Monday, 22 Apr 2024

UK Car Production Grows 9.9% On Foreign Demand

Sensex, Nifty End Higher On Late Buying

Indian shares ended modestly higher on Thursday, after having traded lower for most part of the day.

The benchmark S&P BSE Sensex closed up 98.84 points, or 0.16 percent, at 61,872.62 while the broader NSE Nifty index settled 35.75 points, or 0.2 percent, higher at 18,321.15 amid the expiry of monthly derivative contracts.

Divis Laboratories, ITC, Bharti Airtel, Adani Enterprises and Bajaj Auto climbed 2-3 percent in the Nifty pack, while Hindalco, IndusInd Bank, Tata Motors and Wipro all were down around 1 percent.

Global cues were sluggish as U.S. debt ceiling talks dragged on and minutes from the Federal Reserve’s May meeting showed officials were split over the need for rate rises.

U.S. House Speaker Kevin McCarthy, R-Calif., told reporters the two sides remain “far apart,” with ongoing talks hitting a snag over Republicans’ demand for spending cuts.

With just over a week left – including a holiday weekend – U.S. Treasury Secretary Janet Yellen reiterated her dire warning that the U.S. could have a hard time paying its bills.

Fitch Ratings along with Moody’s and S&P placed the United States “AAA” credit on “rating watch negative,” signaling downside risks to U.S. creditworthiness.

Data showed the German economy was in recession in early 2023, adding to recession worries.

The dollar traded higher in European trade and gold prices were mixed, while oil prices fell more than 1 percent after recent strong gains.

Movado Group Q1 Net Income Declines; Net Sales Down 11.3%

Movado Group, Inc. (MOV) reported first quarter net income of $9.1 million, or $0.40 per share, compared to $18.5 million, or $0.79 per share, prior year. Adjusted net income was $9.7 million, or $0.43 per share, compared to $19.1 million, or $0.82 per share, last year.

Net sales decreased 11.3%, or down 10.1% on a constant dollar basis, to $144.9 million.

Efraim Grinberg, CEO, said, “We began the year in line with our expectations amidst a challenging macro environment and following our best-ever first quarter performance last year.”

The company continues to expect fiscal 2024 net sales to be in a range of approximately $725.0 million to $750.0 million, and operating income in a range of $80.0 million to $85.0 million.

The company also announced that its Board approved the payment on June 21, 2023 of a cash dividend in the amount of $0.35 for each share of the company’s outstanding common stock and class A common stock held by shareholders of record as of the close of business on June 7, 2023.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Medtronic Guides FY24 Adj. EPS Below View: Boosts Dividend – Update

While reporting financial results for the fourth quarter on Thursday, medical devices maker Medtronic plc. (MDT) initiated adjusted earnings guidance for the full-year 2024, below analysts’ estimates.

For fiscal 2023, the company now projects adjusted earnings in a range of $5.00 to $5.10 per share on organic revenue growth of 4.0 to 4.5 percent.

On average, 30 analysts polled by Thomson Reuters expect the company to report earnings of $5.20 per share for the quarter. Analysts’ estimates typically exclude special items.

The Medtronic board of directors also approved an increase in Medtronic’s cash dividend for the first quarter of fiscal year 2024, raising the quarterly amount to $0.69 per ordinary share, payable on July 14, 2023, to shareholders of record at the close of business on June 23, 2023.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Dollar Tree Inc. Q1 Profit Decreases, misses estimates

Dollar Tree Inc. (DLTR) released earnings for first quarter that decreased from the same period last year and missed the Street estimates.

The company’s bottom line totaled $299.0 million, or $1.35 per share. This compares with $536.4 million, or $2.37 per share, in last year’s first quarter.

Excluding items, Dollar Tree Inc. reported adjusted earnings of $325.1 million or $1.47 per share for the period.

Analysts on average had expected the company to earn $1.52 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 6.1% to $7.32 billion from $6.90 billion last year.

Dollar Tree Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $299.0 Mln. vs. $536.4 Mln. last year.
-EPS (Q1): $1.35 vs. $2.37 last year.
-Analyst Estimates: $1.52
-Revenue (Q1): $7.32 Bln vs. $6.90 Bln last year.

-Guidance:
Next quarter EPS guidance: $0.79 to $0.89
Next quarter revenue guidance: $7.0 – $7.2 Bln
Full year EPS guidance: $5.73 to $6.13
Full year revenue guidance: $30.0 – $30.5 Bln

UK Car Production Grows 9.9% On Foreign Demand

UK car production rose for the third successive month in April, supported by strong export demand along with continued ease in global supply chain shortages, particularly with regard to semiconductors, data from the Society of Motor Manufacturers and Traders, or SMMT, showed Thursday.

Car production climbed 9.9 percent year-on-year to 66,527 units in April, driven by a 14.7 percent surge in exports, with more than 8 in 10 UK-made cars heading overseas.

Meanwhile, output for the home market declined notably by 8.3 percent.

Exports claimed 82.4 percent of total production, and the home market gained 17.6 percent.

The European Union remained by far the most important global market, taking 58.4 percent of all exports.

Production of hybrid, plug-in hybrid, and battery electric vehicles, or EVs, jumped 56.2 percent year-on-year in April.

The news comes as the UK and EU automotive sectors face a looming cliff edge with rules of origin agreed in the UK-EU Trade and Cooperation Agreement, governing local content for electric vehicles and batteries, due to get tougher from January 1, 2024, the SMMT said.

“Most immediately, this means finding a solution to the rules of origin challenge faced by manufacturers on both sides of the Channel, else we risk the application of tariffs – and therefore unnecessary cost – on the very vehicles we are trying to encourage consumers to purchase,” Mike Hawes, SMMT chief executive, said.

Related Posts