RWE Buys JBM Solar To Boost Solar, Battery Business In UK

RWE AG (RWEOY.PK), a German energy firm, said on Thursday that it has acquired JBM Solar, a British solar and co-located battery developer, from renewables investor Susgen, to boost its solar and battery capabilities in the UK.

Financial terms of the deal are not known.

Katja Wünschel, CEO Onshore Wind and Solar Europe & Australia of RWE Renewables, said: “…The combined development pipeline, one of the largest in the UK, provides tremendous opportunities for sustainable and value accretive growth. The first projects could be delivering electricity as early as next year.”

With the transaction, RWE gets a pipeline with combined capacity of around 6.1 gigawatts, split into 3.8 GWac of solar and 2.3 GWac of battery storage projects.

The company noted that the first solar and battery storage projects could be operational as early as end of 2024. It is expected that on average about 450 megawatts per year will be commissioned.

The UK is expected to register major growth in solar and batteries, with the government targeting a five-fold increase in solar capacity over the next 13 years, from present day’s 14 GW to 70 GW in 2035.

Kroger Co. Q4 Profit Decreases, but beats estimates

Kroger Co. (KR) announced earnings for fourth quarter that decreased from last year but beat the Street estimates.

The company’s bottom line totaled $450 million, or $0.62 per share. This compares with $566 million, or $0.75 per share, in last year’s fourth quarter.

Excluding items, Kroger Co. reported adjusted earnings of $724 million or $0.99 per share for the period.

Analysts on average had expected the company to earn $0.89 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 5.4% to $34.82 billion from $33.05 billion last year.

Kroger Co. earnings at a glance (GAAP) :

-Earnings (Q4): $450 Mln. vs. $566 Mln. last year.
-EPS (Q4): $0.62 vs. $0.75 last year.
-Analyst Estimates: $0.89
-Revenue (Q4): $34.82 Bln vs. $33.05 Bln last year.

U.S. Construction Spending Unexpectedly Edges Slightly Lower In January

Construction spending in the U.S. unexpectedly edged slightly lower in the month of January, according to a report released by the Commerce Department on Wednesday.

The report said construction spending slipped by 0.1 percent to an annual rate of $1.826 trillion in January after falling by 0.7 percent to a revised rate of $1.828 trillion in December.

Economists had expected construction spending to inch up by 0.2 percent compared to the 0.4 percent decrease originally reported for the previous month.

The unexpected dip in construction spending came as spending on public construction slid by 0.6 percent to an annual rate of $383.1 billion.

Spending on educational construction fell by 0.6 percent to an annual rate of $84.1 billion, while spending on highway construction slumped by 0.9 percent to an annual rate of $117.3 billion.

Meanwhile, the Commerce Department said spending on private construction was virtually unchanged at an annual rate of $1.443 trillion.

Spending on non-residential construction climbed by 0.9 percent to an annual rate of $595.2 billion, but the increase was largely offset by a 0.6 percent drop in spending on residential construction to a rate of $847.4 billion.

Salesforce Jumps 13% On Quarterly Results, Outlook

Shares of Salesforce, Inc. (CRM) are gaining over 13% on Thursday morning after the company reported fourth-quarter resutls, with earnings beating Street estimates. The company also issued a strong outlook for the first quarter and full year.

CRM is currently trading at $190.18, up $22.83 or 13.64%, on the NYSE. The stock opened its trading at $162.99 after closing Wednesday’s trading at $167.35. The stock has traded between $126.34 and $222.16 in the past 52-week period.

Salesforce reported fourth-quarter loss of $98 million or $0.10 per share, compared to $28 million or $0.03 per share last year.

On an adjusted basis, the company reported earnings of $1.68 per share, up from $0.84 per share last year. Analysts expected earnings of $1.36 per share for the quarte.

For the fourth quarter, revenues gained to $8.38 billion from $7.33 billion last year.

Looking forward to the first quarter, the company expects adjusted earnings of $1.60 to $1.61 per share and revenues of $8.16 billion to $8.18 billion. Analysts currently estimate earnings of $1.33 per share and revenues of $8.06 billion.

For the full year 2023, the company expects earnings of $7.12 to $7.14 per share and revenues of $34.5 billion to $34.7 billion. Analysts currently estimate earnings of $5.85 per share and revenues of $34.05 billion.

Kroger Co. Issues 2023 Guidance

The Kroger Co. (KR) said, for full year 2023, the company expects identical sales without fuel of 1.0% – 2.0%, with underlying growth of 2.5% – 3.5% after adjusting for the effect of Express Scripts. The company expects adjusted FIFO operating profit of $5.0 – $5.2 billion. Adjusted net earnings per share is anticipated in a range of $4.45 – $4.60, including an estimated benefit from the 53rd week of approximately $0.15.

Kroger expects to continue to generate strong free cash flow and remains committed to investing in the business to drive long-term sustainable net earnings growth, as well as maintaining its current investment grade debt rating. The company expects to continue to pay its quarterly dividend and expects this to increase over time.

Fourth quarter bottom line totaled $450 million, or $0.62 per share compared with $566 million, or $0.75 per share, in last year’s fourth quarter. Excluding items, adjusted earnings per share was $0.99 compared to $$0.91. Analysts on average had expected the company to earn $0.89 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 5.4% to $34.82 billion from $33.05 billion last year. Excluding fuel, sales increased 5.9% compared to the same period last year. Identical sales without fuel increased 6.2%. Analysts on average had estimated $34.91 billion in revenue.

Shares of Kroger Co. are up 3% in pre-market trade on Thursday.

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