Delta Galil Q2 Adj. Profit Rises; Sales Up 11% In Constant Dollars

Protalix BioTherapeutics Inc. Q2 Loss Narrows

Protalix BioTherapeutics Inc. (PLX) revealed Loss for second quarter that decreased from last year

The company’s bottom line totaled -$5.33 million, or -$0.11 per share. This compares with -$11.24 million, or -$0.25 per share, in last year’s second quarter.

The company’s revenue for the quarter rose 36.3% to $8.75 million from $6.42 million last year.

Protalix BioTherapeutics Inc. earnings at a glance (GAAP) :

-Earnings (Q2): -$5.33 Mln. vs. -$11.24 Mln. last year.
-EPS (Q2): -$0.11 vs. -$0.25 last year.
-Revenue (Q2): $8.75 Mln vs. $6.42 Mln last year.

Turquoise Turns Down Rio Tinto’s Acquisition Proposal

Anglo-Australian metals and mining firm Rio Tinto Plc (RTPPF.PK,RIO.L,RIO,RTNTF.PK), on Monday reaffirmed its proposal to buy Turquoise Hill Resources for C$34 per Canadian miner’s share.

While Turquoise Hill rejected the acquisition proposal, Rio Tinto believes the offering is still compelling.

Rio Tinto had made its proposal on 14 March that would have valued the Turquoise Hill minority share capital at around $2.7 billion.

Rio Tinto continues to expect that the proposed transaction could deliver compelling value for Turquoise Hill minority shareholders and provide the certainty of an all-cash offer at a premium of 32 percent to Turquoise Hill’s closing price of C$25.68 per share on March 11, and 78 percent to Turquoise Hill’s closing price of C$19.12 per share on January 24.

Thoughtworks Q2 Adj. Profit Rises; Revenue Up 33.5% In Constant Currency

Thoughtworks Holding, Inc. (TWKS) reported second quarter adjusted earnings per share of $0.11 compared to $0.10, a year ago. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.11, for the quarter. Analysts’ estimates typically exclude special items. Adjusted EBITDA was $58.5 million, an increase of 14.2%.

Net loss for the second quarter was $30.0 million compared to net income of $18.2 million, a year ago, primarily impacted by $55.2 million of stock-based compensation. Loss per common share was $0.10 compared to a loss of $0.18.

Second quarter revenues were $332.1 million, an increase of 27.5% year-over-year and 33.5% on a constant currency basis. Analysts on average had estimated $328.34 million in revenue.

For the third quarter, the company expects: revenues in the range of $327 million to $329 million, reflecting year-over-year growth at the midpoint of 15.1%, or 21.8% on a constant currency basis; and adjusted EPS in the range of $0.10 to $0.11.

For the full year, the company expects: revenue growth in the range of 29.5% to 30.5% year-over-year on a constant currency basis; and adjusted EPS in the range of $0.47 to $0.50.

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Boston Scientific Acquires Obsidio For Undisclosed Terms

Medical technology company Boston Scientific Corp. (BSX) announced Monday the acquisition of privately-held company Obsidio, Inc. that has developed the Gel Embolic Material (GEM) technology used for embolization of blood vessels in the peripheral vasculature.

The transaction is expected to be immaterial to Boston Scientific’s GAAP and adjusted earnings per share in 2022. Specific terms of the transaction have not been disclosed.

Recently cleared by the U.S. Food and Drug Administration (FDA), the GEM technology is a semi-solid, proprietary material packaged in a ready-to-use form, thus reducing the preparation time required for many embolization procedures.

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Oil Prices Tumble On China Demand Concerns

Oil prices fell sharply on Monday as investors weighed a potential increase in supply by oil giant Saudi Aramco and fretted over the prospect of weak economic growth in China hitting fuel demand.

Brent crude futures for October delivery tumbled 3.4 percent to $94.79 a barrel, while WTI crude futures for September settlement were down 3.6 percent at $88.81.

Saudi Aramco plans to raise crude oil output to its maximum capacity of 12.3 million b/d by 2025 fn requested by the Saudi Arabian government to meet the needs of global consumers, Chief Executive Amin Nasser said Sunday during earnings call after the state-owned energy firm announced one of the largest quarterly profits in history.

China’s industrial production and retail sales growth for July came in well below estimates, youth unemployment hit a record high in July, investment into real estate fell at a faster pace in July than June and investment into manufacturing slowed its pace of growth, suggesting that the post-lockdown recovery is losing steam.

The lowering of oil demand forecast for 2022 by the Organization of the Petroleum Exporting Countries (OPEC) last week also weighed on prices.

Delta Galil Q2 Adj. Profit Rises; Sales Up 11% In Constant Dollars

Delta Galil Industries, Ltd. reported that its second quarter net income excluding non-recurring items increased 3% to $28.1 million, compared to $27.3 million, prior year. Earnings per share, adjusted for non-recurring items, increased 4% to $1.01, compared to $0.97.

Net income was $22.66 million compared to $27.27 million, last year. Earnings per share was $0.80 compared to $0.97.

Sales increased 8%, or 11% in constant dollars, to $491.3 million, from $455.8 million last year.

For full year 2022, the company expects: sales in a range of $2.08 billion to $2.11 billion; and EPS in a range of $4.80 to $5.09.

Delta Galil declared a dividend of $0.235 per share, to be distributed on September 6, 2022. The record and ex-dividend date will be August 22, 2022.

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