Friday, 1 Mar 2024

European Shares Climb On Dovish Powell Comments

Markets slip as inflation story gets more complicated for investors.

The prospect of a drop in the pace of inflation has recently lifted hopes that the Federal Reserve will soon stop increasing interest rates.

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By Joe Rennison

S&P 500

Devon Energy Corp. Q4 Profit Decreases, misses estimates

Devon Energy Corp. (DVN) released a profit for fourth quarter that decreased from the same period last year and missed the Street estimates.

The company’s earnings totaled $1.20 billion, or $1.83 per share. This compares with $1.51 billion, or $2.23 per share, in last year’s fourth quarter.

Excluding items, Devon Energy Corp. reported adjusted earnings of $1.09 billion or $1.66 per share for the period.

Analysts on average had expected the company to earn $1.75 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 0.7% to $4.30 billion from $4.27 billion last year.

Devon Energy Corp. earnings at a glance (GAAP) :

-Earnings (Q4): $1.20 Bln. vs. $1.51 Bln. last year.
-EPS (Q4): $1.83 vs. $2.23 last year.
-Analyst Estimates: $1.75
-Revenue (Q4): $4.30 Bln vs. $4.27 Bln last year.

Vishay Precision Group, Inc. Q4 Profit Increases, beats estimates

Vishay Precision Group, Inc. (VPG) revealed a profit for its fourth quarter that increased from last year and beat the Street estimates.

The company’s bottom line totaled $8.83 million, or $0.65 per share. This compares with $5.96 million, or $0.44 per share, in last year’s fourth quarter.

Excluding items, Vishay Precision Group, Inc. reported adjusted earnings of $10.43 million or $0.76 per share for the period.

Analysts on average had expected the company to earn $0.62 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 6.7% to $96.24 million from $90.17 million last year.

Vishay Precision Group, Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $8.83 Mln. vs. $5.96 Mln. last year.
-EPS (Q4): $0.65 vs. $0.44 last year.
-Analyst Estimate: $0.62
-Revenue (Q4): $96.24 Mln vs. $90.17 Mln last year.

-Guidance:
Next quarter revenue guidance: $82 – $95 Mln

GoDaddy Inc. Announces Advance In Q4 Bottom Line, but misses estimates

GoDaddy Inc. (GDDY) reported a profit for its fourth quarter that increased from the same period last year but missed the Street estimates.

The company’s bottom line came in at $93.6 million, or $0.60 per share. This compares with $87.2 million, or $0.50 per share, in last year’s fourth quarter.

Analysts on average had expected the company to earn $0.62 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 2.0% to $1.04 billion from $1.02 billion last year.

GoDaddy Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $93.6 Mln. vs. $87.2 Mln. last year.
-EPS (Q4): $0.60 vs. $0.50 last year.
-Analyst Estimate: $0.62
-Revenue (Q4): $1.04 Bln vs. $1.02 Bln last year.

-Guidance:
Next quarter revenue guidance: $1.03-$1.05 bln

Wesfarmers HY Profit Increases

Australian retailer Wesfarmers Ltd. (WES.AX,WFAFF.PK) reported a net profit after tax of A$1.38 billion for the half-year ended 31 December 2022, an increase of 14.1 percent from prior year. Basic earnings per share was 122.3 cents up from 107.3 cents in the previous year.

Revenue for the period grew to A$22.56 billion from A$17.76 billion in the prior year.

The company expects fiscal year 2023 net capital expenditure to be in the range of A$1.00 billion to A$1.20 billion, subject to net property investment.

The Wesfarmers Board has determined to pay a fully-franked interim dividend of $0.88 per share, an increase of 10.0 per cent on the prior corresponding period.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Heineken Holding Annual Revenue Rises

Heineken Holding N.V. (HKHHF.PK), a Dutch brewing firm, on Wednesday reported a rise in revenue for the full year.

In addition, for full-year 2023, the brewer has reaffirmed its previous guidance.

For the 12-month period, the company registered a profit of 1.343 billion euros or 4.66 euros per share, lesser than 1.663 billion euros or 5.77 euros per share of 2021.

Before exceptional items, earnings were 2.836 billion euros or 4.92 euros per share, higher than 2.041 billion euros or 3.54 euros per share of a year ago.

Operating profit was at 4.283 billion euros as against last year’s 4.483 billion euros.

BEIA operating profit moved up to 4.502 billion euros as against last year’s 3.414 billion euros.

Net revenue increased to 28.719 billion euros, compared with 21.941 billion euros of previous fiscal.

Revenue stood at 34.676 billion euros, higher than 26.583 billion euros of last year.

The company has proposed a final dividend of 1.23 euros per share to be paid on 2 May.

Both the Heineken Holding N.V. shares and the Heineken N.V. shares will trade ex-dividend on April 24.

For 2023, Heineken still expects BEIA operating profit to grow organically mid- to high-single-digit.

European Shares Climb On Dovish Powell Comments

European stocks rose notably on Wednesday after Federal Reserve Chair Jerome Powell struck a less hawkish tone than feared in a question-and-answer session at the Economic Club of Washington, D.C.

Powell said that the disinflationary process has begun but it has a long way to go.
The pan-European STOXX 600 climbed 0.9 percent to 462.07 after rising 0.2 percent the previous day.

The German DAX, France’s CAC 40 index and the U.K.’s FTSE 100 were up between 0.6 percent and 0.9 percent.

Dutch lender ABN AMRO jumped 5.5 percent on share buyback news.

TotalEnergies SE, a French energy and petroleum firm, fell over 2 percent after reporting a decline in earnings for the fourth quarter.

Societe Generale shares fell about 1 percent. The lender reported that its fourth-quarter Group net income fell 35.1 percent to 1.16 billion euros from last year’s 1.79 billion euros.

Smurfit Kappa tumbled 3.2 percent. The British packaging giant reported a rise in profit in 2022, but box volumes were down around 2 percent against a strong prior year.
Housebuilder Barratt Developments added nearly 2 percent after raising its home completion guidance.

Transport operator FirstGroup soared 5.6 percent after it agreed to buy Ensign Bus Company Ltd. for an undisclosed sum.

Asset manager Ashmore gained 1 percent despite reporting sharply lower half-yearly profit.

German utility E. ON advanced 2 percent after saying it likely exceeded its own profit outlook in 2022.

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