Wall Street Set To Open Broadly Up

Siemens Energy to cut 7,800 jobs in bid to raise margins 

  • Siemens to cut 7,800 jobs by 2025     
  • Sees up to triple-digit million euros restructuring costs     
  • Q1 net profit 99 million euros

Siemens Energy, which supplies turbines to the power sector, said on Tuesday it will cut 7,800 jobs, or 8.5% of its workforce, by 2025 to raise margins and competitiveness.

"The energy market is significantly changing which offers us opportunities but at the same time (it) presents us with great challenges," Chief Executive Officer Christian Bruch said. "We will undertake these measures in the most socially responsible way possible."

Most of the cuts will be implemented by 2023, Siemens Energy said, adding that they will incur estimated restructuring costs in a mid- to high-triple-digit million euro range for the fiscal years 2020 to 2023.

Cost cuts also helped Siemens Energy, spun off from Siemens AG last year, swing to a net profit of 99 million euros ($119.53 million) in the first quarter of its fiscal year, compared with a loss of 195 million a year ago.

By slashing costs, Siemens Energy, which owns 67% in Siemens Gamesa <SGREN.MC>, hopes to reach its 2023 profit target, which foresees a margin on adjusted earnings before interest, tax and amortization of 6.5%-8.5%. 

Filtronic Plc H1 Adj. Operating Profit Declines – Quick Facts

Filtronic Plc (FTC.L) reported a loss from continuing operations of 0.1 million pounds for the six months ended 30 November 2020 compared to a loss of 0.8 million pounds, a year ago. Loss per share narrowed to 0.03 pence from a loss of 0.86 pence. Adjusted operating profit declined to 0.1 million pounds from 0.3 million pounds. Adjusted EBITDA was 0.6 million pounds, flat with the previous year.

First half revenue was 7.1 million pounds, compared to 7.5 million pounds, a year ago.

Starting today, not all face masks will be allowed on Lufthansa flights

As of February 1, 2021, changes for travelers using German airports and Lufthansa aircraft have come into effect. A passenger who covers their mouth and nose with a cloth mask, visor, or scarf will be treated as a passenger without regulatory protection.

As of February 1, Lufthansa, Germany’s flag carrier, is introducing mandatory mouth and nose protection with FFP2, KN95, and N95 masks. Passengers must wear them when boarding, during the entire flight and when leaving the aircraft.

What is important, those criteria are not met by FFP2 masks with valves which make it easier for the exhaled air to escape. This is a result of the implementation of guidelines agreed by the German government and the governments of German federal states on intensifying the fight against the COVID-19 pandemic. The obligation to wear masks also applies to many other international airports, not just in Germany.

The requirement to wear a mask covering the nose and mouth during Lufthansa flights was initially introduced on May 4, 2020. At that time, however, the rules allowed the use of a scarf or a cloth mask for this purpose.


Dom’s Take: Will Nirmalaji Deliver?

Dominic Xavier offers his take on Budget 2021.

  • Dom’s Take

Feature Presentation: Aslam Hunani/Rediff.com

Dom’s Take: Will Nirmalaji Deliver?

Dominic Xavier offers his take on Budget 2021.

  • Dom’s Take

Feature Presentation: Aslam Hunani/Rediff.com

IDEXX Laboratories Inc Q4 Income Rises

IDEXX Laboratories Inc (IDXX) revealed earnings for its fourth quarter that climbed from the same period last year.

The company’s bottom line totaled $174.79 million, or $2.01 per share. This compares with $90.50 million, or $1.04 per share, in last year’s fourth quarter.

Analysts had expected the company to earn $1.40 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 19.1% to $720.94 million from $605.45 million last year.

IDEXX Laboratories Inc earnings at a glance:

-Earnings (Q4): $174.79 Mln. vs. $90.50 Mln. last year.
-EPS (Q4): $2.01 vs. $1.04 last year.
-Analysts Estimate: $1.40
-Revenue (Q4): $720.94 Mln vs. $605.45 Mln last year.

Haemonetics Q3 Results Top Estimates – Quick Facts

Healthcare company Haemonetics Corp. (HAE) reported Tuesday that net income for the third quarter grew to $31.88 million or $0.62 per share from $29.90 million or $0.58 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.81 per share, compared to last year’s $0.94 per share.

Net revenue for the quarter decreased 7.2 percent to $240.37 million from last year’s $258.97 million, primarily driven by the continued negative impact of COVID-19. Organic revenue was down 5.7 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share on revenue of $224.29 million for the quarter. Analysts’ estimates typically exclude special items.

Wall Street Set To Open Broadly Up

The uncertainty on the U.S. stimulus package is a concern for the investors. The market is waiting for the two-day policy meeting of the U.S. Federal Reserve.

Initial signs from the U.S. Futures Index suggest that Wall Street might open broadly up.

Asian shares finished broadly lower, while European shares are trading mostly up.
As of 7.55 am ET, the Dow futures were adding 85.00 points, the S&P 500 futures were gaining 5.75 points and the Nasdaq 100 futures were down 8.25 points.

The U.S. major Indices finished higher on Friday. The Dow climbed well off its worst levels of the day but still edged down 36.98 points or 0.1 percent to 30,960.00. Meanwhile, the Nasdaq climbed 92.93 points or 0.7 percent to 13,635.99 and the S&P 500 rose 13.89 points or 0.4 percent to 3,855.36.

On the economic front, the Consumer Confidence report is scheduled at 10.00 am ET. The consensus is for 88.5.

Asian stocks fell in thin holiday trading on Tuesday.

Chinese shares ended lower. The benchmark Shanghai Composite Index slumped 54.81 points, or 1.5 percent, to 3,569.43, while Hong Kong’s Hang Seng Index plunged 767.75 points, or 2.6 percent, to 29,391.26.

Japanese shares tumbled on the day. The Nikkei 225 Index ended down 276.11 points, or 1 percent, at 28,546.18, retreating from the 30-year high logged the previous day. The broader Topix closed 0.8 percent lower at 1,848.

Australian markets were closed in observance of Australia Day.