Publix’s stock-split losses overshadow core performance - Jacksonville Business Journal

Unrealized losses on equity securities more than halved Publix Super Markets' earnings last quarter.

The Lakeland-based grocery chain reported a 54% decrease in net earnings from $857 million last year to $394.1 million after ordering a 5-for-1 stock split in April. After the split, Publix shares, which are not publicly traded and only available to current employees and board directors, decreased in value from $68.80 to $13.76 per share, according to the company. Publix shares increased to $14.91 in the month after the split but are now down to $13.19.Excluding the impact of the split, Publix’s net earnings over the last nine months would have increased by 4.7% or $200 million over the same period last year.

Shareholders received five shares for every share owned as a result of the split in April in a bid to spur buying and increase the company’s overall liquidity. The last time Publix’s board of directors approved a stock split was in 2006 and, before that, in 1992.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Jacksonville scores high in national real estate rankings - Jacksonville Business JournalJacksonville, along with 33 cities, received a rating of strong for investor demand.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Jacksonville cancels Veterans Day parade as Nicole moves closer - Jacksonville Business JournalStorm surge is expected to lead to flooding in low-lying areas.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Jacksonville one of the best areas for retired veterans - Jacksonville Business JournalThe First Coast is one of two Florida cities on the list.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Jacksonville scores high in national real estate rankings - Jacksonville Business JournalJacksonville, along with 33 cities, received a rating of strong for investor demand.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

ERC and other tax credits every small business should know about - Jacksonville Business JournalExperts say the pandemic and the resulting small-business relief programs ushered in a wave of new interest in federal tax credits. Here are five tax credits business owners should be aware of and how they can cash in.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Publix’s stock-split losses overshadow core performance - Jacksonville Business JournalThe Lakeland-based grocery chain approved its first stock-split in over 15 years in April.
Source: JaxBizJournal - 🏆 599. / 51 Read more »