Abbott: FY22 Adj. EPS Guidance Remains Unchanged

Ramsay Health Care Receives Conditional Indicative Proposal From KKR-led Consortium

Ramsay Health Care Limited confirmed it has received a conditional, non-binding, indicative proposal from a consortium of financial investors led by KKR to acquire 100% of the shares in Ramsay. Under the indicative proposal, Ramsay shareholders would be entitled to receive A$88.00 per share, less any ordinary or special dividends paid to shareholders after the date of the indicative proposal.

Ramsay Board has determined it appropriate to provide the consortium with due diligence on a non-exclusive basis to explore whether the consortium can put forward a binding proposal. The company noted that its shareholders do not need to take any action in relation to the indicative proposal.

M&T Bank Corp. Announces Decline In Q1 Bottom Line, but beats estimates

M&T Bank Corp. (MTB) revealed a profit for first quarter that decreased from last year but beat the Street estimates.

The company’s earnings came in at $339.59 million, or $2.62 per share. This compares with $428.09 million, or $3.33 per share, in last year’s first quarter.

Analysts on average had expected the company to earn $2.19 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

M&T Bank Corp. earnings at a glance (GAAP) :

-Earnings (Q1): $339.59 Mln. vs. $428.09 Mln. last year.
-EPS (Q1): $2.62 vs. $3.33 last year.
-Analyst Estimates: $2.19

Nicolas Cage Is in on the Nicolas Cage Jokes

In his new movie, “The Unbearable Weight of Massive Talent,” the actor plays “himself” in all his meme-ified glory.

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By Sarah Lyall

Anthem, Inc. Q1 Profit Increases, beats estimates

Anthem, Inc. (ANTM) revealed a profit for its first quarter that increased from last year and beat the Street estimates.

The company’s bottom line came in at $1.81 billion, or $7.39 per share. This compares with $1.67 billion, or $6.71 per share, in last year’s first quarter.

Excluding items, Anthem, Inc. reported adjusted earnings of $2.02 billion or $8.25 per share for the period.

Analysts on average had expected the company to earn $7.81 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 20.4% to $39.00 billion from $32.39 billion last year.

Anthem, Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $1.81 Bln. vs. $1.67 Bln. last year.
-EPS (Q1): $7.39 vs. $6.71 last year.
-Analyst Estimate: $7.81
-Revenue (Q1): $39.00 Bln vs. $32.39 Bln last year.

-Guidance:
Full year EPS guidance: Adj; $28.40

Gold Subdued As Dollar Steadies

Gold prices were mixed on Wednesday after a slight retreat in the U.S. dollar and the 10-year Treasury yield.

Spot gold was marginally higher at $1,951.06 per ounce while U.S. gold futures dropped 0.4 percent to $1,951.65.

German government bond yields fell today but were still at multi-year highs due to expectations around inflation and higher interest rates.

The 10-year Treasury yield shed 7 basis points as investors assessed growth challenges from the Ukraine war and the potential for a peak in inflation.

Chicago Fed President Charles Evans said on Tuesday that he favours two half-point rate hikes at upcoming meetings and move rate to 2.25-2.50 percent by the end of the year.

Atlanta Fed president Raphael Bostic said that a 75-basis point rate hike is not on the cards and expressed concerns about the impact of faster policy tightening on the U.S. economic recovery.

Bostic added that the neutral rate could be between 2 percent and 2.5 percent and the funds rate could be as low as 1.75 percent.

Meanwhile, China’s central bank maintained the one-year loan prime rate at 3.7 percent and the five-year rate at 4.6 percent, defying expectations for a reduction.

Abbott: FY22 Adj. EPS Guidance Remains Unchanged

While reporting first-quarter results on Wednesday, Abbott (ABT) said it continues to expect fiscal 2022 adjusted earnings per share of at least $4.70. The company noted that its 2022 guidance includes projected COVID-19 testing-related sales of approximately $4.5 billion, which Abbott expects to largely occur in the first half of the year and will update on a quarterly basis. Analysts polled by Thomson Reuters expect the company to report profit per share of $4.83. Analysts’ estimates typically exclude special items.

The company reported an adjusted earnings per share growth of 31.1 percent for its first quarter. Organic sales growth was 17.5 percent from prior year. Excluding COVID-19 testing-related sales, first-quarter organic sales growth was 7.7 percent.

First quarter earnings came in at $2.45 billion, or $1.37 per share compared with $1.79 billion, or $1.00 per share, a year ago. Excluding items, Abbott reported adjusted earnings of $3.08 billion or $1.73 per share for the period. Analysts on average had expected the company to earn $1.46 per share, according to figures compiled by Thomson Reuters.

The company’s revenue for the quarter rose 13.8% to $11.90 billion from $10.46 billion last year. Analysts on average had estimated $10.99 billion in revenue.

On Feb. 18, 2022, the board of Abbott declared quarterly dividend of $0.47 per share. The cash dividend is payable May 16, 2022 to shareholders of record at the close of business on April 15, 2022.

Shares of Abbott were down 3% in pre-market trade on Wednesday.