Korn Ferry Q4 Profit Tops Estimates; Fee Revenue Up 33% At Constant Currency

Empire Company Q4 Profit Climbs, But Misses Estimates – Update

(Adds dividend)

Empire Company Limited (EMP_A.TO) announced earnings for its fourth quarter that increased from the same period last year but missed the Street estimates.

The company’s earnings came in at C$178.5 million, or C$0.68 per share. This compares with C$171.9 million, or C$0.64 per share, in last year’s fourth quarter.

Analysts on average had expected the company to earn C$0.7 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 13.3% to C$7.840 billion from C$6.920 billion last year.

The company has declared a quarterly dividend of C$0.165 per share for both the non-voting Class A shares and the Class B shares. The dividend will be paid on July 29 to shareholders of record on July 15.

Empire Company Limited earnings at a glance (GAAP) :

-Earnings (Q4): C$178.5 Mln. vs. C$171.9 Mln. last year.
-EPS (Q4): C$0.68 vs. C$0.64 last year.
-Analyst Estimate: C$0.7
-Revenue (Q4): C$7.840 Bln vs. C$6.920 Bln last year.

OCADO’S £578M fund raise may not be enough to save the business

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

The online supermarket and retail technology group is building centres in countries including the US, Canada, France and Spain.

It says it is on the path to building a business with profits of £750million plus.

However, Clive Black, head of research at Shore Capital, cast doubt on Ocado’s claim that it will not need a cash injection in the medium term.

He said: “We do not see this as a fund raise to deliver growth from a position of strength as opposed to a business that is burning cash and needs access to equity capital and liquid resources.”

Moderna Announces New Clinical Data On Omicron COVID Booster Candidate MRNA-1273.214

Biotechnology company Moderna, Inc. (MRNA) announced Wednesday new clinical data on its bivalent (Omicron) COVID booster candidate, mRNA-1273.214.

One month after administration in previously vaccinated and boosted participants, a 50 µg booster dose of mRNA-1273.214 elicited potent neutralizing antibody responses against the Omicron subvariants BA.4 and BA.5 in all participants regardless of prior infection.

Based on this and prior data, the Company is working to complete regulatory submissions in the coming weeks requesting to update the composition of the booster vaccine to mRNA-1273.214.

Today’s data add to results shared earlier this month from the Company’s ongoing Phase 2/3 study in approximately 800 participants. The bivalent booster was generally well tolerated, with a reactogenicity and safety profile that was consistent with the prototype booster.

Moderna believes these data collectively support updating the composition of the Company’s booster to bivalent (Omicron) mRNA-1273.214 for the fall.

Bio-Techne To Acquire Namocell For Undisclosed Terms

Life sciences company Bio-Techne Corp. (TECH) announced Wednesday it has reached an agreement to acquire Namocell, Inc., a provider of fast and easy to use single cell sorting and dispensing platforms that are gentle to cells, and preserve cell viability and integrity.

Namocell’s instrument portfolio includes Pala, a 2-laser system with up to 11 fluorescent detection channels and Hana, a single-laser system with 2 fluorescent detection channels.

Bio-Techne anticipates the acquisition to close in the first quarter of its fiscal 2023.

Pre-market Movers: CRDL, DNAY, AMBA, ANGH, ARR…

The following are some of the stocks making big moves in Wednesday’s pre-market trading (as of 06.40 A.M. ET).

In the Green

Cardiol Therapeutics Inc. (CRDL) is up over 45% at $2.04
Codex DNA, Inc. (DNAY) is up over 31% at $2.82
Anghami Inc. (ANGH) is up over 15% at $8.00
ARMOUR Residential REIT, Inc. (ARR) is up over 14% at $7.05
Focus Universal Inc. (FCUV) is up over 9% at $15.00
La-Z-Boy Incorporated (LZB) is up over 8% at $24.64

In the Red

Ambarella, Inc. (AMBA) is down over 20% at $54.39
Super Group (SGHC) Limited (SGHC) is down over 12% at $4.01
PBF Energy Inc. (PBF) is down over 10% at $32.05
Tabula Rasa HealthCare, Inc. (TRHC) is down over 10% at $2.76
IronNet, Inc. (IRNT) is down over 10% at $2.32
Houston American Energy Corp. (HUSA) is down over 9% at $4.71
Cheniere Energy, Inc. (LNG) is down over 8% at $122.08
Borr Drilling Limited (BORR) is down over 8% at $5.56
Adagio Therapeutics, Inc. (ADGI) is down over 7% at $2.75

Korn Ferry Q4 Profit Tops Estimates; Fee Revenue Up 33% At Constant Currency

Korn Ferry (KFY) reported fourth quarter adjusted earnings per share of $1.75 compared to $1.21, prior year. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $1.55, for the quarter. Analysts’ estimates typically exclude special items. Adjusted EBITDA margin was 20.0% compared to 20.3%, last year.

Net income attributable to Korn Ferry was $91.7 million compared to $66.2 million, last year. Earnings per share was $1.70 compared to $1.21.

The company reported fee revenue of $721.1 million, an increase of 30%, or up 33% on a constant currency basis. Total revenue increased to $727.00 million from $557.39 million. Analysts on average had estimated $680.71 million in revenue.

Korn Ferry projects first quarter fee revenue to be in the range of $680 million and $710 million; and earnings per share to range between $1.35 to $1.51. The company expects adjusted earnings per share to be in the range from $1.42 to $1.58.