European Economics Preview: UK Inflation Data Due

Advance Auto Parts Q2 Profit Decreases, misses estimates

Advance Auto Parts (AAP) released a profit for second quarter that decreased from last year and missed the Street estimates.

The company’s earnings totaled $144.40 million, or $2.38 per share. This compares with $178.70 million, or $2.74 per share, in last year’s second quarter.

Excluding items, Advance Auto Parts reported adjusted earnings of $227.78 million or $3.74 per share for the period.

Analysts on average had expected the company to earn $3.76 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 0.8% to $2.67 billion from $2.65 billion last year.

Advance Auto Parts earnings at a glance (GAAP) :

-Earnings (Q2): $144.40 Mln. vs. $178.70 Mln. last year.
-EPS (Q2): $2.38 vs. $2.74 last year.
-Analyst Estimates: $3.76
-Revenue (Q2): $2.67 Bln vs. $2.65 Bln last year.

-Guidance:
Full year EPS guidance: $12.75 – $13.25
Full year revenue guidance: $11.00 – $11.20 Bln

Aviat Networks Inc. Q4 Profit Increases, Inline With Estimates

Aviat Networks Inc. (AVNW) released earnings for its fourth quarter that increased from last year in line with the Street estimates.

The company’s earnings came in at $4.5 million, or $0.39 per share. This compares with $2.8 million, or $0.24 per share, in last year’s fourth quarter.

Excluding items, Aviat Networks Inc. reported adjusted earnings of $7.8 million or $0.67 per share for the period.

Analysts on average had expected the company to earn $0.67 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 7.9% to $77.4 million from $71.7 million last year.

Aviat Networks Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $4.5 Mln. vs. $2.8 Mln. last year.
-EPS (Q4): $0.39 vs. $0.24 last year.
-Analyst Estimate: $0.67
-Revenue (Q4): $77.4 Mln vs. $71.7 Mln last year.

Man shot in Denver’s Alamo Placita neighborhood, police say

A man was shot in Denver’s Alamo Placita neighborhood on Tuesday, police said.

The shooting happened in the 500 block of Washington Street, police said in a 12:55 p.m. Tuesday tweet.

Details on the man’s injuries were not initially released and police are working on developing information on a suspect. An investigation is ongoing.

Nordstrom Lowers FY22 Outlook; Stock Tanks 12%

While reporting its results for the second quarter on Tuesday, Nordstrom Inc. (JWN) lowered its outlook for the full year 2022, sending its shares down 12% in extended trading session.

Looking forward, the company current expects revenue growth, including retail sales and credit card revenues, of 5 to 7 percent, earnings of $2.45 to $2.75 per share and adjusted earnings of $2.30 to $2.60 per share.

Previously, the company expected revenue growth, including retail sales and credit card revenues, of 6 to 8 percent, earnings of $3.38 to $3.68 per share and adjusted earnings of $3.20 to $3.50 per share.

Analysts polled by Thomson Reuters currently estimate earnings of $3.05 per share and revenue growth of 6.60%. Analysts’ estimates typically exclude one-time items.

JWN closed Tuesday’s trading at $23.20, up $0.23 or 1.00%, on the NYSE. The stock, however, tanked $3.00 or 12.93% in the after-hours trading.

Kraft Heinz Recalls Capri Sun Wild Cherry Flavored Beverages

Kraft Heinz is recalling around 5,760 cases of Capri Sun Wild Cherry Flavored Juice Drink Blend beverages due to potential for chemical contaminants, the U.S. Food and Drug Administration said.

The recall involves 6.6 FL OZ Capri Sun Wild Cherry Flavored Juice Drink Blend in individual foil pouches packed in paperboard cartons. The Carton UPC is 0 8768400100 4, and case UPC is 87684 00409 00.

The “Best When Used By” date on the products is June 25, 2023.

The affected cases shipped to retailers include 4 cartons that are shrink-wrapped together. Product is sold by the carton at retail.

The agency noted that the diluted cleaning solution, which is used on food processing equipment, was inadvertently introduced into a production line at one of the company’s factories.

The recall was initiated after receiving several consumer complaints about the taste of the affected product.

Only the Wild Cherry flavored Capri Sun products with the particular case/package information is included in the recall.

Consumers who purchased these items are urged to return it to the store where it was purchased.

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ScanSource Inc. Reports Decline In Q4 Profit

ScanSource Inc. (SCSC) reported earnings for fourth quarter that decreased from last year

The company’s earnings totaled $19.9 million, or $0.78 per share. This compares with $20.7 million, or $0.80 per share, in last year’s fourth quarter.

Excluding items, ScanSource Inc. reported adjusted earnings of $23.3 million or $0.91 per share for the period.

The company’s revenue for the quarter rose 12.9% to $962.3 million from $852.7 million last year.

ScanSource Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $19.9 Mln. vs. $20.7 Mln. last year.
-EPS (Q4): $0.78 vs. $0.80 last year.
-Revenue (Q4): $962.3 Mln vs. $852.7 Mln last year.

European Economics Preview: UK Inflation Data Due

Consumer and producer prices from the UK and quarterly national accounts from the euro area are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK consumer and producer prices for July. Consumer price inflation is seen at 9.8 percent in July, up from 9.4 percent in June. Factory gate inflation is forecast to ease to 16.2 percent from 16.5 percent in June.

At 3.00 am ET, GDP data from Hungary is due. The economy is forecast to expand 6.1 percent on year in the second quarter versus 8.2 percent growth a quarter ago.

Half an hour later, consumer spending, foreign trade and GDP figures are due.

At 4.00 am ET, Poland’s GDP data is due. The economist forecast the economy to shrink 0.8 percent sequentially, reversing the first quarter’s 2.5 percent expansion.

At 5.00 am ET, Eurostat publishes euro area flash GDP and employment data for the second quarter. Economists expect the currency bloc to grow 0.7 percent, as initially estimated.