Be a Smart Investor: October 2023

Tuesday, October 31, 2023

JetBlue Sees Wider Than Expected Loss In Q4, Cuts FY23 Outlook; Stock Dips In Premarket - Update

JetBlue Airways Corp. (JBLU), while reporting a loss in its third quarter with weak revenues, on Tuesday issued fourth-quarter outlook and trimmed its forecast for fiscal 2023 to now expect an adjusted loss.

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BP Stock Dips As Q3 Profit Misses View; Plans Addl. $1.5 Bln Buyback

Shares of BP Plc were losing around 4 percent in the morning trading in London as well as in pre-market activity on the NYSE after the British energy major reported Tuesday weak underlying replacement cost profit in its third quarter, below market estimates, as revenues were hit by lower gas prices. On a reported basis, replacement cost profit was significantly higher.

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Healthpeak Properties Q3 Nareit FFO Rises; Announces Merger With Physicians Realty Trust

Healthpeak Properties, Inc. (PEAK) reported third quarter net income to common shares of $64.05 million compared to $353.37 million, prior year. Earnings per share was $0.12 compared to $0.65. Nareit FFO was $252.57 million or $0.46 per share compared to $227.43 million or $0.42 per share, last year. FFO, as adjusted, per share was $0.45 compared to $0.43. AFFO per share increased to $0.40 from $0.36.

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Mitsubishi Motors H1 Net Income Declines; Net Sales Up 14.9%

Mitsubishi Motors Corp. (MMTOF.PK) reported that its first half net income to owners of the parent was 67.5 billion yen, a decline of 18.4% from last year. Earnings per share was 45.34 yen compared to 55.59 yen, prior year. Net sales were 1.33 trillion yen, an increase of 14.9% from prior year.

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Sanofi Q3 Profit Rises, Backs FY23 View, To Split Consumer Healthcare Unit; Stock Dips

French drug major Sanofi reported Friday higher profit in its third quarter, while sales declined. Further, the company reiterated fiscal 2023 business earnings view. Separately, Sanofi said it plans to separate the Consumer Healthcare Business with a view to focus on Biopharma business. Sanofi shares were losing more than 15 percent in the morning trading in Paris.

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NVent Electric Q3 Profit Gains, Lifts FY23 Outlook

Electrical connection and protection solutions provider nVent Electric plc (NVT) Friday announced a slight increase in third quarter earnings on improved revenues. The company raised its full year earnings outlook.

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Stanley Black & Decker Lifts FY23 Adj. EPS View Above Market; Stock Up In Premarket - Update

Stanley Black & Decker, Inc. (SWK), while announcing weak third-quarter results, on Friday updated its fiscal 2023 forecast.

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Air France-KLM Q3 Net Income Rises; Revenues Up 8.9% At Constant Currency

Air France-KLM (AFRAF.PK) said it delivered a solid quarter, driven by strong summer demand. The company reported third quarter net income to equity holders of 931 million euros, an increase of 102% from prior year. Income from current operations was 1.34 billion euros, up 31%.

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Virginia National Bankshares Q3 Profit Declines

Virginia National Bankshares Corp. (VABK) reported Friday that net income for the third quarter declined to $4.7 million or $0.86 per share from $5.8 million or $1.08 per share in the prior-year quarter.

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Deutsche Bank Q3 Pre-tax Profit Rises, Sees Revenue Growth In FY23; Stock Up

Deutsche Bank AG shares were gaining around 7 percent in the morning trading in Germany as well as in pre-market activity on the NYSE after the German banking major on Wednesday reported higher pre-tax profit in its third quarter, the highest for any third quarter since 2006, driven by revenue strength. On an after tax basis, profit declined.

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DWS Group 9-month Profit Declines - Quick Facts

DWS Group (DWS.F) reported that its net income declined in the first nine months of 2023 year-on-year by 12 percent to 430 million euros from 488 million euros, last year, which reflects the significantly more positive market conditions at the beginning of 2022. In the first nine months of 2023, adjusted revenues decreased year-on-year by 5 percent to 1.94 billion euros from 2.05 billion euros, previous year, predominantly due to lower management fees, mainly driven by declining markets in 2022, which led to lower average Assets under Management during the first nine months of 2023.

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Prologis Boosts FY23 Core FFO Outlook - Update

While reporting its financial results for the third quarter on Tuesday, logistics real estate firm Prologis Inc. (PLD) raised its core funds from operations outlook for the full-year 2023.

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UniCredit Q3 Net Profit Rises; Net Revenues Up 23.1% - Quick Facts

UniCredit S.p.A. reported third quarter stated net profit of 2.3 billion euros, up 35.9% from a year ago. Net profit after AT1/CASHES coupon was 2.3 billion euros, up 34.8%. Earnings per share was 1.24 euros, up 53.7% from last year.

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Citizens Financial Services Q3 EPS Declines

Citizens Financial Services, Inc. (CZFS), parent company of First Citizens Community Bank, announced Monday that net income for the third quarter was $7.55 million or $1.61 per share, compared to $7.54 million or $1.88 per share in the prior-year quarter.

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Munich Re: Preliminary Q3 Net Result Tops Consensus; To Surpass Previous Annual Target

Munich Re posted a preliminary net result of approximately 1.2 billion euros in the third quarter of 2023 due to consistently good operational performance in all business segments. In property-casualty reinsurance, the company posted major losses that were slightly below the expected average.

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Atoss Software 9-month Profit Rises; Revenues Up 35%; FY Results To Exceed Forecast

Atoss Software (AOF.DE) reported that its nine-month net profit increased 80% to 24.8 million euros. Earnings per share was 3.12 euros compared to 1.73 euros. Operating earnings rose by 70 percent to 36.7 million euros. EBIT margin was 33 percent compared to 26 percent.

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Virginia National Bankshares Q3 Profit Declines

American Express Backs FY23 Outlook - Update

While reporting financial results for the third quarter on Friday, American Express Co. (AXP) backed its earnings and revenue growth guidance for the full-year 2023.

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AT&T Q3 Adj. Profit Tops View, Lifts FY23 Forecast; Stock Up In Premarket

Telecom giant AT&T, Inc. reported Thursday weak profit in its third quarter, despite a slight growth in revenues with solid 5G and fiber subscriber growth. Adjusted earnings and topline beat market estimates, and the company raised its fiscal 2023 guidance for adjusted EBITDA, a key earnings metric. In pre-market activity on the NYSE, AT&T shares were gaining around 4 percent.

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Insteel Industries Q4 Profit Plunges

Insteel Industries Inc. (IIIN) announced Thursday that net income for the fourth quarter plunged to $5.6 million or $0.29 per share from $24.3 million or $1.24 per share in the prior-year quarter.

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Nokia Q3 Results Down, To Cut Up To 14,000 Jobs; Stock Dips

Shares of Nokia Corp. were losing around 4 percent in the morning trading in Helsinki as well as around 3 percent in pre-market activity on the NYSE after the Finnish telecom major reported Thursday a sharp drop in its third-quarter profit and revenues amid ongoing macroeconomic challenges. Separately, Nokia announced a cost reduction program, expecting to cut up to 14,000 jobs.

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Renault Q3 Group Revenue Up 13.8% At Constant Exchange Rates; Confirms 2023 Guidance

Renault Group (RNSDY.PK, RNSDF.PK, RNT.L) said it achieved again a strong performance in the third quarter with total revenue increasing by 13.8% at constant exchange rates. Worldwide Group's sales were 511,000 vehicles in third quarter, up 6.1% compared to a year ago. In Europe, sales were up 15.3%.

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First Horizon Q3 Adj. EPS Tops Estimates, But Revenues Miss

First Horizon Corp. (FHN) reported Wednesday that its net income available to common shareholders for the third quarter plunged to $129 million or $0.23 per share from $257 million or $0.45 per share in the prior-year quarter.

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ABB Stock Down On Weak Q3 Orders, Q4 Margin Warning

Swiss engineering company ABB Ltd. reported Wednesday significantly higher profit in its third quarter with strong revenue growth, while orders were weak. Going ahead, the company projects comparable revenue growth in the fourth quarter, but margin will be lower sequentially. The company further lifted its forecast for fiscal 2023. In Switzerland, ABB shares were losing around 5 percent.

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Tele2 AB Q3 Underlying EBITDAaL Up 3% Organically, End-user Service Revenue Up 3%

Tele2 AB (TLTZF.PK, TLTZY.PK) reported that its third quarter profit from continuing operations attributable to equity holders of the parent company increased to 1.06 billion Swedish kronor from 1.00 billion kronor, last year. Earnings per share from continuing operations was 1.53 kronor compared to 1.44 kronor. Underlying EBITDAaL was 2.8 billion kronor, up 3% organically driven by end-user service revenue growth and cost savings related to the Business Transformation Program, which were partly offset by inflationary pressures.

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Johnson & Johnson Lifts 2023 Guidance Midpoints For Sales, Adj. EPS

Johnson & Johnson (JNJ) said, for fiscal 2023, the company now expects adjusted operational EPS in a range of $10.02 - $10.08, an increase in midpoint of $0.10 from the company's previous guidance range. Adjusted EPS is expected in a range of $10.07 - $10.13, an increase in midpoint of $0.05 from the prior outlook.

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Ericsson Slips To Q3 Loss, Warns On Uncertain FY24; Stock Down

Shares of LM Ericsson were losing around 9 percent in the morning trading in Stockholm after the Swedish telecom company reported Tuesday a hefty loss in its third quarter, compared to prior year's profit, hit by one-time charge related to Vonage acquisition, as well as weak sales. Looking ahead, the company expects the current macroeconomic uncertainty to persist into 2024.

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Neogen Q1 Results Miss Estimates; Backs FY24 Outlook

Neogen Corp. (NEOG) reported on Tuesday that net income for the first quarter plunged to $1.50 million or $0.01 per share from to $5.21 million or $0.05 per share in the prior-year quarter.

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PepsiCo Q3 Results Top Estimates, Lifts FY23 Core EPS View Above Market

Snack and beverage giant PepsiCo. Inc. reported Tuesday higher profit and revenues in its third quarter with growth in most of the regions. Core earnings per share and top line beat market estimates. Further, the company raised its fiscal 2023 core earnings view, while maintained revenue gowth forecast. The company also issued fiscal 2024 outlook, expecting a growth.

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JPMorgan Q3 Profit Up 35%, Results Top Estimates

US investment bank JPMorgan Chase reported Friday a profit for the third quarter that grew 35 percent from last year, driven by lower provision for credit losses and higher net interest income. Both earnings per share and revenues for the quarter topped analysts' expectations.

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JPMorgan Chase Q3 Results Top Estimates

US investment bank JPMorgan Chase & Co. (JPM) reported Friday that net income for the third quarter increased to $13.15 billion or $4.33 per share from $9.74 billion or $3.12 per share in the prior-year quarter.

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Infosys Backs FY24 Margin View, Cuts Revenue Growth Outlook; Stock Down In Premarket

Infosys Ltd (INFY), while announcing higher second-quarter results, on Thursday maintained its fiscal 2024 operating margin guidance, but trimmed the top end of its revenue growth view range.

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Commercial Metals Q4 Adj. EPS Misses Estimates

Commercial Metals Co. (CMC) on Thursday reported that net earnings for the fourth quarter declined to $184.17 million or $1.56 per share from $288.63 million or $2.40 per share in the prior-year quarter.

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EasyJet To Deliver Record Q4 Headline Pretax Profit, Achieves FY23 Financial Targets

easyJet Plc (ESYJY.PK, EZJ.L) said it expects fourth quarter headline profit before tax to be between 650 million pounds - 670 million pounds. Total group revenue is projected to be around 3.12 billion pounds with passenger revenue of 1.97 billion pounds. During fourth quarter, easyJet flew 28.6 million seats, a 9% increase on the same period last year. Load factor was 92%, flat with prior year. Passenger numbers in the quarter increased to 26.2 million from 24.3 million.

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BioXcel Reports Positive OS Results From Phase 2 Trial Of BXCL701 In Patients With SCNC

BioXcel Therapeutics, Inc. (BTAI), a biopharmaceutical company focused on neuroscience and immuno-oncology, announced Tuesday positive overall survival or OS data from its Phase 2 trial of BXCL701 in combination with KEYTRUDA (pembrolizumab) in patients with small cell neuroendocrine prostate cancer or SCNC.

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PepsiCo Q3 Results Top Estimates, Lifts FY23 Core EPS View Above Market

PepsiCo Q3 Results Climb, Top Estimates; Lifts FY23 Earnings View; Sees Growth In FY24

PepsiCo, Inc. (PEP) reported Tuesday that its third-quarter net income attributable to the company grew to $3.09 billion from last year's $2.70 billion. Earnings per share improved to $2.24 from prior year's $1.95.

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Lamb Weston Updates FY24 Outlook; Stock Surges

Lamb Weston Holdings, Inc. (LW) said the company delivered solid sales and earnings growth in the first quarter, driven by the carryover benefit of pricing actions initiated last year as well as improved customer and product mix. Looking forward, the company raised financial targets for fiscal 2024 to reflect performance in the quarter, as well as the current solid demand and pricing environment.

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Conagra Brands Q1 Profit Beats Estimates; Net Sales Impacted By Elongated Volume Recovery Timetable

Conagra Brands, Inc. (CAG) posted a growth of 15.8% in its first-quarter adjusted earnings per share from a year ago. Adjusted operating margin was 16.7%, a 297 basis point increase over the prior year quarter. First quarter net sales were flat with prior year, impacted by elongated volume recovery timetable. Organic net sales declined 0.3%, for the quarter, driven by a 6.6% decrease in volume largely due to industry-wide slowdown in consumption and recent consumer behavior shifts, partially offset by a 6.3% improvement in price/mix.

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Gerresheimer Q3 Adj. Net Income Declines, Revenues Up 5.5% Organic; Confirms FY Guidance

Gerresheimer AG (GRRMF.PK) reported that its third quarter net income to shareholders increased to 28.0 million euros from 27.3 million euros, last year. Earnings per share was 0.81 euros compared to 0.87 euros. Adjusted net income declined to 37.7 million euros from 37.9 million euros. Adjusted EPS was 1.07 euros compared to 1.15 euros. Revenues were 487.9 million euros compared to 473.0 million euros.

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Vivos Therapeutics In Deals With Ormco, On Demand Orthodontist; Stock Up In Pre-market

Medical device and technology company Vivos Therapeutics, Inc. (VVOS) announced Wednesday two key strategic agreements with Ormco, a division of Envista Holdings Corp. (NVST), and On Demand Orthodontist to provide Spark Clear Aligners.

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Helen Of Troy Slips Over 6% In Pre-market After Downbeat In Q2 Profit, Revenue

Shares of Helen of Troy Ltd. (HELE) were trading down on Wednesday after the company reported a decline in earnings and revenue for the second-quarter.

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Paychex Updates FY24 Business Outlook

Paychex, Inc. (PAYX) said the company now expects fiscal 2014 adjusted earnings per share growth in a range of 9% to 11%. Previously, the company projected adjusted earnings per share growth in the range of 9% to 10%. Interest on funds held for clients is now anticipated to be in the range of $140 million to $150 million. The company noted that the other aspects of guidance for fiscal 2024 remain unchanged.

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ALX Oncology More Than Doubles In Pre-market After Positive Interim Phase 2 Data From ASPEN-06 Trial

Shares of ALX Oncology Holdings Inc. (ALXO) were trading up over 114 percent on Tuesday after the company reported positive prespecified interim Phase 2 data from its ASPEN-06 clinical trial of Evorpacept for Cancer.

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American Electric Power Names Charles Zebula CFO, Reaffirms Operating Earnings Outlook

American Electric Power Co. Inc. (AEP) Monday announced the appointment of Charles Zebula as chief financial officer and executive vice president, effectively immediately succeeding Ann Kelly, who decided to leave the company.

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