Wednesday, 8 Feb 2023

How Uday Kotak Got Into Banking

P3 Health Partners Reaffirms FY22 Outlook

P3 Health Partners Inc. (PIII) reaffirmed its full-year 2022 financial guidance and also issued an outlook for the full-year 2023.

For the full-year 2022, P3 is reaffirming the revenue guidance range of between $1.025 billion and $1.075 billion, representing a 61% to 69% increase over 2021.

The at-risk Medicare Advantage membership is still expected to be greater than 100,000 for the full-year 2022, representing a roughly 35% increase over prior year.

Adjusted EBITDA loss is expected to be between $118 million and $128 million, as previously announced.

For full-year 2023, the company expects revenue of $1.20 billion to $1.25 billion and adjusted EBITDA loss of between $40 million and $60 million.

KB Home Q4 Results Miss Street View; Shares Down 4%

KB Home (KBH) Wednesday reported results for its fourth quarter with both earnings and revenues missing Street estimates. Shares were down over 4% in extended hours trading, following the news.

Fourth-quarter profit rose to $216.4 million or $2.47 per share from $174.2 million or $1.91 per share last year. Analysts polled by Thomson Reuters expected earnings of $2.87 per share for the quarter. Analysts’ estimates typically exclude one-time items.

Revenues grew 16% to $1.94 billion from $1.68 billion last year. Analysts had a consensus revenue estimate of $1.98 billion.

Homes delivered increased 3% to 3,786, while average selling price rose 13% to $510,400.

Looking forward, CEO Jeffrey Mezger said, “We believe we are well positioned to navigate the current environment, with a solid balance sheet and anticipated healthy cash flow for 2023. We are committed to continuing to moderate our land investments until market conditions improve, as well as to maintain a balanced approach to capital allocation, to maximize long-term shareholder value.”

Looking forward, the company expects housing revenues in the range of $1.25 billion to $1.40 billion for the first quarter, with average selling price in the range of $490,000 to $500,000.

KBH closed Wednesday’s trading at $35.94, up $1.09 or 3.13%, on the NYSE. The stock, however, slipped $1.45 or 4.03% in the after-hours trading.

Stretch of I-70 eastbound from Limon to Genoa is shut down by traffic crash

A stretch of the eastbound lanes of Interstate 70 on the Eastern Plains is closed from Limon to Genoa due to a traffic crash.

The crash happened about 3 p.m. near exit 367, said Master Trooper Gary Cutler of the Colorado State Patrol. One semi-truck jackknifed and another semi ran into the jackknifed trailer. No injuries were reported. The lanes are closed for an “extended cleanup.” The road is expected to reopen when the accident is cleared. Tow trucks are on the scene.

Logitech Q3 Preliminary Results Down; Cuts FY Outlook

Logitech International (LOGI) reported that its third quarter preliminary GAAP operating income and net sales declined from last year, reflecting challenging macroeconomic conditions that included a slowdown in sales to enterprise customers in the quarter.

The company cut its full-year outlook, citing the softer than expected third quarter results, and uncertainty in supply availability related to the current Covid outbreak in China.

Preliminary GAAP operating income is between $171 million and $176 million, down between 33 and 35 percent, compared to $263 million in the same quarter a year ago.

Preliminary non-GAAP operating income is between $198 million and $203 million, down between 33 and 34 percent, compared to $302 million in the same quarter a year ago.

Preliminary third quarter net sales are between $1.26 billion and $1.27 billion, down between 22 and 23 percent in US dollars and 17 and 18 percent in constant currency, compared to the prior fiscal year.

Logitech cut its fiscal Year 2023 outlook to between negative 13 percent and negative 15 percent sales growth in constant currency, and between $550 million and $600 million in non-GAAP operating income.

The company had previously provided an outlook of between negative 4 percent and negative 8 percent sales growth in constant currency, and between $650 million and $750 million in non-GAAP operating income.

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

How Uday Kotak Got Into Banking

Finance industry veteran Uday Kotak says it is getting difficult for the banking sector to attract talent, especially with competition from the technology sector.

“It’s getting more and more difficult because the kind of opportunities which have come for the new age professionals, particularly technology side, and banking is also getting much more sort of built around technology,” Kotak said, speaking at the launch of journalist Tamal Bandyopadhyay’s book Roller Coaster in Mumbai.

Stating that the issue is not just limited to India, Kotak said the best of talent is “getting cautious” about banks.

“It’s time for banking to really think about transformation, reimagining its own future, changing a lot while keeping some things constant,” he said.

Kotak said the world and India needs to watch out for inflation getting more sticky, a prolonged war between Russia and Ukraine and also an assertive China in the new year.

Banking, Kotak said, is a business run on contradictions — where it is highly leveraged itself and at the same time also commands public trust

The role of a banker in the institutional framework is very different than any other kind of institutions, and along with that comes huge responsibility, Kotak said, explaining in the video below how he got into banking.

A Must Watch!

Reportage: PTI

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