Associated British Foods H1 Profit Surges, Lifts Dividend; Sees Growth In FY22 Adj. Profit

Lakeside Refrigerated Services Recalls Ground Beef Products

Swedesboro, New Jersey-based Lakeside Refrigerated Services is recalling around 120,872 pounds of ground beef products that may be contaminated with E. coli O103, the U.S. Department of Agriculture’s Food Safety and Inspection Service or FSIS said.

The recalled ground beef products were produced from February 1, 2022, through April 8, 2022. These products bear establishment number “EST. 46841” inside the USDA mark of inspection. The affected items were shipped to retail locations nationwide.

The recall was initiated after the problem was discovered during routine FSIS testing of imported products.

Many clinical laboratories do not test for non-O157 Shiga toxin-producing E. coli (STEC) such as O103 because it is harder to identify than STEC O157:H7. People can become ill from STECs 2-8 days (average of 3-4 days) after consuming the organism.

Most people infected with STEC O103 develop diarrhea (often bloody) and vomiting. Some illnesses last longer and can be more severe. Infection is usually diagnosed by testing of a stool sample.

However, there have been no confirmed reports of illness or adverse reactions due to consumption of these products to date.

FSIS is concerned that some products may be in consumers’ refrigerators or freezers. Consumers are urged to throw them away or return to the place of purchase.

Canon Q1 Profit Climbs; Raises FY22 Outlook

Canon Inc. (CAJ), an imaging equipment maker, on Tuesday posted a rise in its earnings for the first quarter, amidst a rise in sales, particularly due to rising prices of products and depreciation of the yen.

The Group has also raised its guidance for the fiscal 2022.

For the quarter ended in March, the company reported a net income of 45.97 billion yen or 43.96 yen per share, compared with 44.45 billion yen or 42.50 yen per share, reported for the same period last year.

The Group generated a pretax profit of 67.69 billion yen, versus 66.04 billion yen, posted for the same quarter of 2021. It also registered a rise in its operating profit at 76.14 billion yen as against 70.56 billion yen.

For the March quarter, the Group’s other income (deductions) decreased by 3.9 billion yen, on year-on-year basis to a loss of 8.4 billion yen, mainly due to valuation losses on securities and currency exchange losses from liabilities denominated in foreign currencies.

Canon registered its net sales for the quarter at 879.35 billion yen, higher than 842.65 billion yen, posted for the first three-month period of previous year.

Citing the influence of currency exchange rates and increasing product supply, For fiscal 2022, the company raised the guidance.

For the year, it now expects net income of 252 billion yen against its previous outlook for 245 billion yen. Sales outlook also stands increased from 3.87 trillion yen to 3.98 trillion yen.

SSAB AB Q1 Profit Surges

SSAB AB (SSAAF.PK), Swedish steel firm, on Tuesday posted a significant surge in its earnings for the first quarter, amidst a rise in revenue, supported by a firm demand and persisting war in Ukraine.

For the first quarter of 2022, the company reported a profit of SEK 6.01 billion or SEK 5.84 per share, compared with SEK 1.51 billion or SEK 1.46 per share, reported for the same period last year.

The company’s earnings after financial items was reported at SEK 7.79 billion as against SEK 1.88 billion, on year-on-year basis.

Owing to a firm demand, the steel maker’s operating profit for the quarter rose to SEK 8.37 billion from last year’s SEK 1.99 billion.

For the first three-month period of 2022, SSAB generated an EBITDA of SEK 9.19 billion, versus SEK 2.86 billion, reported for the same period of previous year.

In the quarter, revenues were SEK 31.57 billion, up from SEK 19.66 billion, reported for the first quarter of the last fiscal.

Pre-market Movers: AXSM, SST, SAVA, ENSV, SMCI…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.50 A.M. ET).

In the Green

Axsome Therapeutics, Inc. (AXSM) is up over 34% at $43.89
Super Micro Computer, Inc. (SMCI) is up over 15% at $42.20
4D pharma plc (LBPS) is up over 13% at $5.27
BARK, Inc. (BARK) is up over 13% at $3.76
American Campus Communities, Inc. (ACC) is up over 12% at $65.00
Sharps Technology, Inc. (STSS) is up over 12% at $2.37
Zendesk, Inc. (ZEN) is up over 6% at $129.87
Banco Bradesco S.A. (BBD) is up over 5% at $4.41
ARC Document Solutions, Inc. (ARC) is up over 5% at $4.00
Fresh Vine Wine, Inc. (VINE) is up over 5% at $3.74

In the Red

System1, Inc. (SST) is down over 27% at $14.75
Cassava Sciences, Inc. (SAVA) is down over 18% at $20.55
Enservco Corporation (ENSV) is down over 16% at $3.04
NETGEAR, Inc. (NTGR) is down over 12% at $20.31
Indonesia Energy Corporation Limited (INDO) is down over 9% at $23.40
Origin Agritech Limited (SEED) is down over 8% at $7.36
ACADIA Pharmaceuticals Inc. (ACAD) is down over 7% at $20.70
Ecopetrol S.A. (EC) is down over 6% at $18.08
IsoPlexis Corporation (ISO) is down over 6% at $2.30

Associated British Foods H1 Profit Surges, Lifts Dividend; Sees Growth In FY22 Adj. Profit

Associated British Foods PLC (ASBFY.PK,ABF.L) reported Tuesday that its first-half profit before tax surged 131 percent to 635 million pounds from last year’s 275 million pounds.

Basic earnings per share were 60.3 pence, up 194 percent from 20.5 pence in the prior year.

Adjusted profit before tax was 666 million pounds, compared to 319 million pounds a year ago.

Adjusted earnings per share were 63.8 pence

Group revenue climbed 25 percent to 7.88 billion pounds from 6.31 billion pounds last year. Revenue grew 28 percent at constant exchange rates.

Further, the company confirmed that an interim dividend of 13.8 pence per share, higher than last year’s 6.2 pence, will be paid on July 8 to shareholders on the register at the close of business on June 10.

Looking ahead for fiscal 2022, the company expects significant progress in adjusted operating profit and adjusted earnings per share for the Group.

Notwithstanding the greater inflationary pressures and lower second half margins, the company still expects growth in adjusted operating profit for the Group in the second half compared to the same period last year.