A.P. Moller – Maersk Q2 Profit Declines; Raises FY Financial Outlook
A.P. Moller – Maersk (AMKAF.PK,AMKBF.PK) reported that its share of second quarter profit was $1.4 billion compared to $8.6 billion, prior year. Underlying profit declined to $1.3 billion from $8.5 billion, last year.
Second quarter revenue decreased to $13.0 billion from $21.6 billion, prior year. Ocean revenue decreased to $8.7 billion from $17.4 billion, driven by a decrease in freight rates and loaded volumes.
For 2023, the company now expects EBITDA underlying in a range of $9.5 billion – $11.0 billion, revised from prior guidance range of $8.0 billion – $11.0 billion. EBIT underlying is now expected in a range of $3.5 billion – $5.0 billion, revised from prior guidance range of $2.0 billion – $5.0 billion.
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Halma Buys Lazer Safe For A$45 Mln
Halma Plc (HLMA.L), a life-saving technology provider, said on Friday that it has acquired Lazer Safe Pty. Ltd., an Australian provider of safety solutions for industrial press brake applications, for A$45 million or around 23 million pounds on a cash and debt-free basis.
Marc Ronchetti, Group Chief Executive of Halma, said: “Lazer Safe further strengthens Halma’s position in industrial safety where long-term growth is driven by increasing regulation and the need for greater efficiency and employee safety…”
For the 12 months period to March 31, Lazer Safe posted revenue of A$21.8 million or around 11.2 million pounds, with return on sales at the upper end of Halma’s target range of 18 percent-22 percent.
Lazer Safe will function as a standalone company within Halma’s Safety sector.
Basilea Pharma Submits NDA For Antibiotic Ceftobiprole
Basilea Pharmaceutica Ltd has submitted a New Drug Application to the FDA, seeking approval of its antibiotic ceftobiprole for treating patients in three indications: Staphylococcus aureus bacteremia, including right-sided infective endocarditis, acute bacterial skin and skin structure infections and community-acquired bacterial pneumonia. The NDA submission includes clinical efficacy and safety data from the phase 3 studies ERADICATE (SAB), TARGET (ABSSSI), and a phase 3 study in CABP.
Ceftobiprole has been designated a Qualified Infectious Disease Product, which provides for a Priority Review within eight months from submission. Provided that the NDA submission is accepted, the company expects a decision by the FDA on the NDA in the second quarter of 2024.
Basilea is a commercial-stage biopharmaceutical company headquartered in Switzerland. The company plans to commercialize ceftobiprole in the US through a partner and plans to enter into such a partnership prior to the FDA’s decision on the NDA.
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Morgan Advanced Materials H1 Adj. Profit Declines
Morgan Advanced Materials PLC (MGAM.L) reported first half profit before tax of 28.4 million pounds compared to 65.7 million pounds, last year. Continuing earnings per share was 5.2 pence compared to 15.1 pence. Adjusted operating profit was 50.0 million pounds, down 31.0%. Adjusted earnings per share was 9.9 pence compared to 15.9 pence.
First half revenue was 553.9 million pounds compared to 530.2 million pounds, last year.
The Board has resolved to pay an interim dividend of 5.3 pence per ordinary share. The interim dividend will be paid on 17 November 2023 to ordinary shareholders on the register of members at the close of trading on 27 October 2023.
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Suzuki Motor Q1 Profit Climbs, Lifts FY23 Outlook
Japanese automobile major Suzuki Motor Corp. (SZKMF.PK) reported Friday that its first-quarter profit attributable to owners of parent grew 15.1 percent to 67.06 billion yen from last year’s 58.28 billion yen. Earnings per share increased to 138.04 yen from 120.01 yen a year ago.
Operating profit climbed 34 percent from last year to 99.80 billion yen.
Net sales went up 13.7 percent to 1.21 trillion yen from 1.06 trllion yen a year ago.
Looking ahead for fiscal 2023, the company now expects profit attributable to owners of parent of 210 billion yen or 434.35 yen per share on operating income of 360 billion yen, and net sales of 5 trillion yen.
Suzuki previously expected profit attributable to owners of parent of 190 billion yen or 393.16 yen per share, on operating income of 330 billion yen and net sales of 4.90 trillion yen.
The revised outlook represents a 5 percent year-over-year drop in attributable profit, while a 2.7 percent increase operating income and a 7.7 percent growth in net sales.
In Japan, Suzuki Motor shares were trading at 5,410 yen, up 0.2 percent.
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Nippon Steel Corp. Q1 Profit Declines; Revenue Up 14.6%
Nippon Steel Corp. (NISTY.PK,NISTF.PK) reported first-quarter profit to owners of parent of 177.1 billion yen, down 23.3% from last year. Earnings per share was 170.47 yen compared to 224.28 yen. Business profit was 248.7 billion yen, down 26.6%. Revenue was 2.2 trillion yen, up 14.6%.
For fiscal 2023, the company expects basic earnings per share of 434.00 yen; and revenue of 9 trillion yen.
For the first half period, the company projects: basic earnings per share of 217.00 yen, and revenue of 4.5 trillion yen.
The company plans to increase the full-year dividend for fiscal 2023 by 10 yen from the previous dividend forecasts to 150 yen or more per share.
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Philips Avent Digital Video Baby Monitors Recalled
Philips North America, affiliated to Dutch consumer electronics giant Philips Electronics NV, is recalling select Philips Avent Digital Video Baby Monitors citing risk of burn, the U.S. Food and Drug Administration said.
The recall involves about 12,850 units of video baby monitors used to remotely monitor infants. They consist of a Baby Unit with camera and a Parent Unit with monitor pair in white color. The monitor has a 3.5-inch color screen. The affected baby monitors include models SCD630 and SCD843 only, manufactured between March 2016 and December 2019.
According to the agency, the rechargeable lithium-ion batteries in the Parent Unit monitors can overheat during charging, posing a risk of burns and property damage.
The recall was initiated after Philips received 23 reports of video baby monitors overheating in Europe, including seven reports of minor injuries. However, no incidents or injuries have been reported in the United States.
The recalled products were manufactured in China by Philips Consumer Lifestyle B.V. And imported to the U.S. by Stamford, Connecticut-based Philips Personal Health.
They were sold online at ToysRUs.com, Amazon.com, Walmart.com, Jet.com, and https://www.usa.philips.com/ from March 2016 through January 2020 for between $120 and $200.
Consumers are urged to immediately stop using the Digital Video Baby Monitors and contact Philips Avent for a free replacement.
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