Carlyle Group Q4 Profit Plunges But Beats View
Global investment firm The Carlyle Group Inc. (CG) on Tuesday reported sharply lower profits in the fourth quarter ended December 31, 2022, on fall in investment income including performance allocations. Earnings however, exceeded the Street expectations.
Net income was $127.2 million or $0.35 per share compared with $647.6 million or $1.77 per share in the prior-year period.
Distributable earnings were $366.9 million or $1.01 per share versus $720.4 million or $2.01 per share in the fourth quarter of the previous fiscal.
13 analysts polled by Thomson Reuters were expecting the company to report earnings of $0.96 per share. Analysts typically exclude one-time items.
Total Revenues, however, decreased to $719.4 million, from $2 billion in the corresponding period of the previous year. Investment income including performance allocations declined from $1.4 billion to $51.3 million in the current quarter.
8 analysts polled by Thomson Reuters were expecting the company to report revenues of $1.02 billion.
The Board of Directors also declared a quarterly dividend of $0.325 payable on March 1 to shareholders of record on February 22.
The board also approved an increase in dividend to an annual rate of $1.40 per share commencing with the first quarter 2023 dividend, to be paid in May 2023.
Shares of the Carlyle Group are currently trading in premarket at $36.30, down $0.01 or 0.03 percent on an overnight basis.
TransDigm Group Boosts FY23 Outlook – Update
While reporting financial results for the first quarter on Tuesday, TransDigm Group Inc. (TDG) raised its earnings, adjusted earnings and net sales guidance for the full-year 2023, based on strong first quarter results and current expectations for the remainder of the fiscal year.
For fiscal 2023, the company now projects earnings from continuing operations in a range of $18.24 to $19.64 per share and adjusted earnings in a range of $21.47 to $22.87 per share on net sales between $6.07 billion and $6.24 billion.
Previously, the company expected earnings from continuing operations in a range of $17.45 to $18.85 per share and adjusted earnings in a range of $20.68 to $22.08 per share on net sales between $5.99 billion and $6.19 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $21.81 per share on revenues of $6.09 billion for the year. Analysts’ estimates typically exclude special items.
“As our fiscal 2023 progresses, should the favorable trends in the commercial aerospace market recovery continue, including the expansion of flight activity in China, we could see further upward revision to our guidance,” said Kevin Stein, TransDigm Group’s President and CEO.
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Hertz Global Holdings, Inc. Q4 Earnings Summary
Below are the earnings highlights for Hertz Global Holdings, Inc. (HTZ):
Earnings: $116 million in Q4 vs. -$710 million in the same period last year.
EPS: -$0.01 in Q4 vs. -$1.52 in the same period last year.
Excluding items, Hertz Global Holdings, Inc. reported adjusted earnings of $173 million or $0.50 per share for the period.
Analysts projected $0.46 per share
Revenue: $2.035 billion in Q4 vs. $1.949 billion in the same period last year.
European Economic News Preview: Germany Industrial Output Data Due
Industrial production from Germany and house prices from the UK are the top economic news due on Tuesday.
At 2.00 am ET, Destatis is scheduled to issue Germany’s industrial production for December. Production is expected to fall 0.7 percent on month, reversing a 0.2 percent rise in November.
Also, UK Halifax house prices data is due. Economists expect house prices to fall 0.8 percent month-on-month in January after easing 1.5 percent in December.
In the meantime, industrial output from Norway and foreign trade from Finland are due.
At 2.45 am ET, foreign trade and current account figures are due from France. The trade deficit is seen narrowing to EUR 12.2 billion in December from EUR 13.77 billion in November.
At 3.00 am ET, Spain’s INE publishes industrial production figures for December. Output is expected to fall 0.6 percent annually after easing 1.1 percent in November.
Also, foreign trade from Austria and retail sales from the Czech Republic are due.
Royal Caribbean Cruises Ltd. Q4 Loss Decreases, beats estimates
Royal Caribbean Cruises Ltd. (RCL) revealed Loss for fourth quarter that decreased from last year but missed the Street estimates.
The company’s bottom line came in at -$500.21 million, or -$1.96 per share. This compares with -$1.36 billion, or -$5.33 per share, in last year’s fourth quarter.
Excluding items, Royal Caribbean Cruises Ltd. reported adjusted earnings of -$284.87 million or -$1.12 per share for the period.
Analysts on average had expected the company to earn -$1.34 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 165.3% to $2.60 billion from $0.98 billion last year.
Royal Caribbean Cruises Ltd. earnings at a glance (GAAP) :
-Earnings (Q4): -$500.21 Mln. vs. -$1.36 Bln. last year.
-EPS (Q4): -$1.96 vs. -$5.33 last year.
-Analyst Estimates: -$1.34
-Revenue (Q4): $2.60 Bln vs. $0.98 Bln last year.
Next quarter EPS guidance: (-$0.65) to (-$0.85)
Skyworks Solutions Stock Gains 6% After Reporting Q1 Results, $2 Bln Buyback Plan
Shares of Skyworks Solutions, Inc. (SWKS) are gaining over 6% on Tuesday morning, after the company reported its first-quarter results and announced a new $2 billion buyback plan.
SWKS is currently trading at $116.50, up $7.22 or 6.61%, on the Nasdaq. The stock opened its trading at $111.19 after closing Monday’s trading at $109.28. The stock has traded between $76.16 and $145.82 in the past 52-week period.
Skyworks Solutions first-quarter profit came in at $309.4 million, or $1.93 per share, compared to $399.9 million or $2.40 per share last year’s first quarter.
Adjusted earnings were $414.6 million or $2.59 per share for the period. Analysts expected earnings of $2.61 per share.
Revenues for the quarter fell 11.9% to $1.33 billion from $1.51 billion last year.
Looking forward to the second quarter, the company expects revenues of $1.125 billion to $1.175 billion. Analysts currently estimate revenues of $1.18 billion.