Performance Food Group Q3 Adj. Profit Rises; Net Sales Up 81.6%

Switch Inc. To Be Taken Private In Deal Valued At Approx. $11 Bln

Switch, Inc. (SWCH) has entered into a definitive agreement with DigitalBridge Group, Inc. (DBRG), under which DigitalBridge Partners II, and an affiliate of IFM Investors will acquire all outstanding common shares of Switch for $34.25 per share in an all-cash deal valued at approximately $11 billion, including the assumption of debt. Upon completion, Switch will no longer be traded or listed on any public securities exchange.

As a result of the announcement, the company has cancelled its first quarter earnings call.

On GPS: Bill Gates' plan to stop the next pandemic

New York (CNN Business)Bill Gates said he has tested positive for Covid-19.

The outspoken vaccine advocate said on Twitter he’s “experiencing mild symptoms” and he’s “following the experts’ advice by isolating until I’m healthy again.” Gates added that he’s “fortunate to be vaccinated and boosted.”
The billionaire Microsoft (MSFT) founder also said Tuesday that the Gates Foundation was “coming together” for the first time two years and that he’s meeting them virtually on Microsoft Teams (where else?).

    “We will continue working with partners and do all we can to ensure none of us have to deal with a pandemic again,” he said.

      Gates has spoken often about mitigation efforts and how to prevent the next pandemic. He told CNN International anchor Becky Anderson late last year about his hopes of having the Covid-19 pandemic under control by 2023. He predicts that with expanded vaccine availability, that next year the world “won’t have the level disruption we have had for the first three years of this.”

        In total, the Gates Foundation has committed at least $1.75 billion to support the global response to Covid-19.
        Gates’ new book, “How to Prevent the Next Pandemic,” hit shelves last week.

          Pre-market Movers: U, ELBM, RCUS, EVEX, INO…

          The following are some of the stocks making big moves in Wednesday’s pre-market trading (as of 07.25 A.M. ET).

          In the Green

          Electra Battery Materials Corporation (ELBM) is up over 22% at $4.55
          Eve Holding (EVEX) is up over 20% at $10.43
          Zai Lab Limited (ZLAB) is up over 17% at $30.70
          QualTek Services Inc. (QTEK) is up over 17% at $2.13
          Decisionpoint Systems, Inc. (DPSI) is up over 15% at $5.48
          U.S. Energy Corp. (USEG) is up over 15% at $4.49
          Data Storage Corporation (DTST) is up over 8% at $2.40
          Amyris, Inc. (AMRS) is up over 8% at $1.87
          Augmedix, Inc. (AUGX) is up over 6% at $2.45

          In the Red

          Unity Software Inc. (U) is down over 23% at $37.04
          Arcus Biosciences, Inc. (RCUS) is down over 20% at $19
          Inovio Pharmaceuticals, Inc. (INO) is down over 20% at $1.97
          GrowGeneration Corp. (GRWG) is down over 17% at $4.11
          Allbirds, Inc. (BIRD) is down over 16% at $3.78
          Array Technologies, Inc. (ARRY) is down over 14% at $5.92
          Coinbase Global, Inc. (COIN) is down over 13% at $62.90
          Evotec SE (EVO) is down over 10% at $11.24
          TherapeuticsMD, Inc. (TXMD) is down over 6% at $4.31

          Wendy’s Co. Maintains FY22 Outlook; Q1 Results Miss Estimates

          While reporting financial results for the first quarter on Wednesday, The Wendy’s Co. (WEN) maintained its adjusted earnings and global systemwide sales growth guidance for the full-year 2022. The company also declared a quarterly dividend.

          For fiscal 2022, the company continues to project adjusted earnings in a range of $0.82 to $0.86 per share on global systemwide sales growth of 6 to 8 percent.

          On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.87 per share on revenue growth of 10.70 percent to $2.10 billion for the year. Analysts’ estimates typically exclude special items.

          The Company also announced the declaration of its regular quarterly cash dividend to 12.5 cents per share, payable on June 15, 2022, to shareholders of record as of June 1, 2022.

          For the first quarter, the company reported that net income decreased to $37.40 million or $0.17 per share from $41.37 million or $0.18 per share in the prior-year quarter. Excluding items, adjusted earnings per share were $0.17 per share, compared to $0.20 per share last year.

          Total revenues for the quarter grew 6.2 percent to $488.64 million from $460.20 million in the same quarter last year. Adjusted revenue increased 6.8 percent to $396.12 million from last year. Same-restaurant sales growth was 2.4 percent.

          The Street was looking for earnings of $0.18 per share on revenues of $496.87 million for the quarter.

          LEONI AG Posts Negative EBIT Before Exceptional Items In Q1; Sales Down 6.9%

          LEONI AG (LEOGN) said it posted a negative EBIT before exceptional items of 17 million euros in its first quarter compared to positive EBIT before items of 29 million euros, prior year. The company noted that its EBIT before exceptional items was burdened by higher material, logistic costs and energy prices as well as increased volatility of calloffs due to war in Ukraine and ongoing semiconductor crisis.

          Consolidated net result increased to 47 million euros from 28 million euros, last year. Earnings per share was 1.44 euros compared to 0.85 euros.

          Group sales were 1.26 billion euros, down 6.9% from last year, mainly due to consolidation effects following the partial disposals in the Wire & Cable Solutions Division. Organic sales declined by 3.2%, for the quarter.

          The company said its 2022 outlook remains unchanged as visibility remains low.

          Performance Food Group Q3 Adj. Profit Rises; Net Sales Up 81.6%

          Performance Food Group Company (PFGC) reported that its third quarter adjusted EPS increased 168.4% to $0.51 from last year. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.51, for the quarter. Analysts’ estimates typically exclude special items.

          Net income for the third quarter increased 407.9% year-over-year to $23.4 million. EPS increased 350.0% to $0.15.

          Net sales grew 81.6% to $13.1 billion compared to the prior year period. Total case volume increased 35.3%, while organic case volume increased 8.3% in the third quarter. Analysts on average had estimated $13.09 billion in revenue.

          For fiscal 2022, PFG now expects net sales to be in a range of $50.5 billion to $51 billion and adjusted EBITDA to be in a range of $990 million to $1 billion. The company had previously expected net sales to be in a range of $50 billion to $51 billion and adjusted EBITDA to be in a range of $970 million to $990 million.