Polaris Industries Guides FY22 Above Estimates – Quick Facts
Sensex snaps 5-day rout, rebounds 367 points
Maruti was the top gainer in the Sensex pack followed by Axis Bank, SBI, IndusInd Bank, Bharti Airtel and NTPC.
Snapping its five-session losing streak, equity benchmark Sensex rebounded 367 points on Tuesday, boosted by strong gains in Maruti, Axis Bank and SBI amid a supportive trend in European equities.
The BSE gauge ended 366.64 points or 0.64% higher at 57,858.15. Similarly, the NSE Nifty rose 128.85 points or 0.75% to close at 17,277.95.
Maruti was the top gainer in the Sensex pack, rising around 7%, followed by Axis Bank, SBI, IndusInd Bank, Bharti Airtel and NTPC.
On the other hand, Wipro, Bajaj Finserv, HDFC twins and RIL were among the laggards.
Elsewhere in Asia, bourses in Hong Kong, Shanghai, Tokyo and Seoul ended sharply lower.
Stock exchanges in Europe were trading with significant gains in mid-session deals.
International oil benchmark Brent crude advanced 0.89% to $87.04 per barrel.
Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth ₹3,751.58 crore on Monday, according to stock exchange data.
Chunghwa Telecom Issues FY22 Guidance
Chunghwa Telecom Co., Ltd. (CHT) said it expects fiscal 2022 net income attributable to stockholders of the parent to be NT$34.11 billion to NT$36.04 billion, representing a decrease of NT$1.64 billion to an increase of NT$0.29 billion from prior year. Net earnings per share is expected to be NT$4.40-NT$4.65, representing a decrease of NT$0.21 to an increase of NT$0.04, year over year.
For 2022, the company expects total revenue to increase by 1.1%-1.7% year-on-year, to NT$212.80-NT$214.00 billion. The company expects the increase in revenue to be driven by increases in mobile communications revenue, broadband access revenue, data communications revenue and MOD revenue, as well as revenue coming from the expansion of emerging business in the digital economy.
Chi-Mau Sheih, CEO of Chunghwa Telecom, said: “In 2022, Chunghwa will focus on ‘sustainability + 5G + transformation’ as our core strategy. By actively promoting the sustainable development of ESG initiatives, we expect to catch new business opportunities in areas such as 5G and 5G private networks, Taiwan’s Forward-looking Infrastructure Development Program 2.0, post-pandemic services and smart applications, among others.”
Brown & Brown Q4 Profit Rises
Brown & Brown Inc. (BRO) Monday reported that its net income for the fourth quarter was $101.7 million or $0.36 per share, up from $97.3 million or $0.34 per share last year.
Adjusted net income per share increased to $0.42 from $0.32 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.39 per share. Analysts’ estimates typically exclude special items.
Revenues for the fourth quarter were $738.5 million, up from $642.1 million last year. Analysts expected revenue of $726.16 million for the quarter.
Oil Prices Rebound On Supply Disruption Fears
Oil prices rebounded on Tuesday and recovered most of the previous session’s losses amid an increasingly tight supply market.
Benchmark Brent crude futures climbed 1.3 percent to $86.56 a barrel, while WTI crude futures were up 1.3 percent at $84.41.
Growing tension in Eastern Europe and the Middle East fueled investors’ concerns over potential supply disruptions.
After NATO said it was putting forces on standby and reinforcing Eastern Europe with more ships and fighter jets, Russia accused the West of “hysteria” and putting out information “laced with lies.”
In the Middle East, Yemen’s Houthi movement, aligned with Iran, launched its latest missile attack at the United Arab Emirates (UAE) on Monday.
The attack targeted a base hosting the U.S. military but was thwarted by U.S.-built Patriot interceptors, according to U.S. and UAE officials.
As OPEC+ struggles to reach its output target, investors now await crude oil supply data from the American Petroleum Institute and Energy Information Administration for further direction.
Swatch Group Posts FY Profit; Sees FY22 Double-digit Sales Growth In Local Currencies
Swiss watch and jewelry maker Swatch Group (SWGAF.PK,SWGNF.PK) reported that its net income attributable to shareholders for fiscal year 2021 was 765 million Swiss francs compared to a net loss of 51 million francs in the previous year. Earnings per registered share was 2.95 francs compared to a loss of 0.20 francs in the prior year.
Operating profit climbed to 1.02 billion francs from 52 million francs in the previous year.
Annual net sales were 7.31 billion francs, an increase of 30.7% from the previous year at current exchange rates or 29.6% at constant rates.
At its next meeting, the Board of Directors will decide on the dividend proposal to the Annual General Meeting, the company said in a statement.
For 2022, the Group anticipates double-digit sales growth in local currencies.
Polaris Industries Guides FY22 Above Estimates – Quick Facts
While reporting financial results for the fourth quarter and fiscal 2021 on Tuesday, Polaris Industries Inc. (PII) initiated adjusted earnings and sales guidance for the full-year 2022, well above analysts’ expectations.
For fiscal 2022, the company now projects adjusted earnings in a range of $10.10 to $10.40 per share on sales between $9.215 billion and $9.455 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $9.83 per share on sales of $8.73 billion for the year. Analysts’ estimates typically exclude special items.
For the fourth quarter, the company reported net income attributable to Polaris of $86.8 million or $1.40 per share, sharply down from $198.8 million or $3.15 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter was $134.2 million or $2.16 per share, compared to $211 million or $3.34 per share in the year-ago quarter.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $2.03 per share for the quarter. Analysts’ estimates typically exclude special items.
Reported and adjusted sales for the quarter increased slightly to $2.17 billion from $2.16 billion in the same quarter last year. Analysts expected revenue of $2.13 billion, for the quarter.