Pool supplies retailer Leslie's surges 21% in Nasdaq debut
Oct 29 (Reuters) – Shares of Leslie’s Inc jumped 21% in their Nasdaq debut on Thursday, after the pool supplies retailer raised $680 million in its initial public offering.
Stock opened at $20.60 per share, compared with the IPO price of $17 per share.
Cooper Tire & Rubber Q3 Results Beat View
Cooper Tire & Rubber Co. (CTB) reported third quarter 2020 net income of $123 million or $2.42 per share, up from $29 million or $0.58 per share last year.
Operating profit was $172 million compared with operating profit of $53 million in the third quarter of 2019. The quarter included $48 million of favorable raw material costs, $35 million of favorable price and mix, $2 million of lower manufacturing costs, and $1 million of higher unit volume. It was partially offset by $5 million higher selling, general and administrative expenses and $2 million of higher other costs.
Net sales were $765 million, an increase of 8.6 percent from last year. Third quarter net sales were positively impacted by $55 million of favorable price and mix, $4 million of higher unit volume and $2 million of favorable foreign currency impact.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.74 per share and revenues of $650.68 million. Analysts’ estimates typically exclude special items.
The company expects modestly lower global unit volume for the second half of 2020 compared to 2019. It expects to achieve operating profit margin within its stated mid-term target of 10 to 14 percent for the second half 2020, excluding the $49 million benefit from the adjustment of its product liability reserves in the third quarter.
Herald morning quiz: October 30
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Xylem Q3 Profit Down
Xylem Inc. (XYL) reported third quarter 2020 net income of $37 million or $0.20 per share, down from $65 million or $0.36 per share in the prior year.
Excluding the impact of restructuring, realignment and special charges, adjusted net income for the latest-quarter was $114 million or $0.62 per share.
Third quarter revenue was $1.2 billion, down 6 percent on a reported basis and 7 percent organically, declining less than previously expected, primarily driven by the resilience of the wastewater utility business and healthy residential demand.
Orders were down 7 percent on a reported basis and 8 percent, organically.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share and revenues of $1.16 billion. Analysts’ estimates typically exclude special items.
Xylem expects fourth quarter organic revenue declines in the range of 6 to 8 percent and adjusted operating margin in the range of 13.0 percent to 13.5 percent.
Martin Marietta Materials Q3 Profit Rises
Martin Marietta Materials Inc. (MLM) reported that its third-quarter net earnings attributable to the company rose to $294.4 million or $4.71 per share from $248.6 million or $3.96 per share in the prior year.
But, total revenues for the quarter declined to $1.32 billion from $1.42 billion last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $3.76 per share and revenues of $1.27 billion. Analysts’ estimates typically exclude special items.
The company expects full-year 2020 Adjusted EBITDA to range from $1.35 billion to $1.37 billion.
Wisconsin Republican Party Says Hackers Stole $2.3 Million
MADISON, Wis. (AP) — Hackers stole $2.3 million from the Wisconsin Republican Party’s account that was being used to help reelect President Donald Trump in the key battleground state, the party’s chairman told The Associated Press on Thursday.
The party noticed the suspicious activity on Oct. 22 and contacted the FBI on Friday, said Republican Party Chairman Andrew Hitt.
Hitt said the FBI is investigating. FBI spokesman Leonard Peace did not immediately return a message seeking comment.
“There’s no doubt RPW is now at a disadvantage with that money being gone,” Hitt said. The party and campaign needs money late in the race to make quick decisions, he said.
Hitt said the hackers were able to manipulate invoices from four vendors who were being paid to send out direct mail for Trump’s reelection efforts and to provide pro-Trump material such as hats that could be handed out to supporters. Invoices were altered so when the party paid them, the money went to the hackers instead of the vendors, Hitt said.
Hitt said it appears the attack began as a phishing attempt.
Trump won Wisconsin by fewer than 23,000 votes in 2016 and it remains a key swing state this year. Trump planned his third visit to the state in a week on Friday. Democrat Joe Biden also planned to campaign in Wisconsin on Friday.
Sen. Kelly Loeffler Says She’s ‘Not Familiar’ With Trump ‘Grab ‘Em’ Tape
Sen. Kelly Loeffler (R-Ga.) raised eyebrows Wednesday when she claimed to be “not familiar” with the infamous tape in which Donald Trump bragged that he could get away with sexually assaulting women. (See Loeffler’s interview below.)
“Grab ’em by the pussy,” Trump told “Access Hollywood” reporter Billy Bush in a 2005 tape that The Washington Post exposed shortly before the 2016 election. “You can do anything.”
The off-air moment was soon followed by more than a dozen sexual abuse allegations against Trump. He won the presidency anyway.
Pressed repeatedly by an 11 Alive reporter in Buford, Georgia, about Trump’s boast, Loeffler said: “I’m not familiar with that.” Reminded that it was the “Access Hollywood” tape to perhaps jog her memory, Loeffler replied, “Yeah, no.”
Loeffler, who was appointed to the Senate, is seeking to hold on to her seat in a special election against a slate of Republican and Democratic challengers and then win a likely January runoff, 11 Alive noted.
Loeffler is known for her unwavering support of the president.
“I agree with the approach President Trump has taken since day one to put America first,” she told reporters Wednesday. Watch Loeffler’s comments below: