Jupiter Fund Management Q3 AuM Sequentially Declines

Landstar System Inc. Q3 income increases in line with estimates

Landstar System Inc. (LSTR) released a profit for its third quarter that increased from last year in line with the Street estimates.

The company’s earnings came in at $100.2 million, or $2.76 per share. This compares with $98.7 million, or $2.58 per share, in last year’s third quarter.

Analysts on average had expected the company to earn $2.76 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 4.7% to $1.816 billion from $1.734 billion last year.

Landstar System Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $100.2 Mln. vs. $98.7 Mln. last year.
-EPS (Q3): $2.76 vs. $2.58 last year.
-Analyst Estimate: $2.76
-Revenue (Q3): $1.816 Bln vs. $1.734 Bln last year.

Next quarter EPS guidance: $2.60 – $2.70
Next quarter revenue guidance: $1.775-1.825 bln

European Economics Preview: Germany Final Inflation Data Due

Final consumer prices from Germany and credit conditions survey from the Bank of England are the only major reports due on Thursday.

At 2.00 am ET, Destatis is scheduled to issue Germany’s final consumer and harmonized prices for September. Consumer price inflation hit a new record 10.0 percent in September versus 7.9 percent in August. The statistical office is set to confirm the preliminary estimate published on September 29.

Half an hour later, the Federal Statistical Office is scheduled to issue Swiss producer prices for September. Prices had increased 5.5 percent annually in August.

At 4.30 am ET, the Bank of England releases UK credit conditions survey data.

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ABB Q3 Profit Down, Operational EBITA, Orders Up; Likely To Meet FY23 Margin Target In FY22

Swiss engineering company ABB Ltd.(ANN.L,ABB) reported Thursday that its third-quarter net income attributable to the company declined 45 percent to $360 million from prior year’s $652 million.

Basic earnings per share were $0.19, down from $0.33 last year.

Operational EBITA, however, increased 16 percent year-on-year to $1.23 billion, and Operational EBITA margin grew to 16.6 percent from 15.1 percent a year ago.

Revenues grew 5 percent to $7.41 billion from prior year’s $7.03 billion. Comparable revenue growth was up 28 percent.

Orders increased 4 percent on a reported basis and 16 on a comparable basis from last year to $8.19 billion.

Looking ahead for the fourth quarter of 2022, the company anticipates a low double-digit comparable revenue growth, impacted by the high level of revenues recorded last year. The company expects the typical pattern of a sequentially lower Operational EBITA margin.

In full-year 2022, ABB said it is likely to achieve early the 2023 target of an Operational EBITA margin of at least 15 percent, supported by increased efficiency as it fully incorporates the decentralized operating model and performance culture in all divisions and strong top-line execution.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Philip Morris Sweetens Takeover Offer For Swedish Match

Philip Morris International Inc. (PM) announced Wednesday that its affiliate Philip Morris Holland Holdings B.V. has increased the price in its recommended cash offer to the shareholders of Swedish Match AB (SWMAY.PK,SWMAF.PK) to 116 Swedish kronor per share.

The total value of the revised offer amounts to approximately 176.4 billion kronor.

The company said it will not further increase the price in the offer.

It was on May 11 that Philip Morris Holland announced a recommended cash offer of 106 kronor per share to Swedish Match. The total value of the offer amounted to around 161.2 billion kronor, corresponding to around $16.0 billion.

In early October, Philip Morris announced that the acceptance period was further extended until November 4.

The revised price per share represents a premium of 52.5 percent compared to the closing share price of SEK 76.06 on May 9.

Jacek Olczak, Chief Executive Officer of PMI, said, “The price in the revised offer primarily reflects the higher net value to PMI related to the portion of Swedish Match’s cash flows that are generated in U.S. dollars, given currency movements since the initial offer was announced in May.”

Shareholders who have already tendered their shares at 106 kronor in cash per share will automatically benefit from the increased price of 116 kronor in cash per share without taking any further action.

The revised offer retains a 90 percent acceptance condition, which is critical to capture the full potential of the combination.

Jupiter Fund Management Q3 AuM Sequentially Declines

Jupiter Fund Management plc. (JUP.L) reported that its Assets under management or AUM for the third-quarter ended 30 September 2022 declined to 47.4 billion pounds, from 48.8 billion pounds in the second quarter ended 30 June 2022, hurt by negative net outflows and 0.8 billion pounds of negative market movements.

There were negative net outflows in the period of 0.6 billion pound.

The company net inflows from Institutional clients of 0.5 billion pound, driven by a large mandate from a sovereign wealth fund. Net redemptions in the Retail & wholesale channel slowed to 1.1 billion pound.

Jupiter said it will commence a share buyback program to repurchase and subsequently cancel shares for up to a maximum consideration of 10 million pounds. The Program will commence on 24 October 2022, and is expected to be completed by no later than 31 December 2022.