European Economic News Preview: UK Halifax House Price Data Due

U.S. Wholesale Inventories Unexpectedly Unchanged In March

The Commerce Department released a report on Monday showing U.S. wholesale inventories were unexpectedly unchanged in the month of March.

The report said wholesale inventories were virtually unchanged in March, while revised data showed inventories were also unchanged in February.

Economists had expected wholesale inventories to inch up by 0.1 percent, matching the uptick originally reported for the previous month.

The Commerce Department said inventories are durable goods were unchanged in March, while inventories of non-durable goods dipped by 0.2 percent.

Meanwhile, the report said wholesale sales tumbled by 2.1 percent in March after rising by 0.4 percent in February.

Sales of durable goods plunged by 2.3 percent during the month, while sales of non-durable goods slumped by 1.9 percent.

Reflecting the steep drop in sales, the inventories/sales ratio for merchant wholesalers climbed to 1.40 in March from 1.37 in February.

Mitsubishi Motors FY22 Profit Surges; Sees Weak Earnings, Higher Sales In FY23

Mitsubishi Motors Corp. (MMTOF.PK) reported Tuesday that its fiscal 2022 net income attributable to owners of the parent soared 128 percent to 168.73 billion Japanese yen from last year’s 74.04 billion yen.

Earnings per share grew to 113.36 yen from 49.74 yen a year ago. Operating income climbed 118.1 percent to 190.50 billion yen from last year.

Net sales for the year increased 20.6 percent to 2.46 trillion yen from 2.04 trillion yen in the same period last year.

Looking ahead for fiscal year 2023, the company expects profit attributable to be 100 billion yen or 67.19 yen per share, down 40.7 percent from last year. Operating income would be 150 billion yen, down 21.3 percent, while net sales are expected to rise 9.8 percent to 2.70 trillion yen.

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Hochtief Q1 Net Income Rises; Adj. Sales Up 12%

Hochtief (HOCFF.PK) reported that its first-quarter nominal consolidated net profit was 128 million euros, an increase of 20% from prior year. Earnings per share was 1.70 euros compared to 1.56 euros. Operational net profit was 138 million euros, up 16%.

First quarter net sales were 6.2 billion euros, an increase of 16% from last year. Adjusted for exchange rate effects, sales were up 12%.

For fiscal 2023, the company expects operational net profit in a range of 510 million euros to 550 million euros.

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Waters Stock Slips 6% After Reporting Q1 Results

Shares of Waters Corporation (WAT) are slipping nearly 6% on Tuesday morning after reporting its first-quarter results, with both profit and revenues missing Street estimates.

WAT is currently trading at $278.03, down $18.47 or 6.23%, on the NYSE. The stock opened its trading at $268.06 after closing Monday’s trading at $296.50. The stock has traded between $265.61 and $369.00 in the past 52-week period.

Profit for the quarter dropped to $140.92 million or $2.38 per share from $159.83 million or $2.62 per share last year.

Adjusted earnings were $147.75 million or $2.49 per share for the period. Analysts polled by Thomson Reuters had expected earnings of $2.61 per share.

Revenues for the quarter dropped slightly to $684.67 million from $690.57 million last year. Analysts had a consensus estimate of $697.92 million for the quarter.

Looking forward to the full year 2023, the company now expects adjusted earnings of $12.55 to $12.75 per share on sales growth of 5.5 to 7.5 percent.

Earlier, the company expected adjusted earnings of $11.75 to $12.00 per share on constant currency sales growth in a range of 5 to 7 percent.

Analysts currently expect earnings of $12.70 per share on sales growth of 7.50 percent.

For the second quarter, the company expects adjusted earnings of $2.52 to $2.62 per share on sales growth of 1.5 to 3.5 percent.

The Street currently expects earnings of $2.88 per share on a sales growth of 6.7 percent.

Man dead after car crash in Thornton

A man is dead after a car crash in north metro Denver.

The crash Monday night in Thornton, near the intersection of 92nd Avenue and Pecos Street, involved two cars, police said in a posting on Twitter. Three people were transported to hospitals, police said.

No further information was released on the man who died as a result of his injuries.

The crash forced a temporary shutdown of westbound 92nd Avenue near Gale Boulevard and also the eastbound lanes near Pecos Boulevard, compelling drivers to find different routes.

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European Economic News Preview: UK Halifax House Price Data Due

House prices data from the UK is the only major economic report due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, UK Halifax house price data is due. House prices are forecast to rise 0.2 percent on month in April, after rising 0.8 percent in March.

At 2.45 am ET, the Bank of France releases current account data for March. The current account deficit is seen widening to EUR 3.3 billion from EUR 3.0 billion in February.

Also, France’s foreign trade data is due from the customs office. Economists expect the deficit to narrow to EUR 9.3 billion in March from EUR 9.9 billion in February.

At 3.00 am ET, the Czech Statistical Office releases industrial and construction output and foreign trade figures. Industrial output is expected to grow 1.9 percent annually after rising 2.0 percent in February.

At 6.00 am ET, industrial production data is due from Ireland.