Western Digital Guides Q1 Well Below Estimates – Update

AdvanSix Inc. Q2 Profit Increases, but misses estimates

AdvanSix Inc. (ASIX) revealed earnings for its second quarter that increased from the same period last year but missed the Street estimates.

The company’s earnings totaled $65.15M, or $2.23 per share. This compares with $44.13 million, or $1.53 per share, in last year’s second quarter.

Excluding items, AdvanSix Inc. reported adjusted earnings of $67.27 million or $2.30 per share for the period.

Analysts on average had expected the company to earn $2.37 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 33.4% to $583.73 million from $437.68 million last year.

AdvanSix Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $65.15M. vs. $44.13 Mln. last year.
-EPS (Q2): $2.23 vs. $1.53 last year.
-Analyst Estimate: $2.37
-Revenue (Q2): $583.73 Mln vs. $437.68 Mln last year.

Gold Hovers Near One-month High

Gold prices were slightly lower on Friday after having risen over 1 percent overnight on the back of a pullback in U.S. Treasury yields and the dollar amid recession jitters.

Spot gold slipped 0.3 percent to $1,786.67 per ounce, after hitting a one-month high in the previous session. U.S. gold futures were down 0.2 percent at $1,802.75.

The U.S. dollar edged higher today, attempting to recoup some losses after its sharpest daily drop in more than two weeks.

The U.S. yield curve remains inverted as recession worries grow. After delivering a hefty hike in interest rates, the Bank of England on Thursday warned that Britain was facing a recession with a peak-to-trough fall in output of 2.1 percent.

Cleveland Federal Reserve Bank President Loretta Mester said on Thursday that the risks of recession have risen.

Traders await the U.S. Labor Department’s jobs data later in the day for clues about the strength of the world’s largest economy.

U.S. employment is expected to increase by 250,000 jobs in July after an addition of 372,000 jobs in June. The unemployment rate is expected to hold at 3.6 percent.

The strength of the jobs report could impact the outlook for interest rates, although the Federal Reserve will have much more data to digest before their next meeting in September.

Oil Rises But Set For Hefty Weekly Loss

Oil prices rose on Friday, but were set for a weekly loss of about 10 percent on growing worries over fuel demand.

Benchmark Brent crude futures climbed 0.7 percent to $94.78 a barrel, but were on track for a weekly loss of 14 percent.

WTI crude futures rose half a percent to $89 a barrel, on course for a weekly loss of nearly 10 percent.

Crude prices languished near their lowest since the start of the conflict in Ukraine amid rising worries about a possible recession.

An inverted yield curve is often seen as indicator of a future recession.

The closely-watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes reached 39.2 basis points on Thursday, the deepest inversion since 2000.

After delivering a hefty hike in interest rates, the Bank of England on Thursday warned that Britain was facing a recession with a peak-to-trough fall in output of 2.1 percent.

Cleveland Federal Reserve Bank President Loretta Mester said on Thursday that the risks of recession have risen.

Traders await the U.S. Labor Department’s jobs data later in the day for clues about the strength of the world’s largest economy.

U.S. employment is expected to increase by 250,000 jobs in July after an addition of 372,000 jobs in June. The unemployment rate is expected to hold at 3.6 percent.

The strength of the jobs report could impact the outlook for interest rates, although the Federal Reserve will have much more data to digest before their next meeting in September.

Fluor Trims FY22 Adj. EPS Outlook – Update

While reporting financial results for the first quarter on Friday, engineering company Fluor Corp. (FLR) trimmed its adjusted earnings guidance for the full-year 2022.

For fiscal 2022, the company now projects adjusted earnings in the range of $1.15 to $1.35 per share, compared to the prior guidance range of $1.15 to $1.40 per share.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Amazon To Buy IRobot In $1.7 Bln Deal – Quick Facts

Amazon.com Inc. (AMZN) announced Friday an agreement to acquire consumer robot company iRobot (IRBT) for $61 per share in an all-cash transaction valued at approximately $1.7 billion, including iRobot’s net debt.

The companies expect to complete the deal subject to customary closing conditions, including approval by iRobot’s shareholders and regulatory approvals.

On completion, Colin Angle will remain as CEO of iRobot.

iRobot designs and builds thoughtful robots and smart home devices. iRobot’s product portfolio features technologies and advanced concepts in cleaning, mapping and navigation.

The company, which introduced its first Roomba robot vacuum in 2002, now has sold millions of robots worldwide.

Colin Angle, chairman and CEO of iRobot, said, “Amazon shares our passion for building thoughtful innovations that empower people to do more at home, and I cannot think of a better place for our team to continue our mission. I’m hugely excited to be a part of Amazon and to see what we can build together for customers in the years ahead.”

Western Digital Guides Q1 Well Below Estimates – Update

While reporting financial results for the fourth quarter on Friday, Western Digital Corp. (WDC) provided its adjusted earnings and revenue guidance for the first quarter of fiscal 2023.

For the first quarter, the company now projects adjusted earnings in the range of $0.35 to $0.65 per share on revenues between $3.60 billion and $3.80 billion.

On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $1.96 per share on revenues of $4.74 billion for the quarter. Analysts’ estimates typically exclude special items.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com