Cat Financial Q2 Profit Down 25% – Quick Facts

Apple to Launch Next iPhones a ‘Few Weeks Later’ Than Usual

Apple Inc. plans to launch its next iPhones a “few weeks later” than usual, suggesting the new models will come out in October rather than September.

Apple Chief Financial Officer Luca Maestri made the disclosure during the company’s earnings call on Thursday. Last year’s new handsets were introduced in late September.

Bloomberg Newspreviously reported that the 2020 flagship iPhones would be slightly delayed due to Covid-19 complications.

MTU Aero Engines Issues 2020 Guidance – Quick Facts

MTU Aero Engines AG (MTUAY.PK) said it projects an adjusted EBIT margin of between 9 and 10 percent for 2020. Adjusted net income is anticipated to be in line with adjusted EBIT. The company targets to close the year with a positive free cash flow.

For 2020, MTU expects revenue of 4 billion euros to 4.4 billion euros. The company expects revenue from commercial series production business to drop organically by a percentage in the mid to high twenties, and revenue from spare parts business by a percentage in the high twenties. MTU expects the percentage decline in revenue from commercial MRO business to be in the low-to-mid single digits. Revenue from military business is anticipated to increase slightly.

In March, the company had retracted its original forecast, due to the impact of the pandemic. The company will publish its mid-year results for 2020 on August 3.

SBI’s Q1 profit surges 81% to ₹ 4,189 crore

The lender had reported a net profit of ₹ 2,312.02 crore in the April-June quarter of 2019-20

The country’s largest bank SBI on Friday posted an 81 % spike in standalone net profit at ₹ 4,189.34 crore for the first quarter of current fiscal as bad loans declined.

The lender had reported a net profit of ₹ 2,312.02 crore in the April-June quarter of 2019-20.

Also Read | SBI registers ₹14,448 cr. net profit, says DGM

State Bank of India’s (SBI) standalone total income increased to ₹ 74,457.86 crore in the first quarter of 2020-21 as against ₹ 70,653.23 crore in the same period a year ago, as per the financial results posted by the bank on stock exchanges.

Its gross non-performing assets (NPA) of the total advances declined to 5.44 % at June-end, over 7.53 % at June-end last year.

Similarly, net NPAs also declined to 1.8 % in June 2020 against 3.07 % a year ago.

Also Read | SBI to institute work-from-anywhere infrastructure, hopes to save ₹1,000 crore

On a consolidated basis, SBI’s net profit rose by 62 % to ₹ 4,776.50 crore as against ₹ 2,950.50 crore in the same quarter a year ago.

At the same time, total income increased ₹ 87.984.33 crore as compared to ₹ 83,274.04 crore in the first quarter of the previous fiscal.

Japan MOF Okamura: Govt, BOJ to 'work as one' while watching market moves

TOKYO, July 31 (Reuters) – Japan’s top currency official on Friday said the government and the Bank of Japan would work as one while watching underlying market moves and the economy.

Kenji Okamura, vice finance minister for international affairs, made the remark after a meeting with senior officials from the BOJ and the financial watchdog in a routine meeting to discuss financial markets, particularly at a time of market strains. (Reporting by Tetsushi Kajimoto Editing by Chang-Ran Kim)

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Caterpillar Q2 Profit Plunges, But Results Top Estimates – Quick Facts

While reporting financial results for the second quarter on Friday, Caterpillar Inc. (CAT) said it is not providing a financial outlook for 2020 at this time after it withdrew its earnings guidance on March 26.

Caterpillar said its financial results for the remainder of 2020 will be impacted by continued global economic uncertainty due to the COVID-19 pandemic.

The company has continued to take actions to reduce costs and prioritize its spending to provide for investment in services and expanded offerings, key elements of its strategy for profitable growth, which was introduced in 2017.

As of mid-July 2020, globally and across Caterpillar’s three primary segments, nearly all of the company’s primary production facilities continued to operate.

For the second quarter, profit plunged to $458 million or $0.84 per share from $1.62 billion or $2.83 per share in the prior-year quarter. Excluding pre-tax remeasurement losses of $0.19 per share, adjusted profit per share was $1.03.

Total sales and revenues for the quarter decrease 31 percent to $10.0 billion from last year’s $14.43 billion, due to lower sales volume driven by lower end-user demand and the impact from changes in dealer inventories.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share on revenues of $9.38 billion for the quarter. Analysts’ estimates typically exclude special items.

Cat Financial Q2 Profit Down 25% – Quick Facts

Cat Financial, a unit of Caterpillar Inc. (CAT), reported Friday a 25 percent decline in profit for the second quarter to $59 million from $79 million in the year-ago quarter.

Profit before income taxes decreased 37 percent to $89 million from $141 million in the prior-year quarter.

Revenues for the quarter declined 15 percent to $641 million from $757 million in the same quarter last year.

The decrease in revenues was primarily due to a $60 million unfavorable impact from lower average financing rates and a $48 million unfavorable impact from lower average earning assets.