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CTS Boosts FY22 Outlook As Q2 EPS Tops Estimates

While reporting financial results for the second quarter on Tuesday, CTS Corp. (CTS) raised its adjusted earnings and sales guidance for the full year 2022.

For fiscal 2022, the company now projects adjusted earnings in a range of $2.40 to $2.55 per share on sales between $570 million and $600 million.

Previously, the company expected adjusted earnings in a range of $2.20 to $2.45 per share on sales between $550 million and $580 million.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.50 per share on sales of $583.13 million for the year. Analysts’ estimates typically exclude special items.

For the second quarter, the company reported net earnings of $12.6 million or $0.39 per share, up from $0.90 million or $0.03 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.62 per share, compared to $0.52 per share in the year-ago quarter. Net sales for the quarter grew 12 percent to $144.98 million year-over-year.

The Street was looking for earnings of $0.61 per share on sales of $146.31 million for the quarter.

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

Paccar Inc. Q2 Profit Rises, Beats estimates

Paccar Inc. (PCAR) released earnings for its second quarter that increased from the same period last year and beat the Street estimates.

The company’s earnings came in at $720.4 million, or $2.07 per share. This compares with $495.5M, or $1.42 per share, in last year’s second quarter.

Analysts on average had expected the company to earn $1.81 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 26.0% to $6.79 billion from $5.39 billion last year.

Paccar Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $720.4 Mln. vs. $495.5M. last year.
-EPS (Q2): $2.07 vs. $1.42 last year.
-Analyst Estimate: $1.81
-Revenue (Q2): $6.79 Bln vs. $5.39 Bln last year.

Coca-Cola Boost FY22 Organic Revenue Growth Outlook

While reporting financial results for the second quarter on Tuesday, beverages giant Coca-Cola Co. (KO) maintained its adjusted earnings guidance for the full-year 2022, while raising annual organic revenue growth outlook. The company also provided outlook for the third quarter.

For fiscal 2022, the company still projects comparable earnings to grow in a range of 5 to 6 percent from the $2.32 per share reported in 2021, with a 9 percent currency headwind.

It also now projects organic revenue growth of 12 to 13 percent, with a 6 percent currency headwind and 2 percent tailwind from acquisitions and divestitures. Previously, it expected organic revenue growth of 7 to 8 percent.

The Street is looking for earnings of $2.46 per share on revenue growth of 8.0 percent to $41.74 billion for the year.

For the third quarter, Coca-Cola projects comparable net revenues on an adjusted basis to be impacted by about 7 to 8 percent currency headwind based on the current rates and including the impact of hedged positions. Comparable earnings are expected to include an approximate 9 to 10 percent currency headwind.

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

Equifax To Buy Midigator – Quick Facts

Equifax (EFX) said that it has agreed to acquire Midigator LLC, a provider of post-transaction fraud mitigation solutions.

The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2022.

The deal is not anticipated to have a material impact on 2022 Equifax financial results.

Once the transaction closes, Midigator will become part of the Equifax USIS business unit.

As part of the transaction, LLR Partners, who invested in Midigator in 2018, will exit the business.

NVR Inc. Bottom Line Climbs In Q2, but misses estimates

NVR Inc. (NVR) announced a profit for its second quarter that increased from the same period last year but missed the Street estimates.

The company’s earnings totaled $433.31 million, or $123.65 per share. This compares with $321.30 million, or $82.45 per share, in last year’s second quarter.

Analysts on average had expected the company to earn $126.77 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 17.6% to $2.61 billion from $2.22 billion last year.

NVR Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $433.31 Mln. vs. $321.30 Mln. last year.
-EPS (Q2): $123.65 vs. $82.45 last year.
-Analyst Estimate: $126.77
-Revenue (Q2): $2.61 Bln vs. $2.22 Bln last year.

Virax Biolabs Group Stock Continues To Fall

Virax Biolabs Group Ltd. (VRAX) shares are surging more than 13 percent, continuing a bearish trend. Virax has completed its initial public offering on July 21. Today the company introduced Monkeypox and Varicella-Zoster viruses real-time PCR detection kit for earlier diagnoses.

The innovative biotechnology company said the specialized diagnostic kits will be available in Europe now. World Health Organisation has recently declared Monkeypox a public health emergency of international concern, one step below pandemic.

Currently, shares are at $14.48, down 13.81 percent from the previous close of $16.80 on a volume of 1,817,803.