Lebanon's Berri sees need for IMF help to draw up rescue plan – source
BEIRUT, Feb 11 (Reuters) – Parliament Speaker Nabih Berri believes Lebanon needs technical help from the International Monetary Fund to draw up an economic rescue plan and a decision on whether to pay a Eurobond maturing in March should be taken based on IMF advice, an-Nahar newspaper and a government source said on Tuesday.
Berri also believes Lebanon cannot “surrender” itself to the IMF “because of its “incapacity to bear its conditions,” said an-Nahar, quoting Berri’s visitors, and the government source, who spoke to Reuters on condition of anonymity.
TUI widens FY 2020 guidance to reflect 737 MAX grounding
TUI AG on Tuesday widened its full-year profit forecast due to the grounding of Boeing Co.’s BA, +2.35% 737 MAX aircraft, as it reported a slightly narrowed net loss for the first quarter of the fiscal year.
The FTSE 100-listed, Germany-based travel group TUI1, +10.33% made a net loss of 128.7 million euros ($142.7 million) for the quarter ended Dec. 31, 2019 compared with a loss of EUR139.3 million for the same period a year earlier. Turnover for the quarter rose to EUR3.85 billion, compared with EUR3.57 billion a year ago.
Underlying loss before interest, taxes — the company’s preferred metric which strips out exceptional and other one-off items — was EUR146.9 million compared with a loss of EUR83.1 million.
The company said it now expects underlying earnings before interest and taxes to be between EUR850 million and EUR1.05 billion for the year, compared with previous guidance of EUR950 million to EUR1.05 billion.
Still, it said that based on recent guidance from Boeing on the expected return to service of the 737 MAX it has narrowed the expected cost range to between EUR220 million to EUR245 million, compared with previous guidance of EUR220 million to EUR270 million.
Boeing has said the 737 MAX is expected to return to commercial service by the middle of this year.
TUI said that in terms of booking trends the year has started “exceptionally well,” with the U.K. delivering its best booking volumes month in the company’s history.
Ocado Group Posts Wider FY Pretax Loss; Revenue Up 9.9% – Quick Facts
Ocado Group plc (OCDO.L) reported a statutory loss before tax of 214.5 million pounds for the 52 weeks ended 1 December 2019 compared to a loss of 44.4 million pounds, prior year. Loss per share were 29.37 pence compared to a loss of 6.85 pence. EBITDA declined 27.2% on pre-exceptional basis to 43.3 million pounds. For the retail business, EBITDA excluding exceptional items was 35.0 million pounds, an increase of 16.1% over prior year.
For the fiscal year, Group revenue rose by 9.9% to 1.76 billion pounds. This was driven by an increase in the average number of orders per week, despite the capacity limitations following the fire at CFC Andover. Retail revenue growth was at 10.3%, primarily due to a 10.7% year-on-year increase in orders per week to 325,000 driven by an increase in the number of new customers.
Looking forward, Ocado Group projects retail revenue growth of 10-15%. Retail EBITDA is anticipated above revenue growth, for the fiscal year 2020.
During the period, the Group did not declare a dividend.
Deutsche Telekom rallies in anticipation T-Mobile-Sprint merger to be cleared
Deutsche Telekom DTE, +3.94% shares climbed over 4% in Frankfurt as the company said Judge Victor Marrero will decide on the merger of T-Mobile US TMUS, -1.07% and Sprint S, -2.64% on Tuesday. Deutsche Telekom holds 63% of T-Mobile US. "We remain confident that the judge will decide in favor of the transaction," Deutsche Telekom said.
Ocado Group 2019 pretax loss widens despite growing revenue
Ocado Group PLC reported Tuesday a widened pretax loss for fiscal 2019, missing market expectations.
The online grocer OCDO, +1.31% booked a pretax loss of 214.5 million pounds ($276.9 million) for the year ended Dec. 1, 2019, compared with a loss of GBP44.4 million in fiscal 2018. Revenue rose to GBP1.76 billion, from GBP1.60 in fiscal 2018.
Earnings before interest, taxes, depreciation and amortization–one of the company’s preferred metrics which strips out exceptional and other one-off items–was GBP49.3 million, 27% lower than the previous year, reflecting issues such as the fire occurred in the company’s Andover site.
Ocado said that in fiscal 2020 it expects a revenue growth between 10% and 15%.
Chief Executive Tim Steiner expressed satisfaction over the underlying performance of the group, despite the statutory results, and said that the company is expected to continue growing this year.
Stock Alert: Popeyes’ Chicken Sandwich Boosts QSR’s Q4; Shares Up
Shares of Restaurant Brands International Inc. (QSR) rose 2.74% on Feb. 10, and closed Monday’s trading session at $65.61. The stock has been trading between $60.58 and $79.46 in the past one year. Trading volume surged to 5.13 million versus an average volume of 2.36 million shares.
The company, on Feb. 10, reported Q4 net income of $255 million or $0.54 per share versus $301 million or $0.64 per share last year. Adjusted net income amounted to $351 million or $0.75 per share, higher than the previous year’s income of $318 million or $0.68 per share.
Total revenues increased to $1.48 billion from $1.39 billion generated a year ago, largely driven by system-wide sales growth, the impact of the New Standard on franchise and property revenues and an increase in supply chain sales.
BURGER KING delivered over 9% system-wide sales growth and added over 1,000 net new restaurants in 2019. POPEYES delivered transformational system-wide sales growth of over 42% in Q4 boosted by the Chicken Sandwich.
Jose Cil , Chief Executive Officer of Restaurant Brands International, said, “Burger King delivered its strongest year of restaurant growth in the last two decades. Popeyes launched an iconic Chicken Sandwich that has proven to be a game changer for the brand in every way…”