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2024-11-02 | Marketscreener.com | Uniti Group Inc. Reports Third Quarter 2023 Results | Reiterates 2023 Outlook for Consolidated Revenue, Adjusted EBITDA and AFFO LITTLE ROCK, Ark, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Uniti Group Inc. (“Uniti” or the “Company”) (Nasdaq: UNIT) today announced its results for the third quarter 2023. “We delivered another solid quarter of results and consolidated bookings, demonstrating the resiliency of demand for fiber infrastructure and our overall business despite the current challenging macroeconomic environment. Our consolidated core recurring revenue grew 3% during the quarter when compared to the same quarter in the prior year, and we continue to focus on driving high margin recurring revenue through additional lease-up of our 139,000 route mile fiber network, while managing our capital intensity and low monthly company-wide churn of 0.3%,” commented President and Chief Executive Officer, Kenny Gunderman. Mr. Gunderman continued, “Uniti remains uniquely positioned to capitalize on all of the growing use cases of fiber, including mobile broadband, fixed wireless, fiber-to-the-home, small cells, fiber-to-the-tower, hyperscaler connectivity, and artificial intelligence. We also remain well positioned to weather any potential prolonged economic headwinds with no significant debt maturities until 2027, minimal floating rate debt, and nearly $7 billion of revenue under contract with an average remaining term of 7 years.” QUARTERLY RESULTS Consolidated revenues for the third quarter of 2023 were $290.7 million. Net loss and Adjusted EBITDA were $80.9 million and $233.0 million, respectively, for the same period, achieving Adjusted EBITDA margins of approximately 80%. Net loss attributable to common shares was $81.2 million for the period, and included a $153.0 million goodwill impairment charge related to our Uniti Fiber segment that was driven by an increase in the macro interest rate environment. Adjusted Funds From Operations (“AFFO”) attributable to common shareholders was $95.3 million, or $0.35 per diluted common share. Uniti Fiber contributed $76.1 million of revenues and $29.9 million of Adjusted EBITDA for the third quarter of 2023, achieving Adjusted EBITDA margins of approximately 39%. Uniti Fiber’s net success-based capital expenditures during the quarter were $30.3 million. Uniti Leasing contributed revenues of $214.6 million and Adjusted EBITDA of $208.6 million for the third quarter. During the quarter, Uniti Leasing deployed capital expenditures of $86.1 million primarily related to the construction of approximately 1,000 new route miles of valuable fiber infrastructure. LIQUIDITY At quarter-end, the Company had approximately $263.1 million of unrestricted cash and cash equivalents, and undrawn borrowing availability under its revolving credit agreement. The Company’s leverage ratio at quarter-end was 6.08x based on net debt to third quarter 2023 annualized Adjusted EBITDA. On November 1, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.15 per common share, payable on January 4, 2024, to stockholders of record on December 15, 2023. UPDATED FULL YEAR 2023 OUTLOOK The Company is updating its 2023 outlook primarily for business unit level revisions, and transaction related and other costs incurred to date. Our 2023 outlook excludes future acquisitions, capital market transactions, and future transaction-related and other costs not mentioned herein. The Company’s consolidated outlook for 2023 is as follows (in millions): CONFERENCE CALL Uniti will hold a conference call today to discuss this earnings release at 8:30 AM Eastern Time (7:30 AM Central Time). The conference call will be webcast live on Uniti’s Investor Relations website atinvestor.uniti.com. Those parties interested in participating via telephone may register on the Company’s Investor Relations website or by clickinghere. A replay of the call will be available on the Investor Relations website beginning today at approximately 12:00 PM Eastern Time. ABOUT UNITI Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of fiber and other wireless solutions for the communications industry. As of September 30, 2023, Uniti owns approximately 139,000 fiber route miles, 8.4 million fiber strand miles, and other communications real estate throughout the United States. Additional information about Uniti can be found on its website atwww.uniti.com. FORWARD-LOOKING STATEMENTS Certain statements in this press release and today’s conference call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended from time to time. Those forward-looking statements include all statements that are not historical statements of fact, including, without limitation, our 2023 financial outlook, expectations regarding high-margin recurring revenue, lease-up of our network and strong demand trends, our business strategies, growth prospects, our ability to sustain difficult economic conditions, industry trends, sales opportunities, and operating and financial performance. Words such as "anticipate(s)," "expect(s)," "intend(s)," “estimate(s),” “foresee(s),” "plan(s)," "believe(s)," "may," "will," "would," "could," "should," "seek(s)" and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained. Factors which could materially alter our expectations include, but are not limited to, the future prospects of Windstream, our largest customer; the ability and willingness of our customers to renew their leases with us upon their expiration, and the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant; the availability of and our ability to identify suitable acquisition opportunities and our ability to acquire and lease the respective properties on favorable terms; the risk that we fail to fully realize the potential benefits of acquisitions or have difficulty integrating acquired companies; our ability to generate sufficient cash flows to service our outstanding indebtedness and fund our capital funding commitments; our ability to access debt and equity capital markets; the impact on our business or the business of our customers as a result of credit rating downgrades and fluctuating interest rates; our ability to retain our key management personnel; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to real estate investment trusts; covenants in our debt agreements that may limit our operational flexibility; the possibility that we may experience equipment failures, natural disasters, cyber-attacks or terrorist attacks for which our insurance may not provide adequate coverage; other risks inherent in the communications industry and in the ownership of communications distribution systems, including potential liability relating to environmental matters and illiquidity of real estate investments; and additional factors described in our reports filed with the SEC. Uniti expressly disclaims any obligation to release publicly any updates or revisions to any of the forward-looking statements set forth in this press release and today’s conference call to reflect any change in its expectations or any change in events, conditions or circumstances on which any statement is based. NON-GAAP PRESENTATION This release and today’s conference call contain certain supplemental measures of performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). Such measures should not be considered as alternatives to GAAP. Further information with respect to and reconciliations of such measures to the nearest GAAP measure can be found herein. Uniti Group Inc.Consolidated Balance Sheets(In thousands, except per share data) Uniti Group Inc.Consolidated Statements of Operations(In thousands, except per share data) Uniti Group Inc.Consolidated Statements of Cash Flows(In thousands) Uniti Group Inc.Reconciliation of Net Income to FFO and AFFO(In thousands, except per share data) Uniti Group Inc.Reconciliation of EBITDA and Adjusted EBITDA(In thousands) Uniti Group Inc.Projected Future Results(1)(In millions) Uniti Group Inc.Projected Future Results(1)(Per Diluted Share) Uniti Group Inc.Components of Projected Interest Expense(1)(In millions) NON-GAAP FINANCIAL MEASURES We refer to EBITDA, Adjusted EBITDA, Funds From Operations (“FFO”) (as defined by the National Association of Real Estate Investment Trusts (“NAREIT”)) and Adjusted Funds From Operations (“AFFO”) in our analysis of our results of operations, which are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). While we believe that net income, as defined by GAAP, is the most appropriate earnings measure, we also believe that EBITDA, Adjusted EBITDA, FFO and AFFO are important non-GAAP supplemental measures of operating performance for a REIT. We define “EBITDA” as net income, as defined by GAAP, before interest expense, provision for income taxes and depreciation and amortization. We define “Adjusted EBITDA” as EBITDA before stock-based compensation expense and the impact, which may be recurring in nature, of transaction and integration related costs, costs associated with Windstream’s bankruptcy, costs associated with litigation claims made against us, and costs associated with the implementation of our enterprise resource planning system, (collectively, “Transaction Related and Other Costs”), costs related to the settlement with Windstream, goodwill impairment charges, executive severance costs, amortization of non-cash rights-of-use assets, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and costs associated with the termination of related hedging activities, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments, and other similar or infrequent items (although we may not have had such charges in the periods presented). Adjusted EBITDA includes adjustments to reflect the Company’s share of Adjusted EBITDA from unconsolidated entities. We believe EBITDA and Adjusted EBITDA are important supplemental measures to net income because they provide additional information to evaluate our operating performance on an unleveraged basis. In addition, Adjusted EBITDA is calculated similar to defined terms in our material debt agreements used to determine compliance with specific financial covenants. Since EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP, they should not be considered as alternatives to net income determined in accordance with GAAP. Because the historical cost accounting convention used for real estate assets requires the recognition of depreciation expense except on land, such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a REIT that uses historical cost accounting for depreciation could be less informative. Thus, NAREIT created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined by NAREIT as net income attributable to common shareholders computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization and impairment charges, and includes adjustments to reflect the Company’s share of FFO from unconsolidated entities. We compute FFO in accordance with NAREIT’s definition. The Company defines AFFO, as FFO excluding (i) Transaction Related and Other Costs; (ii) costs related to the litigation settlement with Windstream, accretion on our settlement obligation, and gains on the prepayment of our settlement obligation as these items are not reflective of ongoing operating performance; (iii) goodwill impairment charges; (iv) certain non-cash revenues and expenses such as stock-based compensation expense, amortization of debt and equity discounts, amortization of deferred financing costs, depreciation and amortization of non-real estate assets, amortization of non-cash rights-of-use assets, straight line revenues, non-cash income taxes, and the amortization of other non-cash revenues to the extent that cash has not been received, such as revenue associated with the amortization of tenant capital improvements; and (v) the impact, which may be recurring in nature, of the write-off of unamortized deferred financing fees, additional costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and costs associated with the termination of related hedging activities, executive severance costs, taxes associated with tax basis cancellation of debt, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments and similar or infrequent items less maintenance capital expenditures. AFFO includes adjustments to reflect the Company’s share of AFFO from unconsolidated entities. We believe that the use of FFO and AFFO, and their respective per share amounts, combined with the required GAAP presentations, improves the understanding of operating results of REITs among investors and analysts, and makes comparisons of operating results among such companies more meaningful. We consider FFO and AFFO to be useful measures for reviewing comparative operating performance. In particular, we believe AFFO, by excluding certain revenue and expense items, can help investors compare our operating performance between periods and to other REITs on a consistent basis without having to account for differences caused by unanticipated items and events, such as transaction and integration related costs. The Company uses FFO and AFFO, and their respective per share amounts, only as performance measures, and FFO and AFFO do not purport to be indicative of cash available to fund our future cash requirements. While FFO and AFFO are relevant and widely used measures of operating performance of REITs, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity or operating performance. Further, our computations of EBITDA, Adjusted EBITDA, FFO and AFFO may not be comparable to that reported by other REITs or companies that do not define FFO in accordance with the current NAREIT definition or that interpret the current NAREIT definition or define EBITDA, Adjusted EBITDA and AFFO differently than we do. INVESTOR AND MEDIA CONTACTS: Paul Bullington, 251-662-1512Senior Vice President, Chief Financial Officer & Treasurerpaul.bullington@uniti.com Bill DiTullio, 501-850-0872Vice President, Investor Relations & Treasurybill.ditullio@uniti.com |
2024-11-02 | GlobeNewswire | Uniti Group Inc. Reports Third Quarter 2023 Results | LITTLE ROCK, Ark, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Uniti Group Inc. (“Uniti” or the “Company”) (Nasdaq: UNIT) today announced its results for the third quarter 2023. “We delivered another solid quarter of results and consolidated bookings, demonstrating the resiliency of demand for fiber infrastructure and our overall business despite the current challenging macroeconomic environment. Our consolidated core recurring revenue grew 3% during the quarter when compared to the same quarter in the prior year, and we continue to focus on driving high margin recurring revenue through additional lease-up of our 139,000 route mile fiber network, while managing our capital intensity and low monthly company-wide churn of 0.3%,” commented President and Chief Executive Officer, Kenny Gunderman. Mr. Gunderman continued, “Uniti remains uniquely positioned to capitalize on all of the growing use cases of fiber, including mobile broadband, fixed wireless, fiber-to-the-home, small cells, fiber-to-the-tower, hyperscaler connectivity, and artificial intelligence. We also remain well positioned to weather any potential prolonged economic headwinds with no significant debt maturities until 2027, minimal floating rate debt, and nearly $7 billion of revenue under contract with an average remaining term of 7 years.” QUARTERLY RESULTS Consolidated revenues for the third quarter of 2023 were $290.7 million. Net loss and Adjusted EBITDA were $80.9 million and $233.0 million, respectively, for the same period, achieving Adjusted EBITDA margins of approximately 80%. Net loss attributable to common shares was $81.2 million for the period, and included a $153.0 million goodwill impairment charge related to our Uniti Fiber segment that was driven by an increase in the macro interest rate environment. Adjusted Funds From Operations (“AFFO”) attributable to common shareholders was $95.3 million, or $0.35 per diluted common share. Uniti Fiber contributed $76.1 million of revenues and $29.9 million of Adjusted EBITDA for the third quarter of 2023, achieving Adjusted EBITDA margins of approximately 39%. Uniti Fiber’s net success-based capital expenditures during the quarter were $30.3 million. Uniti Leasing contributed revenues of $214.6 million and Adjusted EBITDA of $208.6 million for the third quarter. During the quarter, Uniti Leasing deployed capital expenditures of $86.1 million primarily related to the construction of approximately 1,000 new route miles of valuable fiber infrastructure. LIQUIDITY At quarter-end, the Company had approximately $263.1 million of unrestricted cash and cash equivalents, and undrawn borrowing availability under its revolving credit agreement. The Company’s leverage ratio at quarter-end was 6.08x based on net debt to third quarter 2023 annualized Adjusted EBITDA. On November 1, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.15 per common share, payable on January 4, 2024, to stockholders of record on December 15, 2023. UPDATED FULL YEAR 2023 OUTLOOK The Company is updating its 2023 outlook primarily for business unit level revisions, and transaction related and other costs incurred to date. Our 2023 outlook excludes future acquisitions, capital market transactions, and future transaction-related and other costs not mentioned herein. The Company’s consolidated outlook for 2023 is as follows (in millions): CONFERENCE CALL Uniti will hold a conference call today to discuss this earnings release at 8:30 AM Eastern Time (7:30 AM Central Time). The conference call will be webcast live on Uniti’s Investor Relations website atinvestor.uniti.com. Those parties interested in participating via telephone may register on the Company’s Investor Relations website or by clickinghere. A replay of the call will be available on the Investor Relations website beginning today at approximately 12:00 PM Eastern Time. ABOUT UNITI Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of fiber and other wireless solutions for the communications industry. As of September 30, 2023, Uniti owns approximately 139,000 fiber route miles, 8.4 million fiber strand miles, and other communications real estate throughout the United States. Additional information about Uniti can be found on its website atwww.uniti.com. FORWARD-LOOKING STATEMENTS Certain statements in this press release and today’s conference call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended from time to time. Those forward-looking statements include all statements that are not historical statements of fact, including, without limitation, our 2023 financial outlook, expectations regarding high-margin recurring revenue, lease-up of our network and strong demand trends, our business strategies, growth prospects, our ability to sustain difficult economic conditions, industry trends, sales opportunities, and operating and financial performance. Words such as "anticipate(s)," "expect(s)," "intend(s)," “estimate(s),” “foresee(s),” "plan(s)," "believe(s)," "may," "will," "would," "could," "should," "seek(s)" and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained. Factors which could materially alter our expectations include, but are not limited to, the future prospects of Windstream, our largest customer; the ability and willingness of our customers to renew their leases with us upon their expiration, and the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant; the availability of and our ability to identify suitable acquisition opportunities and our ability to acquire and lease the respective properties on favorable terms; the risk that we fail to fully realize the potential benefits of acquisitions or have difficulty integrating acquired companies; our ability to generate sufficient cash flows to service our outstanding indebtedness and fund our capital funding commitments; our ability to access debt and equity capital markets; the impact on our business or the business of our customers as a result of credit rating downgrades and fluctuating interest rates; our ability to retain our key management personnel; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to real estate investment trusts; covenants in our debt agreements that may limit our operational flexibility; the possibility that we may experience equipment failures, natural disasters, cyber-attacks or terrorist attacks for which our insurance may not provide adequate coverage; other risks inherent in the communications industry and in the ownership of communications distribution systems, including potential liability relating to environmental matters and illiquidity of real estate investments; and additional factors described in our reports filed with the SEC. Uniti expressly disclaims any obligation to release publicly any updates or revisions to any of the forward-looking statements set forth in this press release and today’s conference call to reflect any change in its expectations or any change in events, conditions or circumstances on which any statement is based. NON-GAAP PRESENTATION This release and today’s conference call contain certain supplemental measures of performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). Such measures should not be considered as alternatives to GAAP. Further information with respect to and reconciliations of such measures to the nearest GAAP measure can be found herein. Uniti Group Inc.Consolidated Balance Sheets(In thousands, except per share data) Uniti Group Inc.Consolidated Statements of Operations(In thousands, except per share data) Uniti Group Inc.Consolidated Statements of Cash Flows(In thousands) Uniti Group Inc.Reconciliation of Net Income to FFO and AFFO(In thousands, except per share data) Uniti Group Inc.Reconciliation of EBITDA and Adjusted EBITDA(In thousands) Uniti Group Inc.Projected Future Results(1)(In millions) Uniti Group Inc.Projected Future Results(1)(Per Diluted Share) Uniti Group Inc.Components of Projected Interest Expense(1)(In millions) NON-GAAP FINANCIAL MEASURES We refer to EBITDA, Adjusted EBITDA, Funds From Operations (“FFO”) (as defined by the National Association of Real Estate Investment Trusts (“NAREIT”)) and Adjusted Funds From Operations (“AFFO”) in our analysis of our results of operations, which are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). While we believe that net income, as defined by GAAP, is the most appropriate earnings measure, we also believe that EBITDA, Adjusted EBITDA, FFO and AFFO are important non-GAAP supplemental measures of operating performance for a REIT. We define “EBITDA” as net income, as defined by GAAP, before interest expense, provision for income taxes and depreciation and amortization. We define “Adjusted EBITDA” as EBITDA before stock-based compensation expense and the impact, which may be recurring in nature, of transaction and integration related costs, costs associated with Windstream’s bankruptcy, costs associated with litigation claims made against us, and costs associated with the implementation of our enterprise resource planning system, (collectively, “Transaction Related and Other Costs”), costs related to the settlement with Windstream, goodwill impairment charges, executive severance costs, amortization of non-cash rights-of-use assets, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and costs associated with the termination of related hedging activities, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments, and other similar or infrequent items (although we may not have had such charges in the periods presented). Adjusted EBITDA includes adjustments to reflect the Company’s share of Adjusted EBITDA from unconsolidated entities. We believe EBITDA and Adjusted EBITDA are important supplemental measures to net income because they provide additional information to evaluate our operating performance on an unleveraged basis. In addition, Adjusted EBITDA is calculated similar to defined terms in our material debt agreements used to determine compliance with specific financial covenants. Since EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP, they should not be considered as alternatives to net income determined in accordance with GAAP. Because the historical cost accounting convention used for real estate assets requires the recognition of depreciation expense except on land, such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a REIT that uses historical cost accounting for depreciation could be less informative. Thus, NAREIT created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined by NAREIT as net income attributable to common shareholders computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization and impairment charges, and includes adjustments to reflect the Company’s share of FFO from unconsolidated entities. We compute FFO in accordance with NAREIT’s definition. The Company defines AFFO, as FFO excluding (i) Transaction Related and Other Costs; (ii) costs related to the litigation settlement with Windstream, accretion on our settlement obligation, and gains on the prepayment of our settlement obligation as these items are not reflective of ongoing operating performance; (iii) goodwill impairment charges; (iv) certain non-cash revenues and expenses such as stock-based compensation expense, amortization of debt and equity discounts, amortization of deferred financing costs, depreciation and amortization of non-real estate assets, amortization of non-cash rights-of-use assets, straight line revenues, non-cash income taxes, and the amortization of other non-cash revenues to the extent that cash has not been received, such as revenue associated with the amortization of tenant capital improvements; and (v) the impact, which may be recurring in nature, of the write-off of unamortized deferred financing fees, additional costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and costs associated with the termination of related hedging activities, executive severance costs, taxes associated with tax basis cancellation of debt, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments and similar or infrequent items less maintenance capital expenditures. AFFO includes adjustments to reflect the Company’s share of AFFO from unconsolidated entities. We believe that the use of FFO and AFFO, and their respective per share amounts, combined with the required GAAP presentations, improves the understanding of operating results of REITs among investors and analysts, and makes comparisons of operating results among such companies more meaningful. We consider FFO and AFFO to be useful measures for reviewing comparative operating performance. In particular, we believe AFFO, by excluding certain revenue and expense items, can help investors compare our operating performance between periods and to other REITs on a consistent basis without having to account for differences caused by unanticipated items and events, such as transaction and integration related costs. The Company uses FFO and AFFO, and their respective per share amounts, only as performance measures, and FFO and AFFO do not purport to be indicative of cash available to fund our future cash requirements. While FFO and AFFO are relevant and widely used measures of operating performance of REITs, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity or operating performance. Further, our computations of EBITDA, Adjusted EBITDA, FFO and AFFO may not be comparable to that reported by other REITs or companies that do not define FFO in accordance with the current NAREIT definition or that interpret the current NAREIT definition or define EBITDA, Adjusted EBITDA and AFFO differently than we do. INVESTOR AND MEDIA CONTACTS: Paul Bullington, 251-662-1512Senior Vice President, Chief Financial Officer & Treasurerpaul.bullington@uniti.com Bill DiTullio, 501-850-0872Vice President, Investor Relations & Treasurybill.ditullio@uniti.com |
2024-11-02 | Marketscreener.com | Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of MaxLinear, Inc. (MXL) on Behalf of Investors | Glancy Prongay & Murray LLP(“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of MaxLinear, Inc. (“MaxLinear” or the “Company”) (NASDAQ:MXL) investors concerning the Company’s possible violations of the federal securities laws. If you suffered a loss on your MaxLinear investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information atwww.glancylaw.com/cases/MaxLinear-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email atshareholders@glancylaw.comto learn more about your rights. On July 26, 2023, MaxLinear announced its second quarter 2023 financial results, disclosing net revenue of $183.9 million, which was down 34% year-over-year. On this news, MaxLinear’s stock price fell $11.45, or 33.7%, over two consecutive trading days, to close at $22.55 per share on July 27, 2023, thereby injuring investors. Then, on October 25, 2023, MaxLinear announced its third quarter 2023 financial results, disclosing net revenue of $135.5 million, which was down 53% year-over-year. The company also provided disappointing revenue guidance for the fourth quarter of $115 million to $135 million. On this news, MaxLinear’s stock price fell $4.04, or 22%, to close at $14.36 per share on October 26, 2023, thereby injuring investors further. Follow us for updates onLinkedIn,Twitter, orFacebook. Whistleblower Notice:Persons with non-public information regarding MaxLinear should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or emailshareholders@glancylaw.com. About GPM Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward-looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such asThe Wall Street Journal,The Financial Times,Bloomberg Businessweek,Reuters, theAssociated Press,Barron’s,Investor’s Business Daily,Forbes, andMoney. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. View source version on businesswire.com:https://www.businesswire.com/news/home/20231102972106/en/ |
2024-11-02 | Marketscreener.com | Spirit Realty Capital, Inc. Announces Third Quarter of 2023 Financial and Operating Results | Spirit Realty Capital, Inc. (NYSE: SRC) ("Spirit" or the "Company"), a net-lease real estate investment trust ("REIT") that invests in single-tenant, operationally essential real estate, today reported its financial and operating results for the third quarter ended September 30, 2023. HIGHLIGHTS DIVIDEND For the third quarter of 2023, the Board of Directors declared an increased quarterly cash dividend of $0.6696 per share of common stock, representing an annualized rate of $2.6784 per share. The Board of Directors also declared a quarterly cash dividend of $0.3750 per preferred share. The quarterly common stock dividend was paid on October 13, 2023 to stockholders of record as of September 29, 2023 and the preferred stock dividend was paid on September 29, 2023 to stockholders of record as of September 15, 2023. 2023 GUIDANCE In light of the Company's proposed merger with Realty Income Corporation ("Realty Income"), the Company withdraws its guidance for 2023. EARNINGS WEBCAST AND CONFERENCE CALL TIME In light of the Company's proposed merger with Realty Income, the Company will no longer host its previously planned earnings call. SUPPLEMENTAL PACKAGES A supplemental investor presentation that contains non-GAAP measures and other defined terms, along with this press release, have been posted to the investor relations page of the Company's website atwww.spiritrealty.com. ABOUT SPIRIT REALTY Spirit Realty Capital, Inc. (NYSE: SRC) is a premier net-lease REIT that primarily invests in single-tenant, operationally essential real estate assets, subject to long-term leases. As of September 30, 2023, our diverse portfolio consisted of 2,037 retail, industrial and other properties across 49 states, which were leased to 338 tenants operating in 37 industries. As of September 30, 2023, our properties were approximately 99.6% occupied. More information about Spirit Realty Capital can be found on the investor relations page of the Company's website atwww.spiritrealty.com. FORWARD-LOOKING AND CAUTIONARY STATEMENTS This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements can be identified by the use of words and phrases such as “preliminary,” “expect,” “plan,” “will,” “estimate,” “project,” “intend,” “believe,” “guidance,” “approximately,” “anticipate,” “may,” “should,” “seek,” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate to historical matters but are meant to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. These forward-looking statements are subject to known and unknown risks and uncertainties that you should not rely on as predictions of future events. Forward-looking statements depend on assumptions, data and/or methods which may be incorrect or imprecise, and Spirit may not be able to realize them. Spirit does not guarantee that the events described will happen as described (or that they will happen at all). The following risks and uncertainties, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: industry and global and local economic conditions; volatility and uncertainty in the financial markets, including potential fluctuations in the Consumer Price Index; Spirit's success in implementing its business strategy and its ability to identify, underwrite, finance, consummate, integrate and manage diversified acquisitions or investments; the financial performance of Spirit's retail tenants and the demand for retail space; decreased rental rates or increasing vacancy rates; Spirit's ability to diversify its tenant base; the nature and extent of future competition; increases in Spirit's costs of borrowing as a result of changes in interest rates and other factors; Spirit's ability to access debt and equity capital markets; Spirit's ability to pay down, refinance, restructure and/or extend its indebtedness as it becomes due; Spirit's ability and willingness to renew its leases upon expiration and to reposition its properties on the same or better terms upon expiration in the event such properties are not renewed by tenants or Spirit exercises its rights to replace existing tenants upon default; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect Spirit or its major tenants; potential losses that may not be covered by insurance; information security and data privacy breaches; Spirit's ability to manage its expanded operations; Spirit's ability and willingness to maintain its qualification as a REIT under the Internal Revenue Code of 1986, as amended; the impact on Spirit’s business and those of its tenants from epidemics, pandemics or other outbreaks of illness, disease or virus; and other risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disasters discussed in Spirit's most recent filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on forward-looking statements which are based on information that was available, and speak only, as of the date on which they were made. While forward-looking statements reflect Spirit's good faith beliefs, they are not guarantees of future performance. Spirit expressly disclaims any responsibility to update or revise forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. (SRC:ER) SPIRIT REALTY CAPITAL, INC.Reconciliation of Non-GAAP Financial Measures(In Thousands, Except Share and Per Share Data)(Unaudited) NOTICE REGARDING NON-GAAP FINANCIAL MEASURES In addition to U.S. GAAP financial measures, this press release and the referenced supplemental investor presentation and related addenda contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Definitions of non-GAAP financial measures, reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the supplemental investor presentation, which can be found in the investor relations page of our website. FFO and AFFO Three Months EndedSeptember 30, 2023 2022 Net income attributable to common stockholders $ 35,881 $ 74,053 Portfolio depreciation and amortization 79,223 74,455 Portfolio impairments 19,258 1,571 Gain on disposition of assets (3,661 ) (23,302 ) FFO attributable to common stockholders $ 130,701 $ 126,777 Deal pursuit costs 342 470 Non-cash interest expense, excluding capitalized interest 3,357 2,495 Straight-line rent, net of uncollectible reserve (8,227 ) (10,875 ) Other amortization and non-cash charges (78 ) (475 ) Non-cash compensation expense 4,906 4,393 AFFO attributable to common stockholders $ 131,001 $ 122,785 Dividends declared to common stockholders $ 94,635 $ 92,595 Dividends declared as a percent of AFFO 72 % 75 % Net income per share of common stock - Basic $ 0.25 $ 0.54 Net income per share of common stock - Diluted $ 0.25 $ 0.54 FFO per share of common stock - Diluted(1) $ 0.92 $ 0.93 AFFO per share of common stock - Diluted(1) $ 0.93 $ 0.90 Weighted average shares of common stock outstanding - Basic 141,124,401 136,314,369 Weighted average shares of common stock outstanding - Diluted 141,149,865 136,314,369 1Dividends paid and undistributed earnings allocated, if any, to unvested restricted stockholders are deducted from FFO and AFFO for the computation of the per share amounts. The following amounts were deducted: Three Months Ended September 30, 2023 2022 FFO $0.2 million $0.2 million AFFO $0.2 million $0.2 million SPIRIT REALTY CAPITAL, INC. Reconciliation of Non-GAAP Financial Measures (In Thousands) (Unaudited) Adjusted Debt, EBITDAreand Adjusted EBITDAre Adjusted Debt September 30, 2023 2019 Credit Facility $ — Term loans, net 1,090,198 Senior Unsecured Notes, net 2,725,505 Mortgages payable, net 4,545 Total debt, net 3,820,248 Unamortized debt discount, net 8,573 Unamortized deferred financing costs 25,589 Cash and cash equivalents (134,166 ) 1031 Exchange proceeds (4,210 ) Adjusted Debt 3,716,034 Preferred Stock at liquidation value 172,500 Adjusted Debt + Preferred Stock $ 3,888,534 Annualized Adjusted EBITDAre Quarter Ended September 30, 2023 Net income $ 38,468 Interest 36,919 Depreciation and amortization 79,370 Income tax expense 235 Gain on disposition of assets (3,661 ) Portfolio impairments 19,258 EBITDAre 170,589 Adjustments to revenue producing acquisitions and dispositions 777 Deal pursuit costs 342 Non-cash compensation expense 4,906 Adjusted EBITDAre 176,614 Adjustments related to straight-line rent(1) 1,356 Other adjustments for Annualized EBITDAre(2) (915 ) Annualized Adjusted EBITDAre $ 708,220 Total debt, net / Annualized net income(3) 24.8x Adjusted Debt / Annualized Adjusted EBITDAre 5.2x Adjusted Debt + Preferred / Annualized Adjusted EBITDAre 5.5x 1Adjustment relates to current period amounts deemed not probable of collection related to straight-line rent recognized in prior periods. 2Adjustment is comprised of current period recoveries related to prior period rent deemed not probable of collection, prior period rent and prior period property costs recognized in the current period, and certain other income where annualization would not be appropriate. 3Represents net income for the three months ended September 30, 2023 annualized. View source version on businesswire.com:https://www.businesswire.com/news/home/20231101001821/en/ |
2024-11-02 | The Times of India | Sticky SIP investments likely to drive domestic institutional flows into equities: Union AMC | ETMarkets.com With investments through the systematic investment plan route touching new records month after month, domestic institutional inflows into Indian equities is likely to continue, according to Union Asset Management Co. Hardick Bora , co-head of equity at Union Asset Management , see domestic institutional flows outpacing foreign fund flows in the near to medium term. “Incremental allocation to emerging markets may be restricted. This could be a result of the higher-for-longer interest rate environment in developed nations and the rising global geo-political uncertainties,” Bora said in an interview with ETMarkets. Edited excerpts: The pace of inflows into midcap and smallcap funds seems to have slowed down. Is this a sign of fatigue? Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Executive Officer Programme Visit Indian School of Business ISB Chief Digital Officer Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit Yes, there are initial signs of capital flow peaking out in the mid- and smallcap categories; both from domestic as well as foreign sources. However, this was anticipated, as these categories have witnessed intermittent interest from investors, which typically follows after strong relative performance in the short term How comfortable are you from a valuation perspective in the midcap and smallcap space? Is it time to switch to largecaps? We find current valuation to be stretched in the mid and smallcap category. However, this in itself does not require a switch to large caps. That should be in accordance with the investor’s long-term asset allocation targets, and not valuation levels alone. Hence, any excess allocation in small and mid-caps over and above the targeted levels can be pruned. You Might Also Like: ETMarkets Smart Talk: Motilal Oswal adding weight in healthcare, underweight on metals, energy, IT & utilities: Sneha Poddar If the investor is under-allocated in small and mid-caps, then it is advisable to increase their allocation in a staggered manner over a period of 9-12 months. Which pockets in the broader market are offering investment opportunities? In terms of market capitalization, we find valuation levels to be more favourable in the large caps. When we look at the sectoral landscape, we find the business momentum to be strong in automobiles, discretionary retail, real estate, capital goods, financial lending, capital markets and commodities. As India’s growth story remains positive amid the global mayhem, do you see thematic funds gaining traction? You Might Also Like: ETMarkets Smart Talk: Caution ahead! Small & midcap stocks can see correction and so can largecaps: Sahil Kapoor Yes, that is one of the correct ways to look at certain thematic funds. As per recently released data from the IMF, India is the 5th largest economy and is likely to be the 11th fastest growing nation over 2022-2026. There are certain industries which will play a critical role in this growth trajectory, which thematic funds can target to generate alpha over and above the broader market. However, given that the thematic category is vast, investors need to be mindful in identifying which funds can best benefit from this particular opportunity. For instance, our recently launched Union Innovation & Opportunities Fund is specifically focussing on innovation theme. Some examples of businesses from this theme are internet ecosystems, electric vehicles, clean energy, export-related manufacturing sector, high-ticket consumption areas, etc. We believe such opportunities are more abundant in the mid and small cap category. Hence, as of September 30, our allocation to mid and smallcaps under Union Innovation & Opportunities Fund was 73.31% of net assets of the said scheme. You Might Also Like: Real estate will have a good time for next four-five years: Sudip Bandyopadhyay Do you see domestic institutional inflows outpacing FII flows in the near to medium term? Yes, that is a very likely situation. This could be a result of the higher-for-longer interest rate environment in developed nations and the rising global geo-political uncertainties. Incremental allocation to emerging markets may be restricted. There are initial signs of this happening already. As such, domestic institutional flow, thanks to the sticky SIP investments , will continue to drive the capital flow into Indian equities. Amidst the current domestic and global situation, what kind of asset allocation will help investors balance risk and returns? Firstly, as far as valuations are concerned, our Fair Value Spectrum indicates that valuation for Nifty 50 is in the “Fair” zone. Within equity, our reading of the situation is that, large caps are relatively attractive than small and mid-caps. Then we must consider two aspects while discussing the topic of asset allocation: current allocation and incremental allocation. Hence, current asset allocations between equity, debt and other asset classes should be in line with the investors’ long-term allocation targets. Any tactical overweight position in equity should be lowered to be in line with this target. Within equity, investors should prefer large-cap heavy categories in the near term (less than 6 months). In the run-up to the general elections, which sectors/themes are likely to play out in the domestic market? Over a short period of 6-7 months, it is hard to predict which sectors will see the highest possible increase in market valuations. But in our opinion, the sectors or industries that could see positive outcomes are industrial products, capital goods, agricultural inputs, capital markets and consumer discretionary. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on etmarkets fund manager talk sip investments union asset management fii Hardick Bora Asset Allocation expert view Stock Market et now (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. 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2024-11-02 | The Times of India | Bombay Dyeing Q2 Results: Net loss narrows down after taxes reduced to Rs 51.99 crore | ETMarkets.com New Delhi, Bombay Dyeing & Manufacturing Co Ltd on Thursday reported a narrowing down of its consolidated loss after tax of Rs 51.99 crore for the second quarter ended September 30, 2023. The company had posted a net loss of Rs 93.02 crore in the July-September period a year ago, according to a regulatory filing from Bombay Dyeing & Manufacturing. Its revenue from operations fell 40.87 per cent to Rs 440.60 crore during the quarter under review as against Rs 745.22 crore in the year-ago period. Total expenses for the September quarter were at Rs 581.11 crore, down 33.48 per cent. Bombay Dyeing & Manufacturing's total income in the September quarter was Rs 457.12 crore. Its income from the Real Estate segment declined to Rs 80.60 crore in the September quarter FY24 in comparison to Rs 280.48 crore. Similarly, revenue from the Polyester segment stood at Rs 344.19 crore as against Rs 449.24 crore in the corresponding quarter. However, revenue from Retail/ Textile grew Rs 15.81 crore from Rs 15.50 crore. Shares of Bombay Dyeing & Manufacturing Co Ltd on Thursday settled at Rs 161.95 apiece on BSE, down 0.62 per cent. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on bombay dyeing bombay dyeing q2 results bombay dyeing q2 earnings bombay dyeing q2 fy24 results bombay dyeing q2 fy24 earnings bombay dyeing q2 results update bombay dyeing share price (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-11-02 | The Times of India | 21K in January a possibility once Nifty crosses 19,470; 2 PSU stocks to buy: Rahul Sharma | ETMarkets.com Rahul Sharma , Director & Head - Technical & Derivatives Research, JM Financial Services , says “once we cross 19,470, that is the time to add leveraged positions in the market on the long side. So unless 19,470 is taken out, a day trader can at max take positions with a very short term timeframe and with strict stop losses. Once that level is taken out, we will be out of the woods and we can very well march on towards the 21,000 target, possibly by January. We can see that level going ahead from these levels.” What do you make of the market mood right now? We have been fairly range bound and 19,850-19,150 thereabouts has been the working range so far. Do you see us getting out of this range anytime soon? Today, of course, is the weekly expiry as well. Markets definitely have become choppy of late. But the good thing is the downside seems to be navigable once we cross the 19,000 mark. My sense is with the US markets turning around on the daily timeframe, S&P 500 index hitting a panic low and seeing a meaningful recovery over the last few sessions, Nifty should eventually take inspiration and challenge the current resistance of 19,225. Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Executive Officer Programme Visit Indian School of Business ISB Chief Digital Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit So once 19,225 is taken out, we believe that at least the very short-term trend should be positive because that is exactly where the breakdown happened on the way down. And once that happens, there should be short covering, especially from the FIIs. Now, the absolute reversal in the market may happen if we cross 19,470, which is quite some distance away at this point in time. But as and when it happens, that would call for a proper new round of up move, which can begin in the coming days. So as of now, my fingers are crossed. We have not really taken out the first resistance. Neither are we breaking down the downside with the 19,000 mark. So range-bound for sure. But there are some green shoots, like some sectors which are exhibiting strength or bouncing back much sooner than the rest of the market. You Might Also Like: I see Nifty range breaking today, 19,250-19,300 on the upside: Sanjiv Bhasin One sector that comes to my mind is the PSU banking space. We have seen private banks, but it is the PSU banking index which has seen the sharpest recovery in the previous week. Now there is a follow-up bout of buying that is expected. So PSU banks look good. PSEs, which are public sector enterprises also continue to look good. Along with that, last one month's biggest breakout has been the realty indexTthat continues to do well on the back of stronger earnings numbers. And we feel there is a lot of upside to be had at the real estate space in the stocks as well. So these are the three areas of the market which look pretty robust. Still the markets are not out of the woods. Unless and until any of these levels that we spoke of, it is best to take these relatively stronger sectors from the long side. Unless and until we break 19,000, it does not call for a shorting idea or shorting opportunity at these levels. You had triggered quite a lot of curiosity with your Nifty, quite bold calls in the previous series. It also triggered almost a 1000 point move on the Nifty, I would say. Are you holding on to those calls because I think Diwali around 21,000 or year-end 21,000 or something like that or you are revisiting those targets once again? The macro trend of the market is still positive, still bullish. On one side, we had the US markets, which were a pain point, which does not seem to be anymore. My sense is, going ahead in the next three months time frame, or if you take a slightly broader pre-election kind of a rally kind of a setup, there is a very good possibility that from here we will see a proper up move. Why am I saying levels is because on one side, we have FIIs which are at historical short levels. Nifty has rallied about 400 points, they have not covered their shorts. So maybe it is a geopolitical thing. Maybe it is something that we do not know. But unless and until they go completely wrong, which is once these levels are taken out or if they exit their short positions at a favourable level, I would be a little bit cautious. Once that is done, we can definitely press on the accelerator. Once we cross 19,470, that is the time to add leveraged positions in the market on the long side. So unless 19,470 is taken out, a day trader can at max take positions with a very short term timeframe and with strict stop losses. Once that level is taken out, we will be out of the woods and we can very well march on towards the 21,000 target, possibly by January. We can see that level going ahead from these levels. You Might Also Like: 2008 financial crisis may not be reprised in US or India but play out in some other countries: Maneesh Dangi Give us your stock recommendations as well. We are bullish on the PSE space, Gas Authority of India or GAIL looks pretty formidable at these levels after the recent correction. The results are done, the stock has formed a base around the 116-120 mark. And at these prices, I think risk reward is favourable for a bounce back. So, one can look to buy GAIL for a target of 132-135 on the upside, stop loss placed at 114. And this stock and sector continues to look positive. Apart from that, the PSU banks pack looks good but noteworthy is a setup in the Bank of Maharashtra. One can look to buy for an immediate upside of around 12% from these levels. So, around 46 is where we are targeting in the short term, one can look to buy at these levels, and have a very small stock loss at 41. In the last five sessions, the stock has been consolidating. Today, we saw green shoots of buying happening in the PSU banking space. Both the picks are from the sectors that we like. We feel GAIL and Bank of Maharashtra should do well in the coming days. You Might Also Like: We are in a relief rally after Fed respite: Hemang Jani Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on nifty Rahul Sharma | JM Financial Services psu stocks to buy gas authority of india bank of maharashtra leveraged positions expert view Stock Market et now (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. 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2024-11-02 | ETF Daily News | Quantinno Capital Management LP Raises Position in LPL Financial Holdings Inc. (NASDAQ:LPLA) | Quantinno Capital Management LP grew its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA–Free Report) by 65.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,072 shares of the financial services provider’s stock after purchasing an additional 3,999 shares during the period. Quantinno Capital Management LP’s holdings in LPL Financial were worth $2,190,000 at the end of the most recent quarter. Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in shares of LPL Financial by 60.5% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 30,378 shares of the financial services provider’s stock valued at $6,149,000 after purchasing an additional 11,447 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of LPL Financial in the second quarter worth $1,222,000. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of LPL Financial by 7.8% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 239,068 shares of the financial services provider’s stock worth $48,387,000 after buying an additional 17,398 shares during the last quarter. Signaturefd LLC raised its holdings in shares of LPL Financial by 30.3% in the first quarter. Signaturefd LLC now owns 1,379 shares of the financial services provider’s stock worth $279,000 after buying an additional 321 shares during the last quarter. Finally, Hallmark Capital Management Inc. purchased a new position in shares of LPL Financial in the second quarter worth $278,000. Hedge funds and other institutional investors own 92.84% of the company’s stock. Shares ofLPL Financial stockopened at $218.48 on Thursday. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 1.41. LPL Financial Holdings Inc. has a twelve month low of $179.00 and a twelve month high of $271.56. The business has a 50-day moving average price of $234.07 and a 200 day moving average price of $219.57. The firm has a market cap of $16.53 billion, a PE ratio of 14.81, a P/E/G ratio of 0.62 and a beta of 0.91. Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold ForeverLPL Financial (NASDAQ:LPLA–Get Free Report) last announced its quarterly earnings results on Thursday, October 26th. The financial services provider reported $3.74 earnings per share for the quarter, beating the consensus estimate of $3.59 by $0.15. LPL Financial had a return on equity of 60.00% and a net margin of 11.99%. The firm had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.51 billion. During the same quarter in the previous year, the business earned $3.13 EPS. LPL Financial’s revenue for the quarter was up 16.6% compared to the same quarter last year. Sell-side analysts predict that LPL Financial Holdings Inc. will post 15.44 earnings per share for the current fiscal year. The firm also recently declared a quarterly dividend, which will be paid on Monday, November 27th. Investors of record on Thursday, November 9th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, November 8th. This represents a $1.20 dividend on an annualized basis and a yield of 0.55%. LPL Financial’s payout ratio is presently 8.14%. In other news, CEODan H. Arnoldsold 353 shares of the company’s stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $250.03, for a total value of $88,260.59. Following the transaction, the chief executive officer now owns 145,884 shares of the company’s stock, valued at approximately $36,475,376.52. The sale was disclosed in a filing with the SEC, which is accessible throughthe SEC website. In other LPL Financial news, CEO Dan H. Arnold sold 353 shares of the company’s stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $250.03, for a total transaction of $88,260.59. Following the transaction, the chief executive officer now directly owns 145,884 shares in the company, valued at $36,475,376.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed throughthe SEC website. Also, DirectorRichard Steinmeiersold 10,300 shares of the company’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $242.68, for a total value of $2,499,604.00. Following the transaction, the director now owns 16,914 shares in the company, valued at $4,104,689.52. The disclosure for this sale can be foundhere. Over the last three months, insiders have sold 13,918 shares of company stock worth $3,341,622. 1.30% of the stock is owned by insiders. A number of research analysts have issued reports on the stock. Bank of America raised their price target on shares of LPL Financial from $232.00 to $233.00 in a report on Sunday, July 30th. Jefferies Financial Group raised their price target on shares of LPL Financial from $282.00 to $284.00 in a research report on Tuesday, October 10th.StockNews.comstarted coverage on shares of LPL Financial in a research report on Thursday, October 5th. They set a “hold” rating for the company. JPMorgan Chase & Co. raised their price target on shares of LPL Financial from $230.00 to $251.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 10th. Finally, JMP Securities reissued a “market outperform” rating and set a $290.00 price target on shares of LPL Financial in a research report on Tuesday, October 10th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, LPL Financial currently has a consensus rating of “Hold” and a consensus price target of $252.90. Check Out Our Latest Report on LPLA (Free Report) LPL Financial Holdings Inc, together with its subsidiaries, provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at enterprises in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, retirement and education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and auction rate notes. |
2024-11-02 | ETF Daily News | Citizens Financial Group Inc. RI Cuts Position in The Bank of New York Mellon Co. (NYSE:BK) | Citizens Financial Group Inc. RI reduced its stake in shares of The Bank of New York Mellon Co. (NYSE:BK–Free Report) by 4.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 35,575 shares of the bank’s stock after selling 1,503 shares during the period. Citizens Financial Group Inc. RI’s holdings in Bank of New York Mellon were worth $1,584,000 at the end of the most recent reporting period. A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Signaturefd LLC boosted its holdings in Bank of New York Mellon by 32.7% during the first quarter. Signaturefd LLC now owns 13,698 shares of the bank’s stock worth $622,000 after buying an additional 3,374 shares in the last quarter. Personal CFO Solutions LLC boosted its stake in shares of Bank of New York Mellon by 77.6% during the 1st quarter. Personal CFO Solutions LLC now owns 9,761 shares of the bank’s stock worth $444,000 after acquiring an additional 4,266 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Bank of New York Mellon in the 1st quarter worth approximately $235,000. Patriot Financial Group Insurance Agency LLC increased its stake in Bank of New York Mellon by 18.6% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 8,225 shares of the bank’s stock valued at $366,000 after purchasing an additional 1,291 shares in the last quarter. Finally, Toronto Dominion Bank raised its holdings in Bank of New York Mellon by 24.8% during the first quarter. Toronto Dominion Bank now owns 521,792 shares of the bank’s stock worth $23,697,000 after purchasing an additional 103,846 shares during the last quarter. 81.29% of the stock is owned by institutional investors and hedge funds. Shares ofNYSE BKopened at $43.17 on Thursday. The firm’s 50 day moving average price is $43.20 and its 200 day moving average price is $43.36. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.72 and a current ratio of 0.71. The firm has a market cap of $33.62 billion, a P/E ratio of 10.13, a price-to-earnings-growth ratio of 1.01 and a beta of 1.10. The Bank of New York Mellon Co. has a 1 year low of $39.65 and a 1 year high of $52.26. Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold ForeverBank of New York Mellon (NYSE:BK–Get Free Report) last announced its quarterly earnings data on Tuesday, October 17th. The bank reported $1.27 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.12. Bank of New York Mellon had a return on equity of 11.84% and a net margin of 11.81%. The business had revenue of $4.37 billion during the quarter, compared to the consensus estimate of $4.32 billion. During the same quarter in the previous year, the business earned $1.21 earnings per share. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, sell-side analysts anticipate that The Bank of New York Mellon Co. will post 4.88 earnings per share for the current year. The business also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Friday, October 27th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 3.89%. The ex-dividend date of this dividend is Thursday, October 26th. Bank of New York Mellon’s dividend payout ratio (DPR) is 39.44%. In other Bank of New York Mellon news, insiderKurtis R. Kurimskysold 14,045 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $45.64, for a total transaction of $641,013.80. Following the completion of the sale, the insider now owns 23,816 shares of the company’s stock, valued at $1,086,962.24. The transaction was disclosed in a document filed with the SEC, which is available throughthis hyperlink. 0.10% of the stock is owned by company insiders. BK has been the subject of a number of research analyst reports.StockNews.comassumed coverage on Bank of New York Mellon in a research report on Thursday, October 5th. They issued a “hold” rating for the company. Evercore ISI cut their target price on shares of Bank of New York Mellon from $47.00 to $45.00 in a research report on Thursday, October 5th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Bank of New York Mellon from $45.00 to $44.00 and set a “hold” rating on the stock in a report on Wednesday, October 11th. Citigroup dropped their price objective on shares of Bank of New York Mellon from $58.00 to $55.00 in a research note on Wednesday, July 19th. Finally, Bank of America reduced their target price on Bank of New York Mellon from $55.00 to $53.00 in a research note on Tuesday, October 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $52.40. Read Our Latest Stock Analysis on Bank of New York Mellon (Free Report) The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics. Want to see what other hedge funds are holding BK?Visit HoldingsChannel.comto get the latest 13F filings and insider trades for The Bank of New York Mellon Co. (NYSE:BK–Free Report). |
2024-11-02 | GlobeNewswire | Porch Group insurance carrier, HOA released from TDI Supervision | SEATTLE, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch”, “Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced its wholly owned insurance carrier subsidiary, Homeowners of America Insurance Company (“HOA”), is released from temporary regulatory supervision. The Texas Department of Insurance (“TDI”) is satisfied with HOA’s capital surplus, financials, and operating plan following Porch Group’s $57 million investment, in exchange for both a $49 million surplus note as well as the acquisition of HOA’s rights to potential claims receivables related to the fraud connected to Vesttoo and others. “We appreciate the time and effort of the TDI, who did a thorough review of HOA’s financials and go-forward business plan. Our release from supervision reinforces our belief that our insurance business is well positioned for the future. I would like to thank the team for working diligently to resolve this quickly, while continuing to effectively serve our policyholders. We remain focused on managing gross written premium and taking underwriting actions to maximize profitability and increase value for shareholders. We look forward to sharing more at our upcoming Q3 2023 earnings.” Matt Ehrlichman, Chief Executive Officer. About Porch Group Seattle-based Porch Group, Inc., the vertical software and insurance platform for the home, provides software and services to approximately 30,700 home services companies such as home inspectors, mortgage companies and loan officers, title companies, moving companies, real estate agencies, utility companies, and warranty companies. Through these relationships and its multiple brands, Porch Group provides a moving concierge service to homebuyers, helping them save time and make better decisions on critical services, including insurance, warranty, moving, security, TV/internet, home repair and improvement, and more. To learn more about Porch Group, visit porchgroup.com or porch.com. Forward-Looking Statements Certain statements in this release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Although the Company believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, assumptions, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Generally, statements that are not historical facts, including statements concerning the Company’s possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends,” or similar expressions. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management at the time they are made, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) expansion plans and opportunities, and managing growth, to build a consumer brand; (2) the incidence, frequency, and severity of weather events, extensive wildfires, and other catastrophes; (3) economic conditions, especially those affecting the housing, insurance, and financial markets; (4) expectations regarding revenue, cost of revenue, operating expenses, and the ability to achieve and maintain future profitability; (5) existing and developing federal and state laws and regulations, including with respect to insurance, warranty, privacy, information security, data protection, and taxation, and management’s interpretation of and compliance with such laws and regulations; (6) the Company’s reinsurance program, which includes the use of a captive reinsurer, the success of which is dependent on a number of factors outside management’s control, along with reliance on reinsurance to protect against loss; (7) the uncertainty and significance of the known and unknown effects on HOA and the Company due to the termination of the reinsurance contract with Aon White Rock following the allegations of fraud against Vesttoo, including, but not limited to, the implications from Demotech, Inc.’s withdrawal of HOA’s financial stability rating and the length of time before the rating is restored; the outcome of Vesttoo's Chapter 11 bankruptcy proceedings; the Company's ability to successfully pursue claims arising out of the alleged fraud, the costs associated with pursuing the claims, and the timeframe associated with any recoveries; HOA's ability to obtain and maintain adequate reinsurance coverage against excess losses; HOA’s ability to stay out of regulatory supervision; and HOA's ability to maintain a healthy surplus; (8) uncertainties related to regulatory approval of insurance rates, policy forms, insurance products, license applications, acquisitions of businesses, or strategic initiatives, including the reciprocal restructuring, and other matters within the purview of insurance regulators; (9) reliance on strategic, proprietary relationships to provide the Company with access to personal data and product information, and the ability to use such data and information to increase transaction volume and attract and retain customers; (10) the ability to develop new, or enhance existing, products, services, and features and bring them to market in a timely manner; (11) changes in capital requirements, and the ability to access capital when needed to provide statutory surplus; (12) the increased costs and initiatives required to address new legal and regulatory requirements arising from developments related to cybersecurity, privacy, and data governance and the increased costs and initiatives to protect against data breaches, cyber-attacks, virus or malware attacks, or other infiltrations or incidents affecting system integrity, availability, and performance; (13) retaining and attracting skilled and experienced employees; (14) costs related to being a public company; and (15) other risks and uncertainties discussed in Part I, Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K (“Annual Report”) for the year ended December 31, 2022, and in Part II, Item 1A, “Risk Factors,” in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023, as well as those discussed in subsequent reports filed with the Securities and Exchange Commission (“SEC”), all of which are available on the SEC’s website at www.sec.gov. Nothing in this release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this release. Porch does not undertake any duty to update these forward-looking statements, whether as a result of changed circumstances, new information, future events or otherwise, except as may be required by law. |
2024-11-02 | Marketscreener.com | Helix BioPharma : Announces Closing of Private Placement of CAD $3 Million and Board Changes | August 21, 2023 Press Release 2704, 401 Bay Street Toronto, M5H 2Y4 Ontario Tel: 905-841-2300 www.helixbiopharma.com Helix BioPharma Corp. Announces Closing of Private Placement of CAD $3 Million and Board Changes NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES (Toronto, Ontario)-Helix BioPharma Corp. (TSX:"HBP") ("Helix"or the"Company"), a clinical-stage biopharmaceutical company developing unique therapies in the field of immuno-oncology, based on its proprietary technological platform DOS47, today announces that it has closed the first tranche of private placement financing for gross proceeds of CAD $2,998,000 from the issuance of 16,655,557 common shares at a price of $0.18 per common share. The purchase of common shares by directors/ insiders is considered a"related party transaction"within the meaning of Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions("MI 61- 101"). The Company relied on exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the insiders purchase of common shares. The Company did not file a material change report in respect of the related party transaction less than 21 days prior to the closing of the private placement, which the Company deems reasonable in the circumstances so as to be able to avail itself of the proceeds of the private placement in an expeditious manner. "We would like to thank all investors for their strong support and confidence in Helix. We look forward to continued efforts toward this exciting program"said Mr. Antas, CEO of Helix. The common shares issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day, in accordance with applicable securities law. ARM Asset Risk Management acted as the placement agent for the offering. The Company intends to use the net proceeds of the private placement for working capital and advancing the Company's L-DOS47 drug development program. The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This news release does not constitute an offer for sale of securities in the United States. Board Changes The Company announces the appointment of Mr. Janusz Grabski to the board of directors of the Company with an immediate effect. Mr. Grabski is a lawyer specialized in corporate law and real estate law with over twenty years of experience. Mr. Grabski is based in Warsaw, Poland. Alongside the appointment, the Company also announces resignation of Mr. Christopher Maciejewski from the board of directors of the Company due to personal reasons. 1 "On behalf of Helix, I would like to thank Mr. Maciejewski for his service and wish him the best. The Board and Management welcome Mr. Grabski to the board and look forward to working with him"said Mr. Jacek Antas. About Helix BioPharma Corp. Helix BioPharma Corp. is a clinical-stage biopharmaceutical company developing unique therapies in the field of immune-oncology for the prevention and treatment of cancer based on our proprietary technological platform DOS47. Helix is listed on the TSX under the symbol"HBP". For more information, please contact: Helix BioPharma Corp. Suite 2704, 401 Bay Street Toronto, Ontario, M5H 2Y4 Tel: 905-841-2300 Namrata Malhotra, Corporate Secretarynamrata@grovecorp.ca Forward-Looking Statements and Risks and Uncertainties This news release contains forward-looking statements and information (collectively,"forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements are statements and information that are not historical facts but instead include financial projections and estimates, statements regarding plans, goals, objectives, intentions and expectations with respect to the Company's future business, operations, research and development, including the Company's activities relating to DOS47. Forward-looking statements can further be identified by the use of forward-looking terminology such as"ongoing","estimates","expects", or the negative thereof or any other variations thereon or comparable terminology referring to future events or results, or that events or conditions"will","may","could", or"should"occur or be achieved, or comparable terminology referring to future events or results. Forward-looking statements are statements about the future and are inherently uncertain and are necessarily based upon a number of estimates and assumptions that are also uncertain. Although the Company believes that the expectations reflected in such forward - looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Forward-looking statements, including financial outlooks, are intended to provide information about management's current plans and expectations regarding future operations, including without limitation, future financing requirements, and may not be appropriate for other purposes. Certain material factors, estimates or assumptions have been applied in making forward-looking statements in this news release. The Company's actual results could differ materially from those anticipated in the forward-looking statements contained in this news release as a result of numerous known and unknown risks and uncertainties, including without limitation; the risk that the Company's assumptions may prove to be incorrect; the risk that additional financing may not be obtainable in a timely manner, or at all, and that clinical trials may not commence or complete within anticipated timelines or the anticipated budget or may fail; third party suppliers of necessary services or of drug product and other materials may fail to perform or be unwilling or unable to supply the Company, which could cause delay or cancellation of the Company's research and development activities; necessary regulatory approvals may not be granted or may be withdrawn; the Company may not be able to secure necessary strategic partner support; general economic conditions, intellectual property and insurance risks; changes in business strategy or plans; and other risks and uncertainties referred to elsewhere in this news release, any of which could cause actual results to vary materially from current results or the Company's anticipated future results. Certain of these risks and uncertainties, and others affecting the Company, are more fully described in the Company's annual management's discussion and analysis for the year ended July 31, 2022 under the heading"Risks and Uncertainties"and Helix's Annual Information Form, in particular under the headings"Forward-looking Statements"and"Risk Factors", and other reports filed under the Company's profile on SEDAR atwww.sedar.comfrom time to time. Forward-looking statements and information are based on the beliefs, assumptions, opinions and expectations of Helix's management on the date of this new release, and the Company does not assume any obligation to update any forward-looking statement or information should those beliefs, assumptions, opinions or expectations, or other circumstances change, except as required. 2 Attachments Disclaimer Helix BioPharma Corp.published this content on02 November 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on02 November 2023 08:59:48 UTC. |
2024-11-02 | ETF Daily News | FY2024 EPS Estimates for The Bank of New York Mellon Co. Reduced by Analyst (NYSE:BK) | The Bank of New York Mellon Co. (NYSE:BK–Free Report) – Equities research analysts at Zacks Research decreased their FY2024 earnings per share estimates for Bank of New York Mellon in a note issued to investors on Tuesday, October 31st. Zacks Research analyst S. Shah now forecasts that the bank will earn $4.78 per share for the year, down from their previous estimate of $4.83. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $4.88 per share. Zacks Research also issued estimates for Bank of New York Mellon’s Q3 2025 earnings at $1.31 EPS and FY2025 earnings at $5.27 EPS. Bank of New York Mellon (NYSE:BK–Get Free Report) last issued its earnings results on Tuesday, October 17th. The bank reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.12. The business had revenue of $4.37 billion for the quarter, compared to the consensus estimate of $4.32 billion. Bank of New York Mellon had a net margin of 11.81% and a return on equity of 11.84%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.21 earnings per share. Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold ForeverOther analysts have also recently issued reports about the company. Bank of America cut their price objective on Bank of New York Mellon from $55.00 to $53.00 in a research report on Tuesday, October 10th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Bank of New York Mellon from $45.00 to $44.00 and set a “hold” rating on the stock in a research report on Wednesday, October 11th. Evercore ISI reduced their target price on shares of Bank of New York Mellon from $47.00 to $45.00 in a report on Thursday, October 5th. Citigroup cut their price objective on shares of Bank of New York Mellon from $58.00 to $55.00 in a research report on Wednesday, July 19th. Finally, Morgan Stanley decreased their target price on Bank of New York Mellon from $48.00 to $46.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Bank of New York Mellon has a consensus rating of “Hold” and a consensus target price of $52.40. View Our Latest Report on Bank of New York Mellon Shares ofNYSE:BKopened at $43.17 on Thursday. The company has a 50-day simple moving average of $43.20 and a 200 day simple moving average of $43.36. The company has a market capitalization of $33.62 billion, a P/E ratio of 10.13, a price-to-earnings-growth ratio of 1.01 and a beta of 1.10. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.72 and a current ratio of 0.71. Bank of New York Mellon has a 52-week low of $39.65 and a 52-week high of $52.26. Several institutional investors have recently bought and sold shares of BK. Signaturefd LLC grew its stake in shares of Bank of New York Mellon by 32.7% during the first quarter. Signaturefd LLC now owns 13,698 shares of the bank’s stock worth $622,000 after buying an additional 3,374 shares during the last quarter. Personal CFO Solutions LLC boosted its position in Bank of New York Mellon by 77.6% during the first quarter. Personal CFO Solutions LLC now owns 9,761 shares of the bank’s stock valued at $444,000 after acquiring an additional 4,266 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at about $235,000. Patriot Financial Group Insurance Agency LLC increased its holdings in Bank of New York Mellon by 18.6% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 8,225 shares of the bank’s stock worth $366,000 after purchasing an additional 1,291 shares in the last quarter. Finally, Toronto Dominion Bank boosted its holdings in shares of Bank of New York Mellon by 24.8% during the 1st quarter. Toronto Dominion Bank now owns 521,792 shares of the bank’s stock worth $23,697,000 after buying an additional 103,846 shares in the last quarter. Institutional investors and hedge funds own 81.29% of the company’s stock. In related news, insiderKurtis R. Kurimskysold 14,045 shares of Bank of New York Mellon stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $45.64, for a total value of $641,013.80. Following the transaction, the insider now directly owns 23,816 shares of the company’s stock, valued at $1,086,962.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible throughthis hyperlink. Corporate insiders own 0.10% of the company’s stock. The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Friday, October 27th will be paid a dividend of $0.42 per share. The ex-dividend date is Thursday, October 26th. This represents a $1.68 dividend on an annualized basis and a yield of 3.89%. Bank of New York Mellon’s payout ratio is 39.44%. (Get Free Report) The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics. |
2024-11-02 | BBC News | Edgar Lungu: Zambian ex-president stripped of retirement benefits | Zambia's government has withdrawn retirement benefits and privileges from former President Edgar Lungu following his decision to return to active politics. Mr Lungu lost the presidency to Hakainde Hichilema in 2021, after which he announced his retirement. After six years in office he left the country facing serious economic issues as Africa's most indebted nation. His return to politics sets a stage for a bruising 2026 presidential race. The former president has already been notified about the immediate withdrawal of his retirement benefits and privileges, according to government spokesman Cornelius Mweetwa. He said it was clearly stated in the law that former presidents who returned to politics would lose their benefits. As a retired president, Mr Lungu was entitled to three security officers, a diplomatic passport, three state cars, a furnished house, medical insurance and funeral expenses on his death. He also enjoyed immunity from prosecution. In a press conference on Wednesday, Mr Mweetwa said the former leader would now be treated with "equality of the law", just like any other senior citizen of the country. Mr Lungu is aiming to capitalise on growing dissatisfaction with the continued economic hardships in the country under his successor. Civil society groups have also expressed concern over what they described as the "shrinking" human rights freedoms in the country. While announcing his political comeback last week, Mr Lungu said he was returning to fight for and defend democracy in the country. He also pledged to save his factionalised ex-ruling Patriotic Front party from collapse. The government has threatened to de-registrar the party over leadership wrangles. The government spokesman denied Mr Lungu's recent statement that supporters of the ruling United Party for National Development (UPND) were targeting him. He described Mr Lungu's remarks that his life had been threatened as a "mere false alarm", saying the former leader was as secure "as any other citizen". Mr Lungu was, however, warned against confrontational politics against President Hichilema's government. Last month, Mr Lungu was warned against jogging in public, with police describing his weekly workouts as "political activism". It is not clear whether his immunity from prosecution will be removed. Zambia's parliament has revoked the right to immunity for two former presidents - Frederick Chiluba in 2002 and Rupiah Banda in 2013. Some members of the ruling UPND have been calling for the removal of his immunity and prosecution for alleged corruption during his rule. Mr Lungu said the allegations were politically motivated. |
2024-11-02 | Forbes | Treads Chief Executive Zach Olson Talks More Accessible Car Maintenance, The Future Of Transport, More In Interview | Treads offers a subscription for car maintenance, all managed via its app. For someone who doesn’t drive due to low vision, I sure do like covering cars for this column. I’ve recently posted two stories lately on the vilification of autonomous vehicle startup Cruise and its decision to self-impose a service shutdown, however short-lived it may be, due to incidents with pedestrians and the revocation of permits needed to operate its fleet on city streets. The trend continues with today’s news on car maintenance startup Treads. Treads—which on Thursday announced a $4.6 million seed funding round—describes itself in essence as a “simple monthly subscription for your vehicle’s tires.” More elaborately, Treads says it is an “AI-powered car management subscription designed to make car ownership more enjoyable by eliminating the hassle of car maintenance while making the roads safer for everyone.” The company has users covered for care like tires, oil changes, and even insurance. There are four tiers—Economy, Standard, Premium, and Performance—with prices ranging from $30 to $80 per month. Treads is on iOS and Android. “Nowadays, maintaining a car often feels like a burden on both car owners’ time and finances, especially if you neglect regular upkeep, which can lead to bigger issues down the road,” Zach Olson, founder and CEO of Treads, said to me in a wide-ranging interview earlier this week conducted over email. “The challenges of car maintenance are further compounded by the recent 20% increase in repair costs due to new technology in cars, older vehicles on the road, and fewer auto repair technicians available. Transportation is at the core of our social and economic well-being, which is why we are on a mission to make car maintenance more accessible and an enjoyable experience.” Olson explained the decision to start Treads stems from a desire to “change the way people think about car ownership and maintenance with a steadfast commitment to accessibility.” Olson and team want to democratize car ownership (and increase accessibility) by utilizing a subscription model and, perhaps more crucially in terms of accessibility, having service like tire changes happen where people are, without disruption. Instead of needing to go to a discrete mechanic’s shop or tire center for changes, someone will come to the customer to deliver and install the new wheels. Olson said people are able to “save on average $679 and 16 hours over the lifespan of their tires” by using Treads. “Transportation is at the core of our social and economic well-being, which is why we are on a mission to make car maintenance more accessible and an enjoyable experience,” he said of Treads’ ethos. As to Treads’ technical merits, Olson told me technology lies “undeniably at the heart of everything” the company does. Treads uses artificial intelligence in predicting maintenance updates and visual machine learning to determine whether a person needs to repair or replace their tires. Customers, he said, can use their phone to “scan their tires using the camera on their smartphone through the Treads app” and will see information on attributes such as size, condition, tread depth, and more. This functionality serves as a microcosm of not only the business of Olson’s company, but also his views on the tech industry writ large. “As a techno-optimist, I believe technology has the immense potential to elevate our lives, make tasks simpler, and solve challenges, especially in extremely antiquated industries,” he said of tech’s impact on society. “When we look at the tire industry, it’s evident some traditional methods and practices have been in place for decades, most of them outdated. At Treads, we saw an opportunity to reimagine the way people approach tire maintenance and safety through the lens of cutting-edge tech.” Olson added, not tongue-in-cheekily, tech “drives” Treads’ mission. “[For Treads] it’s about creating a world where tire safety and maintenance is not only more efficient but also more accessible to everyone,” he said. “I’m truly excited about the endless possibilities that lie ahead for Treads as we continue to harness the power of technology.” Hearkening back to his earlier comments on accessibility, Olson said the goal for him is to help “make roads safer for everyone.” To wit, a car running at its best is a safer car. Moreover, it’s also very true Treads helps in a disability context insofar as it’s entirely plausible regular maintenance may prove too costly for someone to budget for and, importantly, be able to handle independently. Changing your own tires isn’t objectively hard, but doing so may be beyond the ken of someone’s visual and/or motor skills. Likewise for cognition, someone can take solace in the fact Treads is there for them to handle the grunt work of finding and getting to a brick-and-mortar service center. Put simply, car ownership and disability intertwine in other ways that transcend literal driving. In this sense, a Treads subscription very well could be its worth its weight in gold if a barrier to car ownership includes routine maintenance. As with all things accessibility, this isn’t a trivial detail. In fact, Olson recognizes these very concerns many people may have. “We’re aiming to assist those who might not have the expertise or resources to assess and manage their tire conditions. By leveraging our technology, we can provide insights and solutions that were previously out of reach for many,” he said. “In essence, our work at Treads seeks to help all road users—from the daily commuter and the long-haul trucker to families going on a vacation and the next door neighbor heading out for groceries. We want to make sure that everyone can drive with confidence, knowing their tires are in optimal condition.” Given my recent spate of auto tech coverage, I asked Olson for his thoughts on gas vehicles versus electric ones versus autonomous vehicles in Cruise and Waymo. He told me “it’s fascinating to see the automotive landscape evolve” while waxing romantic a bit about how gas cars have been "the backbone of our transportation for over a century” with a rich history and how they’ve shaped societies. Furthermore, he readily acknowledged the environmental impact, which Olson said has become “increasingly apparent.” Olson noted the advantages of electric cars, telling me they’re quieter, cleaner, and owing to the immutable force that is technological progress, makes cars more affordable and accessible. As to autonomous vehicles, Olson said they represent the “frontier” of innovation in the transport realm. He looks forward to seeing the progression here, as he sees the potential self-driving cars have on reshaping cities, reducing crashes, and yes, increased accessibility for disabled people. Of course, Olson is aware of the downsides; he told me there are questions yet to be answered on technology, infrastructure, and alluding to my lede, the recent incidents involving Cruise vehicles. Feedback on Treads, Olson told me, has been “overwhelmingly positive.” He said customers are appreciative of the company’s transparency, convenience, and high quality service. Further, many customers have expressed relief at what Olson called “finally having an affordable, trustworthy experience and having peace of mind for their car maintenance needs,” adding they love how Treads leverages technology to “simplify the entire process” of car ownership. Olson was candid in telling me there definitely are areas in which Treads can improve, saying “we are constantly engaging with our customers to learn from their experiences, and continue to refine our offerings and technology stack.” Looking towards the future, Olson said Treads will keep moving. “At Treads, we envision a world where car maintenance is not just an errand we procrastinate, but an experience. We’re working towards making our services even more user-friendly and expanding our reach to ensure car owners never feel overwhelmed or helpless,” he said of his company’s outlook moving forward. “Technology is developing at a rapid pace, and we’re eager about integrating more AI-driven solutions to make car ownership more enjoyable. I see a future where Treads is not just about fixing cars, but about building a community of car owners who trust and rely on us for all their car needs. We’re just getting started. The road ahead is long, but the journey promises to be exciting.” |
2024-11-02 | Forbes | From Accuracy To Explainability: Steering AI And Large Language Models Into The Next Phase | Judah Taub is Managing Partner at Hetz Ventures, a top seed stage VC based in Tel Aviv. He lectures on time-management & creative thinking. In the early days of Formula One, it was all about the engine. Many thought that the better the engine, the better the car, the better the driver that a team could attract, and in summary, the more podiums and championships you would eventually win. But this changed. As the engines continued to improve, it became apparent that other components of the car became increasingly important. Yes, being able to add more horsepower is helpful, but sometimes getting the aerodynamics right is even moreso. Adrian Newey, a highly esteemed racing engineer, aerodynamicist and CTO of Red Bull Racing (and the guy who literally wrote the book, How to Build a Car), recognized the pivotal role of aerodynamics in enhancing the performance of a race car, especially when most other teams were entirely focused on the engine. His ingenuity and meticulous attention to detail in developing aerodynamic components, sometimes even at the cost of the engine, have not only revolutionized Red Bull's cars but have also redefined the competitive landscape of Formula One racing. But it is not just in racing where hitting a performance threshold shifts the bottleneck to a different component. Artificial intelligence is very much in that category too. Accuracy For years, the holy grail of working on AI software was accuracy, specifically in getting it to understand humans and respond in an intelligent manner rather than simply following an “if/then” rule system. With large language models (LLMs) now at play, and software systems such as GPT easily accessible, we have reached a critical performance threshold. But as with Formula One cars, there comes a point where suddenly, this one dimension of performance (the engine for cars, and human-like intelligence for software) isn't the only parameter. With LLMs, we have progressed to a point where the goal isn’t simply to get from 99.5% to 99.8% accuracy and then to 99.99%. The bottleneck has shifted to another variable, which we will gradually learn to appreciate—if you wish, the aerodynamics of the LLM. Explainability In LLM terms, that new variable is explainability. Given the way regulation is considered today, even with an accurate LLM, it will not be enough to simply be accurate if you cannot explain why it reached its outcome. This goes back to the car, where a potentially weaker engine but better aerodynamics might be better than being equipped with only the strongest engine. In the case of LLMs and generative AI, these processes aren’t rule-based, the way software programs are. With a rule-based process, you can go back and find the logic. But here, if you make the same query three times, it may not come out the same each time. That’s part of being a generative, always-learning system. And it is nearly impossible to explain why exactly the system reaches a specific solution. Understanding Why Not knowing exactly why the GPT software suggests a draft for a news article, birthday card or piece of code completion software, is fine. But it gets more complex when the output is a decision where the process is hidden and just seeing the output doesn't provide enough visibility as to why this was the system's recommendation. For example, when it comes to predicting models of whether to approve a mortgage or insurance policy, where biases trained inside the AI inform its outcomes, which have real life impact—both on the people waiting for their policies and on those running the insurance companies. Even if it gives you a better accuracy rate, you have to be able to explain why you turned someone down for a mortgage or policy—or risk relying on AI-driven choices based on biases, errors or worse. Another example would be using an LLM to determine what healthcare treatment a patient should receive. Is it enough to know the system is very accurate but can't be explained why sometimes, even if very rare, it suggests something completely wrong? The Future Of AI As a VC, I am seeing a lot of companies building on top of LLMs and AI; the market is flooded with companies scrambling to produce the most accurate outcomes for consumers and enterprises. As startup founder Elizabeth Zalman and investor Jerry Neumann write about in Founder vs. Investor, investing in these early technologies is about diving into the unknown while founders race to stay ahead of the competition. Both investors and founders would be wise to stay aware and on top of the progression of AI and specifically what makes applications on top of LLMs truly valuable (i.e., the explainability factor). The landscape is changing—more rapidly than ever before—and building for what's current doesn't ensure that you're building for what industries truly need, especially with regard to what regulatory standards they will have to live by. The LLM landscape is changing rapidly and going forward, an LLM with the highest accuracy won't get very far unless practitioners can explain how it works. That will be the key to becoming the most preferable and widely distributed. The race is on. 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2024-11-02 | Forbes | An Injury Lawyer Says What GM’s Cruise Robotaxi Might Face After Dragging Woman | Cruise cars are pulled from the streets for now. The sensors are mostly on the roof and may limit ... [+] visibility around the lower edges of the car. Could better sensors have helped detect somebody under the vehicle? In October, General Motors’ Cruise robotaxi unit was involved in a incident where a woman was thrown in front of their vehicle after being hit by another car. They say they braked hard, but could not readily avoid running her over, but after they came to a stop, they soon tried to pull off to the right, dragging the victim and ending up with a wheel on her leg. The victim reportedly remains in hospital with serious injuries. It’s possible the victim might bring a lawsuit against Cruise, as well as the hit-and-run driver who hit her—this driver has not yet been found. While they probably would not face liability for hitting her while trying to brake, their vehicle’s decision to start moving again, dragging and pinning her, probably worsened her injuries, and they could be liable for that. I contacted Landon Vivian, who is Managing Attorney for The Barnes Firm in the Bay Area, a firm which specializes in car accidents and injury cases, for information on what typically happens in these cases. This case, of course, is quite unlike most of the cases seen every day on the roads, because of the presence of the robot. We’re not used to dealing with robots harming people, and juries are likely to react quite differently to it than they do to human drivers. Car accidents are probably the most common tort in the world, and they’re usually settled and handled by insurance companies. They often just involve ordinary people with insurance policies, and if serious, they are settled for the full amount of the liability insurance. More rarely they have deep pocketed defendants, like General Motors, and the story is different. There are three parties with fault in this incident. In California, the jury will be asked to portion out the blame. They will assign some of it to the woman, who was crossing against the red light/don’t walk sign at a fairly reckless time. (”Jaywalking” was recently decriminalized in California, but it still brings about liability.) Surely a great portion will go to the driver of the Nissan Sentra who fled the scene—even though he or she might not be found. For the dragging, some may go to Cruise. If the jury decides damages are $500,000, but they also decide the comparative negligence numbers are 20% pedestrian, 70% hit-and-run driver and 10% Cruise, Cruise would only need to pay her $50,000. It’s anybody’s guess as to what the percentages and damages will be. Though juries are supposed to calculate each independently, in reality they often will come up with a final number in their minds and create numbers that multiply to get it. That will depend as much on emotion as reason in many cases, and lawyers for both sides would try to use those emotions. That is, if it goes before a jury—which it almost surely won’t. All parties, especially Cruise, know the cost of such a lawsuit could be immense. Cruise is very likely to offer a generous settlement. Because there are so many uncertain factors, the lawyers for the pedestrian will probably advise taking the settlement rather than rolling the dice in court. Aside from cash, the settlement will probably also include silence, so we won’t know any more about the situation. In the tragic event that she doesn’t survive, her family would probably take the same settlement. That’s what happened within just a few days when a prototype car being tested by Uber fatally struck a woman in Tempe, Arizona. Ubers are involved in crashes every day and so they have a very practiced legal team that handles this. Hopefully, she will survive, but in that case lawyers will advise not taking a settlement quickly, according to Shawn Cline, a business manager at the same firm, because you want to see if any new facts develop. We may get debate about the injuries and what caused them, but if there is a trial in the Cruise ... [+] case, it will be unique because of the role of the robot While ordinarily we would see a fairly standard personal injury tort lawsuit over matters like this, the involvement of the Cruise car makes it very likely the matter between Cruise and the pedestrian would be primarily treated as a product liability lawsuit. That will ask whether Cruise was negligent and designed their vehicle in a defective way, and whether they should have programmed it differently to avoid the injuries. This could lead to higher damages and in extreme cases, punitive damages, but the injury tort would still remain on the table. At present, we don’t know which of her injuries were caused by the different traumatic events, and how severe each injury was. Cruise is unlikely to face any liability for their first impact, as the woman was thrown in their path, and they report they started braking in under half a second—faster than a typical human can react. The main focus will be on events after they stopped and started moving again, such as the dragging, and the pinning by the tire of her leg. Once emergency crews arrived, they instructed Cruise’s operations team to not move the vehicle off of her. This is standard emergency procedure, as moving can make things worse. Instead, they brought in the “jaws of life” to lift the vehicle and evacuate her to hospital. In an ordinary tort case, the jury would assign damages for the injuries from this section, and for pain and suffering and loss of time and income. While this happens frequently, juries have wide discretion in evaluating such matters, and their own emotions play a role. They will probably feel differently about injuries caused by a robot or a corporation to those caused by a human they have more empathy with. I asked Vivian what would happen if a human had been driving and done the same. In this case, the decision to pull over would be unusual, but could be due to panic. Even so, “you’re going to have a good tort case” if a human did that, he said. The jury would attempt to decide if they were negligent or reasonable in their actions, and their empathy for a fellow human with panic might soften their view. The robot does not “panic,” and all of its decisions and movements will be recorded in detail in the digital logs, and the reasoning encoded in the software. They will try to examine why the programmers programmed the behavior as they did, and decide if they should have done better. If a human would face liability for doing what the robot did, it may be a long road to get the robot excused because it thinks so differently. There’s a strong argument they should have done better. We don’t have information at present, but it’s likely the vehicle simply was not aware she was under their vehicle. The jury will consider whether they should have known, which will involve lots of opinions from expert engineers. Cruise’s Bolt does not have sensors that see under the car, and it uses tilted roof sensors to see to the sides. The next generation Cruise Origin vehicle has sensors that stick out with more visibility to the sides of the vehicle. Waymo’s Jaguars and several other cars may have better visibility there, but not all teams may have it. Absent sensors under the car, questions will be asked about whether the software understood the woman had vanished from view under the car and had not re-emerged. To humans, that’s an obvious thing, and robots attempt to mirror our object permanence ability but they don’t do it as well. Robots can make very “inhuman” mistakes and the jury may not be able to sympathize with them. The lawyers for both sides will do psychological research and use focus groups to see what arguments work best with typical jurors. That’s how the law works. A different question is whether that will work with robocars. Incidents like this create a difficult paradox. Cruise claims their cars drive more safely than typical human drivers. Waymo has also shown data with even more impressive results. It might be the case that a company’s cars have half the crashes of humans—something very good for society—but that each crash faces quadruple the cost in court cases or settlements because of these differences. The net result would be to punish companies who make the roads twice as safe, which is not what we want as a society or as users of the roads. The people saved are not before the jury, and their names are not even known. Hiding the dragging According to Vivian, Cruise could face major problems for having hidden details of the incident from the press, even if you ignore the allegations that they hid details from regulators. “That’s a really big deal,” says Vivian and can increase damages. As holders of the keys to the information, they could be seen as abusing that power which can create an “angry jury.” A case that isn’t settled would feature a discovery phase, where there is a legal duty to hand over relevant evidence. Hiding to the press isn’t as bad as hiding at that phase, but it could still have very negative consequences. It also might not help Cruise so much if it turns out that the reason their car pulled over so quickly was a response to the regular requests from San Francisco city officials that they not stop in the middle of the lane and block traffic. While as yet there has been no direct disclosure related to this, it is interesting that previously Cruise was taking a great deal of flack for not pulling over quickly enough, and in this incident, the problem was they tried to pull over immediately. It’s one of the many Catch-22 situations involved in programming a robocar, balancing safety and caution with good road citizenship and human-style aggressiveness, but a jury is not likely to give any sympathy for that in a product liability lawsuit. In fact, it could make things worse, demonstrating they knew better but acted differently. Cruise might be able to sue the Nissan driver for causing all their headaches and putting them in this situation. That can only happen if that driver is found, and has resources or a high liability insurance policy. This is a less common tactic. All of this information just explains the reason that a settlement is much more likely. Cruise and the pedestrian’s lawyers will try to honestly estimate much much money the pedestrian might be awarded, and Cruise will offer a fair bit more than that, and the pedestrian’s lawyers will, if they agree with the reasoning, be duty bound to advise that the offer is more than reasonable. Sadly, it will probably bind the parties to silence, though that might be a mistake if Cruise wants to convince the world that they seriously want to be more open, and don’t have things to hide. Some day, a case will go to trial. It will be very expensive, with long depositions of all the programmers and experts arguing opposite points all day long for high fees. We’ll see just how expensive those cases get and if they stay expensive. If they do, it might severely curtail the deployment of robocars until new policies are set. In the field of general aviation (private planes) it became the case that every incident resulted in major liability for the airplane manufacturer. It got so large that the insurance started costing more than the plane was worth. As a result, all the makers of small planes in the USA left the business. Congress saw that as an untenable result, and rewrote the laws to cap those liabilities. We want to see victims compensated for what happens to them, while at the same time promoting the fast deployment of technology that makes our roads safer. It may be a challenge to do both at the same time. |
2024-11-02 | Marketscreener.com | AXA's nine-month sales match expectations, 2023 target on track | Sales in the period from January to September were up 2% on a comparable basis to 78.8 billion euros ($83.72 billion), AXA said in a statement, close to the 79 billion-euro analyst consensus compiled by the company. Group revenues benefited from a 7% hike on a comparable basis of the property and casualty (P&C) division, which includes insurance for personal property such as cars and homes as well as liability. P&C policies for companies, AXA's largest business, were up 9%, it said. The performance at AXA's P&C unit helped offset a fall of 2% on comparable basis of its Life & Health unit, dragged down by the loss of "two large legacy international group (health-related) contracts in France," it said. AXA's Solvency II ratio, a key measure for its financial health, was down by 5 percentage points from the end of June to 230%, slightly below the analyst consensus of 231%, as the company repaid 1 billion euros worth of debt. The French insurer confirmed it was on track to deliver on its full-year target of more than 7.5 billion euros in underlying earnings for 2023. The company will present its next strategic plan on March 11 of next year. ($1 = 0.9413 euros) (Reporting by Mathieu Rosemain; Additional reporting by Augustin Turpin; Editing by Elaine Hardcastle) By Mathieu Rosemain |
2024-11-02 | GlobeNewswire | Parking Management Market revenue to reach USD 67 Billion by 2035, says Research Nester | New York, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The global parking management market size is slated to expand at ~10% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 67 billion by the end of 2035, up from a revenue of ~USD 6 billion in the year 2022.The rising traffic in the world has increased the demand for adequate management of parking. The momentary parking encourages other drivers to park on the roadway, thereby further constricting the street. The parked automobiles hinder oncoming traffic, resulting in a traffic bottleneck. Owing to this it is very important for large cities to adopt a parking management plan in order to reduce traffic. Request Free Sample Copy of this Report @https://www.researchnester.com/sample-request-5144 According to the survey conducted in 900 cities across 43 countries, the drivers in Colombia experienced the most congested traffic resulting in a wastage of 191 hours which is almost around 8 days a year. Moreover, every 5 in 10 cities with the most traffic is located in Latin America. Parking Management Market: Key Takeaways • Market in North America region to propel the highest growth • The Off-Street segment to garner the highest growth • Market in Asia Pacific to grow at the highest rate Rise in the Vehicle Population is to Boost the Growth of the Parking Management Market As the world population continues to grow, there is by default rise in the number of people in need of transportation. This has led to rise in the number of vehicles on the road. Moreover, improvements in the income levels in many countries has increased the purchasing capacity of people and now there are more people who can afford a vehicle. However, there are some areas that are not well connected with public transportation, it encourages more people to own a vehicle to commute from one place to another, which results in a further rise in vehicular density. In the world, there were around 1.4 billion cars on the earth as of 2022, this equates to around 18% of people who own vehicles. Parking ManagementMarket:Regional Overview The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region. Growing Traffic and Rising Ownership of Vehicles to Increase Market Growth in the North America Region American cities feature extensive suburban areas, which leads to lengthier journeys and higher traffic congestion. Moreover, the lack of public transit in several American cities has resulted in more people relying on personal vehicles. In 2021, around 278 million of private and commercial vehicles were returned to owners in the United States. This will contribute to the growing traffic in America which was already at its peak. Americans spend 99 hours every year in traffic, which corresponds to a USD 1,377 loss per motorist. Americans spent a lot of money merely to make traffic worse, and the receipts for the previous three years aren't likely to be much better. Moreover, it is also proven that traffic in the developed part of America cannot be tamed by building more driving lanes and new records and it also makes roads more deadly for the drivers. Therefore, the region is in most need of parking management. Make an Inquiry Before Buying this Report @https://www.researchnester.com/inquiries-before-buying-5144 Lack of Adequate Parking Spaceto Elevate Market Growth in Asia-Pacific As per the survey conducted by MG Motoes in 8 major cities of India, around 74% of people face challenges while finding a parking space and managing the parking in their cities and just 26% find it easy. Moreover, owing to the parking issue, nearly 64% of people decide to not use their personal vehicles in order to doge the time wasted in finding a parking space. Parking issue was one of the major causes of fuel consumption, 50% of people revealed that they spend USD 75 every month on petrol. Furthermore, in order to tame the parking issue in developing countries, the government has started to construct a stack parking infrastructure, which is going to increase the demand for parking management. However, the idea is a budding concept in many countries of Asia Pacific but it is expected to bring in lucrative opportunities for the parking management market. Parking Management, Segmentation by Solution On the basis of the solution, the security & surveillance segment inparking management marketis expected to garner a significant share in the market over the given time frame. the growth of the segment is majorly attributed to growing cases of car thefts in the world. According to the National Insurance Crime Bureau (NICB), the insurance industry's organization that examines annual vehicle thefts, over one million cars have been stolen in 2022, the most recorded figure since 2008. That equates to around two vehicles taken per minute. The presence of well-organized parking sites has surveillance systems, including security cameras and human personnel, which discourage potential thieves from stealing vehicles. Moreover, properly designed parking management reduces the blind sports and increases the visibility for the security guards, this makes it easier to locate the thieves and steal the care without getting noticed. Parking Management, Segmentation by Service Parking Management, Segmentation by Parking Site The growing development of smart building infrastructure with the growing development of smart cities is expected to increase the demand for parking management for off street sites, such as corporate buildings, residential buildings, parking garages, and others. As demand develops for secure, energy-efficient structures, the number of smart buildings worldwide is expected to rise from 45 million this year to 115 million in 2026, a more than 150% increase. Managed off street parking sites to provide a better experience to the user and increase the maintenance of the infrastructure. Request for Customization of this Report @https://www.researchnester.com/customized-reports-5144 A few of the well-known indsutry leaders in parking management market that are profiled by Research Nester are Passport Inc., BondTraffic Solutions, APCOA Parking Deutschland, TIBA Parking, DELOPT, YourParkingSpace, FlashParking Inc., International Business Machines Corporation, and Infocomm Group LLC. Recent Developments in the Parking Management Market About Research Nester Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. |
2024-11-02 | ETF Daily News | Group 1 Automotive, Inc. (NYSE:GPI) Position Increased by Hodges Capital Management Inc. | Hodges Capital Management Inc. increased its position in Group 1 Automotive, Inc. (NYSE:GPI–Free Report) by 29.3% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 33,687 shares of the company’s stock after purchasing an additional 7,643 shares during the period. Hodges Capital Management Inc. owned about 0.24% of Group 1 Automotive worth $12,896,000 at the end of the most recent reporting period. Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GPI. Envestnet Asset Management Inc. boosted its position in shares of Group 1 Automotive by 3,302.8% in the first quarter. Envestnet Asset Management Inc. now owns 493,061 shares of the company’s stock worth $2,752,000 after buying an additional 478,571 shares during the period. Goldman Sachs Group Inc. boosted its position in Group 1 Automotive by 68.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 621,455 shares of the company’s stock worth $104,299,000 after acquiring an additional 251,565 shares during the period. Balyasny Asset Management L.P. boosted its position in Group 1 Automotive by 164.2% during the 1st quarter. Balyasny Asset Management L.P. now owns 251,047 shares of the company’s stock worth $56,842,000 after acquiring an additional 156,029 shares during the period. Bank of America Corp DE grew its stake in Group 1 Automotive by 37.2% during the 1st quarter. Bank of America Corp DE now owns 333,359 shares of the company’s stock valued at $75,479,000 after acquiring an additional 90,426 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC acquired a new position in shares of Group 1 Automotive in the 4th quarter valued at about $14,317,000. 99.92% of the stock is currently owned by hedge funds and other institutional investors. In other Group 1 Automotive news, CEODaryl Kenninghamsold 9,500 shares of the stock in a transaction on Friday, August 18th. The shares were sold at an average price of $262.41, for a total value of $2,492,895.00. Following the completion of the sale, the chief executive officer now directly owns 24,548 shares of the company’s stock, valued at approximately $6,441,640.68. The sale was disclosed in a legal filing with the SEC, which is available throughthe SEC website. In related news, VPMichael David Jonessold 850 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $257.68, for a total value of $219,028.00. Following the completion of the transaction, the vice president now directly owns 12,040 shares in the company, valued at $3,102,467.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible throughthe SEC website. Also, CEODaryl Kenninghamsold 9,500 shares of the firm’s stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $262.41, for a total transaction of $2,492,895.00. Following the transaction, the chief executive officer now directly owns 24,548 shares of the company’s stock, valued at $6,441,640.68. The disclosure for this sale can be foundhere. Over the last three months, insiders sold 12,609 shares of company stock valued at $3,310,468. 3.50% of the stock is owned by company insiders. Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold ForeverSeveral research analysts have weighed in on GPI shares. Morgan Stanley upped their price objective on shares of Group 1 Automotive from $134.00 to $200.00 and gave the company an “underweight” rating in a research note on Wednesday, August 9th. Bank of America upped their target price on Group 1 Automotive from $430.00 to $445.00 in a research report on Thursday, July 6th.StockNews.comupgraded Group 1 Automotive from a “hold” rating to a “buy” rating in a report on Tuesday, October 3rd. JPMorgan Chase & Co. increased their price target on shares of Group 1 Automotive from $305.00 to $330.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Stephens lifted their price objective on shares of Group 1 Automotive from $295.00 to $350.00 in a research note on Wednesday, July 19th. Get Our Latest Research Report on Group 1 Automotive NYSE:GPItraded up $5.29 during midday trading on Thursday, reaching $266.70. The stock had a trading volume of 9,144 shares, compared to its average volume of 154,107. The stock has a market capitalization of $3.69 billion, a P/E ratio of 5.85 and a beta of 1.42. Group 1 Automotive, Inc. has a 1-year low of $159.87 and a 1-year high of $277.47. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.09 and a quick ratio of 0.30. The firm’s fifty day simple moving average is $257.79 and its 200-day simple moving average is $248.39. Group 1 Automotive (NYSE:GPI–Get Free Report) last posted its quarterly earnings data on Wednesday, October 25th. The company reported $12.07 EPS for the quarter, topping analysts’ consensus estimates of $11.48 by $0.59. Group 1 Automotive had a return on equity of 26.41% and a net margin of 3.67%. The business had revenue of $4.71 billion for the quarter, compared to analyst estimates of $4.52 billion. During the same period in the previous year, the company posted $12.00 earnings per share. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis. On average, equities research analysts forecast that Group 1 Automotive, Inc. will post 44.18 EPS for the current fiscal year. (Free Report) Group 1 Automotive, Inc, through its subsidiaries, operates in the automotive retail industry in the United States and the United Kingdom. The company sells new and used cars, light trucks, and vehicle parts, as well as service and insurance contracts; arranges related vehicle financing; and offers automotive maintenance and repair services. Want to see what other hedge funds are holding GPI?Visit HoldingsChannel.comto get the latest 13F filings and insider trades for Group 1 Automotive, Inc. (NYSE:GPI–Free Report). |
2024-11-02 | NPR | Ady Barkan, activist who championed health care reform, dies of ALS at 39 | Ady Barkan speaks at the premiere of his documentaryNot Going Quietlyin August 2021 in Los Angeles.Vivien Killilea/Getty Images for Greenwich Entertainmenthide caption Ady Barkan speaks at the premiere of his documentaryNot Going Quietlyin August 2021 in Los Angeles. Ady Barkan, the progressive attorney and activist who grew to prominence campaigning for health care reform after being diagnosed with ALS, has died of complications of the disease. He was 39. His death was announced on Wednesday byRachael King, his partner of 18 years, as well asBe A Hero, the political organization he co-founded in 2018. Hi all, this is Ady’s wife, Rachael. I’m devastated to share the news that Ady has died from complications of ALS. You probably knew Ady as a healthcare activist. But more importantly he was a wonderful dad and my life partner for 18 years. [1/4]pic.twitter.com/KZ8k73Gujp Barkan was a lifelong social justice advocate who championed a variety of causes, from expanding worker rights to reforming the Federal Reserve. After he was diagnosed with the terminal neurological disease ALS (amyotrophic lateral sclerosis) in 2016 — just months after the birth of his first child — he turned his focus towards improving Americans' access to health care. "The knowledge that I was dying was terrible, but dealing with my insurance company was even worse," Barkan saidin the trailerforNot Going Quietly,a 2021 documentary about his life and activism. "I wanted to spend every moment I had left with Rachael and Carl, but then Congress came after our health care. I couldn't stay quiet any longer." Barkanwent viral in 2017after he confronted then-Sen. Jeff Flake, R-Ariz., about the GOP tax bill while on an airplane — on his way home from protesting that very legislation in D.C. Videos of the 11-minute exchange show Barkan urging Flake to "be an American hero" by voting no on legislation that wouldslash billions in Medicarefunding and limit access to health care. That conversation didn't change Flake's vote. But it did launch Barkan into the spotlight, and he amplified his advocacy for health care as a human right and other progressive causes in the years that followed. Barkan spearheaded theBe A Hero campaign, traveling across the country to encourage voters toback progressive candidatesin the 2018 midterm elections. Healso co-founded the organization by the same name, which has campaigned for avariety of causesand now spans nonprofits and a political action committee. That same year he was also arrested in the U.S. Capitol forprotesting the nominationof now-Supreme Court Justice Brett Kavanaugh. Even after losing the ability to speak,Barkan testified(through a computer system that tracked his eye movements) at Congress' first-ever hearing on Medicare for All in 2019.He interviewedDemocratic presidential candidates in 2020 —including President Biden, whom heultimately endorsed— and spoke at the 2020Democratic National Convention. Politico describedBarkan as "the most powerful activist in America." He was declared one of TIME'smost influential peoplein 2020. Sen. Elizabeth Warren, D-Mass., wrote in the accompanying blurb that "Ady and the movement he has behind him bring us closer than we have ever been to making health care in America a basic human right." Barkantold NPR in 2022that he learned early on that his ALS compelled people to listen to him with "newfound attentiveness." "The paradox of my situation has been that as ALS has made my voice weaker, more people have heard my message," he said. "As I've lost the ability to walk, more people have followed in my footsteps." Jamila Headley, the co-executive director of Be A Hero, remembered Barkan in alengthy statementas a "brilliant strategist, an incisive communicator, and powerful advocate" whose power was "rooted most of all in his humanity." She said in his activism and his humanity, Barkan became a "real-life hero" to millions of people navigating their own health challenges and the shortcomings of the U.S. healthcare system — and vowed to continue that work. "We've always known we wouldn't have enough time with him," she added. "While we don't know how to imagine a world without him learning, strategizing, fighting, and laughing alongside us, we do know that through Be A Hero and the movement of patients we are building, Ady's work will live on." Barkan addresses the livestream of the virtual Democratic National Convention in August 2020.Handout/DNCC via Getty Imageshide caption Barkan addresses the livestream of the virtual Democratic National Convention in August 2020. Barkan, who was born to Israeli immigrants in Boston and raised in California, decided to become a lawyer for the poor and disadvantaged after readingTo Kill A Mockingbirdas a kid, as he told Politico in 2019. The Columbia University and Yale Law School graduatespent time clerkingfor a federal judge in New York and working for the immigrant-led organization Make the Road New York, representing workers seeking to recover unpaid wages and improve working conditions. The 2011 Occupy Wall Street movementinspired Barkanto pursue activism full-time. He gained areputation as an effective organizerduring his tenure at the Center for Popular Democracy, where he went on to launch several programs, includingthe Fed UpandBe A Herocampaigns. The 2014 Fed Up campaign — which first gained Barkan national attention — pushed for the Federal Reserve Board to focus on full employment. Dean Baker, the co-founder of the Center for Economic and Policy Research,wrote in a tributethat Barkan made the case to then-chair and current Treasury Secretary Janet Yellen, who took it seriously. "This shift in Fed policy towards promoting full employment, and not just obsessing about inflation, was a remarkable victory," Baker wrote. "It improved the lives of tens of millions of workers." Barkan married King— whom he met in college — in 2015, and their son Carl was born in 2016 (their daughter Willow was born in 2019). Four months later, after a bout of stiffness in his left hand, Barkan was diagnosed with ALS, at the age of 32. The average age at diagnosis is 55, andlife expectancyafter diagnosis is two to five years. Barkan chose to use his remaining time to fight for lasting health care reform, even as he lost the ability to move and speak. "Organizing is about using the resources at your disposal to build the power you need to accomplish your goals, and ALS is unfortunately very much at my disposal," he told NPR. He said he found great joy and meaning in the struggle for justice, even as ALS paralyzed his body. "Being part of the movement has given me purpose, a community and the chance to nudge our society in the right direction," he said. "It's allowed me to transcend my dying body and find personal liberation. And I honestly don't think those things are just for me." Both Headley andKing emphasizedthe important role that Barkan's team of 24/7 caregivers played in letting him continue to live at home with his family, with King writing that "everyone should have that chance." Headley said Barkan's family was "the center of Ady's universe," saying it was his love for them — and desire to continue to be a partner and father — that "animated his own fight for access to home care." Barkan told NPR that he and King had agreed to film the 2021 documentary because they thought it would one day be a "good memento" for their kids. "Of course, Carl and Willow know me as their silly dad," he said. "But I also want them to be able to know about my work and my politics and how their existence motivated me to fight for a better world." Barkan speaks at a rally organized by House Minority Leader Nancy Pelosi at the U.S. Capitol in December 2017.Chip Somodevilla/Getty Imageshide caption Barkan speaks at a rally organized by House Minority Leader Nancy Pelosi at the U.S. Capitol in December 2017. Progressive lawmakers, many of whom got to know Barkan well over the years, paid tribute to him on Thursday, calling him a hero and pledging to continue his fight for health care reform. The Congressional Progressive Caucussaid in a tweetthat "the progressive movement has lost a hero. Ady Barkan accomplished more in his too-short time here than most do many lifetimes over." Caucus chair Rep. Pramila Jayapal, D-Wash., issued aseparate statementpraising Barkan's lifetime of advocacy. "His commanding presence would not be denied and his relentless pursuit of justice could not be ignored — not by a senator on an airplane, a presidential candidate, or the countless activists he inspired daily," she wrote. Warrencalled Barkana hero who made the world a better place and thanked him for his years of friendship. She wrote in her 2020 TIME profile of him that she kept a photo of the two of them — and Carl — on her bookshelf "as a constant reminder that none of us knows what could happen tomorrow, so we embrace life fully as it comes, and we make purpose where we can." Vermont Sen. Bernie Sandersdescribed Barkanas an inspiration, saying there are "very few people in this country who have done more to make health care a human right." Former House Speaker Nancy Pelosi, D-Calif.,said in a statementthat "everyone who had the honor of being with Ady knew that we were in the presence of greatness: a relentless organizer and beloved leader with indomitable courage." She said she had told Barkan that he was her hero when she saw him accept the Roosevelt Institute'sFreedom From Wantaward in September, which was reportedly his last in-person appearance. It's not just lawmakers who have been moved by Barkan's activism. Headley, of Be A Hero, wrote that he "inspired many of us to join the fight for universal access to life-saving and life-giving health care." The organization is asking people to help celebrate Barkan's life and impact bysubmitting their own storiesof what he meant to them. |
2024-11-02 | Forbes | Geopolitics Could Send Oil Prices Up—Or Down | TOPSHOT - Smoke billows during Israeli air strikes in Gaza City on October 12, 2023. (Photo by ... [+] MAHMUD HAMS / AFP) (Photo by MAHMUD HAMS/AFP via Getty Images) Oil is the most political of all commodities, unless you’re French, then it’s wine. Or Japanese, and then it’s rice. Or Iowan, and it’s corn. Or…, well you get the message. But the reality is that politics affects oil prices much more than other commodities because: a) oil supply is concentrated in a few countries; b) its importance makes it a target of attacks, political and/or violent; and c) the stuff burns and/or blows up. If you are a Colombian guerrilla, attacking an oil pipeline is much more satisfying than blowing up a truckload of flowers (one of the country’s other major exports). If you are a Houthi rebel, a drone attack on the Saudi oil fields is likely to have a much bigger impact than an attack on, well anywhere else in that country. Between the war in Ukraine and the Israeli/Hamas battle, the potential for a disruption of oil supplies seems higher than at any time in the past decade, at least since the Arab Spring in 2011. However, ways in which oil supply (and thus prices) might be affected vary in terms of both probability and impact. The most serious threat is of a military attack on oil supplies on the Arabian Peninsula or the Straits of Hormuz, both of which have happened in recent memory. An attack on the Saudi oil fields has long worried energy security analysts, given the huge concentration of production facilities and the proximity to hostile actors, most notably the Houthis in Yemen and the Islamic Republic of Iran. The recent Saudi-Iranian rapprochement would seem to have reduced the likelihood of such an attack, and past attacks, such as in 2019, accomplished little. Possibly a much larger attack, such as the missile barrage Hamas launched on Israel, would have more success but only Iran appears capable of such and it would constitute an overt act of war. This seems very unlikely. Attempts to disrupt shipping through the Straits of Hormuz seem more likely, partly because they would be less damaging but also might be done covertly. Seizure of tankers, as has happened a couple of times recently, if done on a broader scale would provoke a quick military response, making such a tactic unlikely. And placing mines in the Straits could be done, but current surveillance technology makes this hard to do covertly. At the least, a few tankers might be affected; the likelihood of a military response would probably deter major attacks. Still, anything making sailing in the Gulf more dangerous would have a mild impact on the oil market. It could mean a pause or reduction in exports, as some tanker owners and their insurers avoid the area, even if only briefly. But in response first, insurance rates would rise and second, smaller shipping companies would step in where larger, more conservative companies fear to tread. The result would be a slight increase in oil prices, a few dollars a barrel, or a brief dip in exports which would be quickly made up. (Historical note: the highest shipping insurance rates in ‘modern’ times appears to have occurred during the American Revolution, when the depredations of privateers saw rates for British vessels soar to 30-50% of the value of their cargo, but this was apparently short-lived and they generally only increased by a few percent of the cargoes. See Eric Jay Dolin’s Rebels at Sea.) The ongoing Israeli operations in the Gaza Strip have increased anger against that government and its supporters in many parts of the world, most notably in Islamic nations. Could oil exporting governments respond to public pressure by cutting production, as in 1967 and 1973? Maybe, but the experience of 1973 taught us that using oil as a political weapon backfired in the long term. It made participating countries’ oil less attractive and led to Middle East producers being treated as ‘residual’ suppliers, that is, turned to only after all other producers had sold out. Numerous oil nations’ leaders since have sworn off the use of oil as a weapon with only rare exceptions when a particular leader—Iraq’s Saddam Hussein and Libya’s Muammar Qaddafi—called for exporters to reduce production for political reasons. Their calls were ignored and they themselves did little or nothing. Of course, many of the leaders of oil exporting nations might be only passingly familiar with the oil market developments of the 1970s and 1980s and think to reduce production in support of Palestinians. That is quite possible: , politicians (well, everyone) often fail to learn from the past. To date, there appears no evidence that any countries are considering such a move, but it would certainly raise prices and must occupy at least a small portion of oil traders’ attention spans. A more likely development would be for some oil producers to take a harder line against raising production at coming OPEC+ meetings. The current consensus seems to be that prices in the $80s are adequate and will be supported. A spike in prices, whether due to geopolitical tensions or market forces, could be less likely to bring forth a production increase in this instance. The Saudis recently made voluntary cuts and extended them through year’s end; potentially, unhappiness with the Middle East situation will make them more inclined to adopt a hawkish stance, extending the cuts next year even if markets appear to be tightening. Finally for the bulls, sanctions against Iran and Venezuela have been relaxed recently, especially for the latter. (Iran has appeared to evade them, raising production in recent months, but it’s not clear if that reflects less enforcement from Washington or not.) Given the current political climate, the likelihood that the U.S. will try to impede Iranian exports more strictly could take half a million barrels a day off the world market. The Maduro regime in Venezuela, having moved to appease Washington, now appears to be backtracking on its promise to allow fair, or at least fair-ish, elections. The oil market hasn’t priced in the higher Venezuelan production that relaxed sanctions would allow, partly because they would be minimal, but that might change at any time. There are also geopolitical events that could bring prices down, a little or a lot, depending on timing and extent. An end to the war in Ukraine would have little physical impact on world energy markets but would remove one very big psychological prop to oil prices. Reports of Vladimir Putin’s ill-health might be exaggerated or fallacious, but no one lives forever, and he wouldn’t be the first leader ousted over a military misadventure. One presumes he is avoiding windows. Relaxed sanctions on Iran appear almost impossible in the current political environment, but Venezuelan sanctions have been lately eased and should mean slightly increased supply from there, assuming no missteps from the Maduro regime, or at least no more missteps. And while the Saudi government might be less willing to ‘assist’ the West with lower oil prices now, they might want to hurt the Iranian regime by just that. A harder line against Iran by the Biden Administration could offset its strong pro-Israeli stance in Saudi eyes and it would be easy for Saudi Arabia to sit back and let their voluntary production cuts expire, causing a price dip. Finally, while further terrorist attacks related to the Middle East situation have been so far few in number and minor in impact, the potential for lone wolf attacks remains heightened. In the past, violence against crowds in shopping areas has not produced much economic effect but a series of mass shootings at shopping malls could certainly dent the holiday spirit and reduce consumer spending. Or, conversely, boost on-line shopping. The point remains, though, that political violence and geopolitical tensions are rarely bullish for the global economy, which already appears leaning towards weakness if not outright recession. And while that would probably mean more OPEC+ cuts to balance the market, it is more likely bearish for oil prices. Volatility and uncertainty are the handmaidens to the oil market, and the current levels, while well below those in 1979, are enough to keep the Valium flowing in Houston, Singapore and many other oil centers. Still, it can be hoped that when we emerge from the current situation market stability will increase and oil will once again be more of a commercial than political economy. Wishful thinking, but recall the lengthy period from 1986 to 2000 when the oil business was all about business. |
2024-11-02 | GlobeNewswire | American Institutes for Research Experts Prioritize Evidence and Equity at the 2023 APPAM Fall Research Conference | Arlington, Va., Nov. 02, 2023 (GLOBE NEWSWIRE) -- Dozens of American Institutes for Research (AIR) experts will participate in the 2023 Association for Public Policy Analysis & Management (APPAM) Fall Research Conference, being held November 9–11 in Atlanta. Aligned with this year’s conference theme,Policy that Matters: Making Public Services Work for All,AIR-affiliated sessions underscore the importance of generating evidence-based solutions to address urgent social challenges in a way that prioritizes equity and builds local capacity to improve systems and supports. AIR sessions cover the institution's work in the U.S. and internationally, and include a wide range of topics such as responding to child and youth housing insecurity; helping students and schools thrive in a post-pandemic environment; promoting college access; testing interventions designed to boost economic opportunity; improving education quality in multilingual education settings; and exploring women's agency, empowerment, and the role of social protection in low- and middle-income countries. APPAM is dedicated to improving public policy and management by fostering excellence in research, analysis, and education. Each year, AIR experts join thousands of other conference attendees to share knowledge, disseminate research findings, and discuss emerging themes across a variety of policy topics. Conference attendees can visit AIR’s Exhibit Booth 201, located at the Hyatt Regency Atlanta, Grand Hall West. Recent graduates and active job seekers are encouraged to attend the APPAM inaugural Career Fair, which occurs Friday, November 10, 1–3 p.m. in Grand Hall East on the Exhibit Level. Sessions featuring AIR experts and their work are listed below (all times are ET). Sessions can also be found on the APPAM conference website, using theonline searchable program. Thursday, November 9, 2023 8:30–9:30 a.m. APPAM Communities:Child Care Subsidy Research and Decision-makingLocation: Grand Hall A (Exhibit Level (LL2), Hyatt Regency Atlanta) AIR Organizers:Amanda DanksandKaren B. Manship 8:30–10:00 a.m. Panel:Promoting College Access through the College Transition ProcessLocation: Courtland (Atlanta Conference Center (LL3), Hyatt Regency Atlanta) AIR Presenters/Authors:Lyzz Davis,Jill Bowdon,Christina LiCalsi, and Qi Zhang Panel:Uncovering Sources of Variation in Teacher Instructional CoachingLocation: Dunwoody (Atlanta Conference Center (LL3), Hyatt Regency Atlanta) AIR Presenters/Authors:Ruhan CirciandBurhan Ogut 10:15–11:45 a.m. Panel:Institutional Responses to Child and Youth Housing InsecurityLocation: Grand Hall C (Exhibit Level (LL2), Hyatt Regency Atlanta) AIR Discussant:Vanessa Coca Panel:Reemployment of Unemployment Insurance BeneficiariesLocation: Hanover F (Exhibit Level (LL2), Hyatt Regency Atlanta) AIR Discussant:Siobhan Mills de la Rosa Panel:Teacher Supply, Diversity, and QualityLocation: Embassy G (International Tower (LL2), Hyatt Regency Atlanta) AIR Discussant:Roddy Theobald 1:45–3:15 p.m. Panel:Impacts and Interventions Following the COVID-19 Pandemic: How Students Are Faring and What School Districts Are Doing about ItLocation: Grand Hall B (Exhibit Level (LL2), Hyatt Regency Atlanta) AIR Organizer: Emily Morton AIR Panel Chair:Dan Goldhaber AIR Presenters/Authors: Emily Morton,Ian Cullen, Michael DeArmond,Elise Dizon-Ross, Dan Goldhaber and Anna McDonald 3:30–5:00 p.m. Roundtable:Economic Opportunity and Good Jobs in the Future of Work: Approaches to Test and Scale Policies and Interventions That MatterLocation: Hanover E (Exhibit Level (LL2), Hyatt Regency Atlanta) AIR Speaker:Christina Yancey Panel:Meaningful Impacts of a Set of Cost Studies: Ohio Case StudyLocation: Greenbriar (Atlanta Conference Center (LL3), Hyatt Regency Atlanta) AIR Organizer: Amanda Danks AIR Panel Chair:Tammy Kolbe Panel:Recent Research on Issues Affecting State Teacher PipelinesLocation: Dunwoody (Atlanta Conference Center (LL3), Hyatt Regency Atlanta) AIR Presenters/Authors: Dan Goldhaber and Roddy Theobald Panel:State Economic Policies and Effects on Workers' Benefits, Wages, and MobilityLocation: Harris (Atlanta Conference Center (LL3), Hyatt Regency Atlanta) AIR Discussant: Siobhan Mills de la Rosa Friday, November 10, 2023 8:30–10:00 a.m. Panel:Getting Ready, into, and through College: Strategies to Support Postsecondary Readiness, Access, and CompletionLocation: Grand Hall B (Exhibit Level (LL2), Hyatt Regency Atlanta) AIR Presenter/Author:Tamara Linkow Panel:Issues in Career and Technical EducationLocation: Hanover B (Exhibit Level (LL2), Hyatt Regency Atlanta) AIR Presenters/Authors: Roddy Theobald AIR Presenters/Authors: Roddy Theobald, Elise Dizon-Ross and Dan Goldhaber AIR Presenter/Author: Roddy Theobald Panel:Language of Instruction Policies As a Pathway to Improving Education Quality in Multilingual Education Settings Location: Hanover G (Exhibit Level (LL2), Hyatt Regency Atlanta) AIR Organizer/Panel Chair: Amanda Danks AIR Discussant:Pooja Nakamura AIR Presenters/Authors:Michaela Gulemetova, John Downes,Ozen Guven, Yasmina Haddad, Odilon Loko and Pooja Nakamura AIR Presenters/Authors:Uttara Balakrishnan,Mauricio Estrada-Matute, Ozen Guven, Yasmina Haddad,Chinmaya Holla, Pooja Nakamura and Parul Pandya AIR Presenters/Authors:Adria Molotsky, Talla Cisse, Chinmaya Holla, Pooja Nakamura and Anna Warren Panel:LIHTC and Affordable Housing Supply: Impacts, Opportunities, and ChallengesLocation: Hanover F (Exhibit Level (LL2), Hyatt Regency Atlanta) AIR Presenter/Author: Audrey Altieri Panel:Politics and Migration PolicyLocation: Marietta (Atlanta Conference Center (LL3), Hyatt Regency Atlanta) AIR Presenter/Author: Cody Bock Panel:Sectoral Workforce Programs: Who Do They Serve and Who Do They Work For?Location: Hanover A (Exhibit Level (LL2), Hyatt Regency Atlanta) AIR Organizer:Sarah Sahni AIR Presenter/Author: Dana Shaat 1:45–3:15 p.m. Panel:Course Taking and CurriculumLocation: Hanover A (Exhibit Level (LL2), Hyatt Regency Atlanta) AIR Presenters/Authors:James Cowan,Ben Backesand Dan Goldhaber AIR Presenters/Authors:Megan Austinand Ben Backes Roundtable:Promises and Pitfalls on the Road to COVID Recovery in 2023-24 and BeyondLocation: Embassy A (International Tower (LL2), Hyatt Regency Atlanta) AIR Speaker: Emily Morton 3:30–5:00 p.m. Panel:Paraeducators, School Support Staff, and Grow Your Own Pathways to TeachingLocation: Courtland (Atlanta Conference Center (LL3), Hyatt Regency Atlanta) AIR Organizer/Panel Chair: Roddy Theobald AIR Presenter/Author: Roddy Theobald Panel:Trust Is Key: Cross-Sectoral Evidence on the Influence of Institutional Trust on the Efficacy and Impact of Policy and Program ImplementationLocation: Roswell (Atlanta Conference Center (LL3), Hyatt Regency Atlanta) AIR Organizer: Cody Bock AIR Presenters/Authors:Christopher Paek, Cody Bock and Anna Warren AIR Presenter/Author:Thomas De Hoop Saturday, November 11, 2023 8:30–10:00 a.m. Panel:Evidence Capacity: From Frameworks to ActionLocation: Roswell (Atlanta Conference Center (LL3), Hyatt Regency Atlanta) AIR Discussant: Christina Yancey AIR Presenter/Author:Samia Amin Panel:Principals and EvaluationLocation: Embassy H (International Tower (LL2), Hyatt Regency Atlanta) AIR Presenters/Authors: Daniel Hubbard and Dionisio García Píriz AIR Presenters/Authors: Ji Hyun Yang,Drew Atchison,Steven HurlburtandKerstin Carlson Le Floch 10:15–11:15 a.m. APPAM Communities:Economic Evaluation for Public PolicyLocation: Grand Hall A (Exhibit Level (LL2), Hyatt Regency Atlanta) AIR Panel Chairs: Tammy Kolbe andJesse Levin Panel:Postsecondary Choices and Constraints, Equity Implications of Policy DesignLocation: Courtland (Atlanta Conference Center (LL3), Hyatt Regency Atlanta) AIR Presenter/Author: Preeya Mbekeani 1:45–3:15 p.m. Panel:The Role of TeachersLocation: Hanover A (Exhibit Level (LL2), Hyatt Regency Atlanta) AIR Presenters/Authors: Zeyu Jin, James Cowan, Dan Goldhaber,Laura Hamilton, Roddy Theobald Panel:Women's Agency, Empowerment, and the Role of Social Protection in Low & Middle Income CountriesLocation: Edgewood (Atlanta Conference Center (LL3), Hyatt Regency Atlanta) AIR Organizer:Garima Siwach AIR Panel Chair: Thomas De Hoop AIR Presenter/Author:Rosa Castro-Zarzur AIR Presenter/Author: Garima Siwach 3:30–5:00 p.m. Panel:Accessing Employment-Related Benefits: Lessons from Unemployment Insurance, Employer-Sponsored Retirement Plans, and Family and Medical LeaveLocation: Harris (Atlanta Conference Center (LL3), Hyatt Regency Atlanta) AIR Presenter/Author: Siobhan Mills de la Rosa About AIREstablished in 1946, with headquarters in Washington, D.C., the American Institutes for Research (AIR) is a nonpartisan, not-for-profit institution that conducts behavioral and social science research and delivers technical assistance both domestically and internationally in the areas of health, education and the workforce. AIR's work is driven by its mission to generate and use rigorous evidence that contributes to a better, more equitable world. With headquarters in Arlington, Virginia, AIR has offices across the U.S. and abroad. For more information, visitwww.air.org. Attachment |
2024-11-02 | Business Insider | I moved to the US from Italy and it's been a rollercoaster. Here's what has shocked and disappointed me the most about America. | This as-told-to essay is based on a conversation with Oana Adamopoulos, a 36-year-old traveling veterinary technician who founded Pet Lift and lives in Sarasota, Florida. I was born and raised in Romania. In 2006 I moved to Italy, and a few years later I met my Greek American husband in Greece. He was applying for work all over Europe and beyond, but Greece was not a good choice for us at that timebecause of the debt crisis there. He was offered a job in policy at the Department of Labor in Washington, DC, and we decided to move to the United States. He moved ahead of me, and we got married before he left. It took about nine months to fill out the paperwork to obtain my green card. Finally, I was able to join him in April 2012. Theculture shockI experienced in Washington was greater than I expected. Moving from Romania to Italy was fairly easy, but Italy to the US was very different. The people I met felt distant and not very friendly. I came to realize this was more of a DC thing than a reflection of Americans in general, which I learned after visiting other cities in the US. DC is a very high-demand city. People tend to go to DC for their career for a few years and then go back to where they moved from. Unfortunately, that means it can be challenging to make friends. This social aspect was the hardest thing for me about moving to America. I did make some close friends in DC that I am still friends with today, but most of them are from overseas. After about two years, it started feeling more like home. I like DC now. I appreciate the culture and the museums and how the people around you are educated and stylish. When I found out I was pregnant, we decided to sell our food business we had started in DC, The Mediterranean Way. I became a stay-at-home mom for almost four years. We had originally planned for me to take 2 ½ years off, but COVID-19 caused me to take longer. After my time at home, I transitioned careers into veterinary medicine and started a new company, Pet Lift, last year. We don't have the opportunity as new moms to stay with our babiesas moms do in Europe. It's so sad to see people have a baby and then, six or eight weeks later, they have to go back to work. I don't think that's right — it's not natural to leave a baby without a mom. There's generally some form of paid maternity leaveall over Europe. In Romania, new moms get18 weeks of maternity leavepaid at 85% of income, which is not taxed. Navigating health insurancehas been really difficult here, and it's still bizarre to me that you can't get basic health services for free, or for a very modest fee, like you can in Europe. I pay a pretty high co-pay because I need to see a specialist, and hospital deductibles are still really high. But we're lucky because my husband works for the government, so we have a much better plan than a lot of other Americans. I think the US should adopt a similar healthcare system to countries in Europe. Here, even a visit to the ER for something minor can end up in a crazy bill, and it's just not right. We moved to Florida in 2017, shortly after our daughter was born, to try to improve our quality of life. As Europeans, we prefer a morelaid-back lifestyle, and DC didn't provide that. My husband was able to transition to remote work. Our main reasons forchoosing Floridawere the lower cost of living, warmer weather, and more spacious housing than in DC. The weather here means that you can have fun all year round, and the people I've met here are a lot more friendly. In Europe, peoplemanage to balancefamily, work, and their social life better than in the US and they have more time off —usually four to six weeks— each year. In the US, it feels like the emphasis is more on work and careers rather than valuing quality of life. However, I do think starting a business from scratch here is easier and comes with a higher chance of success than in Europe. Gun violencehere is a bigger problem than in Europe. I worry about gun violence at schools and in public places. Also,the high cost of college education in the USmakes me hope that my daughter will want to go back to Europe to study if she goes to college. It's hard to say now what our long-term plans are, but if my daughter one day decides to choose to study in Europe for college, we will definitely join her. |
2024-11-02 | The Times of India | Jubilant Food shares gain 0.55% as Sensex rises | Getty Images India 10-year bond yield fell 0.41 per cent to 5.89 after trading in 5.87-5.91 range Shares of Jubilant Foodworks Ltd. traded 0.55 per cent up at Rs 501.95 at 01:18PM (IST) on Thursday, even as BSE benchmark Sensex gained 387.95 points to 63979.28. The scrip had closed at Rs 499.2 in the previous session. The stock quoted a 52-week high price of Rs 627.75 and 52-week low of Rs 412.2, respectively. As per BSE data, total traded volume on the counter till 01:18PM (IST) stood at 25318 shares with a turnover of Rs 1.27 crore. At the current price, shares of the company traded at 140.88 times its trailing 12-month earnings per share of Rs 3.56 per share and 14.26 times its price-to-book value, exchange data showed. A higher P/E ratio shows investors are willing to pay a higher share price today because of growth expectations in the future. Price-to-book value indicates the inherent value of a company and reflects the price investors are ready to pay even for no growth in the business. The stock's Beta value, which measures its volatility in relation to the broader market, stood at 1.0. Shareholding Details Promoters held 41.94 per cent stake in the company as of 30-Sep-2023, while FIIs owned 26.14 per cent and DIIs 15.54 per cent. Technicals On the technical charts, the relative strength index (RSI) of the stock stood at 38.38. The RSI oscillates between zero and 100. Traditionally, it is considered overbought condition when the RSI value is above 70 and oversold condition when it is below 30. Chartists say, RSI should not be seen in isolation, as it may not be sufficient to take a trading call, just the way fundamental analysts cannot give a'buy' or'sell' recommendation using a single valuation ratio. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on jubilant jubilant food jubilant foodworks jubilant foodworks l jubilant foodworks ltd jubilant foodworks ltd. jubilant ltd Jubilant Food Share Price jubilant jubilant food (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-11-02 | Marketscreener.com | Ameriprise Financial and Feeding America® Join Forces to Help People in Need Ahead of the Holidays | For the 14th consecutive year, Ameriprise Financial is partnering with Feeding America®, the nation’s largest domestic hunger-relief organization, to help provide meals for families and individuals facing hunger ahead of the holiday season. On Nov. 2, more than 3,300 of the firm’s employees, advisors and clients are volunteering at the Feeding America network of local food banks and other nonprofits across the country to sort bulk food donations, stock shelves, serve meals and host food drives to make a greater impact. The event is part of the firm’s National Days of Service, which the company organizes twice a year to help people experiencing hunger in communities across the country. “In a country with an abundance of resources, 44 million people, or 1 in 7, still don’t have reliable access to food,” saidBrian Pietsch, Head of Community Relations at Ameriprise. “The holiday season can add additional pressure, making it an especially difficult time for families and individuals who are struggling. For more than a decade, Ameriprise has been dedicated to helping make this season a little brighter by offering a boost of support to nonprofits across the country through our National Days of Service.” Ameriprise Financial Advisors Make an Impact in Communities Across the Country with Local Events The Ameriprise National Days of Service are a rallying cry for financial advisors across the country to engage their teams, employees, clients and prospects to make a broader impact. One example:Walkers & Associates, an Ameriprise Private Wealth Advisory team that has supported the Flemington Food Pantry in New Jersey for the past 10 years with a food-packing event. “Giving back to our community is deeply rooted in our team culture and reflects Ameriprise’s broader commitment to hunger relief,”said Stephen Walker, Ameriprise Private Wealth Advisor in Flemington, New Jersey.“This year, we’re hosting our 10thannual National Day of Service food-packing event where we will celebrate the commitment to helping provide meals to thousands of families and individuals over the years. Our event last year drew more than 100 volunteers and we’re expecting a similar turnout this year. We’re filled with joy to bring so many people together and help our community.” Since the firm’s first National Day of Service in 2009, Ameriprise volunteers across the country have provided more than 123 million meals and dedicated 385,000 hours toward hunger relief. About Ameriprise Financial AtAmeriprise Financial, we have been helping people feel confident about their financial future for more than 125 years. With extensive investment advice, asset management and insurance capabilities and a nationwide network of approximately 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs. About Ameriprise Financial Community Relations Ameriprise Financial is dedicated to utilizing the firm’s resources and talents to improve the lives of individuals and build strong communities. Through grants, volunteerism and employee and advisor gift matching programs, the company supports a diverse group of over 8,000 nonprofits across the country. The company also has a longstanding commitment to volunteerism. Each year, the firm’s employees are eligible for the eight hours of paid time off to volunteer. In 2022, the firm’s employees and advisors collectively spent nearly 64,000 hours volunteering in communities across the country. About Feeding America Feeding America is committed to an America where no one is hungry. We support tens of millions of people who experience food insecurity to get the food and resources they say they need to thrive as part of a nationwide network of food banks, statewide food bank associations, food pantries and meal programs. We also invest in innovative solutions to increase equitable access to nutritious food, advocate for legislation that improves food security and work to address factors that impact food security, such as health, cost of living and employment. We partner with people experiencing food insecurity, policymakers, organizations, and supporters, united with them in a movement to end hunger. VisitFeedingAmerica.orgto learn more. Disclosures Feeding America is not affiliated with Ameriprise Financial, Inc.Securities offered by Ameriprise Financial Services, LLC. Member FINRA and SPIC2023 Ameriprise Financial, Inc. All rights reserved. View source version on businesswire.com:https://www.businesswire.com/news/home/20231102304459/en/ |
2024-11-02 | BBC News | Uber and Lyft agree to pay $328m to New York drivers | Ride-sharing firms Uber and Lyft will pay $328m (£269m) to settle claims they "systematically cheated" New York drivers out of pay and benefits. It resolves a long investigation by the New York attorney general, who called it the largest wage theft settlement in her office's history. The agreement also means that drivers in the state will receive guaranteed paid sick leave. Uber called it a "landmark", while Lyft said it was "a win for drivers". The settlement means that neither company has to admit fault, with Uber paying $290m as part of it, while Lyft will pay $38m. Both have denied any wrongdoing and praised the announcement. It comes as part of a long-running debate over whether the ride-sharing apps in the "gig economy" should class drivers as employees or as self-employed workers. "For years, Uber and Lyft systematically cheated their drivers out of hundreds of millions of dollars in pay and benefits while they worked long hours in challenging conditions," New York attorney general Letitia James said in a statement. Her office looked into claims that that Uber and Lyft improperly deducted taxes and fees from New York drivers, rather than their passengers, between 2014 and 2017. It also alleged that the companies failed to provide drivers with paid sick leave, which employees are entitled to in New York law. "These drivers overwhelmingly come from immigrant communities and rely on these jobs to provide for their families," Ms James said. "These settlements will ensure they finally get what they have rightfully earned and are owed under the law." According to Ms James, the money will go to "over 100,000 hardworking people", and she encouraged those eligible to file a claim for funds they might be owed. Uber also said it would pay a undisclosed amount into New York State's unemployment insurance fund, so drivers and delivery workers have access to unemployment benefits, should they find themselves out of work. Uber said the agreement on Thursday would serve as a "model for other states", putting into place rules which mean New York City drivers receive up to 56 hours of paid sick leave per year. Uber drivers outside of New York will be entitled to an hour of sick leave at full pay for every 30 hours worked and a minimum wage of at least $26 per hour. The earnings standard which has been in place for several years will remain for drivers in New York City. Both firms described the announcement as a "win for drivers". Lyft drivers outside of New York City will also earn a minimum of $26 per hour for "engaged time", while all of its New York drivers will be eligible to accrue paid sick leave, it said in a statement. In 2021, the UK Supreme Court ruled Uber drivers must be treated as workers rather than as self-employed contractors, who have fewer entitlements. At the time, the ride-hailing giant called it "turning the page" on workers' rights and promised drivers would earn at least the National Living Wage. After today's agreement in New York, Uber shares rose 5.2% in early trade, while Lyft jumped 7.1%. |
2024-11-02 | Phys.Org | Damaging thunderstorm winds rising in central US: Research finds five-fold increase | Destructive winds that flow out of thunderstorms in the central United States are becoming more widespread with warming temperatures, according to new research by the U.S. National Science Foundation (NSF) National Center for Atmospheric Research (NCAR).The new study, published inNature Climate Change, shows that the central U.S. experienced a five-fold increase in thegeographic areaaffected by damaging thunderstorm straight line winds in the past 40 years. The research uses a combination of meteorological observations, very high-resolution computer modeling, and analyses of fundamental physical laws to estimate the changes in the winds, which are so short-lived and localized that they often are not picked up byweather stations."Thunderstorms are causing more and more of these extreme wind events," said NCAR scientist Andreas Prein, the author of the new study. "These gusts that suddenly go from no wind at all to gusts of 60 to 80 miles per hour can have very damaging impacts on buildings, power grids, and even human safety."Capturing small-scale eventsStraight line winds are caused by powerful downdrafts that flow from the base of thunderstorms. The National Weather Service classifies such winds as damaging if they exceed 50 knots, or about 57 miles per hour. The winds likely cause about $2.5 billion in damage annually in the US, based on insurance industry estimates. In 2020, a particularly powerful derecho—a widespread, straight-line windstorm associated with fast-moving thunderstorms—caused an estimated $11 billion in damage in the Midwest.Scientists have long been interested in theimpact of climate changeon straight line winds. Until now, however, simulations of climate conditions run on computer models have been too coarse to capture such brief and small-scale events. Further clouding the picture, weather observations appear to show that there are more periods of little to no wind worldwide (a phenomenon known as global stilling), even though, paradoxically, maximum wind speeds can rise simultaneously.To determine if damaging straight line winds are becoming more widespread, Prein turned to a high-resolution, computer model simulation that NCAR scientists recently produced in collaboration with the U.S. Geological Survey. The advanced simulation is named CONUS404 because it simulates climate and hydrological conditions at a resolution of 4 kilometers (2.5 miles) across the continental United States, or CONUS, over the past 40-plus years.Prein focused on summertime conditions in the central U.S., a global hotspot for straight line winds. The high-resolution modeling enabled him to get a much more fine-grained picture of winds than relying on sparse atmospheric observations, and to expand his analysis from 95 weather stations to 109,387 points in the simulation. The simulation showed that the area affected by straight line winds has increased in the last 40 years by about 4.8 times.Prein verified the accuracy of thesimulationby comparing it with measurements of selected winds in the past, such as the 2020 derecho. His analysis showed that the CONUS404 simulations were reliably capturing straight-line winds, as opposed to previous, coarser simulations that failed to capture many such events.This left the question of whether climate change could be responsible for the increase in winds. Prein approached this question by analyzing the thermodynamics of straight line winds and how actualwindevents such as the 2020 derecho would have been affected by different atmospheric conditions based on first-order physical principles.Straight line winds result when rain and hail at high altitudes evaporate and cool the ambient air, which then plummets and, at the surface, spawns intense winds that rush outward. In studying this process, Prein's calculations showed thatclimatechange is likely altering the picture by increasing the temperature difference between the cool air in downdrafts and the warm surrounding air. This larger temperature difference lets the cold air descend even faster, making it more likely for a thunderstorm to generate damaging winds."As these findings show, it is crucial to incorporate the increasing risk of straight line winds when planning for the impacts ofclimate changeso we can ensure the future resiliency of infrastructure to this frequently neglected peril," Prein said. |
2024-11-02 | ABC News | Cover crops help the climate and environment but most farmers say no. Many fear losing money | DES MOINES, Iowa --Called cover crops, they top the list of tasks U.S. farmers are told will build healthy soil, help theenvironmentand fight climate change. Yet after years of incentives and encouragement, Midwest farmers planted cover crops on only about 7% of their land in 2021. That percentage has increased over the years but remains small in part because even as farmers receive extra payments and can see numerous benefits from cover crops, they remain wary. Many worry the practice will hurt their bottom line — and a study last year indicates they could be right. Researchers who used satellite data to examine over 90,000 fields in six Corn Belt states found cover crops can reduce yields of cash crops — the bushels per acre. The smaller the yield, the less money farmers make. “I don’t want to abandon it, but as far as just going whole-hog with planting cover crops, that’s a tough thing for me to do,” said Illinois farmer Doug Downs, who plants cover crops only on a sliver of his land in a relatively flat region of east-central Illinois. Cover crops are plants grown on farmland that otherwise would be bare. While crops like corn and soybeans are growing or soon after harvest, farmers can sow species such as rye or red clover that will grow through winter and into spring. They stabilize soil, reduce fertilizer runoff, store carbon in plant roots and potentially add nutrients to the dirt. The practice is key to government efforts to sequester carbon in farmland to help reduce climate change, since there's general agreement planting the right off-season crops can pull carbon from the air and keep it underground in plant roots. The U.S. Department of Agriculture promotes cover crops through several programs, starting with $44 million in payments during the 2023 fiscal year from the agency's Natural Resources Conservation Service for over 4,700 contracts to plant them on more than 850,000 acres (344,000 hectares). Additional funding was available for conservation practices, including cover crops, through the Inflation Reduction Act. Another program provided $100 million in extra benefits through federal crop insurance coverage to farmers who plant cover crops. There's heightened interest in cover crops for carbon storage, though the effectiveness depends on the soil, plant variety, temperature and other factors. The Natural Resources Defense Council has put so much stock in cover crops that it recently launched a social media campaign with Nick Offerman, featuring the Parks and Recreation TV show actor buried in dirt while promoting the practice. The environmental group has encouraged Congress to give farmers more lucrative financial incentives to plant the crops. The NRDC points to studies that have found cover crops don’t necessarily reduce cash crop yields and can boost growth. And Lara Bryant, the group's deputy director of water and agriculture, notes that while the overall percentage of farmers planting cover crops is small, acreage increased by 50% to about 5% of U.S. cropland from 2012 to 2017, the most recent year USDA data is available. “We have a long way to go but we’ve come a long way in a short amount of time,” Bryant said. However, the 2022 satellite study found yields declined by an average of 5.5% on corn fields where cover crops were used for three or more years. For soybean fields, the decline was 3.5%. The declines varied depending on factors such as cover crop type, soil moisture and soil quality. “I was surprised it was so negative,” said David Lobell, a Stanford University agricultural ecologist who worked on the study published in the journal Global Change Biology with researchers from Illinois and North Carolina. “We rechecked everything and were a little bit surprised.” The study found that rye, the most frequently used cover crop, is especially prone to reducing yields, Lobell said. Rye is less expensive than many cover crops and grows well in many kinds of soil. The study examined farm fields in Illinois, Iowa, Indiana, Michigan, Missouri and Ohio, using satellite images. Lobell said details from an individual field are less precise than on-the-ground study, but by examining thousands of fields, researchers can reach accurate conclusions. The researchers said farmers need more technical help choosing and maintaining cover crops as well as more government or food industry payments to offset potential yield losses. The federal government and at least 22 states provide financial incentives to farmers — and food companies such as General Mills and PepsiCo pay more to farmers who plant cover crops. Terry Cosby, chief of the USDA's Natural Resources Conservation Service, acknowledged establishing effective cover crops can take time and some experimenting but said farmers who stick with them should see significant benefits. He noted the Biden administration's allocation of $19.5 billion for climate smart programs over five years and that federal, state and university outreach services can provide technical advice. “It's going to take some trials and errors," Cosby said. "It might fail but over the long term ... it has been proven that you can be very successful with some type of cover crop.” Downs, the Illinois farmer, has tried to incorporate cover crops into some of his operations, especially to control weeds. But he says it hasn’t been easy. In 2019, Downs planted rye in one field but didn’t plant it on an identical field across a road. The spring was wet and the rye field was so soggy, he couldn't get in for weeks to kill the cover crop and plant his soybeans, resulting in a smaller crop. “Growing a cover crop cost me $250 an acre, and I spent $50 an acre doing it,” Downs said. Farmers don't typically harvest and sell cover crops; they frequently use herbicides to kill them before planting their principle crop. Less than 20 miles (32 kilometers) away, fourth-generation farmer Curt Elmore has been “dabbling” in cover crops for a decade, planting varieties like oats and rye on parts of the 2,000 acres (809 hectares) he farms. Elmore seeds cover crops by plane before harvesting his cash crop, but cover crop growth has been spotty, not worth the $40-per-acre cost. Elmore said he’ll keep trying, but it seems that in his area of Illinois, it will take more payments from governments or companies to convince many additional farmers to take up the practice. “If this is an imperative, then somebody is going to have to pay for it,” he said. Joe McClure, Iowa Soybean Association research director, said the Stanford study largely confirms his organization's research, though he thought the university researchers should do field study to verify their satellite-based analysis. McClure said more more financial support would help farmers avoid having to choose between planting cover crops and losing money. J. Arbuckle, a professor in Iowa State University's sustainable agriculture program, said it's important to be open with farmers about possible yield reductions and how they can be mitigated over longer periods, such as six or seven years. Even then, Arbuckle said, it can be hard to convince farmers to give cover crops a try because, despite the significant environmental benefits, a small drop in cash crop yield can mean a big cost. “Even a one bushel hit, if you're talking about a bushel an acre over a thousand acres, that's a lot of money," he said. ___ This story has been updated to correct the name of the Natural Resources Defense Council. ___ Associated Press climate and environmental coverage receives support from several private foundations. See more about AP’s climate initiative here. The AP is solely responsible for all content. |
2024-11-02 | The Times of India | PayPal stock surges as pledge to turn 'leaner' keeps crypto concerns at bay | Reuters PayPal Holdings added nearly $4 billion to its market value after a pledge to turn "leaner" fired up investors, even as the payments giant disclosed a subpoena from the U.S. Securities and Exchange Commission tied to its stablecoin. The company's shares climbed nearly 7% to $55.12 on Thursday as a strong full-year profit forecast also calmed market jitters about a spending slowdown. "Simply put, our cost base remains too high," the company's new CEO, Alex Chriss, said on Wednesday, adding that PayPal would align its resources to its "most profitable growth priorities." The upbeat forecast underscored the robustness of consumers' financial health, which has allowed them to keep up with their spending binge even as the economic climate remains uncertain. "Chriss struck the right note and articulated well the challenges facing the company and described a sound framework for improving growth and profitability," J.P.Morgan analyst Tien-tsin Huang said. Brokerage William Blair also said it was "encouraged by management's narrowed focus on profitable growth." Shares of PayPal's peer Block also climbed nearly 6%. SEC RAMPS UP PRESSURE ON CRYPTO The SEC's subpoena indicates that the regulator is keeping up pressure on the cryptocurrency industry despite recently losing a high-profile court case against digital asset manager Grayscale Investments. PayPal said it was cooperating with the subpoena from the SEC's Enforcement Division, which has asked for the production of documents. Stablecoins are crypto tokens whose monetary value is pegged to a stable asset to protect potential investors from wild swings in prices. The company became the first major financial technology firm to embrace digital currencies for payments and transfers when it launched its dollar-backed stablecoin in August. Separately on Thursday, the company named insider Archie Deskus its new chief technology officer, just a day after a naming Jamie Miller its new finance chief. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on crypto concerns paypal PayPal stock pledge to turn leaner william blair (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-11-02 | Marketscreener.com | Most Western States Lack Comprehensive Wildfire Approach, Uniform Enforcement | New Study Reveals Vulnerabilities for 14 Million Structures Across the Western U.S. RICHBURG, S.C.,Nov. 2, 2023/PRNewswire/ -- New research shows few states and counties with the greatest wildfire risk are using sound regulatory approaches backed by consistent enforcement. Living with Wildfire– a report from the Insurance Institute of Business & Home Safety (IBHS), the National Fire Protection Association® (NFPA®) andVerisk, examined community vulnerability and wildfire readiness around the wildland-urban interface (WUI) in 13 Western states. Separating wildfire safety from traditional building codes and a lack of clear guidance on how to integrate them has resulted in limited use by state and local officials. "Californiaand Utah are the only Western states with uniformly enforced statewide codes specifically addressing wildfire exposures to residential and commercial properties," said IBHS Managing Director for Standards & Data Analytics Dr.Ian Giammanco. "A few local jurisdictions have proactive approaches, but they stand in sharp contrast to the majority of counties and local communities that largely fail to comprehensively address wildfire risks through building codes and up-to-date planning activities." While 45 million structures are at risk nationwide, roughly 14 million U.S. structures are at risk from wildfire across the 13 Western states, according to Verisk's Wildfire Risk Analysis. Due to population growth, inadequate fuel management practices and the limited use and enforcement of WUI building codes, community wildfire risk is higher than ever and exacerbated by climate change. Despite a federal mandate requiring Community Wildfire Protection Plans in areas adjacent to national forests and rangelands, one in four high-risk counties studied lacked plans to adequately address the risk. Seventeen percent of the counties examined had not updated their plans in over 10 years. "NFPA, IBHS and Verisk, among many organizations, have long recognized that implementing and enforcing statewide policies play a critical role in reducing wildfire's impact on people and property," saidMichele Steinberg, director of the NFPA wildfire division. "This report confirms that the majority of states and jurisdictions at highest risk to wildfire aren't putting the needed requirements and measures in place to effectively mitigate wildfire risks. Sadly, as long as they don't, communities will continue to pay a high price in the wake of wildfires." The study also shows there is no correlation between the amount counties spend on wildfire-related activities and the use of WUI codes or community wildfire preparedness plans in those counties. "Verisk supports coordinated research and education to help reduce the scope and severity of wildfire losses," said Dr.Arindam Samanta, director of product management, Verisk Underwriting Solutions. "This collaboration represents another step in Verisk's efforts to help insurance carriers manage wildfire risk and to build stronger, more resilient communities." Wildfire disasters affect not only lives and property, but the safety and effectiveness of the fire service, the ability of businesses and local governments to recover and the insurance industry's ability to provide a financial safety net for people to rebuild their lives and livelihoods. The report notes local fire departments serve as a vital and trusted communications link for communities to understand how to reduce risk. However, support for inspection and outreach programs is highly variable across the West because local fire departments often lack both the needed training and financial resources. About the Insurance Institute for Business & Home Safety (IBHS) The IBHS mission is to conduct objective, scientific research to identify and promote effective actions that strengthen homes, businesses and communities against natural disasters and other causes of loss. Learn more atibhs.org. About the National Fire Protection Association® (NFPA®) Founded in 1896, NFPA® is a global self-funded nonprofit organization devoted to eliminating death, injury, property and economic loss due to fire, electrical and related hazards. The association delivers information and knowledge through more than 300 consensus codes and standards, research, training, education, outreach and advocacy; and by partnering with others who share an interest in furthering the NFPA mission. For more information, visitwww.nfpa.org. All NFPA codes and standards can be viewed online for free atwww.nfpa.org/freeaccess. About Verisk Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combatfraudand make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification byGreat Place to Workand fosters aninclusive culturewhere all team members feel they belong. For more, visitVerisk.comand theVerisk Newsroom. View original content:https://www.prnewswire.com/news-releases/most-western-states-lack-comprehensive-wildfire-approach-uniform-enforcement-301975927.html SOURCE Insurance Institute for Business & Home Safety |
2024-11-02 | Marketscreener.com | Kotak Mahindra Bank : and Zurich Insurance Group Announce Strategic Alliance | Media Release Kotak Mahindra Bank and Zurich Insurance Group Announce Strategic Alliance Zurich Insurance Group to acquire a majority stake in Kotak Mahindra General Insurance to unlock the Next Phase of Growth and to create a Leading Non-Life Insurance Franchise Mumbai, Nov 2, 2023: Kotak Mahindra Bank Limited ("Bank"), Kotak Mahindra General Insurance Company Limited ("Kotak General Insurance") and Zurich Insurance Company Limited ("Zurich") have entered into definitive agreements for a transaction whereby Zurich will invest (approximately) Rs 4,051 crore to acquire a 51% stake in Kotak General Insurance through a combination of fresh growth capital and share purchase. Further, Zurich will acquire an additional stake of 19% within a period of three years from its initial acquisition ("Transaction"). Zurich's investment represents the single largest investment by a global strategic insurer in an Indian non-life insurer. Dipak Gupta, MD & CEO, Kotak Mahindra Bank Limited said, "The alliance brings together two trusted and respected brands. The combined expertise and resources of the respective firms will enable us to provide innovative solutions to meet the evolving needs of our customers. Kotak Mahindra Group's pan-India 'phygital' distribution presence and Zurich's distinct global capabilities in digital assets, B2B and B2C formats has potential to create a transformational 'digical' impact for the Kotak General Insurance franchise delivering innovation efficiently and rapidly in the Indian general insurance space." Tulsi Naidu, CEO Asia Pacific, Zurich Insurance Company Limited said, "India is one of the world's most important markets with immense potential and we are pleased to be making a significant commitment with an excellent partner. With Kotak Mahindra Group's high-quality franchise and expertise in Indian financial services, and Zurich's deep distribution experience and class-leading capabilities in retail and commercial insurance, we are confident this partnership can bring strong innovation, know-how, and excellent customer experiences to the Indian general insurance market." Gaurang Shah, Chairman, Kotak Mahindra General Insurance Company Limited said, "Over the 8 years since inception, Kotak General Insurance has invested to create a multi-product franchise with very strong fundamental building blocks. The alliance marks a significant step forward in further implementing our strategy to deepen insurance penetration in India with an appropriate combination of technology, scale and a tangible commitment to the customer. Zurich, a premier global insurer, with its deep global relationships, robust capabilities in complex risk and successful track-record of long-term alliances will help Kotak General Insurance grow rapidly and deliver exceptional value to our customers." The Transaction is subject to customary conditions precedent including regulatory approvals from the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India, and the Competition Commission of India. About Kotak Mahindra Bank Limited Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking licence from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Limited The Bank has four Strategic Business Units - Consumer Banking, Corporate Banking, Commercial Banking, and Treasury, which cater to retail and corporate customers across urban and rural India. The premise of Kotak Mahindra Group's business model is concentrated India, diversified financial services. The bold vision that underscores the Group's growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked. As on 30 September 2023, Kotak Mahindra Bank Ltd has a national footprint of 1,850 branches and 3,170 ATMs, and branches in GIFT City and DIFC (Dubai). For more information, please visit the company's website athttps://www.kotak.com/. About Kotak Mahindra General Insurance Company Limited Kotak Mahindra General Insurance Company Limited is one of the youngest and one of the fastest growing non- life insurance franchises in India. Kotak General Insurance was established to service the growing non-life insurance segment in India. The company aims to cater to a wide range of customer segment & geographies offering an array of non-life insurance products like Motor, Health, Home etc. As a practice, the company seeks to provide a differentiated value proposition through customised products and services leveraging state of art technology and digital infrastructure. For more information, please visit the company's website athttps://www.kotakgeneral.com/. About Zurich Insurance Group Zurich Insurance Group (Zurich) is a leading multi-line insurer serving people and businesses in more than 200 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience. Reflecting its purpose to 'create a brighter future together,' Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil. The Group has about 60,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available atwww.zurich.com/ For further information, please contact: Mahesh Nayak Revathi Pandit Bhavna Hemlani Kotak Mahindra Group Kotak Mahindra Group Zurich Insurance Mahesh.Nayak@kotak.com Revathi.Pandit@kotak.com bhavna.hemlani@hk.zurich.com +91 98704 76989 +91 98202 37909 +852 3405 7246 Ruchika Vyas Weber ShandwickRvyas@webershandwick.com+ 91 97697 08007 Sujit Dongre Weber ShandwickSdongre@webershandwick.com+ 91 98333 13639 Attachments Disclaimer Kotak Mahindra Bank Limitedpublished this content on02 November 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on02 November 2023 04:28:48 UTC. |
2024-11-02 | Forbes | Bringing Personalization And Simplicity To Healthcare | Healthcare According to a recent Prosper Insights & Analytics survey, over one-third of Millennials and Gen- Xers get their health insurance through their employer. But people don’t tend to rave about their insurance coverage – the average Net Promoter Score of legacy health insurance varies, but it sits around 50, which is average. Prosper - Have Health Insurance Through Employer I recently had the opportunity to speak with Angle Health co-founder and CEO Ty Wang about how the company is redefining expectations for healthcare coverage and how the newer entrant to the employer-sponsored health insurance space is setting itself apart from legacy players. Read on to learn more about how the company is redefining expectations thanks to digitization, customization, and transparency. Gary Drenik: What was the initial inspiration for Angle Health? Ty Wang: I grew up in a lower-middle-income household with two immigrant parents. They worked multiple blue-collar service jobs while also managing chronic illnesses and couldn’t afford to take time off work to care for their own health while providing for our family. Today, we have many more convenient ways of accessing healthcare, like telehealth, digital chronic disease management programs, and behavioral health services. However, many of these services are still unknown and inaccessible to the majority of people who could benefit from them most because they aren’t covered by traditional employer-sponsored health insurance. Instead, employers purchase many clinical digital health and telemedicine services directly and independently of health insurance, and they live outside of core care coordination through a health plan. Seeing the insurance plan that I’d been offered as an engineer when I worked at Palantir, I began to grasp the discrepancies in employer-sponsored insurance. Tech companies can afford this top-notch healthcare, but it's largely inaccessible to most people – think professions like teachers, mechanics, restaurateurs, or small business owners. We knew that this economic divide existed, and we had an idea of how we’d want to address this problem, but we didn’t understand why anyone else had not solved this issue until we experienced the limitations of legacy tech infrastructure and witnessed the misaligned incentives of the healthcare industry. We realized that in order to deliver a truly proactive and engaging healthcare experience, we needed to rebuild the health plan stack—both technology and operations—from the ground up. By making online health services more accessible through employer-sponsored healthcare, my co-founder and I realized that Angle Health could ensure that employees wouldn’t have to call in sick for a routine appointment, where they’d lose out on income. It is also making sure that people are taking better care of their health and making preventative care more accessible. Drenik: Healthcare is dominated by a few legacy players. What sets Angle Health apart? Wang: If you’ve ever tried to access and pay for medical care in the US, then you’ll know the health insurance industry is lacking in transparency, simplicity, and, at times, humanity. People are served confusing, vaguely worded coverage, and left to navigate the system with little clarity about what services are covered and how much is paid out-of-pocket. We are a modern, digitally-native health insurance provider that has designed our platform from the ground up to ensure people are provided the resources to be able to easily understand their coverage and access care. We’ve built a unified platform that provides our members with a dedicated, go-to resource for anything healthcare related. All our members also have access to Angle Health’s Care Team via mobile app and phone for dedicated, personalized support, as well as 24/7 telehealth services at minimal to no additional cost for the vast majority of members. We've also built proprietary algorithms and machine-learning models that we utilize across our operations, which allows us to speed up tasks like gathering and validating information, evaluating appropriate coverage levels and services for people, determining plan pricing, and enrollment into the health plan and adjacent services. The onboarding time for Angle Health plans is minutes to hours, compared to the weeks-, sometimes months-, long lead times of most traditional health insurance providers. Drenik: One of your selling points is that you offer personalization. How do you enable that? Wang: We give employers the ability to customize aspects like deductibles and copayments, covered services (e.g., infertility, bariatric surgery, etc.), healthcare provider and pharmacy networks, and more. We’re very proud of the fact that we offer this customization. It’s something we prioritized from the beginning. Historically, small- and medium-sized employers only had access to off-the-shelf plans with very rigid structures, with no ability to customize or best meet the needs of their employee base or their budgets. We’ve built a unified platform on top of a fully integrated data infrastructure that enables Angle Health to both handle the operational complexities of customization and personalization, while also providing a better, more transparent, experience for our members. In addition to customization at the employer-level, Angle Health delivers a personalized experience, including access to value-added products and services, for each member based on their individual situation, healthcare needs, and desire to engage. Leveraging our data and machine-learning capabilities, we proactively recommend clinical programs and services that we believe would be relevant and beneficial to our members on an individualized basis, often at little or no additional cost to our members. Drenik: Why does the healthcare industry struggle with digitization? Wang: This is a highly complex question that we could probably talk about for days, so I’ll just hit on one specific area Angle Health has a major advantage as a startup. Healthcare is a sector composed of a multitude of stakeholders, including healthcare providers, insurance companies, pharmacy networks, government bodies and more. Most of the largest healthcare organizations today, whether they be integrated health systems, major health insurance carriers, or both, are the product of mergers and acquisitions of many smaller regional operations over the course of the past several decades. As a result of how these organizations have formed, they now operate with very siloed systems and infrastructure, and are at a scale that makes technology modernization extremely costly and slow. Moreover, the market power that the major players hold from consolidation and the short-term fiscal priorities that these organizations operate towards mean they have fairly little economic incentive to pursue systemic overhauls of infrastructure. Compound that with the fact that many of these organizations are very resistant to change on an operational level. One of the things we saw first-hand working with some of the largest organizations in the world at Palantir was that it’s very hard to change the way people operate when they’ve been doing something the same way for 20, 30, 40 years, even with buy-in from the highest levels of leadership. At Angle Health, in rebuilding the technology stack for a health plan, we’ve also shifted the way our team operates. Rather than having very siloed systems and functions, we have an integrated data asset that serves as a single source of truth powering all our operations. From our sales team to enrollment and onboarding, to claims, customer support, and medical management, our teams operate with a consistent view of the world. This integrated infrastructure drives more efficient operations and also unlocks the ability for Angle Health to offer fully digital experiences, streamlined administration, and an unparalleled level of customization and personalization within the health plan world. Drenik: What is your vision for the future of healthcare? Wang: We believe in a world where everyone should have access to quality, appropriate, and affordable healthcare, and where that access is not limited by a person’s understanding of the complexities of health insurance or how to navigate the healthcare system. Today, that’s only true for the privileged few who work for top technology, finance, professional services, or other similar companies. It doesn’t make sense that healthcare services are hyperlocal but the vehicles for coverage of and access to healthcare today are not. Angle Health is not just an insurance company or a tech company. We are a health company. To us, the future of healthcare is simple, transparent, and hyper-personal. We’re fundamentally reinventing how people approach and access healthcare, and we’re building a platform to power the next iteration of the healthcare system in America. Drenik: Thank you, Ty, for breaking down the complexities of the US healthcare system and sharing your vision for how Angle Health is changing these dynamics. I look forward to seeing how Angle Health continues to grow and innovate on what’s possible in this industry. |
2024-11-02 | GlobeNewswire | Global Next Generation Data Storage Market to Witness Robust Growth at 7.98% CAGR, Accounting for $116.66 Billion by 2030, with North America Leading the Market Due to Increasing Data Production, States Kings Research | Dubai, UAE, Nov. 02, 2023 (GLOBE NEWSWIRE) -- According to a recent report published by Kings Research, theGlobal Next Generation Data Storage Marketregistered a valuation of USD 63.12 billion in 2022 and is estimated to be worthUSD 116.66 billionby 2030, growing at aCAGR of 7.98%from 2023 to 2030. The market growth is primarily being driven by the increasing data production, fueled by the widespread growing use of mobile devices and smart wearables. Additionally, the adoption of 5G technology and the proliferation of connected devices are key factors contributing to market growth. Technological advancements, such as e-commerce, smart technologies, and automated systems, play a significant role in shaping this market. Moreover, there is a rising focus on research and funding to develop advanced technologies that meet consumer requirements, thereby propelling revenues in the next generation data storage market. The centralized file storage options and automated cloud backups provided by next-generation data storage devices streamline data management while guaranteeing data redundancy and safety. These systems offer better data management capabilities, more storage space, and improved performance. Additionally, they use compression and data deduplication methods to maximize storage and minimize space needs. The ongoing evolution of storage technologies is driven by organizations' evolving needs to effectively handle and leverage data. With increasing data storage demands, the next-generation data storage market is expected to continue growing. These advancements enable businesses to efficiently store, manage, and access growing data volumes in a cost-effective and scalable manner. Get Sample Copy of Report @https://www.kingsresearch.com/request-sample/next-generation-data-storage-market-222 Competitive Landscape Prominent players in the global next generation data storage market are employing various strategic approaches, such as partnerships, mergers & acquisitions, product innovations, and joint ventures, to increase their market shares across different regions. For instance, in March 2023, SAP introduced SAP Datasphere, the latest iteration of its cloud data warehousing service, featuring simplified data replication, enhanced data cataloging, and advanced data modeling capabilities. This cloud service, along with its new features and integrations with technology partners, is aimed at assisting companies and organizations in building a business architecture reliant on metadata for data access rather than its physical location. Major participants in the global next generation data storage market include: Trending Now:Huawei Determines to Use the OlympusMons Challenge 2023 to Revolutionize Global Data Storage In May 2023, Huawei, a leading global provider of information and communication technology (ICT) infrastructure and smart devices, announced the OlympusMons Challenges 2023, a global competition to inspire scientists to tackle technical problems in data storage and build high-quality data storage systems. The competition focused on two challenges: Huawei set out to collaborate with the academicians to develop premium data storage systems distinguished by a data-centric storage framework, effective data utilization and governance technologies for novel applications, data robustness, and proactive security measures. For More Information, Enquire @https://www.kingsresearch.com/enquiry/next-generation-data-storage-market-222 Market Segmentation By End-User Demand for Reliable Data Storage in Healthcare Industry to Augment Market Proliferation In terms of end-user, the next generation data storage market is categorized into telecom companies, banking, financial services & insurance (BFSI), retail, government, healthcare, and others. The healthcare segment is projected to account for a significant share of the market over the estimated period. This segmental growth is driven by the increasing use of technology in maintaining essential data for patients and organizations involved in various medical procedures, operations, and services. The demand for reliable data storage solutions has further increased with the adoption of electronic health records (EHR) and telemedicine, as well as a focus on data security and compliance to manage and safeguard information. By Type Rising Adoption of Direct-Attached Storage by Businesses to Support Market Expansion In terms of type, the next generation data storage market is segmented into storage area network, network-attached storage, direct-attached storage, and others. The direct-attached storage (DAS) segment is projected to dominate the market in the estimated period. The growth is mainly attributable to the increasing number of small and medium enterprises adopting DAS solutions. These systems offer convenient information access features and do not require dedicated IT specialists for management and maintenance. They are designed with a simple installation structure and provide reliable backup and effortless database accessibility. Purchase This Comprehensive Research Report for Valuable Market Insights @https://www.kingsresearch.com/buy-now/222 Growing Use of AI/ML Cloud-Based Services to Spur Market Growth The adoption of AI/ML cloud-based services is a major factor driving the global next generation data storage market expansion. Exponential data growth in sectors such as healthcare for managing patient information, banking, financial services, online shopping, and multimedia necessitates efficient data handling and storage. Next-generation data storage devices provide cloud backups, centralized storage, improved performance, greater capacity, and enhanced data management. This trend is set to continue as organizations grapple with growing data storage needs, allowing them to manage data cost-effectively and at scale. North America to Dominate Next Generation Data Storage Market Due to Presence of Abundant Unstructured Data North America has emerged as the leader in the next generation data storage market in 2022. This growth can be attributed to the region's abundance of unstructured data across various industries, which necessitates secure and cost-effective data storage solutions. The region also benefits from easy access to technologically advanced products such as 3D and molecular imaging, which is expected to contribute to its growth potential over the forecast period. Moreover, hyper scale data centers have experienced significant expansion, catering primarily to cloud service companies and social network providers. The increased adoption of advanced data storage technologies driven by big data, IoT, and other digital platforms has further propelled market growth in the region. Browse Complete Report @https://www.kingsresearch.com/next-generation-data-storage-market-222 Table of Content Chapter 1Introduction of The Global Next Generation Data Storage MarketChapter 2Executive SummaryChapter 3Research MethodologyChapter 4Global Next Generation Data Storage Market OutlookChapter 5Impact of Russia-Ukraine WarChapter 6Global Next Generation Data Storage Market, By TypeChapter 7Global Next Generation Data Storage Market, By Storage TypeChapter 8Global Next Generation Data Storage Market, By End-UserChapter 9Global Next Generation Data Storage Market, By GeographyChapter 10North AmericaChapter 11EuropeChapter 12Asia PacificChapter 13Middle East & AfricaChapter 14Latin AmericaChapter 15Global Next Generation Data Storage Market Competitive LandscapeChapter 16Company Profiles Browse Complete Table of Content @https://www.kingsresearch.com/next-generation-data-storage-market-222 About Us: Kings Research stands as a renowned global market research firm. With a collaborative approach, we work closely with industry leaders, conducting thorough assessments of trends and developments. Our primary objective is to provide decision-makers with tailored research reports that align with their unique business objectives. Through our comprehensive research studies, we strive to empower leaders to make informed decisions. Our team comprises individuals with diverse backgrounds and a wealth of knowledge in various industries. At Kings Research, we offer a comprehensive range of services aimed at assisting you in formulating efficient strategies to achieve your desired outcomes. Our objective is to significantly enhance your long-term progress through these tailored solutions. Contact Us: Kings ResearchPhone:(+1) 888 328 2189E-mail:business@kingsresearch.comWebsite:https://www.kingsresearch.comBlog:https://www.kingsresearch.com/blogFollow Us:LinkedIn|Facebook|Twitter |
2024-11-02 | Forbes | Why You Should Consider A Bridge Job If You Are In Career Limbo | Bridge jobs are seen as stepping stones for those looking to switch careers, re-enter the workforce ... [+] or delay full retirement. Even though we live in an egalitarian society in the United States, people are still judged by their jobs and careers. Becoming unemployed is tough, and the troubles intensify without a financial safety net. For college-educated, white-collar professionals, economic uncertainty and corporate belt-tightening have made it increasingly more difficult to land another role, as hiring has slowed during the current white-collar “richcession.” You may now have a dilemma. If you’ve been searching for weeks or months without any meaningful interviews and the holidays are right around the corner, it doesn’t look promising that you will procure an opportunity anytime soon. You must confront whether to wait until the new year commences, hoping that things will change, or interview for a frontline or blue-collar job. It may be time to put your ego aside. Taking a temporary bridge job is not wrong or shameful, especially with the holiday season approaching. Macy’s, Target
TGT
, Amazon
AMZN
, Walmart and other large retailers have announced lofty goals for their seasonal hiring. Additionally, UPS plans to bring aboard 100,000 seasonal workers. Taking a bridge job, including positions at warehouses or driving for a rideshare service like Uber
UBER
, can be a practical and responsible decision for anyone who has lost their job and needs to generate income. There's nothing inherently wrong with it, and it's a common approach that many people take during periods of job loss or financial hardship. What’s A Bridge Job? A bridge job is considered a short-term transitional position between two stages of employment. These temporary gigs act as saving graces as you wait to jump back into your career, allowing you to receive a steady paycheck and health insurance. Bridge jobs are also seen as stepping stones for those looking to switch careers, re-enter the workforce or delay full retirement. They can be part-time, full-time, contract or freelance gigs, often offering more flexibility. Why You Should Take A Short-Term Gig If you are in between jobs and need to pay bills or support yourself or your family, taking a bridge job can help you make ends meet. They can help cover essential expenses, provide income while job searching and prevent financial stress. These gigs help fill gaps in your employment history and show potential employers that you are proactive, enthusiastic to work and have continued to hone your soft skills. Even in a different role, staying employed can help maintain a daily routine and provide a sense of purpose during a job transition. Bridge jobs can provide unexpected opportunities, such as learning new skills, gaining experience in different industries or roles and making connections that could lead to future job opportunities. Explaining Why You Want A Bridge Job When interviewing for a bridge job, a prospective employer may be suspicious of why you are open to the position if you are overqualified. Don’t be ashamed of telling the interviewer the truth. Let them know you’ve been downsized and the job market in your sector is cooling. Due to the current circumstances, there is a need to bring in some money for the family to pay the bills and have enough funds for presents for the kids. Employers will understand. Share why you are interested in this particular company and role. Don’t act like you are above doing the grunt work. In fact, let them know you’ll do whatever is asked of you to alleviate any bias they may have about you transitioning from a white-collar profession to a blue-collar role. Be humble, respectful and transparent about the hours and days you can work. Try to remain positive and view this as a change of pace from the corporate grind. |
2024-11-02 | GlobeNewswire | Mosaicx Awarded “Best Agentless Payment Processor” for Enterprises | OMAHA, Neb., Nov. 02, 2023 (GLOBE NEWSWIRE) --Mosaicx, a conversational AI pioneer, was recently awarded “Best Agentless Payment Processor for Enterprise Customers” inRemend’s 2023 AI Self-Service Automation Report and Buyer’s Guide. Remend recognizes Mosaicx for its comprehensive roster of enterprise and mid-market customers, proven results across industries, and strong competency in payment processing. The guide also highlights Mosaicx’ security and compliance approach and long-standing customer relationships. Remend’s report contains 70 service provider profiles built from product demonstrations, requests for information responses, and interviews with senior management. The company gives Mosaicx high marks in five crucial categories, including: “Mosaicx is an intuitive and well-rounded product, with a vast and strong go-to-market strategy,” said John Triano, conversational AI advisor at Remend. “Its significant background in agentless payment support for enterprise clients allows businesses to manage substantial payment volume while upholding customer satisfaction and retention. If an enterprise is interested in high-capacity payment processing via agentless voice interaction, Mosaicx is the top provider.” Remend’s guide is for industry leaders, decision-makers, and professionals interested in learning more about the transformative services of AI-driven voice technology and digital self-service automation. To purchase and view Remend’s AI Self-Service resources, visit: "We are honored to receive the 'Best Agentless Payment Processor for Enterprise Customers' award from Remend,” said Matt Whitmer, chief revenue officer of Mosaicx. “At Mosaicx, we strive to provide cutting-edge solutions that deliver exceptional value and seamless experiences to our enterprise customers across the Finance, Healthcare, Retail, Travel, Insurance, Telco, Media, and Utilities sectors. This recognition underscores our commitment to product excellence and our vision for the future. We are proud to stand alongside the best in the industry and remain dedicated to enhancing how businesses handle high-volume payment processing through agentless voice interactions." Learn more about Mosaicx by visitinghttps://www.mosaicx.com/. About MosaicxMosaicx is a cloud-based solution that uses conversational AI, machine learning, and natural language processing technologies to automate interactions with customers and employees. Its IVA technology delivers fast, easy, personalized service through industry-leading voice recognition and digital messaging capabilities, creating positive interactions that drive improved customer and employee satisfaction. Mosaicx makes conversational AI surprisingly simple. Mosaicx is a part of West Technology Group, LLC, controlled by affiliates of certain funds managed by Apollo Global Management, Inc. (NYSE: APO). Mosaicx Media ContactMegan NielsonCommuniqué PRmosaicxpr@communiquepr.com206-282-4923 ext. 233 |
2024-11-02 | GlobeNewswire | Operational Security Solutions (OSS) Joins Cannabis Services Ecosystem, Green Check Connect | Premier Risk Management Company Partners With Trusted Industry-Leading Cannabis Banking Fintech, Tapping Into a Network of 8,000 Cannabis-Related Businesses FRESNO, CA, Nov. 02, 2023 (GLOBE NEWSWIRE) -- viaNewMediaWire-Operational Security Solutions(“OSS”), the premier provider of full-spectrum risk management services with specialization in secure cash management and logistics, compliance services, security consulting, and facility hardening, announced today that the Company has joined Green Check Connect – a centralized cannabis services marketplace and commerce ecosystem. Launched earlier this year by Green Check, the new, industry-leading technology platform solidifies OSS as one of only three trusted cash-in-transit and risk management services providers. Green Check Connect expands access to professional services and products for cannabis-related businesses (CRBs), which have historically faced limited financial and business service options. “In addition to our best-in-class Cash-In Transit (CIT) services, we are very proud to further expand our service offerings for high-risk businesses - especially our technology offerings - including banking access for business owners,” said Scott Solomon, CEO of OSS. “We are excited to strengthen our existing partnership with Green Check and offer even more sophisticated and industry-leading services that continue to help us set the gold standard.” The Green Check Connect marketplace is a comprehensive, centralized platform where CRBs, cannabis-related businesses, can find all of the essential financial and business products needed to successfully grow their operations, spanning banking, lending, insurance, human resources, payroll, cash logistics, and more. The marketplace was created to address the challenges CRBs have traditionally experienced, including limited access to financial and business services, exploitative pricing, and poor service. Earlier this month, Green Check announced a wave of 20 new providers and categories to Green Check Connect, following an expansion in April 2023, to better meet the growing demand for quality business services and products among CRBs. OSS offers industry-leading security offerings, cannabis-specific financial service solutions and relationships, connecting highly regulated businesses that struggle to get banking services with financial institutions that have specific programs designed for the industry or organizations that are unable to be serviced by certain banks. Notably, OSS boasts a no-loss record to-date. To learn more about OSS visitwww.opsecsolutions.us. About Operational Security SolutionsOperational Security Solutions (OSS) was assembled in 2017 by a team of former law enforcement, military and federal service professionals to support the security and banking needs of the legal cannabis industry. OSS was started by professionals that have spent their previous careers battling against the harms done by the illicit narcotics trade -- but have now founded a security and risk management company for the legitimate, legal cannabis industry. OSS breaks down the real risks for an industry that has limited access to banking services and provides the solutions needed from long years of law enforcement and government experience. About Green CheckGreen Check (GC) is modernizing the way cannabis businesses and financial institutions work together. Founded in 2017 by a team of technology, banking, and regulatory experts, GC provides industry-leading technology and advisory services to more than 140 financial institutions and over 8,000 cannabis-related businesses. Green Check was included in the 2023 Forbes Cannabis 42.0 and named one of 50 game-changers in the cannabis industry in the 4th annual The Cannabis 50. It has been repeatedly recognized as Top Compliance Company and Top Compliance Leader at the PBC Awards, the premier cannabis industry honors. In addition, it has been recognized as the Top Financial Technology by the Green Market Report, and was also named as one of the top Best Places to Work in Fintech in 2022 and 2023 by American Banker. To learn more about Green Check, visitwww.greencheckverified.comand follow it on LinkedIn. Public Relations Contact:Cassandra Dowelloss@cmwmedia.com858.264.6600www.cmwmedia.com |
2024-11-02 | Marketscreener.com | Quanta Services : Outlook Expectations Summary Q3 2023 | 2023 Outlook Expectations Summary as of November 2, 2023 The following forward-looking statements and information are based on current expectations, and actual results may differ materially. Such statements and information are current only as of November 2, 2023. From 3Q23 Earnings Release & Conference Call The long-term outlook for Quanta's business is positive. However, weather, regulatory, permitting, supply chain challenges and other factors impacting project timing and execution have impacted the company's historical results in the past and may impact future financial results. Additionally, we continue to consider future uncertainty associated with the overall challenges to the domestic and global economy, including inflation, increased interest rates and potential recessionary economic conditions. Quanta's financial outlook for revenues, margins and earnings reflects management's effort to align these uncertainties with the backlog the company is executing on and the opportunities expected to materialize during the remainder of 2023. Segment and Other Commentary Quanta Services Consolidated:We expect full-year 2023 consolidated revenues to be between $20.10 billion and $20.40 billion, adjusted EBITDA to be between $1.91 billion and $1.95 billion and adjusted net income to be between $1.04 billion and $1.07 billion. We expect adjusted diluted earnings per share (EPS) to be between $7.00 and $7.20. Electric Power Infrastructure Solutions Segment:We expect full-year 2023 revenues for the segment to be between $9.60 billion and $9.70 billion, with 4Q23 segment revenues representing mid-single digit growth compared to 4Q22. We expect full-year 2023 operating income margin for the segment to be between 10.4% and 10.6%, which includes an expected contribution of approximately $40 to $43 million, or $0.27 to $0.29 per share, from our integral unconsolidated affiliates, including our equity interest in the LUMA Energy, LLC (LUMA) joint venture. Included in the segment are our communications services, which we expect to deliver approximately $950 million of revenues and double-digit operating income margin for the full year of 2023. Renewable Energy Infrastructure Solutions Segment:We expectfull-year2023 revenues for the segment to be between $5.80 and $5.90 billion, which would represent +50% growth compared tofull-year2022 revenues. We expectfull-year2023 operating income margin for the segment to be approximately 8.0%. Underground Utility and Infrastructure Solutions Segment:We expectfull-year2023 revenues for the segment to be between $4.70 and $4.80 billion, andfull-year2023 operating income margin to be between 7.6% and 7.8%. Quanta Services, Inc. - Estimated Ranges For the Full Year 2023 as of November 2, 2023 Consolidated Company Revenues Net Income Attributable to Common Stock EBITDA (a non-GAAP measure) Adjusted EBITDA (a non-GAAP measure) GAAP Diluted EPS Attributable to Common Stock Adjusted Diluted EPS Attributable to Common Stock (a non-GAAP measure) Diluted Weighted Avg. Shares Outstanding Depreciation Amortization of Intangibles (included in corporate and non- allocated) Non-CashStock-Based Compensation (included in corporate and non-allocated) Interest Expense, Net Effective Tax Rate Net Income Attributable to Non-Controlling Interests Capital Expenditures Free Cash Flow (a non-GAAP measure) Foreign Exchange Rates Electric Power Infrastructure Solutions Segment Revenues Operating Income Margin Renewable Energy Infrastructure Solutions Segment Revenues Operating Income Margin Underground Utility & Infrastructure Solutions Segment Revenues Operating Income Margin Corporate and Non-Allocated Costs Quarterly variances anticipated due to significant amortization expense and acquisition and integration costs (deal costs) related to recent acquisitions $20.1 - $20.4 billion $729 - $759 million $1.74 - $1.79 billion $1.91 - $1.95 billion $4.90 - $5.10 $7.00 - $7.20 149 million Approx. $321.4 million Approx. $283 million Approx. $127.4 million $168 - $171 million 23.25% - 23.75% Approx. $6 million Approx. $400 million $800 million - $1.0 billion Outlook reflects foreign exchange rates comparable to the third quarter of 2023 $9.6 - $9.7 billion Between 10.4% - 10.6% Includes Approx. $40 million to $43 million of operating income contribution from integral affiliates including LUMA joint venture $5.8 - $5.9 billion Approx. 8.0% $4.7 - $4.8 billion Between 7.6% - 7.8% Approx. 3.5% of FY 23 revenues Non-GAAP Financial Measures and Information Reconciliations of estimated EBITDA and estimated adjusted EBITDA (non-GAAP measures) to net income attributable to common stock, estimated adjusted diluted earnings per share attributable to common stock (a non-GAAP measure) to estimated diluted earnings per share attributable to common stock and estimated free cash flow (a non-GAAP measure) to net cash flow provided by operating activities can be found in the company's press release announcing results for the quarter end ed September 30, 2023 and accompanying presentation, which are available on the company's website at www.quantaservices.com in the "Investors Relations" section. Cautionary Statement About Forward-Looking Statements and Information This summary information (and oral statements regarding the subject matter of this summary information) contains forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements relating to projected revenues, net income, earnings per share, margins, cash flows, liquidity, weighted average shares outstanding, capital expenditures, interest rates and tax rates, as well as other projections of operating results and GAAP and non-GAAP financial results, including EBITDA, adjusted EBITDA and backlog; expectations regarding Quanta's business or financial outlook; expectations regarding opportunities, technological developments, competitive positioning, future economic and regulatory conditions and other trends in particular markets or industries, including with respect to Quanta's increased operations in the renewable energy market and the transition to a reduced-carbon economy; expectations regarding Quanta's plans and strategies; the business plans or financial condition of Quanta's customers, including with respect to the transition to a reduced-carbon economy; the potential benefits from, and future financial and operational performance of, acquired businesses and investments; beliefs and assumptions about the collectability of receivables; the expected value of contracts or intended contracts with customers, as well as the expected timing, scope, services, term or results of any awarded or expected projects; possible recovery of pending or contemplated insurance claims, change orders and claims asserted against customers or third parties; the development of and opportunities with respect to future projects, including renewable energy projects and other projects designed to support transition to a reduced-carbon economy, electrical grid modernization, upgrade and hardening projects, and larger transmission and pipeline projects; expectations regarding the future availability and price of materials and equipment necessary for the performance of Quanta's business; the expected impact of global and domestic economic conditions on Quanta's business, financial condition, results of operations, cash flows, liquidity and demand for our services, including inflation, interest rates and recessionary economic conditions and commodity prices and production volumes; the expected impact of changes or potential changes to clima te and the physical and transition risks associated with climate change and the transition to a reduced-carbon economy; future capital allocation initiatives, including the amount and timing of, and strategies with respect to, any future acquisitions, investments, cash dividends, repurchases of equity or debt securities or repayments of other outstanding debt; the impact of existing or potential legislation or regulation; potential opportunities that may be indicated by bidding activity or discussions with customers; the future demand for, availability of and costs related to labor resources in the industries Quanta serves; the expected recognition and realization of remaining performance obligations and backlog; expectations regarding the outcome of pending or threatened legal proceedings, as well as the collection of amounts awarded in legal proceedings; and expectations regarding Quanta's ability to reduce its debt and maintain its current credit ratings; as well as statements reflecting expectations, intentions, assumptions or beliefs about future events, and other statements that do not relate strictly to historical or current facts. These forward-looking statements are not guarantees of future performance; rather they involve or rely on a number of risks, uncertainties, and assumptions that are difficult to predict or are beyond our control, and reflect management's beliefs and assumptions based on information available at the time the statements are made. We caution you that actual outcomes and results may differ materially from what is expressed, implied or forecasted by our forward-looking statements and that any or all of our forward-looking statements may turn out to be inaccurate or incorrect. Forward-looking statements can be affected by inaccurate assumptions and by known or unknown risks and uncertainties including, among others, market, industry, economic, financial or political conditions that are outside of the control of Quanta, including economic, energy, infrastructure and environmental policies and plans that are adopted or proposed by the U.S. federal and state governments or other governments in territories or countries in which Quanta operates, inflation, interest rates, recessionary economic conditions, deterioration of global or specific trade relationships and geopolitical conflicts and political unrest; quarterly variations in operating and financial results, liquidity, financial condition, cash flows, capital requirements and reinvestment opportunities; trends and growth opportunities in relevant markets, including Quanta's ability to obtain future project awards; delays, deferrals, reductions in scope or cancellations of anticipated, pending or existing projects as a result of, among other things, supply chain or production disruptions and other logistical challenges, weather, regulatory or permitting issues, environmental processes, project performance issues, claimed force majeure events, protests or other political activity, legal challenges, inflationary pressure, reductions or eliminations in governmental funding or customer capital constraints; the effect of commodity prices and production volumes, which have been and may continue to be affected by inflationary pressure, on Quanta's operations and growth opportunities and on customers' capital programs and demand for Quanta's services; the successful negotiation, execution, performance and completion of anticipated, pending and existing contracts; events arising from operational hazards, including, among others, wildfires and explosions, that can arise due to the nature of Quanta's services and the conditions in which Quanta operates and can be due to the failure of infrastructure on which Quanta has performed services and result in significant liabilities that may be exacerbated in certain geographies and locations; unexpected costs, liabilities, fines or penalties that may arise from legal proceedings, indemnity obligations, reimbursement obligations associated with letters of credit or bonds, multiemployer pension plans or other claims or actions asserted against Quanta, including amounts not covered by, or in excess of the coverage under, third-party insurance; potential unavailability or cancellation of third- party insurance coverage, as well as the exclusion of coverage for certain losses, potential increases in premiums for coverage deemed beneficial to Quanta, or the unavailability of coverage deemed beneficial to Quanta at reasonable and competitive rates (e.g., coverage for wildfire events); damage to Quanta's brand or reputation, as well as potential costs, liabilities, fines and penalties, arising as a result of cyber-security breaches, environmental and occupational health and safety matters, corporate scandal, failure to successfully perform or negative publicity regarding a high-profile project, involvement in a catastrophic event (e.g., fire, explosion) or other negative incidents; disruptions in, or failure to adequately protect, Quanta's information technology systems; Quanta's dependence on suppliers, subcontractors, equipment manufacturers and other third-parties, and the impact of, among other things, inflationary pressure, regulatory, supply chain and logistical challenges on these third parties; estimates and assumptions relating to financial results, remaining performance obligations and backlog; Quanta's inability to attract, the potential shortage of and increased costs with respect to skilled employees, as well as Quanta's inability to retain or attract key personnel and qualified employees; Quanta's dependence on fixed price contracts and the potential to incur losses with respect to these contracts; cancellation provisions within contracts and the risk that contracts expire and are not renewed or are replaced on less favorable terms; Quanta's inability or failure to comp ly with the terms of its contracts, which may result in additional costs, unexcused delays, warranty claims, failure to meet performance guarantees, damages or contract terminations; adverse weather conditions, natural disasters and other emergencies, including wildfires, pandemics, hurricanes, tropical storms, floods, debris flows, earthquakes and other geological- and weather-related hazards; the impact of climate change; Quanta's ability to generate internal growth; competition in Quanta's business, including the ability to effectively compete for new projects and market share, as well as technological advancements and market developments that could reduce demand for Quanta's services; the failure of existing or potential legislative actions and initiatives to result in increased demand for Quanta's services or budgetary or other constraints that may reduce or eliminate tax incentives or government funding for projects, including renewable energy projects, which may result in project delays or cancellations; unavailability of, or increased prices for, materials, equipment and consumables (such as fuel) used in Quanta's or its customers' businesses, including as a result of inflation, supply chain or production disruptions, governmental regulations on sourcing, the imposition of tariffs, duties, taxes or other assessments, and other changes in U.S. trade relationships with foreign countries; loss of customers with whom Quanta has long-standing or significant relationships; the potential that participation in joint ventures or similar structures exposes Quanta to liability or harm to its reputation as a result of acts or omissions by partners; the inability or refusal of customers or third-party contractors to pay for services, which could result in the inability to collect our outstanding receivables, failure to recover amounts billed to, or avoidance of certain payments received from, customers in bankruptcy or failure to recover on change orders or contract claims; risks associated with operating in international markets and U.S. territories, including instability of governments, significant currency exchange fluctuations, and compliance with unfamiliar legal and labor systems and cultural practices, the U.S. Foreign Corrupt Practices Act and other applicable anti-bribery and anti-corruption laws, and complex U.S. and foreign tax regulations and international treaties; inability to successfully identify, complete, integrate and realize synergies from acquisitions, including the inability to retain key personnel from acquired businesses; the potential adverse impact of acquisitions and investments, including the potential increase in risks already existing in Quanta's operations, poor performance or decline in value of acquired businesses or investments and unexpected costs or liabilities that may arise from acquisitions or investments; the adverse impact of impairments of goodwill, other intangible assets, receivables, long-lived assets or investments; difficulties arising from Quanta's decentralized management structure; the impact of the unionized portion of Quanta's workforce on its operations; inability to access sufficient funding to finance desired growth and operations, including the ability to access capital markets on favorable terms, as well as fluctuations in the price and trading volume of Quanta's common stock, debt covenant compliance, interest rate fluctuations, a downgrade in our credit ratings and other factors affecting financing and investing activities; the ability to obtain bonds, letters of credit and other project security; risks related to the implementation of new information technology systems; new or changed tax laws, treaties or regulations or the inability to realize deferred tax assets; and other risks and uncertainties detailed in Quanta's Annual Report on Form 10-K for the year ended December 31, 2022, Quanta's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023 (when filed) and any other documents that Quanta files with the Securities and Exchange Commission (SEC). For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Quanta's documents filed with the SEC that are available through Quanta's website at www.quantaservices.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of November 2, 2023. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Quanta further expressly disclaims any written or oral statements made by any third party regarding the subject matter of this summary information. Attachments Disclaimer Quanta Services Inc.published this content on02 November 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on02 November 2023 12:50:09 UTC. |
2024-11-02 | Marketscreener.com | Societe Generale : Q2 2023 Financial Results restated quarterly series | PUBLICATION OF NEW QUARTERLY SERIES Press release Paris, 2 November 2023 Societe Generale today reports new quarterly series reflecting changes in the presentation of the Group's financial performance as announced on the Capital Markets Day on 18 September 2023. During the Capital Markets Day on 18 September 2023, the Group announced several changes in the financial reporting of the Group and its businesses: The historical quarterly series have been restated in accordance with these changes in governance and financial reporting. None of the above items has any impact on the Group's financial results. 2022 quarterly series are restated accordingly and are available on Societe Generale's website (The data of this press release have not been audited.) Press contacts: Jean-Baptiste Froville_+33 1 58 98 68 00_jean-baptiste.froville@socgen.comFanny Rouby_+33 1 57 29 11 12_fanny.rouby@socgen.com A F r e n c h c o r p o r a t i o n w i t h s h a r e c a p i t a l o f E U R 1 , 0 2 5 , 9 4 7 , 0 4 8 . 7 5 - 5 5 2 1 2 0 2 2 2 R C S P a r i s 2 9 b o u l e v a r d H a u s s m a n n , F - 7 5 0 0 9 P a r i s Appendix 1: Financial impacts from changes in the presentation of the financial performance on 2022 Group net income In EURm, FY22 Group Publication on 3 August 2023 Publication on 2 November 2023 Gap Net Banking Income 27,155 27,155 - Operating expenses (17,994) (17,994) - Gross operating income 9,161 9,161 - Group's net income 1,825 1,825 - Allocated capital 55,282 55,282 - In EURm, FY22 French Retail, Private Banking and Insurance Published on 3 August 2023 Publication on 2 November 2023 Gap Net Banking Income 8,684 9,210 526 Operating expenses (6,380) (6,896) (516) Gross operating income 2,304 2,314 10 Group's net income 1,400 1,406 6 Allocated capital 12,416 15,600 3,184 In EURm, FY22 Global Banking & Investor Solutions Published on 3 August 2023 Publication on 2 November 2023 Gap Net Banking Income 10,082 10,108 26 Operating expenses (6,634) (6,832) (198) Gross operating income 3,448 3,276 (172) Group's net income 2,427 2,293 (134) Allocated capital 14,915 16,176 1,261 In EURm, FY22 International Retail Banking, Mobility and Leasing Services Published on 3 August 2023 Publication on 2 November 2023 Gap Net Banking Income 8,617 8,139 (478) Operating expenses (4,032) (3,957) 75 Gross operating income 4,585 4,182 (403) Group's net income 2,225 1,918 (307) Allocated capital 10,679 9,241 (1,438) In EURm, FY22 Corporate Centre Published on 3 August 2023 Publication on 2 November 2023 Gap Net Banking Income (228) (302) (74) Operating expenses (948) (309) 639 Gross operating income (1,176) (611) 565 Group's net income (4,227) (3,792) 435 Societe Generale Societe Generale is a top tier European Bank with 117,000 employees serving 25 million clients in more than 60 countries across the world. We have been supporting the development of our economies for nearly 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective - to deliver sustainable value creation for all our stakeholders. The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients: Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe). In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page onsocietegenerale.comwebsite where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document's legitimacy directly on the web page. For more information, you can follow us on Twitter/X@societegeneraleor visit our websitesocietegenerale.com. Attachments Disclaimer Société Générale SApublished this content on02 November 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on02 November 2023 18:28:45 UTC. |
2024-11-02 | Marketscreener.com | Vivante Health Inks National Distribution Contract with UnitedHealthcare | Vivante's GIThrive Platform Becomes the First Digestive Health Solution on UHC Hub CHICAGO,Nov. 2, 2023/PRNewswire/ --Vivante Health,provider of the market-leading GIThrive digital digestive health solution, today announced a national distribution contract with United Healthcare (UHC), the largest health insurance company in the U.S. The agreement advances Vivante's ability to help individuals suffering from digestive disease by providing access to UHC customers such as large self-funded employers that are seeking to improve their benefits programs. It also makes GIThrive the first digestive health solution on the UHC Hub, a curated network of vendors that helps organizations simplify the process of selecting, purchasing and managing healthcare benefits. The addition of UHC to Vivante's channel partnerships reflects growing awareness of the prevalence of digestive disorders and their impact on quality of life, work productivity, and medical costs. Digestive symptoms and diseases affect nearly one in four Americans and rank among the top five healthcare expenses for many companies, yet many people suffer in silence because of the difficulty of getting a diagnosis, a fragmented care system, and limited budgets for covering medical bills. "There are so many people who are suffering from debilitating conditions like GERD, irritable bowel syndrome, and inflammatory bowel disease as well as undiagnosed gastrointestinal ailments that can affect their ability to live normal lives," saidBill Snyder, CEO of Vivante Health. "Partnering with UHC gives us the opportunity to reach individuals who are looking for an effective solution that provides real-time care and personalized support that can give them their lives back." Vivante's GIThrive platform addresses these needs by combining a robust set of virtual tools, including food and symptom logs, educational articles and webinars, and evidence-based digital therapeutics, with 24/7 support from registered dietitians, health coaches and nurses. The company's care team works one-on-one with individual users via chat, phone or video on a regular basis, providing guidance as well as accountability and continuity. This seamless integration of the app experience with virtual consultations with providers assigned to specific users is unique in the digital digestive health space, helping drive the lifestyle changes required for digestive disease management. Vivante aims to work with other care providers including primary care physicians and gastroenterologists who are already working with the patient to support a coordinated care plan for each member. By working with the brick and mortar clinicians, Vivante is able to support and augment the existing patient-provider relationship. More than 90% of GIThrive users report an improvement in their digestive symptoms, including feeling 70% better on average after just two to three months. In addition, organizations offering GIThrive as an employee benefit report reductions of 15% or more in digestive-related medical spend stemming from increased medication adherence and behavior modification, along with associated decreases in emergency room visits and inpatient admissions. About Vivante HealthVivante Health is an innovative digital healthcare company reinventing the way chronic conditions are managed, gut first. Vivante's virtual GI care delivers the right care at the right time by pairing data-driven technology with a coordinated team of experienced physicians, registered dietitians and health coaches. For more information, visit thecompany websiteor emailinfo@vivantehealth.com. About UnitedHealthcareUnited Healthcare is dedicated to helping people live healthier lives and making the health system work better for everyone by simplifying the health care experience, meeting consumer health and wellness needs, and sustaining trusted relationships with care providers. Inthe United States, UnitedHealthcare offers the full spectrum of health benefit programs for individuals, employers, and Medicare and Medicaid beneficiaries, and contracts directly with more than 1.6 million physicians and care professionals, and 8,000 hospitals and other care facilities nationwide. The company also provides health benefits and delivers care to people through owned and operated health care facilities inSouth America. UnitedHealthcare is one of the businesses of UnitedHealth Group (NYSE: UNH), a diversified health care company. For more information, visit UnitedHealthcare atwww.uhc.comor follow UnitedHealthcare onLinkedIn. View original content:https://www.prnewswire.com/news-releases/vivante-health-inks-national-distribution-contract-with-unitedhealthcare-301976017.html SOURCE Vivante Health |
2024-11-02 | GlobeNewswire | Cognition Therapeutics Reports Third Quarter 2023 Financial Results and Provides Business Update | Phase 2 trials in mild-to-moderate Alzheimer’s disease and dementia with Lewy bodies advancing Clinical site initiation underway in 540-patient early stage Alzheimer’s disease START trial; will permit approved monoclonal antibody (lecanemab) as combination therapy Complete data from CT1812 SEQUEL EEG study and Phase 2 study design of START trialpresented at CTAD 2023 Initiated dosing in MAGNIFY trial for geographic atrophy secondary to dry age-macular degeneration (dry AMD) PURCHASE, N.Y., Nov. 02, 2023 (GLOBE NEWSWIRE) --Cognition Therapeutics, Inc.(Nasdaq: CGTX),a clinical-stage neuroscience company developing drugs that treat neurodegenerative disorders by regulating cellular damage response pathways (the “Company” or “Cognition”), today reported financial results for the third quarter ended September 30, 2023 and provided recent business updates. “The third quarter of 2023 was a period of considerable progress for Cognition, with significant clinical development milestones in our Alzheimer’s disease pipeline: advancing enrollment in our Phase 2 SHINE trial for people with mild-to-moderate Alzheimer’s disease and initiation of recruitment in our Phase 2 START trial, for which we amended the trial protocol to include patients with early Alzheimer’s disease who are being treated with lecanemab,” commentedLisa Ricciardi, president and CEOof Cognition Therapeutics. “We believe these important events, in addition to the data from our SEQUEL EEG study presented at CTAD 2023, position Cognition and CT1812 as a leader in the innovative Alzheimer’s landscape.” Ms. Ricciardi continued, “Looking ahead, we expect to report topline results from our Phase 2 SHINE trial in mid-2024. Following this in 2024, we expect to disclose data from our Phase 2 SHIMMER trial for patients suffering from dementia with Lewy bodies (DLB).” “With two anticipated data readouts from our Alzheimer’s disease and DLB trials, steady patient enrollment across all programs, and the expanded combination treatment opportunity in our START trial, we believe that we are in a strong position to reach our upcoming milestones and drive the company towards our ultimate goal of commercializing a novel, once-daily, oral therapeutic that may enable patients living with neurodegenerative diseases to live independently longer,” Ms. Ricciardi concluded. Business and Corporate Highlights Financial ResultsCash and cash equivalents as of September 30, 2023, were approximately $33.0 million, and total grant funds remaining from the NIA were $74.3 million. The Company estimates that it has sufficient cash to fund operations and capital expenditures through November of 2024. Research and development expenses were $11.7 million for the third quarter ended September 30, 2023, compared to $8.3 million for the same period in 2022. The increase was primarily related to higher costs associated with Phase 2 trial activities with contract research organizations, clinical supply manufacturing and preclinical research. General and administrative expenses for the third quarter ended September 30, 2023, were $3.1 million compared to $4.4 million for the three months ended September 30, 2022. The decrease was primarily related to lower professional fees, Director & Officer Liability insurance partially offset by increased equity-based compensation. The Company reported a net loss of $6.7 million or $(0.22) per basic and diluted share for the third quarter ended September 30, 2023, compared to a net loss of $6.6 million or $(0.29) per basic and diluted share during the same period in 2022. About Cognition Therapeutics:Cognition Therapeutics, Inc. is a clinical-stage biopharmaceutical company engaged in the discovery and development of innovative, small molecule therapeutics targeting age-related degenerative disorders of the central nervous system and retina. We are currently investigating our lead candidate CT1812 inclinical programsin Alzheimer’s disease, dementia with Lewy bodies (DLB) and dry age-related macular degeneration (dry AMD). We believe CT1812 and our pipeline of σ-2 receptor modulators can regulate pathways that are impaired in these diseases. We believe that targeting the σ-2 receptor with CT1812 represents a mechanism functionally distinct from other current approaches in clinical development for the treatment of degenerative diseases. More about Cognition Therapeutics and its pipeline can be found athttps://cogrx.com/. Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. All statements contained in this press release, other than statements of historical facts or statements that relate to present facts or current conditions, including but not limited to, statements regarding our cash runway, our product candidates, including CT1812, and any expected or implied benefits or results, including that initial clinical results observed with respect to CT1812 will be replicated in later trials and our clinical development plans and our plans to provide clinical updates or future data from our clinical studies, are forward-looking statements. These statements, including statements relating to the timing and expected results of our clinical trials involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “should,” “expect,” “plan,” “aim,” “seek,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “forecast,” “potential” or “continue” or the negative of these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, some of which cannot be predicted or quantified and some of which are beyond our control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: competition; our ability to secure new (and retain existing) grant funding; our ability to grow and manage growth, maintain relationships with suppliers and retain our management and key employees; our ability to successfully advance our current and future product candidates through development activities, preclinical studies and clinical trials and costs related thereto; uncertainties inherent in the results of preliminary data, pre-clinical studies and earlier-stage clinical trials being predictive of the results of early or later-stage clinical trials; the timing, scope and likelihood of regulatory filings and approvals, including regulatory approval of our product candidates; changes in applicable laws or regulations; the possibility that the we may be adversely affected by other economic, business or competitive factors, including ongoing economic uncertainty; our estimates of expenses and profitability; the evolution of the markets in which we compete; our ability to implement our strategic initiatives and continue to innovate our existing products; our ability to defend our intellectual property; the impact of the COVID-19 pandemic on our business, supply chain and labor force; the impacts of ongoing global and regional conflicts; and the risks and uncertainties described more fully in the “Risk Factors” section of our annual and quarterly reports filed with the Securities Exchange Commission and are available at www.sec.gov. These risks are not exhaustive and we face both known and unknown risks. You should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in a dynamic industry and economy. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties that we may face. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. |
2024-11-02 | Marketscreener.com | Cognition Therapeutics Reports Third Quarter 2023 Financial Results and Provides Business Update | Phase 2 trials in mild-to-moderate Alzheimer’s disease and dementia with Lewy bodies advancing Clinical site initiation underway in 540-patient early stage Alzheimer’s disease START trial; will permit approved monoclonal antibody (lecanemab) as combination therapy Complete data from CT1812 SEQUEL EEG study and Phase 2 study design of START trialpresented at CTAD 2023 Initiated dosing in MAGNIFY trial for geographic atrophy secondary to dry age-macular degeneration (dry AMD) PURCHASE, N.Y., Nov. 02, 2023 (GLOBE NEWSWIRE) --Cognition Therapeutics, Inc.(Nasdaq: CGTX),a clinical-stage neuroscience company developing drugs that treat neurodegenerative disorders by regulating cellular damage response pathways (the “Company” or “Cognition”), today reported financial results for the third quarter ended September 30, 2023 and provided recent business updates. “The third quarter of 2023 was a period of considerable progress for Cognition, with significant clinical development milestones in our Alzheimer’s disease pipeline: advancing enrollment in our Phase 2 SHINE trial for people with mild-to-moderate Alzheimer’s disease and initiation of recruitment in our Phase 2 START trial, for which we amended the trial protocol to include patients with early Alzheimer’s disease who are being treated with lecanemab,” commentedLisa Ricciardi, president and CEOof Cognition Therapeutics. “We believe these important events, in addition to the data from our SEQUEL EEG study presented at CTAD 2023, position Cognition and CT1812 as a leader in the innovative Alzheimer’s landscape.” Ms. Ricciardi continued, “Looking ahead, we expect to report topline results from our Phase 2 SHINE trial in mid-2024. Following this in 2024, we expect to disclose data from our Phase 2 SHIMMER trial for patients suffering from dementia with Lewy bodies (DLB).” “With two anticipated data readouts from our Alzheimer’s disease and DLB trials, steady patient enrollment across all programs, and the expanded combination treatment opportunity in our START trial, we believe that we are in a strong position to reach our upcoming milestones and drive the company towards our ultimate goal of commercializing a novel, once-daily, oral therapeutic that may enable patients living with neurodegenerative diseases to live independently longer,” Ms. Ricciardi concluded. Business and Corporate Highlights Financial ResultsCash and cash equivalents as of September 30, 2023, were approximately $33.0 million, and total grant funds remaining from the NIA were $74.3 million. The Company estimates that it has sufficient cash to fund operations and capital expenditures through November of 2024. Research and development expenses were $11.7 million for the third quarter ended September 30, 2023, compared to $8.3 million for the same period in 2022. The increase was primarily related to higher costs associated with Phase 2 trial activities with contract research organizations, clinical supply manufacturing and preclinical research. General and administrative expenses for the third quarter ended September 30, 2023, were $3.1 million compared to $4.4 million for the three months ended September 30, 2022. The decrease was primarily related to lower professional fees, Director & Officer Liability insurance partially offset by increased equity-based compensation. The Company reported a net loss of $6.7 million or $(0.22) per basic and diluted share for the third quarter ended September 30, 2023, compared to a net loss of $6.6 million or $(0.29) per basic and diluted share during the same period in 2022. About Cognition Therapeutics:Cognition Therapeutics, Inc. is a clinical-stage biopharmaceutical company engaged in the discovery and development of innovative, small molecule therapeutics targeting age-related degenerative disorders of the central nervous system and retina. We are currently investigating our lead candidate CT1812 inclinical programsin Alzheimer’s disease, dementia with Lewy bodies (DLB) and dry age-related macular degeneration (dry AMD). We believe CT1812 and our pipeline of σ-2 receptor modulators can regulate pathways that are impaired in these diseases. We believe that targeting the σ-2 receptor with CT1812 represents a mechanism functionally distinct from other current approaches in clinical development for the treatment of degenerative diseases. More about Cognition Therapeutics and its pipeline can be found athttps://cogrx.com/. Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. All statements contained in this press release, other than statements of historical facts or statements that relate to present facts or current conditions, including but not limited to, statements regarding our cash runway, our product candidates, including CT1812, and any expected or implied benefits or results, including that initial clinical results observed with respect to CT1812 will be replicated in later trials and our clinical development plans and our plans to provide clinical updates or future data from our clinical studies, are forward-looking statements. These statements, including statements relating to the timing and expected results of our clinical trials involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “should,” “expect,” “plan,” “aim,” “seek,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “forecast,” “potential” or “continue” or the negative of these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, some of which cannot be predicted or quantified and some of which are beyond our control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: competition; our ability to secure new (and retain existing) grant funding; our ability to grow and manage growth, maintain relationships with suppliers and retain our management and key employees; our ability to successfully advance our current and future product candidates through development activities, preclinical studies and clinical trials and costs related thereto; uncertainties inherent in the results of preliminary data, pre-clinical studies and earlier-stage clinical trials being predictive of the results of early or later-stage clinical trials; the timing, scope and likelihood of regulatory filings and approvals, including regulatory approval of our product candidates; changes in applicable laws or regulations; the possibility that the we may be adversely affected by other economic, business or competitive factors, including ongoing economic uncertainty; our estimates of expenses and profitability; the evolution of the markets in which we compete; our ability to implement our strategic initiatives and continue to innovate our existing products; our ability to defend our intellectual property; the impact of the COVID-19 pandemic on our business, supply chain and labor force; the impacts of ongoing global and regional conflicts; and the risks and uncertainties described more fully in the “Risk Factors” section of our annual and quarterly reports filed with the Securities Exchange Commission and are available at www.sec.gov. These risks are not exhaustive and we face both known and unknown risks. You should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in a dynamic industry and economy. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties that we may face. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. |
2024-11-02 | Marketscreener.com | Pediatrix Medical Group Reports Third Quarter Results | Pediatrix Medical Group, Inc. (NYSE: MD), the nation’s leading provider of highly specialized health care for women, children and babies, today reported earnings from continuing operations of $0.26 per share for the three months ended September 30, 2023. On a non-GAAP basis, Pediatrix reported Adjusted EPS from continuing operations of $0.32. For the 2023 third quarter, Pediatrix reported the following results from continuing operations: “We believe the underlying fundamentals of our business remain strong, however, the third quarter was more challenged than expected with relatively soft patient volumes and persistent practice-level cost growth,” said James D. Swift, M.D., Chief Executive Officer of Pediatrix Medical Group. “We are moving with speed and agility to take actions designed to enhance operating effectiveness, support and bolster our core business and generate a stable gross-margin profile.” Operating Results from Continuing Operations – Three Months Ended September 30, 2023 Pediatrix’s net revenue for the three months ended September 30, 2023 was $506.6 million, compared to $489.9 million for the prior-year period. Pediatrix’s overall same-unit revenue increased by 4.1 percent, slightly offset by the impact of net non-same unit activity. Same-unit revenue from net reimbursement-related factors increased by 5.3 percent for the 2023 third quarter as compared to the prior-year period. This primarily reflects improvements in cash collection rates in the current period as compared to those rates in the prior year period, which prior year rates were significantly impacted by unfavorable revenue cycle management performance, and a 150 basis-point increase in the percentage of services reimbursed by commercial and other non-government payors compared to the prior-year period. Same-unit revenue attributable to patient volume declined by 1.2 percent for the 2023 third quarter as compared to the prior-year period. Shown below are year-over-year percentage changes in certain same-unit volume statistics for the three and nine months ended September 30, 2023. (Note: figures in the below table reflect contributions only to net patient service revenue and exclude other contributions to total same-unit revenue, including contract and administrative fees.) Three Months Ended September30, 2023 Nine Months EndedSeptember 30, 2023 Hospital-based patient services (1.8)% (0.3)% Office-based patient services 0.0% 0.7% Neonatology services (within hospital-based services): Neonatal intensive care unit (NICU) days (0.7)% (0.2)% For the 2023 third quarter, practice salaries and benefits expense was $368.4 million, compared to $342.9 million for the prior-year period. This increase primarily reflects same-unit clinical compensation increases, increases in incentive compensation based on practice results, as well as increases in malpractice expense and group health insurance costs. For the 2023 third quarter, general and administrative expenses were $57.4 million, as compared to $57.9 million for the prior-year period. For the third quarter of 2023, the Company did not incur any transformational and restructuring related expenses, compared to $1.0 million for the third quarter of 2022. Adjusted EBITDA from continuing operations, which is defined as earnings from continuing operations before interest, taxes, depreciation and amortization, and transformational and restructuring related expenses, was $50.4 million for the 2023 third quarter, compared to $58.3 million for the prior-year period. Depreciation and amortization expense was $9.2 million for the third quarter of 2023, compared to $9.0 million for the third quarter of 2022. Investment and other income was $0.3 million for the third quarter of 2023, compared to $0.6 million for the third quarter of 2022. Interest expense was $10.4 million for the third quarter of 2023, compared to $9.5 million for the third quarter of 2022. This increase primarily reflects higher interest rates on the Company’s adjustable-rate borrowings, partially offset by lower total borrowings. Pediatrix generated income from continuing operations of $21.4 million, or $0.26 per diluted share, for the 2023 third quarter, based on a weighted average 83.0 million shares outstanding. This compares with income from continuing operations of $28.8 million, or $0.35 per diluted share, for the 2022 third quarter, based on a weighted average 82.8 million shares outstanding. For the third quarter of 2023, Pediatrix reported Adjusted EPS from continuing operations of $0.32, compared to $0.40 for the third quarter of 2022. For these periods, Adjusted EPS from continuing operations is defined as diluted income from continuing operations per common and common equivalent share excluding non-cash amortization expense, stock-based compensation expense, transformational and restructuring related expenses, and discrete tax events. Operating Results from Continuing Operations – Nine Months Ended September 30, 2023 For the nine months ended September 30, 2023, Pediatrix generated revenue from continuing operations of $1.50 billion, compared to $1.46 billion for the prior-year period. Adjusted EBITDA from continuing operations for the nine months ended September 30, 2023 was $149.6 million, compared to $174.5 million for the prior year. Pediatrix generated income from continuing operations of $63.9 million, or $0.77 per share, for the nine months ended September 30, 2023, based on a weighted average 82.5 million shares outstanding, which compares to income from continuing operations of $38.6 million, or $0.45 per share, based on a weighted average 84.8 million shares outstanding for the first nine months of 2022. For the nine months ended September 30, 2023, Pediatrix reported Adjusted EPS from continuing operations of $0.94, compared to $1.20 in the same period of 2022. Financial Position and Cash Flow – Continuing Operations Pediatrix had cash and cash equivalents of $21.2 million at September 30, 2023, compared to $9.8 million at December 31, 2022, and net accounts receivable was $277.4 million. For the third quarter of 2023, Pediatrix generated cash from continuing operations of $81.1 million, compared to $88.4 million for the third quarter of 2022. During the third quarter of 2023, the Company used $9.2 million to fund capital expenditures. At September 30, 2023, Pediatrix had total debt outstanding of $631 million, consisting of its $400 million in 5.375% Senior Notes due 2030 and $231 million in borrowings under its Term A Loan. There were no borrowings under the Company’s revolving line of credit at September 30, 2023. 2023 Outlook Pediatrix anticipates that its 2023 Adjusted EBITDA, as defined above, will be in a range of $200 million to $210 million. This outlook reflects Adjusted EBITDA for the first nine months of 2023 of $149.6 million. Revenue Cycle Management (RCM) Vendor Transition On October 30, 2023, Pediatrix notified R1 RCM, its enterprise RCM services vendor, that it is terminating its services agreement, effective December 15, 2023, for service level metrics related to performance. In connection with the termination, Pediatrix anticipates incurring certain immaterial early termination fees. Following the termination of the services agreement, Pediatrix plans to utilize a hybrid revenue cycle management function that utilizes both the Company’s corporate personnel as well as one or more third-party service providers that Pediatrix intends to engage to support these activities. Non-GAAP Measures A reconciliation of Adjusted EBITDA from continuing operations and Adjusted EPS from continuing operations to the most directly comparable GAAP measures for the three and nine months ended September 30, 2023 and 2022 and of forward looking Adjusted EBITDA from continuing operations to the most directly comparable GAAP measure for the year ending December 31, 2023 is provided in the financial tables of this press release. Earnings Conference Call Pediatrix will host an investor conference call to discuss the quarterly results at 9 a.m., ET today. The conference call Webcast may be accessed from the Company’s Website,www.pediatrix.com. A telephone replay of the conference call will be available from 12:45 p.m. ET today through midnight ET November 16, 2023 by dialing 1-866-207-1041, access Code 1823424. The replay will also be available atwww.pediatrix.com. ABOUT PEDIATRIX MEDICAL GROUP Pediatrix® Medical Group, Inc. (NYSE:MD) is the nation’s leading provider of physician services. Pediatrix-affiliated clinicians are committed to providing coordinated, compassionate and clinically excellent services to women, babies and children across the continuum of care, both in hospital settings and office-based practices. Specialties include obstetrics, maternal-fetal medicine and neonatology complemented by more than 20 pediatric subspecialties, as well as pediatric primary and urgent care clinics. The group’s high-quality, evidence-based care is bolstered by significant investments in research, education, quality-improvement and safety initiatives. The physician-led company was founded in 1979 as a single neonatology practice and today provides its highly specialized and often critical care services through more than 5,000 affiliated physicians and other clinicians in 37 states. To learn more about Pediatrix, visitwww.pediatrix.comor follow us onFacebook,Instagram,LinkedIn,Twitterand thePediatrix blog. Investment information can be found at www.pediatrix.com/investors. Certain statements and information in this press release may be deemed to contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may include, but are not limited to, statements relating to the Company’s objectives, plans and strategies, and all statements, other than statements of historical facts, that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. These statements are often characterized by terminology such as “believe,” “hope,” “may,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy” and similar expressions, and are based on assumptions and assessments made by the Company’s management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements in this press release are made as of the date hereof, and the Company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in the Company’s most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q, including the sections entitled “Risk Factors”, as well the Company’s current reports on Form 8-K, filed with the Securities and Exchange Commission, and include the impact of the Company’s termination of its current third-party revenue cycle management provider and transition to a hybrid revenue cycle management model with one or more new third-party service providers, including any transition costs associated therewith; the impact of surprise billing legislation; the effects of economic conditions on the Company’s business; the effects of the Affordable Care Act and potential healthcare reform; the Company’s relationships with government-sponsored or funded healthcare programs, including Medicare and Medicaid, and with managed care organizations and commercial health insurance payors; the Company’s ability to comply with the terms of its debt financing arrangements; the impact of the COVID-19 pandemic on the Company and its financial condition and results of operations; the impact of the divestiture of the Company’s anesthesiology and radiology medical groups; the impact of management transitions; the timing and contribution of future acquisitions or organic growth initiatives; the effects of share repurchases; and the effects of the Company’s transformation initiatives, including its reorientation on, and growth strategy for, its pediatrics and obstetrics business. Pediatrix Medical Group, Inc. Consolidated Statements of Income and Comprehensive Income (in thousands, except per share data) (Unaudited) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2023 2022 2023 2022 Net revenue $ 506,612 $ 489,915 $ 1,498,197 $ 1,458,177 Operating expenses: Practice salaries and benefits 368,404 342,850 1,084,671 1,016,762 Practice supplies and other operating expenses 31,319 31,857 93,128 90,189 General and administrative expenses 57,406 57,888 174,478 180,340 Depreciation and amortization 9,211 8,956 27,109 26,500 Transformational and restructuring related expenses — 977 — 7,736 Total operating expenses 466,340 442,528 1,379,386 1,321,527 Income from operations 40,272 47,387 118,811 136,650 Investment and other income 273 617 2,096 2,336 Interest expense (10,374 ) (9,516 ) (31,994 ) (29,743 ) Loss on early extinguishment of debt — — — (57,016 ) Equity in earnings of unconsolidated affiliate 661 371 1,578 1,319 Total non-operating expenses (9,440 ) (8,528 ) (28,320 ) (83,104 ) Income from continuing operations before income taxes 30,832 38,859 90,491 53,546 Income tax provision (9,441 ) (10,051 ) (26,612 ) (14,982 ) Income from continuing operations 21,391 28,808 63,879 38,564 Income (loss) from discontinued operations, net of tax — 1,920 — (1,892 ) Net income 21,391 30,728 63,879 36,672 Net loss attributable to noncontrolling interest — — — 4 Net income attributable to Pediatrix Medical Group, Inc. $ 21,391 $ 30,728 $ 63,879 $ 36,676 Other comprehensive income (loss), net of tax Unrealized holding gain (loss) on investments, net of tax of $ -, $508, $100 and $1,816 1 (1,515 ) 218 (5,417 ) Total comprehensive income attributable to Pediatrix MedicalGroup, Inc. $ 21,392 $ 29,213 $ 64,097 $ 31,259 Per common and common equivalent share data (diluted): Net income attributable to Pediatrix Medical Group, Inc.: $ 0.26 $ 0.37 $ 0.77 $ 0.43 Weighted average common shares 82,950 82,776 82,492 84,821 Pediatrix Medical Group, Inc. Reconciliation of Income from Continuing Operations to Adjusted EBITDA from Continuing Operations Attributable to Pediatrix Medical Group, Inc. (in thousands) (Unaudited) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2023 2022 2023 2022 Income from continuing operations attributable to PediatrixMedical Group, Inc. $ 21,391 $ 28,808 $ 63,879 $ 38,568 Interest expense 10,374 9,516 31,994 29,743 Loss on early extinguishment of debt — — — 57,016 Income tax provision 9,441 10,051 26,612 14,982 Depreciation and amortization expense 9,211 8,956 27,109 26,500 Transformational and restructuring related expenses — 977 — 7,736 Adjusted EBITDA from continuing operations attributable toPediatrix Medical Group, Inc. $ 50,417 $ 58,308 $ 149,594 $ 174,545 Pediatrix Medical Group, Inc. Reconciliation of Diluted Income from Continuing Operations per Share to Adjusted Income from Continuing Operations per Diluted Share (“Adjusted EPS”) (in thousands, except per share data) (Unaudited) Three Months EndedSeptember 30, 2023 2022 Weighted average diluted shares outstanding 82,950 82,776 Income from continuing operations and diluted income fromcontinuing operations per share attributable to PediatrixMedical Group, Inc. $ 21,391 $ 0.26 $ 28,808 $ 0.35 Adjustments(1): Amortization (net of tax of $498 and $554) 1,493 0.02 1,662 0.02 Stock-based compensation (net of tax of $791 and $1,030) 2,373 0.03 3,090 0.03 Transformational and restructuring expenses (net of tax of $244) — — 733 0.01 Net impact from discrete tax events 1,114 0.01 (1,083 ) (0.01 ) Adjusted income and diluted EPS from continuing operationsattributable to Pediatrix Medical Group, Inc. $ 26,371 $ 0.32 $ 33,210 $ 0.40 (1) A blended tax rate of 25% was used to calculate the tax effects of the adjustments for the three months ended September 30, 2023 and 2022. Nine Months EndedSeptember 30, 2023 2022 Weighted average diluted shares outstanding 82,492 84,821 Income from continuing operations and diluted income fromcontinuing operations per share attributable to Pediatrix MedicalGroup, Inc. $ 63,879 $ 0.77 $ 38,568 $ 0.45 Adjustments(1): Amortization (net of tax of $1,508 and $1,635) 4,522 0.06 4,907 0.06 Stock-based compensation (net of tax of $2,325 and $3,223) 6,974 0.09 9,668 0.12 Transformational and restructuring expenses (net of tax of $1,934) — — 5,802 0.07 Loss on early extinguishment of debt (net of tax of $14,254) — — 42,762 0.50 Net impact from discrete tax events 1,984 0.02 (297 ) — Adjusted income and diluted EPS from continuing operationsattributable to Pediatrix Medical Group, Inc. $ 77,359 $ 0.94 $ 101,410 $ 1.20 (1) A blended tax rate of 25% was used to calculate the tax effects of the adjustments for the nine months ended September 30, 2023 and 2022. Pediatrix Medical Group, Inc. Balance Sheet Highlights (in thousands) (Unaudited) As ofSeptember 30, 2023 As ofDecember 31, 2022 Assets: Cash and cash equivalents $ 21,179 $ 9,824 Investments 103,541 93,239 Accounts receivable, net 277,352 296,787 Other current assets 18,452 28,139 Intangible assets, net 15,486 18,491 Operating and finance lease right-of-use assets 72,443 66,924 Goodwill, other assets, property and equipment 1,817,886 1,834,483 Total assets $ 2,326,339 $ 2,347,887 Liabilities and shareholders' equity: Accounts payable and accrued expenses $ 302,583 $ 374,225 Total debt, including finance leases, net 636,620 651,279 Operating lease liabilities 70,303 65,802 Other liabilities 348,848 364,949 Total liabilities 1,358,354 1,456,255 Total shareholders' equity 967,985 891,632 Total liabilities and shareholders' equity $ 2,326,339 $ 2,347,887 Pediatrix Medical Group, Inc. Reconciliation of Income from Continuing Operations to Forward-Looking Adjusted EBITDA from Continuing Operations Attributable to Pediatrix Medical Group, Inc. (in thousands) (Unaudited) Year EndedDecember 31, 2023 Income from continuing operations attributable to Pediatrix Medical Group, Inc. $ 86,000 $ 94,000 Interest expense 42,300 41,300 Income tax provision 34,700 37,700 Depreciation and amortization expense 37,000 37,000 Adjusted EBITDA from continuing operations attributable to Pediatrix Medical Group, Inc. $ 200,000 $ 210,000 View source version on businesswire.com:https://www.businesswire.com/news/home/20231102399693/en/ |
2024-11-02 | GlobeNewswire | Parker Reports Fiscal 2024 First Quarter Results | CLEVELAND, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the fiscal 2024 first quarter ended September 30, 2023. Sales were a record at $4.8 billion, an increase of 15%, compared with $4.2 billion in the first quarter of fiscal 2023. Net income was $650.8 million compared with $387.9 million in the prior year quarter. Adjusted net income was $776.4 million, an increase of 26% compared with $615.5 million in the first quarter of fiscal 2023. Earnings per share were $4.99 compared with $2.98 in the first quarter of fiscal 2023. Adjusted earnings per share increased 26% to $5.96 compared with $4.74 in the prior year quarter. Fiscal 2024 year-to-date cash flow from operations was $650.0 million, or 13.4% of sales compared with $457.4 million, or 10.8% of sales, in the prior year. A reconciliation of non-GAAP measures is included in the financial tables of this press release. “This was another standout quarter for Parker and a reflection of how well our global team members continue to drive operational excellence throughout our business,” said Chief Executive Officer Jenny Parmentier. “With a continued focus on improvement through execution of The Win Strategy™ and our transformed portfolio we are consistently driving strong performance. We achieved record performance with all segments delivering adjusted operating margins above 24%. This quarter marks the one year anniversary of Meggitt joining Parker, which helped contribute to an outstanding quarter for the Aerospace Systems segment. Our strategy is working and will continue to drive shareholder value.” Segment ResultsDiversified Industrial Segment:North American first quarter sales increased 5% to $2.2 billion and operating income was $506.1 million compared with $453.0 million in the same period a year ago. On an adjusted basis, North American operating income was $554.3 million, or 24.9% of sales, a 150 basis point increase compared with the first quarter of fiscal 2023. International first quarter sales increased 2.5% to $1.4 billion and operating income was $300.7 million compared with $293.9 million in the same period a year ago. On an adjusted basis, International operating income was $334.2 million, or 24.1% of sales, a 100 basis point increase compared with the prior year quarter. Aerospace Systems Segment:First quarter sales increased 65% to $1.2 billion and operating income was $226.3 million compared with $92.2 million in the same period a year ago. On an adjusted basis, operating income was $319.5 million, or 26.0% of sales, a 610 basis point increase compared with the prior year quarter. OrdersThe company reported the following orders for the quarter ending September 30, 2023, compared with the same quarter a year ago: OutlookParker's outlook for the fiscal year ending June 30, 2024 has been updated. The company expects total sales growth in fiscal 2024 to be in the range of 2.5% to 5.5%; total segment operating margin in the range of 20.0% to 20.4%, or 23.4% to 23.8% on an adjusted basis; and earnings per share in the range of $18.73 to $19.53, or $22.60 to $23.40 on an adjusted basis. Reconciliations of forecasted segment operating margin to adjusted forecasted segment operating margin and forecasted earnings per share to adjusted forecasted earnings per share are included in the financial tables of this press release. Parmentier added, “With such a strong start to the fiscal year, we have raised our guidance for fiscal 2024. Our focus remains on being the safest industrial company in the world, serving our customers, strengthening our operations and expanding margins. These priorities coupled with favorable secular growth trends will help accelerate our performance through the cycle and achieve our long-term financial targets. We have a very promising future.” NOTICE OF CONFERENCE CALL: Parker Hannifin's webcast to discuss its fiscal 2024 first quarter results is available to all interested parties via live webcast today at 11:00 a.m. ET, at www.phstock.com. A replay of the webcast will be available on the site approximately one hour after the completion of the call and will remain available for one year. To register for e-mail notification of future events please visitwww.phstock.com. About Parker HannifinParker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 67 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. Learn more atwww.parker.comor @parkerhannifin. Note on OrdersOrders provide near-term perspective on the company's outlook, particularly when viewed in the context of prior and future quarterly order rates. However, orders are not in themselves an indication of future performance. All comparisons are at constant currency exchange rates, with the prior year restated to the current-year rates. Beginning in the third quarter of fiscal 2023, all comparisons include acquisitions in both the numerator and denominator and exclude divestitures. Diversified Industrial comparisons are on 3-month average computations and Aerospace Systems comparisons are on rolling 12-month average computations. Note on Net IncomeNet income referenced in this press release is equal to net income attributable to common shareholders. Note on Non-GAAP Financial MeasuresThis press release contains references to non-GAAP financial information including (a) adjusted net income; (b) adjusted earnings per share; (c) adjusted segment operating margins; (d) adjusted segment operating income; and (e) organic sales growth. The adjusted net income, earnings per share, segment operating margin, segment operating income and organic sales measures are presented to allow investors and the company to meaningfully evaluate changes in net income, earnings per share and segment operating margins on a comparable basis from period to period. Comparable descriptions of record adjusted results in this release refer only to the period from the first quarter of FY2011 to the periods presented in this release. This period coincides with recast historical financial results provided in association with our FY2014 change in segment reporting. A reconciliation of non-GAAP measures is included in the financial tables of this press release. Forward-Looking StatementsForward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. Often but not always, these statements may be identified from the use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and include all statements regarding future performance, earnings projections, events or developments. Neither Parker nor any of its respective associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur. Parker cautions readers not to place undue reliance on these statements. It is possible that the future performance and earnings projections of the company, including its individual segments, may differ materially from past performance or current expectations. Among other factors which may affect future performance are: changes in business relationships with and purchases by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms or significant changes in financial condition, changes in contract cost and revenue estimates for new development programs and changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions, including the integration of Meggitt PLC; the ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination to undertake business realignment activities and the expected costs thereof and, if undertaken, the ability to complete such activities and realize the anticipated cost savings from such activities; ability to implement successfully business and operating initiatives, including the timing, price and execution of share repurchases and other capital initiatives; availability, cost increases of or other limitations on our access to raw materials, component products and/or commodities if associated costs cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits; legal and regulatory developments and changes; compliance costs associated with environmental laws and regulations; potential supply chain and labor disruptions, including as a result of labor shortages; threats associated with international conflicts and efforts to combat terrorism and cyber security risks; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; local and global political and competitive market conditions, including global reactions to U.S. trade policies, and resulting effects on sales and pricing; global economic factors, including manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and general economic conditions such as inflation, deflation, interest rates (including fluctuations associated with any potential credit rating decline) and credit availability; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; changes in consumer habits and preferences; government actions, including the impact of changes in the tax laws in the United States and foreign jurisdictions and any judicial or regulatory interpretation thereof; large scale disasters, such as floods, earthquakes, hurricanes, industrial accidents and pandemics. Readers should consider these forward-looking statements in light of risk factors discussed in Parker’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023 and other periodic filings made with the SEC. |
2024-11-02 | Marketscreener.com | Parker Reports Fiscal 2024 First Quarter Results | CLEVELAND, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the fiscal 2024 first quarter ended September 30, 2023. Sales were a record at $4.8 billion, an increase of 15%, compared with $4.2 billion in the first quarter of fiscal 2023. Net income was $650.8 million compared with $387.9 million in the prior year quarter. Adjusted net income was $776.4 million, an increase of 26% compared with $615.5 million in the first quarter of fiscal 2023. Earnings per share were $4.99 compared with $2.98 in the first quarter of fiscal 2023. Adjusted earnings per share increased 26% to $5.96 compared with $4.74 in the prior year quarter. Fiscal 2024 year-to-date cash flow from operations was $650.0 million, or 13.4% of sales compared with $457.4 million, or 10.8% of sales, in the prior year. A reconciliation of non-GAAP measures is included in the financial tables of this press release. “This was another standout quarter for Parker and a reflection of how well our global team members continue to drive operational excellence throughout our business,” said Chief Executive Officer Jenny Parmentier. “With a continued focus on improvement through execution of The Win Strategy™ and our transformed portfolio we are consistently driving strong performance. We achieved record performance with all segments delivering adjusted operating margins above 24%. This quarter marks the one year anniversary of Meggitt joining Parker, which helped contribute to an outstanding quarter for the Aerospace Systems segment. Our strategy is working and will continue to drive shareholder value.” Segment ResultsDiversified Industrial Segment:North American first quarter sales increased 5% to $2.2 billion and operating income was $506.1 million compared with $453.0 million in the same period a year ago. On an adjusted basis, North American operating income was $554.3 million, or 24.9% of sales, a 150 basis point increase compared with the first quarter of fiscal 2023. International first quarter sales increased 2.5% to $1.4 billion and operating income was $300.7 million compared with $293.9 million in the same period a year ago. On an adjusted basis, International operating income was $334.2 million, or 24.1% of sales, a 100 basis point increase compared with the prior year quarter. Aerospace Systems Segment:First quarter sales increased 65% to $1.2 billion and operating income was $226.3 million compared with $92.2 million in the same period a year ago. On an adjusted basis, operating income was $319.5 million, or 26.0% of sales, a 610 basis point increase compared with the prior year quarter. OrdersThe company reported the following orders for the quarter ending September 30, 2023, compared with the same quarter a year ago: OutlookParker's outlook for the fiscal year ending June 30, 2024 has been updated. The company expects total sales growth in fiscal 2024 to be in the range of 2.5% to 5.5%; total segment operating margin in the range of 20.0% to 20.4%, or 23.4% to 23.8% on an adjusted basis; and earnings per share in the range of $18.73 to $19.53, or $22.60 to $23.40 on an adjusted basis. Reconciliations of forecasted segment operating margin to adjusted forecasted segment operating margin and forecasted earnings per share to adjusted forecasted earnings per share are included in the financial tables of this press release. Parmentier added, “With such a strong start to the fiscal year, we have raised our guidance for fiscal 2024. Our focus remains on being the safest industrial company in the world, serving our customers, strengthening our operations and expanding margins. These priorities coupled with favorable secular growth trends will help accelerate our performance through the cycle and achieve our long-term financial targets. We have a very promising future.” NOTICE OF CONFERENCE CALL: Parker Hannifin's webcast to discuss its fiscal 2024 first quarter results is available to all interested parties via live webcast today at 11:00 a.m. ET, at www.phstock.com. A replay of the webcast will be available on the site approximately one hour after the completion of the call and will remain available for one year. To register for e-mail notification of future events please visitwww.phstock.com. About Parker HannifinParker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 67 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. Learn more atwww.parker.comor @parkerhannifin. Note on OrdersOrders provide near-term perspective on the company's outlook, particularly when viewed in the context of prior and future quarterly order rates. However, orders are not in themselves an indication of future performance. All comparisons are at constant currency exchange rates, with the prior year restated to the current-year rates. Beginning in the third quarter of fiscal 2023, all comparisons include acquisitions in both the numerator and denominator and exclude divestitures. Diversified Industrial comparisons are on 3-month average computations and Aerospace Systems comparisons are on rolling 12-month average computations. Note on Net IncomeNet income referenced in this press release is equal to net income attributable to common shareholders. Note on Non-GAAP Financial MeasuresThis press release contains references to non-GAAP financial information including (a) adjusted net income; (b) adjusted earnings per share; (c) adjusted segment operating margins; (d) adjusted segment operating income; and (e) organic sales growth. The adjusted net income, earnings per share, segment operating margin, segment operating income and organic sales measures are presented to allow investors and the company to meaningfully evaluate changes in net income, earnings per share and segment operating margins on a comparable basis from period to period. Comparable descriptions of record adjusted results in this release refer only to the period from the first quarter of FY2011 to the periods presented in this release. This period coincides with recast historical financial results provided in association with our FY2014 change in segment reporting. A reconciliation of non-GAAP measures is included in the financial tables of this press release. Forward-Looking StatementsForward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. Often but not always, these statements may be identified from the use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and include all statements regarding future performance, earnings projections, events or developments. Neither Parker nor any of its respective associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur. Parker cautions readers not to place undue reliance on these statements. It is possible that the future performance and earnings projections of the company, including its individual segments, may differ materially from past performance or current expectations. Among other factors which may affect future performance are: changes in business relationships with and purchases by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms or significant changes in financial condition, changes in contract cost and revenue estimates for new development programs and changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions, including the integration of Meggitt PLC; the ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination to undertake business realignment activities and the expected costs thereof and, if undertaken, the ability to complete such activities and realize the anticipated cost savings from such activities; ability to implement successfully business and operating initiatives, including the timing, price and execution of share repurchases and other capital initiatives; availability, cost increases of or other limitations on our access to raw materials, component products and/or commodities if associated costs cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits; legal and regulatory developments and changes; compliance costs associated with environmental laws and regulations; potential supply chain and labor disruptions, including as a result of labor shortages; threats associated with international conflicts and efforts to combat terrorism and cyber security risks; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; local and global political and competitive market conditions, including global reactions to U.S. trade policies, and resulting effects on sales and pricing; global economic factors, including manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and general economic conditions such as inflation, deflation, interest rates (including fluctuations associated with any potential credit rating decline) and credit availability; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; changes in consumer habits and preferences; government actions, including the impact of changes in the tax laws in the United States and foreign jurisdictions and any judicial or regulatory interpretation thereof; large scale disasters, such as floods, earthquakes, hurricanes, industrial accidents and pandemics. Readers should consider these forward-looking statements in light of risk factors discussed in Parker’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023 and other periodic filings made with the SEC. |
2024-11-02 | GlobeNewswire | CSW Industrials Reports Fiscal 2024 Second Quarter and First Half Results with Record Revenue, EPS and EBITDA in Each Reporting Period | DALLAS, Nov. 02, 2023 (GLOBE NEWSWIRE) -- CSW Industrials, Inc. (Nasdaq: CSWI or the "Company") today reported record results for the fiscal 2024 second quarter and first half periods ended September 30, 2023. Fiscal2024SecondQuarter Highlights(comparisons to fiscal 2023 second quarter) Fiscal2024First Half Highlights(comparisons to fiscal 2023 first half) Comments from the Chairman, President, and Chief Executive Officer Joseph B. Armes, CSW Industrials’ Chairman, President, and Chief Executive Officer, commented, "Our team continues to outperform the markets we serve, as exhibited in the record fiscal second quarter results delivered against strong prior year period results. Our second quarter and fiscal first half results demonstrate our ability to leverage our strong distributor relationships, drive operational execution, and carefully manage expenses. In the second quarter we once again delivered impressive operating leverage as EBITDA grew by 21% on 7% revenue growth, with equally impressive EBITDA margin expansion of 300 bps to 26%. The Company generated $45 million in cash flow from operations, an increase of almost 50% over the prior year period, facilitating the further reduction of our outstanding debt, which strengthened our balance sheet, increased our liquidity, and further reduced our leverage ratio and interest expense." Mr. Armes continued, "We expect to deliver second half revenue, EBITDA, and EPS growth for the Company, as well as a continuation of our strong cash generation." Fiscal2024SecondQuarter Consolidated Results Fiscal second quarter revenue was a record $203.7 million, representing 6.5% growth from $191.2 million in the prior year period. Of the $12.5 million of total revenue growth, organic revenue increased by $10.1 million, primarily due to pricing actions and a slight increase in unit volumes due to the late summer heat wave in certain portions of the U.S., with the $2.4 million of inorganic revenue due to last year's acquisition of Falcon. Revenue increased in the general industrial, HVAC/R, architecturally-specified building product, and plumbing end markets. Gross profit in the fiscal second quarter was $91.0 million, representing 12.8% growth from $80.6 million in the prior year period. Gross profit as a percent of revenue increased 250 bps to 44.7%, compared to 42.2% in the prior year period. Gross margin improvement was the result of pricing actions, and a reduction in ocean and domestic freight costs. Operating expenses as a percent of revenue were 24.0%, compared to 23.7% in the prior year period. Operating expenses were $49.0 million, compared to $45.3 million in the prior year period. The additional expenses were primarily due to increased employee compensation, insurance costs, and sales commissions driven by revenue growth. Operating income increased to $42.0 million, or 20.6% as a percent of revenue, compared to the prior year period of $35.3 million, or 18.5% as a percent of revenue. The 210 bps improvement in operating income margin resulted from the improvement in gross profit margin, partially offset by the increase in operating expenses. Other income, net was $1.9 million, compared to the prior year period of less than $0.1 million. The increase of $1.9 million was primarily related to a gain of $1.4 million recognized from the sale of a property previously held for investment, in addition to gains arising from transactions in currencies other than functional currencies. Net income attributable to CSWI increased 23.5% to $30.1 million, compared to the prior year period of $24.3 million, while EPS increased 22.9% to $1.93, compared to $1.57 in the prior year period. Fiscal 2024 second quarter EBITDA increased to $53.0 million, representing 20.5% growth from $43.9 million in the prior year period. As revenue growth outpaced incremental expenses, EBITDA as a percent of revenue improved by more than 300 bps to 26.0%, compared to 23.0% in the prior year period. The Company’s effective tax rate for the fiscal second quarter was 25.7%. During the fiscal second quarter, the Company paid down $37 million of debt, utilizing the record fiscal second quarter cash flows from operations of $44.7 million, a 47% increase over the prior year period. As of September 30, 2023, $173.0 million was outstanding on our $500 million Revolving Credit Facility, which resulted in borrowing capacity of $327.0 million. Our interest rate swap executed in February 2023 hedges our exposure to variability in cash flows from interest payments on the first $100 million of borrowing under our Revolving Credit Facility. As of fiscal quarter end, CSWI reported a leverage ratio, in accordance with our Revolving Credit Facility, of 0.85x debt to EBITDA as compared to the 1.1x ratio reported for the fiscal first quarter ended June 30, 2023. Following quarter end, the Company declared its nineteenth consecutive quarterly regular cash dividend in the amount of $0.19 per share, which will be paid on November 10, 2023, to shareholders of record on October 27, 2023. Fiscal2024SecondQuarter Segment Results Contractor Solutions segment revenue was $139.9 million, a $9.6 million, or 7.4% increase from the prior year period. Revenue growth was comprised of organic growth of $7.2 million, and inorganic growth of $2.4 million from the Falcon acquisition. The 5.5% increase in organic revenue was primarily due to pricing initiatives and a slight increase in unit volume due to the late summer heat wave in certain portions of the U.S. As compared to the prior year period, net revenue growth was driven by both the HVAC/R and plumbing end markets. Segment operating income improved to $39.0 million, compared to $32.3 million in the prior year period. The incremental profit compared to the prior year period resulted from the reduction in ocean and domestic freight expenses, pricing actions, and the inclusion of the Falcon acquisition. This incremental profit was partially offset by increased expenses related to employee compensation, sales commissions, and amortization of intangibles. Segment operating income margin improved to 27.9%, compared to 24.8% in the prior year period, due to gross margin improvement driven primarily by pricing and a reduction in ocean and domestic freight costs. Segment EBITDA in the current year period was $46.6 million, or 33.3% of revenue, compared to $39.1 million, or 30.0% of revenue in the prior year period. Specialized Reliability Solutions segment revenue was $36.6 million, a $0.3 million, or 0.7% decrease, over the prior year period. Segment operating income improved to $4.8 million, a 4.1% increase from $4.6 million in the prior year period, driven by management of operating expenses. Segment operating income margin in the fiscal second quarter improved to 13.2%, compared to 12.6% in the prior year period. Segment EBITDA improved to $6.3 million, or 17.2% of revenue, compared to $6.1 million, or 16.5% of revenue, in the prior year period. Engineered Building Solutions segment revenue was $29.2 million, a 13.0% increase from the prior year period, due to timing, leveraging the backlog, and pricing. The project mix of the current backlog skews more toward larger jobs in the architecturally-specified building products end market, which can take over two years to convert to revenue. Segment operating income was $5.2 million, or 17.9% of revenue, compared to the prior year period of $3.5 million, or 13.5% of revenue. Segment EBITDA was $5.7 million, or 19.5% of revenue, compared to $3.9 million, or 15.0% of revenue, in the prior year period. Fiscal2024First Half Consolidated Results Fiscal first half revenue was $407.0 million, representing 4.1% growth from $391.1 million in the prior year period, with growth in all three reporting segments. Of the $15.9 million total growth, $8.4 million (2.1% of the 4.1% total growth) resulted from organic growth with the remainder ($7.5 million) contributed by the Cover Guard, AC Guard and Falcon acquisitions. Gross profit in the fiscal first half was $183.1 million, representing $16.1 million (9.6%) growth from $167.1 million in the prior year period, with the incremental profit resulting predominantly from revenue growth driven by pricing actions, a reduction in ocean and domestic freight expenses and the acquisitions of Cover Guard, AC Guard and Falcon. Gross profit as a percentage of sales was 45.0%, compared to 42.7% in the prior year period. Gross margin improvement was also the result of pricing actions, and a reduction in overall freight costs. Operating expenses as a percent of revenue were 23.6%, compared to 23.2% in the prior year period, as the increase in operating expenses outpaced revenue growth. Operating expenses in the current year period were $95.9 million, compared to $90.9 million in the prior year period. The additional expenses were related to employee compensation, amortization of intangible assets as a result of recent acquisitions, travel, insurance costs, and sales commissions. In the current period, operating income was $87.2 million, compared to $76.2 million in the prior year period. The incremental operating income resulted from the gross profit increase, partially offset by the operating expense increase as discussed above. Operating income margin in the current period improved to 21.4%, compared to the prior year period of 19.5%. During the comparative periods, the enhanced operating income margin was due to the improvement in gross profit margin, slightly offset by higher operating expenses. Other income, net was $2.2 million, compared to $0.2 million in the prior year period. The increase of $2.0 million was primarily related to a gain of $1.4 million recognized from the sale of a property previously held for investment, in addition to gains arising from transactions in currencies other than functional currencies. In the current period, reported net income attributable to CSWI improved to $60.7 million, or $3.90 per diluted share. In the prior year period, reported net income attributable to CSWI was $53.8 million, or $3.45 per diluted share. Fiscal 2024 first half EBITDA increased 14.9% to $107.4 million from $93.5 million in the prior year period. EBITDA as a percent of revenue improved 250 bps to 26.4%, compared to 23.9%, in the prior year period. Net cash provided by operating activities for the fiscal 2024 first half was a record $94.9 million, compared to $47.3 million in the prior year's first half, as improved profit and working capital management led to a 101% increase compared to the prior year period. The Company paid down $80 million of debt in the first half utilizing our record cash flow from operations. The Company’s effective tax rate for the fiscal first half was 25.4% on a GAAP basis. The Company expects an adjusted tax rate of approximately 25% - 26% for fiscal year 2024, after excluding the $8.6 million of other expense and the related $1.1 million income tax benefit. The $8.6 million of other expense is a result of the expiration of the tax indemnification assets in the fiscal third quarter related to the TRUaire and Falcon acquisitions. Fiscal2023First Half Segment Results Contractor Solutions segment revenue was $279.9 million, a $11.9 million or 4.5% increase from the prior year period. Revenue growth was comprised of inorganic growth from Cover Guard, AC Guard and Falcon acquisitions ($7.5 million), and organic growth of $4.4 million (1.7% of the total 4.5% growth) due to pricing initiatives that were partially offset by a decline in unit volumes. As compared to the prior year period, net revenue growth was driven primarily by the HVAC/R and plumbing end markets. Segment operating income in the current year period was $78.7 million, compared to $68.6 million in the prior year period. The incremental profit resulted from a reduction in ocean and domestic freight expenses, pricing actions, and the inclusion of recent acquisitions, partially offset by increased expenses related to employee compensation as the segment builds the infrastructure to support growth, increased amortization of intangible assets related to recent acquisitions, and third-party sales commissions associated with revenue growth. Segment operating income margin was 28.1%, compared to 25.6% in the prior year period, driven primarily by the gross margin improvement resulting from the aforementioned reduction in ocean and domestic freight expenses and revenue growth from pricing actions. Segment EBITDA in the current period was $93.4 million, or 33.4% of revenue, compared to $82.1 million, or 30.7% of revenue in the prior year period. Specialized Reliability Solutions segment revenue grew to $74.3 million, a $1.7 million or 2.3% increase from the prior year period of $72.6 million, primarily due to pricing initiatives, with growth in the general industrial end market and a decrease in rail, energy and mining. In the current year period, Segment operating income improved by 21.1% to $11.8 million, or 15.9% of revenue, compared to the prior year period of $9.7 million, or 13.4% of revenue. Improved segment operating income resulted from revenue growth, enhanced margins due to operational efficiencies, and prudent management of operating expenses. Segment EBITDA in the current period was $14.7 million, or 19.8% of revenue, compared to $12.7 million, or 17.5% of revenue in the prior year period. Engineered Building Solutions segment revenue was $56.8 million, a $2.4 million or 4.5% increase over the prior year period, primarily due to the conversion of backlog into revenue and pricing actions. Segment operating income increased 19.9% to $9.5 million, or 16.7% of revenue, compared to the prior year period of $7.9 million, or 14.6% of revenue, due to the increased net revenue, improved gross margin as a result of operating leverage, and management of operating expenses. Segment EBITDA in the current period was $10.4 million, or 18.3% of revenue, compared to $8.7 million, or 15.9% of revenue in the prior year period. All percentages are calculated based upon the attached financial statements. Conference Call Information The Company will host a conference call today at 10:00 a.m. ET to discuss the results, followed by a question and answer session for the investment community. A live webcast of the call can be accessed athttps://cswindustrials.gcs-web.com/. To access the call, participants may dial 1-877-300-8521, international callers may use 1-412-317-6026, and request to join the CSW Industrials earnings call. A telephonic replay will be available shortly after the conclusion of the call and until November 16, 2023. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671, and enter access code 10183482. The call will also be available for replay via webcast link on the Investors portion of the CSWI website at www.cswindustrials.com. Safe Harbor Statement This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations, and financial performance and condition. The forward-looking statements included in this press release are based on our current expectations, projections, estimates, and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K. All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law. Non-GAAP Financial Measures This press release includes an analysis of adjusted earnings per share attributable to CSWI, adjusted net income attributable to CSWI, and adjusted operating income, which are non-GAAP financial measures of performance. Attributable to CSWI is defined to exclude the income attributable to the non-controlling interest in the Whitmore JV. CSWI utilizes adjusted EBITDA (earnings before interest, tax, depreciation and amortization) as an additional consolidated, non-GAAP financial measure, which consists of consolidated net income including income attributable to the non-controlling interest in the Whitmore JV, adjusted to remove the impact of income taxes, interest expense, depreciation and amortization, and significant nonrecurring items. Free cash flow is a non-GAAP financial measure and is defined as cash flow from operations less capital expenditures. For a reconciliation of these measures to the most directly comparable GAAP measures and for a discussion of why we consider these non-GAAP measures useful, see the “Reconciliation of Non-GAAP Measures” section of this release. About CSW Industrials, Inc. CSW Industrials is a diversified industrial growth company with industry-leading operations in three segments: Contractor Solutions, Specialized Reliability Solutions and Engineered Building Solutions. CSWI provides niche, value-added products with two essential commonalities: performance and reliability. The primary end markets we serve with our well-known brands include: HVAC/R, plumbing, general industrial, architecturally-specified building products, energy, mining, and rail transportation. For more information, please visit www.cswindustrials.com. Investor Relations Alexa HuertaVice President, Investor Relations & Treasurer214-489-7113alexa.huerta@cswindustrials.com Reconciliation of Non-GAAP Measures We use adjusted earnings per share attributable to CSWI, adjusted net income attributable to CSWI, adjusted operating income, adjusted EBITDA, and free cash flow, together with financial measures prepared in accordance with GAAP, such as revenue, cost of revenue, operating expense, operating income, net income attributable to CSWI and cash flows provided by operating activities, to assess our historical and prospective operating performance and to enhance our understanding of our core operating performance. We also believe these measures are useful for investors to assess the operating performance of our business without the effect of non-recurring items. In the following tables, there could be immaterial differences in amounts presented due to rounding. |
2024-11-02 | GlobeNewswire | Appian Announces Third Quarter 2023 Financial Results | MCLEAN, Va., Nov. 02, 2023 (GLOBE NEWSWIRE) -- Appian (Nasdaq: APPN) today announced financial results for the third quarter ended September 30, 2023. “Our private data-centric approach to AI is getting strong support from buyers,” said Matt Calkins, CEO & Founder. ThirdQuarter2023Financial Highlights: A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.” Recent Business Highlights: Financial Outlook: As of November 2, 2023, guidance for 2023 is as follows: Conference Call Details: Appian will host a conference call today, November 2, 2023, at 4:30 p.m. ET to discuss Appian's financial results for the third quarter ended September 30, 2023 and business outlook. To access the call, navigate to the following link(1). Once registered, participants can dial in using their phone with a dial in and PIN, or they can choose the Call Me option for instant dial to their phone. The live webcast of the conference call can also be accessed on the Investor Relations page of our website at http://investors.appian.com. _______________________________1https://edge.media-server.com/mmc/p/48skn964/ About Appian Appian is a software company that automates business processes. The Appian AI Process Platform includes everything you need to design, automate, and optimize even the most complex processes, from start to finish. The world's most innovative organizations trust Appian to improve their workflows, unify data, and optimize operations—resulting in better growth and superior customer experiences. For more information, visit www.appian.com. [Nasdaq: APPN] Non-GAAP Financial Measures To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, Appian provides investors with certain non-GAAP financial performance measures. Appian uses these non-GAAP financial performance measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Appian’s management believes these non-GAAP financial measures provide meaningful supplemental information regarding Appian’s performance by excluding certain expenses that may not be indicative of our recurring core business operating results. Appian believes both management and investors benefit from referring to these non-GAAP financial measures in assessing Appian’s performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to historical performance as well as comparisons to competitors’ operating results. Appian believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to measures used by management in its financial and operational decision-making and (2) they are used by Appian’s institutional investors and the analyst community to help them analyze the health of Appian’s business. The non-GAAP financial performance measures include non-GAAP net loss, non-GAAP net loss per share, and non-GAAP operating loss. These non-GAAP financial performance measures exclude the effect of stock-based compensation expense, certain litigation-related expenses consisting of legal and other professional fees associated with the Pegasystems cases (net of insurance reimbursements), amortization of the judgement preservation insurance (“JPI”) policy, and severance costs related to involuntary reductions in our workforce. While some of these items may be recurring in nature and should not be disregarded in evaluation of our earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods as these items can vary significantly from period to period depending on specific underlying transactions or events that may occur. Therefore, while we may incur or recognize these types of expenses in the future, we believe removing these items for purposes of calculating the non-GAAP financial measures provides investors with a more focused presentation of our ongoing operating performance. Appian also discusses adjusted EBITDA, a non-GAAP financial performance measure it believes offers a useful view of the overall operation of its businesses. The company defines adjusted EBITDA as net loss before (1) other (income) expenses, net, (2) interest expense, (3) income tax expense (benefit), (4) depreciation expense and amortization of intangible assets, (5) stock-based compensation expense, (6) litigation expenses (net of insurance reimbursements) directly associated with the Pegasystems cases, (7) JPI amortization, and (8) severance costs. The most directly comparable GAAP financial measure to adjusted EBITDA is net loss. Users should consider the limitations of using adjusted EBITDA, including the fact this measure does not provide a complete measure of our operating performance. Adjusted EBITDA is not intended to purport to be an alternate to net loss as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, as a substitute for, or superior to the financial information prepared and presented in accordance with GAAP, and Appian’s non-GAAP measures may be different from non-GAAP measures used by other companies. For more information on these non-GAAP financial measures, see the reconciliation of these non-GAAP financial measures to their nearest comparable GAAP measures at the end of this press release. Appian provides guidance ranges for non-GAAP net loss per share and adjusted EBITDA; however, we are not able to reconcile these amounts to their comparable GAAP financial measures without unreasonable efforts because certain information necessary to calculate such measures on a GAAP basis is unavailable, subject to high variability, dependent on future events outside of our control, and cannot be predicted. In addition, Appian believes such reconciliations could imply a degree of precision that might be confusing or misleading to investors. The actual effect of the reconciling items that Appian may exclude from these non-GAAP expense numbers, when determined, may be significant to the calculation of the comparable GAAP measures. Forward-Looking Statements This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including statements regarding Appian’s future financial and business performance for the fourth quarter and full year 2023, future investment by Appian in its go-to-market initiatives, increased demand for the Appian AI-Powered Process platform, market opportunity and plans and objectives for future operations, including Appian’s ability to drive continued subscriptions revenue and total revenue growth, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will,” “plan,” and similar expressions are intended to identify forward-looking statements. Appian has based these forward-looking statements on its current expectations and projections about future events and financial trends that Appian believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including the risks and uncertainties associated with Appian’s ability to grow its business and manage its growth, Appian’s ability to sustain its revenue growth rate, continued market acceptance of Appian’s AI-Powered Process platform and adoption of low-code solutions to drive digital transformation, the fluctuation of Appian’s operating results due to the length and variability of its sales cycle, competition in the markets in which Appian operates, risks and uncertainties associated with the composition and concentration of Appian’s customer base and their demand for its platform and satisfaction with the services provided by Appian, the potential fluctuation of Appian’s future quarterly results of operations, Appian’s ability to shift its revenue towards subscriptions and away from professional services, Appian’s ability to operate in compliance with applicable laws and regulations, Appian’s strategic relationships with third parties and use of third-party licensed software and its platform’s compatibility with third-party applications, the timing of Appian’s recognition of subscriptions revenue which may delay the effect of near term changes in sales on its operating results, Appian’s ability to meet its financial covenants under its Credit Agreement, and the additional risks and uncertainties set forth in the “Risk Factors” section of Appian’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on February 16, 2023 and other reports that Appian has filed with the Securities and Exchange Commission. Moreover, Appian operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for Appian’s management to predict all risks nor can Appian assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements Appian may make. In light of these risks, uncertainties, and assumptions, Appian cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Appian is under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. Investor ContactSrinivas Anantha, CFA703-442-8844investors@appian.com Media ContactBen Farrell703-442-1067ben.farrell@appian.com |
2024-11-02 | The Times of India | Bitcoin wins boost on hope of broader trading | Reuters Bitcoin 's price has risen strongly in recent weeks with the United States possibly set to allow a popular type of trading in the cryptocurrency that would further normalise the asset. A 30-percent jump since the end of August has been driven by speculation around the creation of a so-called exchange-traded fund for the asset, which would directly track the price of bitcoin. Spot bitcoin ETF would allow more of the general public to invest in the cryptocurrency without having to directly buy it. "Approval is now (a matter of) when, not if," Charles Morris, founder of crypto analyst group ByteTree, told AFP. Did you Know? SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes. View Details » With a market capitalisation of about $670 billion, bitcoin is the world's biggest cryptocurrency and has doubled in value since the start of the year. Bitcoin's price briefly surpassed $35,000 last week -- helped also by some investors viewing the asset as a haven amid economic and geopolitical unrest. But it remains around half its record value of almost $69,000 that was reached in late 2020. "The rebound we are seeing... seems linked to a single catalyst: the enthusiasm generated by a possible approval" of Spot bitcoin ETF, said Clara Medalie of cryptocurrency data analysts Kaiko. Blackrock chief executive Larry Fink recently argued that part of the rally could be attributed to "way beyond the rumour". He said it was also "about a flight to quality, with all the issues around the Israeli war now, global terrorism". A federal appeals court in Washington last month upheld its decision that ruled in favour of asset manager Grayscale against the US Securities and Exchange Commission, which had refused to authorise its bitcoin ETF. The SEC is now re-examining the application, as well as looking at bitcoin ETF requests made by other financial groups, including BlackRock and Ark Invest. The regulator's first decision is expected to be on Ark Invest, by January 10 at the latest. In gold's wake Morris believes SEC approval will set off a gradual push into bitcoin trades, similar to when an ETF for gold was approved at the start of the millennium. Companies applying for a fund are helping to boost the cryptocurrency's price, since they are required to have a certain level of bitcoins before launch, according to Michael van de Poppe, founder of the MN Trading platform. Felix Hartmann, managing partner at Hartmann Capital, told AFP that the present situation "moves bitcoin further out of this esoteric asset class and more towards being recognised as a legitimate trustable asset". Central banks and regulators have long warned over the volatility of bitcoin and other cryptocurrencies, especially in statements aimed at small investors. Rival cryptocurrencies Analysts believe rivals to bitcoin, notably ether, could also eventually have Spot ETFs attached. Before then, Sui Chung, chief executive at CF Benchmarks, expects the SEC to approve several bitcoin ETFs at once, since the applications are similar. "Once providers know what the benchmark is for approval, it could open the way for ETFs tracking other cryptocurrencies," he predicted. His company is providing market data to seven bitcoin ETF applicants, including BlackRock. Whatever the SEC decides on the exchange-traded funds, bitcoin's current price-recovery is a positive for cryptocurrency, a sector rocked by a series of bankruptcies and scandals in recent years. Attention is also fixed firmly on the ongoing court trial of former crypto tycoon Sam Bankman-Fried. The 31-year-old has been charged with seven counts of fraud, embezzlement and criminal conspiracy and faces decades in prison if found guilty on all counts. He witnessed his FTX empire's downfall, which followed a meteoric rise in which the platform became the world's second biggest crypto exchange -- making Bankman-Fried a tech-world billionaire sensation. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on cryptocurrency stock market ETF approval crypto Bitcoin (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. 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2024-11-02 | The Times of India | Crypto Price Today: Bitcoin jumps over $35,300 after Fed keeps rates unchanged; crypto market cap crosses $1.3 trillion | Agencies The cryptocurrency markets were trading higher in Thursday's trading after the US Federal Reserve kept rates unchanged and Chair Jerome Powell hedged on the possible end of the rate hiking cycle. The Federal Reserve held interest rates steady on Wednesday as policymakers struggled to determine whether financial conditions may be tight enough already to control inflation, or whether an economy that continues to outperform expectations may need still more restraint. After the end of a two-day policy meeting, Powell said the better course of action for now, given the uncertainties, was to maintain the Fed's benchmark overnight interest rate in the current 5.25%-5.50% range, and see how job and price data evolve between now and the next policy meeting in December. Meanwhile, after the Fed's decision, the global cryptocurrency market cap surged by 2.45% to over $1.3 trillion in the last 24 hours. Did you Know? SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes. View Details » Bitcoin was trading 2.5% higher at $35,308, while its largest peer, Ethereum, was trading at $1,837, up 1.9% at around 12.40 p.m. "Bitcoin has been trading above the $35,500 mark following the U.S. Federal Reserve's Federal Open Market Committee (FOMC) announcement that rates will be steady at 5.25%-5.50% as anticipated. This has boosted market morale and caused a bullish sentiment, with Bitcoin’s price steadily increasing in the last 24 hours," said Edul Patel, CEO of Mudrex. Market participants are now keeping an eye out for the US Labor Department’s nonfarm payrolls report on Friday, Edul added. Among other top crypto tokens, Solana was the top gainer, rising over 12%. Cardano, Polygon, Polkadot, and Avalanche surged over 6% each, while BNB , XRP , Dogecoin , Litecoin , and Shiba Inu surged 2-3%. The total volume in DeFi is currently $6.12 billion, 10.34% of the total crypto market 24-hour volume. The volume of all stablecoins is now $53.02 billion, which is 89.62% of the total crypto market 24-hour volume. In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, surged to $689 billion. Bitcoin's dominance is currently 52.77%, according to CoinMarketCap. BTC volume in the last 24 hours declined 68% to $25.8 billion. "From a technical perspective, BTC successfully broke through the crucial $35,000 resistance level and closed the daily candle above it, indicating a bullish sentiment. While a short-term retracement might occur, the path appears to be pointing towards the resistance levels around $39,800 to $40,000," said CoinDCX Research Team. In contrast, ETH still needs to surpass its 2023 resistance levels, located at approximately $2,020 and $2,140, to pave the way for further upward movement, it added. (You can now subscribe to our ETMarkets WhatsApp channel ) (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on crypto price today bitcoin price ethereum price cryptocurrency dogecoin shiba inu price crypto price xrp bnb litecoin (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. 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2024-11-02 | The Times of India | Worldcoin aims to set up global ID network akin to India's Aadhaar | Getty Images Worldcoin , the cryptocurrency project set up by OpenAI CEO Sam Altman , aims to establish a global ID network akin to India's Aadhaar biometric ID system, a senior employee told Reuters. More than 2.4 million people have signed up to have their irises scanned by Worldcoin's "orb" devices in exchange for a digital ID and free cryptocurrency, shrugging off privacy campaigners' concerns that the database could be misused. Worldcoin, co-founded by Altman, says its aim is to create a global identity and financial network, suggesting on its website a variety of ambitious use cases, including distinguishing people from artificial intelligence bots and providing a means for distributing universal basic income (UBI). The company's head of product, Tiago Sada, told Reuters the company sought to emulate India's Aadhaar system, which ascribes unique ID numbers, and records individuals' fingerprints, face and iris scan. "A really good analogy for the type of impact something like Worldcoin can have is the Aadhaar project in India," Sada, the company's head of product, engineering and design, said. Various regulators, including in the United Kingdom and Germany, have said they were looking into Worldcoin following its launch in July. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on worldcoin aadhaar cryptocurrency OpenAI sam altman (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-11-02 | The Times of India | Mamaearth IPO fully subscribed on Day 3 on QIB push. Check GMP and other details | ETBrandEquity The initial public offer (IPO) of Honasa Consumer, which operates the Mamaearth brand, saw a good response from investors on the last day of the bidding process. The issue, which didn't get through on the first two days, was fully booked on the third day, driven by strong institutional push. The overall subscription was at 7.61 times, with QIB category leading the way at 11.5 times subscription. The retail and NII categories were subscribed 1.34 and 4.02 times, respectively, on the last day of bidding. According to market sources, the company's shares are trading with a premium of Rs 9 in the unlisted market. Analysts are mixed on the IPO over not-so-cheap valuations, even though the company has fine-tuned the pricing in the offer. The issue is priced in the range of Rs 308-324, and at the upper end, the company is valued at nearly Rs 10,500 crore. The company has raised Rs 765 crore from anchor investors ahead of the issue launch. The IPO includes a fresh equity issue of Rs 365 crore and an offer for sale of about 4.12 crore shares. Under the OFS, founders Varun Alagh and Ghazal Alagh along with investors Kunal Bahl, Shilpa Shetty, Rishabh Mariwala will offload their partial stakes. Investors can bid for a minimum of 46 shares in one lot and in multiples thereafter. About 75% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors, and the remaining 10% for retail investors. The company's employees will get a discount of Rs 30 per share as well as a reservation of equity shares worth up to Rs 10 crore. Honasa Consumer has managed to become the largest digital-first beauty and personal care (BPC) company in India in terms of revenue in FY23. It operates six brands – Mamaearth, The Derma Co, Bblunt, Ayuga, Aqualogica, and Dr Sheth. Mamaearth is the flagship brand, bringing in the highest revenue. Proceeds from the listing will be used for advertising expenses, capital expenditure in setting up new exclusive brand outlets (EBOs), investment in its subsidiary BBlunt for opening new salons, and for general corporate purposes and unidentified inorganic acquisitions. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on Mamaearth IPO Day 3 Mamaearth IPO Mamaearth IPO price band Mamaearth IPO subscription Mamaearth IPO Day 3 subscription Mamaearth IPO news (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-11-02 | The Times of India | US stocks rally as Fed holds rates, prompts hope for end to hikes | AP Wall Street 's major indexes closed higher on Wednesday with the Nasdaq's 1.6% advance leading gains, after the U.S. Federal Reserve kept interest rates unchanged and comments from its top official fueled investor optimism rate hikes were done even though the central bank left the door open for more. Fed Chair Jerome Powell said policy makers would proceed carefully although they were not yet confident financial conditions were restrictive enough to get inflation as low as the central bank would like. Trading was choppy at the start of Powell's press conference but the major equity indexes started to regain lost ground after about 20 minutes, then went on to hit session highs. This was because the Fed's top official "wasn't as assertive about higher-for-longer" rates as he has been in past press conferences, according to Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. Charlie Ripley, senior investment strategist for Allianz Investment Management, wrote that while there is still a potential risk for the Fed to raise rates again, Powell's commentary suggests that "the bar has become higher for rate hikes." Edward Moya, senior market analyst at Oanda wrote that while Powell insisted he was keeping options open for a hike "he didn't seem very convincing." The Dow Jones Industrial Average rose 221.71 points, or 0.67%, to 33,274.58, the S&P 500 gained 44.06 points, or 1.05%, to 4,237.86 and the Nasdaq Composite added 210.23 points, or 1.64%, to 13,061.47. Among the S&P 500's 11 major sectors only two lost ground with energy falling 0.3% while consumer staples edged down 0.06%. Top gainers were rate sensitive information technology, which rose 2% and communications services, which rose 1.8%. In individual stocks, Shares of Advanced Micro Devices jumped almost 10% after an upbeat forecast for sales of chips for artificial intelligence signaled progress in its bid to catch up with market leader Nvidia. Earlier, the stock market was boosted from falling bond yields after the U.S. Treasury Department said it will slow the pace of increases in its longer-dated debt auctions in the November-January quarter and expects it will need one more additional quarter of increases after this to meet its financing needs. Earnings season has been a mixed bag for stocks even though 79.7% of the 310 S&P 500 companies that had reported at the time of LSEG's latest update beat analyst expectations for the quarter while only 16.1% had fallen short of estimates. Still investors were disappointed by many quarterly updates. Estee Lauder shares tumbled 18.9% after the beauty products maker cut its annual profit outlook. And shares in Payroll processor Paycom Software sank 38.5% after it projected for downbeat fourth-quarter revenue. Tinder owner Match Group dropped 15.3% after it also forecast fourth-quarter revenue below estimates. Advancing issues outnumbered declining ones on the NYSE by a 2.36-to-1 ratio; on Nasdaq, a 1.20-to-1 ratio favored advancers. The S&P 500 posted 7 new 52-week highs and 30 new lows; the Nasdaq Composite recorded 24 new highs and 297 new lows. Trading was brisk on U.S. exchanges with 11.20 billion shares changing hands compared with the 10.67 billion average for the last 20 sessions. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on growth stocks fed stock indexes Market Leader wall street (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. 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Weekly Top Picks: Eight stocks with consistent score improvement and upside potential of up to 40% 9 mins read 4 stocks with 5 % to 8.87% dividend yields and continuous dividend payments for 7 years 7 mins read Weekly Top Picks: Seven large & mid caps with consistent score improvement and upside potential of up to 42% 9 mins read What do Q2 LIC results indicate for other Insurance companies? Two Life and 3 non-life Insurance players with “buy” and “strong buy” ratings 3 mins read Large cap stocks with upside potential of more than 25% 4 mins read 5 stocks for a high dividend yielding portfolio 8 mins read Eight midcap stocks, 2 with“ Strong Buy” and 6 with “Buy” recommendations with potential upside of up to 35% 7 mins read Six high ROE and low PEG ratio stocks, right combination for wealth creation 8 mins read
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2024-11-02 | The Times of India | Tata Capital Healthcare Fund to close 3-4 investments by mid-2024 | ETMarkets.com Tata Capital Healthcare Fund II ( TCHF II ), the follow-on healthcare-focused private equity fund under Tata Capital said it will be investing in 3 to 4 more companies by the middle of 2024, in areas of pharmaceutical manufacturing, distribution and consumer nutrition, among others. TCHF II has already allocated 60% of the $130 million corpus raised last year. It has concluded seven investments to date. The current TCHF II portfolio is strategically diversified across domestic and export pharmaceuticals, cancer care clinics, dialysis centers, integrated regional diagnostic chains, and digital healthcare. “We strongly believe in a transformative approach, underpinned by our 3P framework—People, Process, and Performance," said Visalakshi Chandramouli, managing partner at TCHF. "We're thrilled to report a remarkable 9.3 million health beneficiaries both direct and indirect in FY23, 44 new jobs created with $1 million invested by the fund and a 35% uptick in women employees across our portfolio companies,” Chandramouli added. "Stay updated with Headlines that matter in just 2 minutes & under 90 words. Download TOI Shorts app to read the news in brief." Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on tata capital healthcare fund tata capital healthcare fund ii pe fund tata capital tata capital fund tchf ii (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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Weekly Top Picks: Eight stocks with consistent score improvement and upside potential of up to 40% 9 mins read 4 stocks with 5 % to 8.87% dividend yields and continuous dividend payments for 7 years 7 mins read Weekly Top Picks: Seven large & mid caps with consistent score improvement and upside potential of up to 42% 9 mins read What do Q2 LIC results indicate for other Insurance companies? Two Life and 3 non-life Insurance players with “buy” and “strong buy” ratings 3 mins read Large cap stocks with upside potential of more than 25% 4 mins read 5 stocks for a high dividend yielding portfolio 8 mins read Eight midcap stocks, 2 with“ Strong Buy” and 6 with “Buy” recommendations with potential upside of up to 35% 7 mins read Six high ROE and low PEG ratio stocks, right combination for wealth creation 8 mins read
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2024-11-02 | Marketscreener.com | Investor Presentation: Financial Results for 3rd Quarter (January-September) FY2023 | October 27, 2023 FY2023 3Q (January - September) IR Presentation Code:3003 Bizflex Tokyo Yaesu (Completed in Oct. 2023) HULIC &New UDAGAWA II (Completed in Oct. 2023) Table of Contents Page FY2023 3Q Consolidated Performance Summary 03 Executive Summary 3 Financial Highlights 4 Key Metrics / Shareholder Return 5 Progress on Forecast for FY2023 6 Income Statement 7 Segment Performance 8 Balance Sheets 9 Funding 10 Financial KPIs 11 Priority Challenge (1) in MT Management Plan Page 12 Create a high-quality leasing portfolio and maintain / enhance the flexible earnings structure Restructuring to High Quality 13 Leasing Portfolio Vacancy Rate & Rent History 14 Portfolio Distribution Pictures 15-16 Investment in Real Estate 17 CRE Business 18 Real Estate for Sale 19 Appendix Macro Environment 48-51 Corporate Profile 52-76 Page 20 Page 31 Page 41 Priority Challenge (2) in MT Management Plan Expand pipelines for development / reconstruction and Value-added projects, diversify exits to ensure profitability Ongoing Projects 21-27 Bank Branch Reconstruction 28 PPP Business 29 Value Added Business 30 Priority Challenge (3) in MT Management Plan Promote new businesses to diversify revenue source Data Center 32 Logistics Center 33-34 Other Next Generation Assets 35 Senior-related Business 36 Tourism-related Business 37 Initiatives for New Business 38 Development Midsize Flexible Office 'Bizflex' 39 Education Business for Children 40 Priority Challenge (5) in MT Management Plan Continue to promote the sustainable management to address environmental issues and human capital development, etc. Initiatives for Sustainability 42-46 2 Executive Summary FY2023 3Q Results Revised Annual Initial Annual Change Forecast Forecast Operating Revenue 470.0 － － (bn yen) Operating Profit 143.0 140.0 +3.0 (bn yen) Ordinary Profit 134.0 132.0 +2.0 (bn yen) Profit attributable to Owners of Parent 90.0 86.5 +3.5 (bn yen) Annual Dividend 48.00 46.00 +2.00 (yen) 3 Financial Highlights (Consolidated) Revenue and all profit items reached record-highs for 3Q Revised the FY2023 annual guidance upward Operating Revenue （Billion yen） 523.4 (plan) 470.0 500.0 447.0 400.0 357.2 339.6 399.2 287.5 300.0 200.0 278.5 100.0 0.0 18/12 19/12 20/12 21/12 22/12 23/12 Forecast Revised: 143.0 bn Operating Profit Initial: 140.0 bn （Billion yen） Up: 3.0 bn 140.0 114.5 126.1 120.0 100.5 88.3 100.0 75.5 80.0 90.9 60.0 77.2 40.0 20.0 0.0 18/12 19/12 20/12 21/12 22/12 23/12 Forecast Forecast Revised: 134.0 bn Ordinary Profit (Recurring Profit) Profit attributable to Owners of Parent Revised: 90.0 bn Initial: 132.0 bn Initial: 86.5 bn （Billion yen） Up: 2.0 bn （Billion yen） Up: 3.5 bn 140.0 123.2 120.0 109.5 95.6 100.0 84.6 72.5 80.0 83.5 60.0 76.0 40.0 20.0 0.0 18/12 19/12 20/12 21/12 22/12 23/12 100.0 80.0 69.5 79.1 58.8 63.6 60.0 49.5 40.0 58.6 48.6 20.0 0.0 18/12 19/12 20/12 21/12 22/12 23/12 4 Key Metrics / Shareholder Return Hiked annual dividend to 48.0 yen (+6.0 yen YoY, +14%) reflecting ESP increase Payout ratio will be kept above 40% EPS (Net income per share) （Yen） 120.00 118.28 95.23 101.09 104.00 100.00 88.93 0.00 18/12 19/12 20/12 21/12 22/12 23/12 (plan) BPS (Book value per share) （Yen） 1,200.00 1,000.00 960.28 836.89 902.70 800.00 728.31 687.01 600.00 608.49 400.00 200.00 0.00 18/12 19/12 20/12 21/12 22/12 23/9 Payout ratio guidance during Dividend History the mid-term plan (2023-2025) :40% or higher （Yen per Share） 60.00 45.0% (plan) 40.3% 40.5% 37.8% 38.5% 40.0% 48.00 50.00 33.9% 35.4% Revised up 32.6% 35.0% 32.0% +2.00 yen 40.00 30.0% 42.00 23.00 Initial 39.00 forecast 25.0% 30.00 36.00 20.0% 31.50 20.00 25.50 23.00 15.0% 21.00 Actual 10.0% interim 10.00 17.00 dividend 5.0% 0.00 0.0% 16/12 17/12 18/12 19/12 20/12 21/12 22/12 23/12 Annual Dividend (Left axis) Payout ratio (Right axis) 5 FY2023 3Q Progress over FY2023 Guidance (Consolidated) Earnings steadily proceeded in line with the annual guidance (Billion yen) FY2023 FY2022 Initial Revised % Result 3Q Result Forecast Forecast Progress Operating Revenue 523.4 - 470.0 278.5 59.2% Operating Profit 126.1 140.0 143.0 90.9 63.6% Ordinary Profit 123.2 132.0 134.0 83.5 62.3% (Recurring Profit) Profit attributable to 79.1 86.5 90.0 58.6 65.2% Owners of Parent 6 FY2023 3Q Income Statement (Consolidated) Real estate business advanced as planned & Profit from Hotels / Ryokans expanded (Million yen) FY22/12 FY23/12 QoQ Change (%) 3Q 3Q Operating Revenue 399,208 278,529 -120,679 (-30.2%) Operating Gross Profit 111,518 130,368 18,850 SGA Expenses 34,261 39,418 5,157 Operating Profit 77,257 90,950 13,693 (+17.7%) Non-operating Income 7,816 2,865 -4,950 Non-operating Expenses 8,994 10,226 1,232 Ordinary Profit 76,078 83,588 7,510 (+9.8%) (Recurring Profit) Extraordinary Income 469 3,594 3,124 Extraordinary Losses 4,246 1,910 -2,336 Total Income Taxes 23,643 26,557 2,913 Profit attributable to 48,667 58,697 10,030 (+20.6%) Owners of Parent Major factors for changes Real Estate Business -130.5 bn Hotels/Ryokans +11.8 bn Hotels/Ryokans +3.4 bn Amortization of goodwill+0.2 bn Real Estate Business +8.6 bn Hotels/Ryokans +5.7 bn Early termination fee -4.1 bn Compensation income for loss from redevelopment +3.3 bn 7 FY2023 3Q Segment Performance (Consolidated) Falling off of one-off in 2022 affected "Leasing / Management Profit" Steady capital gains continued FY2022 3Q FY2023 3Q QoQ Change Operating Revenue 399,208 278,529 -120,679 Real Estate 377,983 247,461 -130,521 Leasing / Management Revenue, etc. 71,858 73,489 1,630 Sales Revenue 306,124 173,972 -132,151 Insurance Agency(subsidiary) 2,835 2,726 -109 Hotels / Ryokans(subsidiaries) 19,018 30,898 11,879 ＊1 Others 5,520 4,754 -765 Elimination / Corporate -6,148 -7,311 -1,162 Operating Profit 77,257 90,950 13,693 Real Estate 88,795 97,424 8,629 Leasing / Management Profit, etc. (53%) 47,418 (43%) 42,304 -5,114 Sales Profit (47%) 41,376 (57%) 55,120 13,743 Insurance Agency (subsidiary) 960 872 -88 Hotels / Ryokans (subsidiaries) -4,995 778 5,773 ＊1 Others 478 404 -73 Elimination / Corporate -7,982 -8,529 -547 Major factors for changes Properties acquired/completed +9.5 bn Transfer to real estate for sale -8.7 bn Others +0.6 bn Properties acquired/completed +6.5 bn Transfer to real estate for sale -5.7 bn Others (including falling off of one-off in 2022) -5.8 bn Recovery in occupancy rate/ADR +5.7 bn Note: Leasing / management revenue / profit, etc. is the amount subtracting sales revenue / profit from total real estate operating revenue / profit Note: Percentage numbers in brackets: ratios of leasing / management profit, etc. and sales profit in real estate business *1 Results from11/2022 to 7/2023of Nippon View Hotel and10/2022 to 6/2023of Hulic FUFU, The Hotel Nikko Kanazawa and Tokyo Bay Maihama Hotel were consolidated in the above results. 8 FY2023 3Q Balance Sheets (Consolidated) Property, plant and equipment increased owing to continued acquisition and development Net assets stood at well over JPY700.0 bn by accumulating profits Assets Liabilities & Net Assets （Million yen） 2022/12 2023/9 Change Current Assets 250,901 402,270 151,368 Non-current Assets 2,067,114 2,126,578 59,464 Property, Plant and Equipment 1,644,449 1,652,164 7,714 Investment Securities 284,706 318,717 34,011 Marketable Securities 111,113 140,167 29,054 Investments in silent 21,792 22,924 1,131 partnership Shareholdings/Investments of 151,800 155,625 3,825 Affiliated Companies, etc. Total 2,320,337 2,530,800 210,462 Liabilities 1,633,183 1,796,509 163,325 Borrowings 1,019,986 1,043,321 23,335 Corporate Bonds 421,000 505,980 84,980 Deferred Tax Liabilities 53,532 61,324 7,792 Net Assets 687,153 734,290 47,137 Shareholders' Equity 646,469 670,867 24,397 Valuation Difference on 40,267 60,027 19,759 Available-for-sale Securities Total 2,320,337 2,530,800 210,462 In 3Q FY2023, Invested approx.JPY260.0bn (gross) Major factors for changes Real estate for sale +155.4 bn Acquisitions, transfer +265.1 bn Sale -109.7 bn Real estate for sale in process -3.2 bn Cash and deposits -8.2 bn Land・Buildings -19.1 bn Acquisitions, completions +205.6 bn Transfer -207.1 bn Others -17.6 bn Construction in progress +26.9 bn MTM valuation +28.2 bn Short-term bonds +94.9 bn Quarterly net income +58.6 bn Dividend paid -34.4 bn 9 Funding Favorable funding conditions are strongly supported by AA rating External Rating Instant Borrowing Capacity (As of Sep. 30, 2023） （Billion yen） AA－（Stable） JCR rating Upgradedfrom "A＋(Positive)" OD limit (outstanding balance) 154.0 ( - ) in May 2022 CP issue limit (outstanding balance) 200.0 (95.0) Corporate Bonds (*)Sustainability Linked Bonds Added SB limit / issued 300.0 (116.0) / 411.0 Date Coupon rate JPY Tenor (year) (%) (bn) Apr. 24, 2014 5thStraight 0.949 10.0 10 Oct. 22, 2018 6thStraight 0.494 20.0 10 Jun. 25, 2019 7thStraight 0.20 20.0 5 〃 8thStraight 0.30 20.0 7 〃 9thStraight 0.40 15.0 10 Jul. 2, 2020 2ndHybrid 1.28 120.0 35 (NC5) 〃 3rdHybrid 1.40 40.0 37 (NC7) 〃 4thHybrid 1.56 40.0 40 (NC10) Oct. 15, 2020 10thStraight (*) 0.44 10.0 10 Oct. 19, 2022 5thHybrid 1.435 46.0 35 (NC5) 〃 6thHybrid 1.849 30.0 40 (NC10) Apr. 13, 2023 11thStraight 0.320 40.0 3 Average Funding Cost & Long-term Borrowing Period long-term borrowing ratio average interest rate（*） （％） （％） 100.0 1.00 90.0 98.9 98.2 99.9 99.9 99.9 0.90 93.7 80.0 0.80 70.0 0.70 60.0 0.59 0.55 0.56 0.56 0.57 0.55 0.60 50.0 0.50 18/12 19/12 20/12 21/12 22/12 23/9 (*) Average interest rate including hybrid finance is the following: 2018/12 2019/12 2020/12 2021/12 2022/12 2023/9 0.64% 0.60% 0.72% 0.71% 0.77% 0.75% 10 Attachments Disclaimer Hulic Co. Ltd.published this content on02 November 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on02 November 2023 08:47:10 UTC. |
2024-11-02 | ETF Daily News | Notable Key Takeaways of American Electric Power Company Inc. (AEP) Financial Quarterly Update | AEPTexas Inc. and its subsidiaries have seen steady revenue growth over the past three years, driven by retail and transmission revenues. KWh energy sales have increased, and degree days have improved, resulting in higher net income margins. Management has implemented initiatives to reduce risks such as volatility in financial markets, decreased demand for electricity, and weather conditions.AEPis subject to extensive governmental regulation related to public health and the environment, and is committed to responsible business practices. The forward-looking guidance focuses on risks and the ability to attract and retain personnel. Revenue has grown steadily over the past three years, driven primarily by increases in retail and transmission revenues. Retail revenues have increased due to weather-normalized and weather-related usage, as well as rate riders. Transmission revenues have increased due to higher demand. Operating expenses have increased due to energy assistance programs, transmission and distribution expenses, and depreciation and amortization. These increases were partially offset by legislation and employee-related expenses. The company’s net income margin for the third quarter of 2023 was $93.0 million, a decrease of $177.6 million from the third quarter of 2022. This is lower than industry peers. Management has undertaken initiatives to increase KWh energy sales and reduce degree days. These initiatives have been successful, as evidenced by the summary of KWh energy sales for the three and nine months ended. Management assesses the company’s competitive position by monitoring market trends and disruptions such as volatility in financial markets, availability and cost of funds, decreased demand for electricity, weather conditions, economic conditions, pandemics, global trade tensions, and inflationary or deflationary interest rate trends. Management identified risk management liabilities, such as commodity contracts, as a major risk. To mitigate this, they have implemented financial statements, quantitative and qualitative disclosures, and controls and procedures. Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold ForeverKWh energy sales have increased over the past year, in line with the company’s long-term goals. Degree days have also increased, indicating improved performance. Overall, the company’s key performance metrics have been positive. The company’s ROI is higher than its cost of capital, indicating that it is generating value for shareholders.AEPdoes not appear to have any plans for market expansion or consolidation. The context information does not provide any information about the company’s market share or how it has evolved in comparison to its competitors. Volatility and disruptions in financial markets, decreased demand for electricity, weather conditions, limitations on insurance, volatility in capital markets, accounting standards, unforeseen events, and the ability to attract and retain personnel are external factors that pose risks to the company.AEPassesses and manages cybersecurity risks by regularly evaluating its disclosure controls and procedures, and ensuring they are effective and provide reasonable assurance. They also monitor changes in the financial markets and the availability of capital to finance new projects. Yes, the company is subject to certain claims and legal actions arising in the ordinary course of business. Management accrues contingent liabilities and discloses reasonably possible liabilities. They also consider external factors such as financial markets, availability of capital, and weather conditions. The board of directors is composed ofAEPTexas Inc.,AEPTransmission Company, LLC, Appalachian Power Company, Indiana Michigan Power Company, Ohio Power Company, Public Service Company of Oklahoma, and Southwestern Electric Power Company. There are no notable changes in leadership or independence.AEPdoes not mention any commitment to board diversity in its disclosures. It does, however, mention that it is subject to extensive governmental regulation related to public health and the environment.AEPis committed to responsible business practices, such as reducing emissions of sulfur, nitrogen, mercury, carbon, soot, and other substances. They are also subject to extensive governmental regulation related to public health and the environment. They disclose their commitments, guarantees, and contingencies in their 2022 Annual Report. The company’s forward-looking guidance addresses its strategic initiatives and priorities outlined in the annual report by discussing the impact of volatility in the capital markets, accounting standards, other risks and unforeseen events, and the ability to attract and retain the requisite work force.AEPis factoring in volatility and disruptions in financial markets, decreased demand for electricity, weather conditions, limitations on insurance, capital market volatility, accounting standards, and other risks. It plans to capitalize on these trends by adjusting its budget and debt ceiling matters, recovering storm restoration costs, and attracting and retaining the necessary workforce. No, there are no investments or strategic shifts indicated in the forward-looking guidance. The guidance focuses on risks such as volatility in the capital markets, accounting standards, unforeseen events, and the ability to attract and retain personnel. For more information: This article was created using artificial intelligence technology from Klickanalytics. |
2024-11-02 | Forbes | Blockchain’s Pioneers: Is Solve.Care The World’s Next HealthTech Superpower? | An emerging HealthTech company could become the biggest company in the world on the back of blockchain technology. In recent years, the healthcare industry has witnessed a surge in digital transformation efforts aimed at improving patient care and data management. Among these technological innovations, blockchain technology has emerged as a promising solution with the potential to reshape healthcare systems and enhance patient care networks. According to Andreessen Horowitz, a venture capital firm also known as a16z, the biggest company in the world will eventually be a consumer health tech company. Given that healthcare is one of the biggest sectors in the United States standing at $4 Trillion, there is a lot of opportunity for companies to integrate various technologies. This is also a perfect industry to innovate with new and promising technologies like blockchain. There are two paths to a consumer health startup becoming the biggest company in the world. Firstly, a vertically integrated path of building a “Payvidor” (a combined payor and provider) that eventually owns most care services itself. Secondly, a horizontal path of building a consumer marketplace or infrastructure layer that enables all other care delivery companies. What type of company can ideally achieve both of these? One company in particular, Solve.Care, enables payors and providers to build their own networks cheaper and faster. They are making these networks interoperable, removing extra burdens from providers, and are building a consumer marketplace where all healthcare stakeholders (e.g. physicians, insurers, patients) can connect and find the best care globally for themselves and their families. On top of that, blockchain empowers security and control over data that belongs to patients, enabling secure, transparent, and efficient data sharing. Solve.Care, led by their CEO Pradeep Goel, is a blockchain platform putting the patient in the center of the healthcare delivery model, connecting insurers, physicians, patients, and employers on one decentralized platform where patients have full control over their data, creating the first global healthcare marketplace. Companies like Solve.Care have shown that there are multiple components of the healthcare system that can be elevated through blockchain technology. Here are some of the ways these issues are being tackled: Data Security and Privacy One of the primary concerns in healthcare is the protection of sensitive patient data. Medical records, personal information, and payment details are attractive targets for cybercriminals. Blockchain technology can significantly enhance data security by using cryptographic techniques to secure information. Solve.Care can offer healthcare organizations, private practices, employers, and others protection over patient data, making it nearly immune to unauthorized access and data breaches. Interoperability and Data Exchange Healthcare is a highly fragmented industry with various healthcare providers, insurers, and institutions often using different systems and formats for data management. This lack of interoperability can lead to data silos, hindering effective patient care coordination. Solve.Care addresses this issue by providing a standardized and secure platform for data exchange. Blockchain can allow for the seamless sharing of patient information across different providers, ensuring that all stakeholders have access to the most up-to-date and accurate data. Global Care Marketplace In a digital world, we need more digital solutions around patient care. One of those solutions is Telehealth and being able to connect with a practitioner virtually from the comfort of your home. Solve.Care takes this to a whole new level on the blockchain, allowing healthcare providers to connect with their patients seamlessly and anywhere. This gives patients instant access to a global healthcare network with complete freedom of choice, minus the strenuous paperwork and costs involved with going to a physical clinic. Streamlined Payment Processing Payment processing is often a time-consuming and uncomfortable part of the healthcare experience. From getting your first medical bill, to insurance claim processing. Blockchain allows for a more transparent and simplified experience for patients by creating automated systems. Through the Solve.Care platform, these transactions are decentralized through smart contracts, eliminating intermediaries and allowing for quick transaction processes. This is accomplished through a full-stack network of identity verification, consent confirmation and interoperability. Patient Empowerment Lastly, and most importantly, Blockchain empowers patients by granting them greater control over their healthcare data. Patients can securely access and share their medical records with healthcare providers, insurers, and researchers as they see fit. Solve.Care offers this level of increased control and transparency through their Care.Wallet, which enables patients to take a more active role in their healthcare decisions, fostering a patient-centric approach to care. In conclusion, blockchain technology holds immense promise in revolutionizing patient care networks within the healthcare system by incorporating blockchain-based solutions around data security, interoperability, medical supply chain management, claims processing and patient empowerment. This will become a powerful tool for healthcare stakeholders to enhance patient outcomes and experiences. While blockchain is not a panacea, its adoption can certainly drive improvements in an industry that is continually seeking more efficient, secure, and patient-centered approaches to care. |
2024-11-02 | Deadline | Dispatches From The Picket Lines: Actors In NYC Hopeful For Deal But Managing Expectations – “It’s A Fine Line” | This is Day 112 of theSAG-AFTRAstrike. Striking actors in New York City hit the picket lines in extra layering Thursday with the weather turning colder andtheir union’s strikeagainst studios and streamers extending into its fifth calendar month. Amidreports of progress in the talksout west between SAG-AFTRA and theAlliance of Motion Picture and Television Producers, picketers spotted Thursday outsideAMPTPmember company offices in Manhattan includedAnnabella Sciorra,Terry Kinney,Kelly AuCoin, Glenn Fleshler, Stephen Kunken, Carrie Gibson, Michael Cyril Creighton, Frank C. Williams and Stephanie D’Abruzzo. Actors said that they are doing their best to balance hopes for a settlement — whichhave been dashed before— with managed expectations while most continue to go without paying work. “It’s a fine line,” Gibson, a SAG-AFTRA strike captain who had a recurring role on Max’sBarry, told Deadline at a picket outside NBCUniversal headquarters at Rockefeller Center. Gibson was preparing to head to Los Angeles next for a job on a production covered by theSAG-AFTRA interim agreement. She said the challenge for strikers is “staying strong and confident and present, and not buying into the idea that it’s going to end at any minute.” “We’ve been out here this long; this is not the time to take a bad deal,” actorErrik Tustenuggeesaid outside NBCUniversal, seconding the message of the letter that high-profile SAG-AFTRA memberssent last weekto the union’s negotiating committee. Tustenuggee also defended SAG-AFTRA president Fran Drescher, who hasfaced questions about her leadership styleas the strike has gone on. “I think she stepped up, and the fact that were-elected her overwhelminglytells you that she has our support,” Tustenuggee said. WHY I'M STRIKING: "I'm here because we need a fair contract… we need great representation… and we're tired of the studios giving us bad contracts" – Errik Tustenuggee tells Deadline outside of Netflix and Warner Bros. Discovery in NYC#SAGAFTRAStrikepic.twitter.com/pP36tDSGol The issues haven’t changed as the calendar rolls over: Residuals from streaming and artificial intelligence as a threat to replace live actors still top union members’ priorities for a new contract. AI’s impact won’t stop with the on-set performers if it’s used to create endlessly recyclable digital replicas, said Jennifer Childs, who makes her living as a double actor, including for Maggie Siff onBillionsand Rachel Weiz inDead Ringers. “It affects everybody,” Childs told Deadline at the NBCUniversal picket. “You don’t need a craft services table if you don’t have actors.” Sciorra, an Emmy nominee with credits ranging from Spike Lee’sJungle Feverto CBS’Blue Bloods, told Deadline that health insurance is a particular concern of hers. “I’m one of the people who will not qualify for my insurance, probably,” she said at a picket outside the neighboring offices of Netflix and Warner Bros. Discovery. The strike is cutting into actors’ earnings and leaving many close to, or below, the income threshold that qualifies them for SAG-AFTRA-sponsored coverage. Even so, Sciorra vouched for the power of the picket lines, saying, “I think showing up also helps the negotiators stay there and feel good about it and hold on until we get what we want.” Kinney, a founder of the famed Steppenwolf Theatre Company in Chicago, told Deadline at the Netflix/Warner picket: “I think we’ve settled before in other strikes and the membership was not entirely happy with the deal. So I think this time people have girded their loins a bit to wait. And so when I hear good news — ‘Oh, last night I heard it, they’re close, they’re getting close!’ — I think we’re going to keep hearing that. And until it’s true, it’s a rumor. And we’re just going to keep showing up.” WHY WE'RE STRIKING: "We don't want AI to take our jobs… we want fair residuals for streaming… people are getting rich and it ain't the actors…" – Annabella Sciorra and Terry Kinney tell Deadline outside of Netflix and Warner Bros. Discovery in NYC#SAGAFTRAStrikepic.twitter.com/JwHD6vBLcO “I expected this to be a long fight so I’m not shocked,”True DetectiveandBillionsactor Fleshler told Deadline at the Netflix/Warner picket. “It’s been a hard time, but we are down for the cause, and I’m very excited to see how spirited everyone’s remained … because I know some people have it a lot harder than I do.” RELATED:‘Billions’ Series Finale: Creators Explain That Ending, Those Pop Culture Analogies & Why Axe Didn’t Hook Up With Wendy AuCoin, anotherBillionsactor marching outside Netflix and Warner Bros., told Deadline that the letter to the negotiators is “an affirmation of everything we’ve been out here for to begin with” and said that his message to them is, “Keep pushing, stay strong, we have leverage.” The leverage, as he viewed it, lies in part with the steady turnout at pickets like Tuesday’s. “One of the things I love and that I’m most proud of is that there are as many people on the line coming here today, on Day 112, as there were on Day 1,” AuCoin said. “There is no dwindling of faith.” WHY I'M STRIKING: "For fair contracts… to protect our images, to own our own images… for residuals… for a modern contract for a modern world" – Kelly AuCoin tells Deadline outside of Netflix and Warner Bros. Discovery in NYC#SAGAFTRAStrikepic.twitter.com/pO3U0ATH9H Childs said that she is approaching the strike at this juncture with “cautious optimism,” buoyed by the pickets. “There is such a feeling of solidarity in getting out here on the picket line that I suggest to people who are losing hope, ‘Get over here,’” Childs said. “Because it’s so unifying and it feels so good and strengthening. We’re a family at this point, and so it is strength in numbers and comfort in numbers.” WHY I'M STRIKING: "This is day 112… we have not come this far to only come this far… we remain out on the picket lines until we get the deal that we deserve" – Jennifer Childs tells Deadline outside of Netflix and Warner Bros. Discovery in NYC#SAGAFTRAStrikepic.twitter.com/kcTd6amxPE |
2024-11-02 | Marketscreener.com | JMDC : Summary of Financial Statements for the Six Months Ended September 30, 2023 (Consolidated) | Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. Summary of Financial Statements for the Six Months Ended September 30, 2023 [IFRS] (Consolidated) November 2, 2023 Company name: JMDC Inc. Listing: Tokyo Stock Exchange Stock code: 4483 URL: https://www.jmdc.co.jp/en/ Representative: Ryo Noguchi, President and CEO Inquiries: Tomohiro Mochizuki, Senior Executive Officer and CFO TEL: +81-3-5733-5010 Scheduled date to file quarterly securities report: November 13, 2023 Scheduled date to commence dividend payments: - Preparation of supplementary material on quarterly financial results: Yes Holding of quarterly financial results presentation meeting: Yes (for institutional investors and analysts) (Yen amounts are rounded down to millions, unless otherwise noted.) 1. Consolidated financial results for the first six months of the fiscal year ending March 31, 2024 (from April 1, 2023 to September 30, 2023) (1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.) Revenue Operating profit Profit before tax Profit Six months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % September 30, 2023 13,746 14.0 3,602 63.2 3,615 61.8 2,663 85.4 September 30, 2022 12,060 26.3 2,207 27.4 2,234 30.3 1,436 26.4 Profit attributable to Total comprehensive Basic earnings Diluted earnings owners of parent income per share per share Six months ended Millions of yen % Millions of yen % Yen Yen September 30, 2023 2,662 84.4 2,667 84.9 42.20 40.53 September 30, 2022 1,444 27.0 1,442 26.9 25.29 23.86 Reference: EBITDA Six months ended September 30, 2023 ¥3,303 million [11.7%] Six months ended September 30, 2022 ¥2,956 million [19.6%] Note: EBITDA: Operating profit + Depreciation and amortization ± Other income and/or expenses (2) Consolidated financial position Total assets Total equity Equity attributable to Ratio of equity attributable to owners owners of parent of parent As of Millions of yen Millions of yen Millions of yen % September 30, 2023 100,000 68,712 68,635 68.6 March 31, 2023 98,567 64,524 64,539 65.5 2. Cash dividends Annual dividends First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended - 0.00 - 12.00 12.00 March 31, 2023 Fiscal year ending - 0.00 March 31, 2024 Fiscal year ending - - - March 31, 2024 (Forecast) Note: Revisions to the forecast of cash dividends most recently announced: None 3. Consolidated earnings forecasts for the fiscal year ending March 31, 2024 (from April 1, 2023 to March 31, 2024) (Percentages indicateyear-on-year changes.) Profit Basic Revenue Operating profit Profit before tax Profit attributable to earnings per owners of parent share Millions % Millions % Millions % Millions % Millions % Yen of yen of yen of yen of yen of yen Fiscal year ending 33,000 18.7 8,800 48.5 8,750 48.9 6,500 52.1 6,500 52.3 103.32 March 31, 2024 Note: Revisions to the earnings forecasts most recently announced: None Reference: EBITDA Fiscal year ending March 31, 2024 ¥9,750 million [26.3%] * Notes (i) Changes in accounting policies required by IFRS: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None As of September 30, 2023 As of March 31, 2023 65,301,608 shares 62,910,608 shares (ii) Number of treasury shares at end of the period As of September 30, 2023 As of March 31, 2023 For the six months ended September 30, 2023 For the six months ended September 30, 2022 63,094,445 shares 57,114,128 shares JMDC Inc. (4483) Attached Material Index 1. Qualitative information regarding financial results for the six months ended September 30, 2023 ......... 2 (1) Explanation of operating results 2 (2) Explanation of financial position 4 (3) Explanation of consolidated earnings forecasts and other forward-looking statements 5 2. Condensed quarterly consolidated financial statements and significant notes thereto 6 (1) Condensed quarterly consolidated statement of financial position 6 (2) Condensed quarterly consolidated statement of profit or loss and condensed quarterly consolidated statement of comprehensive income 7 (3) Condensed quarterly consolidated statement of changes in equity 9 (4) Condensed quarterly consolidated statement of cash flows 11 (5) Notes to condensed quarterly consolidated financial statements 12 Notes on going concern assumption 12 Segment information 12 Significant subsequent events 13 - 1 - JMDC Inc. (4483) 1. Qualitative information regarding financial results for the six months ended September 30, 2023 (Millions of yen) 10th fiscal year 11th fiscal year Category Six months ended Six months ended YoY change September 30, 2022 September 30, 2023 Revenue 12,060 13,746 1,686 14.0% Operating profit 2,207 3,602 1,394 63.2% EBITDA [margin] 2,956 [24.5%] 3,303 [24.0%] 347 11.7% (Segment results) (Millions of yen) 10th fiscal year 11th fiscal year Category Six months ended Six months ended YoY change September 30, 2022 September 30, 2023 Healthcare-Big Segment revenue 7,903 9,834 1,931 24.4% Data Segment profit [ratio] 2,028 [25.7%] 2,492 [25.3%] 464 22.9% Tele-medicine Segment revenue 2,439 2,740 300 12.3% Segment profit [ratio] 924 [37.9%] 1,014 [37.0%] 90 9.8% Dispensing Segment revenue 1,843 1,261 (582) (31.6)% Pharmacy Support Segment profit [ratio] 192 [10.5%] 133 [10.6%] (58) (30.6)% Adjustment Segment revenue (126) (89) 36 - Segment profit (189) (338) (148) - Total Revenue 12,060 13,746 1,686 14.0% EBITDA [margin] 2,956 [24.5%] 3,303 [24.0%] 347 11.7% (Note) EBITDA is an objective indicator for judging the achievement of the JMDC Group's (the "Group's") management policies and strategies or management objectives. The Group uses EBITDA to measure the performance of each segment and believes that it is a useful and necessary measure to assess the Group's performance more effectively. The formulas for calculating EBITDA and EBITDA margin are as follows. EBITDA: Operating profit + Depreciation and amortization ± Other income and/or expenses During the six months ended September 30, 2023, as a result of the tender offer by OMRON Corporation for the Company's ordinary shares, OMRON Corporation became a parent company of the Company effective October 16, 2023. The Company's shares continue to be listed on the Prime Market of the Tokyo Stock Exchange, Inc. - 2 - JMDC Inc. (4483) Results by each segment are as follows. Healthcare-Big Data The Group possesses the largest scale of healthcare big data in Japan that is available for public through data anonymization of receipts (admitted patients, day patients, prescriptions), medical examinations and member records received from health insurance associations. During the six months ended September 30, 2023, the number of contracted health insurance associations and the annual transaction value per customer at pharmaceutical and insurance companies which the Company uses and utilizes, each continued to increase on a year-on-year basis, and the business is continuing to expand. Moreover, the Pep Up health information platform developed by the Company is used to generate individualized advice and display risk of diseases for every individual user based on the above healthcare-big data. The number of IDs issued for Pep Up continued to expand during the fiscal year ending March 31, 2024. In addition to the above-mentioned business expansion, the Company gathered 148 companies and organizations that will work to implemented health management that exceeds industry organizations, and commenced full-scale operations for the "Health & Productivity Management Alliance" in June 2023, expanding to 222 companies and organizations as of August 31, 2023. This alliance aims to have 300 companies participating within fiscal 2023, and plans to jointly create solutions in order to shape and strive for results in health management and realize implementation for the industry by carrying out initiatives, such as setting evaluation indicators for health management, creating health management assessments based on data analysis, building an information platform for various solutions, and holding study sessions and seminars. As a result, segment revenue for the six months ended September 30, 2023 was ¥9,834 million and segment profit (segment EBITDA) was ¥2,492 million. Tele-medicine The Group has the biggest platform for radiologists in Japan. In the six months ended September 30, 2023, revenue increased on a year-on-year basis as a result of the continued increase in the number of medical institutions utilizing remote image interpretation services. We continue to take measures to expand our business, including adding functions to "AI-RAD," an artificial intelligence engine platform that assists in diagnostic imaging, and preparations for full-scale business development overseas, including in China. As a result, segment revenue for the six months ended September 30, 2023 was ¥2,740 million and segment profit (segment EBITDA) was ¥1,014 million. Dispensing Pharmacy Support During the six months ended September 30, 2023, we worked to cultivate new customers while securing replacement demand from existing customers. In the environment surrounding dispensing pharmacies, the intensity of competition has increased as digitalization has advanced. Amid the above-mentioned situation, the Company transferred all shares of Unike Software Research Co., Ltd., a component of the Company's Dispensing Pharmacy Support segment, and its management purpose company to the Company's business partner EM Systems Co., Ltd. in June 2023. Due to this transfer, the Company will provide even higher quality services by further acceleration initiatives taken thus far by both companies, and make a splash in the pharmacy market, which will increase the Company's market share. As a result, segment revenue for the six months ended September 30, 2023 was ¥1,261 million and segment profit (segment EBITDA) was ¥133 million. - 3 - JMDC Inc. (4483) As a result of the above, for the six months ended September 30, 2023, revenue increased to ¥13,746 million, operating profit to ¥3,602 million, and EBITDA to ¥3,303 million. Adjustments to reconcile EBITDA to operating profit are as follows. (Reconciliation of EBITDA to operating profit) (Millions of yen) 10th fiscal year 11th fiscal year Six months ended Six months ended September 30, 2022 September 30, 2023 EBITDA 2,956 3,303 Depreciation and amortization (936) (1,074) Other income 203 1,479 Other expenses (14) (106) Operating profit 2,207 3,602 - 4 - JMDC Inc. (4483) Cash flows from investing activities Net cash used in investing activities was ¥3,628 million. This was primarily due to purchase of shares of subsidiaries resulting in change in scope of consolidation of ¥2,538 million and purchase of intangible assets of ¥571 million. Cash flows from financing activities Net cash provided by financing activities was ¥341 million. This was primarily due to the recording of ¥1,701 million in proceeds from short-term borrowings and ¥2,192 million in proceeds from exercise of share acquisition rights, despite recording of ¥754 million in dividends paid and ¥2,121 million in repayments of long-term borrowings. - 5 - JMDC Inc. (4483) 2. Condensed quarterly consolidated financial statements and significant notes thereto (1) Condensed quarterly consolidated statement of financial position (Millions of yen) As of March 31, 2023 As of September 30, 2023 Assets Current assets Cash and cash equivalents 22,782 21,521 Trade and other receivables 11,241 11,054 Other financial assets 3,340 3,249 Inventories 275 194 Other current assets 601 621 Total current assets 38,240 36,641 Non-current assets Property, plant and equipment 10,772 11,230 Goodwill 39,824 42,101 Intangible assets 5,922 5,396 Other financial assets 1,597 2,424 Deferred tax assets 2,057 1,901 Other non-current assets 152 305 Total non-current assets 60,326 63,359 Total assets 98,567 100,000 Liabilities and equity Liabilities Current liabilities Borrowings 994 3,031 Trade and other payables 5,790 5,506 Lease liabilities 846 855 Income taxes payable 1,201 1,018 Contract liabilities 2,066 2,152 Other current liabilities 1,317 1,183 Total current liabilities 12,216 13,748 Non-current liabilities Borrowings 11,935 8,045 Lease liabilities 6,623 6,817 Retirement benefit liability 322 150 Provisions 692 429 Deferred tax liabilities 730 716 Contract liabilities 1,520 1,379 Total non-current liabilities 21,825 17,539 Total liabilities 34,042 31,288 Equity Share capital 23,994 25,094 Capital surplus 27,211 28,298 Treasury shares (2) (2) Other components of equity 28 25 Retained earnings 13,308 15,221 Total equity attributable to owners of parent 64,539 68,635 Non-controlling interests (14) 76 Total equity 64,524 68,712 Total liabilities and equity 98,567 100,000 - 6 - JMDC Inc. (4483) (Millions of yen) Six months ended Six months ended September 30, 2022 September 30, 2023 Revenue 12,060 13,746 Cost of sales 5,342 6,171 Gross profit 6,717 7,575 Selling, general and administrative expenses 4,697 5,346 Other income 203 1,479 Other expenses 14 106 Operating profit 2,207 3,602 Finance income 68 29 Finance costs 42 17 Profit before tax 2,234 3,615 Income tax expense 797 951 Profit 1,436 2,663 Profit attributable to Owners of parent 1,444 2,662 Non-controlling interests (7) 0 Profit 1,436 2,663 Earnings per share Basic earnings per share (Yen) 25.29 42.20 Diluted earnings per share (Yen) 23.86 40.53 - 7 - Attachments Disclaimer JMDC Inc.published this content on02 November 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on02 November 2023 06:15:30 UTC. |
2024-11-02 | ETF Daily News | HBK Sorce Advisory LLC Sells 50,892 Shares of International Business Machines Co. (NYSE:IBM) | HBK Sorce Advisory LLC decreased its stake in International Business Machines Co. (NYSE:IBM–Free Report) by 76.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,066 shares of the technology company’s stock after selling 50,892 shares during the period. HBK Sorce Advisory LLC’s holdings in International Business Machines were worth $2,150,000 at the end of the most recent quarter. Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Fiduciary Alliance LLC bought a new position in International Business Machines in the 2nd quarter valued at approximately $25,000. Live Oak Investment Partners bought a new position in shares of International Business Machines during the fourth quarter valued at $30,000. GW&K Investment Management LLC bought a new position in shares of International Business Machines during the first quarter valued at $33,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of International Business Machines during the second quarter valued at $34,000. Finally, Pacific Center for Financial Services bought a new position in shares of International Business Machines during the first quarter valued at $41,000. Institutional investors own 56.16% of the company’s stock. Several research firms have recently issued reports on IBM. Morgan Stanley dropped their price target on shares of International Business Machines from $135.00 to $130.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 17th. Stifel Nicolaus raised their price target on shares of International Business Machines from $140.00 to $144.00 and gave the company a “buy” rating in a research note on Thursday, July 20th. Bank of America raised their price target on shares of International Business Machines from $152.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday, July 20th.StockNews.comcut shares of International Business Machines from a “buy” rating to a “hold” rating in a research report on Friday, October 13th. Finally, Wedbush reiterated a “neutral” rating and set a $140.00 price objective on shares of International Business Machines in a research report on Thursday, October 26th. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $149.09. Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold ForeverView Our Latest Analysis on International Business Machines NYSE:IBMopened at $145.69 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.86 and a debt-to-equity ratio of 2.11. The stock has a market capitalization of $132.73 billion, a price-to-earnings ratio of 19.28, a PEG ratio of 3.95 and a beta of 0.76. The firm has a fifty day simple moving average of $143.71 and a two-hundred day simple moving average of $136.92. International Business Machines Co. has a 12 month low of $120.55 and a 12 month high of $153.21. International Business Machines (NYSE:IBM–Get Free Report) last posted its quarterly earnings results on Wednesday, October 25th. The technology company reported $2.20 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.08. The business had revenue of $14.75 billion during the quarter, compared to analysts’ expectations of $14.73 billion. International Business Machines had a net margin of 11.32% and a return on equity of 38.51%. The business’s quarterly revenue was up 4.6% on a year-over-year basis. During the same period last year, the company posted $1.81 earnings per share. Analysts expect that International Business Machines Co. will post 9.43 EPS for the current fiscal year. The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, December 9th. Shareholders of record on Friday, November 10th will be paid a $1.66 dividend. This represents a $6.64 dividend on an annualized basis and a dividend yield of 4.56%. The ex-dividend date of this dividend is Thursday, November 9th. International Business Machines’s dividend payout ratio (DPR) is 88.06%. (Free Report) International Business Machines Corporation, together with its subsidiaries, provides integrated solutions and services worldwide. The company operates through four business segments: Software, Consulting, Infrastructure, and Financing. The Software segment offers hybrid cloud platform and software solutions; software for business automation, AIOps and management, integration, and application servers; data and artificial intelligence solutions; and security software and services for threat, data, and identity. |
2024-11-02 | ETF Daily News | Los Angeles Capital Management LLC Buys 4,334 Shares of ExlService Holdings, Inc. (NASDAQ:EXLS) | Los Angeles Capital Management LLC increased its stake in ExlService Holdings, Inc. (NASDAQ:EXLS–Free Report) by 13.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 36,588 shares of the business services provider’s stock after purchasing an additional 4,334 shares during the quarter. Los Angeles Capital Management LLC owned approximately 0.11% of ExlService worth $5,527,000 at the end of the most recent quarter. A number of other hedge funds also recently modified their holdings of EXLS. Mackenzie Financial Corp raised its holdings in shares of ExlService by 60.3% in the 2nd quarter. Mackenzie Financial Corp now owns 1,046,435 shares of the business services provider’s stock worth $157,991,000 after purchasing an additional 393,557 shares during the period. Norges Bank bought a new stake in ExlService during the 4th quarter valued at $66,557,000. Boston Trust Walden Corp raised its holdings in ExlService by 54.3% during the 2nd quarter. Boston Trust Walden Corp now owns 486,449 shares of the business services provider’s stock valued at $73,483,000 after acquiring an additional 171,183 shares during the period. Invesco Ltd. raised its holdings in ExlService by 49.7% during the 1st quarter. Invesco Ltd. now owns 466,371 shares of the business services provider’s stock valued at $66,817,000 after acquiring an additional 154,763 shares during the period. Finally, BlackRock Inc. raised its holdings in ExlService by 3.8% during the 1st quarter. BlackRock Inc. now owns 4,114,849 shares of the business services provider’s stock valued at $665,906,000 after acquiring an additional 150,909 shares during the period. Institutional investors own 18.96% of the company’s stock. In related news, EVPVikas Bhallasold 25,995 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $28.23, for a total value of $733,838.85. Following the completion of the transaction, the executive vice president now directly owns 75,730 shares in the company, valued at $2,137,857.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed throughthis hyperlink. 3.75% of the stock is owned by company insiders. Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold ForeverA number of brokerages have issued reports on EXLS. JPMorgan Chase & Co. boosted their target price on shares of ExlService from $34.00 to $36.00 and gave the company an “overweight” rating in a report on Tuesday, August 22nd. Robert W. Baird reduced their price target on shares of ExlService from $37.00 to $36.00 in a research report on Monday, July 17th. Jefferies Financial Group assumed coverage on shares of ExlService in a research report on Tuesday, September 19th. They set a “hold” rating and a $33.00 price target for the company. Needham & Company LLC restated a “buy” rating and set a $40.00 price target on shares of ExlService in a research report on Friday, July 28th. Finally,StockNews.comupgraded shares of ExlService from a “hold” rating to a “buy” rating in a research report on Thursday, October 26th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, ExlService currently has an average rating of “Moderate Buy” and a consensus price target of $35.67. Get Our Latest Research Report on ExlService Shares ofNASDAQ:EXLSopened at $25.92 on Thursday. ExlService Holdings, Inc. has a 52-week low of $25.17 and a 52-week high of $38.24. The firm has a fifty day moving average of $28.29 and a 200 day moving average of $30.59. The firm has a market capitalization of $4.27 billion, a PE ratio of 24.88, a price-to-earnings-growth ratio of 1.46 and a beta of 0.99. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.13 and a current ratio of 2.13. (Free Report) ExlService Holdings, Inc operates as a data analytics, and digital operations and solutions company in the United States and internationally. It operates through Insurance, Healthcare, Analytics, and Emerging Business segments. The company provides digital operations and solutions and analytics-driven services, such as claims processing, premium and benefit administration, agency management, account reconciliation, policy research, underwriting support, new business acquisition, policy servicing, premium audit, surveys, billing and collection, commercial and residential survey, and customer service using digital technology, artificial intelligence, machine learning, and advanced automation; digital customer acquisition services using a software-as-a-service delivery model through LifePRO and LISS platforms; subrogation services; and Subrosource software platform, an end-to-end subrogation platform. |
2024-11-02 | Forbes | From BPO To Impact Sourcing: An Evolution That’s Better For Business | Wendy Gonzalez is the CEO of Sama, the provider of accurate data for ambitious AI. Outsourcing specific parts of a business to save costs or take advantage of differing tax laws is nothing new—it’s been happening at least since the 1960s. By targeting college graduates in other countries, companies could save on costs, creating a new industry as a result: business process outsourcing. Since the ’60s, though, the world has become more cognizant of how to serve more than just one bottom line—and make communities better. This new business practice is called impact sourcing. Per the Rockefeller Foundation (full disclosure: my company was previously a grant recipient of the Rockefeller Foundation), it’s best summarized as “employment for high potential but disadvantaged people in the services sector.” At the beginning, this was often targeting communities for microwork, or tasks that don’t require high language skills or prior education to complete. Now impact sourcing encompasses both traditional BPO fields like customer support or even high-tech work like AI data annotation or curation. Impact sourcing as a whole provides benefits to the people hired for this work by moving them into the formal economy, which comes with more than just a steady wage. (Having a reliable source of income itself can be a major benefit, particularly for those living below the international poverty line.) It allows for having the ability to save for retirement, receive health insurance and more significantly improve not just an employee’s life, but the lives of their family and even the community they live in through the ripple effect of more money being spent locally. Impact sourcing has been growing for the past 15 years, but it’s still in its beginning phase of growth. Just over half of the executives (download required) Deloitte surveyed in 2022 indicated that they used BPO. They found that 76% of that outsourcing is for IT functions, and 89% of companies are deploying cloud services with third parties. The market value is in the hundreds of billions. By comparison, the number of impact sourcing employees is around just 350,000 globally. Faced with the choice to join a massive global market or intentionally go with a smaller, growing industry, why might you choose to go with impact sourcing? There are three reasons—and one challenge—I’d like to share before you decide. Social Responsibility Goals Slowly but surely, companies are adopting ESG (environmental, social, governance) practices. Even one of the biggest companies in the world, Apple, has been recognized for its ESG leadership. Often, companies look to the UN’s Sustainable Development Goals for ideas on which goals to implement or focus on; about 25% of the Fortune 500 companies refer to the SDGs in some way. Companies like Logitech and GE HealthCare have joined the UN Global Compact, designed to advance these goals locally and which requires progress reports annually. (Sama is also a member of the UN Global Compact.) Impact sourcing can offer direct, measurable contributions to these goals, starting with the very first SDG: No Poverty, thanks to improved wages and benefits. Companies practicing impact sourcing can quickly realize results and improve their internal KPIs while also contributing to a global movement—one that could create up to $12 trillion in additional business opportunities. High Performance, Low Attrition Impact sourcing companies operate in countries that have huge, untapped talent pools. It’s essentially the founding principle at my company: talent is equally distributed, but opportunity is not. For example, the youth unemployment rate in Kenya is 13.4% as of 2022. As the Rockefeller Foundation points out, it is similarly high in a number of other countries with impact sourcers, like India, and impact workers “exhibit high motivation levels that leads to improved performance over a period of time and lower hiring and training costs.” As that same research indicates, attrition rates are anywhere from 15%-40% lower in impact sourcing than normal BPO. (Everest Group, meanwhile, has seen a 50% attrition reduction in some cases in South Africa.) Consequently, working with an impact sourcing company could result in a more experienced workforce handling your business operations. For example, reduced customer satisfaction when outsourcing customer support functions is a key concern, but may be mitigated by a more experienced team trained at an impact sourcing company. Better Cost Savings One of the key drivers, if not the singular key driver, of BPO as an industry has always been reducing how much companies spend. Impact sourcing, however, takes this to the next level. Take India, where BPO is still growing at a projected CAGR of approximately 11% through 2028. As the Rockefeller Foundation research points out, impact sourcing that prioritizes bringing work to more rural areas or other shifts can help realize cost savings of 35%-40% compared to the traditional model. Much of India’s population is still rural, so the cost savings could also lead to finding hitherto untapped talent—and an outsized impact on the communities that impact sourcing companies choose to work in. Picking The Right Partner Once you’ve decided to practice impact sourcing, the top question is this: How do you choose the right partner to reap all of these benefits? First, of course, you can ask for customer references directly from a potential partner. Customers work intimately with these partners and have an inside view as to what operations are actually like. Third-party validation is also a great way to determine whether or not an impact sourcing partner fits with your company values. Is the impact sourcer open to audits by third parties to ensure they are paying fair wages, for example? Furthermore, an impact sourcer who is doing what they say they are should have no problem sharing details with you about their business practices, even if they don’t necessarily publish an impact report. If a potential partner is not transparent to your liking, then they may not be the best fit for you. We want to naturally trust that people are working toward good things, but it is better for both your business and your ESG goals to verify as much as possible before you complete an agreement. Finally, there are also many external, informative sources that you can leverage. Ultimately, whether or not your company chooses to practice impact sourcing, it’s undeniable that this is a growing industry. But unlike BPO, I believe it’s better for more than just your bottom line as a cost-saving measure: it’s meeting a need for businesses to take action and commit to social responsibility. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify? |
2024-11-02 | The Times of India | Bitcoin Lifts Crypto Mood by Retaking 17-Month Peak; SOL Jumps | Reuters Bitcoin rose back to a more than 17-month high amid hopes the Federal Reserve is done with interest-rate hikes and expectations that a fresh source of demand is brewing in the exchange-traded fund industry. The largest digital token added 4% in the past 24 hours and traded at $35,840 as of 10:53 a.m. in Singapore on Thursday. Some smaller coins climbed, including the Solana network’s SOL token, which is up 142% to $42 since mid-September. Bitcoin has more than doubled this year in part on bets that the Securities and Exchange Commission may approve applications from the likes of BlackRock Inc. to start the first US ETFs investing directly in the token. Agencies Did you Know? SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes. View Details » “Resistance” firmed near $35,000 “but there’s enough sustained momentum around the ETF news to make some runs toward $37,000,” said Michael Safai, a partner of proprietary trading firm Dexterity Capital LLC. Meanwhile, Fed Chair Jerome Powell hinted the US central bank may be finished with the most aggressive rate-hiking cycle in four decades. That delivered broad gains in global markets Thursday across stocks, bonds and commodities. The research team at crypto fund manager Grayscale Investments LLC argued Bitcoin is also getting a boost because some people see it as “digital gold.” The team wrote in a note that “Bitcoin’s core use case is as a non-sovereign money system and digital alternative to physical gold.” Agencies SOL has surged as the Solana project tries to move past its link to discredited former crypto mogul Sam Bankman-Fried. Solana is vying with Ethereum, crypto’s key commercial highway, for a bigger share of digital-asset activity. One driver for SOL could be Solana’s “robust operational performance” with only one network outage in 2023 versus 14 last year, according to Grayscale. The overall market value of crypto tokens has rallied to $1.36 trillion, still short of the $3 trillion peak hit in 2021, according to CoinGecko data. Investor demand and liquidity has also diminished from the levels that prevailed back then, when stimulus injections and ultra-low borrowing costs fueled a bubble in digital-asset prices. “The relative lack of liquidity is the main barrier to strong inflows for now, as it raises the risk of slippage coming in and the ability to exit if necessary,” Noelle Acheson wrote in the Crypto is Macro Now newsletter. There are incipient signs of increased interest from institutional investors, which would help to tackle the liquidity challenge, she said. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on bitcoin price bitcoin crypto market sol solana price bitcoin price today us fed (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-11-02 | The Times of India | Fed now foe-turned-friend? Sensex jumps over 500 points as Powell’s tone gets softer | ETMarkets.com Buoyed by Fed's friendly talk last night that pulled US yields to two-week low, Sensex today sprung back to life after a two-day pause and rallied over 500 points to cross the 64,000-mark while Nifty was placed comfortably above the 19,100-zone. The relief rally was sharper in mid and smallcap indices that rallied over 1% each. Fed Chair Jerome Powell 's statement that the better course of action was to maintain the benchmark overnight interest rate in the current 5.25%-5.50% range and see how job and price data evolve between now and the next policy meeting in December raised bets that the central bank was done raising its policy rate and would start cutting rates by June of next year. With Wall Street traders pricing in only a 20% chance of a rate increase in December, the yield on 10-year Treasury notes fell to fresh two-week low of 4.705% while the two-year US Treasury yield, which typically moves in step with interest rate expectations, fell to near two-month low of 4.925%. "Even though the pause decision of the Fed was on expected lines, the commentary was not hawkish as the market feared. The Fed chief Jerome Powell’s comment that “despite elevated inflation, the longer term inflation expectations remain well anchored” was taken by the market as a slightly dovish statement. The implication of this statement is that the Fed may not hike rates again in this rate hiking cycle,” said Dr. V K Vijayakumar of Geojit Financial Services . If FIIs, who had sold Indian stocks worth over Rs 39,000 crore in the last two months, turn buyers, it could trigger a short covering in the market despite uncertainty surrounding the Israel-Hamas conflict. "Unsettled world order and yet to impact economic activities due to alleviated interest rates, US Fed has taken a sensible approach by keeping interest rates unchanged for a second consecutive time, raising hopes of pivot by market participants. Wait and watch is what the US Fed is doing and so should the investors,” said Dhawal Ghanshyam Dhanani, Fund Manager, SAMCO Mutual Fund. While the Federal Reserve is more likely to be cautious going forward in increasing rates, challenges of a higher inflation trajectory are likely to linger on. Apurva Sheth of SAMCO Securities opines that the markets are likely to remain under pressure till they adjust and digest the fact that interest rates are actually not going down in a hurry. “We believe that high interest rates are not good for the markets. Both the yields and markets cannot stay at an elevated level for too long. Either one will break down. Given that the Fed is resolute in its stand it could be the markets which break down first,” he said. (You can now subscribe to our ETMarkets WhatsApp channel ) (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) Connect with Experts - Wealth creation made easy Print Edition Thursday, 02 Nov, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Companies Brands & Companies Learn more about our print edition More Octoberfest: Most Macro Indicators Enter Party Zone India’s goods and services tax (GST) revenue rose 13% in October to ₹1.72 lakh crore, the second highest monthly collection since the levy was rolled out in July 2017, riding robust festive demand and improved compliance. Big FMCG Bite Gives Teeth to Revival Recipe Global research firm Kantar said it is seeing the start of a turnaround in the fast-moving consumer goods (FMCG) sector, after demand for daily groceries and essentials increased 7.2% year-on-year in the September quarter. Apollo Bets Big on Pvt Credit Space in India Pivoting away from their swashbuckling playbook of big-bang buyouts, most marque PE funds are now embracing private credit as the cost of funds surges to their highest since 2008. Apollo’s private credit unit now manages more than $400 billion in AUM, four times the size of its buyout arm, which has been the linchpin of its business. In an exclusive interview with Swaraj Dhanjal and Arijit Barman in Mumbai during his first India trip, James C Zelter, co-president of the firm, talks about this mega shift in high finance. Read More News on Fed decision impact on India sensex wall street traders treasury notes yield jerome powell federal reserve geojit financial services (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-11-02 | The Times of India | US dollar retreats as risk appetite rises, Fed rate hikes seen as done | Agencies The U.S. dollar weakened broadly on Thursday, as investors bet that the Federal Reserve is done raising interest rates after holding them steady in the previous session. Sterling , meanwhile, held firm after the Bank of England kept rates at a 15-year high and stressed that it did not expect to start cutting them any time soon. The perception that a peak in U.S. interest rates has been reached raised risk appetite, boosting equities and high-yielding assets such as commodity and emerging market currencies. Fed Chair Jerome Powell left the door open to another hike, but with the funds rate target ceiling at a 22-year high of 5.5% he said the risks of doing too much or too little were now balanced. Markets took that as a green light to stick with a sub-20% chance that rates will rise in December. Brad Bechtel , global head of FX, at Jefferies in New York, said the Fed is probably finished hiking rates, but he could see the rationale for tightening one more time given the still-resilient U.S. economy. "But at the same time, everyone is looking at a slowdown and inflation is going in the right direction," Bechtel said. "We can kind of debate whether they would hike another 25 (basis points) or not. It doesn't matter. The broader theme is that the Fed is pretty much near the peak." In late morning trading, the dollar index, which measures the greenback against six other major currencies, was 0.3% lower at 106.12. The pound rose as much as 0.6% against the dollar to $1.2225, its highest level in 1-1/2 weeks after the BoE voted 6-3 to hold rates steady at a 15-year peak of 5.25%, while ruling out rate cuts any time soon. Sterling was last up 0.3% at $1.2176. Norway's central bank also left its benchmark rate unchanged, as widely expected, but said it would likely raise borrowing costs next month unless inflation showed a continued decline. The dollar rose 0.1% against the Norwegian crown to 11.19. The euro rose 0.6% against the dollar to $1.0635. Versus the Swiss franc, the dollar slid 0.4% to 0.9042 francs. Against the yen, the dollar fell 0.4% to 150.275, off a one-year high earlier this week. The yen has been struggling for traction, even as the Bank of Japan on Tuesday made another relaxation of its yield curve control policy. A fall to a one-year low of 151.74 per dollar and 15-year low of 160.83 per euro after the BoJ's announcement had traders on watch for possible intervention to prop up the currency. Kazuo Ueda , the central bank's governor, will continue to dismantle its ultra-loose monetary policy and look to exit the decade-long accommodative regime sometime next year, sources told Reuters. The Australian dollar, which jumped 0.9% on Wednesday, was up another 0.5% on Thursday to touch a near five-week high of US$0.6456. The New Zealand dollar rose to a two-week peak of US$0.59107 Bitcoin, sometimes traded as a proxy for risk-taking, broke above $35,000 to hit its highest level since May 2022 Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on fed sterling bechtel jerome powell kazuo ueda (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-11-02 | The Times of India | Sensex surges 500 points, Nifty tops 19,100 as Dalal Street cheers Fed decision | ETMarkets.com Indian equity markets traded higher on Thursday, following a rise in global markets after the US Federal Reserve kept rates unchanged and Chair Jerome Powell hedged on the possible end of the rate hiking cycle. Buying was seen across all the sectors. The Fed held policy rates steady in the 5.25%-5.50% range on Wednesday, with Powell saying that inflation had been coming down and pondering further rate hikes. The BSE Sensex was trading 525 points or 0.83% higher at 64,116. Nifty50 was trading at 19,144, up 155 points or 0.82% at around 9.19 am. From Sensex stocks, IndusInd Bank, Infosys, Axis Bank, Kotak Bank, and Bajaj Finance traded higher. While Tata Steel was trading nearly 1% lower as the firm reported a Rs 6,196 crore loss in the September quarter of FY24. Meanwhile, Hero MotoCorp rose nearly 2% after the firm posted a 47% YoY increase in net profit at Rs 1,054 crore in Q2 FY24. Shares of Fino Payments Bank also opened over 6% higher after the company posted a net profit of Rs 19.5 crore in the second quarter. From the sectoral front, Nifty Bank, Financial Services, IT, Media, Realty, and Consumer Durables surged over 1% each. Nifty Auto, FMCG, Metal, and Pharma also opened higher. In the broader market, Nifty Midcap100 gained 1.34%, and Smallcap100 advanced 1.2%. Global Markets Asian shares and bonds extended a global rally on Thursday as a non-committal Federal Reserve Chair had markets double down on bets that US interest rates have peaked and cuts are on the way. In early Asian markets, Tokyo's Nikkei gained 1.4% to cross the 32,000 level for the first time in two weeks. China's blue chips were 0.3% higher, while Hong Kong's Hang Seng index jumped 1.7%. Stock futures in Europe and the US also gained. EUROSTOXX 50 futures rose 0.8% early in Asia, while S&P 500 futures added 0.3% and Nasdaq futures increased 0.5%. Oil Rises Oil gained more than 1% on Thursday to snap its three-day decline, as risk appetite returned to financial markets after the US Federal Reserve kept benchmark interest rates on hold. Brent crude futures rose 89 cents, or 1.1%, to $85.52 a barrel, while US West Texas Intermediate crude futures advanced 91 cents, also 1.1%, to $81.35 a barrel. Rupee Strengthens The Indian rupee rose 8 paise to $83.20 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.5% to 106.34 level. (With inputs from agencies) (You can now subscribe to our ETMarkets WhatsApp channel ) (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on sensex today fed nifty markets news stock market news dalal street US fed Nifty today (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-11-02 | Marketscreener.com | Shell launches USD3.5 billion share buyback | (Alliance News) - Stocks in London are expected to rise on Thursday, following the interest rate decision in the US, with all eyes now on the Bank of England. The BoE will announce its interest rate call at midday when it is expected to enact a second-successive pause and reiterate its "data dependent" outlook. The UK central bank decided against a hike in its September meeting, maintaining bank rate at 5.25%, which is a more than 15-year high. The dollar retreated following the interest rate announcement from the Federal Reserve, with the central bank leaving rates unchanged. Fed Chair Jerome Powell said the bank remains "strongly committed" and "squarely focused" on getting inflation back to its 2% target, leaving the door ajar for a further interest rate increase. He cautioned against reading too much into the idea that they are on an extended pause, saying no decision on what they will do at the December meeting has been made. Powell said the Fed had come "very far" in this rate-hiking cycle and would take meetings "one-by-one" and look at the data. "While on the face of it, Powell was trying to come across as hawkish, markets weren't buying it especially since yesterday's economic data showed that the US economy appeared to be slowing," said CMC Markets UK's Michael Hewson. In company news, Shell said profit in the third quarter more than doubled from the second. Empiric Student Property raised its dividend target, as the booking cycle for the current academic year came in ahead of its expectations. Here is what you need to know at the London market open: ---------- MARKETS ---------- FTSE 100: called up 48.0 points, 0.7%, at 7,390.43 ---------- Hang Seng: up 0.6% at 17,205.56 Nikkei 225: closed up 1.1% at 31,949.89 S&P/ASX 200: closed up 0.9% at 6,899.70 ---------- DJIA: closed up 221.71 points, 0.7%, at 33,274.58 S&P 500: closed up 1.1% at 4,237.86 Nasdaq Composite: closed up 1.6% at 13,061.47 ---------- EUR: up at USD1.0602 (USD1.0537) GBP: up at USD1.2181 (USD1.2123) USD: down at JPY150.38 (JPY151.07) GOLD: up at USD1,985.41 per ounce (USD1,978.93) OIL (Brent): down at USD85.52 a barrel (USD86.36) (changes since previous London equities close) ---------- ECONOMICS ---------- Thursday's key economic events still to come: 09:55 CET Germany labour market statistics 09:55 CET Germany unemployment 09:55 CET Germany manufacturing PMI 12:00 GMT UK interest rate decision 07:30 EDT US Challenger job-cut report 08:30 EDT US unemployment insurance weekly claims report 16:30 EDT US foreign central bank holdings 16:30 EDT US federal discount window borrowings ---------- BROKER RATING CHANGES ---------- BofA initiates Unite Group with 'buy' - target 1,030 pence ---------- Berenberg raises BP price target to 525 (490) pence - 'hold' ---------- SocGen cuts Asos price target to 432 (714) pence - 'buy' ---------- COMPANIES - FTSE 100 ---------- J Sainsbury said it expects underlying profit to come in at the upper range of its guidance for its financial year, reporting "strong volume and market share growth" in its first half. In the 28 weeks ended September 16, the grocer's group sales including value-added tax rose 2.9% annually to GBP18.67 billion from GBP18.34 billion. However, excluding fuel, they rose 7.7% to GBP15.81 billion from GBP14.67 billion. Pretax profit fell 27% to GBP275 million from GBP376 million, which the company said largely reflects non-cash movements and one-off income from legal settlements in the prior year. On an underlying basis, pretax profit was flat on-year at GBP340 million. The retailer expects the strength of its volume performance to drive annual underlying pretax profit to between GBP670 million and GBP700 million, the upper half of its previous guidance range. It also raised retail free cash flow guidance to at least GBP600 million from at least GBP500 million. "Food is firmly back at the heart of Sainsbury's. We've never been more competitive on price and our focus on value, innovation and service is giving more customers more reasons to shop with us," said Chief Executive Simon Roberts. The firm left interim payout unchanged at 3.9 pence. ---------- Shell announced a new share buyback programme, and reported an improved bottomline performance from the prior quarter. The oil major said third-quarter total revenue and other income dropped to USD78.01 billion from USD98.76 billion a year before. Pretax profit edged down to USD11.29 billion from USD11.44 billion annually on a reported basis, but more than doubled from USD5.35 billion in the prior quarter. Income attributable to shareholders rose to USD7.04 billion from USD6.74 billion a year before, and jumped from USD3.13 billion in the second quarter. Shell said this "mainly reflected higher refining margins, higher realised oil prices, higher LNG trading and optimisation results, and higher Upstream production, partly offset by lower Integrated Gas volumes". It raised its quarterly dividend to USD0.33 from USD0.25 a year before, and announced a new share buyback programme of USD3.5 billion to be completed by the announcement of its fourth-quarter results. ---------- COMPANIES - FTSE 250 ---------- Empiric Student Property said the booking cycle for the academic year 2023/2024 has "exceeded all expectations", having achieved 99% revenue occupancy and like-for-like growth in average weekly rents of 11%. The student accommodation provider increased its annual dividend target to 3.5p per share, from the prior target of 3.25p. This would represent a 27% increase from the prior year. The company expects revenue occupancy to remain strong in the next academic year, and is targeting like-for-like weekly rental growth of at least 5%. "With demand and supply imbalance expected to continue for the foreseeable future, our premium accommodation offering and high quality customer service, positions us well for growth within this resilient and growing market," CEO Duncan Garrood. ---------- By Elizabeth Winter, Alliance News senior markets reporter Comments and questions to newsroom@alliancenews.com Copyright 2023 Alliance News Ltd. All Rights Reserved. |
2024-11-02 | The Times of India | Despite some one-offs and geopolitical pressure, Thomas Cook India will maintain a decent profitability trend: Madhavan Menon | ETMarkets.com Madhavan Menon , MD, Thomas Cook India , says “even if I look at the forward bookings for the upcoming quarter and the next quarter after that, we are seeing a 32% rise in terms of demand as reflected in our forward bookings for travel services which is the leisure business. So, I am fairly comfortable saying that this trend should continue for a couple of more quarters, at least in terms of strong growth.” It has been a healthy growth overall. You have reported profit as well this quarter. Do you see the traction continuing? Do you believe that the revenue growth will accelerate in the coming quarters? Yes, we did report a decent set of results yesterday. My expectation is that we will see continued growth in terms of the recovery process. You will appreciate during the pandemic we went all the way down to zero and have recovered from there. This recovery process continues. But part of the reason is the fact that we are seeing stronger demand. Even if I look at the forward bookings for the upcoming quarter and the next quarter after that, we are seeing a 32% rise in terms of demand as reflected in our forward bookings for travel services which is the leisure business. So, I am fairly comfortable saying that this trend should continue for a couple of more quarters, at least in terms of strong growth. Can you give us a sense of corporate travel because that is the big, in a sense, ledge for Thomas Cook? When you say forward booking, are you referring to corporate travel as well? No. I am referring to the packaged holidays and let me answer your question around corporate travel as well as add something else to that. Corporate travel actually led the recovery for us because as we came out of the pandemic, corporate travelling started. We also saw several Indian corporates start trading with us and so we have seen a growth in corporate travel. f I just look at the recovery in terms of volumes from pre-Covid to now, it is 135%. So, we have actually exceeded 2019 numbers. The other aspect of travel which has really grown dramatically has been in the incentive business. You are aware that Thomas Cook handled a large number of the pre-G20 meetings that India had between January and August this year. Additionally, we have done two Khelo India . We are currently doing the national games in Goa. So, we have seen our incentive business also grow very strongly, that has been in about a 12-month period, but the corporate travel business has grown over the last 18 to 24 months. You Might Also Like: 2008 financial crisis may not be reprised in US or India but play out in some other countries: Maneesh Dangi I am surprised to see you on TV. I was of the view that you should be in Wankhede Stadium wearing an Indian jersey, maybe in a Thomas Cook box with your family. Support for India, right? I appreciate your compliment. Unfortunately, I have not been to a single match yet. But we have seen growth across various companies. If you look at Sterling, there has been strong growth. If you look at our destination management businesses, which were slower to recover are recovering. If you look at DEI, which is our imaging business based in the UAE, but across Southeast Asia. Despite the UAE being in an off season, we have actually seen strong growth there also primarily because domestic travel within China has come back in a big way. I want to specifically understand what everybody seems to be talking about right now. You referred to G20 and Khelo India. You have done two seasons and there is a World Cup. How much of your revenue this year has come from events which may not occur next year? Also next year, there are elections. A lot of decision making may not happen from April to June or July. If I look at my MICE volumes, the Khelo India and this thing will be barely 15%. So I am not too worried about that in terms of profitability or the volumes because we know that corporates have scaled up their incentives programmes. While the elections will affect some of the government related business and G20 is obviously not coming back, my expectation is that corporates will continue to trade because they are also witnessing strong recoveries. There is a trend of growth that is directly related to the incentive business and the corporate travel business. I must add that we are seeing new additions in a manner that we have not seen pre-Covid in terms of Indian corporates travelling with us. Lastly, what is important is that the pandemic taught us a few lessons where we significantly re-engineered our cost structure. Even today, we are 30% down from pre-Covid in terms of costs and we have added technology. So we have digitized a lot of our processes, which gives us productivity benefits, which we hope to retain over a period of time. My expectation is that despite some of these one-offs and geopolitical pressure, we will maintain a decent trend in terms of profitability. What is the outlook when it comes to your margins on the back of operating leverage? What kind of margin outlook are you looking at down the line? I expect our margins will be stable from here on. If you look at our EBITDA margins, be it at a Thomas Cook level for the half year, it was about 9.89% for the half year and 10.1 for the quarter. It is all very stable. I expect that these margins will continue because we are very focused on margins. And we want to ensure that if we are going to drive the productivity benefits to the bottom line, margins have to maintain their current levels and I am fairly comfortable with that. You Might Also Like: We are in a relief rally after Fed respite: Hemang Jani Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on Thomas Cook India madhavan menon packaged holidays corporate travel profitability trend khelo india thomas cook expert view Stock Market et now (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-11-02 | The Times of India | Benchmark 10-year Treasury yields tumble to 3-week lows on refinancing relief | Agencies Benchmark 10-year Treasury yields tumbled to three-week lows on Thursday, continuing a rally from Wednesday on relief that the US Treasury Department announced smaller-than-expected increases in longer-dated Treasury supply. Bonds have sold off in recent months on concerns about quickly growing bond supply after the Treasury surprised markets in late July with a higher-than-expected borrowing estimates, and as investors price for the likelihood that the Federal Reserve will hold interest rates higher for longer as economic data remains strong. On Wednesday the Treasury said it would raise auction sizes for longer-dated debt by less than was expected and noted that it expects one more quarter of auction size increases to meet its financing needs. There’s “definitely a substantial rally now that we’ve gotten on the other side of a bunch of key data points,” said Zachary Griffiths, senior investment grade strategist at CreditSights in Charlotte. It seemed “more likely that the Treasury refunding would be the bigger driver of the move in yields this week, which I think is correct.” The Fed also failed to deliver any hawkish surprises at the conclusion of its two-day meeting on Wednesday, which has given investors greater confidence to take advantage of higher Treasury yields. “It seems like the lower-than-expected supply, the Fed that’s on pause for now, and the market is comfortable with hawkish signaling, but I think the press conference was more balanced - all of that on net is allowing Treasuries to rally after what’s been a pretty wild move higher over the last three months or so,” said Griffiths. Benchmark 10-year notes yields were last down 15 basis points at 4.645% and earlier reached 4.626%, the lowest since Oct. 13. They are on track for their biggest one-day fall in yields since March. Thirty-year bond yields fell 15 basis points to 4.822%, the lowest since Oct. 16. They are also poised for the biggest one-day yield move lower since March. Interest rate-sensitive two-year note yields fell 4 basis points to 4.927% and got as low as 4.914%, the lowest since Sept. 5. The inversion in the yield curve between two-year and 10-year notes deepened as far as minus 30 basis points, the most inverted since Oct. 19. Yields extended their fall after data on Thursday showed that the number of Americans filing new claims for unemployment benefits increased moderately last week. A separate release also showed that U.S. worker productivity grew at its quickest pace in three years in the third quarter, depressing labor costs. Friday’s employment report for October is this week’s main U.S. economic focus. It is expected to show that employers added 180,000 jobs during the month. Average hourly earnings are expected to have increased by 0.3% in October, following a 0.2% gain in September Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on bonds (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-11-02 | The Times of India | Akzo Nobel India Q2 Results: Net profit rises 44% to Rs 94.2 crore | ETMarkets.com Paints and coatings maker Akzo Nobel India Ltd on Thursday reported a 44.03 per cent increase in its consolidated net profit to Rs 94.2 crore for the September quarter. The company had posted a net profit of Rs 65.4 crore in the year-ago period, according to a regulatory filing by Akzo Nobel. Its revenue from operations was up 3.24 per cent to Rs 956.3 crore during the second quarter of the current fiscal as against Rs 926.2 crore in the corresponding period of the previous fiscal. Total expenses of Akzo Nobel, maker of Dulux paints, were down marginally to Rs 838.3 crore in the second quarter of FY 2023-24. Akzo Nobel India total income in the September quarter was Rs 965.2 crore, up 3.67 per cent. Commenting on the results, Akzo Nobel India Managing Director Rajiv Rajgopal said, "In Q2 FY24, we continued building on margin improvement and topline growth. Coatings business and B2B segment registered strong growth." "In retail, softening demand and erratic rains muted sales. Improvement in gross margins was mainly attributed to easing of raw material costs coupled with favourable mix," he said. "Operating leverage and productivity gains further contributed to our double-digit profitability," he added. Shares of Akzo Nobel India Ltd on Thursday settled at Rs 2,435 on the BSE, up 2.01 per cent from its previous close. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on India Akzo Nobel Q2 rises Akzo Nobel India (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-11-02 | Marketscreener.com | VIQ Solutions Unveils Their Next Generation of AI Driven Transcription and Workflow Technology | VIQ Solutions (“VIQ”, “VIQ Solutions” or the “Company”) (TSX: VQS), a global provider of secure, AI-driven, digital voice and video capture technology and transcription, announces the latest enhancements to its NetScribeTMEcosystem. As a part of the ecosystem, NetScribeTMConnect plays an integral role as a web application that streamlines transcript processing and review. The latest version of NetScribe Connect boasts a revamped User Interface (UI) and an enhanced User Experience (UX), based on real industry and user feedback. The updated UI allows users to seamlessly navigate the platform, while the improved UX incorporates transcript editing tools. It will now be easier than ever to request, view, and refine transcripts, thereby improving workflow efficiency. "We are excited to introduce these enhancements to our solutions," said Susan Sumner, President and Chief Operating Officer at VIQ Solutions. "Our commitment to focusing on UX has driven us to expand NetScribe Connect to be even more compelling to our clients. With these improvements, we are proud to set a new benchmark for efficiency and accuracy in the transcription industry. Utilizing AI to drive productivity gains has always been at the forefront of our strategy but bringing these new tools to our customers is game changing." NetScribe Connect’s latest standout feature is in-app editing of transcripts synced with video playback. This advancement allows users to review visual content side by side with the transcribed text to gain a deeper level of insight and guarantee precision. The new editing feature allows users to quickly proofread transcripts and make changes within the secure ecosystem versus downloading to edit in a third-party application. To enhance its speech-to-text accuracy, VIQ Solutions has integrated domain-specific language models into its AI platform. These specialized models are tailored from industry datasets and trained to handle jargon and terminology unique to specific industries and regions, ensuring high fidelity and contextually relevant transcripts. This advancement reinforces VIQ's commitment to providing transcription solutions that cater to the unique needs of its diverse client base, including Courts, Law Firms, Law Enforcement, Insurance and Media Broadcasting. In response to the global nature of VIQ’s business, users can now request AI enabled translation and transcription services for common non-English languages, including Spanish, French, German, Dutch and beyond. This expansion in language capabilities makes VIQ’s speech recognition a versatile and inclusive solution for organizations worldwide. Along with the hallmark feature of automatic multi-speaker identification and formatting, these updates reaffirm VIQ’s commitment to advancing the transcription industry. These unique capabilities significantly reduce the time required for manual formatting and transcription, providing world-class transcription solutions to a wide range of clients. For more information about VIQ, please visitviqsolutions.com. About VIQ Solutions VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost. Forward-Looking Statements Certain statements included in this news release constitute forward-looking statements or forward-looking information (“forward-looking statements”) under applicable securities legislation. Such forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Forward-looking statements typically contain statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this news release include, but are not limited to, those statements with respect to the benefits of the NetScribe enhancements and the Company’s strategy. Forward-looking statements are based on several factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although VIQ believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because VIQ can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things, the Company’s strategy and objectives. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that have been used. Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the factors described in greater detail in the “Risk Factors” section of the Company’s annual information form for its most recently completed financial year ended December 31, 2022 and in the Company’s other materials filed with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission from time to time, available atwww.sedarplus.caandwww.sec.gov, respectively. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter any forward-looking statements, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. View source version on businesswire.com:https://www.businesswire.com/news/home/20231102868330/en/ |
2024-11-02 | Marketscreener.com | Bank of Valletta p l c : Interim Directors'' Statement | Office of the Company Secretary House of the Four Winds, Triq l-Imtieħen,Il-Belt Valletta VLT 1350 - Malta T: (356) 2131 2020 E: customercare@bov.com bov.com BOV 465/2023 COMPANY ANNOUNCEMENT The following is a Company Announcement issued by Bank of Valletta p.l.c. pursuant to the Capital Markets Rules, issued by the Malta Financial Services Authority: Quote QUARTERLY FINANCIAL OVERVIEW January to September - Financial Year 2023 GROUP FINANCIAL PERFORMANCE BOV Group continued to deliver robust financial performance in the third quarter of the year with strong net interest income and capital generation alongside resilient asset quality. Profit before tax for the nine months was €163.5 million compared with a loss before tax of €48.7 million, as restated, in the comparative period. Group profits have been restated by €7.0 million in share of results from insurance associates, reversing a €5.4 million loss in September 2022. This was a result of the implementation of IFRS 17 by the Group's associated companies, which accounting standard introduced a new methodology for the valuation of insurance contracts. The performance of the Group in 2022 was impacted by the out-of-court settlement of the Deiulemar case. Excluding the impact of the settlement, the Group's results for the comparative period were a profit before tax of €54.8 million restated. The favourable performance for the first three quarters of 2023 was attributable mainly to the improvement in the Group's operating revenues totalling €315.9 million, a growth of €113.7 million or 56% compared with the same period in 2022 (9M 2022: €202.3 million): Net Expected Credit Losses ('ECL') for the period to September 2023 was a net charge of €13.1 million (9M 2022: €10.1 million net charge). This charge represented business growth and stronger coverage against specific exposures with increased risk offset by releases in ECL on facilities with improved collateral coverage or reduced outstanding balances. Registered Office: 58, Triq San Żakkarija, Il-Belt VallettaVLT 1130- Malta Registration Number: C 2833 Bank of Valletta p.l.c. is a public limited company licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap. 370 of the Laws of Malta). Bank of Valletta p.l.c. is an enrolled tied insurance intermediary of MAPFRE MSV Life p.l.c. MAPFRE MSV Life is authorised by the Malta Financial Services Authority to carry on long term business of insurance under the Insurance Business Act 1998. Bank of Valletta p.l.c. is authorised to act as a trustee by the Malta Financial Services Authority. Continuation Sheet The Bank's policy to build a robust coverage against high-risknon-performing exposures persists with a €3.7 million charge as part of the total net ECL charge for the period. Write-off of non-performing debt (net of recoveries) amounted to €1.8 million charge. As per Company Announcement (BOV461), the Bank is currently in advanced negotiations to sell a portion of its portfolio of non-performing loans with a view to strengthening its capital and liquidity buffers, and to ensure that the Bank's resources are focused on servicing loans with a better prospect of recoverability. As at 30 September 2023, the ECL coverage for credit-impaired assets stood at 53.6% (December 2022: 53.8%) while the ratio of non-performing to the total credit portfolio stood at 4.0% (December 2022: 3.5%). The Bank sustained its momentum in executing strategic actions, with the Bank allocating an additional €6.7 million in the first nine months of 2023 (9M 2022: €6.6 million). The share of profit from insurance associates for the first three quarters of 2023 amounted to €6.4 million, aligned with the recently adopted IFRS 17 standard implemented by the associates (9M 2022: €1.5 million restated). GROUP FINANCIAL POSITION The Group's Total assets reduced by €118.8 million and stood at €14.4 billion as at the end of the third quarter of 2023, lower by 1% compared to the year ended 2022 (December 2022 restated: €14.5 billion). The decrease was driven by lower levels in customer deposits while still supporting growth in the loan book and further investment in treasury securities. The Group's liquidity ratio as at 9M 2023, stood at 458.5%, up from 426.3% as at December 2022, significantly above the minimum regulatory requirement. Effective management of surplus liquidity was upheld in the first nine months of the year with cash and short-term assets decreasing by 35% or €1.2 billion. During the period to September 2023, the Bank assisted both the business and personal clients with their funding requirements, leading to a net expansion in the loan portfolio of €401.5 million or 7%. In view of the increased investment opportunities, the treasury portfolio increased by €556.8 million or 12%. The vast majority are measured at amortised cost reflecting the Bank's primary business model to hold securities until maturity with a view to collecting interest revenues over the life of the investment. Customer deposits contracted circa 1% in the last quarter and 4% since December 2022, in line with the Bank's expectations given the current market conditions with positive interest rates and various investment opportunities including within the local market such as Malta Government Bonds and other private issues. Net loans and advances to customers as at 30 September 2023 amounted to €6.0 billion (December 2022: €5.6 billion). The increase in loans was experienced both in the corporate and retail lending portfolios. These developments led to a favourable increase in the Group's net loans to deposits ratio from 46.0% in December 2022 to 49.5% as at the end of September 2023. Total Group Equity increased to €1.2 billion, up by €108.5 million on the December 2022 position, as restated. Group equity as at end 2022 has been restated, against the Investment in equity-accounted investees, to reflect the new value of investment following IFRS 17 implementation. The Group's capital ratios remained strong and above regulatory requirements, with the CET 1 and total capital ratios as at September 2023 of 22.7% (December 2022: 21.8%) and 26.1% (December 2022: 25.4%), respectively. The 2023 capital ratios are inclusive of 9M 2023 profits and proposed interim dividend for comparative purposes. The Group's net asset value as at 30 September 2023 amounted to €1.2 billion resulting in €2.1 net asset value per share (December 2022: €1.1 billion restated resulting in €1.9 net asset value per share). ECONOMIC UPDATE The current international economic environment is characterised by subdued growth, dragged by the high inflationary environment and the monetary policy tightening implemented over the past months. The interest rate increases carried out by the ECB since July 2022 have pushed rates to historically high levels, quickly reversing the prolonged period of exceptionally low rates. There is broad consensus that rates are close, if not already, at the peak, particularly as headline inflation across the euro area has started to trend downwards. However, ECB rates are likely to remain high for some time, until there are clear indications that the euro area inflation has embarked on a path which is consistent with the ECB's 2% medium term inflation target. Continuation Sheet The Maltese economy has so far been mostly shielded from the interest rate shock, as the pass-through has been mostly channelled to the bond market via higher yields, and in those cases where interest rates are directly linked to foreign rates. BOV's large deposit base allows it to benefit from the ECB's attractive returns on the deposit facility and achieve higher yields from its bond portfolio, thus supporting the Bank's net interest income. The structure of BOV's balance sheet allows the Bank to continue offering mortgages and most business loans at attractive rates, while obtaining higher returns from loans linked to foreign rates. BOV believes that the decision to limit the pass-through of interest rates to the domestic economy remains adequate, as demonstrated by the Bank's profitability and balance sheet dynamics. This has also potentially avoided more pressures on households and most businesses on top of those created by the elevated inflation rate. Despite the energy subsidies provided by the government, Malta's inflation is proving more persistent than originally anticipated, and thus remains the main area of concern, as in the rest of the euro area. Against this background, the Maltese economy has remained resilient during the nine months to September 2023, achieving annual real GDP growth rates of 5.0% and 3.9% during the first two quarters, driven by household consumption and exports. Economic growth has remained significantly above that recorded in the euro area, auguring well towards the attainment of the full year's outturn, which latest forecasts place close to 4%. Labour market conditions are also expected to remain stable, with Malta's unemployment rate, hovering below 3%, amidst ongoing job creation. Such benign conditions support borrowers' repayment capabilities and therefore maintain BOV's asset quality. STRATEGY 2023 UPDATE During the last quarter, the Bank worked diligently to further enhance banking services, improve customer experiences, and increase operational efficiency. To date, substantial strides were made in these key focus areas. The strategy remains firmly anchored on business process re-engineering, a critical move designed to enhance operational efficiency, reduce costs, and improve the Bank's financial performance. The Bank has been making significant strides in streamlining its processes, eliminating redundancies, and automating routine tasks, allowing its teams to focus on more strategic, value-adding activities. In line with its commitment to uphold the highest standards of corporate governance, the Bank continues to make significant investments in ensuring full compliance with its regulatory obligations. The Bank has worked closely with regulatory bodies and established robust systems and processes to meet and exceed its compliance requirements. Recognising the increasing role of technology in shaping the future of banking, the Bank has been making considerable improvements to its digitisation efforts. The Bank is utilising emerging technologies to digitise its operations, enhance its online platforms, and offer innovative digital banking solutions to its customers by leveraging the Voice of the Customer insights. The Bank's focus on customer service experience remains unwavering. The Bank is continually working on enhancing its customer service delivery, product offering with a keen emphasis on personalisation, responsiveness, and convenience. The Bank is also making significant improvements to its retail network, with an aim to expand its reach, enhance its service delivery, and offer its customers a seamless banking experience. Employees are the backbone of the organisation, and theirwelfare is paramount to the Bank's success. The Bank is undertaking several initiatives to enhance employee satisfaction and productivity. These include improved training programs, employee wellness programmes, flexible work arrangements, competitive compensation packages and a more inclusive and diverse work environment. The Bank is committed to maintaining open and transparent communication with its employees about its strategic direction. This helps employees with the Bank's goals and fosters a sense of ownership and pride in their work. Finally, the Bank remains committed to its Environmental, Social and Governance ESG goals. The Bank understand that its role as a bank extends beyond providing financial services - the Bank has a responsibility towards society and the environment. The Bank has consciously integrated ESG considerations into its business decisions and is working towards creating a more sustainable, inclusive, and responsible banking model. The Bank's focused strategy and commitment to operational excellence, customer satisfaction, and responsible banking will steer us towards sustained growth and success. Continuation Sheet ENVIRONMENTAL, SOCIAL AND GOVERNANCE ('ESG') UPDATE The Bank continues to target its efforts towards conducting sustainable and diligent banking. This is in line with the growing appetite from customers and investors alike who seek sustainable financing and investing solutions. At the start of the third quarter of 2023, the Bank launched Climate & Environmental (C&E) questionnaires aimed at corporate clients operating in elevated risk sectors with material credit exposure. This collection of information seeks to achieve a better understanding of the Bank's corporate customers' transition journey. This proactive approach will provide valuable insights directly from its clients, allowing the Bank to align its product offerings that better satisfy the clients' evolving needs to adjust towards a more sustainable business model. In the future, ESG questionnaires will form part of the Bank's credit annual review and as well as the Bank's assessment when lending to new corporates operating within the elevated risk sectors. During 3Q 2023, through a Remuneration Policy Working Group, BOV intensified the process of actively integrating Climate & Environmental targets into the variable component of remuneration for top management personnel. Moreover, the Bank continuously strives to address social risk matters by providing support to vulnerable members of society. Particularly, during the month of September, the Bank took several initiatives to show support for the LGBTIQ+ community as part of Pride week taking place in Malta. The Bank practices inclusion of the LGBTIQ+ community to ensure all employees and customers feel safe and comfortable. It aims to use inclusive and gender-neutral language, avoids stereotypes and promotes education about the LGBTIQ+ community amongst its workforce. Notes The financial information on which this Quarterly Financial Overview is based, is extracted from unaudited accounts of the Group which are prepared in accordance with the Group's accounting policies as described on pages 55 to 70 of 2022 ESEF Annual Report & Financial Statements. Unquote Dr. Ruth Spiteri Longhurst B.A., LL.D. Company Secretary 2 November 2023 Statements of profit or loss For the nine months ended 30 September 2023 The Group The Bank Sep-23 Sep-22 restated Sep-23 Sep-22 €000 €000 €000 €000 Interest and similar income: - on loans and advances, balances with 240,266 140,764 240,266 140,764 Central Bank of Malta and treasury bills - on debt and other fixed income instruments 48,872 17,465 48,872 17,465 Interest expense (35,349) (20,942) (35,349) (20,942) Net interest income 253,789 137,287 253,789 137,287 Fee and commission income 63,862 64,830 57,693 57,936 Fee and commission expense (10,177) (10,322) (10,177) (10,322) Net fee and commission income 53,685 54,508 47,516 47,614 Dividend income 1,277 557 8,339 9,303 Net trading income 7,260 9,972 7,239 9,949 Net loss on investment securities and hedging instruments (80) (75) (80) (75) Operating income 315,931 202,249 316,803 204,078 Employee compensation and benefits (82,256) (71,636) (80,312) (69,794) General administrative expenses (48,402) (52,705) (47,017) (51,357) Amortisation of intangible assets (9,670) (8,638) (9,595) (8,638) Depreciation (5,411) (5,933) (5,374) (5,886) Net impairment charge (13,099) (10,070) (13,100) (10,070) Operating profit before litigation settlement 157,093 53,267 161,405 58,333 Net Litigation settlement charge - (103,513) - (103,513) Operating income/(loss) 157,093 (50,246) 161,405 (45,180) Share of results of equity-accounted investees, net of tax 6,380 1,537 - - Profit/(loss) before tax 163,473 (48,709) 161,405 (45,180) Income tax (expense)/credit (54,720) 17,442 (56,174) 16,095 Profit/(loss) for the period 108,753 (31,267) 105,231 (29,085) Earnings per share 18.6c (5.4c) 18.0c (5.0c) Statements of Financial Position as at 30 September 2023 The Group The Bank 30-Sep-23 31-Dec-22 1-Jan-22 30-Sep-23 31-Dec-22 Restated Restated €000 €000 €000 €000 €000 ASSETS Balances with Central Bank of Malta, treasury bills 2,208,561 3,389,261 4,626,066 2,208,561 3,389,261 and cash Financial assets at fair value through profit or loss 113,568 146,363 138,986 113,288 146,211 Investments 5,156,683 4,567,064 3,568,669 5,156,683 4,567,064 Loans and advances to banks 531,277 394,546 452,469 531,277 394,546 Loans and advances to customers at amortised cost 5,961,557 5,560,076 5,097,598 5,961,557 5,560,076 Investments in equity-accounted investees 105,446 100,206 99,735 72,870 72,870 Investments in subsidiary companies - - - 6,230 6,230 Intangible assets 50,753 56,047 56,074 50,617 55,836 Property and equipment 131,928 132,691 130,622 131,872 132,605 Current tax - 20,706 28,640 - 21,017 Deferred tax 50,547 67,898 84,563 50,466 67,872 Assets held for realisation 12,451 12,138 11,740 12,451 12,138 Other assets 12,206 7,227 5,423 14,495 7,227 Prepayments 18,987 18,521 12,091 17,251 16,112 Total Assets 14,353,964 14,472,744 14,312,676 14,327,618 14,449,065 LIABILITIES Derivative liabilities held for risk management 11,766 4,535 5,485 11,766 4,535 Amounts owed to banks 298,823 77,074 560,117 298,823 77,074 Amounts owed to customers 12,040,113 12,547,911 12,176,854 12,045,352 12,554,584 Current tax 21,040 - - 23,451 - Deferred tax 7,031 7,054 6,717 7,031 7,054 Other liabilities 194,235 191,552 203,141 193,845 191,284 Provisions 19,564 16,518 104,449 19,414 16,368 Derivatives designated for hedge accounting 1,259 2,167 12,157 1,259 2,167 Debt securities in issue 376,450 350,260 - 376,450 350,260 Subordinated liabilities 162,717 163,237 163,237 162,717 163,237 Total Liabilities 13,132,998 13,360,308 13,232,157 13,140,108 13,366,563 EQUITY Called up share capital 583,849 583,849 583,849 583,849 583,849 Share premium account 49,277 49,277 49,277 49,277 49,277 Revaluation reserves 56,468 57,212 58,438 56,356 57,100 Retained earnings 531,372 422,098 388,955 498,028 392,276 Total Equity 1,220,966 1,112,436 1,080,519 1,187,510 1,082,502 Total Liabilities and Equity 14,353,964 14,472,744 14,312,676 14,327,618 14,449,065 Attachments Disclaimer Bank of Valletta plcpublished this content on02 November 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on02 November 2023 11:16:02 UTC. |
2024-11-02 | The Times of India | Premji Invest saw three long-term partners leaving firm this year | Azim Premji 's private investment arm Premji Invest , has seen the exit of three out of its four long-term partners this year, with the most recent being the resignation of Rajesh Ramaiah in August after a thirteen -year long stint with the Bengaluru-based investment firm. Rahul Garg, who led investments across banking and financial services including insurance, payments as well as in the consumer and retail sectors, and another partner Atul Gupta who oversaw growth investments in the enterprise and consumer technology, education, healthcare and business services sectors had both left in early 2023. While Garg had put in a 12-year stint at the firm, Gupta was a veteran who’d been with Premji Invest since 2008. Elevate Your Tech Prowess with High-Value Skill Courses Offering College Course Website IIM Lucknow IIML Executive Programme in FinTech, Banking & Applied Risk Management Visit Indian School of Business ISB Digital Transformation Visit Indian School of Business ISB Professional Certificate in Product Management Visit All the three partners who have exited will continue to have an advisory engagement with the firm but a cooling off period up to one year precludes them from taking up any other work commitments, according to four people who spoke to ET on the condition of anonymity. ETtech Subsequent to the exits, the investment firm promoted its chief financial officer and operating partner Manoj Jaiswal as well as principal Saravanan Nattanmai as partners. It had also hired former Amazon executive Kaveesh Chawla as a partner in June. Chawla had earlier put in a stint at Korean ecommerce firm Coupang. Confirming the exits of three partners in the course of the past six to eight months, a representative for Premji Invest said, “this is because each of the partners completed approximately 12-15 years, closed three funds and have different aspirations in their personal journey.” Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories “This is also in line with the firm’s philosophy of having partners rotate approximately after 15 years and on completion of three funds,” the spokesperson added. In September 2022, the firm had also seen the exit of its US-based partner Dhiraj Malkani after a stint of five years. None of the partners replied to ET’s queries on the developments. The privately held investment firm supports the Azim Premji Foundation , the not-for-profit arm led by the billionaire founder chairman of Wipro . The marquee investor has backed a slew of companies from eyewear retailer Lenskart to Fabindia and TVS Credit Services. It has also invested in SBI General Insurance, FirstCry, Signifyd, Lotus Surgicals, and most recently concluded investment in jewellery brand Giva. The firm’s most notable exits include Policybazaar, Myntra, ICICI Prudential Life Insurance with the most recent being from Indira IVF. Market estimates place the assets under management at the firm at over $11 billion including private equity and venture capital investments. Premji Invest did not share details on the funds, exits, returns and exact AUM. Also read | Infosys loses another veteran to rival company Mid-level exits The churn at the top comes at a time when the firm has also seen mid-level executives leave to join top private equity firms. Of the core investment team of around 20-25 people, the investment firm has witnessed at least five more resignations since April last year, the latest being in October. In October, a senior investment associate Abhishek Kshirsagar joined PE firm General Atlantic. While others who have quit include Kshitij Sharma who left in December 2022 and joined Ontario Teachers' Pension Plan. Earlier, Rohit Mutthoo, a vice president left to join TR Capital Group while Aayush Singhal, a senior associate had joined Singapore-based larger rival Temasek. “Exits have had to do with a host of factors including relocation, and new career opportunities, and in select cases performance linked issues,” according to Premji Invest’s spokesperson. Six months ago, Premji Invest recast roles in its private equity practice, both by promoting high performers and hiring externally to ready the organisational structure for the next phase of growth. The company’s workforce strength has jumped three times over the last 24 months. People in the know said that the partners who have left will continue to be on the boards of portfolio companies and receive incentives from their investments in the subsequent funds such as Fund II, III and IV, if applicable. They also claimed that exits at are not routine attrition and higher than the industry average. However, Premji Invest spokesperson said, “Our attrition level has been on par with rest of the industry. Exits have had to do with a host of factors including relocation, and new career opportunities, and in select cases performance linked issues. Our incentive and carry structure are in line with the industry and recently we successfully closed our Fund I with one of the highest carry payouts in the industry. The beneficiaries included the partners who exited the firm.” Premji Invest currently has four partners in its private equity practice, across India and the US. It has over a hundred employees across India and the US and said it aims to hire both laterally and from campuses in India and the US. Premji Invest was set up in 2006 to manage financial investments supporting the Azim Premji Foundation, which was founded in 2001. As part of the donation to the endowment fund, along with other assets, ~ 66% of the economic ownership of Wipro Ltd (which is close to 90% of total promoter holding) is with the Foundation. Philanthropic corpus of Endowment (other than Wipro shares) is invested across debt and equity. A significant majority of returns generated by Premji Invest accrue to the philanthropic corpus. Premji Invest backs growth stage companies in India and the US largely focused on emerging and disruptive technologies space across sectors including financial services, technology, consumer, industrials, and healthcare. It typically invests in around 3-4 deals annually ranging as low as $3 million in early-stage bets and go up to $200 million. Currently, the Bengaluru-based PE firm is deploying capital out of its fourth fund. It has exited the first fund and is in process of winding down its fund 2 and 3. Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on Azim Premji premji invest Premji Invest partners wipro Fabindia Lenskart Azim Premji Foundation Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-11-02 | ETF Daily News | Pzena Investment Management LLC Reduces Holdings in Reinsurance Group of America, Incorporated (NYSE:RGA) | Pzena Investment Management LLC lowered its position in Reinsurance Group of America, Incorporated (NYSE:RGA–Free Report) by 11.8% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 336,086 shares of the insurance provider’s stock after selling 44,811 shares during the quarter. Pzena Investment Management LLC owned about 0.51% of Reinsurance Group of America worth $46,612,000 as of its most recent SEC filing. A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RGA. Moneta Group Investment Advisors LLC boosted its holdings in shares of Reinsurance Group of America by 129,207.8% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 12,117,433 shares of the insurance provider’s stock worth $1,721,766,000 after acquiring an additional 12,108,062 shares during the period. State Street Corp increased its position in shares of Reinsurance Group of America by 4.7% during the first quarter. State Street Corp now owns 2,411,086 shares of the insurance provider’s stock valued at $263,917,000 after buying an additional 108,922 shares during the period. Bank of America Corp DE lifted its holdings in shares of Reinsurance Group of America by 5.0% in the first quarter. Bank of America Corp DE now owns 1,543,731 shares of the insurance provider’s stock worth $204,946,000 after buying an additional 74,110 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of Reinsurance Group of America by 14.9% in the first quarter. Rockefeller Capital Management L.P. now owns 1,365,650 shares of the insurance provider’s stock valued at $181,302,000 after acquiring an additional 176,751 shares during the period. Finally, Nuance Investments LLC grew its stake in Reinsurance Group of America by 37.6% during the first quarter. Nuance Investments LLC now owns 1,018,207 shares of the insurance provider’s stock valued at $135,177,000 after acquiring an additional 278,242 shares in the last quarter. 93.78% of the stock is currently owned by institutional investors. RGA has been the subject of several recent analyst reports.StockNews.comcut Reinsurance Group of America from a “buy” rating to a “hold” rating in a research report on Monday. Citigroup decreased their price objective on shares of Reinsurance Group of America from $170.00 to $162.00 and set a “buy” rating on the stock in a research report on Wednesday, August 9th. Wells Fargo & Company lifted their target price on shares of Reinsurance Group of America from $168.00 to $169.00 and gave the company an “overweight” rating in a research report on Tuesday, August 15th. Jefferies Financial Group decreased their price target on shares of Reinsurance Group of America from $160.00 to $159.00 and set a “hold” rating on the stock in a report on Thursday, September 14th. Finally, Morgan Stanley lifted their price objective on shares of Reinsurance Group of America from $160.00 to $162.00 and gave the stock an “equal weight” rating in a report on Friday, August 18th. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $165.18. Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold ForeverView Our Latest Report on Reinsurance Group of America NYSE RGAopened at $148.49 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.14 and a current ratio of 0.14. Reinsurance Group of America, Incorporated has a fifty-two week low of $120.99 and a fifty-two week high of $156.08. The stock has a market cap of $9.83 billion, a P/E ratio of 10.62 and a beta of 0.86. The stock has a 50 day simple moving average of $144.68 and a two-hundred day simple moving average of $143.10. Reinsurance Group of America (NYSE:RGA–Get Free Report) last posted its earnings results on Friday, August 4th. The insurance provider reported $4.40 EPS for the quarter, topping the consensus estimate of $4.12 by $0.28. Reinsurance Group of America had a net margin of 5.61% and a return on equity of 20.35%. The firm had revenue of $4.16 billion during the quarter, compared to analysts’ expectations of $4.30 billion. During the same period last year, the company posted $5.78 EPS. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, analysts forecast that Reinsurance Group of America, Incorporated will post 18.15 earnings per share for the current year. (Free Report) Reinsurance Group of America, Incorporated engages in reinsurance business. The company offers individual and group life and health insurance products, such as term life, credit life, universal life, whole life, group life and health, joint and last survivor insurance, critical illness, disability, and longevity products; asset-intensive and financial reinsurance products; and other capital motivated solutions. Want to see what other hedge funds are holding RGA?Visit HoldingsChannel.comto get the latest 13F filings and insider trades for Reinsurance Group of America, Incorporated (NYSE:RGA–Free Report). |
2024-11-02 | ETF Daily News | Reinsurance Group of America, Incorporated (NYSE:RGA) Shares Sold by Los Angeles Capital Management LLC | Los Angeles Capital Management LLC trimmed its holdings in shares of Reinsurance Group of America, Incorporated (NYSE:RGA–Free Report) by 25.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,221 shares of the insurance provider’s stock after selling 10,120 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Reinsurance Group of America were worth $4,053,000 at the end of the most recent reporting period. A number of other hedge funds and other institutional investors have also recently modified their holdings of RGA. JPMorgan Chase & Co. increased its position in shares of Reinsurance Group of America by 27.3% during the 1st quarter. JPMorgan Chase & Co. now owns 132,902 shares of the insurance provider’s stock worth $14,548,000 after purchasing an additional 28,536 shares during the last quarter. Private Advisor Group LLC grew its position in Reinsurance Group of America by 13.0% in the 1st quarter. Private Advisor Group LLC now owns 2,817 shares of the insurance provider’s stock valued at $309,000 after acquiring an additional 324 shares in the last quarter. Great West Life Assurance Co. Can grew its position in Reinsurance Group of America by 11.6% in the 1st quarter. Great West Life Assurance Co. Can now owns 39,323 shares of the insurance provider’s stock valued at $4,428,000 after acquiring an additional 4,073 shares in the last quarter. Baird Financial Group Inc. grew its position in Reinsurance Group of America by 20.9% in the 1st quarter. Baird Financial Group Inc. now owns 10,421 shares of the insurance provider’s stock valued at $1,141,000 after acquiring an additional 1,799 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its position in Reinsurance Group of America by 47.8% in the 1st quarter. Parkside Financial Bank & Trust now owns 368 shares of the insurance provider’s stock valued at $40,000 after acquiring an additional 119 shares in the last quarter. 93.78% of the stock is owned by institutional investors and hedge funds. Shares ofNYSE RGAopened at $148.49 on Thursday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.61. Reinsurance Group of America, Incorporated has a twelve month low of $120.99 and a twelve month high of $156.08. The stock has a 50 day moving average of $144.68 and a two-hundred day moving average of $143.10. The stock has a market cap of $9.83 billion, a P/E ratio of 10.62 and a beta of 0.86. Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold ForeverReinsurance Group of America (NYSE:RGA–Get Free Report) last issued its quarterly earnings data on Friday, August 4th. The insurance provider reported $4.40 earnings per share for the quarter, beating analysts’ consensus estimates of $4.12 by $0.28. Reinsurance Group of America had a return on equity of 20.35% and a net margin of 5.61%. The company had revenue of $4.16 billion during the quarter, compared to analysts’ expectations of $4.30 billion. During the same quarter in the previous year, the business earned $5.78 earnings per share. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, research analysts forecast that Reinsurance Group of America, Incorporated will post 18.15 earnings per share for the current year. Several equities analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on Reinsurance Group of America from $168.00 to $170.00 and gave the company a “neutral” rating in a research report on Friday, October 6th. Citigroup lowered their price objective on Reinsurance Group of America from $170.00 to $162.00 and set a “buy” rating for the company in a research report on Wednesday, August 9th.StockNews.comdowngraded Reinsurance Group of America from a “buy” rating to a “hold” rating in a research report on Monday. Morgan Stanley boosted their price objective on Reinsurance Group of America from $160.00 to $162.00 and gave the stock an “equal weight” rating in a research report on Friday, August 18th. Finally, Wells Fargo & Company boosted their price objective on Reinsurance Group of America from $168.00 to $169.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 15th. Five research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Reinsurance Group of America has an average rating of “Moderate Buy” and an average target price of $165.18. View Our Latest Report on Reinsurance Group of America (Free Report) Reinsurance Group of America, Incorporated engages in reinsurance business. The company offers individual and group life and health insurance products, such as term life, credit life, universal life, whole life, group life and health, joint and last survivor insurance, critical illness, disability, and longevity products; asset-intensive and financial reinsurance products; and other capital motivated solutions. |
2024-11-02 | GlobeNewswire | South Africa Asset-based Lending Market is Expected to Reach $2.27 Billion, by 2031: Allied Market Research | Wilmington, Delaware, Nov. 02, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, theSouthAfrica asset-based lending marketgarnered $601.73 million in 2021, and is estimated to generate $2.27 billion by 2031, manifesting a CAGR of 14.5% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market. Request Research Report Sample & TOC:https://www.alliedmarketresearch.com/request-sample/75106 Report coverage & details: Covid-19 Scenario: The report offers a detailed segmentation of the South Africa asset-based lending market based on type, interest rate, and end user. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years. RequestCustomization:https://www.alliedmarketresearch.com/request-for-customization/75106 Based on type, the receivable financing segment contributed to more than two-fifths of the South Africa asset-based lending market revenue in 2021 and is projected to maintain its dominance by 2031. Moreover, the others segment would display the fastest CAGR of 18.1% throughout the forecast period. By interest rate, the fixed rate segment held the largest share in 2021, garnering around two-thirds of the South Africa asset-based lending market and is expected to dominate the market by 2031. The floating rate segment, on the other hand, would cite the fastest CAGR of 16.3% throughout the forecast period. On the basis of end user, the large enterprises segment accounted for the highest share in 2021, generating more than three-fifths of the South Africa asset-based lending market and is projected to rule the roost by 2031. However, the small and medium-sized enterprises segment would portray the fastest CAGR of 17.0% during the forecast period. The key market players analyzed in the South Africa asset-based lending market report include Barclays Bank PLC, White Oak Financial, LLC, First National Bank, African Bank, Citigroup Inc., JPMorgan Chase And Co., Wells Fargo, Investec, and HSBC Bank plc. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, product portfolio, operating segments, and strategic moves of market players to showcase the competitive scenario. Key benefits for stakeholders Inquire BeforeBuying :https://www.alliedmarketresearch.com/purchase-enquiry/75106 South Africa Asset-based Lending Market Report Highlights AspectsDetailsByType By Interest Rate By End User By Key Market Players Trending Reports in BFSI Industry (Book Now with 10% Discount + Covid-19 scenario): Commercial Lending MarketBy Type (Unsecured Lending and Secured Lending), Enterprise Size (Large Enterprises and Small & Medium Sized Enterprises), and Provider (Banks and NBFCs): Global Opportunity Analysis and Industry Forecast, 2021-2030 FinTech Lending MarketBy Offering (Business Lending and Consumer Lending), Business Model (Balance Sheet Lenders and Marketplace Lenders), Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises [SMEs]), and Lending Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2021-2030 Digital Lending Platform MarketBy Component (Software and Service), Deployment Model (On-Premise and Cloud), Type (Decision Automation, Collections & Recovery, Loan Processing, Risk & Compliance Management, and Others), and Industry Vertical (Banks, Insurance Companies, Credit Unions, Savings & Loan Associations, Peer-to-Peer Lending, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027 Smart Lending Platform Marketby Component (Solution, Services), by Deployment (On-Premises, Cloud) and by Industry Vertical (Banking, Financial Services, Insurance, Credit Unions, Retail Banking, P2P Lenders): Global Opportunity Analysis and Industry Forecast, 2023-2032 Asset-Based Lending Marketby Type (Inventory Financing, Receivables Financing, Equipment Financing, Others), by Interest Rate (Fixed Rate, Floating Rate), by End User (Large Enterprises, Small and Medium-sized Enterprises): Global Opportunity Analysis and Industry Forecast, 2021-2031 About Us: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains. We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every piece of data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact Us: United States1209 Orange Street,Corporation Trust Center,Wilmington, New Castle,Delaware 19801 USA.Int'l: +1-503-894-6022Toll Free: +1-800-792-5285Fax: +1-800-792-5285help@alliedmarketresearch.comAllied Market Research Blog:https://blog.alliedmarketresearch.comBFSI Blog |
2024-11-02 | The Times of India | Multibagger smallcap stock jumps over 7% on winning orders worth Rs 924 crore | iStock Multibagger smallcap stock Skipper jumped 7.4% to Rs 252.3 in Thursday's trade on BSE after the firm won orders worth Rs 924 crore from Power Grid Corporation of India and for several other domestic T&D projects, including Telecom. Skipper said in an exchange filing that the firm won orders in the domestic T&D business of Rs 788 crore from Power Grid Corporation of India Ltd ( PGCIL ), and orders worth Rs 136 crore for several other domestic T&D projects including Telecom. At 11.22 a.m., the scrip was trading 3.2% higher on BSE. Meanwhile, Skipper has also given multibagger returns to its investors as the stock has gained nearly 110% in the last six months, while it has gained over 220% in the last two years and over 400% in the last three years. Sharan Bansal, Director Skipper, said, "We are pleased with the new order inflows of Rs 924 crore from PGCIL and other customers, the consistent order inflows in the T&D business have led to a total order in-flow YTD of Rs 2,727 crore, registering an impressive ~220% growth over last year till date." Bansal further added, "Going forward, the marketplace looks exciting and ripe with opportunities. We are well positioned to capture these opportunities and deliver continuous growth and value creation. A strong Engineering order book and a robust Bidding Pipeline in excess of Rs 10,000 crore give us good visibility and confidence of achieving the desired growth and deliver up to your expectations." Technically, the stock's day RSI (14) is in the medium range at 58.7. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. MACD is at 1.8, which is above its Center Line, but below signal line. Shares of Skipper are also trading higher than the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs). Skipper established in 1981 is one of the leading companies in the Power Transmission & Distribution and the Polymer segment. Its international footprint spans across continents such as Latin America, Europe, and Africa and is spread across 55+ countries with a presence across sub-segments such as Towers, EPC, Monopoles, Poles and Railway Electrification Structures. Skipper is a national powerhouse in the Polymer pipe business. Under the brand name of ‘Skipper’, the company manufactures premium quality polymer pipes & fittings, which serve both the agricultural as well as plumbing sectors. (You can now subscribe to our ETMarkets WhatsApp channel ) (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on Skipper share price power grid corporation of india skipper pgcil smallcap stocks Skipper Skipper stock price (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-11-02 | GlobeNewswire | Cloud Native Storage Market Worth $45.8 billion by 2028, Growing At a CAGR of 23.3% Report by MarketsandMarkets™ | Chicago, Nov. 02, 2023 (GLOBE NEWSWIRE) --The globalCloud Native Storage Marketsize is anticipated to grow at a CAGR of 23.3% during the forecast period, from USD 16.0 billion in 2023 to USD 45.8 billion by 2028, according to a new report by MarketsandMarkets™.Due to various business drivers, the cloud native storage market is expected to grow significantly during the forecast period. The market is experiencing significant growth due to the need for faster recovery and data backup and the proliferation of Kubernetes and containerization. The increased data volumes across enterprises, ease of switching from on-premises to cloud native storage, and the increased automation in application updates are also responsible for driving the market’s growth. Browse in-depth TOC on "Cloud Native Storage Market" 276 - Tables54 - Figures296 - Pages Download Report Brochure @https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=67241849 Cloud Native Storage Market Dynamics: Drivers: Restraints: Opportunities: List of Key Players in Cloud Native Storage Market: Get Sample Report @https://www.marketsandmarkets.com/requestsampleNew.asp?id=67241849 Cloud native is a new paradigm for creating and operating software applications. In cloud native storage, Kubernetes has greatly commoditized the cloud infrastructure stack, and object storage makes network-accessible and portable storage possible. Kubernetes and object storage resolve numerous problems associated with the multi-cloud. It is specifically designed to be used in a cloud native environment. Cloud native storage supports repetitive, scalable performance and major facilities service stations such as reading and writing operations, storing and retrieving data easily, and maximizing operations in a single second. Based on the offering, the cloud native storage market is segmented into solutions and services. The solutions segment is expected to garner a higher revenue during the forecast period. The solutions of cloud native storage include file storage, block storage, and object storage. The block storage solution holds the largest market during the forecast period. In block storage architectures, each storage volume functions as a separate drive, configuring the storage administrator data and saving it in fixed-size chains. Even any file can be divided into distinct data blocks via block storage. It stores the blocks as discrete chunks of data. The unique address is present in every piece of data. Therefore, it should not be placed inside the offer file structure. These solutions help organizations develop, monitor, and leverage the cloud native storage market. Based on application, the segment has been bifurcated into backup and recovery, data archiving, big data and analytics, content delivery and distribution, database storage management, and other applications. Content delivery and distribution applications to hold the highest growth during the forecast period. Content delivery and distribution applications are crucial in enhancing the performance, availability, and scalability of cloud-native storage solutions in the market. These applications are designed to efficiently deliver content, including web pages, media files, and other digital assets, to end-users and applications across the globe. Content delivery and distribution applications enhance the performance, availability, and security of cloud-native storage solutions by efficiently delivering content to end-users and applications worldwide. Inquire Before Buying @https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=67241849 The cloud native storage market by vertical is segmented into BFSI, retail & consumer goods, manufacturing, IT and ITeS, telecom, healthcare & life sciences, media & entertainment, government & public sector, energy & utilities, and other verticals. The BFSI vertical is expected to hold the largest market share in 2023. Digitalizing banking and financial services, including online banking, mobile wallets, digital payment, net banking, and others, will help the BFSI industry grow. This aspect fuels the cloud native cloud native storage. Market vendors provide banking and financial institutions with secure cloud native storage options, which is anticipated to increase partnerships and cooperation between cloud native storage and financial service providers. In the BFSI sector, the only way to provide reliability and integrity is to protect each piece of data while maintaining the performance levels required to handle the volume of value transactions in this vertical. The cloud native storage market has been segmented into five regions: North America, Europe, the Asia Pacific, the Middle East & Africa, and Latin America. North America is estimated to account for the largest market share during the forecast period, whereas the Asia Pacific region is expected to grow at the highest rate. Cloud native storage solutions and services in North America are highly effective across most organizations and verticals. Asia Pacific is gradually advancing toward incorporating cloud native storage within its region. Europe, the Middle East & Africa, and Latin America, show a substantial rise in cloud native storage solutions and services. Browse Adjacent Markets:Cloud Computing Market ResearchReports & Consulting Browse Other Reports: Insurance Platform Market Zero Trust Security Market Cloud Security Market Geospatial Analytics Market Social and Emotional Learning Market |
2024-11-02 | GlobeNewswire | Veterinary Diagnostic Market is Expected to Reach $5.0 billion | MarketsandMarkets. | Chicago, Nov. 02, 2023 (GLOBE NEWSWIRE) --Veterinary Diagnostic marketin terms of revenue was estimated to be worth $3.3 billion in 2023 and is poised to reach $5.0 billion by 2029, growing at a CAGR of 7.1% from 2023 to 2029 according to a latest report published by MarketsandMarkets™. An increase in viral mutation rate increases the disease load on animals leading to an increase in diagnostic testing, an increase in diseases from animals that migrate from place to place, a rise in acquired ailments like dermatological diseases and urinary tract infections, a rise in animal population and a declining proper care/ hygiene, rise in pet insurance and cost of pet care, and growing demand for timely diagnostic testing for animal health, are all factors that influence this market. Untapped emerging markets hold numerous opportunities for the market to flourish. Large companies outsource manufacturing to local players, leading to opportunistic growth for local players in this market. Download an Illustrative overview:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=26017452 Veterinary DiagnosticMarketScope: Based on product, the veterinary diagnostics market is broadly classified into consumables and instruments. The consumables accounted for the largest share in the market owing to factors such as the growing need for test kits like ELISA, PCR, lateral flow, rapid assay, clips and cartridges for urinalysis, and reagents and controls for hematology analysis. Consumables are mainly a one-time use and are required in large quantities. Thus, the enormous increase in sample size at reference labs of developed nations requires consumables in large quantities. Test strips for blood glucose testing, controls for hematology analysis, preloaded reagent clips and cartridges are used for chemistry, hematology, and blood gas-electrolyte analysis. These clips and cartridges contain dry or liquid reagents and help in the in vitro quantitative determination of electrolytes. Currently, leading market players are providing specific cartridges for measuring multiple electrolytes and metabolites for detecting kidney diseases, urinary tract infections, and diabetes in cats, dogs, equines, and cattle. Technological advancements are low in consumables as their quantity for each use is fixed and each consumable has a unique property that can’t be replaced with other consumables. Thus, the need for consumables is high which justifies its large share in the market. Based on the application, the market is segmented into infectious diseases, endocrinology, cardiology, oncology, and others. Endocrinology accounted for the second largest share in the market after infectious disease. This test is used to determine Diabetes mellitus, Hypothyroidism, Hyperthyroidism, Cushing's disease, Addison's disease, Pheochromocytoma etc. in animals. This disorder is diagnosed by clinical signs, physical examination and laboratory tests. The rise in diabetes cases in dogs and other pets is influenceing the segmental growth. According to the North American Veterinary Community (NAVC) diabetes is rising faster in pets than in humans, with more than half a million cats and dogs diagnosed with diabetes each year. Diabetes mellitus in dogs and cats occurs in about 1 of every 300 patients. Remission rates of diabetes in cats can be as high as 90%. Further, functional thyroid adenoma (adenomatous hyperplasia) is the most common cause of feline hyperthyroidism; in ~70% of cases, both thyroid lobes are enlarged. Thus, the number of cases involving endocrine examinations influences the market growth. Based on end-user, the market is segmented into veterinary reference laboratories, veterinary hospitals & clinics, veterinary research institutes & universities, and point-of-care or in-house testing segments. The veterinary hospital and clinics segment accounted for the second largest share in the market after reference laboratories. In veterinary hospital settings, diagnostic products are widely used for a variety of applications, including the diagnosis of various fatal diseases and infections. Clinical chemistry analysis, urinalysis, and hematology testing are performed for regular health screening and the diagnosis of suspected diseases and infections in companion animals and livestock, while immunodiagnostic tests and molecular diagnostic tests are performed to diagnose and monitor animal diseases. Hospitals & clinics are the first point of contact for animal owners; hence, the presence of veterinary diagnostic tests and equipment in hospitals is of prime importance. According to the American Veterinary Medical Association (AVMA), the average number of appointments booked increased by 6.1% in 2021 from 2020. Revenue and patient visits increased by 9.1% and 3.0%, respectively. Similar trends have been observed in major European countries. With an influx of investments, emerging markets across the Asia Pacific and Latin America are offering growth opportunities for players in the veterinary diagnostics industry. The hospital sector in emerging countries is in its growth phase owing to increasing companion animal ownership, the rising number of livestock and poultry producers, the growing affordability of healthcare in these countries, the economic capabilities of hospitals to buy newer technologies, and the infrastructure to conduct critical diagnostic tests influence the segment in this market. Based on region, the veterinary diagnostics market is further divided into North America, Europe, Asia Pacific, Latin America, and Middle East & and Africa. In 2022, North America accounted for the largest share followed by Europe. Factors such as increasing companion animal ownership, the rising outbreak of animal diseases, the presence of highly organized livestock farms, and the growing demand for quality animal-derived food products are driving the growth of the veterinary diagnostics market in Europe. According to the European Pet Food Industry Federation (FEDIAF), in 2022, in Europe, 90 million households owned a pet. There were 110 million cats, 90 million dogs, 50 million birds, 30 million small mammals, 15 million aquaria, and 10 million reptiles in 2022, and the annual sales of pet food products were 29.3 billion, with a 3.1% growth rate. This trend of pet adoption has increased the number of veterinary visits and the overall animal health expenditure by pet owners. Many European countries are among the largest exporters of various animal-derived products globally. Buy a Veterinary Diagnostic Industry Report (504 Pages PDF with Insightful Charts, Tables, and Figures):https://www.marketsandmarkets.com/Purchase/purchase_reportNew.asp?id=26017452 Veterinary Diagnostic market major players covered in the report, such as: The research report categorizes the Veterinary Diagnostics Market into the following segments and sub-segments: BY PRODUCT BY TECHNOLOGY BY ANIMAL TYPE VETERINARY DIAGNOSTICS MARKET, BY DISEASE TYPE, 2021-2029 BY END-USER Request for FREE Sample Pages:https://www.marketsandmarkets.com/requestsampleNew.asp?id=26017452 The key stakeholders in the Veterinary Diagnostic market include: Recent Developments: Get 10% Free Customization on this Report:https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=26017452 Report Objectives: Related Reports: Veterinary Reference Laboratory Market Companion Animal Diagnostics Market Antimicrobial Susceptibility Testing Market Veterinary Infectious Disease Diagnostics Market Veterinary Imaging Market Research Insight:https://www.marketsandmarkets.com/ResearchInsight/veterinary-diagnostics-market.asp Content Source:https://www.marketsandmarkets.com/PressReleases/veterinary-diagnostics.asp |
2024-11-02 | The Times of India | Bullish on 3 stocks in auto, telecom sectors: Mayuresh Joshi | ETMarkets.com Mayuresh Joshi , Head-Equity Research - India, William O'Neil , says “margin stability should continue for Maruti as we head into the second half of the next financial year as well. Footfalls, order book remain extremely strong across their product pipeline. And the entire transition that we are probably seeing both in terms of the internal combustion engines, the petrol and diesel versions, to the electric mobility platform part.” Do you think Airtel is a very clear buy right now given the fact it does not look like there is going to be a monopolistic kind of situation with Jio only and there is a case that ARPUs are only going to rise? Absolutely and that becomes the base case scenario that you will see a gradual improvement in ARPUs as we head into the next few quarters and that is a must and that will happen. So once that happens, the kind of operating dynamics that happens specifically in the India wireless business will be pretty large and that will translate into better earnings going forward. Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website Indian School of Business ISB Chief Digital Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit It also improves cash flows to a large extent and the kind of debt obligations that Airtel has both in terms of the spectrum payouts in terms of their leverage payouts as well that is taken care of with the improved cash flow that you will see because of the increase in ARPUs that will happen in a gradual and a calibrated manner. Again, on a consolidated basis, in the African business, Bharti Africa has done relatively better and the expectation is that the performance should continue being very smoothly and gradually improve in the next few quarters as well which would reflect positively in terms of the consolidated financials as well. So yes, even if it is not a scenario where hikes can be substantial but they will come in the next few quarters and that can create a huge impact. We remain optimistic on Airtel within the telecom space. Where do your preferences lie within the entire auto pack right now? Where is the opportunity to add to positions or even buy afresh at these levels? What we have got on our buy watch list within the four-wheeler space is Maruti. Maruti has produced a very decent set of numbers. And the expectation in terms of their entire SUV portfolio, which a lot of other peer companies are also doing, should increase the volume growth substantially for Maruti. You Might Also Like: Earnings season held up well; positive on Cipla and Sun Pharma: Mayuresh Joshi Whether that translates into a substantial market share gain, the consensus is that market share gain should be an obvious factor for Maruti as we head into the next few quarters. The second element in terms of margin stability should continue for Maruti as we head into the second half of the next financial year as well. Footfalls, order book remain extremely strong across their product pipeline. And the entire transition that we are probably seeing both in terms of the internal combustion engines, the petrol and diesel versions, to the electric mobility platform part. That should be relatively smooth with the kind of calibrated capex that is probably going in as new capacities come in, new platforms come in, and new models start rolling out over the next few quarters. So Maruti within the four-wheeler pack remains on our buy watch list. Within the two-wheelers, TVS has produced another set of brilliant numbers quarter after quarter. The expectations in terms of margins remaining in that range of 10.5%, 11%. Again, the expectations of a better product suite going forward, the distribution network increasing for TVS Motors as a whole and the export component also contributing significantly to consolidated numbers, this is one stock that one can probably hold on to within the two-wheelers. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on stocks to buy airtel maruti mayuresh joshi auto stocks Maruti Airtel tvs motors william o neil Stock Market (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. 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2024-11-02 | ETF Daily News | American International Group Inc. Has $19.57 Million Stock Holdings in Activision Blizzard, Inc. (NASDAQ:ATVI) | American International Group Inc. raised its holdings in Activision Blizzard, Inc. (NASDAQ:ATVI–Free Report) by 1.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 232,188 shares of the company’s stock after acquiring an additional 2,902 shares during the quarter. American International Group Inc.’s holdings in Activision Blizzard were worth $19,573,000 at the end of the most recent quarter. Other institutional investors have also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. lifted its stake in Activision Blizzard by 186.4% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 338 shares of the company’s stock valued at $29,000 after acquiring an additional 220 shares during the last quarter. Front Row Advisors LLC raised its position in shares of Activision Blizzard by 140.4% in the first quarter. Front Row Advisors LLC now owns 351 shares of the company’s stock valued at $30,000 after purchasing an additional 205 shares during the period. Pin Oak Investment Advisors Inc. bought a new position in shares of Activision Blizzard in the first quarter valued at approximately $35,000. Ameritas Advisory Services LLC bought a new position in shares of Activision Blizzard in the first quarter valued at approximately $38,000. Finally, Activest Wealth Management bought a new position in shares of Activision Blizzard in the second quarter valued at approximately $40,000. 81.93% of the stock is currently owned by institutional investors and hedge funds. ATVI stockopened at $94.42 on Thursday. The company has a market cap of $74.29 billion, a P/E ratio of 34.59, a PEG ratio of 2.61 and a beta of 0.44. Activision Blizzard, Inc. has a twelve month low of $70.94 and a twelve month high of $94.57. The company has a quick ratio of 4.66, a current ratio of 4.66 and a debt-to-equity ratio of 0.17. The business has a fifty day moving average of $93.24 and a 200-day moving average of $87.38. Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold ForeverA number of equities analysts have recently commented on ATVI shares. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Activision Blizzard from $89.00 to $95.00 in a research report on Wednesday, July 12th. Wedbush reissued an “outperform” rating and issued a $95.00 price target on shares of Activision Blizzard in a research report on Friday, September 22nd. Benchmark lowered shares of Activision Blizzard from a “buy” rating to a “hold” rating and set a $90.00 target price on the stock. in a research report on Wednesday, July 12th. Edward Jones lowered shares of Activision Blizzard from a “buy” rating to a “hold” rating in a research report on Thursday, July 20th. Finally, Robert W. Baird lowered shares of Activision Blizzard from an “outperform” rating to a “neutral” rating and set a $90.00 target price on the stock. in a research report on Tuesday, July 18th. Sixteen analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $94.32. View Our Latest Report on ATVI (Free Report) Activision Blizzard, Inc, together with its subsidiaries, develops and publishes interactive entertainment content and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company operates through three segments: Activision, Blizzard, and King. It develops and distributes content and services on video game consoles, personal computers, and mobile devices, including subscription, full-game, and in-game sales, as well as by licensing software to third-party or related-party companies that distribute Activision and Blizzard products. |
2024-11-02 | ETF Daily News | MetLife, Inc. (NYSE:MET) Shares Purchased by Ascent Wealth Partners LLC | Ascent Wealth Partners LLC increased its holdings in shares of MetLife, Inc. (NYSE:MET–Free Report) by 1.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,278 shares of the financial services provider’s stock after purchasing an additional 381 shares during the period. Ascent Wealth Partners LLC’s holdings in MetLife were worth $1,311,000 as of its most recent SEC filing. A number of other large investors have also recently bought and sold shares of the business. Dodge & Cox lifted its stake in shares of MetLife by 0.9% in the 1st quarter. Dodge & Cox now owns 54,069,754 shares of the financial services provider’s stock worth $3,132,802,000 after acquiring an additional 486,544 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of MetLife by 7.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 27,540,294 shares of the financial services provider’s stock worth $1,595,686,000 after acquiring an additional 1,930,271 shares during the period. Morgan Stanley lifted its stake in shares of MetLife by 3.7% in the 4th quarter. Morgan Stanley now owns 11,584,674 shares of the financial services provider’s stock worth $838,383,000 after acquiring an additional 418,477 shares during the period. Macquarie Group Ltd. lifted its stake in shares of MetLife by 6.2% in the 1st quarter. Macquarie Group Ltd. now owns 7,466,099 shares of the financial services provider’s stock worth $432,585,000 after acquiring an additional 436,260 shares during the period. Finally, Norges Bank acquired a new stake in shares of MetLife in the 4th quarter worth $444,205,000. Institutional investors and hedge funds own 88.14% of the company’s stock. In related news, EVPMarlene Debelsold 9,391 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $63.18, for a total value of $593,323.38. Following the completion of the sale, the executive vice president now directly owns 77,638 shares in the company, valued at $4,905,168.84. The transaction was disclosed in a legal filing with the SEC, which is available throughthe SEC website. 0.32% of the stock is owned by insiders. Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold ForeverSeveral research firms have recently commented on MET. Deutsche Bank Aktiengesellschaft began coverage on shares of MetLife in a research note on Wednesday, October 4th. They issued a “hold” rating and a $71.00 target price for the company. Argus raised their price objective on shares of MetLife from $70.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, August 14th. TheStreet upgraded shares of MetLife from a “c+” rating to a “b-” rating in a research note on Thursday, August 10th. Citigroup raised their price objective on shares of MetLife from $76.00 to $81.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Finally, Wells Fargo & Company raised their price objective on shares of MetLife from $82.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, August 15th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $76.09. View Our Latest Research Report on MET Shares ofNYSE METopened at $59.51 on Thursday. The company has a market cap of $44.75 billion, a PE ratio of 23.34, a price-to-earnings-growth ratio of 0.61 and a beta of 1.06. MetLife, Inc. has a 12 month low of $48.95 and a 12 month high of $77.36. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.13 and a quick ratio of 0.13. The company has a 50-day simple moving average of $62.57 and a 200-day simple moving average of $59.16. MetLife (NYSE:MET–Get Free Report) last issued its quarterly earnings results on Wednesday, November 1st. The financial services provider reported $1.97 EPS for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.02). The firm had revenue of $15.87 billion for the quarter, compared to analysts’ expectations of $17.49 billion. MetLife had a return on equity of 17.42% and a net margin of 3.14%. The business’s quarterly revenue was down 28.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.21 earnings per share. On average, equities analysts anticipate that MetLife, Inc. will post 7.64 earnings per share for the current year. The business also recently announced a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Thursday, November 9th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Wednesday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 3.50%. MetLife’s payout ratio is 80.93%. (Free Report) MetLife, Inc, a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide. It operates through five segments: U.S.; Asia; Latin America; Europe, the Middle East and Africa; and MetLife Holdings. The company offers life, dental, group short-and long-term disability, individual disability, pet insurance, accidental death and dismemberment, vision, and accident and health coverages, as well as prepaid legal plans; administrative services-only arrangements to employers; and general and separate account, and synthetic guaranteed interest contracts, as well as private floating rate funding agreements. |
2024-11-02 | GlobeNewswire | Europe Gadget Insurance Market Is Expected to Generate $39.37 Billion by 2031: Allied Market Research | Wilmington, Delaware, Nov. 02, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, theEurope gadget insurancemarketgarnered $13.79 billion in 2021, and is estimated to generate $39.37 billion by 2031, manifesting a CAGR of 11.4% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market. Request Research Report Sample & TOC:https://www.alliedmarketresearch.com/request-sample/47750 Report coverage & details: Covid-19 Scenario: The research provides detailed segmentation of the Europe gadget insurance market based on coverage type, device type, sales channel, end user, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report. RequestCustomization :https://www.alliedmarketresearch.com/request-for-customization/47750 Based on coverage type, the physical damage segment held the highest share in 2021, accounting for nearly half of the Europe gadget insurance market, and is expected to continue its leadership status during the forecast period. However, the virus and data protection segment is expected to register the highest CAGR of 18.1% from 2022 to 2031. Based on device type, the mobile phones and tablets segment accounted for the highest share in 2021, contributing to nearly half of the Europe gadget insurance market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the cameras segment is expected to manifest the highest CAGR of 16.4% from 2022 to 2031. Based on sales channel, the retail segment accounted for the highest share in 2021, holding more than three-fifths of the Europe gadget insurance market, and is expected to continue its leadership status during the forecast period. However, the online segment is estimated to grow at the highest CAGR of 13.3% during the forecast period. Based on region, UK held the largest share in 2021, contributing to more than one-fifth of the Europe gadget insurance market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Italy region is expected to manifest the fastest CAGR of 16.5% during the forecast period. Leading market players of the Europe gadget insurance market analyzed in the research include Apple Inc., Asurion, AXA, AT&T Inc., Bolttech, Chubb, OneAssist Consumer Solutions Pvt. Ltd., simplesurance GmBH, SPB UK & Ireland Ltd, and Wertgarantie. The report provides a detailed analysis of these key players of the Europe gadget insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. Key BenefitsforStakeholders Inquire BeforeBuying :https://www.alliedmarketresearch.com/purchase-enquiry/47750 Europe Gadget Insurance Market Report Highlights AspectsDetails ByCoverage Type By Device Type By Sales Channel By End User By Country By Key Market Players Trending Reports in BFSI Industry (Book Now with 10% Discount + Covid-19 scenario): Commercial Insurance MarketBy Type (Commercial Motor Insurance, Commercial, Property Insurance, Liability Insurance, Marine Insurance, and Others), Distribution Channel (Agents & Brokers, Direct Response, and Others) Enterprise Size (Large Enterprises, Medium-Sized Enterprises, and Small-Sized Enterprises), and Industry Vertical (Manufacturing, Construction, IT & Telecom, Healthcare, Energy & Utilities, Transportation & Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030 Home Insurance Marketby Coverage (Comprehensive Coverage, Dwelling Coverage, Content Coverage, and Other Optional Coverages), End User (Landlords and Tenants): Global Opportunity Analysis and Industry Forecast, 2020-2027 Insurance Third Party Administrator MarketBy Service Type (Claims Management, Policy Management, Commission Management, Others), By End User (Life and Health Insurance, Property and Casualty Insurance), By Enterprise Size (Large Enterprises, Small and Medium-Sized Enterprises): Global Opportunity Analysis and Industry Forecast, 2023-2032 Insurance Brokerage Marketby Insurance Type (Life Insurance, Property and Casualty Insurance), by Brokerage Type (Retail, Wholesale): Global Opportunity Analysis and Industry Forecast, 2023-2032 Europe Gadget Insurance MarketBy Coverage Type (Physical Damage, Internal Component Failure, Theft & Loss Protection, Virus & Data Protection, and Others), Device Type (Laptop & PCs, Mobile Phones & Tablets, Home Entertainment Devices, Cameras, and Others), Sales Channel (Retail and Online), and End User (Business and Individuals): Regional Opportunity Analysis and Industry Forecast, 2022-2031 Regional Reports: Asia-Pacific Commercial Property Insurance Market:https://www.alliedmarketresearch.com/asia-pacific-commercial-property-insurance-market-A213221 U.S. Commercial Property Insurance Market:https://www.alliedmarketresearch.com/u-s-commercial-property-insurance-market-A213213 UK Commercial Property Insurance Market:https://www.alliedmarketresearch.com/uk-commercial-property-insurance-market-A213216 Europe Commercial Property Insurance Market:https://www.alliedmarketresearch.com/europe-commercial-property-insurance-market-A213215 South Korea Commercial Property Insurance Market:https://www.alliedmarketresearch.com/south-korea-commercial-property-insurance-market-A213226 About Us: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact: David Correa 1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA. Int'l: +1-503-894-6022 Toll Free: +1-800-792-5285 UK: +44-845-528-1300 India (Pune): +91-20-66346060 Fax: +1-800-792-5285 help@alliedmarketresearch.com |
2024-11-02 | The Times of India | In Q3 and Q4, we should be able to recover whatever we have lost in Q1 and Q2: Adani Wilmar management | ETMarkets.com Angshu Mallick & Shrikant Kanhare Shrikant Kanhere , CFO and Angshu Mallick , CEO & MD, Adani Wilmar , in conversation with ET Now post Q2 results. Mallick says: “Normally the second half of the year is considered to be better in terms of offtake a)because of the festive season; and b) the big marriage season starting from November 15. Overall, the economic buoyancy is much bigger and better in the second half of the year.” Let’s discuss the edible oil performance with you to begin with because the volume growth of 4% seems on the lower side. What do you think the rest of the year is likely to be given the festive demand will also kick in in Q3? Angshu Mallick: When you look at the edible oil, the 4% growth is the total but when you only look at the consumer pack, it has grown by 12%. So in that way it is good. But that is the first half. We have seen around 23% growth in packed oil volumes, which is very significant looking at all the earlier years performance. Now, normally the second half of the year is considered to be better in terms of offtake a)because of the festive season; and b) the big marriage season starting from November 15. Overall, the economic buoyancy is much bigger and better in the second half of the year. Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website Indian School of Business ISB Chief Digital Officer Visit IIM Lucknow IIML Chief Executive Officer Programme Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit It is very interesting that you are pointing out that big marriage season, big Karwa Chauth. Some other trade bodies of the country are also saying that it is likely to boost sales of edible stuff and consumption items in particular. How significant can this be for your kind of business? Angshu Mallick: For us, it is a very significant business because we are in the basic staples. Out of home consumption requires edible oil, basmati rice, wheat flour, maida particularly, atta also, then there is pulses, besan – all these products are essential requirements of any big marriage season. We see a great opportunity in HoReCa (hotel, restaurant, catering) business. Almost 50% growth quarter on quarter is because out of home consumption has gone up from October 22. Shrikant, I want to ask you about the profitability of the edible oil segment. You had mentioned that you expect it to come to normal levels in terms of gross margin and EBITDA per tonne in the second half. What are those normalised levels? Shrikant Kanhere: In edible oil, unfortunately for the company, quarter one and quarter two were not good. And as we explained earlier also, that is basically because of the dis-alignment on the hedges as compared to the physical prices on the ground. I think, but this problem is behind us and therefore the oil prices have also been stabilised. Whatever problem we had in Q1 and Q2, we do not expect that to continue in Q3 and Q4. Having said that, and as Mr Mallick mentioned, we are growing quite strongly in volumes, whether it is in terms of oil or food or industry essential. So in Q3 and Q4, we should be able to recover whatever we have lost in Q1 and Q2. But as rightly said, oil loss is basically on account of the hedging loss which should not happen as we go forward. You Might Also Like: Adani Wilmar Q2 Results: Firm posts a loss of Rs 131 crore; revenue drops 13% YoY Angshu Mallick : In addition, we have a one-time loss of entry tax in West Bengal. So that also has been included in this quarter. Just want to understand, apart from this quarter to quarter kind of a run rate, how is the overall strategy of de-risking the business and reducing the cyclicality from edible oil in particular to other consumption items moving? Angshu Mallick : As a strategy, we embarked on a journey of creating a holistic food and FMCG company. Now edible oil is obviously a big part of the business, surely it will continue and we have expanded and today with around 18.5-19% market share, we are continuing to grow on it. But the main focus is now on the food business. As you see, the food business has been growing rapidly over the quarter on quarter. This quarter, we have grown by 50% over last year's same quarter in the domestic market. What has not gone well is the rice exports which got restricted because of the government regulations. Otherwise, the food business is growing. This quarter also, we grew at 20%. Now going forward, our strategy is to grow this business much faster. I can tell you today branded atta business is growing at around 15-18% year on year. India will see a big jump in consumption because hardly 12-13% is now branded. So going forward, we will see edible oil growing 60-70%; can you imagine the kind of volume? Basmati, non-Basmati rice, pulses are growing very fast in branded terms. Second, e-commerce is adding great value in branded commodity business and we being a good brand normally have a better market share in e-com than general trade. So you are talking about market share improvement etc. And you talked about how you are deepening your presence in rural India as well, where a lot of your products get consumed but there is an export market as well because the Indian diaspora is also increasing their consumption abroad. What are your prospects with respect to the export going forward? Angshu Mallick : In exports, we have a two-brand strategy. One is Fortune and one is Jubilee brand. We now export to almost 50 countries. And we are now exporting branded Atta, Chakki Fresh Atta Fortune to Europe and the US as well. We are there in the Middle East, Southeast Asia and Australia. So Basmati rice, non-Basmati rice, branded, edible oil, frying oil, bakery fats, all these products are now going across. We have introduced Biryani Kit and I have got a very good response from a few of the markets where it has been launched. We are trying to get into the products for Indian diaspora and do real marketing and distribution in these countries. I wanted to ask specifically on rice because all of these export curbs have been levied. There is a lot of to and fro as well that must be impacting your business and volumes. Angshu Mallick : Yes. So far, at the 1200 MEP price, it was impacting. And we had big orders in our hand at little lower than 1200. But now that 950 has been offered, all our consignments are ready to be loaded. From the first week of November, they are getting loaded and so we have big orders in hand. Apart from that, our Atta business is doing well. We have started importing wheat and against that, we are exporting branded Atta and that demand is increasing. Sooner or later, we are expanding our portfolio for the Indian expats abroad. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on adani wilmar angshu mallick shrikant kanhere Adani Wilmar Q2 results Adani Wilmar management expert view Stock Market et now (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-11-02 | Marketscreener.com | Pound up as BoE warns on higher rates for longer | (Alliance News) - Stocks in Europe went into the afternoon on the up, while the pound also rose, as the Bank of England cautioned that monetary policy will need to be "sufficiently restrictive for sufficiently long". Sterling was quoted at USD1.2214 shortly after midday on Thursday, higher than USD1.2123 at the London equities close on Wednesday. The FTSE 100 index was up 91.85 points, 1.3%, at 7,434.28. The FTSE 250 was up 566.72 points, 3.3%, at 17,752.61, and the AIM All-Share was up 5.75 points, 0.8%, at 689.32. The Cboe UK 100 was up 1.3% at 742.25, the Cboe UK 250 was up 3.5% at 15,502.19, and the Cboe Small Companies was up 0.7% at 12,712.75. The Bank of England maintained UK interest rates at a 15-year high on Thursday, in a slightly less split vote by policymakers, as Threadneedle Street predicts inflation to ebb "sharply" in the months to come. There was also a slight caution that rates would need to remain at robust territory for longer. The BoE kept bank rate at 5.25%. It is the second-successive hold, following one in September, which ended a streak of 14 successive hikes since December 2021. The BoE had rapidly shot up the bank rate from a Covid-19-induced low of 0.10%. This time around, six favoured the pause, with only three backing a 25 basis point hike. There were four dissenters last time around. The BoE said since its September decision, it has seen "little news in key indicators of UK inflation persistence". "There have continued to be signs of some impact of tighter monetary policy on the labour market and on momentum in the real economy more generally. Given the significant increase in bank rate since the start of this tightening cycle, the current monetary policy stance is restrictive," the central bank said. "The MPC will continue to monitor closely indications of persistent inflationary pressures and resilience in the economy as a whole, including a range of measures of the underlying tightness of labour market conditions, wage growth and services price inflation. Monetary policy will need to be sufficiently restrictive for sufficiently long to return inflation to the 2% target sustainably in the medium term." The BoE also set it out its latest monetary policy report containing its outlook for the UK economy. It lowered its near-term inflation expectations, with its "most likely" path predicting a fourth-quarter rate of 4.6%, trimmed from its 4.9% August prediction. Its outlook for the fourth-quarter of next year was lifted to 3.1% however, from 2.5%. A return to below the 2% inflation target will be delivered in the fourth-quarter of 2025, though its inflation projection for that period was lifted to 1.9% from 1.6%. "In the Monetary Policy Committee's latest most likely, or modal, projection conditioned on the market-implied path for bank rate, CPI inflation returns to the 2% target by the end of 2025. It then falls below the target thereafter, as an increasing degree of economic slack reduces domestic inflationary pressures," the BoE said. Quilter Investors analyst Lindsay James commented: "As was strongly signalled, the Bank of England today continued its pause on interest rates at 5.25%. While on the surface, this may look good news, it doesn't mean that financial conditions are easing anytime soon. Data shows that the effective interest rate on outstanding mortgages is at 3.14%, whilst the average quoted rate for new or refinanced mortgages now sits at around 5.5%. With around 30% of mortgages due to be refinanced over the next two years, homeowners are still likely to face a painful upward adjustment of their payments, acting as an ongoing headwind for the UK economy. "The good news for consumers, however, is that unlike in the US, where a more robust economy has kept the possibility of a further rate rise on the table, in the UK it is more likely that the peak of interest rates has now been reached. For investors, this is a good sign too, as the end of the hiking cycle, and the subsequent cuts, can often bring about very strong returns. While markets may not be shooting the lights out, remaining invested over this period is going to be crucial." In European equities, the CAC 40 in Paris was up 1.8%, while the DAX 40 in Frankfurt was up 1.5%. The Bank of England decision followed the US Federal Reserve leaving interest rates unchanged on Wednesday. In a widely expected move, the central bank unanimously agreed to hold the key federal funds rate in a target range between 5.25%-5.50%, a 22-year-high, where it has been since July. This was the second consecutive meeting that the Federal Open Market Committee chose to hold, following a string of 11 rate hikes, including four in 2023. The euro traded at USD1.0634, higher than USD1.0537. Against the yen, the dollar was quoted at JPY150.33, down versus JPY151.07. Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.4%, the S&P 500 index 0.5% higher, and the Nasdaq Composite up 0.8%. In London's FTSE 100, BT rallied 8.9%. In the half-year to September 30, the telecommunications firm said revenue came in broadly flat year-on-year, edging up to GBP10.41 billion from GBP10.37 billion, but pretax profit jumped 29% to GBP1.08 billion from GBP831 million. "Our delivery in the first half means we are confirming our financial outlook for FY24 with normalised free cash flow now expected towards the top end of the guidance range," said Chief Executive Officer Philip Jansen. Sainsbury's rose 4.5% The grocer expects underlying pretax profit to come in at the upper range of its guidance of GBP670 million and GBP700 million for its financial year, reporting "strong volume and market share growth" in its first half. In the 28 weeks ended September 16, the grocer's group sales including value-added tax rose 2.9% annually to GBP18.67 billion from GBP18.34 billion. However, excluding fuel, they rose 7.7% to GBP15.81 billion from GBP14.67 billion. Pretax profit fell 27% to GBP275 million from GBP376 million, but was flat at GBP340 million on an underlying basis. "It's been a while since Sainsbury's has consistently done well, but the current management team seemed to have created a formula that works," said AJ Bell analyst Russ Mould. "Market share gains and improved sales volumes are proof that [Chief Executive Officer] Simon Roberts' strategic focus on food is paying off." Shell added 2.0% as it managed to avoid the fate that befell rival BP earlier in the week as its earnings for the third quarter stayed largely in line with expectations. The London-listed oil and gas producer said its adjusted earnings fell 34% in the three months compared with a year earlier, landing at a little over USD6.2 billion. The result was only USD24 million behind expectations, unlike BP, which missed its forecast underlying replacement cost profit by around USD700 million. In the FTSE 250, OSB was the best performing stock, rising 14%. The Chatham, England-based mortgage lender said Chief Financial Officer April Talintyre will retire after 11 years with the company, while it upgraded its guidance for 2023. Talintyre will stay with the company until a date that has yet to be announced to confirm the transition to a new CFO. Meanwhile, the company gave a trading update for the third quarter of 2023. OSB said organic originations were down 19% to GBP1.3 billion from GBP1.6 billion a year prior. Statutory net loans rose 6.8% to GBP25.2 billion as at September 30 from GBP23.6 billion at December 31. Further, OSB said it substantially completed its GBP150 million share repurchase programme. Helios Towers added 12%, after it said that adjusted earnings and operating profit rose, with tenancies and sites growing comfortably. The London-based telecommunications infrastructure company said operating profit in the first nine months of 2023 surged 79% to USD112.6 million from USD62.9 million a year prior. Revenue climbed 31% to USD533.7 million from USD408.8 million. Adjusted earnings before interest, tax, depreciation and amortisation increased 30% to USD269.2 million from USD206.8 million. Notably, sites rose 29% to 14,024 from 10,872, while tenancies grew 27% to 26,624 from 20,913. On AIM, Ethernity Networks surged 20%, after the supplier of data processing semiconductor technology for networking appliances signed an extended contract for USD475,000 with an unnamed "tier one US-based military aerospace customer". It had received an advance payment of USD80,000 last month, and expects payments for the contract to be received during November and December, bringing the total anticipated revenue to USD555,000. Gold was quoted at USD1,988.19 an ounce at midday Thursday, higher than USD1,978.93 on Wednesday. Brent oil was trading at USD85.84 a barrel, lower than USD86.36. Thursday's global economic calendar sees the US unemployment insurance weekly claims report at 1230 GMT. Already out, data showed the slump in eurozone manufacturing worsened slightly in October. The Hamburg Commercial Bank manufacturing purchasing managers' index fell edged down to 43.1 points from 43.4 in September, and was a touch higher than the flash estimate of 43.0. Falling further beneath the 50-point mark that separates growth from contraction, it shows the sector deteriorated further. By Greg Rosenvinge, Alliance News senior reporter Comments and questions to newsroom@alliancenews.com Copyright 2023 Alliance News Ltd. All Rights Reserved. |
2024-11-02 | The Times of India | Oil prices edge higher Middle East conflict stokes supply concerns | Agencies Oil prices edged higher in early trade on Thursday as the conflict in the Middle East kept investors on edge about whether it could disrupt oil supplies around the region. Brent crude futures rose 38 cents at $85.01 a barrel by 0000 GMT, while U.S. West Texas Intermediate crude futures gained 46 cents at $80.90 a barrel. Iran's Supreme Leader Ayatollah Ali Khamenei called on Muslim states to cease oil and food exports to Israel, demanding an end to its bombardment of the Gaza Strip, state media reported. Iran, a member of the Organization of the Petroleum Exporting Countries ( OPEC ), produced around 2.5 million barrels per day of crude in 2022, according to U.S. energy data. Israeli forces killed another Hamas commander on Wednesday in their second strike on Gaza's Jabalia refugee camp in two days, the military said, as the first group of civilian evacuees from the besieged enclave crossed into Egypt. Pressing an offensive against Hamas militants, Israel again bombed the densely populated Gaza Strip from land, sea and air in its campaign to wipe out the Islamist group after its deadly cross-border rampage into southern Israel on Oct. 7. Market participants awaited a Bank of England meeting, expected Thursday. In Europe, October inflation in the Euro zone was at its lowest in two years, a Eurostat flash reading showed, stoking the view the European Central Bank is unlikely to hike interest rates soon. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on oil prices Middle East conflict oil brent crude opec (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-11-02 | NPR | As some medical debt disappears from Americans' credit reports, scores are rising | Kayce Atencio, who has been shadowed by medical debt for most of his adult life, had been unable to rent an apartment because of poor credit due to medical debt, he said. Recent reporting changes by credit rating agencies have removed many debts from consumer credit reports and lifted scores for millions, a new study finds.Rachel Woolf for KFF Health Newshide caption Kayce Atencio, who has been shadowed by medical debt for most of his adult life, had been unable to rent an apartment because of poor credit due to medical debt, he said. Recent reporting changes by credit rating agencies have removed many debts from consumer credit reports and lifted scores for millions, a new study finds. The share of American consumers with medical debt on their credit reports has declined dramatically over the past year as major credit rating agencies removed small unpaid bills and debts that were less than a year old, according to ananalysispublished Thursday from the nonprofit Urban Institute. At the same time, millions of Americans have seen their credit scores improve, making it easier for many to get a job, rent an apartment, or get a car. "This is a very significant change," said Breno Braga, an economist at the Urban Institute and a co-author of the study. "It affects a lot of people." For years, medical debt has depressed credit scores, undermining the financial security of tens of millions of patients and their families. Under mounting pressure from patient advocates and government regulators, the three major credit agencies over the last two years have taken a series of steps to remove some medical debts from credit reports, including unpaid medical bills under $500. The changes appear to be having an impact. As of August, just 5% of adults with a credit report had a medical debt on their report, down from almost 14% two years earlier, the Urban Institute analysis found. Researchers also found that Americans with a medical debt on their credit report in August 2022 saw their VantageScore credit score improve over the next year from an average of 585 to an average of 615. That moved many consumers out of the subprime category. Subprime borrowers typically pay higher interest rates on loans and credit cards, if they can borrow at all. Consumers' improved scores don't mean the medical debts have been eliminated. Hospitals, collectors, and other medical providers still pursue patients for unpaid bills. And many continue to sue patients, place liens on their homes, or sell their debts. But the credit reporting changes appear to be mitigating some of the more pernicious effects of medical debt. Credit scores depressed by medical debt, for example, can threaten people'saccess to housingand fuel homelessness. In total, about 27 million people experienced a significant improvement in their score, the Urban Institute researchers estimated. VantageScore, which uses a slightly different methodology than FICO, in Januarystopped using any medical debtto calculate scores. The credit reporting changes have drawn criticism from debt collectors and some medical providers, who warn that hospitals and physicians may require upfront payments from patients before delivering care or may push more patients into credit cards and other kinds of loans. In August, aCalifornia dermatologist suedthe three major consumer credit rating agencies, claiming that with fewer medical debts appearing on credit reports, patients would have less of an incentive to pay their bills, costing physicians nationwide potentially billions of dollars. The case is pending in federal court. But most leading consumer and patient advocates applaud the more restrictive credit reporting rules.Other research, by the federal Consumer Financial Protection Bureau, has found that medical debt — unlike other kinds of debt — does not accurately predict a consumer's creditworthiness, calling into question how useful it is on a credit report. In September, the Biden administrationannounced plansto push broader changes that would eliminate all medical debts from consumers' credit scores. Federal regulations to implement such a ban will be developed next year by the CFPB, federal officials said. This would expand current state efforts. In June, Colorado enacted a trailblazing bill that prohibits medical debt from being included on residents' credit reports or factored into their credit scores. A similar measure was passed by the New York state legislature this year and is pending before the governor. The Urban Institute researchers predicted that these policies would continue to improve consumer credit scores, though they warned that more systemic changes will be necessary to reduce medical debt, whichburdens about 100 million peoplein the U.S. "Reducing the burden of medical debt and its wide-ranging consequences would likely require health insurance reforms that build on the Affordable Care Act to further protect consumers from out-of-pocket medical expenses they can't afford," the report concludes. The report by the Urban Institute, which has worked with KFF Health News over the past two years to analyze medical debt data, is based on a sample of credit records from one of the three large credit rating agencies. KFF Health News, formerly known as Kaiser Health News (KHN), is a national newsroom that produces in-depth journalism about health issues and is one of the core operating programs atKFF— the independent source for health policy research, polling, and journalism. |
2024-11-02 | ReadWrite | Google search data reveals ad cash cows | The ongoingantitrust lawsuitfiled by the U.S. Department of Justice against Google has now unveiled previously secretive data about the tech giant’s most lucrative search keywords and queries. During the trial this week, a list of Google’s top 20 highest-revenue search terms for the week of September 22, 2018, was submitted into evidence, offering rare insight into the types of searches that are most profitable for the company. According to a Nov. 1 The Vergereport, the data shows that product and service keywords dominate the top revenue-generating searches.Apple-related terms took three of the top five slots, with “iPhone 8,” “iPhone 8 plus,” and simply “iPhone” ranking at #1, #2, and #11 respectively. This underscores both Apple’s massive consumer popularity and its willingness to pay top dollar to advertise its new products at the top of search results. Other top searches were in competitive industries like insurance (“auto insurance,” “car insurance”), TV/internet service (“direct TV,” “Hulu,” “Xfinity”), and transportation (“Uber”). Notably absent from the top 20 were broad informational queries like news, definitions, or navigational searches to find specific websites. According to experts, these types of searches do not offer the same commercial intent that advertisers covet. While the exact revenue figures were redacted, analysts speculate that searches related to Apple devices likely generated tens of millions of dollars for Google during that one-week period. Terms like “auto insurance” and “cheap flights” also tend to have high cost-per-click rates, meaning advertisers pay top dollar to Google each time a user clicks on their ad. The release of Google’s most lucrative search terms offers rare insight into the engine that continues to generate the bulk of the tech giant’s billions in profits. And as the antitrust trial wages on, experts say we may see additional revelations about the search and advertising practices at the core of Google’s business model and market power. Featured Image Credit: Photo by PhotoMIX;Pexels; Thank you! |
2024-11-02 | Business Insider | What Donald Trump Jr. said he can't remember about his family's business at trial | Donald Trump Jr. took the standthis week in the New York attorney general's $250 million fraud case against the Trump family business, but said he couldn't recall key details about his and his father's involvement in the Trump Organization. Trump Jr. — former President Donald Trump's eldest son — testified that he couldn't remember if Trump was still a trustee of the Donald J. Trump Revocable Trust. He also said he didn't remember the time period in 2021 in which he was removed — and then reinstated — as a trustee. When prosecutors from NY AG Tish James' office questioned Trump Jr. about whether he worked on Trump's statement of financial condition, Trump Jr. replied, "Not that I recall." And he said he had no knowledge of why Trump added himself back as a trustee while he was still president. James' office filed the massive fraud lawsuit against the Trump Organization, Trump, and his three eldest children last year, accusing the former president of falsely inflating the value of his assets on his financial statements. (Donald Trump Jr. and Eric Trump remain targets of the case, but Ivanka Trump is no longer a defendant.) Trump "falsely inflated his net worth by billions of dollars to further enrich himself and cheat the system" and "repeatedly and persistently manipulated the value of assets to induce banks to lend money to the Trump Organization," James said at a news conference announcing the lawsuit. She said the Trump Organization's fraudulent activity allowed it to receive more favorable loan terms, pay lower taxes, and induce insurance companies to give lower premiums. Trump Jr. was the first of Trump's children to testify this week. After his testimony wrapped up Thursday morning, Eric Trump took the stand.Trump and his daughter, Ivanka, are scheduled to testifynext week. |
2024-11-02 | BBC News | Downpatrick: Bus services suspended amid flood waters | The damage caused by flooding in Downpatrick has "ripped the heart out of the town", a businessman has said. Paul McCartan, who owns two shops in the County Down town, said the damage was soul destroying and government support was needed. A number of towns in counties Down, Armagh and Antrim have been hit by heavy rainfall. "It looks like it's gone in a flash," Mr McCartan said of his business. "I've been on the street about 44 years," he told BBC News NI. "Although we're fully insured, we're not covered for flood, and we're in bother." Mr McCartan added there was no chance of the premises drying out ahead of Christmas. Another Downpatrick clothing shop owner, Brian Rodgers, said floodwater was up to chest height on Thursday morning. He said he had about £150,000 of Christmas stock inside but he could not get in to see how bad the damage was. On Thursday evening, the Department for Infrastructure (DfI) said an operation to use high-volume pumps to clear the water from Market Street, Downpatrick, would begin "once river waters are low enough". "Whilst there have been some indications of floodwaters increasing slightly in Downpatrick, water levels in the Quoile River have peaked and have begun to fall from early morning," they said. How have you been affected by the flooding? If it is safe to do so, get in touch. Social Democratic and Labour Party assembly member Colin McGrath said Downpatrick witnessed "apocalyptic scenes" and that about 25 businesses had been "decimated". He warned there were further concerns about the risks from the next high tide. DfI described recent rainfall as "an exceptional natural event". Bus services across the town have been suspended and parts of Portadown, County Armagh, remain badly affected. Translink confirmed its Downpatrick depot remained cut off in both directions due to flood waters and 10 bus services in the town had been suspended. Speaking to BBC News NI, Mr McGrath said many businesses in Downpatrick were not covered by flood insurance. He called for Northern Ireland Secretary Chris Heaton-Harris to "step up to the mark" and provide a financial package for those affected by the flooding. A Northern Ireland Office spokesperson said the UK government has been "in close contact" with the civil service. "Whilst this is a devolved matter for the relevant NI departments, we will continue to work closely with the NI Civil Service in the days ahead," they said. The Department for Communities is providing emergency £1,000 payments for domestic properties which have been flooded. A spokesperson for DfI said its engineering team carried out an assessment and determined it could be another 24 hours before floodwater in Market Street in Downpatrick town centre could be decreased. "The main reason for this is that the water levels in the river and its smaller tributaries need to decrease before we can make meaningful progress," they said. In Kilkeel, County Down, the Newcastle Road has been closed due to serious structural damage, with the police warning people to avoid it and obey road closure signs. It is not yet clear how long the road will be closed. Paul Sloane, who lives in one of the houses directly outside the stretch of closed road, said many vehicles were ignoring road closure signs and then turning outside his property when they can go no further. Democratic Unionist Party assembly member Diane Forsyth told BBC News NI the closure was devastating for businesses and residents because it is the the main road into Kilkeel. Sinn Féin councillor Michael Rice said the feeling in the town was one of frustration. "Those in Kilkeel feel trapped, from the initial rain on Tuesday the town has been isolated and many feel that rural areas in the Mournes did not get the same support. "However, I can't fault the road service, the staff have been working non-stop and the damage to the road is very serious." By BBC News NI's Darran Marshall in Portadown The flood waters in most parts of Portadown have not receded since Wednesday. The water was too deep to go in - you don't know what's underneath, it's too dangerous. Young people are travelling up the road in boats, delivering sandbags and medication. I've seen video footage from inside homes - water above the windows and washing machines floating in garages. Thirty minutes ago, portaloos were delivered to homes in the town. A drone image taken above Island Road shows three homes sitting on a small piece of land and completely surrounded by water. There are people who have no access to food and they are relying on volunteers. We are seeing the force of this water on homes, on small businesses, on the big supermarkets - they're all impacted. There are unimaginable scenes, I don't know how people are keeping their spirits high in some parts of the town. The manager of Portadown-based championship club Annagh United, Ciaran McGurgan, said its pitch was "gone". "We don't know what sort of destruction has been done underneath it in terms of sand and stones and whatever else," he told BBC's Evening Extra. He said the impact of the damage would have a "knock-on effect across the community" with multiple organisations and schools using club facilities on a regular basis. Dee Herron from Killyleagh YC Football Club said "the water keeps on coming" but their main pitch was completely flooded. Mr Herron said representatives from the Irish Football Association had visited the club and "promised a bit of help". "We need help, absolutely," he said. Rodney Watson, from Watson Autos, a vehicle recovery firm in Portadown, said he had recovered more than 20 vehicles from floodwaters across the town over the past 24 hours. He said some cars were floating in the train station car park and that the water level was much higher on Thursday than the previous day. DfI said since Monday there had been more than 13,000 calls to the Flooding Incident Line and approximately 13,000 sandbags had been deployed. The Scheme of Emergency Financial Assistance (SEFA) has been made available to homeowners who have encountered significant inconvenience due to flooding inside their homes. It offers eligible applicants a £1,000 payment through their respective local councils. The department warned the public to pay attention to road closure advice with many roads still not suitable for traffic due to flood conditions. |
2024-11-02 | Marketscreener.com | QCR : Q323 Investor Presentation | 2 FORWARD-LOOKING STATEMENTS Special Note ConcerningForward-LookingStatements.This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company's management and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "bode", "predict," "suggest," "project", "appear," "plan," "intend," "estimate," "annualize," "may," "will," "would," "could," "should," "likely," "might," "potential," "continue," "annualized," "target," "outlook," as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward- looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies(including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics (including the COVID-19 pandemic in the United States), acts of war or other threats thereof (including the Israeli-Palestinian conflict and the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the FASB or the PCAOB; (iv) changes in local, state and federal laws, regulations and governmental policies concerning the Company's general business and any changes in response to the recent failures of other banks; (v) changes in interest rates and prepayment rates of the Company's assets (including the impact of LIBOR phase-out and the recent potential additional rate increases by the Federal Reserve); (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions and "fintech" companies, and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (ix) the loss of key executives or employees; (x) changes in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversity their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xixi) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company's financial results, is included in the Company's filings with the Securities and Exchange Commission. NON-GAAP FINANCIAL MEASURES These slides contain non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of the registrant's historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirement of Regulation G, the Company has provided reconciliations within the slides, as necessary, of the non-GAAP financial measure to the most directly comparable GAAP financial measure. For more details on the Company's non-GAAP measures, refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2022. 3 QCR Holdings, Inc.(NASDAQ: QCRH) Consistent Top Tier Financial Performance Diversified Sources of Revenue Track Record of Successfully Integrating Acquisitions Prudent Risk Management 4 Exceptional Growth in Key Financial Metrics Since the end of 2018, our company has grown total consolidated assets at a 14.8%** compounded annual growth rate and delivered consistent, steady growth - outperforming many of our peers. Financial Metric 12/31/2018 9/30/2023 CAGR Adjusted Earnings Per Share $3.08 $6.46* 16.9% Tangible Book Value Per Share $24.04 $40.33 11.5% Loans ** $3.3B $6.6B 15.5% Core Deposits ** $3.3B $6.2B 14.5% Assets Under Management ** $3.4B $4.9B 8.0% CAGR = Compound Annualized Growth Rate. *Annualized ** Data excluding Rockford Bank & Trust 5 How is QCRH Unique? Diversified Business Lines Drive Outstanding Results Built on top of our traditional banking business, we have three complementary business lines that diversify our earnings power with exceptional results. Our Complementary High-Performing Business Lines Traditional Specialty Finance Group Wealth Correspondent Management Banking • Fiduciary services • Competitive deposit • Investment products with approximately management $858MM in total services liquidity Financial planning • • Safekeeping and • Brokerage services cash management services • 9/30/23 AUM: $4.9B • 181 correspondent banking relationships • Bank stock loans Banking 6 Specialty Finance Group (SFG) ProvidingA ComplexMunicipal andndTaxProfitableCredit FinancingBusinessSolutions Our SFG business is unique and offers: Fee Income Growth ($MM) $80 $74.8 $60 $61.0 $55.1 $41.3 $40 $28.3 $20 $10.8 $0 2019 2020 2021 2022 9/ 30/23 2018 Loan and Bond Growth Breakdown ($B) $4,000 .7% -Q3'23: 29 $3.1 2018 $3,000 from CAGR $2.6 $2.2 $2,000 $1.6 $1.2 $1,000$0.9 $0 2018 2019 2020 2021 2022 9/ 30/23 Low Income Housing Tax Credit Loans Historic Tax Credit Loans Municipal Bonds and Loans Other 7 Low Income Housing Tax Credit Loans Rent QCRH TAX CREDIT EQUITY (LENDER) INVESTORS Loan Payments Loan Equity Investment Tax Credits BORROWER / LOW INCOME HOUSING PROJECT STRONG BORROWERS HIGH-QUALITY LOANS OVERALL POSITIVE IMPACT 8 A Broad Scope of Wealth Management Services Our wealth management structure and extensive scope of services cater to our client needs. Assets Under Management ($B)(1) .0% -Q3'23: 8 $6 from 2018 $5.4 CAGR $4.6 $4.9 $4.4 $1.2 $4.1 $1.1 $4 $1.0 $1.0 $3.4 $1.0 $0.9 $2 $4.2 $3.1 $3.4 $3.6 $3.8 $2.5 $0 2019 2020 2021 2022 9/ 30/23 2018 Number of New Client Relationships Added 502 273 206 321 340 220 Trust/Inv Mgmt Brokerage/RIA Revenue ($M)(1)(2) 6.3% $18 - Q3'23: from 2018 CAGR $15.3 $15.2 $14.5 $12.6 $12.0 $12 $11.4 $6 $0 2018 2019 2020 2021 2022 9/ 30/23 (1) All data excludes Bates and RB&T. (2) Annualized 9 We Do Business in Vibrant Markets Entity States/Region # Locations Deposits Market Share Quad City Bank & Trust Iowa/Illinois - Quad Cities 5 $2.0B #1 Cedar Rapids Bank & Trust * Iowa -Cedar Rapids/Cedar Valley 8 $1.7B #1 Guaranty Bank Missouri - Southwest Region 14 $1.7B #3 Community State Bank Iowa - Des Moines/ Ankeny 9 $1.1B #7 Location and deposit data as of 9/30/23. Market share as of 6/30/23 10 * Cedar Rapids Bank & Trust includes Community Bank & Trust in the Cedar Valley. Attachments Disclaimer QCR Holdings Inc.published this content on02 November 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on02 November 2023 14:54:05 UTC. |
2024-11-02 | ETF Daily News | Verisk Analytics (NASDAQ:VRSK) Announces Quarterly Earnings Results, Beats Expectations By $0.05 EPS | Verisk Analytics (NASDAQ:VRSK–Get Free Report) posted its quarterly earnings data on Wednesday. The business services provider reported $1.52 EPS for the quarter, topping the consensus estimate of $1.47 by $0.05,Briefing.comreports. The company had revenue of $677.60 million during the quarter, compared to analyst estimates of $663.33 million. Verisk Analytics had a return on equity of 83.76% and a net margin of 18.64%. Verisk Analytics’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.46 EPS. Verisk Analytics updated its FY23 guidance to $5.50-5.70 EPS. Shares ofVRSKopened at $222.25 on Thursday. The firm has a 50-day simple moving average of $239.54 and a two-hundred day simple moving average of $227.12. The stock has a market cap of $32.18 billion, a PE ratio of 67.15, a P/E/G ratio of 3.64 and a beta of 0.85. Verisk Analytics has a 1-year low of $162.94 and a 1-year high of $249.26. The company has a debt-to-equity ratio of 9.29, a current ratio of 1.07 and a quick ratio of 1.07. The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a $0.34 dividend. The ex-dividend date is Thursday, December 14th. This represents a $1.36 dividend on an annualized basis and a yield of 0.61%. Verisk Analytics’s payout ratio is currently 41.09%. Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold ForeverVRSK has been the subject of several recent research reports. Morgan Stanley increased their price objective on Verisk Analytics from $201.00 to $219.00 and gave the company an “equal weight” rating in a research note on Thursday, August 3rd. Raymond James raised their price target on shares of Verisk Analytics from $225.00 to $255.00 and gave the stock an “outperform” rating in a research note on Thursday, August 3rd. JPMorgan Chase & Co. upped their price objective on shares of Verisk Analytics from $225.00 to $260.00 in a research note on Thursday, August 3rd. Barclays raised their target price on shares of Verisk Analytics from $250.00 to $275.00 and gave the stock an “overweight” rating in a research note on Thursday, August 3rd. Finally, Wells Fargo & Company began coverage on Verisk Analytics in a research report on Monday. They issued an “equal weight” rating and a $230.00 price target for the company. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Verisk Analytics currently has an average rating of “Hold” and an average target price of $248.23. Read Our Latest Report on Verisk Analytics In related news, DirectorTherese M. Vaughansold 6,129 shares of Verisk Analytics stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $233.02, for a total value of $1,428,179.58. Following the completion of the sale, the director now owns 27,179 shares in the company, valued at approximately $6,333,250.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed throughthe SEC website. In related news, Director Therese M. Vaughan sold 6,129 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $233.02, for a total transaction of $1,428,179.58. Following the completion of the transaction, the director now directly owns 27,179 shares in the company, valued at approximately $6,333,250.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible throughthis hyperlink. Also, DirectorTherese M. Vaughansold 6,500 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $232.45, for a total transaction of $1,510,925.00. Following the sale, the director now owns 20,679 shares in the company, valued at $4,806,833.55. The disclosure for this sale can be foundhere. In the last three months, insiders have sold 17,193 shares of company stock valued at $4,043,134. Company insiders own 1.31% of the company’s stock. A number of hedge funds have recently added to or reduced their stakes in the business. Quarry LP purchased a new stake in shares of Verisk Analytics during the first quarter worth $27,000. Salem Investment Counselors Inc. acquired a new position in Verisk Analytics during the 2nd quarter worth $30,000. Sunbelt Securities Inc. increased its holdings in Verisk Analytics by 67.5% during the 2nd quarter. Sunbelt Securities Inc. now owns 134 shares of the business services provider’s stock worth $30,000 after purchasing an additional 54 shares during the period. Cornerstone Planning Group LLC acquired a new stake in Verisk Analytics in the 2nd quarter valued at about $49,000. Finally, State of Wyoming purchased a new position in shares of Verisk Analytics in the 4th quarter valued at about $50,000. 90.81% of the stock is currently owned by institutional investors and hedge funds. (Get Free Report) Verisk Analytics, Inc provides data analytics solutions to the insurance markets in the United States and internationally. The company provides predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, and various other fields. |
2024-11-02 | Marketscreener.com | Barrick Declares Q3 Dividend | All amounts expressed in US dollars TORONTO, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced the declaration of a dividend of $0.10 per share for the third quarter of 2023. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022. The Q3 2023 dividend will be paid on December 15, 2023 to shareholders of record at the close of business on November 30, 2023. “The continuing strength of our business and our balance sheet allows us to maintain the distribution of a robust dividend to our shareholders, whilst still ensuring adequate liquidity to invest in our significant growth projects,” said senior executive vice-president and chief financial officer Graham Shuttleworth. Enquiries: President and CEOMark Bristow+1 647 205 7694+44 788 071 1386 Senior EVP and CFOGraham Shuttleworth+1 647 262 2095+44 779 771 1338 Investor and Media RelationsKathy du Plessis+44 20 7557 7738Email: barrick@dpapr.com Website:www.barrick.com Cautionary Statement on Forward-Looking Information Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “continue”, “maintain”, “will”, “ensure”, “potential”, “would”, “could” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to Barrick’s operating and financial performance, liquidity available to invest in growth projects, and the potential for Barrick to deliver enhanced dividends to shareholders under its Performance Dividend Policy. Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; assumptions relating to the trading price of the Company’s common shares; changes in mineral production performance, exploitation, and exploration successes; disruption of supply routes which may cause delays in construction and mining activities at Barrick’s more remote properties; whether benefits expected from recent transactions are realized; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation; fluctuations in the currency markets; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the jurisdictions in which the Company or its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the Company’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; risks related to the failure of internal controls; risks related to the impairment of the Company’s goodwill and assets; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release. Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. |
2024-11-02 | ETF Daily News | Evercore Wealth Management LLC Cuts Stake in Verisk Analytics, Inc. (NASDAQ:VRSK) | Evercore Wealth Management LLC reduced its stake in shares of Verisk Analytics, Inc. (NASDAQ:VRSK–Free Report) by 11.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,282 shares of the business services provider’s stock after selling 300 shares during the period. Evercore Wealth Management LLC’s holdings in Verisk Analytics were worth $516,000 as of its most recent SEC filing. Several other large investors have also modified their holdings of VRSK. Raymond James Trust N.A. increased its position in Verisk Analytics by 34.7% during the 1st quarter. Raymond James Trust N.A. now owns 4,224 shares of the business services provider’s stock worth $907,000 after purchasing an additional 1,089 shares in the last quarter. Cibc World Market Inc. increased its position in Verisk Analytics by 3.2% during the 1st quarter. Cibc World Market Inc. now owns 22,860 shares of the business services provider’s stock worth $4,906,000 after purchasing an additional 716 shares in the last quarter. Prudential PLC acquired a new stake in Verisk Analytics during the 1st quarter worth approximately $636,000. National Pension Service increased its position in Verisk Analytics by 0.6% during the 1st quarter. National Pension Service now owns 195,526 shares of the business services provider’s stock worth $41,966,000 after purchasing an additional 1,093 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. increased its position in Verisk Analytics by 14.4% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 9,781 shares of the business services provider’s stock worth $2,099,000 after purchasing an additional 1,232 shares in the last quarter. 90.81% of the stock is currently owned by hedge funds and other institutional investors. A number of analysts recently issued reports on VRSK shares. Wells Fargo & Company started coverage on shares of Verisk Analytics in a research report on Monday. They set an “equal weight” rating and a $230.00 target price for the company. Raymond James increased their target price on shares of Verisk Analytics from $225.00 to $255.00 and gave the stock an “outperform” rating in a research report on Thursday, August 3rd. The Goldman Sachs Group increased their target price on shares of Verisk Analytics from $215.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, July 20th. Bank of America increased their price objective on shares of Verisk Analytics from $267.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, October 9th. Finally, BMO Capital Markets increased their price objective on shares of Verisk Analytics from $229.00 to $238.00 and gave the company a “market perform” rating in a research report on Friday, August 4th. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Verisk Analytics presently has an average rating of “Hold” and a consensus price target of $248.23. Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold ForeverRead Our Latest Stock Analysis on VRSK VRSK stockopened at $222.25 on Thursday. Verisk Analytics, Inc. has a twelve month low of $162.94 and a twelve month high of $249.26. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 9.29. The company has a market capitalization of $32.18 billion, a P/E ratio of 67.15, a PEG ratio of 3.64 and a beta of 0.85. The firm has a 50 day simple moving average of $239.54 and a 200-day simple moving average of $227.12. Verisk Analytics (NASDAQ:VRSK–Get Free Report) last released its quarterly earnings results on Wednesday, November 1st. The business services provider reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.47 by $0.05. Verisk Analytics had a net margin of 18.64% and a return on equity of 83.76%. The business had revenue of $677.60 million during the quarter, compared to the consensus estimate of $663.33 million. During the same quarter last year, the company earned $1.46 earnings per share. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts predict that Verisk Analytics, Inc. will post 5.71 earnings per share for the current fiscal year. The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date is Thursday, December 14th. Verisk Analytics’s payout ratio is 41.09%. In other Verisk Analytics news, insiderNicholas Daffansold 1,516 shares of the firm’s stock in a transaction on Thursday, October 12th. The stock was sold at an average price of $246.02, for a total value of $372,966.32. Following the sale, the insider now directly owns 43,931 shares in the company, valued at $10,807,904.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible throughthis link. In other Verisk Analytics news, insiderNicholas Daffansold 1,516 shares of the firm’s stock in a transaction on Thursday, October 12th. The stock was sold at an average price of $246.02, for a total value of $372,966.32. Following the sale, the insider now directly owns 43,931 shares in the company, valued at $10,807,904.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible throughthis link. Also, DirectorTherese M. Vaughansold 6,500 shares of the firm’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $232.45, for a total value of $1,510,925.00. Following the completion of the sale, the director now owns 20,679 shares in the company, valued at $4,806,833.55. The disclosure for this sale can be foundhere. Over the last three months, insiders have sold 17,193 shares of company stock worth $4,043,134. 1.31% of the stock is owned by insiders. (Free Report) Verisk Analytics, Inc provides data analytics solutions to the insurance markets in the United States and internationally. The company provides predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, and various other fields. Want to see what other hedge funds are holding VRSK?Visit HoldingsChannel.comto get the latest 13F filings and insider trades for Verisk Analytics, Inc. (NASDAQ:VRSK–Free Report). |
2024-11-02 | Marketscreener.com | Acushnet : 3Q 2023 Presentation | Third Quarter 2023 Earnings Call November 2, 2023 DISCLAIMERS FORWARD-LOOKING STATEMENTS The forward-looking statements contained in this presentation are based on management's current expectations and are subject to uncertainty and changes in circumstances. We cannot assure you that future developments affecting us will be those that we have anticipated. Actual results may differ materially from these expectations due to changes in global, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond our control. Important factors that could cause or contribute to such differences include: a reduction in the number of rounds of golf played or in the number of golf participants; unfavorable weather conditions may impact the number of playable days and rounds played in a given year; consumer spending habits and macroeconomic factors may affect the number of rounds of golf played and related spending on golf products; demographic factors may affect the number of golf participants and related spending on our products; changes to the Rules of Golf with respect to equipment; a significant disruption in the operations of our manufacturing, assembly or distribution facilities; our ability to procure raw materials or components of our products; a disruption in the operations of our suppliers; the cost of raw materials and components; currency transaction and translation risk; our ability to successfully manage the frequent introduction of new products or satisfy changing consumer preferences, quality and regulatory standards; our reliance on technical innovation and high-quality products; our ability to adequately enforce and protect our intellectual property rights; involvement in lawsuits to protect, defend or enforce our intellectual property rights; our ability to prevent infringement of intellectual property rights by others; changes to patent laws; intense competition and our ability to maintain a competitive advantage in each of our markets; limited opportunities for future growth in sales of certain of our products, including golf balls, golf shoes and golf gloves; our customers' financial condition, their levels of business activity and their ability to pay trade obligations; a decrease in corporate spending on our custom logo golf balls; our ability to maintain and further develop our sales channels; consolidation of retailers or concentration of retail market share; our ability to maintain and enhance our brands; seasonal fluctuations of our business; fluctuations of our business based on the timing of new product introductions; risks associated with doing business globally; compliance with laws, regulations and policies, including the U.S. Foreign Corrupt Practices Act or other applicable anti-corruption legislation; our ability to secure professional golfers to endorse or use our products; negative publicity relating to us or the golfers who use our products or the golf industry in general; our ability to accurately forecast demand for our products; a disruption in the service, or a significant increase in the cost, of our primary delivery and shipping services or a significant disruption at shipping ports; our ability to maintain our information systems to adequately perform their functions; cybersecurity risks; our ability to comply with data privacy and security laws; the ability of our eCommerce systems to function effectively; impairment of goodwill and identifiable intangible assets; our ability to attract and/or retain management and other key employees and hire qualified management, technical and manufacturing personnel; our ability to prohibit sales of our products by unauthorized retailers or distributors; our ability to grow our presence in existing international markets and expand into additional international markets; tax uncertainties, including potential changes in tax laws, unanticipated tax liabilities and limitations on utilization of tax attributes after any change of control; adequate levels of coverage of our insurance policies; product liability, warranty and recall claims; litigation and other regulatory proceedings; compliance with environmental, health and safety laws and regulations; our ability to secure additional capital at all or on terms acceptable to us and potential dilution of holders of our common stock; lack of assurance of positive returns on capital investments; risks associated with acquisitions and investments; our estimates or judgments relating to our critical accounting estimates; terrorist activities and international political instability; occurrence of natural disasters or pandemic diseases; a high degree of leverage, ability to service our indebtedness, ability to incur more indebtedness and restrictions in the agreements governing our indebtedness; our use of derivative financial instruments; the ability of our controlling shareholder to control significant corporate activities, and that our controlling shareholder's interests may conflict with yours; our status as a controlled company; the market price of shares of our common stock; share repurchase program execution and effects thereof; our ability to maintain effective internal controls over financial reporting; our ability to pay dividends; our status as a holding company; dilution from future issuances or sales of our common stock; anti-takeover provisions in our organizational documents and Delaware law; reports from securities analysts; and the other factors set forth in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission ("SEC") on March 1, 2023 as it may be updated by our periodic reports subsequently filed with the SEC, including, when available, the Quarterly Report on Form 10-Q for the period ended September 30, 2023. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made by us in this presentation speaks only as of the date of this presentation. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments or other strategic transactions we may make. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. NON-GAAP FINANCIAL MEASURES This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles ("GAAP") such as Adjusted EBITDA, Adjusted EBITDA margin and net sales in constant currency. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant to understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net sales, net income or other measures of profitability or performance under GAAP. You should be aware that the Company's presentation of these measures may not be comparable to similarly-titled measures used by other companies. For a reconciliation of these measures to the most comparable GAAP measures, we refer you to the appendix in this presentation or the earnings release that we have made available on our website (www.acushnetholdingscorp.com) in connection with this presentation. For further information, please see our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 1, 2023 as it may be updated by our periodic reports subsequently filed with the SEC, including, when available, the Quarterly Report on Form 10-Q for the period ended September 30, 2023, pursuant to the Securities Exchange Act of 1934 which are available at the SEC's website (www.sec.gov). Copies of this presentation and the accompanying webcast are publicly available on our website (www.acushnetholdingscorp.com). This presentation should be read with the accompanying webcast and related earnings release. Q3 and YTD 2023 Performance David Maher President and Chief Executive Officer Q3 AND YTD OVERVIEW ($ in millions) Q3 2023 Growth Growth Y/Y Y/Y @ CC YTD 2023 Growth Growth Y/Y Y/Y @ CC Net sales $593.4 6.3% 6.0% $1,969.0 8.0% 9.9% Adjusted EBITDA(1) $98.8 14.2% $377.6 20.6% Brian Harman Emily Pedersen Open Champion Matt Fitzpatrick (1) See Appendix for Adjusted EBITDA reconciliation 4 Q3 AND YTD NET SALES BY SEGMENT ($ in millions) Q3 2023 Growth Growth YTD 2023 Growth Growth Y/Y Y/Y @ CC Y/Y Y/Y @ CC Titleist Golf Balls $192.6 6.3% 6.2% $622.1 13.9% 15.5% Titleist Golf Clubs $181.0 17.6% 17.9% $549.8 14.8% 16.8% Titleist Golf Gear $47.7 (19.4)% (19.9)% $184.6 7.0% 9.0% FootJoy Golf Wear $136.7 3.8% 3.4% $500.2 (1.4)% 0.6% 5 Q3 AND YTD NET SALES BY REGION ($ in millions) Q3 2023 Growth Growth Y/Y Y/Y @ CC YTD 2023 Growth Growth Y/Y Y/Y @ CC United States $352.5 7.6% 7.6% $1,123.8 15.4% 15.4% EMEA $75.6 7.1% 1.6% $266.5 (3.0)% (1.2)% Japan $39.0 13.4% 19.2% $118.2 (0.3)% 8.7% Korea $65.7 (6.0)% (7.9)% $241.3 (5.0)% (1.8)% Rest of World $60.6 8.8% 11.8% $219.2 8.9% 14.0% 6 OUTLOOK 7 Q3 and YTD 2023 Financial Results Sean Sullivan Chief Financial Officer INCOME STATEMENT HIGHLIGHTS ($ in millions) Q3 2023 Q3 2022 YTD 2023 YTD 2022 Net sales $593.4 $558.2 $1,969.0 $1,822.9 Gross profit $308.5 $295.0 $1,042.7 $955.6 GM% 52.0% 52.8% 53.0% 52.4% SG&A $210.2 $202.4 $674.7 $637.3 R&D $16.2 $14.6 $47.3 $42.5 Intangible amortization $3.5 $1.9 $10.7 $5.9 Income from operations $78.6 $76.0 $310.0 $269.9 Interest expense, net $9.4 $4.5 $30.2 $7.9 Other expense, net $0.9 $2.4 $2.0 $5.8 Income tax expense $11.3 $15.8 $52.7 $52.8 Effective Tax Rate 16.5% 22.9% 19.0% 20.6% Net income attributable to Acushnet $57.3 $51.8 $225.2 $199.3 Holdings Corp. Adjusted EBITDA(1) $98.8 $86.5 $377.6 $313.0 Adjusted EBITDA Margin 16.6% 15.5% 19.2% 17.2% (1) See Appendix for Adjusted EBITDA reconciliation 9 BALANCE SHEET AND CAPITAL ALLOCATION ($ in millions) As of 9/30/2023 As of 12/31/2022 Unrestricted Cash $55 $57 Total Debt Outstanding $593 $568 Net Leverage Ratio 1.6x 1.4x Inventory $529 $675 ($ in millions) 9 months ended 9/30/2023 9 months ended 9/30/2022 Cash Flows from Operations $297 $(59) Capital Expenditures $42 $34 Dividends Paid $40 $40 Share Repurchases $205 $140 10 Attachments Disclaimer Acushnet Holdings Corp.published this content on02 November 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on02 November 2023 10:10:12 UTC. |
2024-11-02 | Marketscreener.com | Hippo Reports Third Quarter 2023 Financial Results | PALO ALTO, Calif.,Nov. 2, 2023/PRNewswire/ -- Hippo (NYSE: HIPO), the home insurance group focused on proactive home protection, today announced its consolidated financial results for the three months that endedSeptember 30, 2023. Complete financial results and full year guidance for 2023 can be found in the company's shareholder letter in the Investor Relations section of Hippo's website athttps://investors.hippo.com. "The third quarter was our best as a public company yet, and we now expect to achieve EBITDA profitability before year-end 2024, earlier than previously projected," said Hippo President and CEO Rick McCathron. "It is a challenging time for the industry, but we have positioned ourselves for future growth in our Insurance-As-A-Service and fee-based segments and expected profitability in our risk-based segments. We are well positioned for when the market turns, as we continue protecting the joy of homeownership." Third Quarter Highlights Adjusted EBITDA, Our Best Quarter Yet Improving Core Gross Loss Ratio1 Outstanding TGP Expense Improvement Financial Strength Conference Call and Webcast InformationDate:Thursday November 02, 2023Time:5:00 p.m. Eastern Time/2:00 p.m. Pacific TimeDial-in: 404 975 4839 (U.S.) / +1 646 904 5544 (International)Conf ID: 930760Webcast:https://events.q4inc.com/attendee/468482918 A replay of the webcast will be made available after the call in the investor relations section of the company's website athttps://investors.hippo.com/ Information about Key Operating Metrics/Non-GAAP Financial Measures We define gross loss ratio expressed as a percentage, as the ratio of the gross losses and loss adjustment expenses, to the gross earned premium. We define TGP as the aggregate written premium placed across all of our business platforms for the period presented. We measure TGP as it reflects the volume of our business irrespective of choices related to how we structure our reinsurance treaties, the amount of risk we retain on our own balance sheet, or the amount of business written in our capacity as an MGA, agency, or as an insurance carrier/reinsurer. We define adjusted EBITDA, a Non-GAAP financial measure, as net loss attributable to Hippo excluding interest expense, income tax expense, depreciation, amortization, stock-based compensation, net investment income, restructuring charges, impairment expense, other non-cash fair market value adjustments, contingent consideration for one of our acquisitions, and other transactions that we consider to be unique in nature. We exclude these items from Adjusted EBITDA because we do not consider them to be directly attributable to our underlying operating performance. This Non-GAAP financial measure is in addition to, and not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP. Reconciliations of this Non-GAAP financial measure to its most directly comparable GAAP counterpart is included in the shareholder letter referenced above. We believe that these non-GAAP measures of financial results provide useful supplemental information to investors about Hippo. Forward-looking statements safe harbor Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial results and other operating and performance metrics, our business strategy, our cost reduction efforts, the quality of our products and services, and the potential growth of our business. These statements are based on the current expectations of Hippo's management and are not predictions of actual performance. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, and many actual events and circumstances are beyond the control of Hippo. These forward-looking statements are subject to a number of risks and uncertainties, including our ability to achieve or maintain profitability in the future; our ability to retain and expand our customer base and grow our business, including our builder network; our ability to manage growth effectively; risks relating to Hippo's brand and brand reputation; denial of claims or our failure to accurately and timely pay claims; the effects of intense competition in the segments of the insurance industry in which we operate; the availability and adequacy of reinsurance, including at current coverage, limits or pricing; our ability to underwrite risks accurately and charge competitive yet profitable rates to our customers, and the sufficiency of the analytical models we use to assess and predict exposure to catastrophe losses; risks related to our proprietary technology and our digital platform; outages or interruptions or delays in services provided by our third party providers, including our data vendor; risks related to our intellectual property; the seasonal and cyclical nature of our business; the effects of severe weather events and other natural or man-made catastrophes, including the effects of climate change, global pandemics, and terrorism; continued disruptions from the COVID-19 pandemic; any overall decline in economic activity; the effects of existing or new legal or regulatory requirements on our business, including with respect to maintenance of risk-based capital and financial strength ratings, data privacy and cybersecurity, and the insurance industry generally; and other risks set forth in the sections entitled "Risk Factors" in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Hippo does not presently know, or that Hippo currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Hippo's expectations, plans, or forecasts of future events and views as of the date of this press release. Hippo anticipates that subsequent events and developments will cause Hippo's assessments to change. However, while Hippo may elect to update these forward-looking statements at some point in the future, Hippo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Hippo's assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. About HippoHippo is protecting the joy of homeownership, helping to safeguard customers' most important financial asset by harnessing the power of real-time data, smart home technology, and a growing suite of home services to deliver proactive home protection. Hippo Holdings Inc. operating subsidiaries include Hippo Insurance Services, Hippo Home Care, First Connect Insurance Services, Spinnaker Insurance Company, Spinnaker Specialty Insurance Company, and Mainsail Insurance Company. Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various affiliated and unaffiliated insurance companies. For more information, including licensing details, visithttp://www.hippo.com. ContactsInvestors:Cliff GallantInvestors@hippo.com Press:Mark Olsonpress@hippo.com 1Core Gross Loss Ratio defined as current accident year loss ratio excluding PCS-defined catastrophe losses View original content to download multimedia:https://www.prnewswire.com/news-releases/hippo-reports-third-quarter-2023-financial-results-301975032.html SOURCE Hippo Analytics, Inc |
2024-11-02 | Marketscreener.com | Westlake Chemical Partners LP Announces Third Quarter 2023 Results | Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the third quarter of 2023 of $13.2 million, or $0.37 per limited partner unit, compared to third quarter 2022 net income of $14.8 million. The reduction in Partnership net income in the third quarter of 2023 compared to the third quarter of 2022 was the result of higher interest expense attributable to higher interest rates on floating rate debt. Cash flows from operating activities in the third quarter of 2023 were $100.9 million, a decrease of $14.6 million compared to third quarter 2022 cash flows from operating activities of $115.5 million. The decrease was primarily due to lower Partnership net income and less favorable working capital changes. For the three months ended September 30, 2023, MLP distributable cash flow was $13.6 million, a decrease of $3.1 million compared to third quarter 2022 MLP distributable cash flow. The decrease in MLP distributable cash flow was attributable to higher interest expense and changes in the timing of maintenance capital expenditures. Third quarter 2023 net income attributable to the Partnership of $13.2 million increased by $1.3 million compared to second quarter 2023 net income of $11.9 million due to increased sales volume as a result of the completion of the Calvert City turnaround in the second quarter of 2023. Third quarter 2023 cash flows from operating activities of $100.9 million increased by $2.4 million compared to second quarter 2023 cash flows from operating activities of $98.5 million due to higher net income at OpCo. Third quarter 2023 MLP distributable cash flow of $13.6 million decreased by $1.4 million compared to second quarter 2023 MLP distributable cash flow of $15.0 million, primarily due to higher maintenance capital expenditures, which are weighted towards the second half of the year in 2023. "We were pleased with the Partnership's performance in the third quarter of 2023, with net income, EBITDA and cash flow from operations all increasing from the second quarter. While distributable cash flow was sequentially lower due to the timing of maintenance capital spending, our underlying financial results and cash flows remain stable and predictable, supported by our sales agreement with Westlake that delivers a fixed margin on 95% of our production," said Albert Chao, President and Chief Executive Officer. "While the Partnership's coverage ratio has declined due to turnaround activity, we expect it to recover in future periods after turnaround activity is complete." On October 31, 2023, the Partnership announced that the Board of Directors of Westlake Chemical Partners GP LLC had approved a quarterly distribution for the third quarter of 2023 of $0.4714 per unit to be payable on November 27, 2023 to unitholders of record as of November 10, 2023, representing the 37th consecutive quarterly distribution to our unitholders. MLP distributable cash flow provided trailing twelve-month coverage of 1.00x the declared distributions for the third quarter of 2023. OpCo's Ethylene Sales Agreement with Westlake is designed to provide for stable and predictable cash flows. The agreement provides that 95% of OpCo's ethylene production is sold to Westlake for a cash margin of $0.10 per pound, net of operating costs, maintenance capital expenditures and reserves for future turnaround expenditures. The statements in this release and the related teleconference relating to matters that are not historical facts, such as those with respect to the ability to deliver value, returns, predictable cash flows and distributions to unitholders, demand for ethylene and expected margins and production volumes, contracted volumes, the expectation that strong distributions will continue, future coverage ratios, and the nature of the sales agreement with Westlake, are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to: pandemic infectious diseases and the response thereto; operating difficulties; the volume of ethylene that we are able to sell; the price at which we are able to sell ethylene; changes in the price and availability of feedstocks; changes in prevailing economic conditions, including inflation, interest rates and possible recession; actions and commitments of Westlake Corporation; actions of third parties; inclement or hazardous weather conditions, including flooding, and the physical impacts of climate change; environmental hazards; changes in laws and regulations (or the interpretation thereof); inability to acquire or maintain necessary permits; inability to obtain necessary production equipment or replacement parts; technical difficulties or failures; labor disputes; difficulty collecting receivables; inability of our customers to take delivery; fires, explosions or other industrial accidents; availability of insurance; our ability to borrow funds and access capital markets; and other uncertainties. For more detailed information about the factors that could cause actual results to differ materially, please refer to the Partnership's Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC in March 2023, and Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, which was filed with the SEC in August 2023. This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Use of Non-GAAP Financial Measures This release makes reference to certain "non-GAAP" financial measures, such as MLP distributable cash flow and EBITDA. A non-GAAP financial measure is generally defined by the Securities and Exchange Commission ("SEC") as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. We report our financial results in accordance with U.S. GAAP, but believe that certain non-GAAP financial measures, such as MLP distributable cash flow and EBITDA, provide useful supplemental information to investors regarding the underlying business trends and performance of our ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with U.S. GAAP. We define MLP distributable cash flow as distributable cash flow less distributable cash flow attributable to Westlake Corporation's noncontrolling interest in OpCo and distributions attributable to the incentive distribution rights holder. MLP distributable cash flow does not reflect changes in working capital balances. We define EBITDA as net income before interest expense, income taxes, depreciation and amortization. MLP distributable cash flow and EBITDA are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess our operating performance as compared to other publicly traded partnerships, our ability to incur and service debt and fund capital expenditures and the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities. Reconciliations of MLP distributable cash flow to net income and to net cash provided by operating activities and of EBITDA to net income, income from operations and net cash provided by operating activities can be found in the financial schedules at the end of this press release. Westlake Chemical Partners LP Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visithttp://www.wlkpartners.com. Westlake Chemical Partners LP Conference Call Information: A conference call to discuss Westlake Chemical Partners' third quarter 2023 results will be held Thursday, November 2, 2023 at 1:00 PM Eastern Time (12:00 PM Central Time). To access the conference call, it is necessary to pre-register athttps://register.vevent.com/register/BIba82e736e2dc4c7795c84d6a93ba20f8. Once registered, you will receive a phone number and unique PIN number. A replay of the conference call will be available beginning two hours after its conclusion. The conference call and replay will be available via webcast athttps://edge.media-server.com/mmc/p/4yt2s6sr. WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS") CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands of dollars, except per unit data) Revenue Net sales—Westlake Corporation ("Westlake") $ 289,303 $ 364,273 $ 771,349 $ 1,020,042 Net co-products, ethylene and other sales—third parties 32,361 50,850 122,169 206,266 Total net sales 321,664 415,123 893,518 1,226,308 Cost of sales 228,683 324,629 606,742 947,073 Gross profit 92,981 90,494 286,776 279,235 Selling, general and administrative expenses 6,741 8,678 21,884 26,824 Income from operations 86,240 81,816 264,892 252,411 Other income (expense) Interest expense—Westlake (6,437 ) (3,645 ) (19,869 ) (8,703 ) Other income, net 1,272 618 3,153 683 Income before income taxes 81,075 78,789 248,176 244,391 Provision for income taxes 222 484 607 822 Net income 80,853 78,305 247,569 243,569 Less: Net income attributable to noncontrolling interest in Westlake Chemical OpCo LP ("OpCo") 67,647 63,548 207,585 196,180 Net income attributable to Westlake Partners $ 13,206 $ 14,757 $ 39,984 $ 47,389 Net income per limited partner unit attributable to Westlake Partners (basic and diluted) Common units $ 0.37 $ 0.42 $ 1.14 $ 1.35 Distributions declared per unit $ 0.4714 $ 0.4714 $ 1.4142 $ 1.4142 MLP distributable cash flow $ 13,620 $ 16,734 $ 46,156 $ 55,609 Distributions declared Limited partner units—publicly and privately held $ 9,949 $ 9,947 $ 29,841 $ 29,828 Limited partner units—Westlake 6,658 6,657 19,973 19,971 Total distributions declared $ 16,607 $ 16,604 $ 49,814 $ 49,799 EBITDA $ 115,738 $ 111,825 $ 349,947 $ 344,776 WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30,2023 December 31,2022 (In thousands of dollars) ASSETS Current assets Cash and cash equivalents $ 65,869 $ 64,782 Receivable under the Investment Management Agreement—Westlake 84,358 64,996 Accounts receivable, net—Westlake 54,625 90,965 Accounts receivable, net—third parties 21,626 20,030 Inventories 4,394 4,715 Prepaid expenses and other current assets 599 305 Total current assets 231,471 245,793 Property, plant and equipment, net 959,114 990,213 Other assets, net 150,925 135,973 Total assets $ 1,341,510 $ 1,371,979 LIABILITIES AND EQUITY Current liabilities (accounts payable and accrued and other liabilities) $ 75,600 $ 66,941 Long-term debt payable to Westlake 399,674 399,674 Other liabilities 4,964 1,656 Total liabilities 480,238 468,271 Common unitholders—publicly and privately held 474,895 480,643 Common unitholder—Westlake 49,919 53,859 General partner—Westlake (242,572 ) (242,572 ) Total Westlake Partners partners' capital 282,242 291,930 Noncontrolling interest in OpCo 579,030 611,778 Total equity 861,272 903,708 Total liabilities and equity $ 1,341,510 $ 1,371,979 WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended September 30, 2023 2022 (In thousands of dollars) Cash flows from operating activities Net income $ 247,569 $ 243,569 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 81,902 91,682 Net loss on disposition and other 4,352 8,788 Other balance sheet changes 10,505 (2,877 ) Net cash provided by operating activities 344,328 341,162 Cash flows from investing activities Additions to property, plant and equipment (33,979 ) (45,458 ) Investments with Westlake under the Investment Management Agreement (164,116 ) (276,000 ) Maturities of investments with Westlake under the Investment Management Agreement 145,000 247,000 Net cash used for investing activities (53,095 ) (74,458 ) Cash flows from financing activities Proceeds from debt payable to Westlake 155,250 — Repayment of debt payable to Westlake (155,250 ) — Distributions to noncontrolling interest retained in OpCo by Westlake (240,333 ) (214,486 ) Distributions to unitholders (49,813 ) (49,807 ) Net cash used for financing activities (290,146 ) (264,293 ) Net increase in cash and cash equivalents 1,087 2,411 Cash and cash equivalents at beginning of period 64,782 17,057 Cash and cash equivalents at end of period $ 65,869 $ 19,468 WESTLAKE CHEMICAL PARTNERS LP RECONCILIATION OF MLP DISTRIBUTABLE CASH FLOW TO NET INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Three MonthsEnded June 30, Three Months Ended September 30, Nine Months Ended September 30, 2023 2023 2022 2023 2022 (In thousands of dollars) Net cash provided by operating activities $ 98,543 $ 100,925 $ 115,495 $ 344,328 $ 341,162 Changes in operating assets and liabilities and other (23,279 ) (20,072 ) (37,190 ) (96,759 ) (97,593 ) Net income 75,264 80,853 78,305 247,569 243,569 Add: Depreciation, amortization and disposition of property, plant and equipment 27,095 32,242 30,349 86,340 96,070 Less: Contribution to turnaround reserves (6,967 ) (7,565 ) (7,323 ) (21,838 ) (21,811 ) Maintenance capital expenditures (6,521 ) (22,862 ) (14,348 ) (37,407 ) (38,172 ) Distributable cash flow attributable to noncontrolling interest in OpCo (73,886 ) (69,048 ) (70,249 ) (228,508 ) (224,047 ) MLP distributable cash flow $ 14,985 $ 13,620 $ 16,734 $ 46,156 $ 55,609 WESTLAKE CHEMICAL PARTNERS LP RECONCILIATION OF EBITDA TO NET INCOME, INCOME FROM OPERATIONS AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Three MonthsEnded June 30, Three Months Ended September 30, Nine Months Ended September 30, 2023 2023 2022 2023 2022 (In thousands of dollars) Net cash provided by operating activities $ 98,543 $ 100,925 $ 115,495 $ 344,328 $ 341,162 Changes in operating assets and liabilities and other (23,279 ) (20,072 ) (37,190 ) (96,759 ) (97,593 ) Net income 75,264 80,853 78,305 247,569 243,569 Less: Other income, net 1,061 1,272 618 3,153 683 Interest expense—Westlake (6,117 ) (6,437 ) (3,645 ) (19,869 ) (8,703 ) Provision for income taxes (173 ) (222 ) (484 ) (607 ) (822 ) Income from operations 80,493 86,240 81,816 264,892 252,411 Add: Depreciation and amortization 27,040 28,226 29,391 81,902 91,682 Other income, net 1,061 1,272 618 3,153 683 EBITDA $ 108,594 $ 115,738 $ 111,825 $ 349,947 $ 344,776 View source version on businesswire.com:https://www.businesswire.com/news/home/20231102631383/en/ |
2024-11-02 | Marketscreener.com | Northwest Pipe Company Announces Third Quarter 2023 Financial Results and Share Repurchase Authorization | VANCOUVER, Wash.,Nov. 2, 2023/PRNewswire/ -- Northwest Pipe Company (NASDAQ: NWPX) (the "Company"), a leading manufacturer of water-related infrastructure products, today announced its financial results for the third quarter endedSeptember 30, 2023and the authorization of a share repurchase program for up to$30 millionof its outstanding common stock. The Company will broadcast its third quarter 2023 earnings conference call onFriday, November 3, 2023at7:00 a.m. PT. Management Commentary "Our SPP revenue of$80.5 million was strong even when taking into account multiple one-time anomalies that reduced both the revenue and gross margins we had expected in the third quarter. These anomalies included customer-driven contract changes as well as changes in project scope and delays that affected project delivery timing. Despite reduced bidding activity in 2023 and the associated pressure that has had on project bidding especially over the last few months, our backlog including confirmed orders has remained elevated at $335 million, setting the stage for a strong fourth quarter," saidScott Montross, President and Chief Executive Officer of Northwest Pipe Company. Mr. Montross continued, "Revenue in our Precast business modestly declined both sequentially and year-over-year to$38.2 million, though we maintained a fairly strong order book of $52 million. Elevated interest rates continued to affect both the residential and commercial construction markets, which moderately reduced Precast product demand, negatively impacted overhead absorption, and altered our product mix, all of which led to our margins normalizing compared to the record year we experienced in 2022. We expect Precast revenue in the fourth quarter to be down modestly from the prior year period with margins that are down from 2022 record highs but similar to what we have seen in the second and third quarters of 2023." Mr. Montross concluded, "We are pleased to announce that we have authorized a $30 million share repurchase program, underscoring our confidence in our strategic plan to drive long-term profitable growth and enhance stockholder value. We view stock repurchases as another component to our growth strategy as a means to reward our stockholders while we continue to pay down debt and seek accretive acquisition candidates that align with our Precast strategy. While finalizing the integration of ParkUSA remains paramount, we will continue to evaluate potential M&A opportunities to grow our Precast-related business to reduce the cyclicality of our SPP operations as well as to improve our margins and cash flow profile." Third Quarter 2023 Financial Results Consolidated Engineered Steel Pressure Pipe Segment (SPP) Precast Infrastructure and Engineered Systems Segment (Precast) Balance Sheet and Cash Flow Share Repurchase Authorization The Company has authorized a share repurchase program of up to $30 million of its outstanding common stock. The program does not commit to any particular timing or quantity of purchases, and the program may be suspended or discontinued at any time. Under the program, shares may be purchased in open market, including through Rule 10b5‑1 trading plans, or in privately negotiated transactions. Any repurchases will be subject to the Company's liquidity, including availability of borrowings and covenant compliance under its revolving credit facility, and other capital allocation priorities of the business. 1Northwest Pipe Company defines "backlog" as the balance of remaining performance obligations under signed contracts for Engineered Steel Pressure Pipe products for which revenue is recognized over time. 2Northwest Pipe Company defines "confirmed orders" as Engineered Steel Pressure Pipe projects for which the Company has been notified that it is the successful bidder, but a binding agreement has not been executed. 3Northwest Pipe Company defines "order book" as unfulfilled orders outstanding at the measurement date for its Precast Infrastructure and Engineered Systems segment. Conference Call Details A conference call and simultaneous webcast to discuss the Company's third quarter 2023 financial results will be held onFriday, November 3, 2023, at7:00 a.m. Pacific Time. The call will be broadcast live on the Investor Relations section of the Company's website atinvestor.nwpipe.comand will be archived online upon completion of the conference call. For those unable to listen to the live call, a replay will be available approximately three hours after the event and will remain available until Friday, November 17, 2023, by dialing 1‑844‑512‑2921 in the U.S. or 1‑412‑317‑6671 internationally and entering the replay access code: 13741503. About Northwest Pipe Company Founded in 1966, Northwest Pipe Company is a leading manufacturer of water-related infrastructure products. In addition to being the largest manufacturer of engineered steel water pipeline systems inNorth America, the Company manufactures stormwater and wastewater technology products; high-quality precast and reinforced concrete products; pump lift stations; steel casing pipe, bar-wrapped concrete cylinder pipe, and one of the largest offerings of pipeline system joints, fittings, and specialized components. Strategically positioned to meet growing water and wastewater infrastructure needs, Northwest Pipe Company provides solution-based products for a wide range of markets under the ParkUSA,Geneva Pipeand Precast, Permalok®, and Northwest Pipe Company lines. The Company's diverse team is committed to quality and innovation while demonstrating the Company's core values of accountability, commitment, and teamwork. The Company is headquartered inVancouver, Washington, and has 13 manufacturing facilities acrossNorth America. Please visitwww.nwpipe.comfor more information. Forward-Looking Statements Statements in this press release byScott Montrosscontain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on current expectations, estimates, and projections about the Company's business, management's beliefs, and assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements as a result of a variety of important factors. While it is impossible to identify all such factors, those that could cause actual results to differ materially from those estimated by the Company include changes in demand and market prices for its products, product mix, bidding activity and order modifications or cancelations, timing of customer orders and deliveries, production schedules, price and availability of raw materials, excess or shortage of production capacity, international trade policy and regulations, changes in tariffs and duties imposed on imports and exports and related impacts on the Company, economic uncertainty and associated trends in macroeconomic conditions, including potential recession, inflation, and the state of the housing market, interest rate risk and changes in market interest rates, including the impact on the Company's customers and related demand for its products, the Company's ability to identify and complete internal initiatives and/or acquisitions in order to grow its business, the Company's ability to effectively integrate Park Environmental Equipment, LLC and other acquisitions into its business and operations and achieve significant administrative and operational cost synergies and accretion to financial results, effects of security breaches, computer viruses, and cybersecurity incidents, impacts of U.S. tax reform legislation on the Company's results of operations, adequacy of the Company's insurance coverage, supply chain challenges, labor shortages, ongoing military conflicts in areas such asUkraineandIsrael, and related consequences, operating problems at the Company's manufacturing operations including fires, explosions, inclement weather, and floods and other natural disasters, material weaknesses in the Company's internal control over financial reporting and its ability to remediate such weaknesses, impacts of pandemics, epidemics, or other public health emergencies, and other risks discussed in the Company's Annual Report on Form 10‑K for the year ended December 31, 2022 and from time to time in its other Securities and Exchange Commission filings and reports. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. If the Company does update or correct one or more forward-looking statements, investors and others should not conclude that it will make additional updates or corrections with respect thereto or with respect to other forward-looking statements. Non-GAAP Financial Measures The Company is presenting backlog including confirmed orders. This non-GAAP financial measure is provided to better enable investors and others to assess the Company's ongoing operating results and compare them with its competitors. This should be considered a supplement to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP. For more information, visitwww.nwpipe.com. Contact:Aaron WilkinsChief Financial OfficerNorthwest Pipe Companyinvestors@nwpipe.com Or Addo Investor Relationsnwpx@addo.com NORTHWEST PIPE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net sales: Engineered Steel Pressure Pipe $ 80,493 $ 83,663 $ 221,294 $ 235,446 Precast Infrastructure and Engineered Systems 38,229 39,321 112,897 115,391 Total net sales 118,722 122,984 334,191 350,837 Cost of sales: Engineered Steel Pressure Pipe 69,582 69,467 190,030 202,956 Precast Infrastructure and Engineered Systems 29,846 28,399 85,809 83,897 Total cost of sales 99,428 97,866 275,839 286,853 Gross profit: Engineered Steel Pressure Pipe 10,911 14,196 31,264 32,490 Precast Infrastructure and Engineered Systems 8,383 10,922 27,088 31,494 Total gross profit 19,294 25,118 58,352 63,984 Selling, general, and administrative expense 10,237 10,654 33,119 30,149 Operating income 9,057 14,464 25,233 33,835 Other income (expense) (61) 11 (224) 56 Interest expense (1,162) (964) (3,722) (2,393) Income before income taxes 7,834 13,511 21,287 31,498 Income tax expense 2,016 3,555 5,659 8,310 Net income $ 5,818 $ 9,956 $ 15,628 $ 23,188 Net income per share: Basic $ 0.58 $ 1.00 $ 1.57 $ 2.34 Diluted $ 0.58 $ 0.99 $ 1.55 $ 2.32 Shares used in per share calculations: Basic 10,014 9,927 9,985 9,909 Diluted 10,107 10,010 10,088 9,988 NORTHWEST PIPE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) September 30, 2023 December 31, 2022 Assets Current assets: Cash and cash equivalents $ 4,058 $ 3,681 Trade and other receivables, net 66,997 71,563 Contract assets 105,420 121,778 Inventories 83,093 71,029 Prepaid expenses and other 6,638 10,689 Total current assets 266,206 278,740 Property and equipment, net 139,812 133,166 Operating lease right-of-use assets 89,605 93,124 Goodwill 55,504 55,504 Intangible assets, net 32,117 35,264 Other assets 5,844 5,542 Total assets $ 589,088 $ 601,340 Liabilities and Stockholders'Equity Current liabilities: Current debt $ 10,756 $ 10,756 Accounts payable 31,156 26,968 Accrued liabilities 23,786 30,957 Contract liabilities 17,264 17,456 Current portion of operating lease liabilities 4,899 4,702 Total current liabilities 87,861 90,839 Borrowings on line of credit 58,076 83,696 Operating lease liabilities 86,529 89,472 Deferred income taxes 11,639 11,402 Other long-term liabilities 9,845 7,657 Total liabilities 253,950 283,066 Stockholders' equity 335,138 318,274 Total liabilities and stockholders' equity $ 589,088 $ 601,340 NORTHWEST PIPE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Nine Months Ended September 30, 2023 2022 Cash flows from operating activities: Net income $ 15,628 $ 23,188 Depreciation and finance lease amortization 8,644 9,321 Amortization of intangible assets 3,147 3,369 Deferred income taxes 226 (3) Share-based compensation expense 3,050 2,477 Other, net 1,298 (305) Changes in working capital 12,416 (12,530) Net cash provided by operating activities 44,409 25,517 Cash flows from investing activities: Purchases of property and equipment (13,244) (11,792) Payment of working capital adjustment in acquisition of business (2,731) - Other investing activities 63 (288) Net cash used in investing activities (15,912) (12,080) Cash flows from financing activities: Borrowings on line of credit 113,047 121,103 Repayments on line of credit (138,667) (136,047) Borrowings on other debt - 3,525 Payments on finance lease obligations (548) (409) Tax withholdings related to net share settlements of equity awards (1,652) (853) Other financing activities (300) (47) Net cash used in financing activities (28,120) (12,728) Change in cash and cash equivalents 377 709 Cash and cash equivalents, beginning of period 3,681 2,997 Cash and cash equivalents, end of period $ 4,058 $ 3,706 View original content to download multimedia:https://www.prnewswire.com/news-releases/northwest-pipe-company-announces-third-quarter-2023-financial-results-and-share-repurchase-authorization-301976436.html SOURCE Northwest Pipe Company |
2024-11-02 | CNN | The Dow soars more than 560 points as markets bet the Fed is done with rate hikes | US stocks soared higher again on Thursday as investors bet that the Federal Reserve’s current round of economically painfulrate hikes might be over. The Dow rose 565 points, or 1.7%. The S&P 500 was 1.9% higher and the Nasdaq Composite was up 1.8%. Both the S&P 500 and Dow are on track to notch their largest weekly gains this year and the Dow closed its best day since June. Treasury yields, which topped 5% just last month, have also come down precipitously. The 10-year Treasury yield dropped by about 0.12% on Thursday to 4.66%. Wall Street also celebrated on Wednesday after theFed kept interest rates unchangedfor the second time in a row and Fed Chair Jerome Powell said he was happy with thedownward movement of inflation. The Dow gained more than 220 points. That positive sentiment remained strong on Thursday, with 85.5% of investors betting that the Fed will keep rates the same at its next meeting in December, according to the CME FedWatch tool. The Fed holds interest rates steady for second time “The year-end rally continues as interest rates plummet,” said Louis Navellier of Navellier & Associates on Thursday. “While earnings season wasn’t as good as it could have been, with lots of cuts in fourth-quarter estimates, the soft landing narrative is fully in charge, the seasonal rally is arriving right on queue, and the market is once again demonstrating its ability to shrug off what appears to be daunting geopolitical risks.” New data on Thursday showed that prices were coming down and that thepersistently strong labor marketmight be easing: Labor costs unexpectedly dropped by 0.8% last quarter, according to Labor Department data; and first-time claims for jobless benefits also increased for the second week in a row. There were 217,000 initial claims for unemployment insurance during the week that ended on October 28, an increase of 5,000 claims from the prior week’s total, which was upwardly revised. The market’s focus now turns toFriday’s jobs report, which is expected to show solid employment growth. Analysts predict 180,000 jobs were added to the economy in October, according to Refinitiv. The unemployment rate is expected to hold steady at 3.8%. Next year, you can put more money away for retirement and get a tax break In corporate news, investors are eagerly awaiting third-quarter results from Apple. The tech giant reports after the bell today. Shares of the company were up 2.1% ahead of the release. Tech stocks pulled markets higher Thursday, with shares of Tesla up nearly 6.3% and shares of Nvidia up about 2.8%. Shares of Starbucks, meanwhile, popped nearly 9.5% after the coffee chain beat earnings estimates and posted record revenue. While all 11 sectors of the S&P 500 were trading higher on Thursday, there were some notable outliers. Shares of Meta were down by 0.3%. The Facebook-parent company announced this week that it would charge European users of Instagram and Facebook a fee for ad-free viewing beginning in November. Shares of Airbnb were down 3.3% after the company beat on third-quarter revenue earnings but lowered its forward guidance. |
2024-11-02 | Marketscreener.com | AXA : 9M23 Activity Indicators | * Change in Gross Written Premiums & Other Revenues, New Business Value ("NBV"), Present Value of Expected Premiums ("PVEP") and New Business Value Margin ("NBV Margin") is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. ** "Commercial lines" refers to P&C Commercial lines excluding AXA XL Reinsurance. *** The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200-year shock. It includes a theoretical amount for dividends accrued for the first nine months of 2023, based on the full-year dividend of Euro 1.70 per share paid in 2023 for FY22. Dividends are proposed by the Board, at its discretion based on a variety of factors described in AXA's 2022 Universal Registration Document, and then submitted to AXA's shareholders for approval. This estimate should not be considered in any way to be an indication of the actual dividend amount, if any, for the 2023 financial year. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's SFCR as of December 31, 2022, available on AXA's website (www.axa.com). **** General account. ***** The completion of the disposal is subject to customary closing conditions, including the receipt of regulatory approvals. ****** Euro 30-50 billion of life in-force reserves ceded, to be announced by 2023 year-end. ******* Including the Group's expectation to exceed underlying earnings per share CAGR 2020 rebased-23e target of 3%-7% and 2021-23e cumulative cash remittance target of Euro 14 billion under Driving Progress 2023, based on normalized natural catastrophe charges and assuming current operating and market conditions persist. Including the Group's expectation to exceed underlying earnings per share CAGR 2020 rebased-23e target of 3%-7% and 2021-23e cumulative cash remittance target of Euro 14 billion under Driving Progress 2023, based on normalized natural catastrophe charges and assuming current operating and market conditions persist. For the purposes of the underlying earnings per share CAGR target, FY2020 underlying earnings rebased includes actual underlying earnings restating for "Covid-19 claims" and natural catastrophes in excess of normalized. AXA Group normalized level of expected Natural Catastrophe charges for 2020 set at ca. 3% of Gross Earned Premiums. Natural Catastrophe charges include natural catastrophe losses regardless of event size. "Covid-19 claims" include P&C, L&S and Health net claims related to Covid-19, as well as the impacts from solidarity measures and from lower volumes net of expenses, linked to Covid-19. "Covid-19 claims" does not include any financial market impacts (including impacts on investment margin, unit-linked and asset management fees, etc.) related to the Covid-19 crisis. Attachments Disclaimer AXA SApublished this content on02 November 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on02 November 2023 16:48:07 UTC. |
2024-11-02 | Forbes | Alignment Healthcare Loss Narrows As Medicare Advantage Business Grows | Alignment Healthcare Thursday reported a loss in its third quarter of $35 million even as the ... [+] startup provider of Medicare Advantage coverage grows its membership. Alignment Healthcare Thursday reported a loss in its third quarter of $35 million even as the startup provider of Medicare Advantage coverage grows its membership to more than 115,000. Alignment, which improved its bottom line from a $40.2 million loss in the year-ago period, ended the third quarter of this year with 115,600 members, which was an 18% increase compared to the year-ago period. Meanwhile, total revenue was up nearly 27% to $456.7 million. Alignment’s growth in Medicare Advantage comes during a period of unprecedented competition for seniors with much larger players like Humana, UnitedHealth Group, CVS Health’s Aetna health insurance unit, and an array of Blue Cross and Blue Shield plans also growing their health plans. More than half of the nation’s seniors eligible for Medicare are now choosing privatized Medicare Advantage plans. Medicare Advantage plans contract with the federal government to provide extra benefits and services to seniors, such as disease management and nurse help hotlines with some also offering vision, dental care and wellness programs. And in recent years, the Centers for Medicare & Medicaid Services has allowed Medicare Advantage plans to cover more supplemental benefits, adding to their popularity among seniors. Though Alignment has yet to turn a profit, the company’s top executive said the health plan continues to perform well in a competitive market. Alignment became publicly traded on the Nasdaq in March of 2021. "We delivered strong Q3 business results, surpassing guidance across all four of our key metrics and extending our streak of 11 consecutive robust quarters since our initial public offering," said John Kao, founder and CEO of Alignment Healthcare. "These results underscore our ability to grow sustainably and set the benchmark for Medicare Advantage done right by prioritizing high-quality, affordable senior care. We're excited to drive continued growth in 2024 and beyond as we remain focused on our strategic goals and objectives." Furthermore, higher government quality ratings and an improving bottom line for Alignment caused company management to increase its financial outlook for the rest of the year, raising year-end health plan membership projections to “117,600-118,600, indicating 20% growth year-over-year at the midpoint of the outlook range,” the company said. “Alignment Healthcare’s third quarter results show we're doing Medicare Advantage right,” Kao said. “It’s more than just numbers – it's about service, quality and advocacy, backed by seven consecutive years of our largest MA contract achieving at least 4- out of 5-stars.” |
2024-11-02 | CNA | US hospital groups sue Biden administration to block ban on web trackers | The biggest US hospital lobbying group on Thursday (Nov 2) sued the Biden administration over new guidance barring hospitals and other medical providers from using trackers to monitor users on their websites. The American Hospital Association (AHA), along with the Texas Hospital Association and two nonprofit Texas health systems, filed a lawsuit against the US Department of Health and Human Services (HHS) in federal court in Fort Worth, Texas. The lawsuit accuses the agency of overstepping its authority when it issued the guidance in December. The guidance warns healthcare providers that allowing a third-party technology company like Google or Meta to collect and analyse internet protocol (IP) addresses and other information from visitors to their public websites or apps could be a violation of the Health Insurance Portability and Accountability Act (HIPAA). That federal law protects individuals' private health information. AHA Deputy General Counsel Chad Golder told Reuters his group, which represents more than 5,000 hospitals nationwide, knows that HHS has instigated several enforcement actions under the guidance. The penalties for violating HIPAA can be hefty, as the fines - which could be in the thousands, according to HHS - would be assessed for each IP address disclosed to a third party, Golder said. Court records show several hospitals have been hit with proposed class actions that cite the guidance, accusing them of mishandling personal health information through the use of these trackers. Thursday's lawsuit is seeking a declaration that the information collected by third-party trackers, like Google Analytics or Meta Pixel, is not "individually identifiable health information", which is protected by HIPAA. It is also asking for a permanent injunction barring HHS from enforcing the guidance. HHS representatives did not immediately respond to a request for comment. The guidance addresses the hospitals’ public-facing websites, not patient portals or sites protected by a password. It was issued as a bulletin from the HHS Office of Civil Rights, which said the proliferation of the trackers on healthcare websites can reveal people’s diagnoses, frequency of medical visits and put people at risk of identity theft, discrimination or other consequences. The guidance applies to any healthcare provider covered by HIPAA. The groups suing to stop the rule say they use these trackers in videos about health conditions, translation tools for website content and mapping technology to help potential patients find their locations. The guidance could force them to remove these tools, which they say would limit the information they can provide to the public. The lawsuit claims the guidance was put forward without giving medical providers and others in the industry a chance to comment. Golder said his group decided to file the lawsuit after months of stymied efforts to communicate with HHS about the guidance. |
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