Thursday, 29 Jul 2021

Conagra Brands Trims FY22 Outlook; Boosts Dividend 14% – Quick Facts

Southbound Federal Blvd. in Westminster closed for crash involving vehicle, pedestrian

Police are investigating a scene in Westminster where a vehicle crash involving a pedestrian occurred Tuesday morning. Part of Federal Boulevard going southbound is closed.

The crash happened at West 74th Avenue and Federal Boulevard, according to  Westminster police.

The closure to Federal Boulevard will last a few hours, police said.

Denver7 reported a person was transported to a hospital.

Extreme heat sizzles Southwest, flash flooding possible in desert areas

National weather forecast for July 13

Janice Dean has your FoxCast.

Excessive heat warnings remain in effect across much of the Great Basin and Desert Southwest as extreme heat continues, with slight relief midweek.

(Fox News)

Strong to severe thunderstorms will be possible in a few spots today: the Northeast, the Northern Plains and the Southwest. Flash flooding, especially in desert areas, could be dangerous.

(Fox News)

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Scattered storms will also pop up over parts of the Upper Midwest, Florida and the Gulf Coast.

The temperature during Tuesday night’s MLB All-Star Game in Denver will be warm: 80 degrees at 7 p.m. ET with cloudy skies and light winds.

Mindtree Q1 Net Profit Surges 65% – Quick Facts

Technology consulting and services firm Mindtree on Tuesday reported that first quarter net profit surged 64.7 percent to $46.5 million fro, last year.

Revenue for the quarter grew 22.6 percent to $310.5 million year-on-year.

Mindtree recorded 260 active clients as of June 30, 2020. The company added 9 new clients during the quarter.

AngioDynamics Guides FY22 Adj. EPS Below Estimates – Quick Facts

While reporting financial results for the fourth quarter on Tuesday, medical devices company AngioDynamics, Inc. (ANGO) initiated its adjusted earnings and net sales guidance for the full year 2022.

For fiscal 2022, the company now projects adjusted earnings in a range of flat to $0.05 per share on net sales between $305 million and $310 million.

On average, three analysts polled by Thomson Reuters expect the company to report earnings of $0.07 per share on net sales of $297.9 million for the year. Analysts’ estimates typically exclude special items.

Consumer prices jumped 5.4% in the last 12 months

Consumer prices continued to climb last month, newly-released data indicates, as the economy begins to bounce back from the pandemic-induced downturn.

The consumer price index, the Labor Department’s measure of what consumers pay for everyday goods and services, spiked 5.4% over the last 12 months. In June alone, it jumped 0.9%.

This was the largest 1-month change since June 2008, and the largest 12-month increase since August 2008, the Labor Department said Tuesday.

PHOTO: An aisle of grocery store in Iowa in this undated stock photo.

The latest data comes as the pandemic wanes in the U.S., and consumer demand surges while many businesses have reported supply chain bottlenecks and labor issues. Meanwhile, economists and policymakers mull over whether the data reflects a temporary blip or indicates the potential of longer-term inflation.

This is a developing story. Please check back for updates.

U.S. Wholesale Inventories Jump More Than Expected In May

Wholesale inventories in the U.S. increased by more than expected in the month of May, according to a report released by the Commerce Department on Friday.

The report said wholesale inventories surged up by 1.3 percent in May after jumping by an upwardly revised 1.1 percent in April.

Economists had expected wholesale inventories to jump by 1.1 percent compared to the 0.8 percent increase that had been reported for the previous month.

The bigger than expected increase in wholesale inventories came as inventories of durable goods and non-durable goods shot up by 1.2 percent and 1.5 percent, respectively.

Meanwhile, the Commerce Department said wholesales climbed by 0.8 percent in May after surging up by 1.1 percent in April.

A 1.7 percent spike in sales of durable goods more than offset a 0.1 percent dip in sales of non-durable goods.

With inventories rising by more than sales, the inventories/sales ratio for merchant wholesalers inched up to 1.23 in May from 1.22 in April.

Conagra Brands Trims FY22 Outlook; Boosts Dividend 14% – Quick Facts

While reporting financial results for the fourth quarter on Tuesday, branded food company Conagra Brands, Inc. (CAG) trimmed its adjusted earnings and organic net sales growth guidance for the full year 2022.

The company said it is revising its fiscal 2022 guidance to reflect increased inflation since the fiscal third quarter, which will be particularly felt in the first half of fiscal 2022, as remediation measures, including pricing, lag the timing of realized cost inflation.

For fiscal 2022, the company now projects adjusted earnings of about $2.50 per share and organic net sales growth of nearly flat.

Previously, the company expected adjusted earnings in the range of $2.63 to $2.73 per share on organic net sales growth of 1 to 2 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.63 per share on a revenue decline of 2.7 percent to $10.84 billion for the year. Analysts’ estimates typically exclude special items.

The Company’s Board of Directors also authorized a 14% increase to the Company’s annualized dividend to $1.25 per share from $1.10 per share. The Company’s new quarterly dividend payment of $0.3125 per share of Conagra common stock will be paid on September 2, 2021 to stockholders of record as of the close of business on August 3, 2021.

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