Canon Q1 Profit Declines; Withdraws FY20 Outlook

CMA Approves Just Eat – Takeaway.com Deal – Quick Facts

The Competition and Markets Authority has cleared the merger deal between Just Eat and Takeaway.com. The CMA is now satisfied that there are no competition concerns associated with the transaction.

“In this case, we carefully considered whether Takeaway.com could have re-entered the UK market in future, giving people more choice. After gathering additional evidence which indicates this deal will not reduce competition, it is also the right decision to now clear the merger.”

Just Eat plc is one of the main food delivery firms in the UK market, while Takeaway.com N.V operates in 11 countries overseas. Takeaway.com has not been active in the UK since exiting in 2016.

Stock Alert: Papa John’s Touches New High

Shares of Papa John’s International, Inc. (PZZA) touched a new high of $72.93 on Wednesday before closing at $69.79, up $0.28 or 0.40%. The stock has nearly doubled in a month.

Papa John’s is benefiting from the coronavirus pandemic as people are advised to stay at home to contain the disease. Last month, Papa John’s said it was hiring up to 20,000 new restaurant team members to meet the surge in demand during Covid-19.

Papa John’s, one of the largest pizza delivery companies in the world, also operates carryout restaurants and dine-in and delivery restaurants.

For the first quarter, the company sees a growth of 6.1% in domestic company-owned restaurants, 5.1% in North America franchised restaurants, 5.3% in system-wide North America restaurants and 2.3% in system-wide international restaurants. However, even the company’s business is performing well during the pandemic, it has withdrawn the previously provided outlook for the full-year, as part of being extra cautious.

In the fourth quarter ended December 29, 2019, revenue had increased to $417.51 million from $397.57 million last year. Adjusted EPS had increased to $0.37 from $0.18 in the same quarter a year ago. The consensus estimate was at $0.32 per share.

Stock Alert: Sleep Number Shares Up 12% In After-Hours Trading

Shares of Sleep Number Corp. (SNBR) rose over 12% to $25.82 in the extended trading session on April 22, after the company reported stellar Q1 results.

The stock has been trading between $15.27 and $61.00 in the past one year, and closed Wednesday’s trade at $23.04, up $1.64 or 7.66%. SNBR, further gained $2.78 or 12.07% in the after-market trading session.

The company, on April 22, reported first-quarter net income of $39.1 million or $1.36 per share compared to $25.4 million or $0.80 per share last year.

Analysts polled by Thomson Reuters expected the company to report earnings per share of $0.72, for the quarter. Analysts’ estimates typically exclude certain special items.

Net sales increased 11% to $472.6 million from $426.4 million generated a year ago.

The company said it remains focused on managing liquidity and balance sheet strength, and expects to meet its liquidity needs from operating cash flow and its existing credit facilities. On March 23, 2020, the company withdrew its fiscal 2020 financial guidance due to the COVID-19 pandemic.

Stock Alert: Papa John’s Touches New High

Shares of Papa John’s International, Inc. (PZZA) touched a new high of $72.93 on Wednesday before closing at $69.79, up $0.28 or 0.40%. The stock has nearly doubled in a month.

Papa John’s is benefiting from the coronavirus pandemic as people are advised to stay at home to contain the disease. Last month, Papa John’s said it was hiring up to 20,000 new restaurant team members to meet the surge in demand during Covid-19.

Papa John’s, one of the largest pizza delivery companies in the world, also operates carryout restaurants and dine-in and delivery restaurants.

For the first quarter, the company sees a growth of 6.1% in domestic company-owned restaurants, 5.1% in North America franchised restaurants, 5.3% in system-wide North America restaurants and 2.3% in system-wide international restaurants. However, even the company’s business is performing well during the pandemic, it has withdrawn the previously provided outlook for the full-year, as part of being extra cautious.

In the fourth quarter ended December 29, 2019, revenue had increased to $417.51 million from $397.57 million last year. Adjusted EPS had increased to $0.37 from $0.18 in the same quarter a year ago. The consensus estimate was at $0.32 per share.

Computacenter Q1 Revenue Slightly Down, Profitability In-line With Last Year

Computacenter Plc. (CCC.L), in its first-quarter trading, said that its quarterly revenue reduced slightly from last year, however profitability has remained in-line with the previous year.

The company has placed approximately 10 per cent of itsmployees across Europe, on wage-subsidy programmes utilising various governments’ initiatives. The majority of these employees are engineers, project managers and consultants.

The company said it continues to explore all opportunities to maintain cashflow and preserve cash balances in light of heightening macro-economic uncertainty directly related to the COVID-19 crisis and its duration.

The company board will not propose a final dividend in respect of the financial year ended 31 December 2019.

The company said it is confident in the short-term outlook and the Board believes that the pre-tax profit performance in the first half of 2020 will be broadly in-line with, or slightly ahead of, that of the first half of 2019. The second half of the year is more difficult to predict but currently our full year expectations remain unchanged.

Canon Q1 Profit Declines; Withdraws FY20 Outlook

Digital camera maker Canon Inc. (CAJ) reported Thursday that its first-quarter attributable net income decreased 30 percent to 21.91 billion Japanese yen or $200.97 million from last year’s 31.31 billion yen.

Earnings per share were 20.68 yen or $0.19, 28.7 percent lower than 28.99 yen last year.

Operating profit declined 18.7 percent from last year to 32.88 billion yen or $301.62 million.

Gross profit as a percentage of net sales rose 0.6 points to 45.8 percent.

First-quarter net sales decreased 9.5 percent to 782.3 billion yen or $7.18 billion from prior year’s $864.47 billion yen.

Amid the impact of COVID-19, demand for both color and monochrome office multifunction devices or MFDs, as well as laser printers declined, particularly for monochrome models. The camera market declined at an accelerated rate. Inkjet printers’ market continued to shrink, but demand increased in some regions due to remote working and learning.

Looking ahead, Canon said it is very difficult to provide a reasonable calculated consolidated results forecast. As a result, Canon decided to revise its consolidated financial results forecast for the fiscal year 2020 to undetermined.