Cognyte Software Posts Adj. Loss In Q2 – Quick Facts

Sonoco To Acquire Skjern – Quick Facts

Sonoco (SON) has entered into a definitive agreement to acquire S.P. Holding, Skjern A/S, a privately owned manufacturer of paper based in Skjern, Denmark. Skjern is a producer of high-grade paperboard from 100% recycled paper for rigid paper containers, tubes and cores, and other applications. The estimated $88 million deal is estimated to be completed in the fourth quarter of 2022.

Howard Coker, Sonoco’s CEO, said: “Skjern has a strong reputation for high quality output from efficient and low emission operations, which aligns well with Sonoco’s overall commitment to a circular economy and the reduction of greenhouse gases. With this acquisition, Sonoco is better positioned to be a trusted provider to new and existing customers and to further accelerate organic growth in Europe.”

Gold Hits 29-month Low As Dollar Resumes Rally

Gold prices hit 29-month lows on Wednesday as hawkish comments from a slew of Fed officials lifted the dollar to a fresh 20-year highs against a basket of major rivals.

Spot gold fell 0.6 percent to $1,618.85 per ounce, while U.S. gold futures were down 0.6 percent at $1,626.

The dollar rallied after Chicago Fed President Charles Evans, St. Louis Fed President James Bullard and Minneapolis Federal Reserve Bank President Neel Kashkari all said they need to keep raising rates to restore price stability.

San Francisco Fed President Mary Daly said that the Fed wants lower inflation but not a recession.

The continuing global bond rout pushed 10-year Treasury yields to the highest since 2008 as investors brace for more aggressive tightening cycle from the U.S. Federal Reserve, the European Central Bank and the Bank of England.

Meanwhile, the White House Economic Adviser Brian Deese remarked that a global accord to adjust the value of the U.S. currency is unlikely to happen for the time being.

Deese said that the strength of the dollar is due to the strength of the economy and a highly uncertain economic outlook.

In economic releases, U.S. wholesale inventories, advance goods trade balance and pending home sales, all for August, will be published in the New York session.

Cintas Corporation Q1 Profit Increases, beats estimates

Cintas Corporation (CTAS) revealed a profit for its first quarter that increased from the same period last year and beat the Street estimates.

The company’s earnings came in at $351.69 million, or $3.39 per share. This compares with $331.18 million, or $3.11 per share, in last year’s first quarter.

Excluding items, Cintas Corporation reported adjusted earnings of $3.39 per share for the period.

Analysts on average had expected the company to earn $3.13 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 14.2% to $2.17 billion from $1.90 billion last year.

Cintas Corporation earnings at a glance (GAAP) :

-Earnings (Q1): $351.69 Mln. vs. $331.18 Mln. last year.
-EPS (Q1): $3.39 vs. $3.11 last year.
-Analyst Estimate: $3.13
-Revenue (Q1): $2.17 Bln vs. $1.90 Bln last year.

-Guidance:
Full year EPS guidance: $12.30 – $12.65
Full year revenue guidance: $8.58 – $8.67 Bln

Paychex Inc. Q1 Profit Increases, beats estimates

Paychex Inc. (PAYX) released a profit for its first quarter that increased from last year and beat the Street estimates.

The company’s bottom line totaled $379.2 million, or $1.05 per share. This compares with $333.6M, or $0.92 per share, in last year’s first quarter.

Excluding items, Paychex Inc. reported adjusted earnings of $371.9M or $1.03 per share for the period.

Analysts on average had expected the company to earn $0.97 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 11.5% to $1.206 billion from $1.082 billion last year.

Paychex Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $379.2 Mln. vs. $333.6M. last year.
-EPS (Q1): $1.05 vs. $0.92 last year.
-Analyst Estimate: $0.97
-Revenue (Q1): $1.206 Bln vs. $1.082 Bln last year.

European Economics Preview: Germany GfK Consumer Confidence Due

Consumer confidence data from Germany and France are the only major reports due on Wednesday.

At 2.00 am ET, the market research group GfK is slated to issue consumer sentiment survey data for October. The sentiment index is seen at -39.0 versus -36.5 in September.

Also, Statistics Sweden is set to publish retail sales data for August. In the meantime, retail sales from Norway and Denmark are due.

At 2.45 am ET, the French statistical office Insee publishes consumer sentiment survey results. The consumer confidence index is expected to fall to 80.0 in September from 82.0 in August.

At 3.00 am ET, the National Institute of Economic Research is scheduled to release Sweden’s economic tendency survey data for September.

At 4.00 am ET, Italy’s Istat publishes business and consumer confidence data. The business sentiment index is seen at 102.1 in September versus 104.3 a month ago.
Similarly, the consumer confidence index is expected to fall to 95.1 from 98.3.

Also, S&P Global publishes Austria’s manufacturing Purchasing Managers’ survey data at 4.00 am ET.

At 5.00 am ET, industrial turnover data is due from Italy. Sales had decreased 0.2 percent on month in June.

Cognyte Software Posts Adj. Loss In Q2 – Quick Facts

Cognyte Software Ltd. (CGNT) reported a second-quarter adjusted loss per share of $0.04 compared to profit of $0.17, prior year. On average, six analysts polled by Thomson Reuters expected the company to report a loss per share of $0.17, for the quarter. Analysts’ estimates typically exclude special items.

GAAP net loss attributable to Cognyte was $28.87 million compared to a loss of $285 thousand, last year. Loss per share was $0.43 compared to breakeven per share, prior year.

Non-GAAP revenue declined to $81.35 million from $116.38 million, previous year. Analysts on average had estimated $92.49 million in revenue.

“We are taking actions to focus our resources on the highest potential opportunities, to reduce our cost structure, and to regain visibility,” said Elad Sharon, CEO.

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