Steel Partners Holdings LP Profit Retreats In Q3, but beats estimates

Steel Partners Holdings LP (SPLP) revealed earnings for third quarter that decreased from the same period last year but beat the Street estimates.

The company’s bottom line totaled $25.6 million, or $1.14 per share. This compares with $36.3 million, or $1.45 per share, in last year’s third quarter.

Analysts on average had expected the company to earn $0 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 15.6% to $492.3 million from $425.7 million last year.

Steel Partners Holdings LP earnings at a glance (GAAP) :

-Earnings (Q3): $25.6 Mln. vs. $36.3 Mln. last year.
-EPS (Q3): $1.14 vs. $1.45 last year.
-Analyst Estimates: $0
-Revenue (Q3): $492.3 Mln vs. $425.7 Mln last year.

Owlet Announces De Novo FDA Clearance For Dream Sock – Quick Facts

Owlet, Inc. (OWLT) announced De Novo clearance from the FDA of Dream Sock, the first and only over-the-counter medical pulse oximetry solution for infants. The Dream Sock will monitor and display Baby’s Live Health Readings, including pulse rate and oxygen saturation level, and will provide Health Notifications, which will alert caregivers with lights and alarm sounds if infant’s readings fall outside of preset ranges.

The company noted that achieving De Novo clearance means the Owlet Dream Sock was clinically tested in both home and hospital environments, and proven to be as accurate as medical-grade baby monitoring technology and compliant with all relevant performance and safety standards by independent laboratories.

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Becton, Dickinson And Co. Slips After Q3 Profit Falls 62.5%

Shares of Becton, Dickinson, and Co. (BDX) are trading sliding more than 8 percent on Thursday morning trade after the company reported 62.5 percent decline in third-quarter profit, compared to the prior year.

Quarterly profit was $108 million, or $0.37 per share compared with $265 million or $0.93 per share in the prior year.

Wall Street analysts were looking for profit of $3.43 per share.

Looking ahead to the full year 2024, the company expects adjusted earnings in a range of $12.70 to $13 per share, up 4-6.5 percent.

The company further noted that, on a currency-neutral basis, adjusted earnings guidance represents growth of approximately 8.25 to 10.25 percent.

Revenue for the full year is projected to be in the range of approximately $20.1 billion to $20.3 billion, with organic revenue growth of 5.25 to 6.25 percent.

Street estimates were looking for $12.22 per share, on revenue of $19.3 billion.

Currently, shares are at $234.71, down 8.32 percent from the previous close of $255.92 on a volume of 1,624,415.

Seritage Growth Properties Stock Jumps 12%

Shares of Seritage Growth Properties (SRG) gained 12% on Thursday morning after reporting its third-quarter results.

SRG is currently trading at $8.37, up $0.93 or 12.50%, on the NYSE. The stock opened its trading at $8.25 after closing Wednesday’s trading at $7.44. The stock has traded between $7.07 and $12.79 in the past 52-week period.

Revenues for the quarter dropped to $5.0 million from $23.5 million last year.

Net loss for the quarter narrowed to $2.2 million or $0.04 per share from $4.7 million or $0.08 per share last year.

Genco Shipping Up 7% As Q3 Results Beat Street

Shares of Genco Shipping & Trading Limited (GNK) are up 7% on Thursday after the company reported third-quarter earnings and revenue that beat the Street.

GNK is trading on the New York Stock Exchange at $13.80, up 7.64% or $0.98 per share. It has traded between $12.39 and $19.84 in the past 52-week period.

The company reported a net loss of $32.0 million or $0.75 per share for the quarter, compared to last year’s income of $40.8 million or $0.95 per share.

Excluding one-time items, the company reported a loss of $3.9 million or $0.09 per share.

Analysts on average had expected a loss of $0.11 per share, according to figures compiled by Thomson Reuters.

Revenue decreased to $83.4 million from $136.0 million the previous year, yet it beat the consensus estimate of $47.48 million.

Duolingo Shares Rise As Q3 Results Beat Street; Raises Q4, FY23 Revenue Guidance

Shares of Duolingo, Inc. (DUOL) are up 19% on Thursday following the third-quarter earnings and revenue that beat the Street estimate. Additionally, the company also raised its fourth-quarter and full-year revenue guidance above consensus expectations.

DUOL is trading on the Nasdaq at $199.34, up 19.17% or $32.07 per share. It has traded between $64.73 and $200.40 in the past 52-week period.

The company reported a net income of $2.8 million or $0.06 per share for the quarter, compared to last year’s loss of $18.4 million or $0.46 per share.

Analysts on average had expected a loss of $0.12 per share, according to figures compiled by Thomson Reuters.

Revenue increased 43% to $137.6 million from $96.1 million the previous year. It beat the consensus estimate of $132.08 million.

For the fourth quarter, the company expects revenue from $145 to $148 million, versus the consensus of $140.87 million, and for the full year revenue is expected to be between $525 and $528 million, versus the consensus of $515.42 million.

U.S. Wholesale Inventories Unexpectedly Edge Higher In September

Wholesale inventories in the U.S. unexpectedly saw a modest increase in the month of September, according to a report released by the Commerce Department on Wednesday.

The report said wholesale inventories rose by 0.2 percent in September after edging down by 0.1 percent in August. Economists had expected wholesale inventories to come in unchanged.

The unexpected uptick in wholesale inventories came as inventories of durable goods crept up by 0.2 percent, while inventories of non-durable goods inched up by 0.1 percent.

Meanwhile, the Commerce Department said wholesale sales shot up by 2.2 percent in September after surging by 2.0 percent in August.

Sales of non-durable goods led the way higher, spiking by 3.4 percent, while sales of durable goods climbed by 0.7 percent.

With sales jumping by much more than inventories, the inventories/sales ratio for merchant wholesalers fell to 1.33 in September from 1.36 in August.