EMCOR Group Q2 Profit Tops Estimates

‘Hansan: Rising Dragon’ Review: Naval Gazing

The dutiful Korean war movie “Hansan: Rising Dragon” recounts a spectacular 16th-century naval victory over Japanese invaders.

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By Nicolas Rapold

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‘Resurrection’ Review: Mother of Fears

A successful single mother encounters a terrifying man from her past in this crazily enjoyable horror movie.

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By Jeannette Catsoulis

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‘A Love Song’ Review: When Moving Forward Means Looking Back

Two former childhood friends rekindle their connection in this sweetly hopeful story of romantic longing.

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U.S. Jobless Claims Unexpectedly Inch Up To Eight-Month High

The Labor Department released a report on Thursday unexpectedly showing another modest increase in first-time claims for U.S. unemployment benefits in the week ended July 16th.

The report showed initial jobless claims crept up to 251,000, an increase of 7,000 from the previous week’s unrevised level of 244,000. The uptick surprised economists, who had expected jobless claims to edge down to 240,000.

Jobless claims inched higher for the third straight week, reaching their highest level since hitting 265,000 in the week ended November 13, 2021.

The Labor Department said the less volatile four-week moving average also edged up to 240,500, an increase of 4,500 from the previous week’s revised average of 236,000.

Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also climbed by 51,000 to 1.384 million in the week ended July 9th, reaching the highest level since late April.

The four-week moving average of continuing claims also rose to 1,353,250, an increase of 13,250 from the previous week’s revised average of 1,340,000.

Kirby Corp Profit Rises In Q2, Beats estimates

Kirby Corp (KEX) announced earnings for its second quarter that increased from the same period last year and beat the Street estimates.

The company’s earnings came in at $28.45 million, or $0.47 per share. This compares with $10.19 million, or $0.17 per share, in last year’s second quarter.

Analysts on average had expected the company to earn $0.44 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 24.7% to $697.96 million from $559.62 million last year.

Kirby Corp earnings at a glance (GAAP) :

-Earnings (Q2): $28.45 Mln. vs. $10.19 Mln. last year.
-EPS (Q2): $0.47 vs. $0.17 last year.
-Analyst Estimate: $0.44
-Revenue (Q2): $697.96 Mln vs. $559.62 Mln last year.

Keppel Corp. H1 Net Profit Surges

Keppel Corporation Limited (KPELY.PK,KPELF.PK), a Singaporean business group, on Thursday posted a rise in earnings for the first half of 2022, supported by profitability across all divisions.

The company has also raised its first-half interim cash dividend to 15 cents per share.

For the first six-month period, the firm posted a net profit of S$498 million or 27.9 cents per share, compared with S$300 million or 16.5 cents per share, posted a year ago.

Income from continuing operations stood at S$434 million, versus S$344 million, year-over-year basis.

Earnings from discontinued operations were at S$64 million, versus aloss of S$44 million during the corresponding period last year.

Operating income moved up to S$355 million, from S$207 million, on year-on-year basis.

Keppel generated revenues of S$3.356 billion, higher than S$2.888 billion a year ago.

The company has approved an interim cash dividend of 15 cents per share for the first half of 2022, higher than last year’s interim dividend of 12 cents per share. The dividend will be paid on August 19.

EMCOR Group Q2 Profit Tops Estimates

EMCOR Group, Inc. (EME) reported second quarter net income of $100.7 million, or $1.99 per share, compared to $97.4 million, or $1.78 per share, a year ago. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $1.76, for the quarter. Analysts’ estimates typically exclude special items.

Revenues totaled $2.71 billion, up 11.1% from the year ago period. Analysts on average had estimated $2.61 billion in revenue.

EMCOR said it is increasing full-year 2022 revenue guidance to approximately $10.8 billion, an increase from the prior guidance range of $10.4 billion to $10.7 billion. The company now also expects 2022 earnings per share in the range of $7.30 to
$7.80 versus the prior guidance range of $7.15 to $7.85.

The company announced its Board has approved an increase to the regular quarterly dividend to $0.15 per share from $0.13 per share. The Board expects to declare this cash dividend starting in the third quarter of 2022, payable on October 31, 2022 to stockholders of record as of October 18, 2022.

EMCOR Group also announced its Board has authorized a new share repurchase program for the company to repurchase up to an additional $500 million of its outstanding common stock.

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