Sunday, 14 Jul 2024

PUMA Q3 Net Income Declines, Currency Adj. Sales Up 6.0%; On Track To Achieve FY Outlook

Packaging Corporation of America Q3 Profit Decreases, but beats estimates

Packaging Corporation of America (PKG) announced earnings for third quarter that decreased from the same period last year but beat the Street estimates.

The company’s bottom line came in at $183.2 million, or $2.03 per share. This compares with $262.5 million, or $2.80 per share, in last year’s third quarter.

Excluding items, Packaging Corporation of America reported adjusted earnings of $185.1 million or $2.05 per share for the period.

Analysts on average had expected the company to earn $1.93 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 8.9% to $1.94 billion from $2.13 billion last year.

Packaging Corporation of America earnings at a glance (GAAP) :

-Earnings (Q3): $183.2 Mln. vs. $262.5 Mln. last year.
-EPS (Q3): $2.03 vs. $2.80 last year.
-Analyst Estimates: $1.93
-Revenue (Q3): $1.94 Bln vs. $2.13 Bln last year.

Helix Energy Solutions Q3 Earnings Summary

Below are the earnings highlights for Helix Energy Solutions (HLX):

Earnings: $15.56 million in Q3 vs. -$18.76 million in the same period last year.
EPS: $0.10 in Q3 vs. -$0.12 in the same period last year.
Revenue: $395.67 million in Q3 vs. $272.55 million in the same period last year.

Talanx Raises FY Profit Forecast

Talanx Group expects to report a net income of more than 1.25 billion euros for the first nine months of the current financial year 2023 due to a strong operating performance of particularly the primary insurance segments. On this basis, the company increases its profit forecast for the full financial year 2023.

The company now expects a consolidated net income for the full financial year 2023 that will significantly exceed 1.5 billion euros. The company said in August that it was confident of exceeding its Group net income target of 1.4 billion euros.

The company noted that it will report final results for the first 9 months of the current financial year 2023 on 13 November 2023 as scheduled.

Logitech Q2 Profit Rises; Lifts Full-year Outlook

Logitech International (LOGI) reported second quarter net income of $137.12 million up from $82.09 million in the prior year. Earnings per share was $0.86, up 72 percent compared to the prior year.

Non-GAAP earnings per share was $1.09, up 30 percent compared to the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.60 per share for the second quarter. Analysts’ estimates typically exclude special items.

Sales for the second quarter were $1.06 billion, down 8 percent in US dollars and 9 percent in constant currency, compared to the prior year. Analysts expected revenue of $966.17 million for the quarter.

Logitech raised its full-year outlook for fiscal year 2024.

The company increased its annual sales guidance to a range of $4.0 billion – $4.15 billion from the prior estimation of $3.8 billion – $4.0 billion. Analysts expect revenue of $4.02 billion for fiscal year 2024.

The company raised its annual non-GAAP operating income outlook to a range of $525 million – $575 million from the previous outlook of $400 million- $500 million.

UK Retail Sales Fall More Than Expected

UK retail sales logged a bigger-than-expected decline in September as the cost of living pressures damped spending and consumer sentiment.

Retail sales dropped 0.9 percent on a monthly basis, in contrast to the 0.4 percent increase in August, the Office for Statistics reported Friday. Sales were forecast to ease 0.2 percent.

Food store sales grew only 0.2 percent, following a rise of 1.4 percent in August.

Due to the high cost of living and the unseasonably warm weather reducing sales of autumn-wear clothing, non-food store sales declined 1.9 percent.

Non-store retailing sales, predominantly online retail sales, decreased 2.2 percent after a 0.9 percent drop in August. On the other hand, automotive fuel sales grew 0.8 percent, rebounding from a 1.0 percent fall in August.

Excluding auto fuel, retail sales registered a monthly fall of 1.0 percent, offsetting the 0.6 percent gain in August and worse than economists’ forecast of 0.1 percent drop.

Year-on-year, overall retail sales volume dropped at a slower pace of 1.0 percent after easing 1.3 percent in August. Meanwhile, excluding auto fuel, the decline in retail sales eased to 1.2 percent from 1.3 percent a month ago.

Elsewhere, survey results from GfK showed that rising energy costs, high mortgage and rental rates, and geopolitical risks had dampened consumer sentiment in October.

The consumer confidence index unexpectedly fell to -30 from -21 in September. The score was forecast to improve to -20.

PUMA Q3 Net Income Declines, Currency Adj. Sales Up 6.0%; On Track To Achieve FY Outlook

PUMA reported that its third quarter net income decreased by 10.0% to 131.7 million euros from 146.4 million euros, prior year. Earnings per share was 0.88 euros compared to 0.98 euros. The operating result, or EBIT decreased by 8.3% to 236.3 million euros. The overall EBIT decreased due to currency effects. The EBIT margin came in at 10.2% compared to 10.9%.

Third quarter currency adjusted sales increased by 6.0% to 2.31 billion euros, while currency effects had a negative impact on sales in euro terms.

The company confirmed currency adjusted sales growth in the high single-digit percentage range for fiscal 2023. In line with the previous outlook for 2023, PUMA expects an unchanged operating result or EBIT in the range of 590 million euros to 670 million euros and a respective change in net income.

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