Sunday, 29 Mar 2020

Turkish Central Bank Cuts Rates Again

Clean Harbors, Inc. Q4 adjusted earnings Miss Estimates

Clean Harbors, Inc. (CLH) revealed earnings for its fourth quarter that increased from the same period last year.

The company’s profit totaled $24.15 million, or $0.43 per share. This compares with $16.43 million, or $0.29 per share, in last year’s fourth quarter.

Excluding items, Clean Harbors, Inc. reported adjusted earnings of $23.29 million or $0.42 per share for the period.

Analysts had expected the company to earn $0.46 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 1.5% to $871.01 million from $858.20 million last year.

Clean Harbors, Inc. earnings at a glance:

-Earnings (Q4): $23.29 Mln. vs. $13.28 Mln. last year.
-EPS (Q4): $0.42 vs. $0.24 last year.
-Analysts Estimate: $0.46
-Revenue (Q4): $871.01 Mln vs. $858.20 Mln last year.

SeaWorld loss doubles after $32M legal bill

Disney’s Bob Iger out as CEO

Longtime leader is stepping down from his role immediately.

SeaWorld Entertainment Inc. reported a wider fourth-quarter loss as legal-settlement expenses weighed on its results, though sales rose and attendance ticked up.

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The theme-park operator on Wednesday posted a loss of $24.18 million, or 31 cents a share, more than double last year's loss of $11.05 million, or 13 cents a share. Analysts polled by FactSet were looking for earnings of 3 cents a share.

SEAWORLD TO PAY $65M TO SETTLE CLAIMS IT LIED ABOUT 'BLACKFISH' IMPACT

The company said its net loss includes a legal-settlement charge, net of insurance recoveries, of about $32.1 million.

SeaWorld this month said it would pay $65 million to settle claims that it violated securities laws by not being upfront with investors about the effect a critical documentary film had on its business.

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Sales rose to $298 million from $280 million in the prior year. Analysts were expecting $289 million. The company had $63.42 in revenue per visitor, compared with $60.88 in the year-ago period.

During the quarter, 4.7 million people visited SeaWorld facilities, up 2.2% from the year earlier.

SeaWorld in November tapped Sergio Rivera, the former president and chief executive of ILG Inc.'s vacation-ownership segment, as its new leader.

Gold Prices Rise After US Warning On Spread Of Virus

Gold prices rose on Wednesday amid worries that the coronavirus could spread rapidly across the world and become a pandemic.

Spot gold climbed 0.85 percent to $1,649.08, after having fallen as much as 1.9 percent in the previous session. U.S. gold futures were marginally higher at
$1,651.35.

The number of confirmed new coronavirus cases in South Korea topped 1,100 and outbreaks in Italy and Iran spread to more countries, raising concerns about the impact of the outbreak on global growth.

The flu-like virus has now spread to several countries in Europe and the Middle East, with Switzerland, Austria and Romania reporting their first infections on Tuesday.

The United States alerted Americans on Tuesday to begin preparing for the
“inevitable” spread of the coronavirus disease that is sweeping the world.

There are 53 confirmed cases in the United States, and officials are calling on Congress to urgently pass billions of dollars to fund the response effort.

Investors are pinning hopes that the Federal Reserve will cut rates by at least 25 basis points at its June meeting.

Meanwhile, mainland China had 406 new confirmed cases of coronavirus infections on Tuesday, the country’s National Health Commission said, down from 508 cases a day earlier.

Eaton Vance Corp. Q1 Profit Tops Estimates; Revenue Up 11% – Quick Facts

Eaton Vance Corp. (EV) reported first-quarter adjusted earnings per share of $0.86, an increase of 18 percent from $0.73, last year. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.84, for the quarter. Analysts’ estimates typically exclude special items.

First quarter revenue increased 11 percent to $452.6 million from $406.4 million, previous year. Analysts expected revenue of $444.2 million for the quarter.

Average consolidated assets under management were $509.9 billion in the first quarter of fiscal 2020, up 17 percent from $437.4 billion in the first quarter of fiscal 2019.

Turkish Central Bank Cuts Rates Again

Turkey’s central bank cut interest rates for a sixth policy session in a row, citing continued economic recovery and the need to sustain a disinflation path.

The Monetary Policy Committee, led by Governor Murat Uysal, slashed the policy rate, which is the one-week repo auction rate, to 10.75 percent from 11.25 percent, the TCMB said in a statement on Wednesday.

The latest reduction was the smallest in the current easing cycle. In January, the bank had cut the rate by 75 basis points.

The central bank had cut the rate by 200 basis points in the previous policy session in December. Prior to that, the rate was lowered by 250 basis points in October, 325 basis points in September and by 425 basis points in July.

“Considering all factors affecting the inflation outlook, the Committee decided to make a more measured cut in the policy rate,” the central bank said.

“At this point, the current monetary policy stance remains consistent with the projected disinflation path.”

The bank considers sustaining a moderate course in current account balance, which has recently recorded significant improvement, as a crucial element of the macroeconomic policy mix.

Rising protectionism, uncertainty regarding global economic policies, geopolitical developments and the recent Covid-19 outbreak in China are closely monitored for their impact on capital flows, international trade and commodity prices, the bank said.

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