Noble Corp. Q4 Earnings Summary

Below are the earnings highlights for Noble Corp. (NE):

Earnings: $134.96 million in Q4 vs. $123.44 million in the same period last year.
EPS: $0.92 in Q4 vs. $1.70 in the same period last year.
Excluding items, Noble Corp. reported adjusted earnings of $61.03 million or $0.41 per share for the period.

Analysts projected $0.54 per share
Revenue: $622.59 million in Q4 vs. $208.18 million in the same period last year.

European Shares Inch Higher On China Optimism

European stocks edged higher in cautious trade on Monday despite hawkish signals from Fed and ECB officials.

Optimism around China’s recovery helped underpin sentiment as the country moves past the reopening.

The pan-European STOXX 600 edged up 0.3 percent to 465.51 after declining 0.2 percent on Friday.

The German DAX and France’s CAC 40 both inched up around 0.1 percent, while the U.K.’s FTSE 100 was little changed with a positive bias.

Miners traded higher, with Anglo American and Glencore rising around 1 percent each, as prices of industrial metals rose on bets of demand recovery in China.

Valneva SE shares advanced 1.6 percent in Paris. The vaccine maker said the U.S. Food and Drug Administration has granted priority review to a Biologics License Application for the company’s single-shot chikungunya vaccine candidate VLA1553.

Almirall, S.A. a Spanish pharmaceutical company, jumped 5.2 percent after reporting a rise in sales for fiscal 2022, driven by its European dermatology business.

Raiffeisen Bank International shares slumped 6 percent. The United States’ sanctions authority has launched an inquiry into the Austrian bank over its business related to Russia.

Bundesbank Expects German Economy To Pick Up Gradually

Germany’s economy is set to fall again in the first quarter of this year but there would be a gradual pick up going forward, Bundesbank said in its monthly report on Monday.

The central bank said economic output is set to fall again in the first quarter. However, a gas shortage is no longer expected and the electricity and gas price brakes are reducing energy costs.

As tension on the energy markets eased significantly both corporate investment and industrial production would benefit from this.

“Things could slowly pick up again as the year progresses,” the bank said. “A significant improvement is not yet in sight.”

Official data released last month showed that the largest euro area economy logged a quarterly contraction of 0.2 percent, reversing the 0.5 percent expansion in the third quarter. Another fall in the first quarter of 2023 will push the economy into a technical recession.

Although inflation is likely to fall noticeably in the coming months, the underlying price pressure will probably weaken only slowly from its high level, the central bank said.

Underpinned by government subsidies on energy bills, Germany’s harmonized inflation eased to 9.2 percent in January from 9.6 percent in December. Likewise, Eurozone inflation slowed to an eight-month low of 8.5 percent in January from 9.2 percent a month ago.

Noble Corp. Q4 Profit Climbs As Revenue Rises; Expects 2023 Revenue Above View

Noble Corporation Plc (NE), a British offshore drilling contractor, on Monday reported a rise in net profit for the fourth-quarter, amidst a surge in revenue.

For the three-month period to December 31, 2022, the company recorded a pre-tax income of $145.740 million, compared with a $130.432 million of previous year quarter.

Net income moved up to $134.962 million from last year’s $123.436 million.

Income per share was at $0.92 as against $1.70 per share of 2021.

For December quarter, the weighted average shares outstanding rose to 147.268 million from 72.667 million shares of 2021.

Excluding items, earnings were at $61 million or $0.41 per share, compared with a loss of $26 million or $0.35 per share, a year ago.

Seven analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per share of $0.54. Analysts’ estimates typically exclude one-time items.

Adjusted EBITDA increased to $157 million from $12 million of last year quarter.

Operating income stood at $164.241 million, versus $137.258 million of previous year.

Revenue surged to $622.592 million from $208.178 million of last year.

For 2023, Noble guided revenue above analysts’ expectations. The firm sees revenue of $2.35 billion – $2.55 billion. Analysts, on average, project the drilling firm to post revenue of $2.29 billion.

For 2023, Noble forecasts adjusted EBITDA of $725 million – $825 million, with a capital expenditure of $325 million – $365 million.

Eurozone Consumer Confidence Highest In Over A Year

Euro area consumer sentiment strengthened for the fifth month in a row to its highest level in over a year, preliminary data from the European Commission showed Monday.

The flash consumer confidence index for Eurozone climbed to -19.0 from -20.9 in January. That was in line with economists’ expectations.

The latest reading was the highest since February last year, when it was at -9.4.

The consumer confidence index for the EU gained 1.5 points to reach -20.6, which was the highest since February last year.

Despite the successive improvements over the past few months, the readings remained well below its long-term average.

Data for the survey was collected from February 1 to 19.

The final results are set to be released along with the monthly economic sentiment survey data on February 27.

Bunzl Buys Arbeitsschutz-Express In Germany

Bunzl plc (BNZL), an international distribution and services business on Monday announced that it agreed to acquire Arbeitsschutz-Express, a fast-growing online distributor of workwear and PPE in Germany.

Financial details of the transaction have not been disclosed.

It also announced that in January 2023 it completed the acquisition of Capital Paper, a distributor of foodservice packaging and consumables, cleaning & hygiene supplies, and industrial packaging products in Canada.

Arbeitsschutz-Express had generated 41 million euros or approximately 35 million pounds of revenue in 2022. The acquisition is expected to further enhance Bunzl’s presence in Germany, close on the heels of the hygi.de acquisition in July 2022.

Capital Paper had generated revenue of C$26 million or approximately 16 million pounds in 2022. The acquisition is expected to complement the company’s existing business in Canada.

Shares of Bunzl closed Friday’s trading at 3,013 pence, up 13 pence or 0.43 percent from the previous close.