Brown & Brown Inc. Q2 Profit Advances, Beats estimates
Alexandria Real Estate Equities, Inc. Q2 Income Falls, but beats estimates
Alexandria Real Estate Equities, Inc. (ARE) released a profit for second quarter that decreased from last year but beat the Street estimates.
The company’s bottom line came in at $269.3 million, or $1.67 per share. This compares with $380.6 million, or $2.61 per share, in last year’s second quarter.
Analysts on average had expected the company to earn $0.66 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 26.3% to $643.8 million from $509.6 million last year.
Alexandria Real Estate Equities, Inc. earnings at a glance (GAAP) :
-Earnings (Q2): $269.3 Mln. vs. $380.6 Mln. last year.
-EPS (Q2): $1.67 vs. $2.61 last year.
-Analyst Estimates: $0.66
-Revenue (Q2): $643.8 Mln vs. $509.6 Mln last year.
Tesla Records $64 Mln Gain On Bitcoin Sales In Q2
Luxury electric car maker Tesla Inc. (TSLA) recorded gains of $64 million on the sale of 75% of its bitcoin holdings in the second quarter. The company also recorded an impairment of $170 million on its remaining holdings, according to its 10-Q filing with the Securities and Exchange Commission on Monday.
In the first six months of 2022, Tesla recorded $170 million of impairment losses “resulting from changes to the carrying value” of its Bitcoin holdings, the 10-Q filing states. After selling 75% of its bitcoin for fiat currency in the second quarter, the company realized a gain of $64 million.
The 10-Q filing filled details on information provided during Tesla’s quarterly earnings release and call last Wednesday.
While releasing its second-quarter earnings, the company said, “As of the end of Q2, we have converted approximately 75 percent of our Bitcoin purchases into fiat currency.” Tesla said that those sales brought in $936 million in cash.
On the earnings call, Tesla Chief Financial Officer Zach Kirkhorn said the company “converted a majority of our bitcoin holdings to fiat for a realized gain, offset by impairment charges on the remainder of our holdings, netting a $106 million cost to the [Profit and Loss Statement] included within restructuring and other.”
In early 2021, Tesla invested $1.5 billion in bitcoin, cashing in on what it believed was the digital currency’s “long-term potential.”
Tesla did not reveal the selling price for its bitcoin in the second quarter.
European Economics Preview: UK Unemployment Data Due
Unemployment data from the UK and revised consumer prices from Eurozone are the major reports due on Tuesday.
At 2.00 am ET, the Office for National Statistics releases the UK labor market statistics. The unemployment rate is forecast to rise to 3.9 percent in three months to May from 3.8 percent in three months to April.
In the meantime, Swiss foreign trade data is due for June.
At 3.00 am ET, harmonized consumer price figures are due from Austria and Slovakia.
At 5.00 am ET, Eurostat is scheduled to issue euro area harmonized consumer prices for June. According to flash estimate, inflation rose to a record 8.6 percent in June from 8.1 percent in May.
Oil Futures Settle Higher
Crude oil futures settled sharply higher on Monday as concerns about outlook for energy demand eased slightly on news new Covid-19 cases in China dropped to the lowest level in more than a week.
The dollar’s weakness, ahead of the upcoming policy statement from the Federal Reserve, contributed as well to the rise in crude oil prices.
The dollar index dropped to 106.19 in the European session before recovering to 106.50, still down more than 0.3% from the previous close.
West Texas Intermediate Crude oil futures for September ended higher by $2.00 or about 2.1% at $96.70 a barrel.
Brent crude futures was up $1.68 or 1.71% at $100.06 a barrel a little while ago.
The Fed is widely expected to raise interest rates by another 75 basis points. CME Group’s FedWatch tool is currently indicating a 77.5% chance of a 75 basis point interest rate hike and a 22.5% chance of a 100 basis point rate hike.
Although Libya’s National Oil Corporation said it aimed to bring back production to 1.2 million barrels per day (bpd) in two weeks, from around 860,000 bpd, many are of the view that output from Libya will likely remain volatile due to tensions over clashes betwen rival political factions over the weekend.
‘The Better Bagel’ Goes All In on Nutrition
These alternatives provide more protein and fiber than the average bagel.
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By Florence Fabricant
Brown & Brown Inc. Q2 Profit Advances, Beats estimates
Brown & Brown Inc. (BRO) released earnings for its second quarter that increased from last year and beat the Street estimates.
The company’s earnings came in at $145.2 million, or $0.51 per share. This compares with $139.3 million, or $0.49 per share, in last year’s second quarter.
Analysts on average had expected the company to earn $0.49 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 15.5% to $839.7 million from $727.3 million last year.
Brown & Brown Inc. earnings at a glance (GAAP) :
-Earnings (Q2): $145.2 Mln. vs. $139.3 Mln. last year.
-EPS (Q2): $0.51 vs. $0.49 last year.
-Analyst Estimate: $0.49
-Revenue (Q2): $839.7 Mln vs. $727.3 Mln last year.
