TotalEnergies Q4 Profit Falls, But Revenue Climbs

TotalEnergies SE (TTE), a French energy and petroleum firm, on Wednesday reported a decline in earnings for the fourth quarter. However, the firm posted a rise in revenue.

For the quarter, the company posted a net income of $3.441 billion or $1.26 per share, compared with $5.903 billion or $2.17 per share, posted for the same period of last year. Adjusted income stood at $7.771 billion as against $ 6.904 billion of 2021.

Revenue from sales was at $63.953 billion as against $55.298 billion of previous year. The company’s sales moved up to $68.582 billion from last year’s $60.348 billion.

For the fiscal 2022, the Board has proposed a final dividend of 0.74 euro per share.

For 2023, the company’s shareholder return policy will combine a 7.2 percent increase to 0.74 euro per share in interim dividends and share buybacks of $2 billion planned for the first quarter.

In addition, TTE has confirmed its project to spin-off its affiliate, TotalEnergies EP Canada, by listing it on the Toronto stock exchange. TTE intends to retain a 30 percent stake in the listed entity, and to distribute 70 percent of the shares to its shareholders, through a special dividend in kind.

In 2023, TTE expects net investments of $16 billion -$18 billion, including $5 billion dedicated to low-carbon energies.

Severn Trent Reaffirms Fiscal 2023 Guidance

U.K.-headquartered utilities business Severn Trent Plc (SVT) on Wednesday said that the company’s guidance for fiscal 2023 remains unchanged.

The company said it self-generates the equivalent of over 50% of its energy consumption, resulting in a natural economic hedge which would significantly reduce the impact of higher power prices.

The company said that over the last six months it has locked in prices for its remaining exposure for fiscal 2024.

Severn Trent also announced Severn Trent Green Power’s acquisition of Andigestion Ltd, which operates two food waste anaerobic digestion plants in Devon and Gloucestershire. This is expected to bring an additional 45 GWh per annum of energy generation, increasing Green Power’s output by 16%.

It hopes to achieve, for the fourth consecutive year, 4-star status in the Environment Agency’s 2022 Environmental Performance Assessment.

Shares of Severn Trent closed Tuesday’s trading at 2853 pence, up 12 pence or 0.42 percent from the previous close.

Gold Gains For Third Day On Dovish Powell Comments

Gold extended gains for a third straight session on Wednesday and the dollar weakened following dovish comments from Federal Reserve Chair Jerome Powell.

Spot gold rose 0.6 percent to $1,885.01 per ounce, while U.S. gold futures were up 0.6 percent at $1.896.70.

The dollar index eased after Powell reiterated his view that inflation was falling.

In a question-and-answer session at the Economic Club of Washington, D.C., Powell said that the disinflationary process has begun but further hikes will be needed if the labor market remains strong.

Some analysts were expecting the Fed chief to push back on the loosening of financial conditions following Friday’s robust jobs report.

In separate comments, Minneapolis Fed President Neel Kashkari said the U.S. central bank has more work to do when it comes to taming inflation.

Investors now await this week’s jobless claims report and January inflation numbers due next week for further direction.

Chinese inflation data for January due later this week may also shed more light on a potential economic recovery after the country relaxed most anti-COVID restrictions.

Oil Extends Gains For Third Day As Rate Worries Ease

Oil prices climbed higher for a third day running on Wednesday as dovish comments from Federal Reserve Chair Jerome Powell helped ease worries about U.S. interest-rate hikes.

Benchmark Brent crude futures jumped 1.2 percent to $84.72 a barrel, while WTI crude futures were up 1.5 percent at $78.31.

In a question-and-answer session at the Economic Club of Washington, D.C., Powell said he expects 2023 to be a year of “significant declines in inflation” but additional rate increases may be required if the economic data doesn’t cooperate.

With less-aggressive interest rate hikes, investors are now weighing the odds of a soft landing for the world’s largest economy.

U.S. Treasury Secretary Janet Yellen on Monday said she saw a path for avoiding a U.S. recession.

Higher oil prices were also supported by data from the American Petroleum Institute industry group showing that crude stocks fell by about 2.2 million barrels in the week ended Feb. 3.

Inventory figures from the U.S. Energy Information Administration will be out later in the day.

Uber Technologies Q4 Profit Down, Revenues Climb

Uber Technologies, Inc. (UBER) reported Wednesday that its fourth-quarter net income attributable was $595 million, down from prior year’s $892 million. Earnings per share were $0.29, down from last year’s $0.44.

The latest results included a $756 million net benefit (pre-tax) primarily due to net unrealized gains related to the revaluation of Uber’s equity investments.

Revenue grew 49 percent to $8.6 billion from $5.78 billion last year. Revenue grew 59 percent on a constant currency basis.

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

Vishay Intertechnology Guides Q1 Revenues In Line With Estimates – Update

While reporting financial results for the first quarter on Wednesday, semiconductor maker Vishay Intertechnology, Inc. (VSH) provided revenue guidance for the first quarter, in line with analysts’ estimates.

For the first quarter, the company expects revenues in a range of $825 million to $865 million and gross margins of 28.0 percent plus/minus 50 basis points.

On average, three analysts polled by Thomson Reuters expect the company to report revenues of $882.67 million for the quarter.

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