U.S. Steel Q1 Profit Down
United States Steel Corp. (X) reported first quarter 2023 net earnings of $199 million or $0.78 per share, down from $882 million or $3.02 per share last year.
Adjusted net earnings was $195 million or $0.77 per share compared to $910 million or $3.11 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share for the first quarter. Analysts’ estimates typically exclude special items.
Net Sales for the quarter were $4.47 billion down from $5.23 billion in the prior year. Analysts expected revenue of $4.25 billion for the quarter.
U. S. Steel President and Chief Executive Officer David Burritt said, “Our focus on being the best partner for our customers through best operations has amplified the benefits of an improved market and more market share gains that we expect to continue through 2023. This momentum is expected to deliver even stronger second quarter results from higher steel prices.”
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Beazer Homes USA Q2 Profit Down
Beazer Homes USA Inc. (BZH) reported that its second quarter net income from continuing operations was $34.7 million or $1.13 per share, down from $44.7 million, or $1.45 per share in fiscal second quarter 2022.
Second quarter homebuilding revenue was $542.0 million, up 6.9% year-over-year. The increase in homebuilding revenue was driven by an 8.4% increase in the average selling price to $509.9 thousand, which was offset by a 1.4% decrease in home closings to 1,063 homes.
Total revenue was $543.91 million compared to $508.51 million in the prior year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.82 per share and revenues of $519.92 million for the second quarter. Analysts’ estimates typically exclude special items.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Gilead Q1 Profit Misses View, But Revenues Top; Cuts FY EPS Outlook
Gilead Sciences Inc. (GILD) reported that its net income attributable to the company for the first quarter climbed to $1.01 billion or $0.80 per share from last year’s $19 million or $0.02 per share, mainly driven by certain items net of their related tax effect: a $2.7 billion in-process research and development or “IPR&D” impairment recorded in the first quarter of 2022, which did not repeat in 2023, partially offset by higher operating expenses, including higher acquired IPR&D expense and lower revenues in 2023.
Non-GAAP earnings per share decreased to $1.37 from $2.12 for the same period in 2022. Analysts polled by Thomson Reuters expected the company to report earnings of $1.54 per share for the first quarter.
Total revenues for the first quarter decreased to $6.35 billion from $6.59 billion in the prior year, due to lower Veklury (remdesivir) sales, partially offset by increased sales in HIV and Oncology. Analysts expected revenue of $6.33 billion for the quarter.
For the fiscal year 2023, Gilead now expects earnings per share to be in the range of $4.75 and $5.15, compared to the prior outlook of $5.30 and $5.70 per share.
The company expects annual non-GAAP earnings per share to be between $6.60 and $7.00, unchanged from prior guidance. Analysts expect annual earnings of $6.84 per share.
The company still expects total product sales for fiscal year 2023 to be between $26.0 billion and $26.5 billion.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Mohawk Industries Q1 Profit Down
Mohawk Industries Inc. (MHK) posted net earnings attributable to the company of $80.24 million or $1.26 per share in first quarter 2023, down from $245.33 million or $3.78 per share in the prior year.
Adjusted net earnings were $111.94 million or $1.75 per share compared to $245.56 million or $3.78 per share in the prior year.
Net sales for the first quarter of 2023 were $2.8 billion, a decrease of 6.9% as reported and 5.9% on a constant currency and days basis.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.18 per share and revenues of $2.5 billion for the first quarter. Analysts’ estimates typically exclude special items.
The company anticipates second quarter adjusted earnings per share to be between $2.56 and $2.66, excluding any restructuring, acquisition and other charges. Analysts project second-quarter earnings of $2.41 per share.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
TDK Corp. FY23 Profit Declines; Net Sales Up 14.7%
TDK Corp. (TTDKF.PK,TTDKY.PK) reported fiscal 2023 profit to owners of parent of 114.2 billion yen, down 13% from last year. Earnings per share was 300.64 yen compared to 345.65 yen. Net sales were 2.18 trillion yen, an increase of 14.7%.
The company noted that it posted 47.7 billion in impairment losses and restructuring costs in fiscal 2023.
For fiscal 2024, the company estimates: net profit to owners of parent of 147 billion yen, and net sales of 2.02 trillion yen.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Hikma Pharmaceuticals Says Begins 2023 With Firm Performance
Hikma Pharmaceuticals Plc (HIK,HIK.L), a British multinational pharmaceutical company, said in a trading update on Friday that it has started its full year 2023 with a firm momentum as its injectables and branded businesses continue to perform well.
The London-headquartered firm continues to expect revenue from Injectables to grow from 7 percent to 9 percent in the year, supported by new product launches.
Hikma still projects its Branded revenue to grow in the mid to high single digits in constant currency, driven by its expanding portfolio and focus on chronic medications.
Based on performance in the year to date, the drug maker has raised its full year guidance for Generics with a revenue growth close to 20 percent, compared with its previous guidance of low double-digit growth.
The company’s current projection doesn’t reflect persisting political turmoil in Sudan. Sales from Sudan in the company’s Branded and Injectables businesses represented 2.5 percent of the 2022 Group revenue.
The company will pay a final dividend of 37 cents per share, bringing the total dividend for the full year 2022 to 56 cents per share, an increase of 4 percent, from 2021.
Hikma is scheduled to release its first-half interim results for the six month period to June 30, on August 3.