Chemours Q1 Profit Tops View, Cuts 2020 Capex; Stock Surges

Chemours Co. (CC) reported that its first-quarter net income rose to $100 million or $0.61 per share from $94 million or $0.55 per share in the prior year.

In Tuesday pre-market trade, CC is trading at $12.18, up $1.27 or 11.64 percent. In the after-hours trade, the stock further gained $0.83 or 6.81 percent.

Adjusted net income was $118 million or $0.71 per share compared to $109 million or $0.63 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share. Analysts’ estimates typically exclude special items.

First quarter 2020 net sales were $1.31 billion compared to $1.38 billion in the prior-year first quarter. Analysts expected revenue of $1.33 billion for the quarter. Results were driven primarily by higher volume in Titanium Technologies, more than offset by lower volume in Fluoroproducts and lower global average prices across all segments.

The company has launched a program to reduce 2020 costs by $160 million to increase financial flexibility.

The company has reduced 2020 CAPEX by $125 million, from $400 million to $275 million.

The company has withdrawn its full-year 2020 guidance, due to the uncertainty created by the COVID-19 pandemic.

Ashland Global Slips To Loss In Q2

Ashland Global Holdings Inc. (ASH) reported that its second-quarter net loss was $582 million or $9.61 per share compared to net income of $76 million or $1.19 per share in the prior-year quarter, hurt primarily by the previously-disclosed non-cash goodwill impairment charge following the business unit realignment that occurred during the quarter.

Adjusted income from continuing operations was $52 million or $0.84 per share, up from $0.83 in the prior-year quarter. Adjusted income from continuing operations excluding intangibles amortization expense was $69 million, consistent with the prior-year quarter, or $1.12 per share, up from $1.08 in the prior-year quarter.

Sales for the quarter declined to $610 million from $667 million in the prior year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.81 per share and revenues of $618.76 million. Analysts’ estimates typically exclude special items.

Reinsurance Group Of America Inc Q1 Adjusted Earnings Miss View

Reinsurance Group of America, Incorporated (RGA) reported first quarter net loss of $88 million or $1.41 per share, compared with net income of $170 million or $2.65 per share, in the prior-year quarter.

Adjusted operating income was $89 million or $1.41 per share, compared with $167 million or $2.61 per share a year ago.

On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $2.34, for the quarter. Analysts’ estimates typically exclude special items.

Quarterly consolidated net premiums totaled $2.82 billion, up 3% from last year’s $2.74 billion.

The board of directors declared a regular quarterly dividend of $0.70, payable June 4 to shareholders of record as of May 21.

South Korea's spy agency says no signs North Korea's Kim Jong Un received heart surgery

SEOUL (REUTERS) – South Korea’s spy agency said on Wednesday (May 6) there are no signs North Korean leader Kim Jong Un has received heart surgery, the Yonhap news agency reported.

Kim disappeared from state media for three weeks, sparking a flurry of speculation about his health and whereabouts, before re-emerging last Saturday.

Daily NK, a Seoul-based news outlet with sources inside North Korea, reported in April that Kim was recovering from a cardiovascular procedure.

(This story is developing.)

Hannover Re Q1 Operating Profit Declines – Quick Facts

Hannover Re (HVRRY.PK) reported first quarter Group net income of 300.9 million euros compared to 293.7 million euros, prior year, an increase of 2.5%. Earnings per share was 2.49 euros compared to 2.43 euros. Taxes fell by 17.6% during the quarter. Operating profit (EBIT) declined by 5.2% to 426.6 million euros.

First quarter gross written premium increased by 9.4% as at 31 March 2020 to 7.0 billion euros. Adjusted for exchange rate effects, growth would have amounted to 8.5%. Net premium earned climbed by 10.4% to 5.1 billion euros. The increase would have been 9.7% at constant exchange rates.

For 2020, the net major loss budget is set at 975 million euros. Hannover Re anticipates an unchanged payout ratio for the ordinary dividend in the range of 35% to 45% of its IFRS Group net income.

The Executive Board and Supervisory Board have submitted a dividend proposal of 5.50 euros per share for fiscal 2019.

Schaeffler Q1 EBIT Before Special Items Declines; Revenue Down 9.2%

Schaeffler (SCFLF.OB) reported a first quarter net loss of 184 million euros compared to profit of 137 million euros, prior year. Loss per common non-voting share were 0.27 euros compared to profit of 0.21 euros. Net income attributable to shareholders before special items decreased to 103 million euros from 169 million euros. EBIT before special items was 215 million euros compared to 272 million euros, last year. The decline from the prior year was primarily attributable to the decrease in gross margin. The margin decrease was mainly driven by the adverse impact of volumes on fixed costs. EBIT margin before special items was at 6.5 percent compared to 7.5 percent.

First quarter revenue was 3.28 billion euros compared to 3.62 billion euros, a year ago. At constant currency, revenue decreased by 9.2 percent, mainly driven by volumes, due to the coronavirus crisis.

The Schaeffler Group currently expects its revenue growth at constant currency, EBIT margin before special items, and free cash flow before cash inflows and outflows for M&A activities for the full year 2020 to be below the corresponding prior year level.