Intesa Sanpaolo Q2 Profit Down; Backs FY22, FY25 Net Income View; Stock Up

Italian bank Intesa Sanpaolo (ISNPY.PK,IITSF.PK) reported Friday that second-quarter consolidated net income declined to 1.33 billion euros from last year’s 1.51 billion euros.

Operating income amounted to 5.35 billion euros, 3.3 percent higher than last year’s 5.18 billion euros.

Net fee and commission income of 2.25 billion euros was down 4.8 percent from prior year’s 2.36 billion euros.

For 2022, the company continues to expect net income of more than 4 billion euros assuming no critical changes to commodity / energy supplies; and net income well above 3 billion euro even assuming, on a very conservative basis, a coverage of around 40 percent on the Russia-Ukraine exposure, which implies the transfer of most of the exposure to Stage 3.

In the prior year, net income was 4.19 billion euros.

Further, the company said the formula of the 2022-2025 Business Plan and, specifically, the 2025 net income target of 6.5 billion euros are confirmed.

The company also announced that the Board of Directors plans the distribution of a cash interim dividend of at least 1.1 billion euros on the 2022 results.

In Italy, Intesa Sanpaolo shares were trading at 1.75 euros, up 2.65 percent.

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

Grainger (W.W.) Inc. Q2 Income Climbs, Beats estimates

Grainger (W.W.) Inc. (GWW) announced a profit for its second quarter that increased from last year and beat the Street estimates.

The company’s earnings totaled $371 million, or $7.19 per share. This compares with $225 million, or $4.27 per share, in last year’s second quarter.

Analysts on average had expected the company to earn $6.65 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 19.6% to $3.837 billion from $3.207 billion last year.

Grainger (W.W.) Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $371 Mln. vs. $225 Mln. last year.
-EPS (Q2): $7.19 vs. $4.27 last year.
-Analyst Estimate: $6.65
-Revenue (Q2): $3.837 Bln vs. $3.207 Bln last year.

-Guidance:
Full year EPS guidance: $27.25 – $28.75
Full year revenue guidance: $15 bln – $15.2 bln

Telecoms giant BT is expanding it’s full-fibre network

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It expects to connect around 3.5 million homes and businesses this year, compared with 2.6 million previously.

For the three months to the end of June, BT’s revenues were all but flat at £5.1billion, while its pretax profits fell 10 percent to £482million due to write-offs.

But CEO Philip Jansen said: “We are delivering and not withstanding the current economic uncertainty, we remain confident in our outlook for this financial year.”

Gold Rises As GDP Dip Triggers Hopes Of A Less Aggressive Fed

Gold prices increased further on Friday as a surprise contraction in the U.S. GDP, for the second quarter in a row, strengthened hopes that the Fed would have to tone down its hawkish stance on taming inflation.

Data released on Thursday had showed the U.S. economy contracting by 0.90 percent in the June quarter, versus expectations of a 0.50 percent growth. In the first quarter, the GDP had contracted by 1.60 percent.

Gold prices have been increasing ever since markets started perceiving that the Fed would have to tread a softer path on interest rates, given the challenges arising on the growth front.

Lending support to the dollar denominated prices of the yellow metal was a retreating Dollar. The Dollar weakened against major currencies, dragging down the Dollar Index below the 106 level, versus the recent peak of 109.29 scaled a fortnight earlier.

Gold Futures for August settlement rose 6.8 points to trade at $1,757.10, up 0.39 percent on an overnight basis. Prices oscillated between $1,751.40 and $1,765.85.

Fears of a recession and stagflation have spurred buying in the safe-haven yellow metal. At the day’s high of $1765.85, gold prices returned to the level last traded on July, 6.

Denison Mines Confirms Superior Proposal For UEX

Denison Mines Corp. (DML.TO,DNN) confirmed that it has made a confidential proposal to UEX Corporation to acquire all of the issued and outstanding shares of UEX. UEX said its Board has determined that the acquisition proposal constitutes a Superior Proposal as defined in the Arrangement Agreement between Uranium Energy Corp. and UEX.

David Cates, CEO of Denison, said: “We believe that an acquisition by Denison of UEX, and its assets in northern Saskatchewan, has the potential to benefit Denison shareholders. Importantly, an acquisition of UEX would allow Denison to consolidate 100% ownership in our flagship Wheeler River Project.”

Pacific Northwest Restaurants Struggle as Temperatures Spike

Punishing heat has owners closing early, canceling outdoor dining and wondering about their future in a region where air-conditioning is not the norm.

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By Victoria Petersen