Friday, 4 Dec 2020

Record Hurricane Season Wipes Out Most Offshore Oil in a Decade

Stock Alert: Brooks Automation Climbs To New 52-week High

Shares of Brooks Automation, Inc. (BRKS) are gaining more than 15 percent or $9.31 in Wednesday’s morning trade at $68.74 after touching a new 52-week high of $71.95, as the company’s fourth-quarter results beat analysts’ expectations and it also projected first-quarter results above estimates.

Tuesday, Brooks Automation said its fourth-quarter net income was $28.97 million or $0.39 per share, down sharply from $412.3 million or $5.68 per share last year. However, adjusted earnings from continuing operations were $0.47 per share, compared to $0.23 per share last year. Revenues grew 24 percent to $246.2 million from $199.2 million last year.

Analysts polled by Thomson Reuters had a consensus estimate for earnings of $0.36 per share on revenues of $234.88 million.

For the first quarter, the company expects adjusted earnings of $0.37 to $0.47 per share on revenues of $237 million to $251 million. The Street expects earnings of $0.32 per share on revenues of $229.96 million.

Further, the company reiterated a dividend of $0.10 per share, payable on December 17, 2020 to stockholders of record on December 4, 2020.

Brooks Automation has traded in a range of $21.19 to $71.95 in the past 52 weeks.

Atmos Energy Corporation Earnings Climb In Q4

Atmos Energy Corporation (ATO) revealed a profit for its fourth quarter that climbed from the same period last year.

The company’s profit came in at $65.33 million, or $0.53 per share. This compares with $58.41 million, or $0.49 per share, in last year’s fourth quarter.

Analysts had expected the company to earn $0.51 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 7.0% to $474.91 million from $443.68 million last year.

Atmos Energy Corporation earnings at a glance:

-Earnings (Q4): $65.33 Mln. vs. $58.41 Mln. last year.
-EPS (Q4): $0.53 vs. $0.49 last year.
-Analysts Estimate: $0.51
-Revenue (Q4): $474.91 Mln vs. $443.68 Mln last year.

Power Corporation of Canada Q3 adjusted earnings of C$0.65 per share

Below are the earnings highlights for Power Corporation of Canada (POW.TO):

-Earnings: C$505 million in Q3 vs. C$359 million in the same period last year.
-EPS: C$0.75 in Q3 vs. C$0.84 in the same period last year.
-Excluding items, Power Corporation of Canada reported adjusted earnings of C$438 million or C$0.65 per share for the period.

Myanmar opposition party says it will not recognise election

YANGON (Reuters) – Myanmar’s military-backed opposition party said on Wednesday it would not recognise an election held earlier this week and urged authorities to hold another vote.

The Union Solidarity and Development Party (USDP) said at a news conference the vote was conducted unfairly and the party had asked the election commission for a re-run.

The ruling National League for Democracy (NLD), led by Aung San Suu Kyi, has established a clear lead in early results and the party has claimed victory overall, citing its own unofficial tally.

Lyft Q3 Profit Misses, But Revenues Beat Street

Ride-hailing company Lyft Inc. (LYFT), Tuesday reported reported a third-quarter loss that narrowed from last year, but was wider than Wall Street analysts’ expectations. Meanwhile, revenues for the quarter slipped 48% hurt largely by coronavirus pandemic, however, trumped expectations.

San Francisco, California-based Lyft’s third-quarter loss narrowed to $458.4 million or $1.46 per share from $463.5 million or $1.57 per share last year. On average, 22 analysts polled by Thomson Reuters estimated loss of $0.91 per share for the quarter. Analysts’ estimates typically exclude one-time items.

Lyft’s revenues for the quarter plunged 48% to $499.7 million from $955.6 million a year ago. Analysts had a consensus revenue estimate of $486.45 million for the quarter.

“Lyft’s third quarter results reflect our focused execution and business resilience,” said Logan Green, co-founder and chief executive officer of Lyft. “We are encouraged by the ongoing recovery in ridesharing and the performance improvements we saw across bikes, scooters and fleet. We remain confident that demand will continue to return as we progress through the recovery.”

Active riders in the quarter dropped 44%, while revenue per active rider decreased 7%.

Herald morning quiz: November 12

Test your brains with the Herald's morning quiz. Be sure to check back on nzherald.co.nz at 3pm for the afternoon quiz.

Record Hurricane Season Wipes Out Most Offshore Oil in a Decade

It’s the year of the unprecedented and the hurricane season has been no exception.

A record-breaking hurricane season shut in an OPEC-nation amount of oil during a global pandemic that decimated demand and sent crude stockpiles soaring. Between tropical storm Cristobal in early June and the latest Greek alphabet soup of tempests disrupting oil platforms in the Gulf, offshore drillers have had to shut about 41 million barrels of production, the most in government data going back to 2010.

The amount equates to about 270,000 barrels a day, or roughly the same rate of production as in OPEC member Republic of Congo. The productions shut-ins helped steer swollen U.S. crude inventories to a six-month low after the last hurricane, Zeta, swept through in the week of October 30.

The record 12 storms to hit the U.S. so far this year, out of an all-time-high 29 systems formed in the Atlantic, would probably have made much more of a splash in oil prices had they not happened against the backdrop of an historic virus-driven market crash.

Now all eyes are on the prospects of a vaccine that may get life back to normal and restore global demand for gasoline, diesel and jet fuel.

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