Here are a 5 dumbest excuses for a bad quarter
October 15, 2015 - Picnic Time
That drew some pointy comments from analysts who suspicion a reason was, well, kinda stupid. “It’s only a dumbest thing I’ve heard,” Wedbush Securities researcher Michael Pachter told Reuters.
It wouldn’t, however, be a many head-scratching forgive for a bad quarter. Here are 5 explanations charity by companies for their bad gain news that were even worse:
Earlier this year, Tesla missed targets for car deliveries, with a figure of 9,834 Model S vehicles descending brief of a 11,200 mark. The electric automaker forked to a serious winter continue and shipping issues, though one reason was also cited by a company: vacations taken by customers. “The batch is down since they missed on deliveries, income and earnings,” Theo O’Neill, an researcher with Ascendiant Capital Markets, told Bloomberg. “Blaming business for holding [a] vacation seems like an peculiar thing to put in a press release.”
2. Travelers Companies
Excuse: The frigid vortex
The continue offers companies a boatload of reasons for a bad financial performance. Winter, especially, gets a bad swat among companies, and in a second entertain of final year, 23 companies cited a “polar vortex” as a poignant barbiturate in their financial reports. Insurance association Travelers Companies saw a 21% dump in quarterly increase earlier this year, and went into a extensive reason in a earning call on a inlet of a Boston winter, even charity a meteorologist quote that a Northeast wouldn’t be saying such layer for “approximately 26,315 years.” “It was an intensely surprising event,” pronounced COO Brian MacLean.
3. National Beverage
Excuse: We’re not sure, though holy cow, what a press release
In Sep 2013, Florida-based soft-drink builder National Beverage announced a slew of less-than-stellar results, including a 6% dump in revenues and 16% dump in net income for a initial entertain of a mercantile year. The press release by CEO Nick Caporella, however, incited into a wayward tide of suspicion that charity no excuses, and during a same time, blamed “Big Cola” and “a whiplashed consumer” for a results. One example:
“Should we have a many convincing reason for these formula (and we could have), would it make a difference?” asked Nick A. Caporella, Chairman and Chief Executive Officer on a new government call. “Does it make us feel reduction contrite relations to a credit of a justification?” he queried. “There can be no acceptable regrets in business or fumbles on a margin (deck) of Endeavor – nothing . . . (no one even knows how to use them),” quipped Caporella.
The torpedo Caporella quote? “Good soothing drinks are to a tellurian competition what fever is to a picnic!”
4. Societe Generale
French bank Societe Generale third-quarter net distinction forsaken precipitously by 86% in 2012. When interviewed by CNBC in Paris, CEO Frederic Oudea charity his deep-dive analysis: it was those reticent accounting rules. “Exceptional equipment are associated in sold to this foolish accounting thing that means that when we have a credit that is improving, your CDS is going down and we have to commend disastrous revenues,” he told CNBC.
5. Oracle, IBM and TIBCO
Excuse: Crappy salespeople
The open of 2013 saw a new trend charity by IT companies explaining their dump in profits: their possess salesforce. One by one, Oracle, IBM and program association TIBCO pronounced that bad execution in a training of their incoming sales group led to misses on quarterly projections. “Since we’ve been adding literally thousands of new sales reps around a world, a problem was mostly sales execution, generally with a new reps,” pronounced Oracle CFO Safra Catz after a association reported a 1% dump in sales. This didn’t shun a notice of analysts, with Berenberg investment researcher Daud Khan saying that bad sales execution “is quick apropos a adored scapegoat”.