Lancaster Colony Q4 Profit Rises, But Results Miss View – Quick Facts

Lancaster Colony Corp. (LANC), a maker of specialty food products, on Tuesday reported net income for the fourth quarter of $33.0 million or $1.20 per share, up slightly from $32.4 million or $1.18 per share last year.

Consolidated net sales for the quarter increased 5.0 percent to a $323.7 million from $308.2 million last year. Excluding net sales attributed to Bantam Bagels and Omni Baking Company, both of which were acquired during the fiscal second quarter, consolidated net sales increased 1.3 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.29 per share for the quarter on revenues of $331.56 million. Analysts’ estimates typically exclude special items.

Looking ahead to fiscal 2020, Lancaster Corp. said that following a year in which overall commodity costs were generally flat, it anticipates an uptick in commodity costs for the year.

However, the company expects pricing initiatives, in addition to ongoing savings from its lean six sigma program and other cost-out projects planned by its supply chain team, will help to offset these increased costs.

J2 Global Unit Acquires BabyCenter From Johnson & Johnson – Quick Facts

Everyday Health Group, a J2 Global (JCOM) unit, has acquired BabyCenter, a global digital pregnancy and parenting resource, from Johnson & Johnson (JNJ). BabyCenter is based in San Francisco, CA. The acquisition brings together BabyCenter and the What to Expect digital pregnancy and parenting platform.

BabyCenter has a customer base of more than 100 million people monthly. It operates 10 international versions in nine languages. It was founded in 1997, and became a member of the Johnson & Johnson family of companies in 2001.

J. M. Smucker Lowers FY20 Adj. EPS, Sales Outlook – Quick Facts

While reporting financial results for the first quarter of fiscal 2020 on Tuesday, J. M. Smucker Co. (SJM) lowered its adjusted earnings and net sales growth guidance for the full-year 2020.

For fiscal 2020, the company now projects adjusted earnings in a range of $8.35 to $8.55 per share on net sales change range between a decline of 1 percent and flat.

Previously, the company expected adjusted earnings in the range of $8.45 to $8.65 per share on net sales growth of 1 to 2 percent.

Net sales outlook incorporates the loss of $105.9 million of sales in the first four months of fiscal 2019 related to the divested U.S. baking business and $25.4 million of incremental noncomparable sales for Ainsworth. On a comparable basis, net sales are expected to range from flat to up 1 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $8.47 per share on a sales growth of 0.2 percent to $7.86 billion for the year. Analysts’ estimates typically exclude special items.

The company noted that the financial results include the contribution from Ainsworth Pet Nutrition, LLC, which was acquired on May 14, 2018, and reflect the divestiture of the company’s U.S. baking business on August 31, 2018.

Gold Holds Steady In Lackluster Trade

Gold prices held largely steady on Tuesday after scaling a fresh six-year high on Monday to surpass the $1,550 mark in intraday trade as both the U.S. and China announced new tariffs on each other’s goods.

Spot gold rose 0.25 percent to $1,530.88 per ounce, while U.S. gold futures were up 0.2 percent at $1,540.25 an ounce.

There is some improvement in risk appetite after U.S. President Donald Trump flagged the possibility of a trade deal with China, saying he believed Beijing was sincere in its desire to reach an agreement.

Trump’s comments helped temper sharp losses in global equity markets, though analysts remain doubtful that trade talks have really turned a corner.

Trump told reporters at the G-7 summit that top Chinese officials had called asking for the resumption of trade talks and prospects for a deal were better now than at any time since talks began last year.

Amazon fires: Rainforest destruction at record high

Government of Brazil says it is dealing with an annual but containable problem.

Vast swaths of the Amazon rainforest have been burned away by wildfires that have raged out of control.

The government of Brazil is saying that this is something that occurs every year and many are bemused by the international attention focused on the issue.

Al Jazeera’s Daniel Schweimler reports from Porto Velho, Brazil, one of the worst affected areas.

Ossen Innovation H1 Profit Rises; Revenues Down 7.1% – Quick Facts

Ossen Innovation Co., Ltd. (OSN), a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, said the company’s net income rose 18.7% year-on-year for the six months ended June 30, 2019 as it focused on higher margin products during the period. Top line decreased slightly due to the low Chinese GDP growth rate.

For the first-half, earnings per ADS were $0.87, compared to $0.72, last year. Revenues were down 7.1%, to $65.1 million from $70.0 million, prior year.

Liang Tang, Chairman of Ossen Innovation, said: “The successful IPO on the Hong Kong Stock Exchange of Pujiang International Group, a Cayman Islands company that indirectly owns 65.9% of the company’s issued and outstanding ordinary shares, has provided an additional resource of capital for us and is expected to enable us to capture additional opportunities to win new infrastructure projects.”

STAAR Surgical: FDA Approves IDE Clinical Study With Additional Recommendations

STAAR Surgical Company (STAA) said the FDA has informed the company that STAAR has provided sufficient data to support initiation of a human clinical study of the EVO/EVO+ VISIAN Implantable Collamer Lens for Myopia, and EVO/EVO+ VISIAN Toric Implantable Collamer Lens for Myopia with Astigmatism. In the letter dated August 23, 2019, FDA recommended study design modifications.

“STAAR looks forward to working with FDA to incorporate the recommended protocol modifications in order for the study design to support a marketing approval submission,” said Caren Mason, President & CEO.