The Kraft Heinz Company Q3 Profit Decreases, but beats estimates

The Kraft Heinz Company (KHC) released earnings for third quarter that decreased from last year but beat the Street estimates.

The company’s earnings totaled $262 million, or $0.21 per share. This compares with $432 million, or $0.35 per share, in last year’s third quarter.

Excluding items, The Kraft Heinz Company reported adjusted earnings of $0.72 per share for the period.

Analysts on average had expected the company to earn $0.62 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 0.9% to $6.57 billion from $6.51 billion last year.

The Kraft Heinz Company earnings at a glance (GAAP) :

-Earnings (Q3): $262 Mln. vs. $432 Mln. last year.
-EPS (Q3): $0.21 vs. $0.35 last year.
-Analyst Estimates: $0.62
-Revenue (Q3): $6.57 Bln vs. $6.51 Bln last year.

Wall Street Might Start Broadly Down

Earnings reports might be influencing the market sentiments on Wednesday. After the bell today, major corporates Alphabet and Microsoft have scheduled their earnings reports.

Early trends on the U.S. Futures Index suggest that Wall Street might open mostly lower. Asian shares closed mostly higher, while European shares were mostly down.

As of 7.55 am ET, the Dow futures were up 64.00 points, the S&P 500 futures were declining 13.25 points and the Nasdaq 100 futures were down 79.25 points.

The U.S. major averages all finished Tuesday firmly positive. The Nasdaq advanced 121.55 points or 0.9 percent to 13,139.87, the S&P 500 climbed 30.63 points or 0.7 percent to 4,247.68 and the Dow rose 204.97 points or 0.6 percent to33,141.38.

On the economic front, Fed Chairman Jerome Powell will give brief introductory remarks before the 2023 Moynihan Lecture in Social Science and Public Policy event at 4.35 pm ET.
The New Home Sales for September will be released at 10.00 am ET. The consensus is 685K, while it was up 675K in the prior month.

Asian stocks ended Wednesday’s session mostly higher. China’s Shanghai Composite index rose 0.40 percent to 2,974.11.

Hong Kong’s Hang Seng index settled 0.55 percent higher at 17,085.33.

Japanese shares advanced. The Nikkei average edged up 0.67 percent to 31,269.92. The broader Topix index closed 0.61 percent higher at 2,254.40.

Australian markets ended little changed.

SiteOne Landscape Supply Q3 Earnings Fall, Misses Estimates; But Revenue Rises

SiteOne Landscape Supply, Inc. (SITE), a distributor of landscape supplies, on Wednesday reported lower earnings for the third quarter, particularly on higher SG&A expenses despite a 4 percent increase in revenues. Earnings also missed the Street view.

Further, the company lowered its adjusted EBITDA outlook for fiscal 2023.

Quarterly profit decreased 22 percent to $57.3 million, or $1.25 per share from $73.3 million or $1.60 per share same period last year, on higher selling and general administration expenses.

On average, nine analysts polled by Thomson Reuters expected earnings of $1.45 per share for the year. Analysts’ estimates typically exclude special items.

Revenue however, increased to $1.145 billion from $1.102 billion in the prior year. The street estimate for revenue was $1.14 billion.

Looking ahead to the full year, the company said it now expects adjusted EBITDA to be in the range of $400 million to $410 million compared to the previous expectation of $400 million to $425 million.

On Tuesday, SiteOne Landscape shares closed at $137.77 up 0.32% on the New York Stock Exchange.

Garmin Ltd Q3 Profit Increases, beats estimates

Garmin Ltd (GRMN) released earnings for its third quarter that increased from last year and beat the Street estimates.

The company’s bottom line totaled $257.24 million, or $1.34 per share. This compares with $210.85 million, or $1.09 per share, in last year’s third quarter.

Excluding items, Garmin Ltd reported adjusted earnings of $270.22 million or $1.41 per share for the period.

Analysts on average had expected the company to earn $1.29 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 12.3% to $1.28 billion from $1.14 billion last year.

Garmin Ltd earnings at a glance (GAAP) :

-Earnings (Q3): $257.24 Mln. vs. $210.85 Mln. last year.
-EPS (Q3): $1.34 vs. $1.09 last year.
-Analyst Estimate: $1.29
-Revenue (Q3): $1.28 Bln vs. $1.14 Bln last year.

-Guidance:
Full year EPS guidance: $5.25
Full year revenue guidance: $5.150 Bln

Oil Prices Rebound Amid Middle East Tensions

Oil prices rose over 1 percent on Wednesday after plunging more than 5 percent in the first two days of the week on demand concerns.

Benchmark Brent crude futures jumped 1.1 percent to $85.92 per ounce, while WTI crude futures were up 1.2 percent at $81.94.

Supply concerns returned to the fore after Israeli airstrikes hit a densely populated refugee camp in the Gaza Strip on Tuesday, killing at least 50 Palestinians and a Hamas commander.

Hamas’ armed wing al-Qassam Brigades claimed today that Israel’s air strikes on the Jabalia refugee camp led to the death of 7 hostages, including three with foreign passports.

Israel prime minister Benjamin Netanyahu said the country’s war against Hamas will continue despite “painful losses”.

Traders also reacted to the latest inventory data and awaited the outcome of Federal Reserve meeting later in the day for directional cues.

Data from the American Petroleum Institute industry body revealed that U.S. crude stockpiles rose by 1.3 million barrels last week, slightly less than expected.

Official data from the Energy Information Administration will be published later in the session.