Crude Oil Futures Settle Lower

Despite data showing a drop in U.S. crude inventories last week, oil prices fell on Wednesday, extending losses from the previous session, amid concerns about outlook for energy demand and on Fed Chair Jerome Powell’s remarks in his testimony to Congress that interest rates will likely remain higher for longer than expected.

West Texas Intermediate Crude oil futures for April ended lower by $0.92 or about 1.2% at $76.66 a barrel.

Brent crude futures settled at $82.66 a barrel today, down $0.63 or about 0.8%.

Data released by U.S. Energy Information Administration (EIA) this morning showed crude stockpiles in the U.S. fell for the first time last week after rising for 10 straight weeks.

The EIA data showed crude inventories in U.S. dropped by 1.694 million barrels last week versus expectations for an increase of 0.395 million barrels.

Gasoline inventory dropped 1.134 million barrels last week, lower than an expected decline of 1.863 million barrels, while distillate stockpiles increased by 0.138 million barrels compared to expectations for a 1.038 million barrels drop.

“The amount of crude demand uncertainty over the short-term is keeping oil prices heavy. WTI crude looks like it will be stuck between the mid-$70s and the low $80s until we have a better idea on what type of recession the Fed will trigger,” says Edward Moya, Senior Analyst at OANDA.

Duckhorn Portfolio, Inc. Reports Retreat In Q2 Profit

Duckhorn Portfolio, Inc. (NAPA) released a profit for second quarter that decreased from last year

The company’s earnings totaled $14.9 million, or $0.13 per share. This compares with $17.9 million, or $0.16 per share, in last year’s second quarter.

Excluding items, Duckhorn Portfolio, Inc. reported adjusted earnings of $21.1 million or $0.18 per share for the period.

The company’s revenue for the quarter rose 4.9% to $103.5 million from $98.7 million last year.

Duckhorn Portfolio, Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $14.9 Mln. vs. $17.9 Mln. last year.
-EPS (Q2): $0.13 vs. $0.16 last year.
-Revenue (Q2): $103.5 Mln vs. $98.7 Mln last year.

-Guidance:
Full year EPS guidance: $0.63-$0.65
Full year revenue guidance: $398-$404 mln

SmartRent Q4 Loss Down

SmartRent, Inc. (SMRT) Wednesday reported its results for the fourth quarter and issued an outlook for the full year 2023.

Revenues for the quarter was $40.6 million, up 17% from last year. SaaS revenues were $8.1 million, up 205% from a year ago.

Net Loss for the quarter was $21.4 million, down 18% year-over-year.

“Our Q4 results close out a year of durable, top-line growth and margin improvement as we delivered record revenue of $167.8 million in 2022, up 52% over last year,” said Lucas Haldeman, CEO of SmartRent. “In addition to our ongoing focus on innovation, we made meaningful strides to optimize our processes and boost operational efficiency. We remain on track to reach intra-quarter profitability on an adjusted EBITDA basis with the substantial organic revenue growth runway that exists.”

Looking forward, the company expects revenues of $55 to $58 million and $225 to $250 million for the first quarter and full year 2023, respectively.

LEG Immobilien To Suspend Dividend

LEG Immobilien SE decided to propose a suspension of the dividend payment for business year 2022 to the annual general meeting on 17th of May 2023. The liquidity will be used to strengthen the balance sheet instead of paying a dividend, the company said in a statement.

The company raised its AFFO outlook for fiscal year 2023 to a range of 125 million euros- 140 million euros from the prior outlook of 110 million euros – 125 million euros.

The suspension of the dividend will lead to lower interest costs and positively contribute to the AFFO.

Dragerwerk Turns To Profit In Q4; Expects Return To Profitable Growth In FY23

German medical and safety technology provider Draegerwerk AG (DRWKF.PK) Thursday reported that its fourth-quarter earnings after income taxes were 49 million euros, compared to last year’s loss of 16.3 million euros.

EBIT amounted to 59.7 million euros, more than quadrupling compared to the prior-year quarter’s 14.7 million euros. This was due in particular to the higher sales volume and lower procurement costs as a result of improved material availability.

At 5.9 percent, EBIT margin was also significantly higher than prior year’s 1.6 percent.

Draeger’s net sales increased 10 percent in the fourth quarter to 1.02 billion euros from last year’s 925.5 million euros. Net sales increased 7.3 percent net of currency effects.

Order intake was 860.6 million euros, compared to 850.8 million euros last year. Order intake was down 1.0 percent net of currency effects.

In fiscal 2022, net sales and earnings were significantly below prior year, in particular due to disrupted supply chains.

Looking ahead for fiscal 2023, the company expects return to profitable growth.

For 2023, Draeger expects an increase in net sales of between 7.0 and 11.0 percent, net of currency effects, and an EBIT margin of 0.0 to 3.0 percent.

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Hannover Re FY22 Net Income Rises

Hannover Re (HVRRY.PK) reported that its fiscal 2022 net income rose by 14.2% to 1.41 billion euros from 1.23 billion euros, prior year. Earnings per share was 11.66 euros compared to 10.21 euros. The operating profit or EBIT improved by 20.3% to 2.1 billion euros from 1.7 billion euros. Gross premium for the Group increased by 19.9% to 33.3 billion euros.

The Executive Board and Supervisory Board will propose to the Annual General Meeting a dividend distribution of altogether 6.00 euros. This is composed of an increased ordinary dividend of 5.00 euros per share and a special dividend of 1.00 euros per share.

Looking forward, the Group confirmed its outlook for 2023. Group net income of at least 1.7 billion euros is expected under IFRS 17.

Hannover Re’s dividend policy remains unchanged. It is envisaged that the ordinary dividend will at least be on the level of the prior year.

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