Bank Of Canada Leaves Interest Rates Unchanged As Forecast

After signaling in January that it was done raising interest rates, the Bank of Canada followed through on Wednesday and left rates unchanged.

The Bank of Canada said its Governing Council decided to maintain the policy rate at 4.5 percent, noting global economic developments have evolved broadly in line with the January outlook.

However, the Canadian central bank said it is prepared to increase the policy rate further if needed to return inflation to the 2 percent target

“The Bank remains resolute in its commitment to restoring price stability for Canadians,” the Bank of Canada said in a statement.

The Bank of Canada also said it is continuing its policy of quantitative tightening, which it said is complementing the restrictive stance of the policy rate.

In its assessment of the global economy, the bank said growth continues to slow, and inflation, while still too high, is coming down due primarily to lower energy prices.

The Canadian central bank cautioned that the strength of China’s recovery and the impact of Russia’s war in Ukraine remain key sources of upside risk for commodity prices.

The bank noted Canadian economic growth came in flat in the fourth quarter of 2022, lower than projected, reflecting a sizeable slowdown in inventory investment.

“Restrictive monetary policy continues to weigh on household spending, and business investment has weakened alongside slowing domestic and foreign demand,” the Bank of Canada said.

Overseas Shipholding Group Q4 Earnings Summary

Below are the earnings highlights for Overseas Shipholding Group (OSG):

Earnings: $10.09 million in Q4 vs. -$3.68 million in the same period last year.
EPS: $0.11 in Q4 vs. -$0.03 in the same period last year.
Revenue: $121.76 million in Q4 vs. $95.46 million in the same period last year.

FuelCell Energy Inc. Q1 Loss Decreases

FuelCell Energy Inc. (FCEL) revealed Loss for first quarter that decreased from the same period last year

The company’s bottom line totaled -$19.42 million, or -$0.05 per share. This compares with -$41.42 million, or -$0.11 per share, in last year’s first quarter.

The company’s revenue for the quarter rose 16.6% to $37.07 million from $31.80 million last year.

FuelCell Energy Inc. earnings at a glance (GAAP) :

-Earnings (Q1): -$19.42 Mln. vs. -$41.42 Mln. last year.
-EPS (Q1): -$0.05 vs. -$0.11 last year.
-Revenue (Q1): $37.07 Mln vs. $31.80 Mln last year.

TJX Recalls Office Chairs

Department store chain operator TJX Companies Inc. (TJX) has issued a recall of about 81,700 office chairs as the back of the chairs can break leading to injuries.

According to the Consumer Product Safety Commission, the back of the recalled chair can break or detach from the seat base when a consumer is seated in the chair, posing a fall hazard.

The company said it has received 12 reports in which the back of the chair broke or detached from the seat base when a consumer was seated in a chair at a store, including 10 reports of injuries, including contusions, strains, numbness, bruising and one reported concussion.

The recall involves office chairs with a circle cushioned seat that attaches to an adjustable metal stand and five wheels. The recalled office chairs were sold in white, black, gray, floral, pink, orange, navy, light blue, brown, mint and cream colors. The cushion is covered in either velvet, linen, boucle or faux leather.

The recalled products were sold at Marshalls, T.J. Maxx, HomeGoods and Homesense stores nationwide from June 2019 through December 2022 for between $60 and $70.

The company has asked customers to immediately stop using the recalled chairs and contact TJX for instructions on how to participate in the recall and dispose of the chairs from home to receive a full refund.

Consumers can also return the recalled chairs to any Marshalls, T.J. Maxx, HomeGoods or Homesense store for a full refund.

Toro Company Reaffirms 2023 Net Sales, Adj. EPS Guidance

The Toro Company (TTC) announced, for fiscal 2023, the company continues to expect net sales growth in the range of 7% to 10% and adjusted EPS in the range of $4.70 to $4.90.

“Our momentum continues to be supported by the exceptional demand and substantial order backlog for products in key professional end markets, as well as the expected benefits from our pricing and productivity initiatives. We anticipate continued improvements in the supply chain, which combined with our operational execution, position us to increase product availability and enhance profitability,” said Richard Olson, CEO.

First-quarter net earnings was $106.9 million, up 54% from previous year. EPS was $1.01, up 53% year over year. Adjusted EPS was $0.98, up 49% year over year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.94, for the quarter. Analysts’ estimates typically exclude special items.

First-quarter net sales were $1.15 billion, up 23% year over year. Analysts on average had estimated $1.16 billion in revenue.

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Toro Co Q1 Profit Rises

Toro Co (TTC) released earnings for its first quarter that increased from last year

The company’s earnings totaled $106.9 million, or $1.01 per share. This compares with $69.5 million, or $0.66 per share, in last year’s first quarter.

Excluding items, Toro Co reported adjusted earnings of $103.6 million or $0.98 per share for the period.

The company’s revenue for the quarter rose 23.7% to $1.15 billion from $0.93 billion last year.

Toro Co earnings at a glance (GAAP) :

-Earnings (Q1): $106.9 Mln. vs. $69.5 Mln. last year.
-EPS (Q1): $1.01 vs. $0.66 last year.
-Revenue (Q1): $1.15 Bln vs. $0.93 Bln last year.

-Guidance:
Full year EPS guidance: $4.70 to $4.90.