Associated British Foods FY Adj. Profit Declines – Quick Facts

Undeterred by Pandemic, Americans Prepare to Deliver Verdict on Trump

President Trump and Joseph R. Biden Jr. barnstormed through battleground states, concluding an extraordinary campaign conducted amid a health crisis and deep economic anxiety.


By Shane Goldmacher

Black Hills Q3 Profit Tops View, But Revenues Miss; Raises 2020 Profit View

Black Hills Corp. (BKH) reported that its net income available for common stock for the third quarter of 2020 rose to $36.3 million or $0.58 per share from $11.7 million or $0.19 per share in the previous year.

Adjusted earnings of $0.58 per share for the third quarter were up 32% compared to the same period in the prior year. The increase was driven by new rates and rider recovery, customer growth and production tax credits for new wind assets in service. Financial results also reflected $0.11 per share of weather benefit compared to the third quarter of last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share for the third-quarter. Analysts’ estimates typically exclude special items.

Revenues for the quarter grew to $346.6 million from $325.5 million in the prior year. Analysts expected revenue of $405.5 million for the quarter.

The company raised its 2020 adjusted earnings per share to a range of $3.60 – $3.70 from the prior outlook of $3.45 – $3.65. Analysts expect annual earnings of $3.58 per share.

For 2021, the company expects adjusted earnings per share to be in a range of $3.75 to $3.95. Analysts expect annual earnings of $3.87 per share.

J2 Global Q3 Results Top Estimates; Lifts 2020 Outlook

J2 Global Inc. (JCOM) reported that its third-quarter GAAP net income increased by 98.0% to $60.9 million from $30.7 million last year. Earnings per share increases 111.7% to $1.31 from $0.62 in the prior year.

Adjusted non-GAAP earnings per share for the quarter rose 19.1% to $2.02 from $1.70 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.77 per share for the quarter. Analysts’ estimates typically exclude special items.

Quarterly revenues increased 3.7% to $357.0 million from $344.1 million last year. Analysts expected revenue of $338.82 million for the quarter.

The company raised its fiscal year 2020 adjusted non-GAAP earnings per share outlook to a range of $7.85 – $8.00 from the prior outlook of $7.17 – $7.41. The company also raised its annual revenues guidance to a range of $1.447 billion – $1.462 billion from the previous outlook of $1.380 billion – $1.400 billion.

Wall Street currently is looking for fiscal year 2020 earnings of $7.28 per share on annual revenues of $1.39 billion.

Some Regions Still Experience Slow Delivery of Mail Ballots

In the final days of voting, the Postal Service is struggling to ensure timely delivery of ballots in parts of key battleground states like Pennsylvania and Michigan.

By Hailey Fuchs

North Korea is building two new submarines capable of firing ballistic missiles -Yonhap

SEOUL (Reuters) – North Korea is building two new submarines capable of firing ballistic missiles, South Korea’s Yonhap news agency reported on Tuesday, citing the National Intelligence Service.

Hugo Boss Q3 Profit Down On Weak Sales; Reports Sequential Improvement

German luxury fashion brand Hugo Boss AG (HUGSF.PK) reported Tuesday that its third-quarter net income fell 94 percent to 3 million euros from last year’s 56 million euros.

Earnings per share were 0.06 euro, down 93 percent from 0.81 euro a year ago.

Operating result or EBIT was 15 million euros, down 83 percent from last year’s 83 million euros.

Sequentially, EBIT returned to positive territory, driven by tight cost control and the successful execution of the Company’s expense-reduction measures, and with great contribution coming from Online and mainland China.

Sales for the quarter declined 26 percent to 533 million euros from last year’s 720 million euros. Currency-adjusted sales declined 24 percent.

The company’s own online business was able to maintain its strong momentum, with currency-adjusted sales up 66 percent in the third quarter.

Momentum in mainland China accelerated with revenues up 27 percent.

In Europe, currency-adjusted sales declined by 21 percent against the prior-year period.

Yves Müller, Spokesperson of the Managing Board of HUGO BOSS, said, “Further driving the global recovery of our business will remain a key priority for us
as we approach year-end. At the same time, we will continue to push ahead with the execution of our strategic initiatives to return to our former growth trajectory.”

Associated British Foods FY Adj. Profit Declines – Quick Facts

Associated British Foods Plc (ASBFY.PK,ABF.L) reported statutory profit before tax of 686 million pounds for the 52 weeks ended 12 September 2020, down 42% from prior year. Earnings per share was 57.6 pence compared to 111.1 pence. Statutory operating profit was 37% lower at 810 million pounds. Adjusted operating profit was 1.02 billion pounds compared to 1.42 billion pounds, previous year. On adjusted basis, profit before tax was down by 35% to 914 million pounds. Adjusted earnings per share was 81.1 pence compared to 137.5 pence.

Fiscal year revenue was 13.9 billion pounds, 12% lower than last year on a reported basis. Group revenue declined mainly as a result of the total loss of sales for the period in which Primark’s stores were closed.

The Group noted that the full year decline in group revenue was mainly seen in the third quarter, driven by the total loss of sales for the period in which Primark’s stores were closed. The Group estimates that Primark lost 2 billion pounds of sales and some 650 million pounds of profit as a result of COVID-19.