Daimler Q1 Preliminary EBIT Declines

North Okanagan residents unsure where to turn as flooding Lumby, B.C. area lake threatens homes

A rising North Okangan lake is putting two homes, in a rural area outside of Lumby, B.C., at risk of flooding.

Residents of the threatened properties on Rawlings Lake Road say confusion over who is responsible for managing the water overflowing Rawlings Lake has left them unsure where to turn.

Graco Q1 Results Miss View

Graco Inc. (GGG) reported that its net earnings for the first-quarter declined to $72.82 million or $0.42 per share from $86.75 million or $0.51 per share last year.

Adjusted net income was $0.38 compared to $0.47 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share. Analysts’ estimates typically exclude special items.

Net sales for the quarter were $373.57 million down from $404.87 million last year. Analysts expected revenue of $391.35 million for the quarter.

The company has withdrawn its 2020 revenue guidance for the remainder of the year, due to economic uncertainty caused by the Covid-19 pandemic.

Mercedes maker Daimler's earnings plunge as coronavirus hits sales, production

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German's Daimler AG said on Thursday it expected to report a near 70 percent plunge in a key first-quarter earnings figure, as demand for its Mercedes-Benz cars plunges amid the coronavirus pandemic.

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FORD CORONAVIRUS LOSSES EXPECTED TO REACH $600M IN FIRST QUARTER

The virus outbreak has pummeled vehicle sales and production globally, as governments impose tight restrictions on business activity and the movement of people to control its spread.

Daimler reported preliminary adjusted first-quarter earnings before interest and tax (EBIT) of 719 million euros, or $777 million – a 68.9 percent fall from the prior year.

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Preliminary adjusted EBIT for Mercedes-Benz cars & vans fell over 56 percent to 603 million euros or $651 million

The company also said it expects total unit sales and revenue for 2020 to be lower compared to last year.

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NYSE president: We can trade entirely electronic

New York (CNN Business)The New York Stock Exchange might reopen in phases after May 15, two sources who were on a conference call with NYSE Chief Operating Officer Michael Blaugrund told CNN Business. The sources also say the timing could change.

Blaugrund was speaking with NYSE employees, heads of firms and brokers on the 40-minute call. He said when the floor does open, there will be a reduced head count on the floor and social distancing guidelines will be followed, according to the two sources.
The NYSE closed its trading floor in March temporarily and shifted to fully electronic trading to prevent the spread of coronavirus. The move came shortly after the NYSE sent an update to traders informing them that two people — a member of the trading floor community and an NYSE employee — tested positive for the virus.

    The same protocol that the NYSE followed just before the floor closed will also be in effect, meaning temperature checks for anyone entering the building, according to the sources.
    Blaugrund said the NYSE Arca Options trading floor in San Francisco might reopen on May 3, the two sources said.

    — Clare Duffy contributed to this report.

    Santos Q1 Total Sales Revenue Down 13.1%

    Oil and gas producer Santos Ltd. (STOSF.PK,SSLTY.PK,STO.AX) reported that its first-quarter total sales revenue declined 13.1% to US$883 million from US$1.02 billion last year.

    First quarter production of 17.9 million barrels of oil equivalent or mmboe was 4% lower than the prior quarter, primarily due to an unplanned domestic gas customer outage in Western Australia and the impact of Cyclone Claudia, partially offset by stronger Cooper Basin and Queensland-operated onshore production.

    Production guidance for 2020 from the base business,excluding ConocoPhillips acquisition, is maintained at 73-80 mmboe.

    On 23 March 2020, Santos announced a US$550 million (38%) reduction in 2020 capital expenditure. This resulted in base business capex guidance of approximately US$750 million and major growth capex guidance of approximately US$150 million for 2020.

    Improperly disposed of smoking material believed to be cause of Lethbridge river valley grass fire

    Tuesday’s grass fire in the Lethbridge river valley is a reminder of just how dry conditions are in southern Alberta.

    Lethbridge fire chief Marc Rathwell called Tuesday’s blaze in the Elizabeth Hall Wetlands a major fire, and said it may have been preventable.

    Possibly suspicious grass fire in Kelowna breaks out near Enterprise Way

    Kelowna firefighters rushed to Enterprise Way and Highway 33 just after 5:30 p.m. on Wednesday for a grass fire.

    A bush truck, a fire engine, and a command vehicle responded to the blaze, according to Capt. Jarret Dais.

    Daimler Q1 Preliminary EBIT Declines

    German automaker Daimler AG (DDAIF.PK) reported that its first-quarter preliminary group EBIT plunged to 617 million euros due to COVID-19 pandemic. Adjusted EBIT was 719 million euros, lower than 2.31 billion euros in the last year.

    Mercedes-Benz Cars & Vans EBIT was 510 million euros, while Daimler Trucks & Buses EBIT was 247 million euros and Daimler Mobility EBIT totaled 58 million euros.

    Given the anticipated market development and the assessment of divisions, the company expects total unit sales and revenue for 2020 to be lower compared to last year with lower unit sales at each of Mercedes-Benz Cars, Mercedes-Benz Vans, Daimler Trucks and Daimler Buses.

    For the financial year 2020, the company also expects group EBIT to be below prior year and adjusted return on equity of Daimler Mobility will not reach the prior year level.

    The company noted that the decline in the results will lead to a decline in Industrial Free Cash Flow for 2020.