Wednesday, 22 May 2024

U.S. Weekly Jobless Claims Unexpectedly Edge Slightly Lower

China Automotive Systems Q4 Profit Down, Beats Estimates; Sees Higher Revenues In FY23 – Update

(Adds outlook)

China Automotive Systems Inc. (CAAS) released earnings for fourth quarter that decreased from last year but beat the Street estimates.

The company’s earnings came in at $4.3 million, or $0.14 per share. This compares with $5.0 million, or $0.16 per share, in last year’s fourth quarter.

Analysts on average had expected the company to earn $0.07 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 7.2% to $128.8 million from $138.8 million last year.

China Automotive Systems Inc earnings at a glance (GAAP) :

-Earnings (Q4): $4.3 Mln. vs. $5.0 Mln. last year.
-EPS (Q4): $0.14 vs. $0.16 last year.
-Analyst Estimates: $0.07
-Revenue (Q4): $128.8 Mln vs. $138.8 Mln last year.

Outlook

For the fiscal year 2023, the company projects revenues of $560.0 million, higher than $529.6 million in 2022.

Qizhou Wu, Chief Executive Officer of CAAS said, “We are cautiously optimistic that recent government policy changes in 2023, which greatly removed COVID-19 lockdowns and travel restrictions, will be a catalyst to boost the business environment in China.”

Rogers Corp. Announces Earnings, Revenue Targets For 2025

Rogers Corporation (ROG), a specialty engineered materials firm, on Thursday announced earnings and revenue targets for 2025.

For 2025, the company expects to post adjusted earnings per share of $8.50 – $9.50, with adjusted EBITDA margin of 24 percent – 26 percent, on revenue of $1.2 billion – $1.3 billion.

Colin Gouveia, Rogers’ CEO, said: “…We have a proven track record of developing innovative materials technology solutions and applying our applications expertise to meet our customers’ complex challenges. As we continue to leverage these capabilities, together with our dedicated focus on improving operations, will expect this to lead to significant top-line growth and bottom-line expansion.”

BayWa Sees Fall In FY23 EBIT; Issues FY25 View

BayWa AG (BYWG), a German trading, logistics, and supplementary services provider, on Thursday said it expects lower earnings before interest and tax or EBIT for full year 2023. The company also issued outlook for fiscal 2025.

For full year 2023, the company expects EBIT of 320 million euros to 370 million euros.

By the end of 2025, BayWa aims to generate operating EBIT of 470 million euros to 520 million euros.

As reported in February, fiscal 2022 EBIT surged nearly 90 percent to 504.1 million euros from last year’s 266.6 million euros.

EBIT was supported by an increase in revenue, amidst higher demand, especially for solar modules, agricultural machinery, and building materials.

Revenues stood at 27.1 billion euros in 2022, up from 19.8 billion euros a year ago.

Gold Flat To Higher In Lackluster Trade

Gold prices were flat to slightly higher on Thursday amidst uncertainty over the rate outlook.

Spot gold edged up 0.2 percent to $1,967.95 per ounce, while U.S. gold futures were little changed at $1,984.85.

The dollar weakened on improved risk sentiment amid receding worries about the global banking sector.

However, bond yields edged higher on expectations that Fed officials may raise interest rates one more time before the end of the year.

Focus shifted to the Fed’s next policy meeting in May, with analysts seeing a 50/50 split between a pause and a 25-bps rate hike.

In economic releases, data showed earlier today that Spain’s consumer price inflation eased in March to the weakest since August 2021 due to falling electricity and fuel prices.

Investors await the release of German inflation data later in the day for additional clues on the path of European Central Bank policy.

In the U.S., trading later in the day may be impacted by reaction to a report on weekly jobless claims as well as a revised reading on fourth quarter GDP.

For the Crispiest Tofu, Give It the Milanese Treatment

A vegetarian twist on the classic anchors this cool-weather menu from David Tanis, which begins with a radicchio salad and ends with a citrusy panna cotta.

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By David Tanis

RenovoRx Reports Positive Data From Phase III Trial Interim Analysis Of RenovoGem Therapy

RenovoRx, Inc. (RNXT) said it will present detailed, open label, planned Phase III interim data analysis of its RenovoGem therapy for pancreatic cancer patients at the American Association for Cancer Research Annual Meeting. The interim analysis showed a 6-month median overall survival benefit for patients, nearly a 60% improvement versus the study control arm and current standard of care.

Ramtin Agah, Chief Medical Officer and Founder of RenovoRx, said: “We will be advancing discussions with the FDA about expediting forward progress, while continuing our current trial enrollment.”

For More Such Health News, visit rttnews.com.

U.S. Weekly Jobless Claims Unexpectedly Edge Slightly Lower

A report released by the Labor Department on Thursday unexpectedly showed a slight decrease by first-time claims for U.S. unemployment benefits in the week ended March 18th.

The Labor Department said initial jobless claims slipped to 191,000, a decrease of 1,000 from the previous week’s unrevised level of 192,000. Economists had expected jobless claims to rise to 201,000.

“Initial jobless claims have been below 200k for nine of the last 10 weeks, a level consistent with an imbalance between the supply and demand for workers,” said Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics.

She added, “A tight labor market will lead to further rate hikes from the Fed, although the FOMC will proceed more cautiously given the recent stress in the banking system and its uncertain impact on the economy.”

The report said the less volatile four-week moving average also edged down to 196,250, a decrease of 250 from the previous week’s unrevised average of 196,500.

Meanwhile, the Labor Department said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, rose by 14,000 to 1.694 million in the week ended March 11th.

The four-week moving average of continuing claims also crept up to 1,684,000, an increase of 8,500 from the previous week’s revised average of 1,675,500.

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