Abercrombie & Fitch Co. Q3 adjusted earnings Beat Estimates
Abercrombie & Fitch Co. (ANF) revealed earnings for its third quarter that climbed from the same period last year.
The company’s bottom line totaled $42.27 million, or $0.66 per share. This compares with $6.52 million, or $0.10 per share, in last year’s third quarter.
Excluding items, Abercrombie & Fitch Co. reported adjusted earnings of $48.23 million or $0.76 per share for the period.
Analysts had expected the company to earn $0.00 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 5.1% to $819.65 million from $863.47 million last year.
Abercrombie & Fitch Co. earnings at a glance:
-Earnings (Q3): $48.23 Mln. vs. $14.51 Mln. last year.
-EPS (Q3): $0.76 vs. $0.23 last year.
-Analysts Estimate: $0.00
-Revenue (Q3): $819.65 Mln vs. $863.47 Mln last year.
Analog Devices Q4 adjusted earnings Beat Estimates
Analog Devices (ADI) released earnings for its fourth quarter that increased from last year.
The company’s bottom line totaled $386.53 million, or $1.04 per share. This compares with $277.69 million, or $0.74 per share, in last year’s fourth quarter.
Analysts had expected the company to earn $1.32 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 6.2% to $1.53 billion from $1.44 billion last year.
Analog Devices earnings at a glance:
-EPS (Q4): $1.44 vs. $1.19 last year.
-Analysts Estimate: $1.32
-Revenue (Q4): $1.53 Bln vs. $1.44 Bln last year.
Next quarter EPS guidance: $1.20 – $1.40
Next quarter revenue guidance: $1.43 – $1.57 Bln
Abercrombie & Fitch Q3 Profit Surges, Beats View – Quick Facts
Abercrombie & Fitch Co. (ANF) on Tuesday reported net income for the third quarter of $42.27 million or $0.66 per share, up sharply from $6.52 million or $0.10 per share in the year-ago period.
Adjusted earnings for the quarter were $0.76 per share, compared to $0.23 per share last year.
However, net sales for the quarter declined 5 percent to $819.65 million from $863.47 million last year. Digital net sales grew 43 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.00 per share on revenues of $739.36 million. Analysts’ estimates typically exclude special items.
“We are also pleased to announce the early exit of four additional flagship locations by the end of January 2021. This is in addition to the three previously announced fiscal 2020 natural lease expirations. With these seven closures, we should end the year with eight operating flagships down from fifteen at the beginning of the year,” said Fran Horowitz, Chief Executive Officer of Abercrombie & Fitch.
Angola aims for three years of "breathing space" from creditors -finance minister
LONDON, Nov 24 (Reuters) – Angola hopes to get breathing space on its debt for the next three years as a result of negotiations with its main creditors, its finance minister said on Tuesday.
Africa’s second largest oil exporter is in talks with bank creditors and China, said Vera Daves de Sousa during a Bloomberg virtual event.
“We hope to have breathing space for the next three years,” she said. “Since 2020, almost $6 billion as a result of these negotiations.”
Emotional flight attendants say farewell after being furloughed
London (CNN Business)More huge losses are looming for the airline industry as carriers brace for the Covid-19 crisis to extend well into 2021.
The International Air Transport Association forecast Tuesday that the sector will lose $157 billion this year and next due to the pandemic. That’s much worse than previous estimates.
“This crisis is devastating and unrelenting,” IATA Director General Alexandre de Juniac said in a statement.
De Juniac said that Covid-19 made 2020 the worst financial year on record “bar none.” The industry group expects net losses to total $118.5 billion, worse than the $84.3 billion forecast in June.
The promise of safe and effective vaccines has fed some optimism that travel can pick up next year. But vaccinating millions of people across borders will take time.
IATA now thinks the airline industry will lose $38.7 billion in 2021, deeper than its previous $15.8 billion forecast. It expects the industry to start generating cash again in the fourth quarter of next year thanks to aggressive cost cutting and higher demand.
— Rob North contributed reporting.
This article will be updated.
Biden May Name Anthony Blinken As Secretary Of State
President-elect Joe Biden is expected to nominate his experienced adviser Antony Blinken as Secretary of State, US media reported quoting people familiar with the matter.
Blinken, who served at the state department and as deputy national security adviser in Barack Obama’s administration, has been the foreign policy advisor to Biden’s presidential campaign.
Biden’s White House chief of staff nominee Ron Klain said Biden will announce key posts in his Cabinet Tuesday.
It has also been reported that Jake Sullivan, who was one of Hillary Clinton’s closest aides, is the likely pick for national security adviser.
Reports also say that Linda Thomas-Greenfield will be named the United States’ new ambassador to the United Nations.
Meanwhile, a judge in Pennsylvania refused President Donald Trump’s request to invalidate millions of postal votes cast in the state. Many Republicans called on Trump to concede defeat.
Former New Jersey Governor Chris Christie, who is a close Trump ally, said on ABC News’ “This Week,” that Trump’s personal lawyer Rudy Giuliani is a “national embarrassment.”
Maryland Governor Larry Hogan told CNN that Trump camp’s attempts to annul the election results were “beginning to look like we’re a banana republic”. Trump should “stop golfing and concede,” he said on Twitter.