Lamb Weston Holdings, Inc. Q1 Profit Increases, beats estimates

Lamb Weston Holdings, Inc. (LW) revealed a profit for its first quarter that increased from last year and beat the Street estimates.

The company’s bottom line totaled $231.9 million, or $1.60 per share. This compares with $29.8 million, or $0.20 per share, in last year’s first quarter.

Excluding items, Lamb Weston Holdings, Inc. reported adjusted earnings of $108.2 million or $0.75 per share for the period.

Analysts on average had expected the company to earn $0.49 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 14.3% to $1.12 billion from $0.98 billion last year.

Lamb Weston Holdings, Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $231.9 Mln. vs. $29.8 Mln. last year.
-EPS (Q1): $1.60 vs. $0.20 last year.
-Analyst Estimate: $0.49
-Revenue (Q1): $1.12 Bln vs. $0.98 Bln last year.

-Guidance:
Full year EPS guidance: $3.30 to $3.70
Full year revenue guidance: $4.7 – $4.8 Bln

European Economics Preview: Germany Foreign Trade Data Due

Foreign trade from Germany and final Purchasing Managers’ survey results from major euro area economies are due on Wednesday, headlining a busy day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany’s external trade figures. Exports and imports are forecast to grow 1.1 percent each on a monthly basis in August.

At 2.45 am ET, France’s Insee publishes industrial output figures for August. Economists expect industrial production to fall 0.3 percent on month, slower than the 1.6 percent decrease in July.

At 3.15 am ET, Spain’s services PMI data is due. The index is seen at 49.8 in September, down from 50.6 in August.

At 3.45 am ET, S&P Global releases Italy’s services PMI data for September. Economists forecast the index to fall to 49.1 from 50.5 in the previous month.

Thereafter, final composite PMI survey results are due from France and Germany at 3.50 am and 3.55 am ET, respectively.

At 4.00 am ET, S&P Global is slated to issue Eurozone final PMI survey results. Economists the composite index to fall to 48.2 in September, as initially estimated, from 48.9 in the prior month.

Half an hour later, UK S&P/CIPS final composite PMI data is due. The index is seen at 48.4 in September versus 49.6 in August.

German Exports & Imports Rebound In August

Germany’s exports and imports rebounded in August with the increase in imports exceeding that of exports, data from Destatis showed on Wednesday.

Exports grew 1.6 percent on a monthly basis in August, offsetting a 1.6 percent fall in July. Economists had forecast shipments to climb 1.1 percent.

At the same time, growth in imports accelerated to 3.4 percent from 0.1 percent in the previous month. This was much faster than the expected 1.1 percent gain.

Consequently, the trade surplus fell unexpectedly to a seasonally adjusted EUR 1.2 billion from EUR 3.4 billion in the previous month. The surplus was forecast to improve to EUR 4.0 billion.

On a yearly basis, exports growth surged to 21.2 percent from 10.8 percent in July. Likewise, imports were up 35.7 percent, bigger than July’s 26.2 percent increase.

Germany’s exports to the U.S. advanced 12.0 percent and that to China moved up 2.9 percent.

Most imports came from China in August, which gained 2.2 percent. At the same time, the increase in imports from the U.S. was 5.3 percent.

Exports to the EU countries fell 0.8 percent on month, while imports from these countries rose by 2.5 percent. Similarly, shipments to eurozone countries slid 0.6 percent and 2.9 percent more goods were imported from these countries.

Data showed that exports to Russia grew 11.9 percent, while imports from Russia declined 6.7 percent.

Schlumberger Gains On Announcing Partnership With Gradiant

Shares of Schlumberger Ltd. (SLB) are adding more than 3 percent on Wednesday morning trade after the company revealed a partnership with Gradient for sustainable production of battery-grade Lithium compounds. The collaboration will help maximize mineral recovery and reduce the environmental footprint. The Boston-based Gradiant is a provider and developer of cleantech water projects.

Currently, SLB shares are at $40.45, up 3.40 percent from the previous close of $39.12 on a volume of 9,014,927.

SMART Global Down 7% On Weak Q4 Results

Shares of software company SMART Global Holdings, Inc. (SGH) are down 7 percent on Wednesday’s trading after the company posted a drop in fourth quarter income and sales.

While the company’s net income declined marginally, its adjusted income fell to $40.4 million or $0.80 per share in the fourth quarter, from $55.1 million or $1.08 per share in the same period last year.

Quarterly sales dropped 6 percent to $437.7 million from $467.7 million a year ago.

Currently at $15.70, the stock has traded between $15.00 and $37.25 during the past 52 weeks.

SHF Holdings Stock Surges 60%

Shares of SHF Holdings, Inc. (SHFS) are currently surging over 60% on Wednesday morning, but is still down nearly 30% in the year-to-date period.

SHFS is currently trading at $8.17, up $3.12 or 61.78%, on the Nasdaq. The stock opened its trading at $6.45 after closing Tuesday’s trading at $5.05. The stock has traded between $4.46 and $30.47 in the past 52-week period.

SHF Holdings offers banking solutions for cannabis, hemp, CBD (cannabidiol), and ancillary operators. The company was founded in 2015 and is based in Arvada, Colorado.

European Economics Preview: Germany Flash Inflation Data Due

Flash consumer prices from Germany and economic confidence from euro area are due on Thursday, headlining a light day for the European economic news.

At 3.00 am ET, Spain’s statistical office INE releases flash consumer price data for September. Consumer price inflation is forecast to ease to 10.1 percent from 10.5 percent in August.

At 4.00 am ET, Italy’s Istat is scheduled to issue producer prices for August. Prices had increased 36.9 percent on a yearly basis in July.

At 5.00 am ET, European Commission publishes euro area economic confidence survey data. Economists expect the economic sentiment index to fall to 95.0 in September from 97.6 in the previous month.

At 8.00 am ET, Destatis is slated to issue Germany’s flash consumer and harmonized prices data for September. Consumer price inflation is seen at 9.4 percent versus 7.9 percent in August.