Govt. approves 8.5% interest rate on Employees' Provident Fund for FY21

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By Jamelle Bouie

Opinion Columnist

The Hanover Insurance Group Q3 adjusted earnings Miss Estimates

The Hanover Insurance Group (THG) reported a profit for third quarter that declined from last year.

The company’s bottom line came in at $34.0 million, or $0.94 per share. This compares with $118.9 million, or $3.13 per share, in last year’s third quarter.

Excluding items, The Hanover Insurance Group reported adjusted earnings of $30.8 million or $0.85 per share for the period.

Analysts had expected the company to earn $0.92 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 8.7% to $1.38 billion from $1.27 billion last year.

The Hanover Insurance Group earnings at a glance:

-Earnings (Q3): $30.8 Mln. vs. $93.5. last year.
-EPS (Q3): $0.85 vs. $2.46 last year.
-Analysts Estimate: $0.92
-Revenue (Q3): $1.38 Bln vs. $1.27 Bln last year.

Silicon Motion Technology Corp. Q3 adjusted earnings Beat Estimates

Silicon Motion Technology Corp. (SIMO) released earnings for its third quarter that rose from the same period last year.

The company’s earnings came in at $55.4 million, or $1.58 per share. This compares with $24.3 million, or $0.70 per share, in last year’s third quarter.

Excluding items, Silicon Motion Technology Corp. reported adjusted earnings of $60.4 million or $1.70 per share for the period.

Analysts had expected the company to earn $1.64 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 101.7% to $$254.2M from $$126.0 million last year.

Silicon Motion Technology Corp. earnings at a glance:

-Earnings (Q3): $60.4 Mln. vs. $26.7 Mln. last year.
-EPS (Q3): $1.70 vs. $0.76 last year.
-Analysts Estimate: $1.64
-Revenue (Q3): $$254.2M vs. $$126.0 Mln last year.

-Guidance:
Next quarter revenue guidance: $254-$267 Mln

Cohu Inc. Q3 adjusted earnings Beat Estimates

Below are the earnings highlights for Cohu Inc. (COHU):

-Earnings: $23.73 million in Q3 vs. -$6.65 million in the same period last year.
-EPS: $0.48 in Q3 vs. -$0.16 in the same period last year.
-Excluding items, Cohu Inc. reported adjusted earnings of $34.6 million or $0.70 per share for the period.
-Analysts projected $0.69 per share
-Revenue: $225.1 million in Q3 vs. $150.6 million in the same period last year.

-Guidance:
Next quarter revenue guidance: $182 mln – $195 mln

Linde Q3 Profit Climbs, Lifts FY21 Earnings View – Quick Facts

Industrial gases company Linde Plc (LIN) reported Thursday that its third-quarter income from continuing operations was $978 million or $1.88 per share, an increase of 42 percent from the prior year.

Adjusted income from continuing operations was $1.42 billion, 25 percent higher than last year. Adjusted earnings per share were $2.73, 27 percent above prior year.

Linde’s sales for the third quarter were $7.67 billion, 12 percent higher than last year. Underlying sales increased 11 percent, including 3 percent price attainment and 8 percent higher volumes.

Third-quarter operating profit was $1.29 billion. Adjusted operating profit was $1.81 billion was up 19 percent from last year, driven by higher price, strong volumes and continued productivity initiatives across all segments.

Operating profit margin was 16.8 percent, and adjusted operating profit margin was 23.6 percent, up 150 basis points from the previous year.

Looking ahead for fiscal 2021, the company has updated its adjusted earnings per share guidance to be in the range of $10.52 to $10.62, up 28 percent to 29 percent from the prior year, and up 43 percent to 45 percent from the pre-pandemic 2019.

The company previously expected full-year adjusted earnings per share in the range of $10.10 to $10.30, up 23 percent to 25 percent versus prior year and up 38 percent to 40 percent versus 2019.

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Americans’ renewed desire for the nostalgic comfort food may be partly the result of enduring a pandemic.

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By Priya Krishna

Govt. approves 8.5% interest rate on Employees' Provident Fund for FY21

The decision will affect over five crore subscribers of the Employees Provident Fund Organisation.

The government has approved 8.5% rate of interest on employees’ provident fund for the 2020-21 fiscal, a source said.

Just ahead of Diwali, this is a good news for over five crore subscribers of the Employees Provident Fund Organisation (EPFO).

The 8.5% rate of interest on provident fund deposits for the last financial year was decided by the EPFO’s apex decision making body Central Board of Trustees (CBT) headed by Labour Minister in March this year.

A source said on Friday, "The rate of interest on EPF for 2020-21 has been ratified by the Ministry of Finance and now it would be credited into the accounts of over five crore subscribers." In March last year, the EPFO had lowered interest rate on provident fund deposits to a seven-year low of 8.5 % for 2019-20, from 8.65% in 2018-19.

The EPF (Employees Provident Fund) interest rate provided for 2019-20 was the lowest since 2012-13, when it was brought down to 8.5% .

The EPFO had provided 8.65% interest rate to its subscribers in 2016-17 and 8.55% in 2017-18. The rate of interest was slightly higher at 8.8 % in 2015-16.

It had given 8.75% rate of interest in 2013-14 as well as in 2014-15, higher than 8.5 % for 2012-13. The rate of interest was 8.25% on provident fund in 2011-12.