Prudential Financial Q3 Profit Rises

Prudential Financial Inc. (PRU), one of the biggest life insurers in the U.S., Tuesday reported an increase in profit for the third quarter, driven by investment-management and insurance segments.

Third-quarter net income was $1.53 billion or $3.90 per share compared to $1.49 billion or $3.70 per share last year. After-tax adjusted operating income was reported at $1.487 billion or $3.78 per share compared to $1.238 billion or $3.08 per share last year.

Analysts polled by Thomson Reuters expected earnings of $2.74 per share for the quarter. Analysts’ estimates typically exclude one-time items.

CEO Charles Lowrey said “Prudential delivered solid financial results for the third quarter, reflecting our strong investment performance and high demand for the products we have introduced to support our customers as they solve their financial challenges in a changing world.”

Investment-management unit PGIM reported adjusted operating income of $327 million in the third quarter, compared to $370 million in the year-ago quarter. U.S. Businesses reported adjusted operating income of $1.09 billion compared to $848 million in the year-ago quarter.

Retirement reported adjusted operating income of $571 million compared to $347 million. Group Insurance reported adjusted operating loss of $135 million compared to income of $22 million last year.

PRU closed Tuesday’s trading at $111.11, down $0.22 or 0.20%, on the NYSE. The stock, however, gained $0.05 or 0.04% in the after-hours trading.

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Ten-Year Note Auction Attracts Below Average Demand

Continuing this week’s series of announcements of the results of its long-term securities auctions, the Treasury Department revealed on Tuesday that this month’s auction of $39 billion worth of ten-year notes attracted below average demand.

The ten-year note auction drew a high yield of 1.444 percent and a bid-to-cover ratio of 2.35.

Last month, the Treasury sold $38 billion worth of ten-year notes, drawing a high yield of 1.584 percent and a bid-to-cover ratio of 2.58.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous ten-year note auctions had an average bid-to-cover ratio of 2.48.

On Monday, the Treasury revealed this month’s auction of $ 56 billion worth of three-year notes also attracted below average demand.

The Treasury is due to announce the results of this month’s auction of $25 billion worth of thirty-year bonds on Wednesday.

Oil Futures Settle Sharply Higher

Oil futures settled sharply higher on Tuesday amid rising hopes about the outlook for energy demand after the United States lifted travel restrictions to several countries.

The U.S. has started accepting fully vaccinated travelers at airports and land borders beginning Monday, doing away with a COVID-19 restriction that dates back to the Trump administration.

The U.S. Energy Information Administration’s Short Term Energy Outlook report that said gasoline prices this year and in 2022 are likely to rise slightly more than forecast earlier supported oil prices.

The passage of the $1 trillion U.S. infrastructure bill in Congress and strong Chinese exports data also contributed rising optimism about energy demand.

West Texas Intermediate Crude oil futures for December ended up by $2.22 or about 2.7% at $84.15 a barrel, the highest settlement since October 26.

Brent crude futures were up $1.35 or 1.62% at $84.78 a barrel a little while ago.

The EIA projected retail regular grade gasoline would average $3.00 per gallon in 2021 and $2.91 in 2022. That compares with its outlook in October of $2.97 in 2021 and $2.90 in 2022.

Meanwhile, traders looked ahead to weekly inventory reports from the American Petroleum Institute (API) and the Energy Information Administration (EIA). While API’s report is due later today, the EIA’s data on U.S. crude inventories will be out Wednesday morning.

Synalloy Corp Q3 Earnings Summary

Below are the earnings highlights for Synalloy Corp (SYNL):

-Earnings: $8.20 million in Q3 vs. -$10.54 million in the same period last year.
-EPS: $0.87 in Q3 vs. -$1.16 in the same period last year.
-Revenue: $86.18 million in Q3 vs. $59.27 million in the same period last year.

SandRidge Energy Inc. Q3 Profit Climbs

Below are the earnings highlights for SandRidge Energy Inc. (SD):

-Earnings: $28.60 million in Q3 vs. -$48.75 million in the same period last year.
-EPS: $0.77 in Q3 vs. -$1.36 in the same period last year.
-Excluding items, SandRidge Energy Inc. reported adjusted earnings of $29.44 million or $0.80 per share for the period.
-Revenue: $46.58 million in Q3 vs. $27.68 million in the same period last year.

COHERENT INC Q4 adjusted earnings Miss Estimates

COHERENT INC (COHR) released a profit for its fourth quarter that advanced from the same period last year.

The company’s earnings totaled $21.1 million, or $0.85 per share. This compares with $7.7 million, or $0.32 per share, in last year’s fourth quarter.

Excluding items, COHERENT INC reported adjusted earnings of $44.0 million or $1.77 per share for the period.

Analysts had expected the company to earn $2.12 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 23.6% to $391.7 million from $316.8 million last year.

COHERENT INC earnings at a glance:

-Earnings (Q4): $44.0 Mln. vs. $24.5 Mln. last year.
-EPS (Q4): $1.77 vs. $1.01 last year.
-Analysts Estimate: $2.12
-Revenue (Q4): $391.7 Mln vs. $316.8 Mln last year.