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Service Corporation International Q2 Profit Down

Service Corporation International (SCI) Tuesday reported second-quarter net income of $132.7 million or $0.82 per share, down from $157.7 million or $0.92 per share last year.

Adjusted earnings for the quarter were $135.1 million or $0.84 per share, down from $157.4 million or $0.92 per share last year.

Revenues for the quarter rose to $990.9 million from $987.5 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.82 per share on revenues of $947.95 million for the quarter.

Looking forward to full year 2022, the company continues to expect adjusted earnings of $3.30 to $3.70 per share. Analysts currently estimate earnings of $3.52 per share.

Occidental Petroleum Q2 Results Top Estimates

Occidental Petroleum Corp. (OXY) posted net income attributable to common stockholders for the second quarter of 2022 of $3.56 billion or $3.47 per share compared to a loss of $97 million or $0.10 per share in the previous year.

The latest quarter after-tax items affecting comparability of $315 million included $174 million of derivative gains and $140 million of gains on early debt extinguishment.

Adjusted income attributable to common stockholders for the latest quarter was $3.2 billion or $3.16 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $3.02 per share for the quarter. Analysts’ estimates typically exclude special items.

Total sales for the quarter were $10.74 billion up from $6.01 billion in the prior year. Analysts expected revenue of $10.26 billion for the quarter.

Cognex Q2 Profit Down; Stock Down

Cognex Corp. (CGNX) reported that its second quarter net income declined to $58.90 million or $0.34 per share from $77.60 million or $0.43 per share in the same quarter last year. Cognex recorded a charge of $17.4 million in the latest quarter related to a warehouse fire.

CGNX closed Tuesday regular trading at $49.72 down $0.81 or 1.60%. In the after-hours, the stock further dropped $7.28 or 14.64%.

Non-GAAP net income for the latest quarter was $71.51 million or $0.41 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share for the second quarter. Analysts’ estimates typically exclude special items.

Revenue for the quarter grew to $274.63 million from $269.16 million in the prior year. Analysts expected revenue of $276.59 million for the quarter.

Looking ahead for the third quarter, Cognex expects revenue to be between $160 million and $180 million. The range represents a decline both year-on-year and sequentially due to the estimated impact of the supply disruption caused by the June fire at the company’s primary contract manufacturing site and lower expected revenue from e-commerce logistics. Analysts expect revenue of $290.25 million for the third quarter.

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

Societe Generale Slips To Loss In Q2, Banking Income Rises; Sees Growth In FY25

French Lender Societe Generale SA (SCGLF.PK,SCGLY.PK) reported Wednesday that its second-quarter Group net loss was 1.48 billion euros, compared to prior year’s income of 1.44 billion euros.

Underlying Group net income was 1.51 billion euros, compared to 1.35 billion euros a year ago.

Operating income climbed 18.8 percent to 2.39 billion euros. Net banking income grew 12.8 percent to 7.07 billion euros from prior year’s 6.26 billion euros with strong revenue growth for all the businesses.

Net banking income increased 13.4 percent at constant currency basis.

Looking ahead for fiscal 2025, the company targets revenue growth of above or equal to 3 percent 2021-2025 CAGR.

Fréderic Oudéa, the Group’s Chief Executive Officer, said, “By 2025, having reaped all the benefits of the numerous strategic and operating efficiency initiatives under way, we confirm our ability to deliver profitability of 10 percent on the basis of a target core Tier 1 capital ratio of 12 percent, while maintaining an attractive distribution policy for our shareholders.”

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Nomura Q1 Net Income Declines; Net Revenue Down 15.4%

Nomura Holdings, Inc. (NMR) reported that its first quarter net income attributable to shareholders was 1.7 billion yen compared to 48.5 billion yen, last year. Net income per share was 0.52 yen compared to 15.59 yen. Net revenue declined to 299.0 billion yen from 353.3 billion yen.

“Although our overall group performance was impacted by an unrealized loss on securities holdings amid interest rate and market volatility, we saw the positive results of our strategic initiatives and revenue diversification progress in our core businesses,” said Nomura CEO Kentaro Okuda.

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

Rolls Royce Receives Spanish Govt’s Approval For Sale Of ITP Aero

Industrial technology company Rolls-Royce Holdings plc (RR, RYCEY) on Wednesday announced that the Spanish government has approved the sale of ITP Aero to a consortium of investors led by Bain Capital Private Equity. The transaction, at an enterprise value of approximately 1.8 billion euros, is expected in the coming weeks.

The sale of the company’s Spanish arm, which was announced on September 27, 2021, completes the disposal programme announced on August 27, 2020, to raise proceeds of at least 2 billion pounds.

Upon completion, sale proceeds (excluding any cash retained by Rolls-Royce) of approximately 1.7 billion euros would be used to help rebuild the Rolls-Royce balance sheet, aimed at returning to an investment grade credit profile in the medium term.

ITP Aero would remain a key strategic supplier and partner for Rolls-Royce across both Civil Aerospace and Defence programmes.

Shares of Rolls-Royce Holdings closed Tuesday’s trading at $1.12, down $0.0150 or 1.32 percent from the previous close.