Inter Parfums Lifts FY Outlook; Shares Up 5%
Shares of Inter Parfums Inc. (IPAR) gained nearly 5% in after-hours on Wednesday after the company raised its guidance for full year, citing “better-than-expected fourth quarter sales.”
The company now expects full-year 2022 sales of $1.08 billion, up from previous sales guidance of $1.025 billion. The company now expects earnings per share of about $3.60, up from prior estimate of $3.40.
Analysts polled by Thomson Reuters currently estimate earnings of $3.40 per share on revenues of $1.03 billion for 2022.
Inter Parfums plans to announce final 2022 sales on or about January 23, 2023 and full year results on or about February 28, 2023.
CEO Jean Madar said, “The final quarter of the year was exceptionally strong for both our U.S. and European based operations. Indicators and order levels point to a continuation of strong sales growth in 2023, which enables us to also increase our sales guidance for 2023 from $1.11 billion to $1.15 billion and diluted earnings per share from $3.70 to $3.75.”
Analysts currently estimate earnings of $3.70 per share on revenues of $1.11 billion for 2023.
Johnson & Johnson's Consumer Health Unit Kenvue Files For IPO
Johnson & Johnson’s (JNJ) consumer health unit Kenvue Inc. said it filed with the U.S. Securities and Exchange Commission regarding its initial public offering of its common stock.
The number of shares to be sold and the price range for the proposed offering have yet to be determined.
Kenvue plans to apply to list its shares of common stock on the New York Stock Exchange under the symbol “KVUE”.
Upon completion of this offering, Johnson & Johnson will continue to own at least 80.1% of the voting power of shares of common stock eligible to vote in the election of our directors.
European Shares Off Day's Lows
European stocks were broadly lower on Thursday, though markets came off their day’s lows, tracking gains in U.S. stock futures.
Investor sentiment remains fragile due to concerns over the Federal Reserve’s continued policy tightening and worries about the impact of China’s latest COVID wave on global supply chains and inflation.
The pan European STOXX Europe 600 slipped 0.1 percent to 426.94 after closing 0.1 percent lower on Wednesday.
The German DAX edged up 0.1 percent, recovering from an early slide. France’s CAC 40 index was marginally lower and the U.K.’s FTSE 100 eased 0.3 percent.
Miners Anglo American, Antofagasta and Glencore fell between half a percent and 1 percent, tracking weakness in commodity prices.
Oil & gas firm BP Plc fell over 1 percent and Shell gave up 0.8 percent.
Iron ore pellets manufacturer Ferrexpo declined 1.2 percent. The company said that the detention of its non-executive director Kostyantin Zhevago by the French authorities was unrelated to matters at the company.
China-exposed luxury firms were trading lower, with Richemont losing 1.5 percent as uncertainties mount over China.
Skanska AB, a Swedish construction and development firm, rose half a percent after it won contracts worth $313 million in total to expand a hospital in Texas, as well as to build medical education building for The University of Texas.
Novartis AG was little changed. The Swiss drug maker said it will pay $245 million to end anti-trust cases over a U.S. generic drug.
Holcim Buys French Firm Chrono Chape; Terms Not Known
The Holcim Group or LafargeHolcim (HCMLY.PK,HCMLF.PK), a Swiss maker of building materials, said on Thursday that it has acquired Chrono Chape, a French provider of on-site self-leveling screeds.
Financial terms of the acquisition have not been disclosed.
Miljan Gutovic, Region Head Europe, said: “…With this operation, we will expand our range of services and geographic footprint in France. Building on the entrepreneurial vision and legacy of the Dupuy family, I look forward to investing in this business‘ next era of growth.”
Founded in 2005, as part of the Holcim, Chrono Chape is expected to provide strong synergies with the company’s extensive ready-mix concrete presence throughout France.
B&M European Value Retail Q3 Revenue Up 12.3% In Constant Currency Basis
B&M European Value Retail S.A. (BME.L) reported that its third quarter Group revenue rose 12.3% year-on-year to 1.57 billion pounds. Total B&M UK fascia revenue was up 10.3%, with one-year like-for-like revenue increasing by 6.4%.
Looking forward, the Group now expects fiscal 2023 Group adjusted EBITDA, on a pre-IFRS16 basis, to be in the range of 560 million pounds to 580 million pounds, ahead of current analysts’ consensus estimate.
The Board plans to declare a special dividend of 20.0 pence per ordinary share to be paid on 3 February 2023 to shareholders on the register at 13 January 20236. The ex-dividend date will be 12 January 2023.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Greggs Plc FY22 Sales Rise
Greggs Plc (GRG.L), a British bakery chain, said in an update on Thursday that it reported a rise in total sales for full-year, amidst a strong growth in digital and early evening sales.
For the fiscal 2022, the UK-based firm recorded total sales of 1.513 billion pounds, compared with 1.230 billion pounds a year ago. Like-for-like sales were 17.8 percent higher than that reported in 2021.
The fourth quarter like-for-like sales grew by 18.2 percent,
reflecting good sales during Christmas season.
During 2022, the chain opened 186 new shops and closed 39, growing the estate to 2,328 shops as of December 31, 2022.
Looking ahead, for the fiscal 2023, Greggs expects to open around 150 net new stores.