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Smucker earnings transcript

Walmart Q1 FY2023 Earnings Report Preview

May 16, 2022 by www.investopedia.com

Key Takeaways Analysts estimate adjusted EPS of $1.48 vs. $1.69 in Q1 FY 2022. U.S. comparable sales (excluding fuel sales) are expected to rise YOY, but at less than half the pace of the same quarter a year ago. Revenue is expected to barely increase for the second straight quarter as the boost from the pandemic continues to wear off. Walmart Inc. ( WMT ), one of the world's biggest retailers, enjoyed unusually strong earnings and revenue growth during the past two years. The key driver was consumers who changed their buying patterns in several ways during the pandemic. Walmart's e-commerce sales soared as people sheltering at home boosted their shopping online. And consumers also spent more on manufactured goods as they spent less on dining out and traveling. But these pandemic-related forces are beginning to lose momentum. As a result, Walmart's growth has begun to slow sharply. Investors will be watching whether Walmart can reverse its slowdown in growth when … [Read more...] about Walmart Q1 FY2023 Earnings Report Preview

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Target Earnings Disappoint

May 18, 2022 by www.investopedia.com

Shares of Target ( TGT ) fell nearly 25% in early Wednesday trading, after the retailer reported earnings that came in far below analysts’ expectations. The company reported adjusted earnings per share (EPS) of $2.19, far below consensus estimates of $3.07. Key factors weighing on the company’s first-quarter earnings included higher freight costs associated with supply chain disruptions, higher markdowns , and lower-than-expected sales of discretionary items. Despite these challenges, the company reported better-than-expected revenue of $25.17 billion, versus expectations of $24.49 billion. Net income , however, came in decisively below expectations at $1.01 billion, or $2.16 per share, compared to $2.1 billion a year earlier. The retailer’s adjusted earnings per share of $2.19, which excludes certain items, fell 41% compared to a year prior. Target’s disappointing earnings report comes a day after rival retailer Walmart ( WMT ) also underperformed its earnings … [Read more...] about Target Earnings Disappoint

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Future Thunder Star Josh Giddey Earns NBA All-Rookie Second Team Honors

May 18, 2022 by www.forbes.com

Share to Twitter Share to Linkedin Oklahoma City Thunder guard Josh Giddey had a spectacular rookie season. The second-youngest player in the NBA during the 2021-22 season, he proved to be one of the most promising prospects in the league. As such, Giddey earned Kia NBA All-Rookie Second Team honors on Wednesday night. He became one of ten rookies to be named to an NBA All-Rookie team and made Thunder history as the fourth player in franchise history to earn NBA All-Rookie team honors. First Team: Scottie Barnes (Toronto) Cade Cunningham (Detroit) Jalen Green (Houston) Evan Mobley (Cleveland) Franz Wagner (Orlando) Second Team: Ayo Dosunmu (Chicago) Chris Duarte (Indiana) Josh Giddey (Oklahoma City) Bones Hyland (Denver) Herbert Jones (New Orleans) A starter from day one in Oklahoma City, Giddey immediately made it clear why he was the No. 6 overall pick in the 2021 NBA Draft. With a unique combination … [Read more...] about Future Thunder Star Josh Giddey Earns NBA All-Rookie Second Team Honors

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Boeing (BA) Takes Heat From Top European Customer Ryanair

May 17, 2022 by www.investopedia.com

A management reset may be in order at The Boeing Company (BA) , contends the CEO of Irish budget carrier Ryanair Holdings PLC ( RYAOF ), after a string of delivery delays and disputes over pricing negotiations have clouded the business relationship of the two companies. Key Takeaways Ryanair CEO Michael O'Leary said that Boeing's management needs a shakeup after a number of delivery delays and stalled pricing negotiations with the company. Ryanair ended negotiations to purchase up to 250 MAX 10 planes in September 2021 after pricing negotiations with Boeing broke down. Boeing's 737 MAX 10 and 787 Dreamliner have suffered major delivery delays due to certification and manufacturing issues. Faster-than-expected deliveries of Boeing's MAX 10 and Dreamliner could bring on a sharp rally in the company's share price. Ryanair Chief Executive Michael O'Leary lambasted the aerospace company's management at the airline's quarterly earnings conference call on Monday, … [Read more...] about Boeing (BA) Takes Heat From Top European Customer Ryanair

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Dow Falls 1,100 Points, Stock Market Selloff Continues As Major Retailers Warn Of Rising Cost Pressures

May 18, 2022 by www.forbes.com

Share to Twitter Share to Linkedin Topline The stock market selloff resumed on Wednesday amid reinvigorated fears about surging inflation weighing on economic growth, as several major retailers have now reported that quarterly profits took a hit due to rising cost pressures. Key Facts The selloff on Wall Street intensified: The Dow Jones Industrial Average fell 3.6%, over 1,100 points, while the S&P 500 lost 4% and the tech-heavy Nasdaq Composite 4.7%. Markets tanked after disappointing quarterly earnings from major retailers: Shares of Target plunged over 25% after the company warned of rising costs and supply chain issues impacting profits, with the stock on pace for its worst single-day drop in roughly 25 years. The news followed a gloomy outlook from Walmart, with the nation’s largest retailer badly missing earnings expectations due to rising costs, causing shares to fall 11% on Tuesday in their largest one-day drop since 1987. … [Read more...] about Dow Falls 1,100 Points, Stock Market Selloff Continues As Major Retailers Warn Of Rising Cost Pressures

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CFPB Orders Debt-Relief Payment Processors to Pay Over $11 Total Million Penalty

May 13, 2022 by www.investopedia.com

On Wednesday, May 11, the Consumer Financial Protection Bureau (CFPB), a federal watchdog agency responsible for consumer protection in the financial services industry, finalized an enforcement action against debt-relief payment processors RAM Payment and Account Management Systems (AMS) as well as AMS’s co-founders, Gregory Winters and Stephen Chaya. The respondents have been accused of illegally collecting debt-relief fees, misleading borrowers about when said fees would be paid to debt-relief companies, sending illegal advance fees to debt-relief companies, and failing to return funds to consumers who cancelled their student loan debt-relief agreements. The CFPB has ordered RAM Payment, AMS, Winters, and Chaya to pay over $11 million in consumer redress and civil money penalties, in addition to banning AMS, Winters, and Chaya from the debt-relief payment processing and account maintenance industry. Key Takeaways The Consumer Financial Protection Bureau (CFPB) has … [Read more...] about CFPB Orders Debt-Relief Payment Processors to Pay Over $11 Total Million Penalty

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HSBC’s mass of Hong Kong retail investors warms to breakup

May 18, 2022 by www.theedgemarkets.com

- A + A HONG KONG (May 18): Smarting from HSBC Holdings Plc’s move to scrap its dividend during the height of the pandemic, the bank’s largely silent mass of retail shareholders in Hong Kong is warming up to the idea of a breakup. Splitting up Europe’s biggest bank to separate out its Asian operations is being pushed by its largest investor, Ping An Insurance Group Co, based just across the border in Shenzhen. The call is winning support in Hong Kong’s retail base, which owns about a third of the bank, with some seeing it as a surefire way of preventing the steady stream of payouts from being cut off again. Their loyalty has been tested as numerous pivots in strategy fail to impress the market, leaving dividends at half of what they were in 2018 and the stock down more than 40%. The former British colony is the beating heart of the bank’s global operations, accounting for about 30% of the group’s 2021 adjusted profits. Yet decisions such as the halting of dividends … [Read more...] about HSBC’s mass of Hong Kong retail investors warms to breakup

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Sunway REIT’s 1Q net property income jumps 77% on strong pick up in business activities

May 18, 2022 by www.theedgemarkets.com

- A + A KUALA LUMPUR (May 18): Sunway Real Estate Investment Trust's (Sunway REIT) net property income (NPI) for the first quarter ended March 31, 2022 (1QFY22) jumped 77.4% year-on-year (y-o-y) to RM118.9 million from RM67.02 million driven by strong pick up in business activities for the retail and hotel segments due to the relaxation in movement restrictions. Earnings per unit rose to 2.96 sen from 0.94 sen a year earlier, Sunway REIT informed Bursa Malaysia on Wednesday (May 18). Quarterly revenue grew 47.67% to RM153.97 million from RM104.27 million underpinned by higher revenue from all segments. Gross revenue for the retail segment soared 83.5% to RM98.4 million from RM53.7 million a year ago, primarily contributed by strong performance from all retail malls on the back of pent-up demand, festive spending, relaxation of Covid-19 safety measures and marginal rental support. The hotel segment’s gross revenue increased 28.6% y-o-y to RM18.5 million compared … [Read more...] about Sunway REIT’s 1Q net property income jumps 77% on strong pick up in business activities

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Cahya Mata Sarawak 1Q net profit down 7.42% on higher tax expenses

May 18, 2022 by www.theedgemarkets.com

- A + A KUALA LUMPUR (May 18): Cahya Mata Sarawak Bhd (CMS) posted a 7.42% drop in net profit for the first quarter ended March 31, 2022 (1QFY22) to RM72.02 million, from RM77.8 million a year ago, despite an improvement to its quarterly revenue. The group’s filing on Wednesday (May 18) showed that its quarterly revenue had climbed 5.93% to RM214.04 million in the quarter under review versus RM202.06 million in the previous corresponding quarter. The group attributed the lower net profit to higher tax expenses recognised in relation to higher taxable income from its divisions. It noted that its 1QFY21 earnings also included one-off gains from the disposal of Kenanga Investment Bank Bhd (KIBB) shares — amounting to RM28.52 million — and disposal of land and investment properties — amounting to RM16.99 million. Meanwhile, CMS attributed the improved revenue to higher revenue contributions from its cement and road maintenance divisions of 7% and 36% respectively. … [Read more...] about Cahya Mata Sarawak 1Q net profit down 7.42% on higher tax expenses

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Asia’s two richest men reap windfall from surging oil, coal

May 18, 2022 by www.theedgemarkets.com

- A + A (May 18): Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men publicly push their pivots toward greener energy. With coal prices skyrocketing to a record, Adani’s conglomerate is expanding a controversial mine in Australia to meet demand. Ambani’s Reliance Industries Ltd is snapping up distressed crude-oil cargoes at discounts to feed its refining complex, the biggest in the world. Reliance even deferred a scheduled maintenance of the facility to help churn out more diesel and gasoline, whose margins have shot up to touch a three-year high. The two Indian tycoons are stepping in at a time when many developed countries are scrambling for alternative sources of fuels as they try to back away from Russian supplies. This month, the Group of Seven most-industrialized nations pledged to ban imports of Russian oil. The … [Read more...] about Asia’s two richest men reap windfall from surging oil, coal

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