Acuity Brands Q3 Profit Down, But Tops View – Quick Facts

Acuity Brands Inc. (AYI) reported that its third-quarter net income declined to $60.4 million or $1.52 per share from $88.4 million or $2.22 per share in the prior year.

Adjusted earnings per share were $1.94 compared to $2.53 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.22 per share for the quarter. Analysts’ estimates typically exclude special items.

Operating profit for the third quarter of fiscal 2020 was $83 million, compared to $120 million for the prior-year period. The decrease in operating profit was due to lower gross profit and increased special charges, partially offset by lower SD&A expenses.

Quarterly net sales were $776 million down 18.1% from the prior-year quarter due primarily to a 20% decrease in volume largely as a result of the negative impact on demand due to the COVID-19 pandemic, partially offset by the benefit from acquisitions of approximately 2%. Analysts expected revenues of $741.62 million for the quarter.

The change in product prices and mix of products sold was flat year over year as a favorable shift in sales channel mix was offset by overall lower pricing.

Sinovac Biotech Ltd. Q1 adjusted earnings of -$0.07 per share

Below are the earnings highlights for Sinovac Biotech Ltd. (SVA):

-Earnings: -$7.40 million in Q1 vs. $3.60 million in the same period last year.
-EPS: -$0.07 in Q1 vs. $0.01 in the same period last year.
-Excluding items, Sinovac Biotech Ltd. reported adjusted earnings of -$6.99 million or -$0.07 per share for the period.
-Revenue: $15.39 million in Q1 vs. $36.55 million in the same period last year.

ConocoPhillips To Continue To Suspend Forward-looking Guidance – Quick Facts

ConocoPhillips (COP) said Tuesday it will continue to suspend forward-looking guidance and sensitivities due to the ongoing variability and uncertainty in the outlook for production curtailments.

The company announced its estimated production curtailment impacts for the second quarter of 2020.

For the second quarter, ConocoPhillips said its curtailments were primarily related to oil production and averaged about 225 thousand barrels of oil equivalent per day or MBOED on a net basis.

Including impacts from curtailments and planned seasonal turnaround activity, ConocoPhillips expects to report second-quarter production volumes of 960 to 980 MBOED.

Excluding Libya and adjusting for closed dispositions and curtailments, the company expects its second-quarter production to be in line with the same period a year ago and also be about 5 percent below the preceding first quarter of 2020.

ConocoPhillips is continuing to monitor netback pricing and evaluating curtailments across its operated assets on a month-by-month basis. Based on its economic criteria, the company expects to begin restoring curtailed production in Alaska during the month of July.

ConocoPhillips will announce second-quarter operational and financial results on July 30.

US states hit pause on coronavirus reopening

Bars, beaches, cinemas closed again in some US states as spike in cases underlines challenge of containing virus.

A surge in new coronavirus cases in the United States is causing at least a dozen states and cities to rethink their reopening strategies.

The country’s top expert on infectious diseases says the increase is largely because people are ignoring health guidelines to wear masks and keep away from each other.

Dr Anthony Fauci has called it a “recipe for disaster”.

Al Jazeera’s Kristen Saloomey reports.

Stock Alert: Xilinx Increases 7% As Co. Raises Revenue Outlook

Shares of adaptive and intelligent computing company Xilinx, Inc. (XLNX) are climbing more than 7% after the company raised its first-quarter revenue outlook.

The company said it now expects first-quarter revenue to be in the range of $720 million – $734 million, up from $660 million- $720 million, guided earlier.

Xilinx stock is currently trading at $98.34. It has traded in the range of $67.68- $133 in the past one year.

UK PM urged to tackle unemployment in poorest parts

UK prime minister set to lay out his plan to rescue the fragile economy.

In a few hours, UK Prime Minister Boris Johnson will outline how his government plans to restart the economy.

There are fears unemployment could rise to levels not seen since the 1980s in the wake of the coronavirus pandemic.

Al Jazeera’s Laurence Lee reports from the Rhondda valley in South Wales where there are currently more than 60 people chasing every job.

Chicago Business Barometer Rises Less Than Expected In June

A report released by MNI Indicators on Tuesday showed a continued contraction in Chicago-area business activity in the month of June.

MNI Indicators said its Chicago business barometer rose to 36.6 in June from 32.3 in May, but a reading below 50 still indicates a contraction in regional business activity. Economists had expected the index to jump to 45.0.

The uptick by the Chicago business barometer reflected notable monthly increases by the production and new orders indexes.

Meanwhile, the report said the employment index fell by 5.1 points in June, remaining below 50 for the twelfth consecutive month.

The supplier deliveries index recorded the second curtailment in a row, as firms continued to mention Covid-19 related delays.

On the inflation front, MNI Indicators said prices paid at the factory gate rose 2.7 percent in June, with many companies noting the elevated cost for air freight from Asia.

Twitter Flags Another Trump Tweet For Violating Policies

Twitter once again put a warning label over one of President Donald Trump’s tweets, in which he warned if protesters tried to set up an “autonomous zone” in Washington DC they would be “met with serious force!”

‘There will never be an “Autonomous Zone” in Washington, D.C., as long as I’m your President. If they try they will be met with serious force!,” Trump twitted.

Twitter said that it has placed a public interest notice on this Tweet for violating its policy against abusive behavior, specifically, the presence of a threat of harm against an identifiable group.

However, Twitter has determined that it may be in the public’s interest for the Tweet to remain accessible.

Trump’s tweet came after a group of protesters on Monday unsuccessfully attempted to pull down a statute of former President Andrew Jackson near the White House. The protesters later tried to claim an area near Black Lives Matter Plaza as a “Black House Autonomous Zone,” reports said.

Last month, Twitter labeled two Trump tweets that made false claims about mail-in ballots in California.