Friday, 29 Mar 2024

VMware Inc. Q4 Profit Decreases, but beats estimates

Treasury Reveals Details Of Long-Term Securities Auctions

The Treasury Department on Thursday announced the details of this month’s auctions of three-year and ten-year notes and thirty-year bonds.

The Treasury revealed plans to sell $40 billion worth of three-year notes, $32 billion worth of ten-year notes and $18 billion worth of thirty-year bonds.

The results of the three-year note auction will be announced next Tuesday, the results of the ten-year note auction will be announced next Wednesday and the results of the thirty-year auction will be announced next Thursday.

Last month, the Treasury sold $40 billion worth of three-year notes, $35 billion worth of ten-year notes and $21 billion worth of thirty-year bonds.

The three-year note and thirty-year bond auctions attracted below average demand, while the ten-year note auction attracted above average demand.

Stagwell Stock Up 10%

Shares of Stagwell Inc. (STGW) are gaining nearly 10% on Thursday morning after reporting its fourth-quarter results.

STGW is currently trading at $7.47, up $0.68 or 9.94%, on the Nasdaq. The stock opened its trading at $7.45 after closing Wednesday’s trading at $6.79. The stock has traded between $4.80 and $8.29 in the past 52-week period.

Fourth-quarter revenues were $708.2 million, up from $611.9 million last year.

For the fourth quarter, the net loss was $6.5 million or $0.05 per share, compared to a net income of $837 thousand or $0.01 per share last year.

Adjusted earnings for the quarter were $0.22 per share, compared to Wall Street analysts’ estimates of $0.15 per share.

Looking forward to full year 2023, Stagwell expects adjusted earnings of $4.80 – $8.29 per share and organic revenue growth of 7.5% – 10%.

European Economic News Preview: Eurozone Flash Inflation, Unemployment Data Due

Flash inflation and unemployment data from the euro area and the minutes of the governing council from the European Central Bank are due on Thursday.

At 3.00 am ET, Spain unemployment data is due. The number of unemployed is forecast to increase by 11,500 in February.

In the meantime, flash inflation figures are due from Austria.

At 4.00 am ET, Italy’s statistical office Istat publishes unemployment data for January. The jobless rate is seen unchanged at 7.8 percent.

At 5.00 am ET, Eurostat releases euro area flash inflation and unemployment data. The annual inflation rate is forecast to ease to 8.2 percent in February from 8.6 percent in January. At the same time, the unemployment rate is forecast to remain at 6.6 percent in January.

At 7.30 am ET, the European Central Bank is scheduled to issue the account of the monetary policy meeting of the Governing Council held on February 1 and 2.

TJX Recalls Office Chairs

Department store chain operator TJX Companies Inc. (TJX) has issued a recall of about 81,700 office chairs as the back of the chairs can break leading to injuries.

According to the Consumer Product Safety Commission, the back of the recalled chair can break or detach from the seat base when a consumer is seated in the chair, posing a fall hazard.

The company said it has received 12 reports in which the back of the chair broke or detached from the seat base when a consumer was seated in a chair at a store, including 10 reports of injuries, including contusions, strains, numbness, bruising and one reported concussion.

The recall involves office chairs with a circle cushioned seat that attaches to an adjustable metal stand and five wheels. The recalled office chairs were sold in white, black, gray, floral, pink, orange, navy, light blue, brown, mint and cream colors. The cushion is covered in either velvet, linen, boucle or faux leather.

The recalled products were sold at Marshalls, T.J. Maxx, HomeGoods and Homesense stores nationwide from June 2019 through December 2022 for between $60 and $70.

The company has asked customers to immediately stop using the recalled chairs and contact TJX for instructions on how to participate in the recall and dispose of the chairs from home to receive a full refund.

Consumers can also return the recalled chairs to any Marshalls, T.J. Maxx, HomeGoods or Homesense store for a full refund.

Marvell Technology Group Ltd. Q4 Earnings Summary

Below are the earnings highlights for Marvell Technology Group Ltd. (MRVL):

Earnings: -$15.4 million in Q4 vs. $6.2 million in the same period last year.
EPS: -$0.02 in Q4 vs. $0.01 in the same period last year.
Excluding items, Marvell Technology Group Ltd. reported adjusted earnings of $396.3 million or $0.46 per share for the period.

Analysts projected $0.47 per share
Revenue: $1.42 billion in Q4 vs. $1.34 billion in the same period last year.

-Guidance:
Next quarter EPS guidance: $0.24 – $0.34

VMware Inc. Q4 Profit Decreases, but beats estimates

VMware Inc. (VMW) reported earnings for fourth quarter that decreased from the same period last year but beat the Street estimates.

The company’s bottom line totaled $494 million, or $1.15 per share. This compares with $586 million, or $1.39 per share, in last year’s fourth quarter.

Excluding items, VMware Inc. reported adjusted earnings of $915 million or $2.13 per share for the period.

Analysts on average had expected the company to earn $1.92 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 5.1% to $3.71 billion from $3.53 billion last year.

VMware Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $494 Mln. vs. $586 Mln. last year.
-EPS (Q4): $1.15 vs. $1.39 last year.
-Analyst Estimates: $1.92
-Revenue (Q4): $3.71 Bln vs. $3.53 Bln last year.

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