E.ON FY22 Adj. Profit Rises; Sales Up 50%
E.ON (EONGY.PK) reported fiscal 2022 net income attributable to shareholders of 1.83 billion euros, down 61% from prior year. Earnings per share was 0.70 euros compared to 1.80 euros. Adjusted net income amounted to 2.7 billion euros in 2022, up 9% from last year. Adjusted net income per share was 1.05 euros compared to 0.96 euros. Adjusted EBIT was 5.20 billion euros, up 10%. Fiscal 2022 sales were 115.66 billion euros, up 50% from previous year.
E.ON expects an adjusted net income of 2.3 to 2.5 billion euros in 2023, which
corresponds to earnings per share of 88 to 96 cents. It also affirmed the dividend proposal of 51 cents per share for 2022 and the target of increasing the dividend by up to 5 percent per year through 2027.
E.ON plans to increase its investments by about 6 billion euros, or more than 20 percent, to a total of 33 billion euros until 2027.
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Ferrexpo FY22 Profit Declines
Ferrexpo plc (FXPO.L) reported that its fiscal 2022 pretax profit declined to $338.66 million from $1.07 billion, prior year. Earnings per share, in US cents, was 37.35 compared to 147.9. Underlying EBITDA decreased by 47% to $765 million.
Group revenues declined by 50% to $1.2 billion in 2022, which principally reflects the restrictions imposed on business due to the war in Ukraine, which reduced pellet production by 46% to 6.1 million tonnes in 2022.
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Hyve, Heron UK Bidco Agree On Terms Of Cash Offer – Quick Facts
The boards of Hyve Group plc (HYVE.L) and Heron UK Bidco Limited, a newly incorporated entity formed by funds advised by Providence Equity Partners L.L.C. for the purposes of making an offer for Hyve, have reached agreement on the terms of a recommended cash offer for the entire issued and to be issued share capital of Hyve by Bidco. Each Hyve sareholder will be entitled to receive: for each Hyve share held, 108 pence in cash. The acquisition values the entire issued and to be issued share capital of Hyve at approximately 320 million pounds on a fully diluted basis and values Hyve at approximately 481 million pounds on an enterprise value basis.
The Hyve directors intend to recommend unanimously that shareholders vote in favour of the Scheme at the Court Meeting and the resolution to be proposed at the General Meeting.
Chemring Sees 2023 Performance Inline With Expectations
Aerospace and defence business Chemring Group PLC (CHG.L) on Wednesday said that in the current financial year, both its sectors performed in line with expectations and that the Board’s expectations for 2023 performance remain unchanged.
The company which operates through two segments viz Sensors & Information and Countermeasures & Energetics said the Group’s trading performance and cash generation in 2023 is expected to weigh more towards the second half, given the order intake delays in 2022 as a result of the US Government’s extended Continuing Resolution.
The company said that the order cover has increased to 90 percent in the period-to-date versus 89 percent in the prior year and 86 percent at the start of the financial year.
The order book on 26 February 2023 stood at 677 million pounds versus 476 million pounds on 25 February 2022.
The Group would report its interim results for the six months ended 30 April 2023 on 6 June 2023.
Shares of Chemring Group closed Tuesday’s trading at 276 pence, up 0.50 pence or 0.18 percent from the previous close.
Oil Prices See Cautious Gains On China Demand Hopes
Oil prices rose on Wednesday after having fallen to a three-month low in the previous session amid the U.S. banking turmoil.
Benchmark Brent crude futures rose 0.6 percent to $77.89 a barrel, while WTI crude futures were up 0.7 percent at $71.80.
Optimism around China’s economic recovery lifted prices after the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for Chinese oil demand growth in 2023.
The cartel, however, left the global demand total steady, citing potential downside risks for world growth.
A slew of data released earlier today confirmed the recovery in China was well on track.
Chinese retail sales rebounded in the first two months of 2023 and fixed investment grew at a much faster-than-expected clip, while factory activity expanded slightly slower than expected and the jobless rate increased, according to data by the National Bureau of Statistics.
The dollar index was up slightly in European trade as investors kept a close eye on the developments surrounding the SVB crisis and awaited more U.S. economic data for cues on the Federal Reserve’s monetary policy path.
Overnight data showed U.S. consumer price inflation eased slightly last month, spurring hopes of a smaller rate hike at the conclusion of next week’s FOMC meeting.
The official crude oil inventory report from the U.S. Energy Information Administration may influence trading later in the day.
Earlier, data from the American Petroleum Institute showed a crude inventory build, but larger-than-expected draws in gasoline and distillate inventories.
Gold Edges Lower As Dollar And Yields Rebound
Gold edged lower on Wednesday, though the downside remained capped amidst economic uncertainties.
Spot gold slipped 0.3 percent to $1,897.31 per ounce, while U.S. gold futures were down half a percent at $1,901.50.
The dollar index was up slightly in European trade and U.S. Treasury yields climbed, as investors kept a close eye on the developments surrounding the SVB crisis and awaited more U.S. economic data for cues on the Federal Reserve’s monetary policy path.
Overnight data showed U.S. consumer price inflation eased slightly last month, spurring hopes of a smaller rate hike at the conclusion of next week’s FOMC meeting.
U.S. consumer inflation eased to 0.4 percent in February from 0.5 percent in January, raising the odds of a 25 basis-point hike by the Fed.
Elsewhere, a slew of economic data out of China confirmed that the recovery was well on track.
Chinese retail sales rebounded in the first two months of 2023 and fixed investment grew at a much faster-than-expected clip, while factory activity expanded slightly slower than expected and the jobless rate increased, according to data by the National Bureau of Statistics.
Data from Europe showed Eurozone industrial output rose more than expected in January, suggesting that the manufacturing sector recovery is gaining traction.
U.K. Chancellor of the Exchequer Jeremy Hunt is set to deliver the Spring Budget 2023 at 8.30 am ET.
U.S. retail sales and PPI for February, as well as business inventories data for January and NAHB housing market index for March will be released in the New York session.