Coherent Q3 Loss Widens
Coherent Inc. (COHR) Tuesday reported third-quarter net loss of $8.7 million or $0.36 per share, compared to net loss of $3.1 million or $0.13 per share last year.
Adjusted earnings for the quarter dropped to $0.52 per share from $1.31 per share last year. Analysts polled by Thomson Reuters estimated earnings of $0.21 per share for the quarter.
Revenues for the quarter dropped to $298.3 million from $339.2 million last year. Analysts had a consensus revenue estimate of $287.69 million.
QIAGEN Q2 Profit Tops Estimates; Sales Up 16%
QIAGEN N.V. (QGEN) reported that its second quarter adjusted earnings per share increased to $0.55 ($0.56 CER), from $0.33, last year. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.46, for the quarter. Analysts’ estimates typically exclude special items.
Second quarter total net sales rose 16% to $443.3 million from $381.6 million, last year. Growth was 19% at constant exchange rates (CER). Analysts expected revenue of $425.82 million for the quarter.
“The unprecedented demand for products used in coronavirus testing is driving QIAGEN’s performance in 2020,” said Thierry Bernard, CEO of QIAGEN N.V.
QIAGEN Boards have reaffirmed unanimous recommendation that the company’s shareholders accept Thermo Fisher Offer and tender their shares on or before August 10.
European Economics Preview: UK Mortgage Approvals Data Due
Mortgage approvals the UK and consumer confidence from France are due on Wednesday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis is slated to issue Germany’s import prices for June. Economists forecast prices to fall 5.1 percent on year, slower than the 7 percent decrease seen in May.
At 2.45 am ET, France’s statistical office Insee is set to publish consumer sentiment survey results. The confidence index is seen rising to 99 in July from 97 in June.
At 3.00 am ET, the Swedish National Institute of Economic Research releases economic tendency survey data.
In the meantime, retail sales from Spain, unemployment from Hungary and foreign trade figures from Turkey are due. Economists forecast Spain retail sales to decline 17.6 percent annually in June, following a 19 percent drop in May.
At 4.00 am ET, producer prices from Italy and manufacturing PMI data from Austria are due.
Half an hour later, Bank of England is scheduled to issue UK mortgage approvals data for June. The number of mortgages approved in June is forecast to advance to 33,900 from 9,273 in May.
Beyond Meat's 2Q sales jump as more try plant-based burgers
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More people are throwing plant-based burgers on the grill this summer.
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Beyond Meat, which makes pea protein-based burgers and sausages, said its second quarter revenue jumped 69% to $113 million as more households tried its products.
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Sales far outpaced Wall Street’s forecast of $99 million, according to FactSet.
The El Segundo, California-based company reported a net loss of $10 million for the April-June period. Adjusted for one-time items, including coronavirus-related expenses, Beyond Meat lost 2 cents per share. That was in line with analysts’ expectations.
When restaurant closures threatened its food-service sales, Beyond Meat repackaged its burgers for home cooks. In mid-June, the company launched a 10-burger value pack for $15.99 at Walmart, Target and other groceries. Normally, two four-ounce patties cost $5.99.
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Beyond Meat said the new offering, which will be available until mid-August, contributed to the 180% U.S. retail growth it saw during the quarter.
Tropical Storm Isaias lashes East Coast with torrential rain, strong wind gusts
Tropical Storm Isaias brought heavy rain and strong winds to the East Coast on Tuesday, downing power lines and leaving destroyed property in its wake.
Isaias was downgraded from a hurricane to a tropical storm after hitting North Carolina late Monday night, where hundreds of thousands of power outages were reported. The storm claimed two lives in the Caribbean before moving to the U.S., NBC4 New York reported.
Photos from the tri-state area and Southeastern United States show how the storm has impacted the country as it moved up the coast.
New York City
Myrtle Beach, S.C.
Beyond Meat, Inc. Q2 adjusted earnings Inline With Estimates
Below are the earnings highlights for Beyond Meat, Inc. (BYND):
-Earnings: -$10.21 million in Q2 vs. -$9.44 million in the same period last year.
-EPS: -$0.16 in Q2 vs. -$0.24 in the same period last year.
-Excluding items, Beyond Meat, Inc. reported adjusted earnings of -$1.19 million or -$0.02 per share for the period.
-Analysts projected -$0.02 per share
-Revenue: $113.34 million in Q2 vs. $67.25 million in the same period last year.
Airlines push to get people flying again
New York (CNN Business)Virgin Atlantic has filed for bankruptcy in the United States as the global airline industry reels from the coronavirus pandemic.
The company, which is based in the United Kingdom, filed for Chapter 15 bankruptcy protection in New York on Tuesday.
Virgin Atlantic hasn’t been immune from the airline industry’s pandemic problems. In July, the company received a £1.2 billion ($1.5 billion) rescue deal to keep the airline solvent just days before it was due to resume passenger flights.
The carrier said that the recapitalization plan would be deployed over 18 months and has the support of shareholders, new investors and existing creditors.
Virgin Atlantic could not be reached immediately for comment Tuesday evening.
Global air travel isn’t expected to fully recover from the downturn until 2024, according to the International Air Transport Association, which represents 290 airlines. The group blamed the sluggish recovery on several factors, including a lack of consumer confidence, the decline in business travel, and fresh coronavirus spikes in the United States and elsewhere.
—Hanna Ziady contributed to this report