Wednesday, 27 Oct 2021

Homebuilding rebounds in August

Opinion | Putting Humanity on a Sliding Scale


By Charles M. Blow

Opinion Columnist

Adobe Systems Inc. Q3 adjusted earnings Beat Estimates

Adobe Systems Inc. (ADBE) reported a profit for its third quarter that rose from the same period last year.

The company’s earnings totaled $1.21 billion, or $2.52 per share. This compares with $0.96 billion, or $1.97 per share, in last year’s third quarter.

Excluding items, Adobe Systems Inc. reported adjusted earnings of $1.50 billion or $3.11 per share for the period.

Analysts had expected the company to earn $3.01 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 33.6% to $3.94 billion from $2.95 billion last year.

Adobe Systems Inc. earnings at a glance:

-Earnings (Q3): $1.50 Bln. vs. $1.25 Bln. last year.
-EPS (Q3): $3.11 vs. $2.57 last year.
-Analysts Estimate: $3.01
-Revenue (Q3): $3.94 Bln vs. $2.95 Bln last year.

-Guidance:
Next quarter EPS guidance: $3.18
Next quarter revenue guidance: $4.07 Bln

Baillie Gifford Shin Nippon Slips To Loss In H1

Baillie Gifford Shin Nippon (BGS.L), on Tuesday, reported that it slipped to a loss in the six-months period ended July 31, 2021, reflecting net losses on investments compared to a net gain last year.

The company’s six-month net loss per ordinary share of 3.51p compared to a profit of 9.34p per share last year.

Net losses on investments amounted to £14.4 million compared to net gains on investments of £27.1 million in the prior year period.

At July 31, 2021 the company had total assets of £775.6 million. The company is managed by Baillie Gifford, an Edinburgh based fund management group with about £353 billion under management and advice as at September 20, 2021.

S.Korea Sept 1-20 exports rise 22.9% y/y – customs agency

SEOUL, Sept 23 (Reuters) – South Korea’s exports for the first 20 days of September jumped 22.9% from a year earlier, while imports surged 38.8%, customs agency data showed on Thursday.

Exports of semiconductors increased 7.7%, while petroleum products shipments surged 95%.

Full month data will be released on Oct. 1.

Opinion | They Want to Be in the Room Where It Happens


By Gail Collins

Opinion Columnist

European Economics Preview: UK Retail Sales Data Due

Retail sales data from the UK is due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics is scheduled to issue UK retail sales data for August. Sales are forecast to grow 0.5 percent from July, when the volume was down 2.5 percent.

At 3.00 am ET, August consumer price data is due from Austria. Consumer prices were up 2.9 percent annually in July.

At 4.00 am ET, the European Central Bank publishes euro area current account data for July. In the meantime, corporate sector wages data is due from Poland.

At 4.30 am ET, the Bank of England/Kantar Inflation Attitudes Survey results are due.

At 5.00 am ET, Eurostat is set to release euro area final consumer price data. Inflation is seen at 3 percent in August, unchanged from the preliminary estimate, but up from 2.2 percent in July.

PZ Cussons FY Adj. Profit Up

PZ Cussons plc (PZC.L), on Wednesday, reported its preliminary results for the financial year ended 31 May 2021, and a trading update for the first quarter of FY22.

The company’s statutory loss after tax was £16.6 million compared to a profit of £19.7 million last year. Basic loss per share was 3.97p versus a profit of 5.62p reported a year ago.

Statutory profit before tax from continuing operations climbed 245% to £63.2 million from the previous year’s £18.3 million. Profit after tax from continuing operations amounted to £35.0 million, a jump of 298%, compared to £8.8 million reported last year.

Adjusted profit before tax from continuing operations rose to £68.6 million from £61.8 million in the previous year. Adjusted basic earnings from continuing operations increased 7.8% to 13.12p from 12.17p last year.

Revenue for the year 2021 was £603.3 million versus £587.2 million in fiscal 2020.

The company’s Board recommended a final dividend of 3.42p per share, making a total of 6.09p per share for the year. “This +5% increase reflects the Board’s confidence in the Group’s financial resilience and future growth prospects,” the company said.

In its Q1 trading update, the company stated that the unprecedented demand for its Hygiene brands at the beginning of the Covid-19 pandemic impacted year-on-year revenue comparisons in the first quarter of FY22, as expected.

Two-year Q1 revenue grew 13%, with growth across each of the company’s core categories of Hygiene, Baby and Beauty and in all geographic regions. Must Win Brands were up +23%.

Homebuilding rebounds in August

Housing expert warns of problems if prices don’t get ‘under control’

National Association of Home Builders CEO Jerry Howard says organic housing demand could causing pricing problems.

U.S. homebuilding accelerated in August despite the ongoing materials shortage. 

Housing starts rose 3.9% last month to a seasonally adjusted annualized rate of 1.615 million, the Commerce Department said Tuesday. Analysts surveyed by Refinitiv were expecting 1.555 million starts. 

Permits for future construction jumped 6% month over month to 1.728 million, ahead of the 1.6 million that was anticipated.

HOMEBUILDER CONFIDENCE TICKS HIGHER AS MATERIAL COSTS EASE

Supply chain disruptions caused by the pandemic have left builders grappling with materials shortages and higher costs following the reopening of the U.S. economy. 

But homebuilding could accelerate further in September after the National Association of Home Builders/Wells Fargo Housing Market Index released Monday showed builder sentiment ticked up one point in September as some materials prices fell and demand remained strong. 

Although soaring lumber prices began to ease in May, many builders did not see relief until recently, as higher-priced materials had yet to work their way through the economy. 

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The cost of strand board, a common material used in homebuilding, had soared by more than 500% this year. The increased costs added $36,000 to the price of building a new home. 

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