European Economics Preview: Germany Industrial Output Data Due
Industrial production and foreign trade figures from Germany are due on Friday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis is scheduled to issue Germany’s industrial production data for December. Production is expected to fall 0.2 percent on month, reversing a 1.1 percent rise in November.
Germany’s exports are expected to grow 0.5 percent on month in December, and imports to climb 0.3 percent.
In the meantime, Statistics Norway publishes mainland Norway GDP and industrial production figures.
At 2.45 am ET, industrial production, payroll employment and balance of payment figures are due from France.
At 3.00 am ET, Spain’s INE releases industrial production data for December. Output is expected to grow 2.2 percent on year, faster than the 2.1 percent rise in November.
Also, wholesale prices and trade data from Austria and trade balance from Hungary are due at 3.00 am.
At 3.30 am ET, UK Halifax house price data is due. Economists forecast house prices to drop 0.2 percent on month in January, following a 1.7 percent rise in December.
At 4.00 am ET, Italy’s Istat releases retail sales for December.
At 5.30 am ET, Russia’s central bank announces its rate decision. The bank is forecast to cut its key rate by 25 basis points to 6.00 percent.
Expedia Group stock rallies 11% after Q4 earnings
Shares of Expedia Group Inc. EXPE, -0.34% rose more than 11% in the extended session Thursday after the company said it expects between $300 million and $500 million in run-rate cost savings across its business. Expedia did not provide 2020 guidance, but said its EBITDA growth will be "in the double digits" for this year. Expedia said it earned $76 million, or 52 cents a share, in the fourth quarter, compared with $17 million, or 11 cents a share, in the year-ago quarter. Adjusted for one-time items, Expedia earned $1.16 a share, compared with $1.18 a share a year ago. Revenue rose 8% to $2.63 billion from $2.44 billion. Analysts polled by FactSet had expected GAAP earnings of 62 cents a share and adjusted earnings of $1.19 a share on sales of $2.76 billion. Expedia said it was not providing a "specific guidance range" thanks to the uncertainty around its cost savings this year "and the full effect of coronavirus." Shares of Expedia had ended the regular trading day but down 0.3%.
Stocks close lower amid rise in coronavirus outbreak
U.S. stocks retreated from records on Thursday, albeit after paring losses, following a change in China’s methodology of the COVID-19. The S&P 500 SPX, -0.16% fell 0.2% to end around 3,374. The Dow Jones Industrial Average DJIA, -0.43% shed 128 points, or 0.4%, to end near 29,423, based on preliminary numbers. The Nasdaq Composite COMP, -0.14% edged 0.1% down to around 9,712. All three major equity benchmarks finished at records on Wednesday. The S&P 500 and Nasdaq snapped a three-day winning streak. Investors balanced the broadly bullish sentiment against rising uncertainty around the coronavirus that threatens to hit China’s economy and spillover elsewhere. Chinese health officials changed their methodology on how they counted confirmed cases of the coronavirus, resulting in a sharp climb in the number of cases and deaths due to the disease. A growing number of companies including Alibaba BABA, -1.76% are reporting a negative impact from the viral outbreak. In other corporate news, Cisco System Inc. CSCO, -5.23% shares fell 5.3% even after its second-quarter even after its second-quarter profit and revenue beat Wall Street expectations.
Republic Services Raises 2020 Earnings Guidance – Quick Facts
Republic Services, Inc. (RSG) announced it now expects fiscal 2020 adjusted earnings per share to be in the range of $3.48 to $3.53. The guidance includes a benefit from CNG tax credits of approximately 4 cents. Republic expects an increase in revenue of 4.25 to 5.00 percent. Analysts polled by Thomson Reuters expect the company to report profit per share of $3.50. Analysts’ estimates typically exclude special items.
For fiscal 2020, Republic expects adjusted free cash flow to be in the range of $1.175 billion to $1.225 billion. The guidance includes a net benefit from CNG tax credits of approximately $30 million.
Fourth-quarter adjusted net income was $0.91 per share, compared to $0.80, last year. Revenue was $2.58 billion compared to $2.53 billion, previous year.
Republic announced that its Board declared a regular quarterly dividend of $0.405 per share for stockholders of record on April 1, 2020. The dividend will be paid on April 15, 2020.
Fidelity National Financial Inc Q4 adjusted earnings Beat Estimates
Fidelity National Financial Inc (FNF) announced earnings for its fourth quarter that climbed from the same period last year.
The company’s bottom line came in at $340 million, or $1.22 per share. This compares with $44 million, or $0.16 per share, in last year’s fourth quarter.
Excluding items, Fidelity National Financial Inc reported adjusted earnings of $263 million or $0.95 per share for the period.
Analysts had expected the company to earn $0.93 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 39.6% to $2.36 billion from $1.69 billion last year.
Fidelity National Financial Inc earnings at a glance:
-Earnings (Q4): $263 Mln. vs. $175 Mln. last year.
-EPS (Q4): $0.95 vs. $0.63 last year.
-Analysts Estimate: $0.93
-Revenue (Q4): $2.36 Bln vs. $1.69 Bln last year.