HNI Corp. Q4 Profit More Than Halves, But Tops Estimates – Quick Facts

What’s on TV This Week: ‘Soul of a Nation’ and ‘Ghostbusters’

A newsmagazine featuring a look at Black life in America premieres on ABC. And the “Back to the Future” trilogy airs on AMC.

By Lauren Hard

NSE, BSE say all operations working fine amid technical glitch concerns

The statements came amid HDFC Securities tweeting at around 10 a.m. saying that it has blocked trading in NSE cash due to a technical glitch.

Leading stock exchange NSE on Monday said all its operations are functioning in a normal manner, amid reports of a possible technical glitch.

BSE too said all its segments were working fine.

The statements came amid HDFC Securities tweeting at around 10 a.m. saying that it has blocked trading in NSE cash due to a technical glitch.

“We have blocked trading in NSE cash due to a technical glitch. We request our customers to place cash orders on BSE. All other segments are working fine. Apologies for the inconvenience caused,” HDFC Securities said in the tweet.

Around 20 minutes later, HDFC Securities tweeted saying, “you can place orders through NSE cash segment now”.

In a statement, a NSE spokesperson said that all the operations on its platforms were “functioning smooth and normal”.

At little past 10.10 a.m., BSE tweeted that there was no issue on fresh orders or square-offs at the exchange.

“… all segments working fine statement was given in response to brokers and investors reporting the problem on twitter on a competing exchange today morning. No one has reported any problems in trading at @bseindia today or last week any day,” BSE CEO Ashish Chauhan said in a tweet later.

The latest episode comes within days of NSE halting trading activities for nearly four hours on Thursday due to technical glitch.

Oil Rebounds Ahead Of OPEC Meeting

Oil prices rose over 1 percent on Monday ahead of a highly anticipated OPEC+ meeting this week, which is likely to raise production amid falling inventories.

Brent crude futures for May settlement rose 94 cents, or 1.5 percent, to $65.36 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 95 cents, or 1.5 percent, at $62.45.

Front-month prices for both contracts hit 13-month highs last week before drifting lower on Friday, as the dollar gained in strength amid rising bond yields in reaction to encouraging economic data.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, will meet on Thursday amid speculation over output boost.

With oil prices rising to pre-pandemic levels, analysts say that global oil supply imbalance may force an output revision.

The passage of the $1.9 trillion Covid relief bill through the U.S. House of Representatives on Saturday and the approval of Johnson & Johnson’s Covid-19 shot also buoyed the economic outlook.

Meanwhile, Iran has ruled out holding out an informal meeting with the United States and the European Union on ways to revive the 2015 nuclear deal, insisting that America must first lift the unilateral sanctions that have sharply reduced Iranian oil exports.

Dentsply Sirona Q4 Results Top Street View; Expects FY21 Earnings, Sales Above Market- Quick Facts

Dental equipment manufacturing company Dentsply Sirona Inc. (XRAY) on Monday posted fourth-quarter net income of $99 million or $0.45 per share, lower than $102 million or $0.46 per share in the comparable year quarter.

Adjusted for certain items, net income came in at $192 million or $0.87 per share, compared to $164 million or $0.73 per share in the same period last year.

On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share in the quarter. Analysts estimates usually exclude one-time items.

Net sales declined 2.6 percent to $1.08 billion from $1.11 billion in the year-ago quarter, while analysts were expecting sales of $996 million.

Looking ahead, the company expects fiscal 2021 adjusted earnings in the range of $2.60 to $2.80. Analysts expect the company to report earnings of $2.39 per share in the year ahead.

Annual revenues are expected between $4 billion and $4.3 billion, up 20-30 percent on a reported basis and up 15-25 percent on an organic basis. Analysts expect the company to report revenues of $3.86 billion in full-year 2021.

The company also announced a quarterly dividend of $0.10 payable on April 9, to holders of record at the close of business on March 26.

In pre-market activity on the Nasdaq, Dentsply Sirona shares were trading at $55.39, up 4.3 percent.

WEC Energy To Acquire 90% Stake In Jayhawk Wind Farm – Quick Facts

WEC Energy Group (WEC) announced Monday that it agreed to acquire a 90% ownership interest in the Jayhawk Wind Farm, to be built in Bourbon and Crawford counties, Kansas. The investment is expected to total $302 million for the 90% ownership interest and substantially all of the tax benefits.

The investment is part of the company’s $16 billion ESG Progress Plan, the largest 5-year capital plan in the company’s history. The transaction is subject to receiving all necessary regulatory approvals.

The Jayhawk site will consist of 70 GE wind turbines with a combined capacity of more than 190 megawatts. It will generate renewable energy that will be sold under long-term contract to Facebook.

The project is being developed by Apex Clean Energy, a leading clean energy company. Invenergy will acquire the remaining 10% ownership interest and will operate the facility. Commercial operation is expected to begin by the end of 2021.

HNI Corp. Q4 Profit More Than Halves, But Tops Estimates – Quick Facts

HNI Corp. (HNI) reported Monday that net income attributable to the company for the fourth quarter more than halved to $22.57 million or $0.52 per share from $47.60 million or $1.10 per share in the year-ago quarter.

Excluding special items, adjusted net income for the quarter was $0.66 per share, compared to $1.12 per shatter in the prior-year quarter.

On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.60 per share for the quarter. Analysts’ estimates typically exclude special items.

Net sales for the quarter declined 8.8 percent to $562.14 million from $616.08 million in the same quarter last year. On an organic basis, sales decreased 9.2 percent. The Street was looking for sales of $572.83 million for the quarter.