Bertrandt Group FY Profit Rises; Total Revenues Up 18.9%

Bertrandt Group (BDTG.DE) reported that its fiscal 2021/2022 earnings after income taxes increased to 21.13 million euros from 6.91 million euros, previous year. EBIT increased to 41.7 million euros from 20.0 million euros. Operating margin was 4.1 percent compared to 2.4 percent. Total revenues increased by 18.9 percent to 1.01 billion euros.

For fiscal 2022/2023, Bertrandt anticipates an increase in total revenues of 60 to 100 million euros and an EBIT margin of between 4.1 and 7 percent.

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Crude Oil Futures Rebound After Fed-induced Plunge

Crude oil benchmarks, which plunged following the hawkish rhetoric by the Fed on Wednesday have recovered the day’s losses and are currently trading in overnight green territory. Lending support to the prices is the recent report by the International Energy Agency which increased the world oil demand growth.

In the summary of economic projections released by the Fed on Wednesday, the peak federal funds rate has been raised to 5.1 percent, from 4.6 percent projected in September and 3.8 percent projected in June 2022. The Fed’s as-expected 50-basis points rate hike and the higher-than-expected projected peak rate had triggered a fresh concern over a prolonged period of higher interest rates and economic uncertainty, dragging down crude oil prices.

Brent Oil Futures for February settlement which had previously closed at $82.70 dropped to as low as $80.11, before recovering to its current level of $82.75, registering an uptick of 0.06 percent. The day’s high was $83.17.

West Texas Intermediate Crude Oil Futures for January settlement plunged to $76.31 before recovering to its current level of $77.36, implying an overnight gain of 0.10 percent. The benchmark which was at $77.28 at previous close has touched a high of $77.76 in the day’s trade.

Earlier, data from the U.S. Energy Information Administration revealed an unexpected 10-million- barrel accumulation in inventories. Markets were expecting a 3.6-million-barrel draw from inventories as compared to a 5.2-million-barrel draw in the previous week.

Mondi To Sell Russian Packaging Converting Operations

British packaging and paper company Mondi Plc (MNDI.L) Thursday confirmed an agreement to sell its three Russian packaging converting operations to the Gotek Group, a packaging producer in the country, for RUB 1.6 billion or around 24 million euros.

The consideration is payable in cash on completion of the deal, which is expected to complete in the first half of 2023.

The loss on the disposal is expected to be in the range of 70 million euros to 80 million euros at current exchange rate.

The disposal is conditional on the approval of the Russian Federation’s Government Sub-Commission for the Control of Foreign Investments and customary antitrust approvals. However, as the transaction is being undertaken in an evolving political and regulatory environment, there can be no certainty as to when the deal will be completed, the company noted.

The three packaging converting operations comprise a corrugated solutions plant and two consumer flexibles plants, producing a range of packaging solutions for the domestic Russian market.

The planned sale follows Mondi’s announcement in May that it had decided to divest its Russian assets following Russia’s Ukraine invasion.

Mondi said the disposal is not affiliated with the proposed disposal of Mondi Syktyvkar for which the approval of the Russian Federation’s Government Sub-Commission for the Control of Foreign Investments and customary antitrust approvals remain outstanding.

Teenage College Student Becomes Youngest Black Mayor In U.S.

A college student has become the youngest Black mayor in the United States at the age of 18.

On Tuesday, Jaylen Smith was elected as the mayor of Earle, a rural town in Arkansas, 30 miles (48km) west of Memphis, Tennessee.

“It’s Time to Build a Better Chapter of Earle, Arkansas,” Smith wrote on Facebook about his plans for the town of 1,800 residents.

He added, “I would like to thank all my supporters for stepping up getting people to the polls. I am truly grateful for you all.”

In a runoff election, the Democrat defeated the city’s street and sanitation superintendent Nemi Matthews Sr. by 235 votes to 185 votes.

Smith, who graduated high school in May, is a student at Arkansas State University Mid-South.

Nucor Corp. Issues Q4 Earnings Guidance

Nucor Corp. (NUE) said it expects fourth-quarter earnings to be in the range of $4.25 to $4.35 per share. Included in the expected earnings range is an approximately $58 million net benefit, or $0.22 per share, related to state tax credits. In the fourth quarter of prior year, net earnings was $7.97 per share.

Analysts polled by Thomson Reuters expect the company to report profit per share of $4.41. Analysts’ estimates typically exclude special items.

Nucor Corp. said its full year earnings for 2022 remains on track to exceed the record of $23.16 per share the company set in 2021.

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Surrozen Rally Continues

Surrozen, Inc. (SRZN) shares are gaining more than 13 percent on Thursday morning trade, continuing an uptrend since December 13. There have been no corporate news so far today to influence the stock

Currently, shares are at $0.48, up 13.56 percent from the previous close of $0.43, up 6,306,037.