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Volvo Cars Q3 Profit, Sales Volume Down; Nov. Retail Sales Decline – Quick Facts

Swedish luxury automaker Volvo Car Group, owned by China’s Zhejiang Geely Holding (GELYF.PK), reported Tuesday that its third-quarter net income fell 31 percent to 2.3 billion Swedish kronor from last year’s 3.3 billion kronor.

Basic earnings per share declined 21 percent to 43.10 kronor from 54.30 kronor a year ago.

Revenue fell 7 percent to 60.8 billion kronor from 65.8 billion kronor last year. Retail sales went down 17 percent from last year to 149,900 cars.

The company said Covid-19 outbreak in Southeast Asia caused an industry-wide supply shortage and impacted production and sales volumes in the third quarter.

Production was approximately 50,000 cars lower in the quarter compared to the same period in 2020, while sales in the period fell by approximately 30,000 cars as the drop in production volumes was compensated by lowered inventory.

Håkan Samuelsson, chief executive of Volvo Cars, said, “The supply situation has improved going into the fourth quarter, but we expect the industry-wide shortage of semi-conductors to remain a restraining factor.”

Further, the company noted that preliminary figures for retail sales in November show sales volumes of about 52,000 cars, down from last year due to build a up of in-transit inventory.

Crude Oil Futures Sliding Down On Demand Worries

Crude oil prices are notably lower Tuesday morning, weighed down by concerns about the outlook for energy demand amid reports the existing Coronavirus vaccines may not be much effective against the newly detected Omicron variant.

The presence of the new variant in several countries and fears of stricter restrictions on movements have raised concerns about energy demand.

Crude oil prices had rebounded a bit on Monday after suffering a setback last Friday.

West Texas Intermediate Crude oil futures for January are down $1.90 or 2.72% at $68.05 a barrel, recovering from a low of $67.06. Oil prices had tumbled more than 12.5% on Friday.

Brent crude futures are lower by $2.14 or 2.92% at $71.08 a barrel.

Moderna’s CEO Stephane Bancel has expressed apprehensions about the effectiveness of vaccines against the newly identified Omicron variant.

Bancel said in an interview to the Financial Times that it will take a couple of weeks to determine how much the mutations have affected the efficacy of the vaccines currently available in the market.

“Depending on how much it dropped, we might decide on the one hand to give a higher dose of the current vaccine around the world to protect people. Maybe people at very high risk, the immunocompromised, and the elderly should need a fourth dose,” he said.

India's GDP growth at 8.4 % in July-Sept

The GDP growth in April-June quarter this fiscal stood at 20.1 %.

India’s economic growth slowed to 8.4 % in the second quarter of 2021-22, mainly due to waning low base effect, official data showed on Tuesday.

The GDP growth in April-June quarter this fiscal stood at 20.1 %. The Indian economy had contracted by 24.4 % in April-June last year.

The gross domestic product (GDP) had contracted by 7.4 % in the corresponding July-September quarter of 2020-21, according to data released by the National Statistical Office (NSO).

GDP at Constant (2011-12) Prices in April-September 2021-22 (H1 2021-22) is estimated at ₹ 68.11 lakh crore as against ₹ 59.92 lakh crore during the corresponding period of previous year, showing a growth of 13.7 % in H1 2021-22 as against a contraction of 15.9 % during the same period last year, it stated.

The government had imposed a nationwide lockdown at the onset of the COVID-19 pandemic last year.

China has recorded a growth of 4.9 % in the July-September period of 2021.

Chico’s FAS Q3 Profit Beats Estimates; Comps. Up 28% – Quick Facts

Chico’s FAS, Inc. (CHS) said its quarterly earnings represent the best third quarter performance since 2016. Comparable sales growth of 28% was driven by outperformance in store and digital sales channels, the company noted. Comparable sales at Chico’s increased 23.3%.

For the third quarter, net income was $18.2 million, or $0.15 per share, compared to a net loss of $55.9 million, or $0.48 per share, a year ago. Excluding legal settlement charges, adjusted net income was $22.1 million, or $0.18 per share, for the quarter.

Analysts polled by Thomson Reuters expected the company to report a loss per share of $0.02, for the quarter. Analysts’ estimates typically exclude special items.

Net sales were $453.6 million compared to $351.4 million, prior year. Analysts on average had estimated $426.1 million in revenue.

For the fourth quarter, the company currently expects: consolidated net sales of $495 million to $510 million; and earnings per share of $0.00 to $0.05.

Elanco To Reduce Approx. 380 Positions, Incl. Approx. 20% Of Senior Management

Elanco Animal Health Incorporated (ELAN) announced proposed structural changes to
simplify the organization. The restructuring will eliminate approximately 380 positions around the world, including reducing the company’s senior management by approximately 20%.

Executive committee members Racquel Harris Mason, executive vice president and Chief Marketing Officer, Dirk Ehle, executive vice president and president Elanco Europe, and Joyce Lee, executive vice president and president U.S. Pet Health and Commercial Operations will exit Elanco on December 31, 2021.

The company expects to record a fourth quarter 2021 pre-tax charge for severance costs of between $86 million to $94 million in connection with the restructuring, reducing fourth quarter reported GAAP net income by $65 million to $71 million and per share results by approximately $0.13 to $0.15.

The company noted that there is no change to the previously disclosed 2021 guidance for revenue, adjusted EBITDA, and adjusted earnings per share.