50 billion. 

Nvidia Commits $3B, OpenAI Receives Warrants Worth $5.5B. Nvidia has committed to invest $3 billion in SB Energy as part of the offering, divided between a private placement closing concurrently with the IPO and a prepaid forward contract. SB Energy also issued 4.0 million warrants to OpenAI, which will hold a board designation right for as long as its ownership stake exceeds 5% of the company’s outstanding capital stock. OpenAI has received warrants estimated to be worth $5.5 billion in SB Energy. 

Contracted Backlog Reaches $439B, First Revenue Expected in Q4. The company’s contracted data centre capacity totals 8.8 gigawatts, of which 803 megawatts are actively being built, while its standalone solar and battery storage portfolio stands at 5.5 gigawatts. No data centre capacity is currently operational. The company’s first data centre revenue is expected to arrive in the fourth quarter of this year. Under a trademark licence agreement with SoftBank, SB Energy will pay royalties amounting to 1% of its gross profit. J.P. Morgan, Goldman Sachs, Morgan Stanley, Citigroup, and Mizuho are serving as joint lead book-running managers for the offering. SoftBank Group shares rose 1.3% to $14.96 following the filing. 

Medtronic Invests $700M in Cornerstone Robotics as Hornbeck and Helix Complete All-Stock Merger 

Medtronic (NYSE: MDT) announced an approximately $700 million investment in a partnership with Cornerstone Robotics, gaining rights to distribute the Hong Kong-based company’s Sentire soft-tissue surgical robot in China, Singapore and Europe. Sentire has received Europe’s CE mark and regulatory approvals in China and Singapore, complementing Medtronic’s Hugo robotic system. Medtronic expects Hugo procedures to exceed 50,000, with 250 units installed globally by the end of its fiscal year. Medtronic shares traded at $89.83, up 1.13% following the announcement. 

Meanwhile, Helix Energy Solutions Group (NYSE: HLX) and Hornbeck Offshore Services completed their previously announced all-stock merger, creating an integrated offshore services company operating under the Hornbeck Offshore Services name. The combined company began trading on the NYSE under the ticker HOS, while Helix’s HLX shares ceased trading. Todd M. Hornbeck became President and CEO, with the combined company providing services across deepwater oilfield, defence and renewable energy markets. Hornbeck shares traded at $52.65, up 2.53% on their first day of trading. 

Innovate Corp Completes HC2 Broadcasting Sale to CONX for 75% Controlling Interest 

Innovate Corp. (NYSE: VATE) announced the completion of its transaction with CONX Corp., in which CONX acquired a 75% controlling interest in HC2 Broadcasting Holdings Inc., the company’s broadcasting segment. Innovate retains a 25% ownership stake in HC2, subject to potential reduction based on post-closing purchase price adjustments and certain expense and indemnification obligations. 

CONX Commits $75M Equity Funding, $105M Loan Extinguished. As part of the transaction, CONX committed to fund up to $75 million of equity into HC2, with a portion funded at closing and the remainder payable following closing. The $105 million loan agreement entered in connection with a refinancing transaction completed on 1 June 2026 was extinguished along with accrued interest.  

HC2 and its subsidiaries operate more than 260 broadcast television stations and distribute over 50 broadcast networks across more than 40 states. “We are pleased to successfully complete this transaction and further strengthen Innovate’s balance sheet and capital structure,” said Paul Voigt, interim CEO of Innovate. Innovate shares traded at $7.29, up 1.39% following the announcement. 

ResMed Announces $450M Accelerated Share Repurchase with Citibank 

ResMed Inc. (ASX: RMD) announced that it entered into an accelerated share repurchase (ASR) agreement with Citibank, N.A. to repurchase $450.0 million of its common stock. The ASR is conducted under a board-approved repurchase authorisation for 20,000,000 shares of common stock originally approved in February 2014. 

ASR Funded with MatrixCare Sale Proceeds and Cash on Hand. ResMed intends to fund the ASR using proceeds from the sale of its MatrixCare business and cash on hand. On 3 September 2026, ResMed will pay Citibank $450.0 million and expects an initial delivery of shares equal to 80% of $450.0 million divided by the closing price of its common stock on 2 September 2026.  

The final number of shares repurchased will be determined based on the average daily volume weighted average price of the stock during the ASR term, less a discount and subject to adjustments. Final settlement is scheduled for December 2026. ResMed shares traded at $32.28 (AUD), up 2.74% on the Australian Securities Exchange. 

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Rainier Acquisition Corporation Raises $86.25M as Over-Allotment Option Is Fully Exercised 

Rainier Acquisition Corporation announced that its underwriter fully exercised the 1.125 million-unit over-allotment option at $10 per unit, taking total units sold to 8.625 million and aggregate gross proceeds to $86.25 million, before underwriting discounts and offering expenses. Following the closing, $86.25 million was placed in the company’s trust account to support a potential life sciences business combination.  

Each unit includes one Class A ordinary share and one-quarter of a redeemable warrant, with each whole warrant exercisable at $11.50 per share. The units began trading on Nasdaq under RNAQU on August 27. Rainier Acquisition units traded at $9.79, down 0.10%. 

Three Lions Acquisition Corp. $100M IPO, Nova’s $200M Buyback and TXNM Energy’s $400M Stock Offering on September 2, 2026 

Three Lions Acquisition Corp. closed its $100 million IPO, issuing 10 million units at $10 each, with $100.5 million from the IPO and private placement placed in trust. The SPAC will target businesses across sports, hospitality, leisure and real estate. Its Nasdaq-listed units, TLACU, traded at $10.00, up 1.52%. 

Nova (NASDAQ: NVMI) authorised a $200 million share repurchase programme, with buybacks to be funded through available cash via open-market and privately negotiated transactions. The programme reflects management’s confidence in its long-term growth strategy, cash-generation capabilities and financial position. Nova shares traded at $187.45, up 0.13%. 

TXNM Energy (NYSE: TXNM) priced an underwritten offering of 7.08 million shares at $56.50 each, expected to generate approximately $400 million in gross proceeds. The company plans to use the net proceeds to repay borrowings under its $400 million term loan. The offering is expected to close on September 2, 2026. TXNM shares traded at $56.39, down 2.69%. 

Eaton Invests $242M in Arkansas Facility as Silicom Wins $5M Deal and Palantir Secures Army Order 

Eaton Corporation plc (NYSE: ETN) has announced a $242 million investment to build a new 1 million-square-foot manufacturing facility in North Little Rock, Arkansas. The plant will produce customised electrical enclosures through Eaton’s Fibrebond business and is expected to create more than 1,200 jobs, while doubling the company’s US manufacturing capacity for modular electrical enclosures. Eaton shares were trading at $390.65, down $0.06, or 0.02%, so far, with the US market still open. 

The expansion is focused on demand from data centres, utilities, industrial operations and digital communications. Eaton acquired Fibrebond in April 2025, while its existing Minden, Louisiana facility has doubled production capacity over the past three years. Eaton reported $27.4 billion in 2025 revenue and serves customers in 180 countries. 

Silicom Ltd. (NASDAQ: SILC) separately announced a design win with a tier-1 cloud-based cybersecurity company for an edge networking device featuring integrated 5G connectivity. An initial order has been placed, with ramp-up expected before the end of 2026. Revenue from the device is projected to exceed $5 million annually at full ramp-up. Silicom shares were trading at $40.41, up $0.34, or 0.86%, so far. 

Palantir Technologies Inc. (NASDAQ: PLTR) received a US Army prime agreement to produce eight TITAN systems, comprising four Advanced and four Basic variants. The programme combines data from space, aerial, high-altitude and terrestrial sensors to support targeting intelligence. Palantir shares were trading at $168.66, down $11.26, or 6.26%, so far. 

Eaton is expanding US electrical enclosure capacity through a $242 million investment, Silicom has secured a design win projected to generate more than $5 million annually at full ramp-up, and Palantir has moved eight TITAN systems into its next production phase. 

Overall, the announcements highlighted varied corporate priorities across US-listed companies, from earnings performance and operational growth to acquisitions, partnerships and capital allocation. While some companies faced revenue or margin pressures, others strengthened backlogs, expanded strategic opportunities or returned capital to shareholders, underscoring diverse growth and financial strategies across sectors. 

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