Regal Rexnord Down 7% After Announcing Acquisition Of Altra
Regal Rexnord Corp. (RRX) shares are sliding on Thursday morning trade after the company announced an agreement to acquire Altra Industrial Motion Corp. (AIMC) in a cash deal of $62 per share. The deal values Altra at $4.95 billion and is expected to close in the first half of 2023.
Currently, Regal Rexnord shares are at $141.67, down 7.01 percent from the previous close of $152.35 on a volume of 288,620.
Babcock & Wilcox Slips 18% After Lowering FY22 Adj. EBITDA Outlook
Shares of Babcock & Wilcox Enterprises, Inc. (BW) are slipping over 18% on Thursday morning after the company issued a full year 2023 adjusted EBITDA target and outlook and announced a revised full year 2022 adjusted EBITDA target.
BW is currently trading at $6.49, down $1.50 or 18.84%, on the NYSE. The stock opened its trading at $7.30 after closing Wednesday’s trading at $7.99. The stock has traded between $5.19 and $10.37 in the past 52-week period.
The company anticipates that full year 2023 adjusted EBITDA will range from $100 million to $120 million.
“We are seeing strong demand coupled with a significant backlog level. Looking forward, we remain confident in our visibility for new booking opportunities,” said B&W Chairman and Chief Executive Officer Kenneth Young. “This supports our expectations for continued growth in 2023 with our stated target of $100 million to $120 million in adjusted EBITDA.”
Full year 2022 adjusted EBITDA target is now expected to be $70 million to $80 million. The company said the outlook was lowered to reflect the delay of revenue recognition on certain projects, primarily due to global supply chain pressures and shortages caused by geopolitical issues and the war in Ukraine.
Solar Technology Raises FY Outlook
Solar Technology AG (SMTGF.PK), a German solar energy equipment supplier, raised its forecast for the fiscal year 2022, citing the continued high level of incoming orders and a gradually improving supply of electronic components. This should lead to a business performance in the fourth quarter that exceeds previous expectations.
The company now expects annual operating earnings before interest, taxes, depreciation an amortization (EBITDA) to be in the range of 60 million euros to 75 million euros compared to the prior estimation of 10 million euros – 60 million euros.
The company projects annual operating earnings before interest and taxes (EBIT) to be in the range of 22 million euros to 37 million euros compared to the prior outlook of negative30 million euros to 20 million euros.
The company expects annual sales to be between 975 million euros and 1.05 billion euros compared to the previous estimation of 900 million euros to 1.05 billion euros.
SMA will publish its Quarterly Financial Statement January to September 2022 on November 10, 2022.
Caterpillar Rises 9% On Reporting Higher Profit, Beating Estimates
Shares of construction-equipment manufacturer Caterpillar Inc. (CAT) are rising 9 percent on Thursday’s trading after the company posted higher profit and revenue in the third quarter, which also beat the Street estimates.
The company’s earnings came in at $2.04 billion, or $3.87 per share in the third quarter, higher than $1.43 billion, or $2.60 per share last year.
Excluding items, Caterpillar reported adjusted earnings of $2.08 billion or $3.95 per share for the period. Analysts on average had expected the company to earn $3.16 per share, according to figures compiled by Thomson Reuters.
The company’s revenue for the quarter rose 20.9 percent to $14.99 billion from $12.40 billion last year.
Currently at $214.23, the stock has traded between $160.60 and $237.90 during the past 52 weeks.
Marvel Technology Rises 6%
Shares of U.S chipmaker Marvell Technology, Inc. (MRVL) are rising 6 percent on Thursday’s trading. The company announced today that it is eliminating some roles in China as part of a realignment of its global research and development investments.
Currently at $40.96, the stock has traded between $35.30 and $93.85 during the past 52 weeks.
InMode Climbs 6% On Q3 Results
InMode Ltd. (INMD) shares are gaining more than 6 percent on Thursday morning trade after the company reported an increase in third-quarter earnings.
The quarterly earnings were $56.65 million or $0.66 per share compared to $47.91 million or $0.55 per share last year.
Revenue for the quarter was $121.23 million, up from $94.18 million in the previous month.
Looking ahead to the full year 2022, the company expects adjusted earnings per share in a range of $2.28-$2.30. Revenue for the full year is expected in a range of $445 to $50 million.
Currently, shares are at $36.23, up 5.26 percent from the previous close of $34.42 on a volume of 1,620,177.
Community Health Systems Stock Jumps 16% After Reporting Q3 Results
Shares of Community Health Systems, Inc. (CYH) are gaining over 16% on Thursday morning after reporting third-quarter results.
CYH is currently trading at $2.6700, up $0.3700 or 16.0870%, on the NYSE. The stock opened its trading at $2.3900 after closing Wednesday’s trading at $2.3000. The stock has traded between $1.8800 and $15.2900 in the past 52-week period.
Net loss attributable to stockholders was $42 million or $0.32 per share, compared to net income of $111 million or $0.85 per share last year. Analysts had estimated a loss of $0.05 per share for the quarter.
Excluding the adjusting items, net loss attributable to stockholders was $0.52 per share, compared to net income of $0.69 per share for the same period in 2021.
Net operating revenues for the three months ended September 30, 2022, totaled $3.025 billion, a 2.9 percent decrease compared to $3.115 billion for the same period in 2021.
On a same-store basis, net operating revenues decreased 2.3 percent for the three months ended September 30, 2022, compared to the same period in 2021.