Wacker Chemie Q1 Net Income Increases; Raises Annual Forecast
Wacker Chemie (WKCMY.PK,WKCMF.PK) reported first quarter net income of 106.6 million euros compared to 68.9 million euros, prior year. Earnings per share was 2.06 euros compared to 1.31 euros. EBITDA was 246.4 million euros, up 42 percent from prior year.
First quarter sales were 1.36 billion euros, 14 percent higher than last year. The company said business in construction materials and polysilicon, was especially strong. Higher prices, particularly for solargrade polysilicon, also lifted sales.
WACKER revised upward the full-year 2021 forecast. The company expects Group sales to exceed the previous year’s figure by a low-double-digit percentage. WACKER had previously expected sales growth in the mid-single-digit percentage range. EBITDA is now likely to increase by 15 to 25 percent. The company had previously expected growth of 10 to 20 percent.
KPN Q1 Net Profit Up 18%
Dutch telecom firm Royal KPN NV (KKPNY.PK,KPN) reported that its first-quarter net profit rose 18% to 141 million euros from last year, reflecting higher operating profit supported by lower finance costs and higher other financial result.
Operating profit (EBIT) was 235 million euros up 19 million euros from the prior year, as lower adjusted EBITDA AL was more than offset by lower depreciation and amortization charges, and lower P&L restructuring costs.
But, adjusted revenues declined 2.9% year-over-year to 1.29 billion euros, impacted by an 8 million euros one-off correction in the latest-quarter to Consumer Fixed service revenues related to the timing of revenue recognition in 2020 and by the sale of KPN Consulting.
KPN maintained its 2021 outlook for adjusted EBITDA AL of about 2.345 billion euros, Capex of 1.200 billion euros, and free cash flow of about 765 million euros.
KPN intends to pay a regular dividend per share of 13.6 euros cents over 2021.
For fiscal 2023, the company still expects adjusted EBITDA after leases to be more than 2.45 billion euros, and free cash flow of more than 870 million euros.
Mollie Hemingway: Media portrayal of Biden 'so at odds with reality':
Media fawns over Joe Biden, shields radical policy agenda first 100 days into term
The Federalist senior editor Mollie Hemingway says Biden’s radical agenda is out-of-touch with Americans on ‘FOX News Primetime’
President Biden is pushing a radical agenda with the help of “a very compliant media,” Fox News contributor Mollie Hemingway told “Fox News Primetime” Thursday
HEMINGWAY: I think that people just don’t care what he has to say, because the brand that he’s put out and that the media have put out is just so at odds with reality, and so people don’t need to hear something like that when they know that what matters is what he’s doing.
He claims he’s a unifier. You know, he gave lip service to that during his inaugural address. But the way he’s governing is so divisive, so radical and being pushed through against, you know, a Congress that is very divided.
Safran Q1 Adj. Revenue Down 37.9% – Quick Facts
French Aerospace company Safran (SAF.PA,0IU8.L,SAFRF.PK) reported that its adjusted revenue for the first-quarter was 3.34 billion euros, a decrease of 37.9% from last year. Organic revenue was down 34.6% across all divisions.
CEO Olivier Andriès said, “The weakness in Q1 sales reflects, beyond comparison basis, the traffic deterioration in January and February while March showed signs of improvement.”
In Aerospace Propulsion segment, quarterly revenue was 1.56 billion euros, down 37.5% from the prior year. On an organic basis, revenue decreased by 34.2%.
In Aircraft Equipment, Defense and Aerosystems segment, quarterly adjusted revenue was 1.46 billion euros, down 33.1% from the previous year. On an organic basis, revenue was down 29.4%.
In Aircraft Interiors segment, adjusted revenue for the quarter was 313 million euros, down 54.9% from the prior year. On an organic basis, revenue decreased by 51.9%.
Safran confirmed its full-year 2021 outlook and its underlying assumptions in the context of uncertainty over the timing of air traffic recovery entailing a risk of delayed recovery of civil aftermarket.
Barclays beats expectations in the first quarter as loan impairment charges slide
LONDON — Barclays on Friday reported first-quarter net profit of £1.7 billion ($2.37 billion), helped by a rebound in equity trading and investment banking.
The British bank also said credit impairment charges had fallen "significantly" to £100 million, down from £2.1 billion in the first quarter of 2020.
Analysts had expected net income to come in at £1.3 billion for the first three months of the year, according to Refinitiv. The British bank posted net income of £220 million for the fourth quarter of 2020.
Shares of Barclays are up about 31% since the start of the year.
This is a developing news story and will be updated shortly.
KKR To Sell Bountiful Co. To Nestle In $5.75 Bln Deal – Quick Facts
Investment firm KKR & Co. Inc (KKR) Friday announced its agreement to sell The Bountiful Co., a U.S. -based health and wellness company, to Swiss food and beverage giant Nestle SA (NSRGY.PK,NSTR.L) for $5.75 billion..
Under the deal terms, Nestle will acquire Bountiful Company’s vitamin and supplement brands, Nature’s Bounty, Puritan’s Pride, Solgar and Osteo Bi-Flex. These will be integrated into Nestle Health Science to create a global leader in vitamins, minerals and nutritional supplements.
Meanwhile, Bountiful Co.’s sports and active nutrition brands, Pure Protein, Body Fortress and MET-Rx, as well as UK-based personal care brand, Dr.Organic, and the Canadian over-the-counter (OTC) business, VitaHealth OTC, are not included in the sale.
Nestle earlier this week had confirmed about its ongoing talks to acquire all or part of Bountiful following media reports about the potential deal.
The transaction is expected to close in the second half of 2021, subject to regulatory approvals and other customary closing conditions.
KKR, primarily through its Americas XII Fund, acquired a majority interest in Bountiful Co. from Carlyle Group in 2017. Carlyle Partners V and Carlyle Europe Partners III funds retained a minority stake in the company and are participating in the sale alongside KKR.