Volkswagen returns to profit as pandemic recovery continues

Volkswagen said on Thursday it had returned to profitability in the third quarter, helped by a surge in demand for premium cars, despite an overall drop in global vehicle deliveries during the COVID-19 pandemic.

The German multi-brand car and truck maker said that excluding one-time items, its third-quarter operating profit came in at 3.2 billion euros ($3.78 billion), compared with 4.8 billion euros in the year-ago period.

Drägerwerk Q3 EBIT Rises; Net Sales Up 35.7% – Quick Facts

Drägerwerk AG & Co. KGaA (DRWKF.PK) reported third quarter earnings before interest and taxes (EBIT) of 126.7 million euros compared to 9.3 million euros, prior year. EBIT margin was 14.7 percent compared to 1.4 percent.

Third quarter net sales was up 35.7 percent year on year (net of currency effects) to 862.5 million euros. Order intake increased by 13.0 percent (net of currency effects) to 747.8 million euros.

Dräger expects to generate net sales growth in the mid- to upper range of the forecast corridor of 14 to 22 percent in fiscal 2020. The company projects a full-year EBIT margin in the mid- to upper range of the forecast corridor of 7 to 11 percent.

For fiscal 2021, Dräger expects net sales volume and earnings to be lower than the levels recorded in 2020.

LVMH and Tiffany agree on lower price for $16 bln takeover

• New takeover price set at $131.5 a share, companies say in a statement.
• New price means a discount of $425 million for LVMH.

U.S. jeweler Tiffany & Co has agreed with LVMH to slightly lower the price for its acquisition by the French
luxury goods group, ending a bitter legal dispute between the two, the companies said on Thursday.

The new takeover price was set at $131.5 a share from $135 in the original deal, the companies said in a statement, bringing the total price tag to about $15.8 billion.

They added that other key terms of the deal agreed last November remain unchanged.

"Tiffany and LVMH have also agreed to settle their pending litigation in the Delaware Chancery Court," the statement said.

The new price means a discount of $425 million for LVMH, which is led by billionaire businessman Bernard Arnault.

The transaction, which has already been cleared by antitrust regulators, is expected to close in early 2021, subject to Tiffany shareholder approval.

Under the revised deal, Tiffany will pay its regular quarterly dividend of $0.58 per share on Nov. 19.

"We are as convinced as ever of the formidable potential of the Tiffany brand and believe that LVMH is the right home for Tiffany and its employees during this exciting next chapter," Arnault said in the statement.

EVRAZ Q3 Crude Steel Production Down 4.4% QoQ – Quick Facts

EVRAZ plc (EVR.L) reported Thursday that its third-quarter consolidated crude steel output decreased by 4.4 percent from the preceding second quarter, mainly due to the planned shutdown of blast furnace number 5 and the launch of blast furnace number 6 after the completion of a major overhaul at EVRAZ NTMK.

For the third quarter, total steel product sales declined by 9.5 percent from the previous quarter. Sales of semi-finished products fell by 24.1 percent from the preceding quarter following the increase in sales of finished goods to the Russian market.

Sales of finished products increased by 5.7 percent quarter-over-quarter amid better market conditions in Russia and an improved product mix.

United Micro Electronics Corp. Reports Gain In Q3 Profit

United Micro Electronics Corp. (UMC) revealed earnings for its third quarter that increased from last year.

The company’s profit came in at NT$9.11 billion, or NT$0.75 per share. This compares with NT$2.93 billion, or NT$0.25 per share, in last year’s third quarter.

The company’s revenue for the quarter rose 18.9% to NT$44.87 billion from NT$37.74 billion last year.

United Micro Electronics Corp. earnings at a glance:

-Earnings (Q3): NT$9.11 Bln. vs. NT$2.93 Bln. last year.
-EPS (Q3): NT$0.75 vs. NT$0.25 last year.
-Revenue (Q3): NT$44.87 Bln vs. NT$37.74 Bln last year.

‘Serious failings’ by Labour leadership over antisemitism, report concludes

Serious failings by the Labour Party’s leadership over antisemitism has resulted in the party being served with an unlawful act notice, according to the human rights commission.

United Microelectronics Q3 Profit Soars – Quick Facts

Semiconductor foundry United Microelectronics Corp. (UMC) reported Thursday third-quarter net income attributable to stockholders of the parent that soared to NT$9.11 billion or US$313 million, from NT$2.93 billion or US$101 million last year.

Earnings per share also surged to NT$0.75 from NT$0.25 in the same quarter last year. Earnings per ADS for the quarter were US$0.129, sharply higher than US$0.043 a year ago.

Operating revenues for the quarter grew 18.9 percent to NT$44.87 billion or US$1.54 billion, from NT$37.74 billion or US$1.30 billion in the same quarter last year.

Looking ahead to the fourth quarter, the company anticipates wafer shipments to increase 1 to 2 percent sequentially.

Stock Alert: Universal Security Instruments Soars In Premarket

Shares of Universal Security Instruments, Inc. (UUU) are surging more than 80% in the premarket hours on Thursday at $3.69.

Universal Security Instruments said in its filing that it had been in discussions with various candidates for a possible merger and one company has come up with a proposal. “Management intends to present the draft Proposed Merger Agreement to USI’s Board for consideration within the next few days,” the filing showed.

UUU stock closed at $2.01 on Wednesday’s regular trading.