Thursday, 2 Feb 2023

Charles Schwab Q4 Profit Increases, but misses estimates

European Economic News Preview: UK Inflation Data Due

Consumer prices from the UK and passenger car registrations from Europe are the top economic news due on Wednesday.

At 2.00 am ET, the Office for National Statistics is set to release UK consumer prices for December. Inflation is forecast to ease to 10.5 percent from 10.7 percent in November.

In the meantime, the European Automobile Manufacturers’ Association is scheduled to issue new car registrations data for December.

At 4.30 am ET, UK house price data is due from ONS.

Half an hour later, Eurostat publishes euro area final consumer prices for December. The preliminary estimates showed that inflation eased to 9.2 percent from 10.1 percent in November. The statistical office is set to confirm the flash estimate.

Public Service Enterprise Group To Sell 25% Stake In Ocean Wind 1 To Orsted

Public Service Enterprise Group, Inc. or PSEG (PEG) on Wednesday agreed to sell its 25% equity stake in the Ocean Wind 1 offshore wind energy project to wind energy company Orsted, providing Orsted with 100% ownership of the project.

Orsted, America’s largest offshore wind energy company, will proceed with development of the project with PSEG supporting onshore infrastructure construction.

PSEG remains committed to Governor Murphy’s clean energy policies and President Biden’s goal of deploying 30 gigawatts of offshore wind by 2030.

As Ocean Wind 1 continues its planning and development, Orsted will ensure the project delivers affordable energy to New Jersey, while providing economic opportunity across the state and region.

The transaction between Orsted and PSEG is expected to close in the first half of 2023, pending the required closing conditions. The initial delivery of power from Ocean Wind 1 is scheduled for the end of 2024, and full commissioning is expected in 2025.

PNC Financial Services Group Inc. Q4 Profit Increases, but misses estimates

PNC Financial Services Group Inc. (PNC) released earnings for its fourth quarter that increased from the same period last year but missed the Street estimates.

The company’s earnings came in at $1.41 billion, or $3.47 per share. This compares with $1.22 billion, or $2.86 per share, in last year’s fourth quarter.

Excluding items, PNC Financial Services Group Inc. reported adjusted earnings of $1.41 billion or $3.49 per share for the period.

Analysts on average had expected the company to earn $3.95 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 12.3% to $5.76 billion from $5.13 billion last year.

PNC Financial Services Group Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $1.41 Bln. vs. $1.22 Bln. last year.
-EPS (Q4): $3.47 vs. $2.86 last year.
-Analyst Estimate: $3.95
-Revenue (Q4): $5.76 Bln vs. $5.13 Bln last year.

ProLogis Q4 Profit Decreases, but beats estimates

ProLogis (PLD) revealed a profit for fourth quarter that decreased from last year but beat the Street estimates.

The company’s bottom line totaled $0.59 billion, or $0.63 per share. This compares with $1.25 billion, or $1.67 per share, in last year’s fourth quarter.

Excluding items, ProLogis reported adjusted earnings of $1.18 billion or $1.24 per share for the period.

Analysts on average had expected the company to earn $0.56 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 36.7% to $1.75 billion from $1.28 billion last year.

ProLogis earnings at a glance (GAAP) :

-Earnings (Q4): $0.59 Bln. vs. $1.25 Bln. last year.
-EPS (Q4): $0.63 vs. $1.67 last year.
-Analyst Estimates: $0.56
-Revenue (Q4): $1.75 Bln vs. $1.28 Bln last year.

Instructure Holdings Rally Continues

Instructure Holdings, Inc. (INST) shares are gaining more than 9 percent on Wednesday morning trade, continuing an uptrend since January 11. The shares have reached a year-to-date high today.

Currently, shares are at $28.90, up 8.44 percent from the previous close of $26.65 on a volume of 227,783.

KB Home Q4 Results Miss Street View; Shares Down 4%

KB Home (KBH) Wednesday reported results for its fourth quarter with both earnings and revenues missing Street estimates. Shares were down over 4% in extended hours trading, following the news.

Fourth-quarter profit rose to $216.4 million or $2.47 per share from $174.2 million or $1.91 per share last year. Analysts polled by Thomson Reuters expected earnings of $2.87 per share for the quarter. Analysts’ estimates typically exclude one-time items.

Revenues grew 16% to $1.94 billion from $1.68 billion last year. Analysts had a consensus revenue estimate of $1.98 billion.

Homes delivered increased 3% to 3,786, while average selling price rose 13% to $510,400.

Looking forward, CEO Jeffrey Mezger said, “We believe we are well positioned to navigate the current environment, with a solid balance sheet and anticipated healthy cash flow for 2023. We are committed to continuing to moderate our land investments until market conditions improve, as well as to maintain a balanced approach to capital allocation, to maximize long-term shareholder value.”

Looking forward, the company expects housing revenues in the range of $1.25 billion to $1.40 billion for the first quarter, with average selling price in the range of $490,000 to $500,000.

KBH closed Wednesday’s trading at $35.94, up $1.09 or 3.13%, on the NYSE. The stock, however, slipped $1.45 or 4.03% in the after-hours trading.

Charles Schwab Q4 Profit Increases, but misses estimates

Charles Schwab (SCHW) reported earnings for its fourth quarter that increased from last year but missed the Street estimates.

The company’s earnings totaled $1.97 billion, or $0.97 per share. This compares with $1.58 billion, or $0.76 per share, in last year’s fourth quarter.

Excluding items, Charles Schwab reported adjusted earnings of $2.15 billion or $1.07 per share for the period.

Analysts on average had expected the company to earn $1.09 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 16.8% to $5.50 billion from $4.71 billion last year.

Charles Schwab earnings at a glance (GAAP) :

-Earnings (Q4): $1.97 Bln. vs. $1.58 Bln. last year.
-EPS (Q4): $0.97 vs. $0.76 last year.
-Analyst Estimate: $1.09
-Revenue (Q4): $5.50 Bln vs. $4.71 Bln last year.

Related Posts