Veeco Instruments Q1 Profit Decreases, but beats estimates

Veeco Instruments (VECO) reported a profit for first quarter that decreased from the same period last year but beat the Street estimates.

The company’s bottom line came in at $8.7 million, or $0.17 per share. This compares with $13.3 million, or $0.24 per share, in last year’s first quarter.

Excluding items, Veeco Instruments reported adjusted earnings of $16.9 million or $0.30 per share for the period.

Analysts on average had expected the company to earn $0.20 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 1.9% to $153.5 million from $156.4 million last year.

Veeco Instruments earnings at a glance (GAAP) :

-Earnings (Q1): $8.7 Mln. vs. $13.3 Mln. last year.
-EPS (Q1): $0.17 vs. $0.24 last year.
-Analyst Estimates: $0.20
-Revenue (Q1): $153.5 Mln vs. $156.4 Mln last year.

-Guidance:
Next quarter EPS guidance: $0.26 – $0.34
Next quarter revenue guidance: $145-$165 mln

Devon Energy Corp. Q1 Income Rises

Devon Energy Corp. (DVN) announced a profit for its first quarter that increased from last year

The company’s earnings came in at $995 million, or $1.53 per share. This compares with $989 million, or $1.48 per share, in last year’s first quarter.

Excluding items, Devon Energy Corp. reported adjusted earnings of $952 million or $1.46 per share for the period.

The company’s revenue for the quarter rose 0.3% to $3.82 billion from $3.81 billion last year.

Devon Energy Corp. earnings at a glance (GAAP) :

-Earnings (Q1): $995 Mln. vs. $989 Mln. last year.
-EPS (Q1): $1.53 vs. $1.48 last year.
-Revenue (Q1): $3.82 Bln vs. $3.81 Bln last year.

Louisville to swear in pet mayors – The Denver Post

Louisville will welcome its first two pet mayors.

The Louisville Youth Advisory Board announced dogs Arlo and Hops as the city’s first pet mayors. The election for the dogs ended in a tie, and both dogs will be appointed to a two-year term.

Arlo and Hops will be sworn in during the May 16 City Council meeting and lead the Labor Day Pet Parade on Sept. 4.

Arlo was rescued three years ago from a shelter after being surrendered and Hops is a 5-year-old, partially paralyzed terrier mix who has a mobility aid.

More information about the pet mayors can be found on the Louisville website.

Commonwealth Bank Of Australia Q3 Cash Net Profit Up 10%

Commonwealth Bank of Australia (CBA.AX) reported that its cash net profit after tax from continuing operations for the third quarter was A$2.6 billion up 10% from the prior comparative quarter.

Statutory net profit after tax was A$2.6 billion in the quarter.

Operating income was flat in the quarter, with net interest income down 2%, offset by higher non-interest income.

Net interest income was 2% lower, with volume growth offset by lower net interest margins primarily from continued competitive pressure in home loan pricing and customers switching to higher yielding deposits. This was partly offset by higher earnings on deposits, replicating portfolio and equity hedges from rising interest rates.

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Victrex H1 Underlying Profit Declines; Revenue Down 5% In Constant Currency

Victrex plc (VCT.L) reported that its first-half profit before tax declined to 39.1 million pounds from 43.6 million pounds, prior year. Earnings per share was 38.5 pence compared to 43.3 pence. Underlying profit before tax was 42.5 million pounds compared to 48.2 million pounds. Underlying EPS was 41.9 pence compared to 47.8 pence.

First-half revenue was 162.2 million pounds, which was up 1%. In constant currency, revenue was down 5%. Group sales volume was 1,941 tonnes, down 14% on the prior year, below the Group’s expectations at the start of the year.

Jakob Sigurdsson, Chief Executive of Victrex, said: “Our first half performance was driven by strong pricing, an improved sales mix and currency, with revenue up 1%, despite a softer macro-economic environment, resulting in weaker volumes, compared to a record fiscal 2022.”

The Board proposed to maintain the interim dividend at 13.42 pence per share.

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ElringKlinger Q1 Earnings, Revenue Climb

ElringKlinger AG (EGKLF.PK), a German car spare parts maker, on Tuesday reported a rise in earnings for the first-quarter, amidst an increase in revenue.

For the three-month period, the spare parts company reported a net income of 6.7 million euros or 0.11 euro per share, compared with 4 million euros or 0.06 euro per share, recorded for the same period of previous year.

Pre-tax income was at 16.6 million euros as against previous year’s 10.9 million euros.

EBIT moved up to 26 million euros from 14.1 million euros of 2022.
Adjusted EBIT stood at 26.4 million euros, compared with 15 million euros of last year quarter.

EBITDA rose to 53.6 million euros from 42.8 million euros of previous year period.

The company generated revenue of 487.7 million euros, higher than 434.6 million euros of 2022.

Looking ahead, for full year 2023, ElringKlinger still expects a further improvement in its earnings, supported by an anticipated increase in revenue. Overall, the Group is forecasting adjusted EBIT of around 5 percent of its revenue for 2023.

For the medium term, the Group continues to expect its adjusted EBIT margin to improve gradually.

Schaeffler Q1 Revenue Climbs

Schaeffler AG (SCFLF.OB), a German maker of rolling element bearings, on Tuesday reported a decline in earnings before interest and taxes or EBIT for the first-quarter, mainly due to a surge in special items. However, the company recorded a rise in revenue, driven by a firm performance by all segments and regions.

For the three-month period, the Herzogenaurach-headquartered company posted EBIT of 244 million euros, compared with 247 million euros, posted for the same period of 2022.

Special items for the period surged to 92 million euros from last year’s 11 million euros.

EBIT before special items stood at 336 million euros, higher than 258 million euros of previous year quarter.

Revenue for the period improved to 4.152 billion euros from 3.758 billion euros for last year period.

Klaus Rosenfeld, CEO of Schaeffler, said: “Schaeffler grew by more than 10 percent in the first three months of the year – a development driven first and foremost by the Automotive Aftermarket and Industrial divisions. The improvement in the EBIT margin before special items to 8.1 percent, to which the Automotive Technologies and Automotive Aftermarkets made a particularly strong contribution, was encouraging and also deserves special mention.”