Novanta Q1 Results Top Estimates; Sees Q2, FY Profit In Line With View
Novanta Inc. (NOVT) posted a first-quarter profit of $11.31 million or $0.32 per share, down from $11.95 million or $0.34 per share in the previous year.
Adjusted earnings per share was $0.58 compared to $0.51 in the first quarter of 2020. Analysts polled by Thomson Reuters expected the company to report earnings of $0.39 per share for the quarter. Analysts’ estimates typically exclude special items.
Quarterly revenue was $162.6 million, an increase of $7.1 million, or 4.6% from last year. Year-over-year Organic Revenue Growth, which excludes the net impact of acquisitions and changes in foreign currency exchange rates, was an increase of 1.1% for the first quarter of 2021. Analysts expected revenues of $156.28 million for the quarter.
For the second quarter of 2021, the company projects adjusted earnings per share to be in the range of $0.49 to $0.53 and GAAP revenue of approximately $162 million to $165 million. Analysts expected the company to report earnings of $0.50 per share and revenues of $158.55 million for the second-quarter.
For the full year 2021, the company expects adjusted earnings per share to be in the range of $2.04 to $2.19 and GAAP revenue of approximately $645 million to $655 million. Wall Street currently is looking for fiscal year 2021 earnings of $2.11 per share on annual revenues of $644.35 million.
Macerich Co. Q1 adjusted earnings Beat Estimates
Below are the earnings highlights for Macerich Co. (MAC):
-Earnings: -$63.60 million in Q1 vs. $7.52 million in the same period last year.
-EPS: -$0.40 in Q1 vs. $0.05 in the same period last year.
-Excluding items, Macerich Co. reported adjusted earnings of $73 million or $0.43 per share for the period.
-Analysts projected -$0.15 per share
-Revenue: $19.42 million in Q1 vs. $226.95 million in the same period last year.
FDA Grants Fast Track Designation To CERC-002 For Treatment Of Hospitalized COVID-19 Patients
Biopharmaceutical company Cerecor Inc. (CERC) announced Tuesday that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation to CERC-002 for treatment of hospitalized patients with COVID-19.
CERC-002 is a first-in-class fully human monoclonal antibody targeting LIGHT (tumor necrosis factor superfamily member 14, TNFSF14) licensed from Kyowa Kirin Co., Ltd.
It is the only clinical stage anti-LIGHT therapy and has the potential to treat a number of LIGHT-associated immune diseases including cytokine storm-induced COVID-19 ARDS.
Fast Track designation is granted to drugs being developed for the treatment of serious or life-threatening diseases or conditions where there is an unmet medical need. Under Fast Track designation, a Biologic License Application (BLA) for CERC-002 is eligible for both rolling submission and priority review.
EARNINGS SUMMARY: Details of International Game Technology Q1 Earnings Report
Below are the earnings highlights for International Game Technology (IGT):
-Earnings: $92 million in Q1 vs. -$248 million in the same period last year.
-EPS: $0.44 in Q1 vs. -$1.21 in the same period last year.
-Analysts projected $0.09 per share
-Revenue: $1.02 billion in Q1 vs. $814 million in the same period last year.
OYO to show vaccination status of hotel staff on app
With ‘VaccinAid’, as a part of the booking journey, users on the OYO app will have visibility on hotels and homes with vaccinated staff, either with the first dose or second dose of the COVID-19 vaccine
Amid the second wave of the pandemic in India, hospitality chain OYO on Tuesday said it has rolled out a new feature to show the vaccination status of hotel staff across its properties.
“This initiative [called VaccinAid] is crucial to aid the recovery of impacted industries across the board, specifically for travel due to pandemic-led restrictions and the worry of stepping out,” Abhinav Sinha, Global COO & Chief Product Officer, OYO said.
The company in a statement said that an internal consumer survey found that 87% respondents will prefer hotels with vaccinated staff when they return to stay at hotels.
“Vaccination is the most important initiative to beat the virus. With mass vaccination drives taking place across the country, self-declared vaccine visibility on the app is a simple yet powerful intervention to reinforce trust among consumers,” Mr Sinha said.
With ‘VaccinAid’, as a part of the booking journey, users on the OYO app will have visibility on hotels and homes with vaccinated staff, either with the first dose or second dose of the COVID-19 vaccine, the company said, adding that this will enable users to book hotels with immunized staff.
Victoria's Secret to be spun off a year after sale collapsed
A year after an agreement to sell Victoria’s Secret fell apart as the pandemic emptied malls nationwide, the chain will be spun off by its owner to become a separate company.
L Brands, based in Columbus, Ohio, has been shopping the struggling chain elsewhere since the collapse of that deal and said it had held talks with a number of potential buyers, but it appears it could not come to an agreement on price.
Victoria’s Secret was to be sold to Sycamore Partners last year but the private equity firm sued to get out of the deal citing the coronavirus pandemic. At that point, Victoria’s Secret was forced to close stores and sales, which had been falling as the brand fell out of favor, evaporated.
With the decision announced Tuesday, L Brands created two independent, publicly traded companies, the other being Bath & Body Works.
The split becomes official in August if approved by the board at L Brands.
GOP Rep. Elise Stefanik Dragged Over ‘Cringeworthy’ Boast About Trump Support
Rep. Elise Stefanik (R-N.Y.) drew scorn on Twitter Monday after she boasted that ex-President Donald Trump has endorsed her as the next House Republican Conference chair.
Stefanik wrote she was “honored to earn the support” of Trump, whose acolytes are seeking to purge Rep. Liz Cheney (R-Wyo.) from the House GOP leadership position for her refusal to bow to Trump’s election lies.
Critics accused Stefanik — who openly backs Trump’s election conspiracies — of selling her soul.
They also asked her to define the term “honor.”
“Beyond embarrassing. Actually cringe-worthy,” said one.