Monday, 28 Sep 2020

Boston Properties Lifts 2020 Profit View; Enters Into JV With Alexandria

C.H. Robinson To Buy Prime Distribution Services From Roadrunner Transportation

C.H. Robinson (CHRW) has agreed to acquire Prime Distribution Services, a provider of retail consolidation services in North America, from Roadrunner Transportation (RRTS). C.H. Robinson said acquisition, valued at approximately $225 million, is expected to be slightly accretive in 2020.

“Prime Distribution Services is a high-quality growth company that brings scale and value-added warehouse capabilities to our retail consolidation platform, adding to our global suite of services,” said Bob Biesterfeld, CEO.

C.H. Robinson will integrate Prime Distribution Services into its North American Surface Transportation division and multimodal technology platform, Navisphere.

U.S. weighs ban on all flights from China over virus outbreak: report

The Trump administration is reportedly considering a temporary ban on all flights from China to the U.S. in response the fast-spreading coronavirus outbreak.

CNBC reported late Tuesday that White House officials reportedly held a conference call with airline officials Tuesday and said a suspension of all China-U.S. flights is on the table as an option. CNBC reported that was one of a variety of responses being considered.

On Monday, the U.S. State Department warned travelers to “reconsider” travelling to China amid the outbreak, which has sickened at least 4,500 people and killed more than 100.

United Airlines UAL, -0.75%  said Tuesday it was cancelling dozens of flights to Hong Kong and mainland China, and Delta Air Lines DAL, +1.14%  and American Airlines AAL, +3.03%  said they will waive fees to allow travelers to reschedule trips to China.

European Economics Preview: Spain Unemployment Data Due

Unemployment from Spain is due on Tuesday, headlining a very light day for the European economic news.

At 3.00 am ET, Spain’s INE publishes fourth quarter unemployment data. The jobless rate is seen at 14 percent versus 13.92 percent in the third quarter.

At 3.30 am ET, Statistics Sweden is slated to issue retail sales, producer prices and foreign trade figures. Sales are forecast to drop 0.9 percent on month in December, following a 0.4 percent decrease in November.

At 6.00 am ET, the Confederation of British Industry is set to publish Distributive Trades Survey data. The retail sales balance is expected to rise to +3 percent in January from zero in December.

In the meantime, retail sales data is due from Ireland.

At 8.00 am ET, Hungary’s central bank announces its rate decision. The bank is expected to maintain its benchmark rate at 0.90 percent.

Canadian National Railway Co Q4 adjusted earnings of C$1.25 per share

Canadian National Railway Co (CNR.TO) revealed earnings for fourth quarter that dropped from last year.

The company’s earnings came in at C$873 million, or C$1.22 per share. This compares with C$1143 million, or C$1.56 per share, in last year’s fourth quarter.

Excluding items, Canadian National Railway Co reported adjusted earnings of C$896 million or C$1.25 per share for the period.

The company’s revenue for the quarter fell 6.0% to C$3.58 billion from C$3.81 billion last year.

Canadian National Railway Co earnings at a glance:

-Earnings (Q4): C$896 Mln. vs. C$1093 Mln. last year.
-EPS (Q4): C$1.25 vs. C$1.49 last year.
-Revenue (Q4): C$3.58 Bln vs. C$3.81 Bln last year.

Boston Properties Inc. Q4 adjusted earnings of $1.87 per share

Boston Properties Inc. (BXP) reported earnings for fourth quarter that decreased from the same period last year.

The company’s profit totaled $140.82 million, or $0.91 per share. This compares with $148.53 million, or $0.96 per share, in last year’s fourth quarter.

Excluding items, Boston Properties Inc. reported adjusted earnings of $289.94 million or $1.87 per share for the period.

The company’s revenue for the quarter rose 7.4% to $757.50 million from $705.16 million last year.

Boston Properties Inc. earnings at a glance:

-Earnings (Q4): $289.94 Mln. vs. $245.69 Mln. last year.
-EPS (Q4): $1.87 vs. $1.59 last year.
-Revenue (Q4): $757.50 Mln vs. $705.16 Mln last year.

Boston Properties Lifts 2020 Profit View; Enters Into JV With Alexandria

Boston Properties Inc. (BXP) raised its fiscal year 2020 earnings per share outlook to a range of $5.91 – $6.09 per share from the prior range of $3.45 – $3.65 per share, primarily due to an estimated $2.37 per share in gains from sales of real estate. The sale is expected to close in the first quarter of 2020. Analysts polled by Thomson Reuters expect the company to report earnings of $3.59 per share for fiscal year 2020. Analysts’ estimates typically exclude special items.

In addition, the company also increased its annual funds from operations per share outlook to a range of $7.47 – $7.65 per share from the previous outlook of $7.45- $7.65 per share, primarily due to lower than projected net interest expense.

The company said it expects earnings per share to be in the range of $3.22 – $3.24 and funds from operations of $1.80 – $1.82 per share for the first quarter 2020. Analysts project first-quarter earnings of $0.80 per share.

Separately, Boston Properties announced a joint venture with Alexandria Real Estate Equities Inc. (ARE) to develop, own and operate about 1.1 million square feet of existing office and lab properties in South San Francisco, California.

The joint venture will also have an opportunity to expand the campus through about 640,000 square feet of future development.

The joint venture expects to own a 1.7 million square foot life science campus, including a mix of office and lab buildings. Boston Properties and Alexandria will each have an approximately 50% ownership in the joint venture once complete.

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