Huntington Ingalls Industries, Inc. Reports Decline In Q1 Bottom Line, but beats estimates

Oil Pares Early Gains On Growth Fears

Oil prices gave up early gains to trade on a flat note Thursday, after having risen sharply in the previous session on fears over lost supplies from Russia.

Benchmark Brent crude futures rose 0.2 percent to $110.37 a barrel, while U.S. West Texas Intermediate crude futures were marginally higher at $107.88.

Both benchmarks gained more than $5 a barrel on Wednesday after the European Commission announced several measures including plans to phase out supplies of Russian crude oil within six months and refined products by the end of 2022.

Speaking to FranceInfo radio, France’s ecology minister Barbara Pompili said she is confident that the European Union’s 27 nations will agree to a proposed ban on oil imports from Russia within days.

Markets await a key OPEC + meeting later today, expected to maintain current plans to hike output by 400 thousand bpd throughout June, as per its policy of gradually restoring output that was cut early in the COIVD-19 pandemic.

OPEC Secretary-General Mohammed Barkindo on Wednesday said it is not possible for other producers to replace Russian supply.

Meanwhile, growth worries resurfaced after a survey showed China’s services sector activity contracted at the second-steepest rate on record in April under the effect of pandemic measures.

‘Shepherd’ Review: Solitary Assignment

An island of ghosts and an ocean of guilt plague a grief-stricken widower in this moody horror movie.

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By Jeannette Catsoulis

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‘Human Factors’ Review: Paranoia is the Family Business

This thriller, about the invasion of a fractured home, is elevated by a talented cast but hampered by a stubbornly intellectual tone.

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By Amy Nicholson

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Lancaster Colony Corp. Posts Q3 Loss; Net Sales Up 12.9%

Lancaster Colony Corp. (LANC) posted a third quarter net loss of $4.5 million, or $0.17 per share, compared to net income of $28.90 million or $1.05 per share, last year. The company noted that its the current year operating income was unfavorably impacted by a restructuring and impairment charge of $22.7 million for the Bantam Bagels business. The restructuring and impairment charge reduced net income by $0.63 per share.

Analysts polled by Thomson Reuters expected the company to report profit per share of $1.03, for the quarter. Analysts’ estimates typically exclude special items.

Consolidated net sales increased 12.9% to $403.5 million. Analysts on average had estimated $390.85 million in revenue.

Pre-market Movers: AUST, HYMC, BLUE, CASA, AMWL…

The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 06.50 A.M. ET).

In the Green

Austin Gold Corp. (AUST) is up over 27% at $5.58
Hycroft Mining Holding Corporation (HYMC) is up over 22% at $1.72
Albemarle Corporation (ALB) is up over 14% at $246.23
Sarepta Therapeutics, Inc. (SRPT) is up over 14% at $83.47
Booking Holdings Inc. (BKNG) is up over 9% at $2,300.00
Silicon Motion Technology Corporation (SIMO) is up over 9% at $89.30
Sunrun Inc. (RUN) is up over 9% at $26.65
STAAR Surgical Company (STAA) is up over 8% at $69.25

In the Red

bluebird bio, Inc. (BLUE) is down over 21% at $3.47
Casa Systems, Inc. (CASA) is down over 20% at $4.20
American Well Corporation (AMWL) is down over 17% at $2.86
BRF S.A. (BRFS) is down over 13% at $2.42
Maxar Technologies Inc. (MAXR) is down over 9% at $31.11
Sibanye Stillwater Limited (SBSW) is down over 9% at $12.79
Etsy, Inc. (ETSY) is down over 8% at $109.33
Wolfspeed, Inc. (WOLF) is down over 8% at $92.50

Arrow Electronics Guides Q2 Well Above Estimates – Update

While reporting financial results for the first quarter on Thursday, Arrow Electronics, Inc. (ARW) provided earnings, adjusted earnings and total sales guidance for the second quarter.

For the second quarter, the company expects earnings in a range of $5.32 to $5.48 per share and adjusted earnings in a range of $5.48 to $5.64 per share on total sales between $9.04 billion and $9.64 billion, with global components sales between $7.29 billion and $7.59 billion, and global enterprise computing solutions sales between $1.75 billion to $2.05 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.62 per share on sales of $8.94 billion for the quarter. Analysts’ estimates typically exclude special items.

Huntington Ingalls Industries, Inc. Reports Decline In Q1 Bottom Line, but beats estimates

Huntington Ingalls Industries, Inc. (HII) revealed earnings for first quarter that decreased from last year but beat the Street estimates.

The company’s earnings totaled $140 million, or $3.50 per share. This compares with $148 million, or $3.68 per share, in last year’s first quarter.

Analysts on average had expected the company to earn $3.19 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 13.2% to $2.58 billion from $2.28 billion last year.

Huntington Ingalls Industries, Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $140 Mln. vs. $148 Mln. last year.
-EPS (Q1): $3.50 vs. $3.68 last year.
-Analyst Estimates: $3.19
-Revenue (Q1): $2.58 Bln vs. $2.28 Bln last year.