K+S Q2 Preliminary EBITDA Below Market Expectation

Agricultural products supplier K+S AG (SDF.DE) reported that its preliminary EBITDA for the second quarter of 2023 was about 24 million euros and underperforms the market expectation, in particular due to price effects.

In the second quarter, the potassium chloride selling price in the Brazilian market faced a more significant drop than previously expected. The price recovery which is currently observed has also started later than assumed.

For the year as a whole, it will not be possible to compensate for the EBITDA shortfall of the second quarter. Furthermore, sales-related optimization of the product portfolio will have an impact on production volumes. In addition, as a result of the port strike in Canada, negative effects from the still ongoing normalization of supply chains cannot be ruled out, the company said.

If the positive demand impetus and price trends currently observed continue in the further course of the year, it would still be possible to achieve the current market expectation for K+S Group EBITDA of about 800 million euros at the upper end of the range, the company said.

In case of a renewed reluctance to buy in key sales regions, however, this could lead to negative volume and price effects. In this case, EBITDA could be at the lower end of the range at about 600 million euros.

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LivaNova Up 9% As Q2 Results Beat Street, Outlook Updated

Shares of LivaNova PLC (LIVN) are up 9% on Wednesday following the announcement of its second-quarter earnings and revenue, which surpassed the Street’s estimates. The company also updated its full-year earning guidance.

LIVN is trading on the Nasdaq at $58.42, up 9.02% or $4.83 per share. It has traded between $40.26 and $66.73 in the past 52-week period.

The company reported net income of $1.2 million or $0.02 per share for the quarter, a decrease from last year’s profit of $16.4 million or $0.30 per share.

On an adjusted basis, it reported an income of $41.9 million or $0.78 per share, compared to the income of $28.6 million or $0.53 per share the prior year. It beat the average estimate of $0.54 per share polled by Thomson Reuters analysts.

Revenue increased to $293.90 million from $254.20 million the previous year and beat the consensus estimate of $265.49 million.

For the full year, the company raised the earnings to $2.55 to $2.75 per share, from the prior guidance of $2.50 to $2.59. while the consensus estimates are $0.35 earnings per share.

OneMain Holdings Slides After Reporting Lower Profit For Q2

OneMain Holdings, Inc. (OMF) shares are sliding more than 6 percent on Wednesday morning trade after the company reported a fall in second-quarter profit, compared to the previous year.

The company posted second-quarter net income of $103 million compared to $108 million in the prior year. On a per-share basis earnings were $0.85, down from $1.67 per share last year.

Currently, shares are at $45.17, down 5.96 percent from the previous close of $48.04 on a volume of 695,806.

Markets Trade Cautiously Ahead of Pivotal Fed Meeting

Stock markets often exhibit caution ahead of major events like Fed meetings, waiting until there is clarity over the central bank’s next move.

S&P 500

Gold Futures Settle Higher As Dollar Stays Subdued Ahead Of Fed Announcement

Gold futures settled higher on Wednesday, with the dollar turning in a subdued performance ahead of the Federal Reserve’s monetary policy announcement.

Investors are pricing in a 25 basis point rate hike and are waiting to see whether there will be a tilt towards dovishness around the inflation rhetoric.

Some economists believe that today’s rate hike will be the last following recent encouraging inflation data.

The dollar index, which dropped to 101.06 in the European session, remains weak at 101.26, down 0.08% from the previous close.

Gold futures for August ended higher by $6.40 or about 0.3% at $1,970.10 an ounce.

Silver futures advanced $0.146 to $24.970 an ounce, while Copper futures ended down $0.0135 at $3.9020 per pound.

“They will probably signal that they want to see the impact of the current tightening cycle and that they will probably skip raising rates in September,” Edward Moya, senior market analyst at OANDA, said of the Fed. “They will likely be clear in suggesting that more tightening could very well happen.”

The European Central Bank’s policy announcement is due on Thursday, while the Bank of Japan is scheduled to announce its rate decision on Friday.

The ECB is also expected to lift rates by 25 basis points, but the odds for September continue to diminish due to concerns over slowing growth.

The BOJ is likely to maintain its ultra-dovish stance.

Tilray Up 19% As Q4 Loss Narrows, Revenues Beat Street

Shares of Tilray Brands, Inc. (TLRY) are up 19% on Wednesday after the company announced a narrower net loss for the fourth quarter, as revenues increased and exceeded Street’s expectations.

TLRY is trading on the Nasdaq at $2.01, up 19.94% or $0.33 per share. It has traded between $1.50 and $5.12 in the past 52-week period.

The company announced that it had a net loss of $119.82 million or $0.15 per share for the quarter, which is an improvement over last year’s loss of $457.80 million or $0.99 per share.

The analysts polled by Thomson Reuters expected a loss of $0.05

On an adjusted basis, it reported a loss of $32.41 million or $0 per share, compared to the income of $46.17 million the prior year.

The revenue rose to $184.18 million from $153.32 million in the previous year, exceeding estimate of $153.66 million.