FedEx Q3 Profit Misses Street View, Reaffirms FY Profit Outlook

BayWa FY21 Earnings, Revenue Climb; To Raise Dividend; Reports Good Start In FY22

BayWa AG (BYWG), a German operator in the agriculture, building materials and energy sectors, reported Thursday a 26 percent jump in fiscal 2021 earnings.

Earnings before interest and tax or EBIT grew to 266.6 million euros from 211.6 million euros a year ago.

In the year, more than half of the consolidated earnings were generated by BayWa r.e., which has been operating as a German stock corporation within the BayWa Group since March 2021.

The Building Materials Segment achieved stronger revenue growth than its competitors and recorded a 56 percent year-on-year increase in earnings.

The company’s total revenues increased by more than 20 percent to 19.8 billion euros from prior year’s 16.5 billion euros.

Further, the company said plans are in place to raise the dividend for 2021 by 5 cents to 1.05 euros per share.

Looking ahead, Chief Executive Officer Prof. Klaus Josef Lutz said, “So far, the new financial year is off to a good start. At the present time, BayWa does not expect the war in Ukraine to have a material impact on its activities.”

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Assurant Sees Sustained 8-10% Growth In Adj. EBITDA, Excl. Reportable Catastrophes, Over 3 Years

Assurant, Inc. (AIZ) said it expects 10 percent average annual growth in adjusted EBITDA, excluding reportable catastrophes over the period 2023-2024. Adjusted earnings, excluding reportable catastrophes, per share is estimated to record 12 percent or higher average annual growth, over the period 2023-2024.

For fiscal 2022, Assurant expects growth in adjusted EBITDA, excluding reportable catastrophes, in a range of 8 percent to 10 percent. Adjusted earnings, excluding reportable catastrophes, per share, is projected to grow 16 percent to 20 percent, for the fiscal year.

Keith Demmings, President and CEO, Assurant, said: “Our global business is well-positioned to achieve our vision to become the leading business services company supporting the advancement of the connected world.”

FedEx Q3 Profit Misses Street View, Reaffirms FY Profit Outlook

Package delivery giant FedEx Corp. (FDX), Thursday reported a third-quarter profit that rose from last year, however, it failed to beat Wall Street analysts’ estimates. Moving ahead, the company reaffirmed its full-year earnings outlook.

Memphis, Tennessee-based FedEx reported third-quarter profit of $1.11 billion or $4.20 per share, compared to last year’s profit of $892 million or $3.30 per share.

Adjusted earnings for the quarter were $4.59 per share, compared to last year’s $3.47 per share. On average, 23 analysts polled by Thomson Reuters expected earnings of $4.64 per share for the quarter. Analysts’ estimates typically exclude special items.

Revenues for the quarter rose to $23.6 billion from $21.5 billion last year. Wall Street analysts had a consensus estimate of $23.44 billion.

“The continued execution of our strategies drove improved third quarter results,” said CEO Frederick Smith. “I am proud of our team members around the world, who are constantly proving their resilience amidst a rapidly evolving global environment. FedEx is supporting our team members and others affected by the ongoing conflict in Ukraine as we hope to soon see a return to peace.”

Looking forward to full year 2022, the company continues to expect adjusted earnings of $20.50 to $21.50 per share. Analysts currently expect earnings of $20.61 per share.

FDX closed Thursday’s trading at $227.98, up $2.05 or 0.91%, on the NYSE. The stock, however, slipped $0.33 or 0.14%, in the after-hours trading.