Honda Motor FY Profit Declines; Sales Revenue Up 16.2%

Honda Motor Co. Ltd (HMC) reported that its fiscal year profit attributable to owners of the parent declined to 695.3 billion yen from 707.1 billion yen, previous year. Earnings per share was 409.87 yen compared to 411.09 yen.

For the fiscal year ended March 31, 2023, sales revenue increased to 16.9 trillion yen from 14.5 trillion yen. Consolidated sales revenue increased by 16.2%, due mainly to increased sales revenue in Motorcycle business as well as positive foreign currency translation effects.

Consolidated cash and cash equivalents on March 31, 2023 increased by 128.0 billion yen from March 31, 2022, to 3.80 trillion yen.

For the fiscal year ending March 31, 2024, the company expects: earnings per share of 489.41 yen; and sales revenue of 18.2 trillion yen.

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Cancom Q1 Revenue Increases; Confirms Outlook

Cancom SE, a hybrid IT services provider, Thursday, reported 7.1% higher revenue for the first quarter of fiscal 2023.

Revenue increased to 317.7 million euros from 296.7 million euros for the same period of last year.

The company cited increased business volume by 10.4 percent to 433.0 million euros from last year’s 392.1 million euros.

EBITDA decreased to 24.1 million euros from 26.4 million euros for the same period of last year, particularly impacted by high operating and personnel costs, and special effects of approximately 1 million euros of the efficiency and profitability program.

“We closed the first quarter with solid revenue and gross profit growth, but also had to deal with inflation-related cost increases and special effects. The double-digit growth within Support and Consulting in the service business makes us confident for the course of the year,” commented Rudiger Rath, CEO of the CANCOM Group.

The company confirmed its forecast for the fiscal 2023. It still expects the revenue to be between 1.32 billion euros and 1.39 billion euros. EBITDA view is maintained to be 114 million euros-124 million euros and EBITA to be 70 million euros-80 million euros.

Prince William to present FA women’s football trophy to winners this weekend

Princess Charlotte spots dad Prince William appearing on stage

Prince William will attend the Women’s FA Cup Final at Wembley Stadium this Sunday May 14, it has been confirmed. The royal will watch the match between Chelsea and Manchester United before presenting the trophy to the winners, according to a Kensington Palace media statement.

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Tapestry Boosts FY23 Outlook; Raises Dividend 20% – Update

While reporting financial results for the third quarter on Thursday, Tapestry, Inc. (TPR) raised its earnings and revenue guidance for the full year 2023, due to its outperformance in the third fiscal quarter.

For fiscal 2023, the company now projects earnings in a range of $3.85 to $3.90 per share on revenues approaching $6.7 billion, with constant currency revenue growth of about 3 percent.

Previously, the company expected earnings in the range of $3.70 to $3.75 per share on revenues approximately $6.6 billion, with constant currency revenue growth of about 2 to 3 percent.

On average, 20 analysts polled by Thomson Reuters expect the company to report earnings of $3.71 per share on revenue of $6.64 billion for the year. Analysts’ estimates typically exclude special items.

The Company also continues to expect to return approximately $1.0 billion to shareholders in Fiscal 2023, with repurchase of approximately $700 million in common stock and payment of a 20 percent higher annual dividend of $1.20 per share.

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Oil Prices Climb On US Fuel Demand Optimism

Oil prices climbed on Thursday as strong fuel demand data coupled with optimism over the Federal Reserve cutting interest rates later this year outweighed U.S. debt ceiling worries.

Benchmark Brent crude futures rose a little over 1 percent to $77.18 a barrel, while WTI crude futures were up nearly 1 percent at $73.27.

Latest data from the U.S. Energy Information Administration (EIA) showed that gasoline inventories declined by 3.2 million barrels last week, raising optimism about strong fuel demand from the world’s top oil consumer.

Distillate fuel inventories, which include diesel and heating oil, tumbled by 4.2 million barrels, helping offset worries surrounding recession and the U.S. debt ceiling.

U.S. jet fuel demand rose to its highest level since December 2019, suggesting demand for transport fuels remains resilient in the U.S.

Meanwhile, softer-than-expected U.S. inflation data raised hopes that the Fed would start cutting rates this year to shore up the economy.

The dollar traded higher in European trade ahead of U.S. producer price inflation data due out later in the day.

The Bank of England’s rate decision is also due later in the day.

Aareal Bank Q1 Profit Surges; Backs FY23 View

Germany’s Aareal Bank Group (AAALF.PK) reported Thursday that its first-quarter consolidated net income allocated to ordinary shareholders was 47 million euros, significantly higher than 15 million euros last year. Earnings per share came to 0.78 euro, compared to 0.25 euro a year ago.

Aareal Bank Group doubled its consolidated operating profit in the first quarter to 62 million euros from 30 million euros last year.

Net interest income rose 40 percent to 222 million euros from 159 million euros last year, driven by solid margins and higher portfolio volume, as well as the deposit-taking business continued to benefit from rising interest rates.

Net commission income also continued to increase, rising 13 percent to reach 72 million euros. Software subsidiary Aareon’s growth was a major contributor to this.

Aareon said its sales revenues continued to develop very favourably, whilst the strong deposit base remained above the full-year target.

Looking ahead for fiscal 2023, Aareal Bank continues to expect consolidated operating profit of between 240 million euros and 280 million euros.

In Germany, Aareal Bank shares were trading at 33.30 euros, up 0.76 percent.

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