Eli Lilly Shares Rise 8% On Raised Revenue Outlook

Toro Co Q4 Profit Decreases, but beats estimates

Toro Co (TTC) revealed earnings for fourth quarter that decreased from the same period last year but beat the Street estimates.

The company’s earnings totaled $60.11 million, or $0.56 per share. This compares with $72.20 million, or $0.66 per share, in last year’s fourth quarter.

Excluding items, Toro Co reported adjusted earnings of $59.70 million or $0.56 per share for the period.

Analysts on average had expected the company to earn $0.53 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 $960.66 million from $840.96 million last year.

Toro Co earnings at a glance:

-Earnings (Q4): $60.11 Mln. vs. $72.20 Mln. last year.
-EPS (Q4): $0.56 vs. $0.66 last year.
-Analyst Estimates: $0.53
-Revenue (Q4): $960.66 Mln vs. $840.96 Mln last year.

European Economics Preview: UK Inflation Data Due

Consumer and producer prices data from the UK is due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics publishes UK consumer and producer prices for November. Inflation is expected to ease to 3.9 percent from 4.2 percent in October. Output price inflation is seen at 7.3 percent versus 8 percent in the previous month.

At 2.45 am ET, the French statistical office Insee publishes flash consumer price data. Consumer price inflation is forecast to rise to 2.8 percent in November from 2.6 percent in October.

At 3.00 am ET, Spain’s INE is scheduled to issue consumer and harmonized prices data. Economists expect consumer prices to climb 5.6 percent in November after rising 5.4 percent in October.

At 4.00 am ET, preliminary consumer price figures are due from Italy. Consumer prices are forecast to grow 3.8 percent annually in November versus 3 percent increase in October.

Südzucker Preliminary Q3 Operating Result Rises; Revenues Up About 17% – Quick Facts

Südzucker (SUEZF.PK) reported that its preliminary third quarter consolidated group operating result rose by about 90 percent to about 126 million euros from 66 million euros, prior year. The Group increased consolidated revenues about 17 percent to about 2.04 billion euros from 1.74 billion euros.

For the first nine months of fiscal 2021/22, consolidated group operating result increased to about 260 million euros from 195 million euros, last year. Consolidated group revenues were about 5.64 billion euros compared to 5.09 billion euros.

For full-year 2021/22, the Group confirmed and specified its initial group forecast, stating a significant earnings improvement. The consolidated group operating result is expected to come in between 320 million euros and 380 million euros, updated from previous forecast of 300 million euros to 400 million euros. The Group now expects revenues between 7.3 billion euros and 7.5 billion euros, updated from previous forecast of 7.1 billion euros to 7.3 billion euros.

Toro Company Issues FY22 Guidance

While reporting fourth-quarter results on Wednesday, The Toro Company (TTC) said it expects fiscal 2022 net sales growth in the range of 8% to 10% and adjusted earnings per share in the range of $3.90 to $4.10. Analysts polled by Thomson Reuters expect the company to report profit per share of $3.85. Analysts’ estimates typically exclude special items.

Fourth quarter adjusted EPS declined to $0.56 from $0.64, a year ago. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.53, for the quarter.

Net earnings declined to $60.1 million from $72.2 million, prior year. Reported EPS was $0.56 compared to $0.66.

Net sales increased to $960.7 million from $841.0 million, prior year. Analysts on average had estimated $955.53 million in revenue.

U.S. Homebuilder Confidence Modestly Improves In December

Despite inflation concerns and ongoing production bottlenecks, the National Association of Home Builders released a report on Wednesday showing a modest improvement in U.S. homebuilder confidence in the month of December.

The report said the NAHB/Wells Fargo Housing Market Index inched up to 84 in December from 83 in November, reaching its highest level since a matching reading in February. The uptick came in line with economist estimates.

The modest increase by the headline index came as the index gauging current sales conditions crept up to 90 in December from 89 in November and the gauge charting traffic of prospective buyers edged up to 70 from 69.

Meanwhile, the component measuring sales expectations in the next six months held steady at 84 for the third consecutive month.

“The most pressing issue for the housing sector remains lack of inventory,” said NAHB Chief Economist Robert Dietz. “Building has increased but the industry faces constraints, namely cost/availability of materials, labor and lots.”

He added, “While 2021 single-family starts are expected to end the year 24% higher than the pre-Covid 2019 level, we expect higher interest rates in 2022 will put a damper on housing affordability.”

On Thursday, the Commerce Department is scheduled to release a separate report on new residential construction in the month of November.

Housing starts are expected to surge by 3.0 percent to an annual rate of 1.565 million in November, while building permits are expected to rise by 0.4 percent to a rate of 1.660 million.

Eli Lilly Shares Rise 8% On Raised Revenue Outlook

Shares of American pharmaceutical company Eli Lilly and Company (LLY) are up 8 percent on Wednesday’s trading as the company raised its revenue outlook for fiscal 2021.

For 2021, Eli Lilly now expects revenue to be in the range of $28.0 billion to $28.3 billion, reflecting additional revenue from COVID-19 antibodies associated with the recent purchase agreement with the U.S. Government and the channel impact of the updated 2022 NRDL formulary in China. Previous revenue guidance was between $27.2 and $27.6 billion.

Earnings per share is now expected to be in the range of $6.18 to $6.23 on a reported basis and $8.15 to $8.20 on a non-GAAP basis. The company’s previous guidance was non-GAAP earnings per share in a range of $7.95 to $8.05.

Analysts polled by Thomson-Reuters expect the company to report profit per share of $7.13 on revenue of $24.57 billion.

Currently at $266.95, the stock has traded between $161.78 and $275.87 during the past 52 weeks.