Cardinal Health Q3 Profit Beats Estimates; Raises FY23 Non-GAAP EPS Guidance By $0.35 At Midpoint

Sempra Energy Q1 Profit Increases, beats estimates

Sempra Energy (SRE) reported a profit for its first quarter that increased from last year and beat the Street estimates.

The company’s earnings totaled $969 million, or $3.07 per share. This compares with $612 million, or $1.93 per share, in last year’s first quarter.

Excluding items, Sempra Energy reported adjusted earnings of $922 million or $2.92 per share for the period.

Analysts on average had expected the company to earn $2.77 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 71.7% to $6.560 billion from $3.820 billion last year.

Sempra Energy earnings at a glance (GAAP) :

-Earnings (Q1): $969 Mln. vs. $612 Mln. last year.
-EPS (Q1): $3.07 vs. $1.93 last year.
-Analyst Estimate: $2.77
-Revenue (Q1): $6.560 Bln vs. $3.820 Bln last year.

-Guidance:
Full year EPS guidance: $8.60 – $9.20

Quanta Services Boosts FY23 Outlook – Update

While reporting financial results for the first quarter on Thursday, Quanta Services, Inc. (PWR) raised its adjusted earnings and revenue guidance for the full-year 2023.

For fiscal 2023, the company continues to project earnings in a range of $4.62 and $5.11 per share and adjusted earnings in a range of $6.75 and $7.25 per share on revenues between $18.60 billion and $19.10 billion.

Previously, the company expected earnings in a range of $3.47 to $3.97 per share and adjusted earnings in a range of $6.00 to $6.50 per share on revenues between $16.20 billion and $16.70 billion.

On average, 16 analysts polled by Thomson Reuters expect the company to report earnings of $7.07 per share on revenues of $18.67 billion for the year. Analysts’ estimates typically exclude special items.

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Gold Holds Steady Near Record High

Gold prices were little changed on Thursday, after having climbed to a near record high in the previous session.

Spot gold was marginally lower at $2,038.42 per ounce, while U.S. gold futures were up half a percent at $2,046.80.

The dollar weakened and Treasury yields dipped after the Federal Reserve delivered another quarter-point rate hike but signaled a potential pause in its tightening cycle depending on incoming data on inflation and other factors.

Heightened recession concerns, U.S. banking woes and the debt ceiling impasse also dented risk sentiment and offered some support for safe-haven bullion.

PacWest Bancorp shares slumped 60 percent in after-hours U.S. trading and shares of other regional lenders also fell after PacWest Bancorp said that it is exploring strategic options, including a potential sale or capital raise.

The focus now shifts to a European Central Bank meeting later in the day, with analysts expecting a 25-bps rate hike.

Trading later in the day may be impacted by reaction to reports on weekly jobless claims, the U.S. trade deficit and labor productivity.

BCE Inc. Q1 Income Falls

BCE Inc. (BCE.TO) announced a profit for first quarter that decreased from last year

The company’s bottom line totaled $725 million, or $0.79 per share. This compares with $877 million, or $0.96 per share, in last year’s first quarter.

Excluding items, BCE Inc. reported adjusted earnings of $772 million or $0.85 per share for the period.

The company’s revenue for the quarter rose 3.4% to $6.05 billion from $5.85 billion last year.

BCE Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $725 Mln. vs. $877 Mln. last year.
-EPS (Q1): $0.79 vs. $0.96 last year.
-Revenue (Q1): $6.05 Bln vs. $5.85 Bln last year.

Oil Traded Higher After Three-day Rout

Oil prices rebounded on Thursday, after having suffered heavy losses in the last three trading sessions on concerns over interest-rate increases and an impending recession in the United States.

Benchmark Brent crude futures rose 1.1 percent to $73.11 a barrel, while WTI crude futures were up 0.8 percent at $69.14.

A weaker dollar offered some support after the Fed hinted at a possible pause in policy tightening, depending on incoming data on inflation and other factors.

As recession worries mount, investors await weekly jobless claims data later in the day and Friday’s jobs data for additional clues to policy outlook.

The European Central Bank announces its rate decision later today, with analysts expecting a 25-bps rate hike.

Oil prices also received support after official data from the Energy Information Administration showed crude inventories dropped by 1.3 million barrels last week versus forecasts for a 1.1-million-barrel drop.

Data released by the American Petroleum Institute on Tuesday showed crude oil inventories in the U.S. falling by 3.94 million barrels in the week ended April 28, higher than market expectations of a 1 million-barrel decline.

Cardinal Health Q3 Profit Beats Estimates; Raises FY23 Non-GAAP EPS Guidance By $0.35 At Midpoint

Cardinal Health (CAH) reported third-quarter net profit attributable to company of $345 million or $1.34 per share compared to a loss of $1.39 billion or $5.05 per share, previous year. Non-GAAP operating earnings increased 11% to $606 million due to a significant increase in Pharmaceutical segment profit, partially offset by a decline in Medical segment profit. Non-GAAP EPS increased 20% to $1.74. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $1.49, for the quarter. Analysts’ estimates typically exclude special items.

Revenues were $50.5 billion, an increase of 13% from a year ago. Analysts on average had estimated $49.71 billion in revenue.

Cardinal Health raised and narrowed its fiscal 2023 guidance range for non-GAAP earnings per share attributable to company to $5.60 to $5.80, from $5.20 to $5.50.

Shares of Cardinal Health are up 2% in pre-market trade on Thursday.

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