Abbott Laboratories Lifts Midpoint Of FY23 Earnings Outlook Range – Update

Biopharmaceutical major Abbott Laboratories (ABT), while announcing flat earnings and weak revenues in its third quarter, on Wednesday raised the midpoint of its fiscal 2023 earnings guidance on a reported and adjusted basis.

For the year, the company now expects earnings per share of $3.14 to $3.18 and adjusted earnings per share of $4.42 to $4.46.

The company previously expected earnings per share of $3.02 to $3.22 and adjusted earnings per share of $4.30 to $4.50 for the full-year 2023.

On average, 19 analysts polled by Thomson Reuters expect earnings of $4.18 per share for the year. Analysts’ estimates typically exclude special items.

In its third quarter, the company’s earnings totaled $1.44 billion, or $0.82 per share, compared to $1.44 billion, or $0.81 per share, in last year’s third quarter.

Abbott reported adjusted earnings of $2.00 billion or $1.14 per share for the period. Analysts had expected the company to earn $1.04 per share.

The company’s revenue for the quarter fell 2.6% to $10.14 billion from $10.41 billion last year.

In pre-market activity, Abbott shares are trading at $94.20, up 2.24% on the New York Stock Exchange.

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Ally Financial Inc. Q3 Profit Beats Estimates

Ally Financial Inc. (ALLY) reported earnings for third quarter that beat the Street estimates.

The company’s bottom line totaled $269 million, or $0.88 per share. This compares with $272 million, or $0.88 per share, in last year’s third quarter.

Excluding items, Ally Financial Inc. reported adjusted earnings of $252 million or $0.83 per share for the period.

Analysts on average had expected the company to earn $0.8 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 2.4% to $1.968 billion from $2.016 billion last year.

Ally Financial Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $269 Mln. vs. $272 Mln. last year.
-EPS (Q3): $0.88 vs. $0.88 last year.
-Analyst Estimates: $0.8
-Revenue (Q3): $1.968 Bln vs. $2.016 Bln last year.

UniFirst Q4 Net Income Rises; Revenues Up 10.7%

UniFirst Corporation (UNF) reported that its fourth quarter net income increased to $27.63 million from $26.18 million, last year. Earnings per share increased to $1.47 from $1.39. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $1.63, for the quarter. Analysts’ estimates typically exclude special items.

Consolidated revenues increased 10.7% to $571.9 million. Analysts on average had estimated $568.22 million in revenue.

For fiscal 2024, the company expects revenues to be between $2.415 billion and $2.435 billion and earnings per share to be between $6.52 and $7.16.

Cash, cash equivalents and short-term investments were $89.6 million as of August 26, 2023. The company had no long-term debt outstanding as of August 26, 2023.

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Intellia Therapeutics: FDA Allows To Begin Phase 3 Trial Of NTLA-2001 – Quick Facts

Intellia Therapeutics, Inc. (NTLA) announced the FDA has cleared the company’s Investigational New Drug application for NTLA-2001 for the treatment of transthyretin amyloidosis with cardiomyopathy. The global Phase 3 study of NTLA-2001, an in vivo CRISPR-based gene editing candidate, is anticipated to initiate by year-end 2023.

“The FDA clearance of the NTLA-2001 IND application allows us to initiate a pivotal Phase 3 trial in the United States, marking the first in vivo CRISPR-based candidate to begin late-stage clinical development. This is another important step forward for Intellia and our collaborator, Regeneron,” said Intellia CEO John Leonard.

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U.S. Housing Starts Surge 7.0% In September

A report released by the Commerce Department on Wednesday showed a substantial rebound in new residential construction in the U.S. in the month of September.

The Commerce Department said housing starts spiked by 7.0 percent to an annual rate of 1.358 million in September after plunging by 12.5 percent to a revised rate of 1.269 million in August.

Economists had expected housing starts to jump to a rate of 1.380 million from the 1.283 million originally reported for the previous month.

“Despite the uptick in September, the level of homes under construction is likely too low for the growing number of millennials looking for housing,” said Jeffrey Roach, Chief Economist for LPL Financial.

Meanwhile, the report said building permits tumbled by 4.4 percent to an annual rate of 1.475 million in September after surging by 6.8 percent to a revised rate of 1.541 million in August.

Building permits, an indicator of future housing demand, were expected to decrease to a rate of 1.450 million from the 1.543 million originally reported for the previous month.

“Investors should know that the low supply of existing homes on the market provides a favorable backdrop for homebuilders amid low inventory,” said Roach.

He added, “Low supply of available homes on the market will likely keep prices elevated, despite the Fed’s efforts to cool the economy and suppress housing inflation.”

On Thursday, the National Association of Realtors is scheduled to release a separate report on existing home sales in the month of September.

SAF-Holland Preliminary Q3 Sales Climb; Lifts Annual Sales View

SAF-Holland SE (SFQ.F), a maker of chassis-related systems and components for trailers, semi-trailers, trucks, and buses, on Wednesday posted a rise in preliminary earnings and revenue for the third-quarter of 2023, above the market expectations. In addition, the company has revised up its full year 2023 sales guidance.

For the three-month period, excluding items, the company reported EBIT of 58.6 million euros with adjusted EBIT margin of 10.6 percent. Earnings were supported by strong demand for original equipment and solid aftermarket business.

The Group recorded sales of 552.9 million euros, up 37.4 percent from the same period last year.

Looking ahead, citing strong performance during year to date period, the company has revised up its full-year sales outlook. SAF-Holland now forecasts adjusted EBIT margin to be around 9.5 percent against its previous guidance of up to 9 percent.

The Group now projects sales of about 2.100 billion euros, higher than its previous outlook of slightly above 2.000 billion.