Silicon Motion Technology Corp. Q1 Profit Increases, beats estimates

Silicon Motion Technology Corp. (SIMO) released a profit for its first quarter that increased from the same period last year and beat the Street estimates.

The company’s earnings totaled $54.50 million, or $1.60 per share. This compares with $34.40 million, or $0.98 per share, in last year’s first quarter.

Excluding items, Silicon Motion Technology Corp. reported adjusted earnings of $58.95 million or $1.72 per share for the period.

Analysts on average had expected the company to earn $1.53 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 32.7% to $242.0 million from $182.4 million last year.

Silicon Motion Technology Corp. earnings at a glance (GAAP) :

-Earnings (Q1): $54.50 Mln. vs. $34.40 Mln. last year.
-EPS (Q1): $1.60 vs. $0.98 last year.
-Analyst Estimate: $1.53
-Revenue (Q1): $242.0 Mln vs. $182.4 Mln last year.

Jefferson County police shooting leaves suspect in unknown condition

A deputy from the Jefferson County Sheriff’s Office was involved in a police shooting that left a person in unknown condition early Thursday morning, a tweet from the sheriff’s office said.

A deputy shot a person at 8055 W. Bowles Ave., which is the address of the Bowles Crossing Shopping Center in Littleton. The identity and gender of the person shot has not yet been released.

The police shooting occurred during a confrontation with the person, who was taken to a hospital following the incident.

No deputies were injured during the police shooting. The sheriff’s office is investigating the incident.

German Factory Orders Decline Exceeds Expectations

Germany’s factory orders declined more-than-expected in March, reflecting the impact of the war in Ukraine on industrial activity.

Factory orders posted a monthly fall of 4.7 percent in March, data released by Destatis showed Thursday. This was faster than February’s 0.8 percent decrease and the 1.1 percent decline expected by economists.

Excluding major orders, new orders in manufacturing declined 2.2 from February.

The overall fall in demand was largely driven by the 6.7 percent contraction in foreign orders. Domestic orders logged a moderate decrease of 1.8 percent.

Within foreign demand, orders from the non-euro area went down 13.2 percent, while that from the euro area grew 5.6 percent.

Among major segments, orders for capital goods recorded an 8.3 percent fall and that for intermediate goods decreased 1.5 percent. On the other hand, consumer goods demand grew 6.4 percent.

On a yearly basis, new orders slid 3.1 percent, in contrast to the 4.3 percent increase seen in February.

German order books were richly filled at the turn of the year but have started to weaken since then, Carsten Brzeski, an ING economist, said. The war in Ukraine and the new supply chain frictions in China will add more pressure to orders and consequently, the entire economy in the coming months.

Data showed that real turnover in manufacturing decreased 5.9 percent on month in March, following a 2.2 percent decrease in February.

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Biden To Visit South Korea, Japan Next Month

President Joe Biden will visit South Korea and Japan to further deepen the United States’ ties with the governments, economies, and people of the two allied Asian countries.

This trip will advance the Biden-Harris Administration’s rock-solid commitment to a free and open Indo-Pacific and to U.S. treaty alliances with the Republic of Korea and Japan, White House Press Secretary Jen Psaki said in a statement on the President’s Travel plan.

The Presidential visit, scheduled for May 20 to May 24, will build on more than a year of Washington’s intensive diplomacy with the Indo-Pacific.

Biden is hosting the U.S.-ASEAN Special Summit on May 12-13 in Washington, D.C.

In South Korea, President Biden will hold bilateral meeting with his newly elected counterpart Yoon Suk Yeol. While in Japan, Biden will meet Prime Minister Kishida Fumio.

“The leaders will discuss opportunities to deepen our vital security relationships, enhance economic ties, and expand our close cooperation to deliver practical results,” Psaki said.

In Tokyo, President Biden will also meet with the leaders of the Quad grouping of Australia, Japan, India, and the United States.

Kellogg Boosts FY22 Sales Growth Outlook – Update

While reporting its financial results for the first quarter on Thursday, Kellogg Co. (K) raised its organic net sales growth guidance for the full year 2022.

For fiscal 2022, the company now projects currency-neutral adjusted earnings per share growth of about 1 to 2 percent on organic net sales growth of about 4 percent, led by price/mix growth.

Previously, the company expected currency-neutral adjusted earnings per share growth of about 1 to 2 percent on organic net sales growth of about 3 percent, led by price/mix growth.

The increased sales guidance reflects momentum in its business, particularly snacks globally and noodles in Africa, as well as by higher price/mix growth required to cover incremental cost inflation in the economy.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.06 per share on a revenue growth of 1.6 percent to $14.41 billion for the year. Analysts’ estimates typically exclude special items.