Standard Motor Products Q1 Adj. Profit Declines

Franklin Resources Inc. Q2 Profit Decreases, but beats estimates

Franklin Resources Inc. (BEN) released earnings for second quarter that decreased from the same period last year but beat the Street estimates.

The company’s earnings totaled $349.6 million, or $0.68 per share. This compares with $381.8 million, or $0.74 per share, in last year’s second quarter.

Excluding items, Franklin Resources Inc. reported adjusted earnings of $491.6 million or $0.96 per share for the period.

Analysts on average had expected the company to earn $0.82 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

Revenue came in at $2.08 billion, equal to the mark posted in the same period last year.

Franklin Resources Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $349.6 Mln. vs. $381.8 Mln. last year.
-EPS (Q2): $0.68 vs. $0.74 last year.
-Analyst Estimates: $0.82
-Revenue (Q2): $2.08 Bln vs. $2.08 Bln last year.

GigaMedia Ltd. Q1 Loss Rises

GigaMedia Ltd. (GIGM) released Loss for its first quarter that increased from the same period last year

The company’s bottom line totaled -$1.10 million, or -$0.10 per share. This compares with -$0.88 million, or -$0.08 per share, in last year’s first quarter.

The company’s revenue for the quarter rose 6.9% to $1.55 million from $1.45 million last year.

GigaMedia Ltd. earnings at a glance (GAAP) :

-Earnings (Q1): -$1.10 Mln. vs. -$0.88 Mln. last year.
-EPS (Q1): -$0.10 vs. -$0.08 last year.
-Revenue (Q1): $1.55 Mln vs. $1.45 Mln last year.

Atkore Uptick Continues

Atkore Inc. (ATKR) shares are trading more than 18 percent on Tuesday morning continuing an uptick since yesterday. There were no corporate announcements on the day that pushed the shares higher.

Shares are trading higher than 200-day moving average. Currently trading at $113.85, up 18.19 percent from the previous close of $96.33 on a volume of 338,986. For the 52-week period, the shares have traded in a range of $65.80-$119.96 on average volume of 495,745.

Job openings climb to fresh high in March as record number of Americans quit their job

Strategist: We’re at some ‘difficult times’ in the economy

Kroll Institute chief strategist Chris Campbell discusses the U.S. economy, the Federal Reserve and the impact of supply chain issues, as well as the war in Ukraine.

A record number of Americans quit their jobs in March, underscoring how persistent turmoil in the labor market has made it difficult for employers to fill open positions.

The Labor Department said Tuesday that 4.5 million Americans, or about 3% of the workforce, quit their jobs in March. That's up from 4.4 million in February and just slightly tops the previous record notched in November. By comparison, pre-pandemic levels typically hovered around 3.6 million.

Meanwhile, the number of job openings rose to 11.5 million by the end of March. 

The data emphasizes how newly empowered workers are quitting their jobs in favor of better wages, working conditions and hours as businesses lure new workers with higher salaries – a new trend dubbed the "Great Resignation." As a result, Americans' incomes are rising across the board as employers have ramped up hiring to offset the losses. 

This is a developing story. Please check back for updates.

'Puts me on the street': Americans forced out of homes as rents skyrocket

New York (CNN Business)The US labor market remained on fire in March with a record 4.5 million workers quitting their jobs, new data from the Bureau of Labor Statistics showed Tuesday.

The number of quits increased most significantly in the professional and business services sector, as well as construction.
“As employers require workers to return to offices, quits are ticking upwards. A major reason for quitting is to find a remote opportunity,” wrote ZipRecruiter chief economist Julia Pollak on Twitter.

    Meanwhile, available jobs also rose, climbing to 11.5 million, the highest level since the data series began in December 2000.

      That means there were 1.9 job openings for every unemployed worker in March.

        Retail and manufacturing job postings rose, while government jobs and positions in transportation, warehousing and utilities decreased.
        This is a developing story. It will be updated

          S&P Global Cuts FY22 Outlook – Update

          While reporting financial results for the first quarter on Tuesday, data giant S&P Global, Inc. (SPGI) lowered its earnings, adjusted pro forma earnings and adjusted pro forma revenue growth guidance for the full-year 2022 to reflect the results of the first quarter, as well as its most recent views on the macro-economic and geopolitical environment.

          For fiscal 2022, the company now projects earnings in a range of $12.00 to $12.25 per share and adjusted pro forma earnings in a range of $13.00 to $13.25 per share on revenue growth of more than 40 percent and adjusted pro forma revenue growth in the low single digits.

          Previously, the company expected earnings in the range of $13.40 to $13.60 per share and adjusted pro forma earnings in the range of $13.30 to $13.50 per share on revenue growth of more than 40 percent and adjusted pro forma revenue growth in the mid-single-digits.

          On average, 18 analysts polled by Thomson Reuters expect the company to report earnings of $13.23 per share on revenues of $12.62 billion for the year. Analysts’ estimates typically exclude special items.

          Standard Motor Products Q1 Adj. Profit Declines

          Standard Motor Products, Inc. (SMP) reported that, excluding non-operational gains and losses, earnings from continuing operations for the first quarter of 2022 were $20.6 million or $0.92 per share, compared to $22.2 million or $0.97 per share, prior year. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.71, for the quarter. Analysts’ estimates typically exclude special items.

          Earnings from continuing operations were $20.6 million or $0.91 per share, compared to $22.2 million or $0.97 per share, prior year.

          Net sales for the first quarter were $322.8 million, compared to consolidated net sales of $276.6 million, last year. Analysts on average had estimated $304.3 million in revenue.