text stringlengths 10 159k | url stringlengths 19 865 | crawl_date timestamp[s]date 2022-02-01 01:02:23 2024-12-02 05:16:38 | lang stringclasses 1 value | lang_conf float64 0.65 1 |
|---|---|---|---|---|
The Swiss National Bank (SNB) is going to do away with negative interest rates today. Economists at Commerzbank expect the central bank to continue paving the way for a stronger Swiss franc.
CHF remains tool in the SNB’s fight against inflation
“SNB is expected to hike rates by 75 bps to 0.5%. However, what is decisive for the development of CHF is mainly what the SNB signalled regarding its intervention strategy.”
“The SNB cannot accept major franc depreciation if it wants to avoid undesirable inflationary effects. We therefore expect that it continues to signal an exchange rate policy that paves the way for further CHF strength.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
GBP/USD drops below 1.1250 as BOE rate hike looms
GBP/USD is turning south towards 1.1200, sitting at 37-year lows in early Europe. Investors resort to position readjustments ahead of the BOE rate hike decision. Hawkish Fed outlook and risk aversion weigh on the pair.
EUR/USD eases towards 0.9800 amid risk aversion, USD strength
EUR/USD is resuming its decline towards 0.9800 in early European hours. The post-Fed US dollar rally shows no signs of exhaustion amid risk aversion and firmer Treasury yields. Looming Russia tensions offset hawkish ECB commentary.
Gold stays bearish below $1,680 hurdle, focus on central banks
Gold price holds lower ground near two-year bottom flashed on Fed day. Risk-aversion, firmer DXY joins downside break of $1,680 level to keep bears hopeful. Multiple central bankers are in line to woo market players, hawkish moves could weigh on XAU/USD.
USD/CHF jumps towards 0.9800 on expected SNB 75 bps rate hike
USD/CHF is advancing towards 0.9800, at two-week highs after the Swiss National Bank (SNB) hiked rates by 75 bps to 0.50%, as widely expected. The US dollar holds onto its staggering post-Fed rally, as markets remain risk averse amid Russia tensions.
BOE Interest Rate Decision Preview: GBP/USD braces for volatility storm, eyeing a 75 bps hike Premium
The Bank of England (BOE) is set to announce its interest rate decision on Thursday at 11:00 GMT, with markets bracing for a surprise 75 basis points (bps) rate hike. | https://www.fxstreet.com/news/snb-to-signal-an-exchange-rate-policy-that-paves-the-way-for-further-chf-strength-commerzbank-202209220649 | 2022-09-22T07:53:04 | en | 0.946757 |
By CHRISTOPHER RUGABER
AP Economics Writer
WASHINGTON (AP) — The Federal Reserve delivered its bluntest reckoning Wednesday of what it will take to finally tame painfully high inflation: Slower growth, higher unemployment and potentially a recession.
Speaking at a news conference, Chair Jerome Powell acknowledged what many economists have been saying for months: That the Fed’s goal of engineering a “soft landing” — in which it would manage to slow growth enough to curb inflation but not so much as to cause a recession — looks increasingly unlikely.
“The chances of a soft landing,” Powell said, “are likely to diminish” as the Fed steadily raises borrowing costs to slow the worst streak of inflation in four decades. “No one knows whether this process will lead to a recession or, if so, how significant that recession would be.”
Before the Fed’s policymakers would consider halting their rate hikes, he said, they would have to see continued slow growth, a “modest” increase in unemployment and “clear evidence” that inflation is moving back down to their 2% target.
“We have got to get inflation behind us,” Powell said. “I wish there were a painless way to do that. There isn’t.”
Powell’s remarks followed another substantial three-quarters of a point rate hike — its third straight — by the Fed’s policymaking committee. Its latest action brought the Fed’s key short-term rate, which affects many consumer and business loans, to 3% to 3.25%. That’s its highest level since early 2008.
Falling gas prices have slightly lowered headline inflation, which was a still-painful 8.3% in August compared with a year earlier. Those declining prices at the gas pump might have contributed to a recent rise in President Joe Biden’s public approval ratings, which Democrats hope will boost their prospects in the November midterm elections.
On Wednesday, the Fed officials also forecast more jumbo-size hikes to come, raising their benchmark rate to roughly 4.4% by year’s end — a full point higher than they had envisioned as recently as June. And they expect to raise the rate again next year, to about 4.6%. That would be the highest level since 2007.
By raising borrowing rates, the Fed makes it costlier to take out a mortgage or an auto or business loan. Consumers and businesses then presumably borrow and spend less, cooling the economy and slowing inflation.
In their quarterly economic forecasts, the Fed’s policymakers also projected that economic growth will stay weak for the next few years, with unemployment rising to 4.4% by the end of 2023, up from its current level of 3.7%. Historically, economists say, any time unemployment has risen by a half-point over several months, a recession has always followed.
“So the (Fed’s) forecast is an implicit admission that a recession is likely, unless something extraordinary happens,” said Roberto Perli, an economist at Piper Sandler, an investment bank.
Fed officials now foresee the economy expanding just 0.2% this year, sharply lower than their forecast of 1.7% growth just three months ago. And they envision sluggish growth below 2% from 2023 through 2025. Even with the steep rate hikes the Fed foresees, it still expects core inflation — which excludes volatile food and gas costs — to be 3.1% at the end of 2023, well above its 2% target.
Powell warned in a speech last month that the Fed’s moves will “bring some pain” to households and businesses. And he added that the central bank’s commitment to bringing inflation back down to its 2% target was “unconditional.”
Short-term rates at a level the Fed is now envisioning will force many Americans to pay much higher interest payments on a variety of loans than in the recent past. Last week, the average fixed mortgage rate topped 6%, its highest point in 14 years, which helps explain why home sales have tumbled. Credit card rates have reached their highest level since 1996, according to Bankrate.com.
Inflation now appears increasingly fueled by higher wages and by consumers’ steady desire to spend and less by the supply shortages that had bedeviled the economy during the pandemic recession. On Sunday, Biden said on CBS’ “60 Minutes” that he believed a soft landing for the economy was still possible, suggesting that his administration’s recent energy and health care legislation would lower prices for pharmaceuticals and health care.
The law may help lower prescription drug prices, but outside analyses suggest it will do little to immediately bring down overall inflation. Last month, the nonpartisan Congressional Budget Office judged it would have a “negligible” effect on prices through 2023. The University of Pennsylvania’s Penn Wharton Budget Model went even further to say “the impact on inflation is statistically indistinguishable from zero” over the next decade.
Even so, some economists are beginning to express concern that the Fed’s rapid rate hikes — the fastest since the early 1980s — will cause more economic damage than necessary to tame inflation. Mike Konczal, an economist at the Roosevelt Institute, noted that the economy is already slowing and that wage increases — a key driver of inflation — are levelling off and by some measures even declining a bit.
Surveys also show that Americans are expecting inflation to ease significantly over the next five years. That is an important trend because inflation expectations can become self-fulfilling: If people expect inflation to ease, some will feel less pressure to accelerate their purchases. Less spending would then help moderate price increases.
The Fed’s rapid rate hikes mirror steps that other major central banks are taking, contributing to concerns about a potential global recession. The European Central Bank last week raised its benchmark rate by three-quarters of a percentage point. The Bank of England, the Reserve Bank of Australia and the Bank of Canada have all carried out hefty rate increases in recent weeks.
And in China, the world’s second-largest economy, growth is already suffering from the government’s repeated COVID lockdowns. If recession sweeps through most large economies, that could derail the U.S. economy, too.
___
AP Economics Writer Paul Wiseman contributed to this report.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/09/21/powells-stark-message-inflation-fight-may-cause-recession/ | 2022-09-22T07:53:06 | en | 0.96216 |
S&P 500 have broken important support levels at the uptrend from the 2022 low, which should trigger a sooner than expected resumption of the core bearish downtrend, in the view of economists at Credit Suisse.
Near-term resistance moves to 3930/62
“S&P 500 has broken below the uptrend from the 2022 low and 61.8% retracement at 3914/3887, which negates the potential for a short-term period of consolidation and instead suggests a direct resumption of the broader downtrend, reinforced by the rolling lower in weekly MACD.”
“We look for a move back to new lows for the year below 3637 and for a test of the 200-week average at 3586, then 3505/00. Whilst we would look for better support to show here, a break can clear the way for a fall to a cluster of supports at 3234/3195, which includes the 38.2% retracement of the entire uptrend from the 2009 GFC low.”
“Near-term resistance moves to the recent breakdown point at 3930/62, which we ideally look to cap the market to keep the risks directly lower. Next minor resistance above here is back at the 4119 high.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
GBP/USD drops below 1.1250 as BOE rate hike looms
GBP/USD is turning south towards 1.1200, sitting at 37-year lows in early Europe. Investors resort to position readjustments ahead of the BOE rate hike decision. Hawkish Fed outlook and risk aversion weigh on the pair.
EUR/USD eases towards 0.9800 amid risk aversion, USD strength
EUR/USD is resuming its decline towards 0.9800 in early European hours. The post-Fed US dollar rally shows no signs of exhaustion amid risk aversion and firmer Treasury yields. Looming Russia tensions offset hawkish ECB commentary.
Gold stays bearish below $1,680 hurdle, focus on central banks
Gold price holds lower ground near two-year bottom flashed on Fed day. Risk-aversion, firmer DXY joins downside break of $1,680 level to keep bears hopeful. Multiple central bankers are in line to woo market players, hawkish moves could weigh on XAU/USD.
USD/CHF jumps towards 0.9800 on expected SNB 75 bps rate hike
USD/CHF is advancing towards 0.9800, at two-week highs after the Swiss National Bank (SNB) hiked rates by 75 bps to 0.50%, as widely expected. The US dollar holds onto its staggering post-Fed rally, as markets remain risk averse amid Russia tensions.
BOE Interest Rate Decision Preview: GBP/USD braces for volatility storm, eyeing a 75 bps hike Premium
The Bank of England (BOE) is set to announce its interest rate decision on Thursday at 11:00 GMT, with markets bracing for a surprise 75 basis points (bps) rate hike. | https://www.fxstreet.com/news/sp-500-index-remains-in-a-clear-medium-term-downtrend-credit-suisse-202209220701 | 2022-09-22T07:53:10 | en | 0.94165 |
By DÁNICA COTO
Associated Press
CAGUAS, Puerto Rico (AP) — Hurricane Fiona left dozens of families stranded across Puerto Rico after smashing roads and bridges, with authorities still struggling to reach people four days after the storm smacked the U.S. territory, causing historic flooding.
For now, government officials are working with religious groups, nonprofits and others braving landslides, thick mud and broken asphalt by foot to provide food, water and medicine for people in need, but they are under pressure to clear a path so vehicles can enter isolated areas soon.
Nino Correa, commissioner for Puerto Rico’s emergency management agency, estimated that at least six municipalities across the island had areas that were cut off by Fiona, which struck as a Category 1 hurricane and was up to Category 4 power Wednesday as it headed toward Bermuda.
Living in one of those areas is Manuel Veguilla, who has not been able to leave his neighborhood in the north mountain town of Caguas since Fiona swept in on Sunday.
“We are all isolated,” he said, adding that he worries about elderly neighbors including his older brother who does not have the strength for the long walk it takes to reach the closest community.
Veguilla heard that municipal officials might open a pathway Thursday, but he doubted that would happen because he said large rocks covered a nearby bridge and the 10-foot space beneath it.
Neighbors have shared food and water dropped off by nonprofit groups, and the son of an elderly woman was able to bring back basic supplies by foot Wednesday, he said.
Veguilla said that in the aftermath of Hurricane Maria, a Category 4 storm that struck five years ago and resulted in nearly 3,000 deaths, he and others used picks and shovels to clear the debris. But Fiona was different, unleashing huge landslides.
“I cannot throw those rocks over my shoulder,” he said.
Like hundreds of thousands of other Puerto Ricans after Fiona, Veguilla had no water or electricity service, but said they there is a natural water source nearby.
Fiona sparked an islandwide blackout when it hit Puerto Rico’s southwest region, which already was still trying to recover from a series of strong earthquakes in recent years. Some 70% of 1.47 million customers were without power three days after the storm amid an extreme heat alert issued by the National Weather Service. Some 40% of customers, or more than half a million, did not have water service.
The U.S. Federal Emergency Management Agency has sent hundreds of additional personnel to help local officials as the federal government approved a major disaster declaration and announced a public health emergency on the island.
Neither local nor federal government officials had provided any damage estimates as Puerto Rico struggles to recover from the storm, which dropped up to 30 inches of rain in some areas. More than 1,000 people remained in shelters.
“Our hearts go out to the people of Puerto Rico who have endured so much suffering over the last couple of years,” said Brad Kieserman, vice president of operations and logistics at the Red Cross.
After Puerto Rico, Fiona pummeled the Dominican Republic and then swiped past the Turks and Caicos Islands as it strengthened into a Category 4 storm. Officials there reported relatively light damage and no deaths, though the eye of the storm passed close to Grand Turk, the small British territory’s capital island, on Tuesday.
“God has been good to us and has kept us safe during this period when we could have had a far worse outcome,” Deputy Gov. Anya Williams said.
Fiona was forecast to pass near Bermuda early Friday, and then hit easternmost Canada early Saturday, the U.S. National Hurricane Center said.
The center said Fiona had maximum sustained winds of 130 mph (215 kph) late Wednesday. It was centered about 550 miles (885 kilometers) southwest of Bermuda, heading north at 10 mph (17 kph). It was forecast to pass close by Bermuda early Friday.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/09/21/puerto-rico-struggles-to-reach-areas-cut-off-by-fiona/ | 2022-09-22T07:53:14 | en | 0.973302 |
Turkish central bank’s rate decision is unlikely to have an impact on the lira, in the opinion of economists at Commerzbank. TRY is set to suffer another round of selling pressure.
High inflation rates and the dollar are the driving forces in USD/TRY
“The lira’s cautious reaction to the August decision illustrated that the market has given up hoping for monetary policy to support the currency. That means today’s decision is unlikely to have much of an effect on the TRY exchange rates either.”
“High inflation rates and the dollar are the driving forces in USD/TRY. Due to the continued high levels of foreign debt, we still do not consider simply accepting TRY depreciation to constitute a sustainable strategy. As a result, the next TRY crisis is only a matter of time in our view.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
GBP/USD drops below 1.1250 as BOE rate hike looms
GBP/USD is turning south towards 1.1200, sitting at 37-year lows in early Europe. Investors resort to position readjustments ahead of the BOE rate hike decision. Hawkish Fed outlook and risk aversion weigh on the pair.
EUR/USD eases towards 0.9800 amid risk aversion, USD strength
EUR/USD is resuming its decline towards 0.9800 in early European hours. The post-Fed US dollar rally shows no signs of exhaustion amid risk aversion and firmer Treasury yields. Looming Russia tensions offset hawkish ECB commentary.
Gold stays bearish below $1,680 hurdle, focus on central banks
Gold price holds lower ground near two-year bottom flashed on Fed day. Risk-aversion, firmer DXY joins downside break of $1,680 level to keep bears hopeful. Multiple central bankers are in line to woo market players, hawkish moves could weigh on XAU/USD.
USD/CHF jumps towards 0.9800 on expected SNB 75 bps rate hike
USD/CHF is advancing towards 0.9800, at two-week highs after the Swiss National Bank (SNB) hiked rates by 75 bps to 0.50%, as widely expected. The US dollar holds onto its staggering post-Fed rally, as markets remain risk averse amid Russia tensions.
BOE Interest Rate Decision Preview: GBP/USD braces for volatility storm, eyeing a 75 bps hike Premium
The Bank of England (BOE) is set to announce its interest rate decision on Thursday at 11:00 GMT, with markets bracing for a surprise 75 basis points (bps) rate hike. | https://www.fxstreet.com/news/the-next-try-crisis-is-only-a-matter-of-time-commerzbank-202209220713 | 2022-09-22T07:53:17 | en | 0.946973 |
SAN DIEGO (AP) — Albert Pujols of the St. Louis Cardinals grounded a single to right field with two outs in the seventh inning to break up a no-hit bid by Blake Snell of the San Diego Padres.
The Padres led 1-0 at Petco Park on Wednesday night.
The left-handed Snell had shut down Pujols and the NL Central-leading Cardinals until the 42-year-old slugger, who is two shy of 700 home runs for his career, punched a base hit to right on a 3-1 pitch, Snell’s 107th of the game.
Until then, the left-handed Snell had allowed only two runners, issuing walks to Nolan Arenado leading off the second inning and Paul Goldschmidt with one out in the fourth.
He had retired Pujols twice, on a strikeout and a groundout.
Juan Yepez followed with a single before Snell struck out Paul DeJong to tie his career-high of 13.
Snell threw 117 pitches, 70 for strikes.
Snell came into the game with a 7-9 record and a 3.85 ERA.
___
More AP MLB: https://apnews.com/MLB and https://twitter.com/AP_Sports
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/sports/2022/09/21/pujols-singles-in-7th-inning-to-break-up-snells-no-hit-bid/ | 2022-09-22T07:53:21 | en | 0.945505 |
The US Dollar Index surged to its highest level since July 2002 above 111.70 following the US Federal Reserve's decision to hike its policy rate by 75 basis points (bps). Economists at ING expect the greenback to get even stronger.
Dollar to remain bid on dips
“Expect the dollar to remain bid on dips as confidence grows that deposit rates for the world's most liquid currency will push above 4% over the coming months.”
“DXY is flying. Expect corrections to prove shallow.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
GBP/USD drops below 1.1250 as BOE rate hike looms
GBP/USD is turning south towards 1.1200, sitting at 37-year lows in early Europe. Investors resort to position readjustments ahead of the BOE rate hike decision. Hawkish Fed outlook and risk aversion weigh on the pair.
EUR/USD eases towards 0.9800 amid risk aversion, USD strength
EUR/USD is resuming its decline towards 0.9800 in early European hours. The post-Fed US dollar rally shows no signs of exhaustion amid risk aversion and firmer Treasury yields. Looming Russia tensions offset hawkish ECB commentary.
Gold stays bearish below $1,680 hurdle, focus on central banks
Gold price holds lower ground near two-year bottom flashed on Fed day. Risk-aversion, firmer DXY joins downside break of $1,680 level to keep bears hopeful. Multiple central bankers are in line to woo market players, hawkish moves could weigh on XAU/USD.
USD/CHF jumps towards 0.9800 on expected SNB 75 bps rate hike
USD/CHF is advancing towards 0.9800, at two-week highs after the Swiss National Bank (SNB) hiked rates by 75 bps to 0.50%, as widely expected. The US dollar holds onto its staggering post-Fed rally, as markets remain risk averse amid Russia tensions.
BOE Interest Rate Decision Preview: GBP/USD braces for volatility storm, eyeing a 75 bps hike Premium
The Bank of England (BOE) is set to announce its interest rate decision on Thursday at 11:00 GMT, with markets bracing for a surprise 75 basis points (bps) rate hike. | https://www.fxstreet.com/news/us-dollar-index-is-flying-corrections-to-prove-shallow-ing-202209220723 | 2022-09-22T07:53:23 | en | 0.946252 |
By HILLEL ITALIE
AP National Writer
NEW YORK (AP) — Joan Didion’s precision with words extended even to ones she would never live to hear, such as those used during a small, private service this spring at the Cathedral of St. John the Divine.
“She left very clear directions about what she wanted to happen at that service,” the Very Rev. Patrick Malloy said Wednesday night, at the start of a memorial tribute at the Cathedral. “She wanted it to be very brief and she specified the texts she wanted us to use, all from the Episcopal Book of Common Prayer, which is what you’d expect from an Episcopalian who wrote a book called ‘A Book of Common Prayer.’”
The texts she chose were “remarkably dour,” Malloy went on to explain, and they were not from the contemporary edition of the Book of Common Prayer, but from an older, more ornate printing. It was Didion’s way of reminding everyone that the sounds of the words, and their rhythm, meant as much as the words themselves.
Didion, a master of rhythm and of the meaning of the unsaid, was remembered Wednesday as an inspiring and fearless writer and valued, exacting and sometimes eccentric friend, the kind who didn’t like to speak on the phone unless asked to or who might serve chocolate soufflés at a child’s birthday party because she didn’t know how to bake a cake.
Hundreds were presented with programs and laminated hand fans as they entered the Cathedral on a summer-ish late afternoon — the first day of autumn — where the scale of the building was too vast for the expense of air conditioning. Carl Bernstein, Donna Tartt and Fran Lebowitz were among those attending, along with relatives, friends and editors and other colleagues from The New Yorker and her last publishing house, Penguin Random House.
Didion, who died last December at age 87, left behind no immediate family members: Her husband, fellow author and screenwriting partner John Gregory Dunne died in 2003, followed less than two years later by their only child, Quintana Roo. But the speakers did span much of her life, from Sacramento and Malibu in California to the Upper Side East of Manhattan, from her years as a child already preoccupied with language to her prime as an uncommonly astute observer of contemporary society to her time as an elder sage and prototype for younger authors.
Retired Supreme Court Justice Anthony M. Kennedy, here in his capacity as a generational peer and a fellow Sacramento native, remembered Didion as a close friend of his older sister Nancy’s and a frequent dinner guest. She was a gifted and “pensive” girl, cerebral beyond her years, who would “think and write and think and write, all over again.” Former California Governor Jerry Brown, speaking via a taped video feed, also shared Sacramento memories and of Didion as a college friend of his sister’s.
“She and Joan would share a smoke together and talk about the novels they were reading,” he said. “Years later, my sister’s most vivid memory was of Joan coming down for breakfast in a pink chenille robe, drinking a cup of coffee and smoking cigarettes.”
Calvin Trillin read from Didion’s biting coverage of the 1988 political conventions, when she famously observed that in high school she preferred being around people who hung out at gas stations — a setting not otherwise invoked during a ceremony more populated by stories of parties, literary craft and the Rolling Stones.
Vanessa Redgrave, her white hair tied in back and otherwise covered by a dark fedora, read from Didion’s celebrated memoir about grief, “The Year of Magical Thinking,” which Redgrave years ago had performed on stage as Didion sat in the wings for every show.
Didion’s longtime friend and fellow author Susanna Moore distilled decades of conversation into a few of Didion’s aphorisms: “Evil is the absence of seriousness.” “Crazy is never interesting.” “I would drop this whole idea of knowing the truth.” Actor Susan Traylor, a childhood friend of Roo’s, spoke of feeling homesick while spending Christmas in Hawaii with the Didions.
“Without raising the issue she (Joan Didion) reached out and stroked my head,” Traylor recalled. “’What you should know is that your mother told me that the reason she let you miss Christmas at home is she thought it would be good for you to know you could do it without her.’ And I was fine.”
The show began with reflections on the Book of Common Prayer, and ended in secular scripture, Patti Smith performing Bob Dylan’s “Chimes of Freedom.” Backed by Tony Shanahan on acoustic guitar, Smith sang at a piercing, steady clip, as if mimicking the cadence of Didion’s prose.
_____
Tolling for the aching ones whose wounds cannot be nursed
For the countless confused, accused, misused, strung-out ones and worse
And for every hung-up person in the whole wide universe
And we gazed upon the chimes of freedom flashin’
____
Smith repeated the last line, but changed “we” to “she.” She ended with a single, spoken word: “Joan.”
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/09/21/renowned-author-joan-didion-honored-by-hundreds-at-memorial-2/ | 2022-09-22T07:53:28 | en | 0.973929 |
USD/CNY has reached the 7 level. Analysts at Credit Suisse see scope for a further advance to 7.1844.
Notable near-term support shifts to 6.9799/6.9690
“With the 55-day and 200-day averages in a solid uptrend and with our bullish USD view in mind, we see potential for further upside in the medium-term and thus we revise our objective higher once again to the highs of 2019/20 at 7.1844/7.1766, where we would look for a more solid ceiling to be found.”
“Notable near-term support shifts to 6.9799/6.9690, which ideally limits any potential near-term turn back lower.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
GBP/USD drops below 1.1250 as BOE rate hike looms
GBP/USD is turning south towards 1.1200, sitting at 37-year lows in early Europe. Investors resort to position readjustments ahead of the BOE rate hike decision. Hawkish Fed outlook and risk aversion weigh on the pair.
EUR/USD eases towards 0.9800 amid risk aversion, USD strength
EUR/USD is resuming its decline towards 0.9800 in early European hours. The post-Fed US dollar rally shows no signs of exhaustion amid risk aversion and firmer Treasury yields. Looming Russia tensions offset hawkish ECB commentary.
Gold stays bearish below $1,680 hurdle, focus on central banks
Gold price holds lower ground near two-year bottom flashed on Fed day. Risk-aversion, firmer DXY joins downside break of $1,680 level to keep bears hopeful. Multiple central bankers are in line to woo market players, hawkish moves could weigh on XAU/USD.
USD/CHF jumps towards 0.9800 on expected SNB 75 bps rate hike
USD/CHF is advancing towards 0.9800, at two-week highs after the Swiss National Bank (SNB) hiked rates by 75 bps to 0.50%, as widely expected. The US dollar holds onto its staggering post-Fed rally, as markets remain risk averse amid Russia tensions.
BOE Interest Rate Decision Preview: GBP/USD braces for volatility storm, eyeing a 75 bps hike Premium
The Bank of England (BOE) is set to announce its interest rate decision on Thursday at 11:00 GMT, with markets bracing for a surprise 75 basis points (bps) rate hike. | https://www.fxstreet.com/news/usd-cny-to-enjoy-further-gains-towards-the-71844-mark-credit-suisse-202209220626 | 2022-09-22T07:53:29 | en | 0.945999 |
At its September monetary policy meeting on Thursday, Indonesia’s central bank, Bank Indonesia (BI), hiked its 7-day reverse repo rate by an unexpected 50 bps from 3.75% to 4.25%.
The central bank Governor Warjiyo noted that the rupiah depreciation is relatively better than peers.
Additional Comments:
Global inflation has risen amid geopolitical tensions, protectionist trade policies.
Core inflation is trending up globally, pushing c.banks to be more aggressive with monetary policy.
US rate hike makes us dollar stronger against other currencies.
Govt policy on social spending has helped support domestic consumption.
Price pressure is rising due to higher food, energy prices, hike in fuel prices.
Price pressure is seen heightening starting this month due to fuel price hike.
2022 inflation seen above 2%-4% target range.
We need stronger coordination with govt to ensure inflation returns to target in H2 2023.
more to come ...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
GBP/USD drops below 1.1250 as BOE rate hike looms
GBP/USD is turning south towards 1.1200, sitting at 37-year lows in early Europe. Investors resort to position readjustments ahead of the BOE rate hike decision. Hawkish Fed outlook and risk aversion weigh on the pair.
EUR/USD eases towards 0.9800 amid risk aversion, USD strength
EUR/USD is resuming its decline towards 0.9800 in early European hours. The post-Fed US dollar rally shows no signs of exhaustion amid risk aversion and firmer Treasury yields. Looming Russia tensions offset hawkish ECB commentary.
Gold stays bearish below $1,680 hurdle, focus on central banks
Gold price holds lower ground near two-year bottom flashed on Fed day. Risk-aversion, firmer DXY joins downside break of $1,680 level to keep bears hopeful. Multiple central bankers are in line to woo market players, hawkish moves could weigh on XAU/USD.
USD/CHF jumps towards 0.9800 on expected SNB 75 bps rate hike
USD/CHF is advancing towards 0.9800, at two-week highs after the Swiss National Bank (SNB) hiked rates by 75 bps to 0.50%, as widely expected. The US dollar holds onto its staggering post-Fed rally, as markets remain risk averse amid Russia tensions.
BOE Interest Rate Decision Preview: GBP/USD braces for volatility storm, eyeing a 75 bps hike Premium
The Bank of England (BOE) is set to announce its interest rate decision on Thursday at 11:00 GMT, with markets bracing for a surprise 75 basis points (bps) rate hike. | https://www.fxstreet.com/news/usd-idr-rupiah-bounces-off-two-year-lows-on-bank-indonesias-surprise-50-bps-hike-202209220727 | 2022-09-22T07:53:35 | en | 0.943486 |
By HILLEL ITALIE
AP National Writer
NEW YORK (AP) — Joan Didion’s precision with words extended even to ones she would never live to hear, such as those used during a small, private service this spring at the Cathedral of St. John the Divine.
“She left very clear directions about what she wanted to happen at that service,” the Very Rev. Patrick Malloy said Wednesday night, at the start of a memorial tribute at the Cathedral. “She wanted it to be very brief and she specified the texts she wanted us to use, all from the Episcopal Book of Common Prayer, which is what you’d expect from an Episcopalian who wrote a book called ‘A Book of Common Prayer.’”
The texts she chose were “remarkably dour,” Malloy went on to explain, and they were not from the contemporary edition of the Book of Common Prayer, but from an older, more ornate printing. It was Didion’s way of reminding everyone that the sounds of the words, and their rhythm, meant as much as the words themselves.
Didion, a master of rhythm and of the meaning of the unsaid, was remembered Wednesday as an inspiring and fearless writer and valued, exacting and sometimes eccentric friend, the kind who didn’t like to speak on the phone unless asked to or who might serve chocolate soufflés at a child’s birthday party because she didn’t know how to bake a cake.
Hundreds were presented with programs and laminated hand fans as they entered the Cathedral on a summer-ish late afternoon — the first day of autumn — where the scale of the building was too vast for the expense of air conditioning. Carl Bernstein, Donna Tartt and Fran Lebowitz were among those attending, along with relatives, friends and editors and other colleagues from The New Yorker and her last publishing house, Penguin Random House.
Didion, who died last December at age 87, left behind no immediate family members: Her husband, fellow author and screenwriting partner John Gregory Dunne died in 2003, followed less than two years later by their only child, Quintana Roo. But the speakers did span much of her life, from Sacramento and Malibu in California to the Upper Side East of Manhattan, from her years as a child already preoccupied with language to her prime as an uncommonly astute observer of contemporary society to her time as an elder sage and prototype for younger authors.
Retired Supreme Court Justice Anthony M. Kennedy, here in his capacity as a generational peer and a fellow Sacramento native, remembered Didion as a close friend of his older sister Nancy’s and a frequent dinner guest. She was a gifted and “pensive” girl, cerebral beyond her years, who would “think and write and think and write, all over again.” Former California Governor Jerry Brown, speaking via a taped video feed, also shared Sacramento memories and of Didion as a college friend of his sister’s.
“She and Joan would share a smoke together and talk about the novels they were reading,” he said. “Years later, my sister’s most vivid memory was of Joan coming down for breakfast in a pink chenille robe, drinking a cup of coffee and smoking cigarettes.”
Calvin Trillin read from Didion’s biting coverage of the 1988 political conventions, when she famously observed that in high school she preferred being around people who hung out at gas stations — a setting not otherwise invoked during a ceremony more populated by stories of parties, literary craft and the Rolling Stones.
Vanessa Redgrave, her white hair tied in back and otherwise covered by a dark fedora, read from Didion’s celebrated memoir about grief, “The Year of Magical Thinking,” which Redgrave years ago had performed on stage as Didion sat in the wings for every show.
Didion’s longtime friend and fellow author Susanna Moore distilled decades of conversation into a few of Didion’s aphorisms: “Evil is the absence of seriousness.” “Crazy is never interesting.” “I would drop this whole idea of knowing the truth.” Actor Susan Traylor, a childhood friend of Roo’s, spoke of feeling homesick while spending Christmas in Hawaii with the Didions.
“Without raising the issue she (Joan Didion) reached out and stroked my head,” Traylor recalled. “’What you should know is that your mother told me that the reason she let you miss Christmas at home is she thought it would be good for you to know you could do it without her.’ And I was fine.”
The show began with reflections on the Book of Common Prayer, and ended in secular scripture, Patti Smith performing Bob Dylan’s “Chimes of Freedom.” Backed by Tony Shanahan on acoustic guitar, Smith sang at a piercing, steady clip, as if mimicking the cadence of Didion’s prose.
_____
Tolling for the aching ones whose wounds cannot be nursed
For the countless confused, accused, misused, strung-out ones and worse
And for every hung-up person in the whole wide universe
And we gazed upon the chimes of freedom flashin’
____
Smith repeated the last line, but changed “we” to “she.” She ended with a single, spoken word: “Joan.”
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/entertainment/2022/09/21/renowned-author-joan-didion-honored-by-hundreds-at-memorial/ | 2022-09-22T07:53:35 | en | 0.973929 |
- The index picks up further pace and approaches 112.00.
- US yields in the short end of the curve rose past 4.00%.
- Initial Claims, CB Leading Index next of note in the docket.
The greenback, when tracked by the USD Index (DXY), climbs to new highs in levels last seen in June 2002 near 111.80 on Thursday.
USD Index bid after Fed, looks to data
The optimism around the dollar remains well and sound amidst increasing tailwinds after the Federal Reserve raised the Fed Funds Target Range (FFTR) by 75 bps to 3.00%-3.25% at its event on Wednesday.
Indeed, the renewed strength in the buck has been also reinforced by Powell’s comments reinforcing the tighter-for-longer stance from the Fed, in line with what he already announced at the Jackson Hole Symposium.
The move higher in the dollar also comes in tandem with further upside in US yields, where the short term of the curve surpasses the 4.00% mark for the first time since October 2007.
In the US data space, usual weekly Claims are due seconded by the CB Leading Index.
What to look for around USD
The dollar’s rally remains unabated and it has been fuelled further by the recent FOMC event and comments by Chair Powell. The next target of note in DXY now emerges at the 112.00 area.
Bolstering the dollar’s underlying positive stance appears the firmer conviction of the Federal Reserve to keep hiking rates until inflation looks well under control regardless of a likely slowdown in the economic activity and some loss of momentum in the labour market.
Looking at the more macro scenario, the greenback appears propped up by the Fed’s divergence vs. most of its G10 peers in combination with bouts of geopolitical effervescence and occasional re-emergence of risk aversion.
Key events in the US this week: Initial Claims, CB Leading Index (Thursday) – Flash Manufacturing/Services PMIs, Powell speech (Friday).
Eminent issues on the back boiler: Hard/soft/softish? landing of the US economy. Prospects for further rate hikes by the Federal Reserve vs. speculation over a recession in the next months. Geopolitical effervescence vs. Russia and China. US-China persistent trade conflict.
USD Index relevant levels
Now, the index is advancing 0.38% at 111.76 and a breakout of 111.81 (2022 high September 22) would expose 112.00 (round level) and then 113.50 (weekly high May 24 2002). On the downside, the next contention aligns at 107.92 (55-day SMA) seconded by 107.68 (monthly low September 13) and finally 107.58 (weekly low August 26).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
GBP/USD drops below 1.1250 as BOE rate hike looms
GBP/USD is turning south towards 1.1200, sitting at 37-year lows in early Europe. Investors resort to position readjustments ahead of the BOE rate hike decision. Hawkish Fed outlook and risk aversion weigh on the pair.
EUR/USD eases towards 0.9800 amid risk aversion, USD strength
EUR/USD is resuming its decline towards 0.9800 in early European hours. The post-Fed US dollar rally shows no signs of exhaustion amid risk aversion and firmer Treasury yields. Looming Russia tensions offset hawkish ECB commentary.
Gold stays bearish below $1,680 hurdle, focus on central banks
Gold price holds lower ground near two-year bottom flashed on Fed day. Risk-aversion, firmer DXY joins downside break of $1,680 level to keep bears hopeful. Multiple central bankers are in line to woo market players, hawkish moves could weigh on XAU/USD.
USD/CHF jumps towards 0.9800 on expected SNB 75 bps rate hike
USD/CHF is advancing towards 0.9800, at two-week highs after the Swiss National Bank (SNB) hiked rates by 75 bps to 0.50%, as widely expected. The US dollar holds onto its staggering post-Fed rally, as markets remain risk averse amid Russia tensions.
BOE Interest Rate Decision Preview: GBP/USD braces for volatility storm, eyeing a 75 bps hike Premium
The Bank of England (BOE) is set to announce its interest rate decision on Thursday at 11:00 GMT, with markets bracing for a surprise 75 basis points (bps) rate hike. | https://www.fxstreet.com/news/usd-index-climbs-to-20-year-highs-and-targets-11200-202209220713 | 2022-09-22T07:53:42 | en | 0.942147 |
By JILL LAWLESS
Associated Press
UNITED NATIONS (AP) — British Prime Minister Liz Truss on Wednesday accused Russian President Vladimir Putin of making “saber-rattling threats” to cover his failed invasion of Ukraine, as she told the United Nations that its founding principles were fracturing because of aggression by authoritarian states.
In her debut speech to the U.N. General Assembly on Wednesday night, Truss called the war in Ukraine a battle for “our values and the security of the whole world,” and extolled the late Queen Elizabeth II as a symbol of everything the U.N. stands for.
Responding to a statement from Putin that he was mobilizing reservists and would use everything at his disposal to protect Russia — an apparent reference to his nuclear arsenal —Truss accused the Russian leader of “desperately trying to justify his catastrophic failures.”
“He is doubling down by sending even more reservists to a terrible fate,” she said. “He is desperately trying to claim the mantle of democracy for a regime without human rights or freedoms. And he is making yet more bogus claims and saber-rattling threats.”
“This will not work. The international alliance is strong — Ukraine is strong,” said Truss, who addressed the U.N. on the same day Ukrainian President Volodymyr Zelenskyy spoke to the global gathering by video.
In a speech outlining her view of foreign policy in a world turned upside down by Russia’s invasion, Truss spoke of the queen, whose funeral on Monday was attended by many of the world leaders now gathered at the United Nations.
She said the queen “symbolized the postwar values on which this organization was founded.” She said the monarch, who died this month after 70 years on the throne, “transcended difference and healed division.”
Truss referred to a speech to the U.N. by the queen in 1957, in which Elizabeth said “the peoples of the world expect the United Nations to persevere in its efforts” to end conflict and crisis.
Truss said the monarch had “warned that it was vital not only to have strong ideals but also to have the political will to deliver on them. Now we must show that will.”
In her first international speech since becoming prime minister two weeks ago, Truss hailed the founding principles of the United Nations, while calling for new international alliances to circumvent the influence of authoritarian regimes.
She said “geopolitics is entering a new era” in which “authoritarian states are undermining stability and security around the world.” That was a direct shot at Russia — and also at China, whose growing clout among developing nations is a major concern for the United States and its allies.
Truss said the world’s democratic powers must woo developing nations with “strategic ties based on mutual benefit and trust” rather than “exerting influence through debt, aggression, and taking control of critical infrastructure and minerals.”
She also called for a toughening of the West’s response to Russia’s invasion. She urged sanctions on Russia and said “the G-7 and our like-minded partners should act as an economic NATO,” supporting countries targeted by “the economic aggression of authoritarian regimes.”
She urged nations to find alternatives to Russian oil and gas and protect supply chains for everything from food to minerals. “The free world needs this economic strength and resilience to push back against authoritarian aggression and win this new era of strategic competition,” she said.
Truss said post-Brexit Britain was “building new partnerships around the world,” citing its role in NATO and the Joint Expeditionary Force military group of northern European nations, whose importance has increased since Russia’s invasion of Ukraine.
She also pointed to deepening ties with “fellow democracies like India, Indonesia and South Africa” and trade ambitions with Indo-Pacific and Gulf states, a sign that Britain, now outside the European Union, sees the rest of the world — and especially Asia — as a political and economic priority.
The speech amounts to a bold statement of the new prime minister’s world view. But Truss is likely to draw criticism for linking the global fight for freedom and democracy to her own plans to change Britain’s economy.
Saying that “our commitment to hope and progress must begin at home,” Truss said demonstrating the strength of democracy “begins with growth and building a British economy that rewards enterprise and attracts investment.” To Truss, a Conservative free marketeer, that means cutting individual and corporate taxes and slashing regulations for business.
Opponents say tax cuts reward the rich more than the poor and will do little to ease a cost-of-living crisis, fueled largely by Russia’s invasion of Ukraine, that has pushed U.K. inflation to 10%, a level not seen in four decades.
Despite the economic shockwaves, Truss said Britain’s commitment to defending Ukraine “is total.”
“This,” she said, “is a decisive moment in our history, in the history of this organization, and in the history of freedom.” ___
Follow AP coverage of the U.N. General Assembly at https://apnews.com/hub/united-nations-general-assembly
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/09/21/uks-new-leader-slams-putin-hails-queen-in-debut-un-speech/ | 2022-09-22T07:53:42 | en | 0.963782 |
The Bank of Japan (BoJ) left its ultra-expansionary monetary policy unchanged. As a result, the yen depreciated. Economists at Commerzbank believe that a weaker yen is justified.
The JPY flinches, the BoJ does not
“Clearly, some on the FX market had expected that in view of the rampant yen-weakness the BoJ would at least send out cautious signals of monetary tightening. They were disappointed.”
“As long as the monetary policy divide between Japan and the rest of the world remains in place a weaker yen remains fundamentally justified, and the motivation for other central banks to make concerted interventions is likely to remain low.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
GBP/USD drops below 1.1250 as BOE rate hike looms
GBP/USD is turning south towards 1.1200, sitting at 37-year lows in early Europe. Investors resort to position readjustments ahead of the BOE rate hike decision. Hawkish Fed outlook and risk aversion weigh on the pair.
EUR/USD eases towards 0.9800 amid risk aversion, USD strength
EUR/USD is resuming its decline towards 0.9800 in early European hours. The post-Fed US dollar rally shows no signs of exhaustion amid risk aversion and firmer Treasury yields. Looming Russia tensions offset hawkish ECB commentary.
Gold stays bearish below $1,680 hurdle, focus on central banks
Gold price holds lower ground near two-year bottom flashed on Fed day. Risk-aversion, firmer DXY joins downside break of $1,680 level to keep bears hopeful. Multiple central bankers are in line to woo market players, hawkish moves could weigh on XAU/USD.
USD/CHF jumps towards 0.9800 on expected SNB 75 bps rate hike
USD/CHF is advancing towards 0.9800, at two-week highs after the Swiss National Bank (SNB) hiked rates by 75 bps to 0.50%, as widely expected. The US dollar holds onto its staggering post-Fed rally, as markets remain risk averse amid Russia tensions.
BOE Interest Rate Decision Preview: GBP/USD braces for volatility storm, eyeing a 75 bps hike Premium
The Bank of England (BOE) is set to announce its interest rate decision on Thursday at 11:00 GMT, with markets bracing for a surprise 75 basis points (bps) rate hike. | https://www.fxstreet.com/news/usd-jpy-a-weaker-yen-remains-fundamentally-justified-commerzbank-202209220640 | 2022-09-22T07:53:48 | en | 0.950168 |
By JOSH BOAK
Associated Press
WASHINGTON (AP) — The White House has a new effort to show local governments what it can do for their communities, hosting North Carolina officials to highlight funding opportunities and hear firsthand how coronavirus relief, infrastructure dollars and other policies are faring locally.
The event Thursday reflects an expansion of the use of the White House campus as pandemic restrictions have eased. It’s also part of a larger initiative to host municipal, county and state officials on a weekly basis from all 50 states, coinciding with campaigning for November’s midterm elections as the White House tries to energize Democratic voters.
“We’re entering into a phase of our administration when we can do more in terms of convening at the White House,” said Julie Rodriguez, director of the White House Office of Intergovernmental Affairs. “It’s incredibly inspiring for us to get more proximate to the impact we’re having on Americans’ everyday lives.”
One of the key messages for the visit by North Carolina officials is the recovery in manufacturing. Steady hiring since the middle of last year has brought the U.S. manufacturing jobs total to 12.85 million, the most since late 2008 as the financial crisis triggered more than 2 million layoffs in the sector.
Officials expected to discuss with the group from North Carolina plans by Wolfspeed to invest $5 billion in building a silicon chip factory that is forecast to create an estimated 1,800 jobs in the state.
That discussion would follow the first group visit recently by officials from Ohio. President Joe Biden earlier this month spoke at the groundbreaking for a new Intel plant near Columbus. Both Ohio and North Carolina have open Senate seats this year.
Thursday’s half-day event was to include EPA administrator Michael Regan, who comes from North Carolina. Rodriguez and Keisha Lance Bottoms, a former Atlanta mayor who is now a White House senior adviser, also were to talk to the group.
Confirmed to attend were 23 North Carolina officials, including U.S. Rep. Kathy Manning, state lawmakers, the mayors of Charlotte, Wilmington, Fayetteville, Greensboro, Winston-Salem, Chapel Hill, Raleigh, Concord, Kinston and Durham, in addition to leaders from Wake and Guildford counties.
Just as administration officials want to hear local stories, they also want to emphasize the possible opportunities that local governments might have because of the bipartisan infrastructure law, the incentives for developing computer chips and scientific research, and the recent package to encourage climate-friendly energy sources and limit prescription drug prices.
As part of the day’s events, the White House planned to connect those officials with regional media outlets in a sign that they’re trying to bring the message to the wider public. That will be crucial in terms of political messaging. Republicans seeking control of the House and Senate have blamed high inflation on Biden’s $1.9 trillion coronavirus relief package, while the administration say the prices are a byproduct of global events such as the pandemic and Russia’s February invasion of Ukraine.
The White House says its efforts have helped workers by swiftly bringing down unemployment rates to a low 3.7%, but the Republican drumbeat is that consumer prices are up 8.3% from a year ago and the primary reason for voter concern. Gasoline prices have eased since peaking in June, but the Federal Reserve estimated Wednesday that unemployment will likely rise to bring down inflation.
“The inflation rate plateauing above 8% does not mean that families are catching a break — it means exactly the opposite,” Senate Republican leader Mitch McConnell said in a Monday speech to the Senate. “It means that families are continuing to see prices go up and up and up all the time.”
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/ap-news/2022/09/21/white-house-hosts-local-officials-touts-impact-of-policies-2/ | 2022-09-22T07:53:49 | en | 0.949558 |
The continuation of the uptrend in USD/JPY appears likely with the next hurdle of relevance now emerging at 146.00, comment FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
Key Quotes
24-hour view: “Yesterday, we indicated that USD ‘could rise above 144.00 but is unlikely able to maintain a foothold above this level’. USD subsequently popped to a high of 144.70, dropped to 143.39 before snapping back up to close at 144.04 (+0.22%). Despite the choppy price actions, the overall outlook points to a higher USD today. That said, the major resistance at 145.00 is unlikely to come under threat (144.70 is still quite a strong resistance level). Support is at 144.00 followed by 143.65.”
Next 1-3 weeks: “We have expected USD to trade sideways since late last week. Yesterday, USD soared and tested the top of our expected range of 141.40/144.70 (high of 144.70 during NY hours). While it is premature to expect a break of 145.00, the odds of USD rising above this level have increased. Looking ahead, the next resistance level of note is at 146.00. Support wise, a breach of 143.30 (‘strong support’ level) would indicate that the chance of USD breaking 145.00 has passed.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
GBP/USD drops below 1.1250 as BOE rate hike looms
GBP/USD is turning south towards 1.1200, sitting at 37-year lows in early Europe. Investors resort to position readjustments ahead of the BOE rate hike decision. Hawkish Fed outlook and risk aversion weigh on the pair.
EUR/USD eases towards 0.9800 amid risk aversion, USD strength
EUR/USD is resuming its decline towards 0.9800 in early European hours. The post-Fed US dollar rally shows no signs of exhaustion amid risk aversion and firmer Treasury yields. Looming Russia tensions offset hawkish ECB commentary.
Gold stays bearish below $1,680 hurdle, focus on central banks
Gold price holds lower ground near two-year bottom flashed on Fed day. Risk-aversion, firmer DXY joins downside break of $1,680 level to keep bears hopeful. Multiple central bankers are in line to woo market players, hawkish moves could weigh on XAU/USD.
USD/CHF jumps towards 0.9800 on expected SNB 75 bps rate hike
USD/CHF is advancing towards 0.9800, at two-week highs after the Swiss National Bank (SNB) hiked rates by 75 bps to 0.50%, as widely expected. The US dollar holds onto its staggering post-Fed rally, as markets remain risk averse amid Russia tensions.
BOE Interest Rate Decision Preview: GBP/USD braces for volatility storm, eyeing a 75 bps hike Premium
The Bank of England (BOE) is set to announce its interest rate decision on Thursday at 11:00 GMT, with markets bracing for a surprise 75 basis points (bps) rate hike. | https://www.fxstreet.com/news/usd-jpy-next-solid-resistance-emerges-at-14600-uob-202209220643 | 2022-09-22T07:53:54 | en | 0.942411 |
By JOSH BOAK
Associated Press
WASHINGTON (AP) — The White House has a new effort to show local governments what it can do for their communities, hosting North Carolina officials to highlight funding opportunities and hear firsthand how coronavirus relief, infrastructure dollars and other policies are faring locally.
The event Thursday reflects an expansion of the use of the White House campus as pandemic restrictions have eased. It’s also part of a larger initiative to host municipal, county and state officials on a weekly basis from all 50 states, coinciding with campaigning for November’s midterm elections as the White House tries to energize Democratic voters.
“We’re entering into a phase of our administration when we can do more in terms of convening at the White House,” said Julie Rodriguez, director of the White House Office of Intergovernmental Affairs. “It’s incredibly inspiring for us to get more proximate to the impact we’re having on Americans’ everyday lives.”
One of the key messages for the visit by North Carolina officials is the recovery in manufacturing. Steady hiring since the middle of last year has brought the U.S. manufacturing jobs total to 12.85 million, the most since late 2008 as the financial crisis triggered more than 2 million layoffs in the sector.
Officials expected to discuss with the group from North Carolina plans by Wolfspeed to invest $5 billion in building a silicon chip factory that is forecast to create an estimated 1,800 jobs in the state.
That discussion would follow the first group visit recently by officials from Ohio. President Joe Biden earlier this month spoke at the groundbreaking for a new Intel plant near Columbus. Both Ohio and North Carolina have open Senate seats this year.
Thursday’s half-day event was to include EPA administrator Michael Regan, who comes from North Carolina. Rodriguez and Keisha Lance Bottoms, a former Atlanta mayor who is now a White House senior adviser, also were to talk to the group.
Confirmed to attend were 23 North Carolina officials, including U.S. Rep. Kathy Manning, state lawmakers, the mayors of Charlotte, Wilmington, Fayetteville, Greensboro, Winston-Salem, Chapel Hill, Raleigh, Concord, Kinston and Durham, in addition to leaders from Wake and Guildford counties.
Just as administration officials want to hear local stories, they also want to emphasize the possible opportunities that local governments might have because of the bipartisan infrastructure law, the incentives for developing computer chips and scientific research, and the recent package to encourage climate-friendly energy sources and limit prescription drug prices.
As part of the day’s events, the White House planned to connect those officials with regional media outlets in a sign that they’re trying to bring the message to the wider public. That will be crucial in terms of political messaging. Republicans seeking control of the House and Senate have blamed high inflation on Biden’s $1.9 trillion coronavirus relief package, while the administration say the prices are a byproduct of global events such as the pandemic and Russia’s February invasion of Ukraine.
The White House says its efforts have helped workers by swiftly bringing down unemployment rates to a low 3.7%, but the Republican drumbeat is that consumer prices are up 8.3% from a year ago and the primary reason for voter concern. Gasoline prices have eased since peaking in June, but the Federal Reserve estimated Wednesday that unemployment will likely rise to bring down inflation.
“The inflation rate plateauing above 8% does not mean that families are catching a break — it means exactly the opposite,” Senate Republican leader Mitch McConnell said in a Monday speech to the Senate. “It means that families are continuing to see prices go up and up and up all the time.”
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/09/21/white-house-hosts-local-officials-touts-impact-of-policies/ | 2022-09-22T07:53:55 | en | 0.949558 |
- USD/JPY rallies to a fresh 24-year high after the BoJ sticks to its dovish policy stance.
- Expectations for aggressive Fed rate hikes boost the greenback and remain supportive.
- Fears of intervention, the risk-off mood could limit losses for the JPY and cap the upside.
The USD/JPY pair catches fresh bids during the early European session and hits a new 24-year high, with bulls now eyeing to reclaim the 146.00 round-figure mark.
The latest leg up follows comments from the Bank of Japan Governor Harihuko Kuroda, reiterating that they will patiently continue powerful monetary easing. During the post-meeting press conference, Kuroda added that there is no need to change forward guidance at present and negative rates are not having a big impact on financial institutions. This, in turn, is seen weighing heavily on the JPY and allowing the USD/JPY pair to build on its strong intraday rally from the 143.50 area.
The US dollar, on the other hand, climbs to a fresh 20-year peak and continues to draw support from a more hawkish stance adopted by the Federal Reserve. It is worth recalling that the Fed raised interest rates by another 75 bps on Wednesday and signalled that it will likely undertake more aggressive rate increases to cap inflation. This marks a big divergence in comparison to the BoJ's dovish outlook and supports prospects for an extension of the appreciating move for the USD/JPY pair.
That said, speculations of an intervention by the Japanese government, along with the prevalent risk-off mood, could limit losses for the safe-haven JPY and caps the upside for the USD/JPY pair. Against the backdrop of growing recession fears, the risk of a further escalation in the Russia-Ukraine conflict continues to temper investors' appetite for riskier assets. Apart from this, the overbought RSI on the daily chart warrants cautions for bulls and before positioning for further gains.
Technical levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
GBP/USD drops below 1.1250 as BOE rate hike looms
GBP/USD is turning south towards 1.1200, sitting at 37-year lows in early Europe. Investors resort to position readjustments ahead of the BOE rate hike decision. Hawkish Fed outlook and risk aversion weigh on the pair.
EUR/USD eases towards 0.9800 amid risk aversion, USD strength
EUR/USD is resuming its decline towards 0.9800 in early European hours. The post-Fed US dollar rally shows no signs of exhaustion amid risk aversion and firmer Treasury yields. Looming Russia tensions offset hawkish ECB commentary.
Gold stays bearish below $1,680 hurdle, focus on central banks
Gold price holds lower ground near two-year bottom flashed on Fed day. Risk-aversion, firmer DXY joins downside break of $1,680 level to keep bears hopeful. Multiple central bankers are in line to woo market players, hawkish moves could weigh on XAU/USD.
USD/CHF jumps towards 0.9800 on expected SNB 75 bps rate hike
USD/CHF is advancing towards 0.9800, at two-week highs after the Swiss National Bank (SNB) hiked rates by 75 bps to 0.50%, as widely expected. The US dollar holds onto its staggering post-Fed rally, as markets remain risk averse amid Russia tensions.
BOE Interest Rate Decision Preview: GBP/USD braces for volatility storm, eyeing a 75 bps hike Premium
The Bank of England (BOE) is set to announce its interest rate decision on Thursday at 11:00 GMT, with markets bracing for a surprise 75 basis points (bps) rate hike. | https://www.fxstreet.com/news/usd-jpy-surges-to-14600-neighbourhood-on-dovish-boj-sustained-usd-buying-202209220724 | 2022-09-22T07:54:01 | en | 0.940907 |
By EDITH M. LEDERER
Associated Press
UNITED NATIONS (AP) — The head of the U.N. nuclear watchdog agency said Wednesday he met with Ukraine’s and Russia’s foreign ministers in a bid to establish a safety and security zone around a nuclear plant in southeastern Ukraine that is Europe’s largest. The Zaporizhzhia power plant has faced almost daily shelling and bombardment, raising fears of a nuclear accident.
Rafael Grossi, director-general of the International Atomic Energy Agency, said that as a result of the separate meetings with Ukraine’s Dmytro Kuleba and Russia’s Sergey Lavrov, work has already begun on establishing and shaping the zone. He said he hopes to visit Kyiv soon, and “perhaps later on” go to Russia.
“Given the urgency of the situation and the gravity of what’s going on in the field we have to move fast,” Grossi said. Both nations, he said, share “a conviction that the establishment of the zone is indispensable.”
“The mere fact that the two foreign ministers are sitting down with me and are listening to our ideas, I think it’s a good indicator that there is a very strong solid base for this thing to happen,” he said.
Grossi said negotiating a safety zone is complex, and issues that need to be addressed include protecting the plant, how the zone would be implemented and how an agreement would be enforced.
The IAEA chief said the Zaporizhzhia plant was shelled and attacked earlier Wednesday, and a “projectile” hit a pipeline in a pool where spent nuclear fuel is cooled, and it stopped working. Technical experts were able to use other available capacities to continue pumping water into the pool, he said, stressing that this is just one example of the serious issues at the facility which has also seen external power repeatedly restored and interrupted.
Over the past weeks, Ukraine and Russia have traded blame over shelling at and near the plant.
“No one would ever run a plant like this in normal circumstances with all these problems,” Grossi said. “We are playing with fire and continue to play with fire.”
Russian troops seized the Zaporizhzhia plant in the southeastern city of Enerhodar, in early March, soon after their Feb. 24 invasion of Ukraine, but its nuclear operations continue to be run by its Ukrainian staff.
Grossi led an IAEA team that visited Zaporizhzhia in late August and proposed the establishment of a safety zone soon after. He left two IAEA experts at the plant to monitor the situation and said the IAEA is in constant contact with them trying to ensure that their working conditions are the best possible, but stressed again “we are in a situation which is not normal.”
The Russian capture of Zaporizhzhia renewed fears that the largest of Ukraine’s 15 nuclear reactors could be damaged, setting off another emergency like the 1986 Chernobyl accident, the world’s worst nuclear disaster, which happened about 110 kilometers (65 miles) north of Kyiv.
Grossi was also asked about the IAEA’s dealings with Iran and its latest report earlier this month which said it believes Iran has further increased its stockpile of highly enriched uranium to one short, technical step away from weapons-grade levels.
The nuclear agency voiced increasing concerns over Tehran’s lack of engagement with a probe into man-made uranium particles found at three undeclared sites in the country that has become a sticking point in efforts to revive the 2015 nuclear deal between Iran and six world powers.
Grossi said there are many things that Iran has observed, but “there are these three big question marks” that have to be answered and “are not going to be wished away.”
“I hope in the next few days to be able to re-establish some contacts so that we can continue with this process which has been lingering for a long time,” he said.
Asked why he hadn’t met with Iranian leader who are attending U.N. events this week, he replied, “Well, perhaps you should ask them.”
Speaking at the General Assembly’s leaders’ meeting, Iran’s president insisted Wednesday that his country is serious about reviving a deal meant to prevent it from acquiring a nuclear bomb. But Ebrahim Raisi questioned whether Tehran could trust America’s commitment to any eventual accord. The United States pulled out of a previous deal in 2018 under President Donald Trump.
____
Edith M. Lederer is chief U.N. correspondent for The Associated Press and has been covering international affairs for more than half a century. For more AP coverage of the U.N. General Assembly, visit https://apnews.com/hub/united-nations-general-assembly
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/09/21/with-ukraine-nuke-plant-in-peril-un-tries-to-broker-safety/ | 2022-09-22T07:54:02 | en | 0.966003 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/purdue-boilermakers-football/articles/40849304 | 2022-09-22T07:54:52 | en | 0.738227 |
– Webcast to be Held at 8:00 am ET on November 3, 2022 –
NEW YORK, Oct. 27, 2022 /PRNewswire/ -- Immunic, Inc. (Nasdaq: IMUX), a clinical-stage biopharmaceutical company developing a pipeline of selective oral immunology therapies focused on treating chronic inflammatory and autoimmune diseases, today announced that the company will release its financial results for the third quarter ended September 30, 2022, including a corporate update, on Thursday, November 3, 2022, before the opening of the U.S. financial markets. A webcast will follow at 8:00 am ET.
To participate in the webcast, please register in advance at: https://imux.zoom.us/webinar/register/WN_g6raQxUTRQuuryWUU4Umig or on the "Events and Presentations" section of Immunic's website at: ir.imux.com/events-and-presentations. Registrants will receive a confirmation email containing a link for online participation or a telephone number for dial in access.
An archived replay of the webcast will be available approximately one hour after completion on Immunic's website at: ir.imux.com/events-and-presentations.
About Immunic, Inc.
Immunic, Inc. (Nasdaq: IMUX) is a clinical-stage biopharmaceutical company with a pipeline of selective oral immunology therapies focused on treating chronic inflammatory and autoimmune diseases. The company is developing three small molecule products: its lead development program, vidofludimus calcium (IMU-838), a selective immune modulator that inhibits the intracellular metabolism of activated immune cells by blocking the enzyme DHODH and exhibits a host-based antiviral effect, is currently being developed as a treatment option for multiple sclerosis, and primary sclerosing cholangitis. IMU-935, a selective inverse agonist of the transcription factor RORγ/RORγt, is targeted for development in psoriasis, and castration-resistant prostate cancer. IMU-856, which targets the restoration of the intestinal barrier function, is targeted for development in diseases involving bowel barrier dysfunction. For further information, please visit: www.imux.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, expected timing and results of clinical trials, prospects, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to Immunic's three development programs and the targeted diseases; the potential for Immunic's development programs to safely and effectively target diseases; preclinical and clinical data for Immunic's development programs; the timing of current and future clinical trials and anticipated clinical milestones; the nature, strategy and focus of the company and further updates with respect thereto; and the development and commercial potential of any product candidates of the company. Immunic may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Such statements are based on management's current expectations and involve substantial risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, the COVID-19 pandemic, impacts of the Ukraine – Russia conflict on clinical trials, risks and uncertainties associated with the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient financial and other resources to meet business objectives and operational requirements, the fact that the results of earlier preclinical studies and clinical trials may not be predictive of future clinical trial results, the protection and market exclusivity provided by Immunic's intellectual property, risks related to the drug development and the regulatory approval process and the impact of competitive products and technological changes. A further list and descriptions of these risks, uncertainties and other factors can be found in the section captioned "Risk Factors," in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 24, 2022, and in the company's subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov or ir.imux.com/sec-filings. Any forward-looking statement made in this release speaks only as of the date of this release. Immunic disclaims any intent or obligation to update these forward-looking statements to reflect events or circumstances that exist after the date on which they were made. Immunic expressly disclaims all liability in respect to actions taken or not taken based on any or all the contents of this press release.
Contact Information
Immunic, Inc.
Jessica Breu
Head of Investor Relations and Communications
+49 89 2080 477 09
jessica.breu@imux.com
US IR Contact
Rx Communications Group
Paula Schwartz
+1 917 633 7790
immunic@rxir.com
US Media Contact
KOGS Communication
Edna Kaplan
+1 617 974 8659
kaplan@kogspr.com
View original content to download multimedia:
SOURCE Immunic, Inc. | https://www.ktre.com/prnewswire/2022/10/27/immunic-inc-announce-financial-results-third-quarter-ended-september-30-2022-provide-corporate-update/ | 2022-10-27T11:18:04 | en | 0.90972 |
ITOCHU Corporation leads investment to scale manufacturing and market expansion
SEATTLE, Oct. 27, 2022 /PRNewswire/ -- Impact Bioenergy, a Seattle-based renewable energy company today announced it has completed its Series A funding round in the amount of $3.6M. ITOCHU Corporation, one of Japan's leading general trading companies, is an anchor investor in the round, with several of Impact Bioenergy's seed investors also participating. Impact Bioenergy builds and deploys community-scale systems that convert food waste into renewable natural gas, diverting food waste from landfills for productive reuse while also making a meaningful difference in reducing carbon emissions to reverse climate change.
The funding will enable Impact Bioenergy to scale manufacturing and to expand its offering to meet the strong demand the company is seeing in the wake of the Inflation Reduction Act of 2022 and increasing state-level activity legislating and incentivizing the reduction of food waste to landfills. Impact Bioenergy, which was founded in 2013 by Jan Allen, has already deployed over a dozen digesters in active operation across the country.
"Forty-percent of all the food produced in and imported into this country is never eaten. Food waste is being trucked, burned and buried at great expense and accounts for nearly 10% of our carbon emissions. Converting food waste to energy not only reduces transportation costs and fuel consumption but also generates electricity, heat and carbon offsets. Rarely does a technology come along that has so much positive impact with zero waste," said Jan Allen, who built his first digester in 1979 while a student at Purdue University.
"We are all looking for actions we can take to have a positive impact on the climate right now," said Tim Tiscornia, Impact Bioenergy's President. "Our products do just that. We are already working with several college and corporate campuses. We are fielding calls every week from restaurant chains, grocery stores and others who want to make a meaningful impact on the environment by turning their organic waste into renewable natural gas and drive toward carbon neutrality."
Impact Bioenergy, operating since 2013, is a leader in anaerobic digestion (AD). Impact Bioenergy manufactures and sells community-scale, prefabricated systems that convert food waste, liquids, and other organic materials into renewable natural gas and fertilizer with zero waste.
Anaerobic digestion has been used as a method for converting organics to energy for several decades. Historically, AD projects have been large-scale. Our proprietary technology reduces the physical footprint and costs for AD, and is wholly odor-free, enabling community-level installation and acceptance. Impact Bioenergy has patented a modular and containerized system to create a product specifically scaled for local use.
Impact Bioenergy has been named a "top five company to watch" among waste-to-resource disruptors globally and a key player in the global organic waste recycling market. The company was a finalist in the US Department of Energy Water Resource Recovery competition in 2021 and in the American Biogas Council Innovation of the year competition for onsite, containerized systems in 2017.
ITOCHU Corporation, formed in 1858, is one of Japan's leading general trading companies. ITOCHU has presence in 62 countries and trades globally in energy, machinery, food, metals, chemicals and minerals as well as textiles and other general products. ITOCHU transforms businesses, and this strategic investment in Impact Bioenergy is in line with our corporate goal of proactively developing renewable energy sources essential to a decarbonized society in order to withdraw from thermal coal interests and reduce fossil fuel operations and interests across the portfolio by 2024.
For more information: press@impactbioenergy.com
Website: https://impactbioenergy.com/
View original content to download multimedia:
SOURCE Impact Bioenergy | https://www.ktre.com/prnewswire/2022/10/27/impact-bioenergy-raises-36m-series/ | 2022-10-27T11:18:11 | en | 0.946038 |
The Companies sign a strategic long-term global partnership in RRP
TOKYO, Oct. 27, 2022 /PRNewswire/ -- Japan Tobacco (JT) (TSE: 2914) announced today that the JT Group, through its subsidiary JTI, has entered into a joint venture (JV) with Altria Group (Altria), through its subsidiary PM USA, to market and commercialize heated tobacco sticks (HTS) products in the U.S. with Ploom branded devices and Marlboro branded consumables. The two Groups also signed a long-term, non-binding global memorandum of understanding (MOU) to explore commercial opportunities for a wide range of potentially reduced-risk products (RRP).
"As part of our strategic focus on HTS, we're very enthusiastic to launch our Ploom brand in the U.S., the world's largest RRP market in value, through our partnership with the market leader, Altria. We also look forward to entering into a long-term strategic collaboration with Altria to further explore global commercial opportunities in the RRP category. I strongly believe that this cooperation will increase the global harm reduction possibilities for adult consumers and drive incremental value for the JT Group and Altria," said Masamichi Terabatake, JT Group CEO and President of the Tobacco Business.
The JT Group believes that this newly formed partnership will support its strategic ambition to build a global presence in RRP, through a strong focus on HTS, and drive sustainable growth for all stakeholders of the 4S model. Joining forces with Altria, the leading U.S. tobacco company, to enter the nascent HTS segment in the U.S. will increase growth opportunities for both companies, enhancing the JT Group's and Altria's objectives to provide a wide range of harm reduction products to adult consumers around the world.
The JV is structured to exist in perpetuity and establishes Horizon Innovations LLC (Horizon) as the exclusive JV vehicle responsible for the U.S. commercialization of current and future HTS products owned and developed by either party. Horizon will commercialize HTS products in the U.S. under the Ploom and Marlboro trademarks.
JTI will have a 25% economic interest in Horizon to reflect its HTS product contribution. PM USA will have a 75% economic interest, reflecting the company's strong distribution network and infrastructure, as well as its initial capital contribution of $150 million to Horizon. Subsequent capital contributions made to Horizon will be split according to the parties' respective economic interest. JTI and PM USA will both maintain independent ownership of their respective intellectual property (IP), including any IP acquired after the formation of the JV that supports the development of future HTS products.
As part of the JV, JTI and PM USA will combine their scientific and regulatory expertise to jointly prepare U.S. Food and Drug Administration (FDA) filings, including a Premarket Tobacco Product Application (PMTA) for the latest version of Ploom HTS products. The parties currently expect to submit the PMTA for these products in the first half of 2025. Upon PMTA authorization, JTI will supply HTS devices and PM USA will manufacture HTS consumables for Horizon. In addition, JTI and PM USA have agreed to commercialization milestones for Horizon, which include distribution requirements and minimum levels of cumulative marketing investments.
"By forming this JV, we are bringing together the marketing, innovation, R&D and science capabilities that JTI has developed over the years, with Altria's science, U.S. regulatory experience and vast infrastructure, to create a very strong proposition for the U.S. adult smoker," said Eddy Pirard, CEO of Japan Tobacco International.
Separate to the JV, the JT Group and Altria also announced the mutual signing of a non-binding MOU. Under this MOU, the parties aim to structure a strategic partnership over time to market and commercialize a wide range of potentially reduced-risk products and strengthen their shared development capabilities and geographic reach. The companies believe this collaboration will accelerate global tobacco harm reduction solutions and bring significant value to their respective businesses.
Japan Tobacco Inc. is a leading international tobacco company selling its products in more than 130 countries and regions. With approximately 55,000 employees, it manufactures and sells some of the world's best-known brands including Winston, Camel, MEVIUS and LD. The JT Group is committed to investing in Reduced-Risk Products (RRP) and currently markets its heated tobacco products under its Ploom brand and various e-cigarette products under its Logic brand. The Group is also present in the pharmaceutical and processed food businesses. For more information, visit https://www.jt.com/.
Logo - https://mma.prnewswire.com/media/1931221/JAPAN_TOBACCO_Logo.jpg
View original content to download multimedia:
SOURCE JAPAN TOBACCO Inc. | https://www.ktre.com/prnewswire/2022/10/27/jt-group-altria-group-announce-joint-venture-commercialize-ploom-heated-tobacco-sticks-products-us/ | 2022-10-27T11:18:18 | en | 0.935481 |
Company Delivers Strong Net Sales Momentum, with all Business Segments Posting Growth in the Quarter
BURLINGTON, Mass. and FRISCO, Texas, Oct. 27, 2022 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ: KDP) today reported strong results for the third quarter ended September 30, 2022 and reaffirmed its full-year guidance for constant currency net sales growth in the low-double-digit range and Adjusted EPS growth in the mid-single-digit range.
Commenting on the announcement, CEO Ozan Dokmecioglu stated, "The third quarter was another strong one for KDP, as we again demonstrated the advantages of our all-weather business model, which has proven adept at performing well in an evolving macro environment to meet the needs of consumers. While the macro landscape remains challenging, our cold beverages portfolio continues to perform exceptionally well, with strong in-market execution and increased marketing investment driving consistent growth in LRB market share. At the same time, our coffee business has steadily recovered from the significant supply chain disruption earlier this year and is poised to deliver strong sales and earnings growth in the fourth quarter."
Third Quarter Consolidated Results
Net sales for the third quarter of 2022 increased 11.4% to $3.62 billion, compared to $3.25 billion in the year-ago period and, on a constant currency basis, net sales advanced 11.8%. All four segments grew sales during the quarter. Driving the consolidated net sales growth was favorable net price realization of 12.1%, only slightly offset by lower volume/mix of 0.3%, reflecting the strength of the portfolio and continued strong in-market execution.
KDP in-market performance in the Liquid Refreshment Beverages (LRB) category remained strong in the quarter, with retail dollar consumption2 advancing 11.2% and total LRB dollar share posting another quarter of growth, largely reflecting strength in premium unflavored waters, seltzers, teas, apple juice and fruit drinks, combined with continued solid performance in CSDs3. This performance was driven by CORE Hydration, Polar seltzers, Snapple, Mott's, Hawaiian Punch and Dr Pepper, Crush, Canada Dry, A&W and Squirt CSDs.
In coffee, retail dollar consumption of single-serve pods manufactured by KDP increased 4.0% in IRi tracked channels, led by higher pricing in both KDP owned and licensed and partner brands, with stronger growth registered in untracked channels. KDP Manufactured share remained strong at 81.7% in the quarter.
GAAP operating income in the third quarter of 2022 decreased 50.4% to $394 million, compared to $795 million in the year-ago period, primarily reflecting a $311 million non-cash impairment charge in the current quarter on the Bai brand. Also impacting results in the quarter was higher gross profit, partially offset by continued broad-based inflationary pressures and increased marketing investment.
Adjusted operating income increased 2.0% in the quarter to $947 million, fueled by 8.6% growth in Adjusted gross profit, partially offset by continued broad-based inflationary pressures in transportation, warehousing and retail labor, as well as increased marketing investment. On a percent of net sales basis, Adjusted operating income was 26.1%.
GAAP net income in the third quarter of 2022 decreased 66.0% to $180 million, or $0.13 per diluted share, compared to $530 million, or $0.37 per diluted share, in the year-ago period. This performance primarily reflected the unfavorable year-over-year impact of items affecting comparability.
Adjusted net income in the quarter advanced 4.3% to $656 million, driven by the growth in Adjusted operating income and reduced interest expense. Adjusted diluted EPS in the quarter increased 4.5% to $0.46, compared to $0.44 in the year-ago period.
Operating cash flow in the third quarter of 2022 declined slightly to $759 million, while free cash flow increased slightly to $686 million.
On September 14, 2022, the Company announced a 6.7% increase in its annualized dividend rate to $0.80 per share, from $0.75 per share, effective with the Company's regular dividend that was payable on its common stock on October 14, 2022.
Third Quarter Segment Results
Coffee Systems
Net sales for the third quarter of 2022 increased 4.7% to $1.21 billion, compared to $1.16 billion in the year-ago period and, on a constant currency basis, net sales advanced 5.2%. The constant currency net sales growth was driven by a 7.8% increase in net price realization, partially offset by a 2.6% decrease in volume/mix.
The higher net price realization of 7.8% in the quarter was primarily driven by pricing actions taken in late 2021 and the second quarter of 2022, while the volume/mix decrease of 2.6% was due to pod shipment growth of 3.5%, more than offset by a brewer shipment decline of 15%. The brewer performance is consistent with the Company's expectation of returning to its long-term target of adding two million new households into the Keurig system in 2022, which now requires selling fewer brewers than the COVID-driven, elevated level of three million new households having been added in each of the prior two years.
GAAP operating income in the third quarter of 2022 decreased 19.2% to $295 million, compared to $365 million in the year-ago period. This performance largely reflected broad-based inflationary pressure, primarily in green coffee costs, which reached the highest level of the year for KDP due to timing of the Company's hedges. Also impacting the results was the unfavorable year-over-year impact of items affecting comparability. Partially offsetting these factors were the benefits of the net sales growth and productivity. Adjusted operating income decreased 15.7% to $343 million and, on a percent of net sales basis, totaled 28.4%.
Packaged Beverages
Net sales for the third quarter of 2022 increased 13.5% to $1.76 billion, compared to $1.55 billion in the year-ago period and, on a constant currency basis, net sales advanced 13.6%. This strong and balanced performance was driven by higher net price realization of 13.6%, with volume/mix even with year-ago, reflecting the strength of the portfolio and continued strong in-market execution. Broad-based strength across the portfolio was led by CSDs, Snapple, Mott's, CORE Hydration, Hawaiian Punch, Evian and Polar seltzers.
GAAP operating income in the third quarter of 2022 decreased 96.6% to $10 million, compared to $291 million in the year-ago period, primarily reflecting the unfavorable year-over-year impact of items affecting comparability, including the aforementioned $311 million non-cash impairment charge on the Bai brand. Also impacting the performance was the strong net sales growth and productivity that more than offset broad-based inflation and significantly higher marketing investment in the period. Adjusted operating income increased 7.9% to $340 million and, on a percent of net sales basis, totaled 19.4%.
Beverage Concentrates
Net sales for the third quarter of 2022 increased 17.1% to $459 million, compared to $392 million in the year-ago period and, on a constant currency basis, advanced 17.3%. This strong and balanced net sales performance was driven by higher net price realization of 16.6% and favorable volume/mix of 0.7%, reflecting the ongoing strength of the portfolio.
Total shipment volume was essentially even with the year-ago period, reflecting increases in Dr Pepper and Crush, largely offset by declines in Schweppes and A&W. Bottler case sales volume in the quarter declined 1.0% versus the year-ago period.
GAAP operating income in the third quarter of 2022 increased 20.9% to $347 million, compared to $287 million in the year-ago period, primarily reflecting the strong net sales performance and lower marketing, partially offset by broad-based inflation. Adjusted operating income increased 21.0% to $350 million and, on a percent of net sales basis, totaled 76.3%.
Latin America Beverages
Net sales for the third quarter of 2022 increased 26.9% to $198 million, compared to net sales of $156 million in the year-ago period and, on a constant currency basis, advanced 28.8%. This strong and balanced performance was driven by higher net price realization of 17.3% and increased volume/mix of 11.5%, reflecting the strength of the portfolio and continued strong in-market execution. Leading the net sales growth were Peñafiel, Clamato, Mott's and Squirt.
GAAP operating income in the third quarter of 2022 increased 5.4% to $39 million, compared to $37 million in the year-ago period, reflecting the strong net sales growth and productivity, partially offset by broad-based inflationary pressures, significantly higher marketing investment and the unfavorable year-over-year impact of items affecting comparability. Adjusted operating income increased 13.5% to $41 million and, on a percent of net sales basis, totaled 20.7%.
During the quarter, KDP announced a strategic partnership with Red Bull, the iconic global energy brand, to sell and distribute Red Bull in Mexico. The partnership leverages KDP's powerful distribution network in Mexico to expand availability of Red Bull in the country. This agreement furthers KDP's commitment to win-win partnerships and is expected to strengthen the company's energy category position, improve its go-to-market scale and drive efficiencies over time.
KDP 2022 Guidance
KDP reaffirmed its 2022 guidance for constant currency net sales growth in the low-double-digit range and Adjusted EPS growth in the mid-single-digit range.
Investor Contacts:
Steve Alexander
T: 972-673-6769 / steve.alexander@kdrp.com
Chethan Mallela
T: 646-620-8761 / chethan.mallela@kdrp.com
Media Contact:
Katie Gilroy
T: 781-418-3345 / katie.gilroy@kdrp.com
About Keurig Dr Pepper
Keurig Dr Pepper (KDP) is a leading beverage company in North America, with annual revenue approaching $13 billion and approximately 27,000 employees. KDP holds leadership positions in soft drinks, specialty coffee and tea, water, juice and juice drinks and mixers, and markets the #1 single serve coffee brewing system in the U.S. and Canada. The Company's portfolio of more than 125 owned, licensed and partner brands is designed to satisfy virtually any consumer need, any time, and includes Keurig®, Dr Pepper®, Green Mountain Coffee Roasters®, Canada Dry®, Snapple®, Bai®, Mott's®, CORE® and The Original Donut Shop®. Through its powerful sales and distribution network, KDP can deliver its portfolio of hot and cold beverages to nearly every point of purchase for consumers. The Company is committed to sourcing, producing and distributing its beverages responsibly through its Drink Well. Do Good. corporate responsibility platform, including efforts around circular packaging, efficient natural resource use and supply chain sustainability. For more information, visit www.keurigdrpepper.com.
FORWARD LOOKING STATEMENTS
Certain statements contained herein are "forward-looking statements" within the meaning of applicable securities laws and regulations. These forward-looking statements can generally be identified by the use of words such as "outlook," "guidance," "anticipate," "expect," "believe," "could," "estimate," "feel," "forecast," "intend," "may," "plan," "potential," "project," "should," "target," "will," "would," and similar words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These statements are based on the current expectations of our management, are not predictions of actual performance, and actual results may differ materially.
Forward-looking statements are subject to a number of risks and uncertainties, including the factors disclosed in our Annual Report on Form 10-K and subsequent filings with the SEC. We are under no obligation to update, modify or withdraw any forward-looking statements, except as required by applicable law.
NON-GAAP FINANCIAL MEASURES
This release includes certain non-GAAP financial measures including Adjusted operating income, Adjusted net income, Adjusted diluted EPS, free cash flow and financial measures presented on a constant currency basis, which differ from results using U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures should be considered as supplements to the GAAP reported measures, should not be considered replacements for, or superior to, the GAAP measures and may not be comparable to similarly named measures used by other companies. Non-GAAP financial measures typically exclude certain charges, including one-time costs that are not expected to occur routinely in future periods. The Company uses non-GAAP financial measures internally to focus management on performance excluding these special charges to gauge our business operating performance. Management believes this information is helpful to investors because it increases transparency and assists investors in understanding the underlying performance of the Company and in the analysis of ongoing operating trends. Additionally, management believes that non-GAAP financial measures are frequently used by analysts and investors in their evaluation of companies, and their continued inclusion provides consistency in financial reporting and enables analysts and investors to perform meaningful comparisons of past, present and future operating results. The most directly comparable GAAP financial measures and reconciliations to non-GAAP financial measures are set forth in the appendix to this release and included in the Company's filings with the SEC.
To the extent that the Company provides guidance, it does so only on a non-GAAP basis and does not provide reconciliations of such forward-looking non-GAAP measures to GAAP due to the inability to predict the amount and timing of impacts outside of the Company's control on certain items, such as non-cash gains or losses resulting from mark-to-market adjustments of derivative instruments, among others.
1 Adjusted financial metrics presented in this release are non-GAAP and with growth rates presented on a constant currency basis. See reconciliations of GAAP results to Adjusted results on a constant currency basis in the accompanying tables.
2 Retail consumption data based on Keurig Dr Pepper's custom IRi category definitions for the 13-week period ending 9/25/2022.
3 CSDs refer to "Carbonated Soft Drinks".
KEURIG DR PEPPER INC.
RECONCILIATION OF CERTAIN NON-GAAP INFORMATION
(UNAUDITED)
The company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures that reflect the way management evaluates the business may provide investors with additional information regarding the company's results, trends and ongoing performance on a comparable basis.
Specifically, investors should consider the following with respect to our financial results:
Adjusted: Defined as certain financial statement captions and metrics adjusted for certain items affecting comparability.
Items affecting comparability: Defined as certain items that are excluded for comparison to prior year periods, adjusted for the tax impact as applicable. Tax impact is determined based upon an approximate rate for each item. For each period, management adjusts for (i) the unrealized mark-to-market impact of derivative instruments not designated as hedges in accordance with U.S. GAAP that do not have an offsetting risk reflected within the financial results, as well as the unrealized mark-to-market impact of our Vita Coco investment; (ii) the amortization associated with definite-lived intangible assets; (iii) the amortization of the deferred financing costs associated with the DPS Merger; (iv) the amortization of the fair value adjustment of the senior unsecured notes obtained as a result of the DPS Merger; (v) stock compensation expense and the associated windfall tax benefit attributable to the matching awards made to employees who made an initial investment in KDP; (vi) non-cash changes in deferred tax liabilities related to goodwill and other intangible assets as a result of tax rate or apportionment changes; and (vii) other certain items that are excluded for comparison purposes to prior year periods.
For the third quarter and first nine months of 2022, the other certain items excluded for comparison purposes include (i) restructuring and integration expenses related to significant business combinations; (ii) productivity expenses; (iii) costs related to significant non-routine legal matters; (iv) the loss on early extinguishment of debt related to the redemption of debt; (v) incremental costs to our operations related to risks associated with the COVID-19 pandemic; (vi) the gain on the sale of our investment in BodyArmor as a result of the settlement of the associated holdback liability; (vii) the gain on the settlement of our prior litigation with BodyArmor, excluding recoveries of previously incurred litigation expenses which were included in our adjusted results; (viii) losses recognized with respect to our equity method investment in Bedford as a result of funding our share of their wind-down costs; (ix) transaction costs for significant business combinations (completed or abandoned) excluding the DPS Merger; (x) foundational projects, which are transformative and non-recurring in nature; and (xi) impairment recognized on the Bai brand.
For the third quarter and first nine months of 2021, the other certain items excluded for comparison purposes include (i) restructuring and integration expenses related to significant business combinations; (ii) productivity expenses; (iii) costs related to significant non-routine legal matters; (iv) the loss on early extinguishment of debt related to the redemption of debt; (v) incremental costs to our operations related to risks associated with the COVID-19 pandemic; and (vi) gains from insurance recoveries related to the February 2019 organized malware attack on our business operation networks in the Coffee Systems segment.
Costs related to significant non-routine legal matters relate to the antitrust litigation. Incremental costs to our operations related to risks associated with the COVID-19 pandemic include incremental expenses incurred to either maintain the health and safety of our front-line employees or temporarily increase compensation to such employees to ensure essential operations continue during the pandemic.
We believe removing these costs reflects how management views our business results on a consistent basis.
Constant currency adjusted: Defined as certain financial statement captions and metrics adjusted for certain items affecting comparability, calculated on a constant currency basis by converting our current period local currency financial results using the prior period foreign currency exchange rates.
For the third quarter and first nine months of 2022 and 2021, the supplemental financial data set forth below includes reconciliations of adjusted and constant currency adjusted financial measures to the applicable financial measure presented in the unaudited condensed consolidated financial statements for the same period.
KEURIG DR PEPPER INC.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(UNAUDITED)
Free cash flow is defined as net cash provided by operating activities adjusted for purchases of property, plant and equipment, proceeds from sales of property, plant and equipment, and certain items excluded for comparison to prior year periods. For the first nine months of 2022 and 2021, there were no certain items excluded for comparison to prior year periods.
KEURIG DR PEPPER INC.
RECONCILIATION OF SIGNIFICANT COVID-19 RELATED EXPENSES
(UNAUDITED)
The following table sets forth our reconciliation of significant COVID-19-related expenses. However, employee compensation expense and employee protection costs, which impact our SG&A expenses and cost of sales, are included as the COVID-19 item affecting comparability and are excluded in our Adjusted financial measures. In addition, reported amounts under U.S. GAAP also include additional costs, not included as the COVID-19 item affecting comparability, as presented in tables below.
View original content to download multimedia:
SOURCE Keurig Dr Pepper Inc. | https://www.ktre.com/prnewswire/2022/10/27/keurig-dr-pepper-reports-strong-q3-2022-results-reaffirms-guidance-year/ | 2022-10-27T11:18:25 | en | 0.949042 |
NEW YORK, Oct. 27, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Kohl's Corporation ("Kohl's" or the "Company") (NYSE: KSS) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Kohl's investors who were adversely affected by alleged securities fraud between October 20, 2020 and May 19, 2022. Follow the link below to get more information and be contacted by a member of our team:
KSS investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) Kohl's new strategic framework to "drive top-line growth," "expand operating margin," and become "the most trusted retailer of choice for the active and casual lifestyle" (the "Strategic Plan") was not well tailored to achieving the Company's stated goals; (ii) the defendants had likewise overstated the Company's success in executing its Strategic Plan; (iii) Kohl's had deficient disclosure controls and procedures, internal control over financial reporting, and corporate governance mechanisms; (iv) as a result, the Company's board of directors was able to and did withhold material information from shareholders about the state of Kohl's in the lead-up to the Company's annual meeting; (v) all the foregoing, once revealed, was likely to have a material negative impact on Kohl's financial condition and reputation; and (vi) as a result, the Company's public statements were materially false and misleading at all relevant times.
WHAT'S NEXT? If you suffered a loss in Kohl's during the relevant time frame, you have until November 1, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.ktre.com/prnewswire/2022/10/27/kss-lawsuit-alert-levi-amp-korsinsky-notifies-kohls-corporation-investors-class-action-lawsuit-upcoming-deadline/ | 2022-10-27T11:18:32 | en | 0.95058 |
Lawsuit Funding Firm says that this market is underserved and they intend to be a leader in the space moving forward.
LOS ANGELES, Oct. 27, 2022 /PRNewswire/ -- Legal-Bay, the Pre-Settlement Funding Company, announced today that they have readied their underwriting department to take on lawsuit applications for or on behalf of nursing home residents. As a leader in the industry they are prepared to offer funding to plaintiffs with active lawsuits throughout the country.
Many lawsuit funding companies shy away from funding these cases due to questions regarding liability and/or an elderly person's age, but Legal-Bay has an experienced team of attorneys who have worked on many of these lawsuits, and are able to understand their value.
Bed sores are a common issue for long-term care home residents, and a sign that the patient may be suffering from neglect. Other common—and very serious—injuries and/or illnesses include dehydration, malnutrition, depression, broken bones, and even organ failure.
Chris Janish, CEO of Legal-Bay, says, "Legal-Bay has and always will be a pioneer in lawsuit funding, and while the rest of the industry isn't focusing on cases of this nature, it's an area where we feel our expertise can help families during a stressful time. We encourage individuals that have been denied by other funding companies to try our services, as we feel we are the best-equipped to assist when it comes to nursing home neglect cases."
If you are a plaintiff involved in an active elder abuse lawsuit and need an immediate cash advance lawsuit loan against an impending settlement, please visit Legal-Bay HERE or call toll-free 877.571.0405.
Legal-Bay's loan settlement programs are designed to provide immediate cash in advance of a plaintiff's anticipated monetary award. The non-recourse lawsuit loans—sometimes referred to as loans for lawsuits or loans on settlement—are risk-free, as the money doesn't need to be repaid should the recipient lose their case. Therefore, the settlement loan isn't really a law suit loan, but rather a cash advance.
Legal-Bay funds all types of lawsuits, including personal injury, slips and falls, car accidents, and more. To apply for a loan on lawsuit program, please visit Legal-Bay's website HERE or call toll-free: 877.571.0405 where agents are standing by to answer questions.
Contact:
Chris Janish, CEO
Email: info@Legal-Bay.com
Ph.: 877.571.0405
Website: www.Legal-Bay.com
View original content to download multimedia:
SOURCE Legal-Bay, LLC | https://www.ktre.com/prnewswire/2022/10/27/legal-bay-pre-settlement-funding-allocate-capital-nursing-home-neglect-abuse-cases/ | 2022-10-27T11:18:39 | en | 0.973368 |
AusBiotech and Johnson & Johnson Innovation Industry Excellence Awards
- Industry Leadership Award: Professors Steve Wilton AO and Sue Fletcher AO
- Company of the Year: Telix Pharmaceuticals
- Emerging Company of the Year: Fusetec
AusBiotech Life Sciences Legacy Award: Dr Andrew Forrest AO and Nicola Forrest AO
PERTH, Australia, Oct, 27, 2022 /PRNewswire/ -- Biotech's illustrious Industry Excellence Awards were announced today at the AusBiotech 2022 national conference in Perth – recognising outstanding contribution and achievement. The AusBiotech and Johnson & Johnson Innovation Industry Excellence Awards recognise innovative companies and individuals in Australia's world-class biotechnology, medical technology and healthcare sectors.
Dr Andrew Forrest AO and Nicola Forrest AO were also awarded the AusBiotech Life Sciences Legacy Award in recognition of their generous and active support of medical research and Australian life science innovation.
AusBiotech's Chief Executive Officer, Lorraine Chiroiu, said: "These prestigeous Awards act as a celebration of the cutting-edge innovation excellence happening across the country and the extraordinary progress that these individuals and companies have contributed to the health of Australians, and to the growth of the sector."
"Congratulations to the recipients, who demonstrate what can be achieved when innovation, passion, and drive are accompanied by the vision and leadership needed to bring novel medicines, medical devices and other new technologies to patients."
Announcing the awards, Ms Kathy Connell, Senior Director, External Innovation Partnering, ANZ, Johnson & Johnson Innovation, said: "Johnson & Johnson Innovation is proud to sponsor these awards, and to celebrate and recognise these exceptional recipients for their commitment to lifescience innovation excellence. The discovery, development and commercialisation of biomedical research takes a global effort from diverse ecosystem including scientists, entrepreneurs, philanthropists and industry partners. This years' awardees represents contributions from across Australia and we commend their work as they seek to advance healthcare for humanity around the world."
Dr Forrest said: "We are passionate about finding ethical and sustainable solutions to a range of issues that impact people and the planet, and we trust that our commitment and passion, in both our philanthropy work and the commercial investments we make, is helping to make the world a better place.
"We back Australian research and businesses, as well as partner with people across the world to share information and accelerate the development of breakthrough therapies, life-changing products and medical treatments. We are investing in the future of Australian healthcare innovation in a way that hasn't been done here before."
More on the 2022 winners
Industry Leadership Award Professor Steve Wilton AO, Director Centre for Molecular Medicine and Innovative Therapeutics and Foundation Chair in Molecular Therapies, Murdoch University and Director Perron Institute for Neurological and Translational Science Perth, WA; and Professor Sue Fletcher AO, Principal Research Fellow Centre for Molecular Medicine and Innovative Therapeutics Murdoch University and Chief Scientific Officer, PYC Therapeutics Perth, WA.
Professors Steve Wilton and Sue Fletcher's collaboration and pioneering research has resulted in the development of three FDA-approved "exon-skipping" medicines that overcome specific genetic mutations that cause Duchenne Muscular Dystrophy (DMD).
Their contribution to Australia's biotech industry spans more than 25 years, and their work in antisense oligomer-induced exon skipping puts Australia's medical research into rare diseases and neuromuscular science on the map. All three medicines (Exondys 51, Vyondys 53 and Amondys 45) were developed at the Perron Institute for Neurological and Translational Science with The University of Western Australia and has been commercialised in partnership with US company Sarepta Therapeutics.
Company of the Year: Telix Pharmaceuticals
Melbourne-headquartered biopharmaceutical company Telix Pharmaceuticals Limited (Telix) is focused on the development and commercialisation of diagnostic and therapeutic ('theranostic') radiopharmaceuticals. Founded in 2015, Telix has moved its lead product Illuccix®, a PSMA PET imaging agent for the detection and staging of prostate cancer, from academic proof-of-concept to a commercially-proven product in the space of three short years, with FDA and TGA approval gained during late 2021 (now reimbursed in both markets), and Health Canada approval in October 2022.
Commerically launching Illuccix® in the US in April 2022, Telix has since generated USD$50 million (AUD$73 million) in sales; in addition to Australia, it now has commerical operations in the US, Europe and Japan. The first patient was imaged in Australia in September 2022, and US-distribution has rapidly expanded with a network of more than 150 radiopharmacies nationwide; the US total addressable market for PSMA PET imaging for prostate cancer is estimated at USD$1-1.5 billion annually. Telix's has further theranostics for oncology and rare diseases progressing through the pipeline, with more than 20 Telix sponsored and investigator-led clinical trials spanning Phases 1 – 3.
Emerging Company of the Year: Fusetec
Established in 2017, Fusetec's medical technology is already revolutionising medical training globally. Through its advanced additive manufacturing, Fusetec's realistic, anatomically accurate bone, skin and muscle is used during surgical training and reducing the need for medical students, residents and surgeons to practice on real patients or extremely expensive cadavers. These medical devices are made to order, and can be designed and manufactured to simulate specific pathology. Currently available are models in orthopaedics, otolaryngology, neurology and gynecology, with more surgical displines under development.
Fusetec has secured global partnerships and opened a world-first 3D Advanced Surgical Training Clinic in South Australia, creating 157 direct jobs in the fields of research, production and administration; it expects to create an additional 800 indirect jobs in South Australia within the supply chain, medical tourism and higher education sectors.
AusBiotech Life Sciences Legacy Award: Dr Andrew Forrest AO and Nicola Forrest AO
Dr Andrew Forrest AO and Nicola Forrest AO have demonstrated a deep commitment to finding ethical and sustainable solutions to a range of global issues as diverse as childhood cancer, ending modern slavery, and ocean conservation.
Among Australia's most active philanthropists and investors, they have invested more than $2.6 billion since 2001 through the Minderoo Foundation which they co-Chair.
Their commitment to improving equitable health outcomes and Australia's medical and biotechnology ecosystem through their philanthropic and investment activities, are proving transformational for the Australian life sciences sector.
Minderoo's Collaborate Against Cancer initiative works with global partners to overcome the greatest barriers to cancer prevention, diagnosis and treatment. Through Minderoo, the Forrests are accelerating research and discovery of breakthrough therapies to make world-class cancer care accessible to everyone, no matter their address or background. In 2020, Minderoo mounted a pivotal response to the COVID-19 pandemic to buffer Australia's diagnostic testing capacity and personal protective equipment stockpiles in a time of critical need.
Beyond their philanthropy, the Forrest family's Tarrarang Group has supported Australian life science companies and recently launched Tenmile, a $250-million venture capital fund dedicated to supporting innovators and companies to create and nurture impactful health technology and biotech solutions. Tenmile seeks to address unmet needs in healthcare and scale an Australian health science and technology sector of global significance.
-ENDS-
About AusBiotech
AusBiotech is Australia's biotechnology organisation, working on behalf of members for more than 35 years to provide representation and services to promote the global growth of Australian biotechnology. AusBiotech is a well-connected network of over 3,000 members in the life sciences, including therapeutics, medical technology (devices and diagnostics), food technology and agricultural sectors.
View original content to download multimedia:
SOURCE AusBiotech | https://www.ktre.com/prnewswire/2022/10/27/life-sciences-industrys-highest-achievers-celebrated-prestigious-awards-ceremony/ | 2022-10-27T11:18:46 | en | 0.925804 |
NEW YORK, Oct. 27, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Latch, Inc. f/k/a TS Innovation Acquisitions Corp. ("Latch" or the "Company") (NASDAQ: LTCH) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Latch investors who were adversely affected by alleged securities fraud between May 13, 2021 and August 25, 2022. Follow the link below to get more information and be contacted by a member of our team:
LTCH investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) there were unreported sales arrangements related to hardware devices; (2) as a result, the Company had improperly recognized revenue throughout fiscal 2021 and first quarter 2022; (3) there were material weaknesses in Latch's internal control over financial reporting related to revenue recognition; (4) as a result of the foregoing, Latch would restate financial statements for fiscal 2021 and first quarter 2022; and (5) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
WHAT'S NEXT? If you suffered a loss in Latch during the relevant time frame, you have until October 31, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.ktre.com/prnewswire/2022/10/27/ltch-lawsuit-alert-levi-amp-korsinsky-notifies-latch-inc-fka-ts-innovation-acquisitions-corp-investors-class-action-lawsuit-upcoming-deadline/ | 2022-10-27T11:18:53 | en | 0.940755 |
CORAL GABLES, Fla., Oct. 27, 2022 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its senior management will be participating in a fireside chat with our covering analyst at the R.W. Baird Global Industrial Institutional Investor Conference on Wednesday, November 9th at approximately 2:20 p.m. Central Time. Additionally, one-on-one meetings with institutional investors and MasTec's senior management are also being arranged as a part of the conference.
The audio and any presentation materials may be accessed through links on the "Investors" page of MasTec's website at www.mastec.com. Interested parties should check the Company's website for any schedule updates, or time changes. The presentation will also be available for replay on the MasTec website for approximately 30 days.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: power delivery services, including transmission and distribution, wireless, wireline/fiber and customer fulfillment activities; power generation, primarily from clean energy and renewable sources; pipeline infrastructure, including natural gas pipeline and distribution infrastructure; heavy civil; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.
View original content:
SOURCE MasTec, Inc. | https://www.ktre.com/prnewswire/2022/10/27/mastec-senior-management-present-robert-w-baird-2022-global-industrial-investor-conference/ | 2022-10-27T11:18:59 | en | 0.934279 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/arkansas-razorbacks-football/articles/41273504 | 2022-10-27T11:19:04 | en | 0.738227 |
M.D.C. HOLDINGS ANNOUNCES THIRD QUARTER 2022 RESULTS
Published: Oct. 27, 2022 at 5:00 AM CDT|Updated: 1 hour ago
DENVER, Oct. 27, 2022 /PRNewswire/ -- M.D.C Holdings, Inc. (NYSE: MDC), one of the nation's leading homebuilders, announced results for the quarter ended September 30, 2022.
"MDC posted strong top line growth in the third quarter of 2022, with home sale revenues increasing 12% year-over-year to $1.4 billion," said MDC's Executive Chairman, Larry A. Mizel. "Home sale gross margins were 22.7%, while net income came in at $144 million, or $1.98 per diluted share for the quarter. Excluding impairments, home sale gross margins expanded 120 basis points year-over-year to 24.7%. These results are a testament to the solid execution of our teams in the field and our organization's ability to deliver homes in a challenging market environment."
Mr. Mizel continued, "Interest rate volatility and overall economic uncertainty took a toll on our sales efforts in the third quarter, as we experienced a slowdown in demand coupled with a sharp increase in cancellations. Buyer psychology continued to be adversely affected by the negative news flow surrounding housing market conditions and the overall economy, leading to a disappointing net order result for the quarter. While we believe that the long-term outlook for new home construction is positive and that there is a strong desire to own a home in this country, we expect near-term demand trends to remain challenged until interest rates stabilize."
Mr. Mizel concluded, "In light of these developments, MDC has increasingly shifted its focus to cash flow generation, balance sheet preservation and cost rationalization, while making adjustments to our sales efforts to stay competitive in the market. Our company is led by seasoned operators who have been through several market corrections and who know how to navigate challenging market environments. While there is a lot of uncertainty in today's market, I am confident that MDC has the operational discipline and balance sheet strength for what comes next."
"MDC demonstrated solid execution in the third quarter of 2022, as we once again delivered on our stated guidance for home closings, home sales gross margin excluding impairments and average closing prices for the quarter," said David Mandarich, MDC's President and Chief Executive Officer. "As we worked tirelessly to complete and close homes in backlog during the quarter, we also focused our sales efforts on inventory that can close this year, which is consistent with our focus on cash flow, and we anticipate that this will remain the case through the end of the year. However, we are offering great opportunities for our build-to-order buyers, such as long-term interest rate lock programs and other special incentives. As we close more of our legacy backlog and open new communities ahead of the spring selling season, we will continue to evaluate market conditions and remain committed to taking actions that support the health of our sales pace, our backlog and our balance sheet."
2022 Third Quarter Highlights and Comparisons to 2021 Third Quarter
Home sale revenues increased 12% to $1.41 billion from $1.26 billion
Homebuilding pretax income increased 2% to $168.2 million from $165.2 million
Selling, general and administrative expenses as a percentage of home sale revenues ("SG&A rate") increased by 40 basis points to 10.0%
Net income of $144.4 million, or $1.98 per diluted share, down 1% from $146.0 million or $1.99 per diluted share
Dollar value of net new orders decreased 88% to $152.8 million from $1.31 billion
Dollar value of ending backlog down 25% to $3.20 billion from $4.24 billion
2022 Outlook and Other Selected Information1
Projected home deliveries for the 2022 fourth quarter between 2,200 and 2,500
Active subdivision count at September 30, 2022 of 220, up 8% year-over-year
Lots controlled of 29,256 at September 30, 2022, down 20% year-over-year
Quarterly cash dividend of fifty cents($0.50) per share declared on October 24, 2022
1 See "Forward-Looking Statements" below.
About MDC
M.D.C. Holdings, Inc. was founded in 1972. MDC's homebuilding subsidiaries, which operate under the name Richmond American Homes, have built and financed the American Dream for more than 230,000 homebuyers since 1977. MDC's commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. MDC is one of the largest homebuilders in the United States. Its subsidiaries have homebuilding operations across the country, including the metropolitan areas of Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, Riverside-San Bernardino, Los Angeles, San Diego, Orange County, San Francisco Bay Area, Sacramento, Washington D.C., Baltimore, Orlando, Jacksonville, Seattle, Portland, Boise, Nashville, Austin, Albuquerque and Huntsville. The Company's subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, respectively. M.D.C. Holdings, Inc. is traded on the New York Stock Exchange under the symbol "MDC." For more information, visit www.mdcholdings.com.
Forward-Looking Statements
Certain statements in this release, including any statements regarding our business, financial condition, results of operation, cash flows, strategies and prospects, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of MDC to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic conditions, including the impact of the COVID-19 pandemic, changes in consumer confidence, inflation or deflation and employment levels; (2) changes in business conditions experienced by MDC, including restrictions on business activities resulting from the COVID-19 pandemic, cancellation rates, net home orders, home gross margins, land and home values and subdivision counts; (3) changes in interest rates, mortgage lending programs and the availability of credit; (4) changes in the market value of MDC's investments in marketable securities; (5) uncertainty in the mortgage lending industry, including repurchase requirements associated with HomeAmerican Mortgage Corporation's sale of mortgage loans (6) the relative stability of debt and equity markets; (7) competition; (8) the availability and cost of land and other raw materials used by MDC in its homebuilding operations; (9) the availability and cost of performance bonds and insurance covering risks associated with our business; (10) shortages and the cost of labor; (11) weather related slowdowns and natural disasters; (12) slow growth initiatives; (13) building moratoria; (14) governmental regulation, including orders addressing the COVID-19 pandemic, the interpretation of tax, labor and environmental laws; (15) terrorist acts and other acts of war; (16) changes in energy prices; and (17) other factors over which MDC has little or no control. Additional information about the risks and uncertainties applicable to MDC's business is contained in MDC's Form 10-Q for the quarter ended September 30, 2022, which is scheduled to be filed with the Securities and Exchange Commission today. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. MDC undertakes no duty to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or webcasts should be consulted.
Reconciliation of Non-GAAP Financial Measures
"Gross Margin from Home Sales Excluding Inventory Impairments," "Gross Margin from Home Sales Excluding Inventory Impairments and Warranty Adjustments" and "Gross Margin from Home Sales Excluding Inventory Impairments, Warranty Adjustments, and Interest in Cost of Sales" are non-GAAP financial measures, and should not be considered in isolation or as an alternative to performance measures prescribed by GAAP. The table below reconciles each of these non-GAAP financial measures to gross margin as calculated based on GAAP. We believe this information is relevant and meaningful as it provides our investors and analysts with the impact that interest, warranty and impairments have on our Gross Margin from Home Sales and permits investors to make better comparisons with our competitors, who also break out and adjust gross margins in a similar fashion.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.ktre.com/prnewswire/2022/10/27/mdc-holdings-announces-third-quarter-2022-results/ | 2022-10-27T11:19:06 | en | 0.944653 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/arkansas-razorbacks-football/articles/41273505 | 2022-10-27T11:19:12 | en | 0.738227 |
NEW YORK, Oct. 27, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Medtronic plc ("Medtronic" or the "Company") (NYSE: MDT) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Medtronic investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of persons and entities who purchased or otherwise acquired Medtronic common stock between June 8, 2019, and May 25, 2022, inclusive. Follow the link below to get more information and be contacted by a member of our team:
MDT investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) Medtronic's product quality control systems were inadequate; (2) Medtronic had failed to comply with numerous regulations regarding risk assessment, corrective and preventive action, complaint handling, device recalls, and reporting of adverse events; (3) these failures increased the risk of regulatory investigation and action; (4) as a result of the Company's misconduct, the U.S. Food and Drug Administration would delay the approval of additional Medtronic MiniMed devices, including the MiniMed 780G; (5) these delays in product approvals, as well as the Company's need to improve its quality control systems, would negatively affect the Company's financial performance and cause Medtronic to fall further behind its competitors; and (6) as a result of the foregoing, defendants' statements about the Company's business, operations, and prospects lacked a reasonable basis.
WHAT'S NEXT? If you suffered a loss in Medtronic during the relevant time frame, you have until November 7, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.ktre.com/prnewswire/2022/10/27/mdt-lawsuit-alert-levi-amp-korsinsky-notifies-medtronic-plc-investors-class-action-lawsuit-upcoming-deadline/ | 2022-10-27T11:19:13 | en | 0.947258 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/arkansas-razorbacks-football/articles/41273506 | 2022-10-27T11:19:14 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/arkansas-razorbacks-football/articles/41273507 | 2022-10-27T11:19:16 | en | 0.738227 |
New Bentley University – Gallup survey shows Democrats and Republicans sharply divided over Washington's impact
WALTHAM, Mass., Oct. 27, 2022 /PRNewswire/ -- With the midterm elections now less than two weeks away, voters are being deluged by campaign ads and candidate debates, lawn signs and robocalls. But after the campaigns end and the last ballot is cast, how much will it matter? When it comes right down to it, how effective is government at actually changing people's daily lives?
A new nationwide survey by Bentley University and Gallup finds that only 39% of people believe the federal government is effective at impacting people's lives in a positive way.
And there's a huge difference depending on which party you belong to: 57% of Democrats believe the federal government is effective at improving people's lives, compared to only 24% of Republicans.
The Bentley-Gallup Force for Good Survey of 5,757 U.S. adults also found:
- People who identify as Black are much more likely to believe the federal government can make a difference. 62 percent of Black people say the federal government is effective at impacting people's lives, compared to 33 percent of white people.
- Older people are most likely to believe in the federal government's effectiveness. Among those over age 70, 44 percent say the federal government is effective at impacting people's lives, followed by those aged 18 to 29 (42 percent).
- People aged 50 to 59 had the least faith in Washington, with only 34 percent believing that the federal government is effective at impacting people's lives.
- 75% of Democrats say companies should speak out on current events but Republicans overwhelmingly say they should stick to business. Only 18% of Republicans say businesses should give their opinion on stories in the news.
"Democrats see corporate executives as allies in recent social conflicts, but they should be careful what they wish for," said Jeff Moriarty, professor of Philosophy at Bentley. "Eventually they will find themselves on opposing sides of an issue, and then encouraging corporations to get more involved in politics will seem like a bad idea."
So if Americans are skeptical of Washington, who do they think should step in?
57% of people think businesses are effective at improving people's lives, the Bentley-Gallup poll found. Republicans believe businesses make a positive impact more than Democrats do -- 72% of Republicans say businesses are effective at making a positive impact, compared to 51% of Democrats.
The difference in people's trust in government compared to business highlights a growing trend.
"The role of business in our society is evolving. People expect more from companies than simply increasing profits and meeting shareholder goals," said Bentley President E. LaBrent Chrite. "As people's expectations expand and businesses change to meet them, businesses themselves will have a larger role in our society – everything from how we debate political ideas to how we treat the poorest among us. The impact of business in our society has never been more important."
The Bentley University – Gallup Force for Good Report is based on a Gallup Panel web survey completed by 5,757 adults, aged 18 and older, conducted June 8 to 19, 2022. The Gallup Panel is a probability-based longitudinal panel of U.S. adults whom Gallup selects using random-digit-dial phone interviews that cover landline and cell phones. Gallup also uses address-based sampling methods to recruit panel members. The sample for this survey was weighted to be demographically representative of the U.S. adult population, using the most recent Current Population Survey figures. For results based on this sample, the maximum margin of sampling error is plus or minus 1.9 percentage points at the 95% confidence level. Margins of error are higher for subsamples.
View original content to download multimedia:
SOURCE Bentley University | https://www.ktre.com/prnewswire/2022/10/27/midterms-approach-americans-are-skeptical-federal-government/ | 2022-10-27T11:19:20 | en | 0.960227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/arkansas-razorbacks-football/articles/41273509 | 2022-10-27T11:19:22 | en | 0.738227 |
LOS ANGELES, Oct. 27, 2022 /PRNewswire/ -- Miku announced today that the Miku Pro Smart Baby Monitor was named as a winner in Good Housekeeping's 2022 Parenting Awards in the State-of-the-Art Tracker category, marking the third year the company has won the award for their smart monitoring technology. The full list of awards can be found on goodhousekeeping.com/parentingawards2022. Select winners are also featured in the October 2022 print issue of Good Housekeeping, currently on newsstands.
The Miku Pro Smart Baby Monitor makes monitoring easy. Completely contact-free, the Miku Pro tracks live breathing and sleeping patterns without wearables. No washing, no charging, and no added hassle. Intended for ages 0-10, Miku grows with your child, allowing you to gain a greater understanding of their health and wellness over time.
"This smart device from Miku combines the usefulness of a baby monitor with contact-free tracking capabilities so you can review your baby's breathing and sleep patterns. Its minimal design looks sleek in nurseries, including covers to hide the cords. Both engineers and parent testers were blown away by the clear and crisp video quality and the intuitive app that was easy to navigate. They also found the system to be simple to set up on their own." - Good Housekeeping
Good Housekeeping's team of engineers, scientists and product experts thoroughly reviewed submissions and experienced them firsthand, both in their homes and in the Good Housekeeping Institute testing labs. Beyond that, GH experts received in-depth reviews from over 400 parents to get real-world feedback. The featured winners focus on products that improve the wellbeing of families, whether through convenience, safety, enrichment or other factors.
About Miku
Miku is a pediatric health monitoring company creating products that make it easy for parents to understand their child's sleep and respiratory behaviors and trends. The contact-free Miku Pro Smart Baby Monitor and corresponding analytics platform give parents easy access to breathing and sleep data, all without the use of a wearable.
Founded in 2018, Miku's products and proprietary, clinically-tested SensorFusion™ technology have received accolades from Fast Company, CES, Good Housekeeping, Babylist, Digital Trends, and more for innovation, design, and overall industry best-of. Partnered with established universities, hospital systems, research organizations, investors, and leaders, Miku is pioneering contactless monitoring in the pediatric space. For more information, please visit mikucare.com. Follow us on Instagram, Facebook, Twitter and LinkedIn.
View original content to download multimedia:
SOURCE Miku | https://www.ktre.com/prnewswire/2022/10/27/miku-selected-good-housekeeping-2022-parenting-award-winner-third-year/ | 2022-10-27T11:19:27 | en | 0.949149 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/arkansas-razorbacks-football/articles/41273510 | 2022-10-27T11:19:28 | en | 0.738227 |
Final outcomes comparing acute grade ≥2 genitourinary toxicity following MRI- vs. CT-guided prostate SBRT presented at ASTRO 2022
DENVER, Oct. 27, 2022 /PRNewswire/ -- ViewRay, Inc. (NASDAQ: VRAY) announced today that the final primary endpoint results from the phase III randomized single-center MIRAGE trial were presented at the 64th Annual Meeting of the American Society for Radiation Oncology (ASTRO) being held October 23-26, 2022, at the Henry B. Gonzalez Convention Center in San Antonio, Texas. The trial was independently conducted by investigators at UCLA and compared MRIdian MRI-guided SBRT vs. CT-guided SBRT for localized prostate cancer.
Final outcomes of the phase III randomized trial comparing acute grade ≥2 genitourinary (GU) toxicity following MRIdian MRI-guided vs. CT-guided prostate SBRT determined that MRI-guidance significantly reduced acute grade ≥2 GU and gastrointestinal (GI) toxicity. In the trial, 156 patients were randomized and received MRIdian MRI-guided SBRT or CT-guided SBRT (40 Gy in five fractions). Acute grade ≥2 GU toxicity rates were significantly lower with MRI-guidance vs. CT-guidance (24.4% in the MRI group vs. 43.4% in the CT group). Rates of acute grade ≥2 GI toxicity were also significantly lower with MRI-guidance (0.0% in the MRI group vs. 10.5% in the CT group). On multivariable analysis, which controls for differences in the use of hydrogel spacer, prostate size, and baseline urinary symptoms, the MRI-guidance arm was associated with a 60% reduction in odds of grade ≥2 GU toxicity.
Perhaps even more notably, there were improvements in multiple patient-reported outcomes. Significantly more patients receiving CT-guided SBRT experienced large increases in urinary symptoms, as measured by a >15 points increase in International Prostate Symptom Score (IPSS) (6.8% in the MRI group vs. 19.4% in the CT group). Similarly, a significantly greater percentage of patients experienced a clinically notable decrease in bowel-related quality of life with CT-guided, as measured by the Expanded Prostate Cancer Index Composite-26 (EPIC-26) survey (25.0% in the MRI group vs. 50.0% in the CT group). Finally, though it is too early to draw final conclusions as more than 2/3rds of men on the trial received hormonal therapy, exploratory analysis in men who did not receive hormonal therapy showed that patient-reported, sexual-function scores (by EPIC-26) decreased more in men receiving CT-guided SBRT.
"A major consideration with prostate SBRT is the margin of normal tissue around the target that is exposed to high-dose radiation. The highly positive final results of our phase III MIRAGE trial show that when MRI-guidance is used to shrink this margin, there are significant improvements in both physician-scored and patient-reported toxicity in terms of urinary and bowel side effects," said Amar Kishan, MD., Associate Professor and Chief of the Genitourinary Oncology Service at UCLA. "UCLA has had a robust, leading SBRT program since 2010, and we have long offered this to our patients using a CT-guided platform. With the positive results of our trial, we have shifted to almost exclusively offering MRI-guided SBRT. Though differences in late toxicity will take years to manifest, in the interim, these data provide strong support for the use of this advanced technology to treat with unprecedented tight margins."
The MRIdian system provides oncologists outstanding anatomical visualization through diagnostic-quality MR images and the ability to adapt a radiation therapy plan to the targeted cancer with the patient on the table. This combination allows physicians to define tight treatment margins to avoid unnecessary radiation exposure of vulnerable organs-at-risk and healthy tissue and allows the delivery of ablative radiation doses in five or fewer treatment sessions, without relying on implanted markers. By providing real-time continuous tracking of the target and organs-at-risk, MRIdian enables automatic gating of the radiation beam if the target moves outside the user-defined margins. This allows for delivery of the prescribed dose to the target, while sparing surrounding healthy tissue and critical structures, which results in minimizing toxicities typically associated with conventional radiation therapy.
To date, nearly 27,000 patients have been treated with MRIdian. Currently, 54 MRIdian systems are installed at hospitals around the world where they are used to treat a wide variety of solid tumors and are the focus of numerous ongoing research efforts. MRIdian has been the subject of hundreds of peer-reviewed publications, scientific meeting abstracts, and presentations. For a list of treatment centers, please visit: https://viewray.com/find-mridian-mri-guided-radiation-therapy/
Conflicts of Interest: Amar Kishan, M.D. discloses research funding from the Department of Defense, the National Institutes of Health, the Jonsson Comprehensive Cancer Foundation, the Prostate Cancer Foundation, and the American Society for Radiation Oncology. He also discloses research support, not related to this study, from ViewRay, Inc. He discloses consulting fees from ViewRay, Inc. and Varian Medical Systems, Inc. Dr. Kishan also discloses low-value stock held in ViewRay Inc.
Disclaimer: Nothing in this material is intended to provide specific medical advice or to take the place of written law or regulations.
Safety Statement
The MRIdian Linac System is not appropriate for all patients, including those who are not candidates for magnetic resonance imaging. Radiation treatments may cause side effects that can vary depending on the part of the body being treated. The most frequent ones are typically temporary and may include, but are not limited to, irritation to the respiratory, digestive, urinary, or reproductive systems; fatigue; nausea; skin irritation; and hair loss. In some patients, side effects can be severe. Treatment sessions may vary in complexity and duration. Radiation treatment is not appropriate for all cancers. You should discuss the potential for side effects and their severity as well as the benefits of radiation and magnetic resonance imaging with your doctor to make sure radiation treatment is right for you.
About ViewRay
ViewRay, Inc. (Nasdaq: VRAY), designs, manufactures, and markets the MRIdian® MRI-Guided Radiation Therapy System. MRIdian is built upon a proprietary high-definition MR imaging system designed from the ground up to address the unique challenges and clinical workflow for advanced radiation oncology. Unlike MR systems used in diagnostic radiology, MRIdian's high-definition MR was purpose-built to address specific challenges, including beam distortion, skin toxicity, and other concerns that potentially may arise when high magnetic fields interact with radiation beams. ViewRay and MRIdian are registered trademarks of ViewRay, Inc.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Private Securities Litigation Reform Act. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, ViewRay's financial guidance for the full year 2022, anticipated future orders, anticipated future operating and financial performance, treatment results, therapy adoption, innovation, and the performance of the MRIdian systems. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to commercialize the MRIdian Linac System, demand for ViewRay's products, the ability to convert backlog into revenue, the timing of delivery of ViewRay's products, the timing, length, and severity of the COVID-19 pandemic, including its impacts across our businesses on demand, our operations and global supply chains, the results and other uncertainties associated with clinical trials, the ability to raise the additional funding needed to continue to pursue ViewRay's business and product development plans, the inherent uncertainties associated with developing new products or technologies, competition in the industry in which ViewRay operates, and overall market conditions. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to ViewRay's business in general, see ViewRay's current and future reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and its Quarterly Reports on Form 10-Q, as updated periodically with the Company's other filings with the SEC. These forward-looking statements are made as of the date of this press release, and ViewRay assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.
View original content:
SOURCE ViewRay, Inc. | https://www.ktre.com/prnewswire/2022/10/27/mirage-phase-iii-randomized-controlled-trial-demonstrates-superiority-mridian-mri-guidance-stereotactic-body-radiotherapy-sbrt-localized-prostate-cancer/ | 2022-10-27T11:19:33 | en | 0.937973 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/arkansas-razorbacks-football/articles/41273511 | 2022-10-27T11:19:34 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/arkansas-razorbacks-football/articles/41273783 | 2022-10-27T11:19:41 | en | 0.738227 |
Third Quarter 2022 Highlights
(Comparisons are year-over-year ("YoY"), unless otherwise noted)
- Net sales of $874.2 million, a decrease of 4% primarily driven by greater than anticipated residential water heater de-stocking activity, partially offset by previously announced inflation-related pricing actions
- Net earnings of $109.8 million, a decrease of 17%
- Earnings per share ("EPS") of $0.71, a decrease of 13%
- Adjusted earnings1 of $106.6 million resulted in adjusted EPS1 of $0.69
- Reaffirm revised 2022 EPS guidance of $1.29 to $1.39 and adjusted EPS guidance of $3.05 to $3.15
MILWAUKEE, Oct. 27, 2022 /PRNewswire/ -- Global water technology company A. O. Smith Corporation ("the Company") (NYSE: AOS) today announced its third quarter 2022 results.
Key Financial Metrics
Third Quarter
(in millions, except per share amounts)
"As we announced on October 13, lower North America residential water heater industry demand challenged our results in the third quarter due to greater than anticipated wholesale inventory de-stocking activity, the impact of which more than offset the benefits of our 2021 price increases and higher volumes of commercial water heaters," noted Kevin J. Wheeler, chairman and chief executive officer. "We saw higher shipments of commercial gas water heaters and boilers in the quarter as supply chain constraints continued to ease."
Third quarter adjusted earnings and adjusted EPS of $0.69 excluded the following:
- A pre-tax gain of $11.5 million, or $0.05 per share after taxes, due to a judgment obtained against a competitor related to the infringement of one of the Company's patents;
- Pre-tax expenses of $4.3 million, or $0.02 per share after taxes, associated with terminated acquisition costs; and
- Pre-tax non-operating pension expenses of $3.0 million, or $0.01 per share after taxes.
Segment-level Performance
North America
Third Quarter 2022
Third quarter sales of $652.9 million were essentially flat to last year as pricing actions taken in 2021, largely on water heaters, were offset by weaker residential water heater demand. The quarter benefited from continued strong demand for commercial gas water heater and boiler products. Giant Factories (Giant), a Canadian water heater company that the Company acquired in October 2021, added $25 million to sales in the quarter.
Segment earnings were $141.8 million and adjusted segment earnings were $132.9 million in the third quarter of 2022. Adjusted segment earnings, which excluded a pre-tax gain of $11.5 million due to a judgment against a competitor related to patent infringement and pre-tax non-operating pension expenses of $2.6 million, decreased 11% compared with adjusted segment earnings in the third quarter of 2021. The positive impacts to earnings from inflation-related 2021 price increases and higher commercial water heater volumes were more than offset by lower residential water heater volumes, costs associated with production inefficiencies and higher-cost materials, particularly steel. Manufacturing production capacity was adjusted in the third quarter to align with lower residential water heater industry demand. For the reasons noted above, adjusted segment operating margin of 20.4% declined compared with 22.7% in the third quarter of 2021.
Rest of World
Third Quarter 2022
Rest of World sales of $230.2 million decreased 13% year-over-year, including an unfavorable currency translation impact of approximately $16 million, of which $12 million related to sales in China. In local currency, segment sales decreased by approximately 6% year-over-year. The decrease in sales in the third quarter of 2022 was driven by lower consumer demand in China due to COVID-19-related lockdowns. Sales in India increased 16% in local currency in the third quarter of 2022 due to strong demand for our water heater and water treatment products.
Segment earnings of $21.8 million decreased 19% compared with the third quarter of 2021. In China, the impact of lower volumes was partially offset by lower selling and advertising costs. Segment operating margin of 9.5% declined 70 basis points compared with the third quarter of 2021. The decline in earnings was due primarily to COVID-19-related lockdowns in China. The decline in segment operating margin was primarily due to the negative impact of currency translation, partially offset by improvement in China operating margin.
Balance Sheet, Liquidity and Capital Allocation
As of September 30, 2022, cash and marketable securities balances totaled $417.1 million and debt totaled $287.8 million, resulting in a leverage ratio of 14.1% as measured by total debt-to-total capitalization.
Cash provided by operations was $214.7 million and free cash flow was $163.8 million in the first nine months of 2022, which decreased year-over-year. Incremental cash provided by higher earnings in the first nine months of 2022 compared with the prior year was more than offset by lower customer deposits in China, higher incentive payments in 2022 and additional working capital cash outlays for higher cost inventories that more than offset lower accounts receivable balances.
As part of its commitment to return capital to shareholders, the Company repurchased 4,472,500 shares at a cost of $282.0 million in the first nine months of 2022. As of September 30, 2022, authority remained to repurchase an additional approximately 2.6 million shares. The Company expects to spend $400 million repurchasing shares in 2022.
On October 12, 2022, the Company's board of directors approved a 7% increase in the dividend rate, resulting in a five-year compound annual dividend growth rate of 15%. For the full release, click here.
Pension Plan Termination
As the Company announced earlier this year, to de-risk its liability associated with its fully funded pension plan, the Company's board of directors approved the termination of the Company's largest defined benefit pension plan ("the Plan"), which represents over 95% of the Company's pension liability, with a termination date of December 31, 2021. The Company has received a determination letter from the IRS allowing the Company to proceed with the termination of the Plan. The Plan was previously sunset for benefits earned on December 31, 2014. In 2022, the Company expects to annuitize the Plan's remaining pension liability. The Plan settlement, which is expected to occur in the fourth quarter of 2022, will accelerate the recognition of approximately $445 million, or EPS of approximately $1.73, of non-cash, pre-tax pension expenses. In addition, to protect the Plan's funded status, the Plan transferred its assets to lower risk investments in 2021. The impact of this transition will result in a lower rate of return on pension investments and accordingly, higher pension expenses in 2022, compared with previous years. The Company recognized $3.0 million of non-operating pension expenses in the third quarter of 2022 compared with $3.2 million of pension income in the third quarter of 2021.
Outlook
2022 Outlook
(in millions except per share amounts)
"Because we expect the normalization of North America residential industry volumes to persist through the remainder of 2022, we announced on October 13 and reaffirm today that we lowered our sales outlook for 2022 to an increase of between 5% and 7% year-over-year, including approximately $100 million from Giant. We also lowered our full year 2022 EPS outlook to be between $1.29 and $1.39 and our adjusted EPS outlook to be between $3.05 and $3.15, an increase over 2021 of 5% at the mid-point," stated Wheeler. "As we closed out the third quarter, we adjusted our manufacturing to reflect lower North America industry residential water heater volumes and realized further supply chain improvements, particularly in our commercial business. As a result, we expect improved production efficiency combined with continued strength in the rest of our portfolio to drive sequential earnings improvement in the fourth quarter."
The Company's guidance excludes the potential impacts from future acquisitions and assumes the COVID-19-related shutdowns in China remain at current levels throughout the rest of the year and do not significantly impact our operations or our employees, customers or suppliers.
A. O. Smith will host a webcasted conference call at 10:00 a.m. (Eastern Daylight Time) today. The call can be heard live on the Company's website click here. An audio replay of the call will be available on the Company's website after the live event. To access the archived audio replay, go to the "Investors" page and select the Third Quarter 2022 Earnings Call link.
To provide improved transparency into the operating results of its business, the Company is providing non-GAAP measures. Free cash flow is defined as cash provided by operations less capital expenditures. Adjusted earnings, adjusted EPS, adjusted segment earnings and adjusted corporate expenses exclude the impact of pension settlement expenses, as well as legal judgment income, expenses associated with terminated acquisition costs and non-operating pension income and expenses, which are discussed earlier in this release. Reconciliations from GAAP measures to non-GAAP measures are provided in the financial information included in this news release.
Forward-looking Statements
This release contains statements that the Company believes are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "forecast," "continue," "guidance," "outlook" or words of similar meaning. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date of this release. Important factors that could cause actual results to differ materially from these expectations include, among other things, the following: further softening in U.S. residential water heater demand resulting primarily from channel inventory destocking; negative impacts to the Company, particularly the demand for its products, resulting from global inflationary pressures or a potential recession in one or more of the markets in which the Company participates; the Company's ability to continue to obtain commodities, components, parts and accessories on a timely basis through its supply chain and at expected costs; negative impacts to demand for the Company's products, particularly commercial products, and to its operations and workforce as a result of the severity and duration of the COVID-19 pandemic; further weakening in U.S. residential or commercial construction or instability in the Company's replacement markets; inability of the Company to implement or maintain pricing actions; an uneven recovery of the Chinese economy or decline in the growth rate of consumer spending or housing sales in China; negative impact to the Company's business in China as a result of future COVID-19-related shutdowns there; negative impact to the Company's businesses from international tariffs, trade disputes and geopolitical differences, including the conflict in Ukraine; potential weakening in the high-efficiency boiler segment in the U.S.; substantial defaults in payment by, material reduction in purchases by or the loss, bankruptcy or insolvency of a major customer; foreign currency fluctuations; the Company's inability to successfully integrate or achieve its strategic objectives resulting from acquisitions; competitive pressures on the Company's businesses; the impact of potential information technology or data security breaches; changes in government regulations or regulatory requirements; and adverse developments in general economic, political and business conditions in key regions of the world. Forward-looking statements included in this news release are made only as of the date of this release, and the Company is under no obligation to update these statements to reflect subsequent events or circumstances. All subsequent written and oral forward-looking statements attributed to the Company, or persons acting on its behalf, are qualified entirely by these cautionary statements.
About A. O. Smith
A. O. Smith Corporation, with headquarters in Milwaukee, Wis., is a global leader applying innovative technology and energy-efficient solutions to products manufactured and marketed worldwide. Listed on the New York Stock Exchange (NYSE: AOS), the Company is one of the world's leading manufacturers of residential and commercial water heating equipment and boilers, as well as water treatment products. For more information, visit www.aosmith.com.
View original content to download multimedia:
SOURCE A. O. Smith Corporation | https://www.ktre.com/prnewswire/2022/10/27/o-smith-reports-third-quarter-performance/ | 2022-10-27T11:19:40 | en | 0.959297 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nhl/toronto-maple-leafs/articles/41273696 | 2022-10-27T11:19:47 | en | 0.738227 |
SAN DIEGO, Oct. 27, 2022 /PRNewswire/ -- One America News Network ("OAN"), a 24/7 source of credible national and international news, announced today that its broadcast over-the-air (OTA) channel variant OAN Plus is now available as a digital subchannel on KFLA channel 8.9 in the top OTA DMA of Los Angeles.
In recent months, and leading into the upcoming critical midterm elections, OAN has been aggressive in expanding broadcast multicast carriage for OAN Plus. With the addition of more than one million OTA homes in Los Angeles, OAN Plus is on track to reach its goal of nearly 15 million OTA homes by the end of Q1 2023. The OAN Plus lineup blend of live news, political commentary and analysis, and its top-performing lineup of primetime political talk shows make it a key channel destination for complete election news coverage.
"Over the last year, we've been aggressively expanding OAN's household reach into broadcast homes as part of our long-term distribution strategy," stated Alex Kopacz, EVP, Content Distribution and Strategy at OAN. "Our broadcast partners have fully embraced the highly recognized brand OAN has earned, and they appreciate the programming void the channel fills across their multicast offering."
KFLA went on the air in 2007 in Los Angeles and offers a portfolio of news and information channels designed to entertain and inform. AWE Plus (A Wealth of Entertainment), a second entertainment channel from Herring Networks, is also available with KFLA on channel 8.6.
"We are excited to add OAN Plus, with its fresh and new perspective, to our news and information lineup of channels," said Roy Mayhugh, KFLA CEO.
One America News Network, ("OAN"), which launched on July 4, 2013, provides an independent source of credible national and international news around the clock. The network operates news bureaus in Washington, D.C., California, New York, and Florida. In addition, the network utilizes numerous external newsgathering sources, including US Pool feeds. OAN produces eighteen hours of live news every weekday. In addition, the network features three weekday primetime political talk shows, namely REAL AMERICA with Dan Ball, IN FOCUS with Addison Smith, and TIPPING POINT with Kara McKinney. OAN is featured on over a hundred cable and video providers worldwide. In addition, the OAN LIVE app is available on your favorite connected devices. For more information, please visit www.oann.com.
For more information, contact:
Ryan Critchley, Press Contact
Herring Networks, Inc.
Phone: 858-270-6900 x 105
press@oann.com
View original content:
SOURCE One America News Network | https://www.ktre.com/prnewswire/2022/10/27/oan-adds-kfla-los-angeles-further-extend-its-broadcast-over-the-air-reach/ | 2022-10-27T11:19:48 | en | 0.927938 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nhl/toronto-maple-leafs/articles/41273698 | 2022-10-27T11:19:53 | en | 0.738227 |
NEW YORK, Oct. 27, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Olo Inc. ("Olo" or the "Company") (NYSE: OLO) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Olo investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of all persons and entities that purchased shares of Olo's Class A common stock between August 11, 2021 and August 11, 2022. Follow the link below to get more information and be contacted by a member of our team:
OLO investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) Subway was ending its contract with Olo; (2) Olo's key business metric – active locations – could not continue to grow as defendants touted due to the loss of Subway's business; and (3) as a result of the above, defendants' statements about Olo's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
WHAT'S NEXT? If you suffered a loss in Olo during the relevant time frame, you have until November 28, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.ktre.com/prnewswire/2022/10/27/olo-lawsuit-alert-levi-amp-korsinsky-notifies-olo-inc-investors-class-action-lawsuit-upcoming-deadline/ | 2022-10-27T11:19:55 | en | 0.93769 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nhl/toronto-maple-leafs/articles/41273884 | 2022-10-27T11:19:59 | en | 0.738227 |
NEW YORK, Oct. 27, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Opendoor Technologies Incorporated ("Opendoor" or the "Company") (NASDAQ: OPEN) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Opendoor investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of a class consisting of all persons and entities other than defendants that purchased or otherwise acquired: (a) Opendoor securities between December 21, 2020 and September 16, 2022, both dates inclusive and/or (b) Opendoor common stock pursuant and/or traceable to documents issued in connection with the business combination between the Company and Opendoor Labs Inc. completed on or about December 18, 2020. Follow the link below to get more information and be contacted by a member of our team:
OPEN investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) the algorithm used by the Company to make offers for homes could not accurately adjust to changing house prices across different market conditions and economic cycles; (ii) as a result, the Company was at an increased risk of sustaining significant and repeated losses due to residential real estate pricing fluctuations; (iii) accordingly, defendants overstated the purported benefits and competitive advantages of the algorithm; (iv) as a result, documents issued in connection with the merger between the Company and Opendoor Labs Inc. and defendants' public statements throughout the class period were materially false and/or misleading and failed to state information required to be stated therein.
WHAT'S NEXT? If you suffered a loss in Opendoor during the relevant time frame, you have until December 6, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.ktre.com/prnewswire/2022/10/27/open-lawsuit-alert-levi-amp-korsinsky-notifies-opendoor-technologies-incorporated-investors-class-action-lawsuit-upcoming-deadline/ | 2022-10-27T11:20:01 | en | 0.943305 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nhl/toronto-maple-leafs/articles/41273936 | 2022-10-27T11:20:05 | en | 0.738227 |
PBF Energy Announces Third Quarter 2022 Results and Declares Dividend of $0.20 per Share
Published: Oct. 27, 2022 at 5:30 AM CDT|Updated: 50 minutes ago
Third quarter income from operations of $1,400.0 million (excluding special items, third quarter income from operations of $1,403.0 million)
Announces reinstatement of regular quarterly dividend of $0.20 per share
Net debt to capitalization reduced to 1% versus 59% at year-end 2021, excluding special items
PARSIPPANY, N.J., Oct. 27, 2022 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported third quarter 2022 income from operations of $1,400.0 million as compared to income from operations of $100.9 million for the third quarter of 2021. Excluding special items, third quarter 2022 income from operations was $1,403.0 million as compared to income from operations of $101.0 million for the third quarter of 2021. PBF Energy's financial results reflect the consolidation of PBF Logistics LP (NYSE: PBFX), a master limited partnership of which PBF Energy indirectly owns the general partner and approximately 48% of the limited partner interests as of quarter-end.
The company reported third quarter 2022 net income of $1,084.2 million and net income attributable to PBF Energy Inc. of $1,056.4 million or $8.40 per share. This compares to net income of $78.7 million, and net income attributable to PBF Energy Inc. of $59.1 million or $0.49 per share for the third quarter 2021. Non-cash special items included in the third quarter 2022 results, which increased net income by a net, after-tax expense of $55.1 million, or $0.44 per share, consisted of a net tax benefit on remeasurement of deferred tax assets, partially offset by a net loss on the extinguishment of debt related to the redemption of our 7.25% secured notes due 2025, a change in fair value of the contingent consideration associated with earn-out provisions related primarily to the Martinez Acquisition and a change in the tax receivable agreement liability. Adjusted fully-converted net income for the third quarter 2022, excluding special items, was $1,008.1 million, or $7.96 per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net income of $14.0 million or $0.12 per share, for the third quarter 2021.
Tom Nimbley, PBF Energy's Chairman and CEO, said, "Market conditions in the third quarter, driven by underlying supply and demand fundamentals, allowed PBF to continue to strengthen our financial position and further reduce net leverage." Mr. Nimbley continued, "As a result of the great strides we have made in solidifying PBF's capital structure and the outlook for our business, we are pleased to announce the reinstatement of a regular quarterly dividend. PBF believes the dividend is an important component of providing incremental capital returns for our investors."
Mr. Nimbley concluded, "Our assets ran well during the third quarter as consumers continued to show strong demand for our products. As we head into the winter months, global product inventories remain low, consumer demand is resilient and refineries are running at high utilization to keep pace. We expect that with continuing reliable operating performance, PBF will be able to generate incremental free cash flow that can be used to further strengthen our balance sheet, reduce our overall cost of capital and reward our investors."
PBF Energy Inc. Declares Dividend
The company announced today that it will pay a quarterly dividend of $0.20 per share of Class A common stock on November 29, 2022, to holders of record at the close of business on November 14, 2022.
Strategic Update and Outlook
PBF is evolving into a more resilient and diversified company. Over the last year and half, we have reduced consolidated debt by over $2.6 billion including the July 11, 2022 redemption of the 9.25% Senior Secured Notes due 2025. Our unsecured debt is now below pre-pandemic levels and our net debt to capitalization is now 1%. We believe these measures have generated significant value for our investors in the near-term and, more importantly, provide long-term value through an improved fundamental foundation supported by increased cash flow.
PBF continues to advance our project for a renewable fuels production facility co-located at the Chalmette refinery. This strategically valuable project represents an initial step in PBF's pursuit of producing sustainable fuels. During the third quarter of 2022, we invested approximately $103 million as we progress and incubate the project with the goal of being in production in the first half of 2023. Concurrent with our activities to progress the project, we are continuing discussions with potential strategic and financial partners.
As always, the safety and reliability of our core operations are paramount. We continue to invest in all of our assets and expect full-year 2022 refining capital expenditures, excluding capital expenditures related to our Renewable Diesel Project, to be in the $550 to $575 million range, which includes advanced purchases of material for future turnarounds.
Throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. PBF is conducting planned work at its Gulf Coast refinery during the fourth quarter.
On July 28, 2022, PBF Energy Inc. and PBF Logistics LP announced a definitive merger agreement and plan of merger pursuant to which PBF Energy will acquire all of the outstanding common units of PBF Logistics it does not already own directly or indirectly for a combination of PBF Energy Class A common stock and cash. PBF Energy beneficially owns approximately 48% of the outstanding common units of PBF Logistics as of September 30, 2022. The transaction is subject to customary closing conditions and the approval of the PBF Logistics common unitholders (including PBF Energy). The transaction is expected to close in the fourth quarter of 2022, however there can be no assurance that the transaction will be consummated in the anticipated timeframe, on the contemplated terms or at all. For additional information on this transaction, please refer to the company's filings with the Securities and Exchange Commission.
Adjusted Fully-Converted Results
Adjusted fully-converted results assume the exchange of all PBF Energy Company LLC Series A Units and dilutive securities into shares of PBF Energy Inc. Class A common stock on a one-for-one basis, resulting in the elimination of the noncontrolling interest and a corresponding adjustment to the company's tax provision.
Non-GAAP Measures
This earnings release, and the discussion during the management conference call, may include references to Non-GAAP (Generally Accepted Accounting Principles) measures including Adjusted Fully-Converted Net Income (Loss), Adjusted Fully-Converted Net Income (Loss) excluding special items, Adjusted Fully-Converted Net Income (Loss) per fully-exchanged, fully-diluted share, Income (Loss) from operations excluding special items, gross refining margin, gross refining margin excluding special items, gross refining margin per barrel of throughput, EBITDA (Earnings before Interest, Income Taxes, Depreciation and Amortization), EBITDA excluding special items and Adjusted EBITDA. PBF believes that Non-GAAP financial measures provide useful information about its operating performance and financial results. However, these measures have important limitations as analytical tools and should not be viewed in isolation or considered as alternatives for, or superior to, comparable GAAP financial measures. PBF's Non-GAAP financial measures may also differ from similarly named measures used by other companies. See the accompanying tables and footnotes in this release for additional information on the Non-GAAP measures used in this release and reconciliations to the most directly comparable GAAP measures.
Conference Call Information
PBF Energy's senior management will host a conference call and webcast regarding quarterly results and other business matters on Thursday, October 27, 2022, at 8:30 a.m. ET. The call is being webcast and can be accessed at PBF Energy's website, http://www.pbfenergy.com. The call can also be accessed by dialing (877) 869-3847 or (201) 689-8261. The audio replay will be available approximately two hours after the end of the call and will be available through the company's website.
Forward-Looking Statements
Statements in this press release relating to future plans, results, performance, expectations, achievements and the like are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond the company's control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed in the company's filings with the SEC, as well as the risks disclosed in PBFX's SEC filings and any impact PBFX may have on the company's credit rating, cost of funds, employees, customers and vendors; risks related to the merger with PBFX, including the risk that the transaction is not consummated during the expected timeframe, or at all; the effects related to or resulting from Russia's military action in Ukraine, including the imposition of additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environment; the supply, demand, prices and other market conditions for our products or crude oil; our expectations with respect to our capital spending and turnaround projects; risks associated with our obligation to buy Renewable Identification Numbers and related market risks related to the price volatility thereof; our ability to make, and realize the benefits from, acquisitions or investments, including in renewable diesel productions, on any announced time frame or at all; our expectations regarding global product inventories, consumer demand and our refineries' operating performance and its impact on our ability to continue to generate incremental free cash flow; the continued effect of the COVID-19 pandemic and related governmental and consumer responses; the possibility that we might reduce or not make further dividend payments; the impact of market conditions on demand for the balance of 2022; and the impact of adverse market conditions affecting the company, unanticipated developments, regulatory approvals, changes in laws and other events that negatively impact the company. All forward-looking statements speak only as of the date hereof. The company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law.
About PBF Energy Inc.
PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.
PBF Energy Inc. also currently indirectly owns the general partner and approximately 48% of the limited partnership interest of PBF Logistics LP (NYSE:PBFX).
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.ktre.com/prnewswire/2022/10/27/pbf-energy-announces-third-quarter-2022-results-declares-dividend-020-per-share/ | 2022-10-27T11:20:08 | en | 0.942525 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nhl/toronto-maple-leafs/articles/41274034 | 2022-10-27T11:20:11 | en | 0.738227 |
- Third quarter net income attributable to the limited partners of $34.9 million, or $0.55 per common unit, EBITDA attributable to PBFX of $53.8 million and Adjusted EBITDA of $54.6 million
- Year-to-date debt reduced by $100.0 million through repayments on the revolving credit facility
- Declares quarterly distribution of $0.30 per unit
PARSIPPANY, N.J., Oct. 27, 2022 /PRNewswire/ -- PBF Logistics LP (NYSE:PBFX, the "Partnership") today announced third quarter 2022 net income attributable to the limited partners of $34.9 million, or $0.55 per common unit. During the quarter, the Partnership generated cash from operations of $64.5 million, EBITDA attributable to PBFX of $53.8 million, Adjusted EBITDA of $54.6 million and distributable cash flow of $43.9 million. Included in reported results for the third quarter are $0.8 million, or $0.01 per common unit, of non-cash unit-based compensation expense and continued environmental remediation costs associated with the East Coast Terminals.
"PBF Logistics enjoyed another quarter of safe, reliable and consistent operations. We reduced our net leverage by an incremental $30 million, $100 million on a year-to-date basis, and today announced a quarterly distribution of $0.30 per unit," said PBF Logistics GP LLC Executive Vice President Matt Lucey. "Our 2022 focus remains on the continued health and safety of our employees and operations, providing high-quality, uninterrupted service to our customers."
As of September 30, 2022, the Partnership had approximately $541.4 million of liquidity, including approximately $44.9 million in cash and cash equivalents, and access to approximately $496.5 million under its revolving credit facility. Year-to-date, the outstanding balance of the revolving credit facility has been reduced by $100.0 million.
PBF Logistics Declares Quarterly Distribution
The board of directors of PBF Logistics GP LLC, the Partnership's general partner, declared a regular quarterly cash distribution of $0.30 per common unit. The distribution is payable on November 18, 2022, to unitholders of record at the close of business on November 7, 2022.
This release is intended to be a qualified notice to nominees under Treasury Regulations Section 1.1446-4(b). All of the Partnership's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
Merger Agreement with PBF Energy
On July 28, 2022, the Partnership and PBF Energy Inc. ("PBF Energy") announced a definitive merger agreement (the "Merger Agreement") and plan of merger pursuant to which PBF Energy will acquire all of the publicly held common units representing limited partner interests in the Partnership not already owned by PBF Energy and its subsidiaries on the closing date of the transaction (the "Merger Transaction"). The Merger Agreement provides that each outstanding common unit of the Partnership held by an unaffiliated common unitholder will receive 0.270 shares of PBF Energy Class A common stock and $9.25 in cash, without interest. The merger is expected to close in the fourth quarter of 2022, subject to customary closing conditions. For additional information on this transaction, please refer to the Partnership's filings with the Securities and Exchange Commission.
No Offer or Solicitation
This communication is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Non-GAAP Financial Measures
The Partnership defines EBITDA as net income (loss) before net interest expense (including amortization of loan fees and debt premium and accretion on discounted liabilities), income tax expense, depreciation, amortization, impairment expense and change in contingent consideration. The Partnership defines EBITDA attributable to PBFX as net income (loss) attributable to PBFX before net interest expense (including amortization of loan fees and debt premium and accretion on discounted liabilities), income tax expense, depreciation, amortization, impairment expense and change in contingent consideration attributable to PBFX, which excludes results of acquisitions from affiliates of PBF Energy prior to the effective dates of such transactions and earnings attributable to the CPI earn-out (the portion of earnings associated with an earn-out provision related to the purchase of CPI Operations LLC ("CPI"), (the "Contingent Consideration")). The Partnership defines Adjusted EBITDA as EBITDA attributable to PBFX excluding acquisition and transaction costs, non-cash unit-based compensation expense and items that meet the conditions of unusual, infrequent and/or non-recurring charges. The Partnership defines distributable cash flow as EBITDA attributable to PBFX plus non-cash unit-based compensation expense, less cash interest, maintenance capital expenditures attributable to PBFX and income taxes. Distributable cash flow will not reflect changes in working capital balances. EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow are not presentations made in accordance with U.S. generally accepted accounting principles ("GAAP").
For additional information on the Partnership's non-GAAP financial measures, including reconciliations to their most directly comparable financial measures calculated and presented in accordance with GAAP, refer to the supplemental information provided in "Results of Operations" and the Earnings Release Tables included herein.
Conference Call Information
The Partnership will host a conference call and webcast regarding quarterly results and other business matters on Thursday, October 27, 2022, at 11:00 a.m. ET. The call is being webcast and can be accessed at PBF Logistics' website, http://www.pbflogistics.com. The call can also be accessed by dialing (877) 407-8029 or (201) 689-8029. The audio replay will be available approximately two hours after the end of the call and will be available through the company's website.
Forward-Looking Statements
This press release contains forward-looking statements (as that term is defined under the federal securities laws) made by the Partnership and its management. Such statements are based on current expectations, forecasts and projections, including, but not limited to, anticipated financial and operating results, plans, objectives, expectations and intentions that are not historical in nature. Forward-looking statements should not be read as a guarantee of future performance or results, and may not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. Forward-looking statements are based on information available at the time, and are subject to various risks and uncertainties, which include but are not limited to risks related to the Merger Transaction, including the risk that the transaction is not consummated during the expected timeframe, or at all, the risks relating to the securities markets generally, the impact of adverse market conditions impacting PBFX's logistics and other assets, the possibility that the Partnership may not consummate any potential future acquisitions, the Partnership's plans for financing any potential future acquisitions, the duration and severity of the COVID-19 pandemic, and other risks inherent in PBFX's business. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see PBFX's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Forward-looking statements reflect information, facts and circumstances only as of the date they are made. The Partnership assumes no responsibility or obligation to update forward-looking statements except as may be required by law.
PBF Logistics LP
PBF Logistics LP, headquartered in Parsippany, New Jersey, is a fee-based, growth-oriented master limited partnership formed by PBF Energy Inc. to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets.
Results of Operations (Unaudited)
Factors Affecting Comparability
The following tables present our results of operations, related operational information and reconciliations of net income and net cash provided by operating activities to our EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow (each as defined below) for the three and nine months ended September 30, 2022 and 2021.
Our results of operations may not be comparable to our historical results of operations due to certain debt transactions and our annual inflation adjustment to our commercial agreements.
Non-GAAP Financial Measures
We define EBITDA as net income (loss) before net interest expense (including amortization of loan fees and debt premium and accretion on discounted liabilities), income tax expense, depreciation, amortization and change in contingent consideration. We define EBITDA attributable to PBFX as net income (loss) attributable to PBFX before net interest expense (including amortization of loan fees and debt premium and accretion on discounted liabilities), income tax expense, depreciation, amortization and change in contingent consideration attributable to PBFX, which excludes the results of acquisitions from PBF LLC prior to the effective dates of such transactions and earnings attributable to the CPI Operations LLC ("CPI") earn-out (the portion of earnings associated with an earn-out provision related to the purchase of CPI (the "Contingent Consideration")). We define Adjusted EBITDA as EBITDA attributable to PBFX excluding acquisition and transaction costs, non-cash unit-based compensation expense and items that meet the conditions of unusual, infrequent and/or non-recurring charges. We define distributable cash flow as EBITDA attributable to PBFX plus non-cash unit-based compensation expense, less cash interest, maintenance capital expenditures attributable to PBFX and income taxes. Distributable cash flow will not reflect changes in working capital balances. We use distributable cash flow to calculate a measure we refer to as our coverage ratio. Our coverage ratio is calculated by dividing distributable cash flow by our total distribution declared. EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow are not presentations made in accordance with U.S. generally accepted accounting principles ("GAAP").
While EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow are not presentations made in accordance with GAAP, they are supplemental financial measures that management and external users of our condensed consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:
- our operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA, financing methods;
- the ability of our assets to generate sufficient cash flow to make distributions to our unitholders;
- our ability to incur and service debt and fund capital expenditures; and
- the viability of acquisitions and other capital expenditure projects and the economic returns on various investment opportunities.
We believe that the presentation of EBITDA, EBITDA attributable to PBFX and Adjusted EBITDA provides useful information to investors in assessing our financial condition and results of operations and assists in evaluating our ongoing operating performance for current and comparative periods. We believe that the presentation of distributable cash flow provides useful information to investors as it is a widely accepted financial indicator used by investors to compare partnership performance and it provides investors with another perspective of the operating performance of our assets and the cash our business is generating. However, EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow should not be considered alternatives to net income, income from operations, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP.
EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow have important limitations as analytical tools because they exclude some, but not all, items that affect net income and net cash provided by operating activities. EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash flow are reconciled to their most directly comparable financial measures calculated and presented in accordance with GAAP in the Earnings Release Tables included herein.
These non-GAAP financial measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other partnerships, because they may be defined differently by other partnerships in our industry, thereby limiting their utility.
View original content to download multimedia:
SOURCE PBF Logistics LP | https://www.ktre.com/prnewswire/2022/10/27/pbf-logistics-declares-quarterly-distribution-030-per-unit-announces-third-quarter-2022-earnings-results/ | 2022-10-27T11:20:14 | en | 0.94249 |
NEW YORK, Oct. 27, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Palantir Technologies Inc. ("Palantir" or the "Company") (NYSE: PLTR) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Palantir investors who were adversely affected by alleged securities fraud between November 9, 2021 and May 6, 2022. Follow the link below to get more information and be contacted by a member of our team:
PLTR investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) Palantir's investments in marketable securities were having a significant negative impact on the Company's earnings per share ("EPS") results; (ii) Palantir overstated the sustainability of its government segment's growth and revenues; (iii) Palantir was experiencing a significant slowdown in revenue growth, particularly among its government customers, despite ongoing global conflicts and market disruptions; (iv) as a result of all the foregoing, the Company was likely to miss consensus estimates for its first quarter 2022 EPS and second quarter 2022 sales outlook; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.
WHAT'S NEXT? If you suffered a loss in Palantir during the relevant time frame, you have until November 14, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.ktre.com/prnewswire/2022/10/27/pltr-lawsuit-alert-levi-amp-korsinsky-notifies-palantir-technologies-inc-investors-class-action-lawsuit-upcoming-deadline/ | 2022-10-27T11:20:21 | en | 0.935389 |
NEW YORK, Oct. 27, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in PayPal Holdings, Inc. ("PayPal" or the "Company") (NASDAQ: PYPL) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of PayPal investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of all persons or entities who purchased PayPal common stock between February 3, 2021, and February 1, 2022, inclusive. Follow the link below to get more information and be contacted by a member of our team:
PYPL investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) defendants had inflated the Company's vitally important Net New Active Accounts metric guidance through an usually large use of marketing campaigns that were easily susceptible to fraud; i.e. the creation of millions of illegitimate accounts which were created for the sole purpose of taking advantage of cash incentives for account creation; (2) defendants used these marketing campaigns and other incentives to hide the Company's true churn rate and declining levels of engagement with the platform; and (3) as a result, defendants' positive statements about the Company's business, operations, and prospects were materially false and misleading and /or lacked a reasonable basis at all relevant times.
WHAT'S NEXT? If you suffered a loss in PayPal during the relevant time frame, you have until December 5, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.ktre.com/prnewswire/2022/10/27/pypl-lawsuit-alert-levi-amp-korsinsky-notifies-paypal-holdings-inc-investors-class-action-lawsuit-upcoming-deadline/ | 2022-10-27T11:20:28 | en | 0.937045 |
TORONTO, Oct. 27, 2022 /PRNewswire/ - Quarterhill Inc. ("Quarterhill") (TSX: QTRH) (OTCQX: QTRHF) will release its financial results for the three- and nine-month periods ended September 30, 2022, on Thursday, November 10, 2022. Bret Kidd, President and CEO, and John Karnes, CFO, will host a conference call and audio webcast at 10:00 a.m. ET the same day.
Webcast Information
The live audio webcast will be available at: https://app.webinar.net/b1AYZ8A2LOj
Dial-in Information
- To access the call from Canada and U.S., dial 1.888.664.6383 (Toll Free)
- To access the call from other locations, dial 1.416.764.8650 (International)
Replay Information
Webcast replay will be available for 365 days at: https://app.webinar.net/b1AYZ8A2LOj
Telephone replay will be available from 1:00 p.m. ET on November 10, 2022, until 11:59 p.m. ET on November 17, 2022, at: 1.888.390.0541 (Toll Free North America) or 1.416.764.8677.
Conference ID: 41630519 and Replay Passcode: 630519
Quarterhill is a leading provider of tolling and enforcement solutions in the Intelligent Transportation System (ITS) industry, as well as, through its Wi-LAN Inc. subsidiary, a leader in Intellectual Property licensing. Our goal is global leadership in ITS, via organic growth of the Electronic Transaction Consultants, LLC (ETC) and International Road Dynamics, Inc. (IRD) platforms, and by continuing an acquisition-oriented investment strategy that capitalizes on attractive growth opportunities within ITS and its adjacent markets. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. For more information, visit www.quarterhill.com.
View original content:
SOURCE Quarterhill Inc. | https://www.ktre.com/prnewswire/2022/10/27/quarterhill-announce-q3-fiscal-2022-financial-results/ | 2022-10-27T11:20:34 | en | 0.859267 |
NEW YORK, Oct. 27, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Rite Aid Corporation ("Rite Aid" or the "Company") (NYSE: RAD) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Rite Aid investors who were adversely affected by alleged securities fraud between April 14, 2022 and September 28, 2022. Follow the link below to get more information and be contacted by a member of our team:
RAD investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) despite representations to the contrary, the number of new members that the Elixir pharmacy benefit management services business was adding during the selling season ending on January 1, 2023 was in material decline; (ii) Rite Aid was likely to recognize a significant charge for the impairment of goodwill related to Elixir due to a decrease in "lives" covered by Elixir's pharmacy benefit management services business; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.
WHAT'S NEXT? If you suffered a loss in Rite Aid during the relevant time frame, you have until December 19, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.ktre.com/prnewswire/2022/10/27/rad-lawsuit-alert-levi-amp-korsinsky-notifies-rite-aid-corporation-investors-class-action-lawsuit-upcoming-deadline/ | 2022-10-27T11:20:41 | en | 0.942225 |
- Transforms Regal Rexnord's automation portfolio into a meaningful, global automation solutions provider, with over 70% of its sales into markets with secular growth tailwinds
- Combines complementary power transmission portfolios to deliver enhanced industrial powertrain solutions for customers
- Re-balances Regal Rexnord's portfolio between Motion Control (48% of pro forma sales), Climate Solutions (15%), Commercial Systems (15%), Automation & Specialty (13%), and Industrial Systems (9%)
- Anticipated annualized cost synergies of $160 million by year four, plus significant revenue cross-marketing opportunities
- Creates compelling value for Regal Rexnord shareholders, with new growth opportunities and attractive expected financial returns, including accretion in the first full year, double digit accretion thereafter, and ROIC >10% by year five
- Strong pro forma free cash flow enables rapid de-levering, with net debt/adjusted EBITDA expected to be 2.5-3.0x in 2024, and decline to a target of 2.0-2.5x thereafter
- Accelerates R&D and new product development; enhances digital and IIoT strategy
- Record combined backlog of ~$2.3 billion1 improves near-term visibility
- Infuses significant new talent into the organization to support and accelerate growth and margin enhancement initiatives
- Unites aligned cultures with deep commitment to serving customers and driving efficiencies
BELOIT, Wis., Oct. 27, 2022 /PRNewswire/ -- Regal Rexnord Corporation (NYSE: RRX) today announced that it has reached a definitive agreement with Altra Industrial Motion Corp. (Nasdaq: AIMC) providing for Regal Rexnord to acquire 100% of Altra shares in an all cash transaction for $62.00 per share.
The transaction values Altra at $4.95 billion2, representing 13.6x LTM Adjusted EBITDA, or 9.5x after factoring estimated run-rate cost synergies. The transaction is subject to the receipt of regulatory approvals, Altra shareholder approval, and the satisfaction of other customary closing conditions. The transaction is expected to close in the first half of 2023.
With the addition of Altra, Regal Rexnord expects 2022 pro forma revenue of ~$7.2 billion, Adjusted EBITDA of ~$1.5 billion, and an Adjusted EBITDA margin of ~21%. Based on the growth and margin outlook for the combined business, and after including $160 million in annualized run rate cost synergies, Regal Rexnord targets 2025 pro forma revenue of ~$8.3 billion, 2025 Adjusted EBITDA of ~$2.1 billion, and an Adjusted EBITDA margin >25%.
Altra is a global designer and manufacturer of a wide range of highly engineered motion control, automation, and power transmission solutions. The transaction expands Regal Rexnord's portfolio, customer reach, and product diversity while enabling the creation of shareholder value through enhanced growth and substantial cost synergies.
"This acquisition opens up many new avenues for profitable growth. In particular, Altra's Automation & Specialty platform transforms our existing automation portfolio – namely ModSort and Automation Solutions (formerly Arrowhead) – into a meaningful, global automation solutions provider. The automation business has highly attractive growth prospects and margins, serving many markets that have anticipated secular growth tailwinds, including factory automation, medical, aerospace, and warehouse & logistics," said Regal Rexnord CEO, Louis Pinkham.
"The transaction also significantly enhances our power transmission portfolio, in particular our industrial powertrain offering, by adding complementary products in brakes, gears, and clutches, while extending the number of end markets in which we actively participate."
"We believe this combination presents attractive opportunities for all our stakeholders – our customers, our associates, and our shareholders. We see tremendous upside from bringing Regal Rexnord's 80/20 skillset, partnered with both companies' continuous improvement mindset, and a disciplined plan-do-check-act (PDCA) management approach — producing a broader offering and higher service levels for our customers, growth opportunities for our associates, and compelling expected financial returns for our shareholders, including enhanced growth, cost synergy-driven margin expansion, attractive ROIC, and earnings accretion."
"Among the many benefits Altra brings, a particularly notable one is the infusion of additional talent into our combined business, to help support and guide our many growth and free cash flow enhancement initiatives. Importantly, Regal Rexnord and Altra are a terrific cultural fit, with a shared commitment to integrity, customer success, and continuous improvement. We are confident that these shared values and complementary businesses will help facilitate a seamless transition and support our continued success."
Rakesh Sachdev, Non-Executive Chairman, commented, "I, and the entire Board, are extremely excited to see Regal Rexnord take this next step in what has been a compelling transformation journey. We are confident, given a proven operational and M&A integration track record, the organization is well positioned to pursue what we believe will be a highly value-enhancing transaction – for Regal Rexnord's associates, its customers, and its shareholders."
Key Strategic & Financial Benefits
- Creates a substantial automation and industrial power transmission business by significantly expanding Regal Rexnord's automation portfolio and capabilities, and enhancing its power transmission offering, particularly in industrial brakes, clutches and gear motor sub-systems. The combined company's enhanced power transmission portfolio creates an even more compelling partner for distributors, and better positions Regal Rexnord to offer industrial powertrain solutions in a broader set of end markets. In addition, the transaction represents an attractive value proposition for both customers and end users through improved service capability breadth, technology content and domain expertise.
- Raises exposure to secular growth end markets. The pro forma automation business, with expected sales of roughly $1.1 billion in 2022, is anticipated to have over 70% of its sales generated in end markets with secular growth characteristics, including factory automation, medical, alternative energy, aerospace, and warehouse & logistics.
- Accelerates digital strategy, better positioning Regal Rexnord for Industry 4.0, which will be critical to future new product development efforts.
- Expected to generate sizable cost synergies of $160 million on a full-year run rate basis. Expected synergies to be driven by procurement, distribution efficiencies, footprint rationalization, and SG&A savings. Actions to realize the synergies are expected to be completed by year four. Leveraging Regal Rexnord's competencies in 80/20 and lean, and building on its successful integration of Rexnord PMC, the acquisition presents an opportunity to further optimize the combined company's global operating model, which in turn can support greater investment in the business to drive profitable growth. Regal Rexnord also anticipates significant cross-marketing synergies, which it will quantify at an appropriate time after the transaction closes.
- Path to 40% enterprise gross margins. Robust expected cost synergies plus the growth expectations for the combined business support a path to 40% gross margins in 2025 – up from Regal Rexnord's prior expectation of reaching a 37% gross margin by 2025. Pro Forma Adjusted EBITDA margins are expected to rise by approximately 500 basis points by 2025.
- Provides significant immediate and long-term value creation and financial benefits. The transaction is expected to provide an attractive, double digit ROIC by year 5, and is expected to be accretive to adjusted earnings per share in the first year after closing, with double-digit accretion anticipated thereafter as synergies accrue and de-levering is planned to occur.
- Strong cash flows, and a rapid path to de-levering. Building on the legacy of Regal Rexnord and Altra, the pro forma enterprise is expected to generate substantial free cash flow, which will support a strong pace of debt reduction. Regal Rexnord expects to lower its net debt/adjusted EBITDA ratio to between 2.5x and 3.0x in 2024, and below 2.5x thereafter. Pro forma free cash flow conversion rates are expected to approximate 100%.
- Unites aligned cultures with deep commitment to 80/20 and Lean principles. The businesses share cultures focused on serving customers and driving operating efficiencies.
- Talent infusion into Regal Rexnord as a result of the combination is expected to support and help propel the many growth and margin enhancement initiatives currently underway, in particular around 80/20, Lean, digital/e-commerce, and new product development.
Conference Call and Investor Information
Regal Rexnord will host a conference call to discuss the transaction at 7:30 AM CT (8:30 AM ET) on Thursday, October 27, 2022. To listen to the live audio and view the presentation during the call, please visit Regal Rexnord's Investor website: https://investors.regalrexnord.com. To listen by phone or to ask the presenters a question, dial 1-888-317-6003 (U.S. callers) or + 1-412-317-6061 (international callers) and enter 9257636# when prompted.
A webcast replay will be available at the link above, and a telephone replay will be available at 1-877-344-7529 (U.S. callers) or + 1-412-317-0088 (international callers), using a replay access code of 6418591#. Both will be accessible for three months after the call.
A copy of the investor presentation will be made available on Regal Rexnord's investor relations website in advance of the conference call.
Preliminary Regal Rexnord Third Quarter Results
Given the announcement of the transaction, and its timing relative to the planned release of Regal Rexnord's third quarter financial results on October 31, Regal Rexnord is pre-releasing the following select anticipated third quarter 2022 financial measures based on currently available information: Net sales of $1,325.3 million, adjusted diluted earnings per share of $2.66 and GAAP earnings per share of $1.80. For the full year of 2022, Regal Rexnord now expects adjusted diluted earnings per share to be in a range of $10.35 to $10.75, which contemplates, among other factors, expected net interest expense of $66 million vs. $50 million expected previously. This and other guidance from Regal Rexnord does not reflect any costs, expenses or other effects of the transaction.
Third Quarter Earnings Announcement
Regal Rexnord is scheduled to announce its Third Quarter earnings after market close on Monday, October 31st and host an earnings conference call to discuss the results at 9:00 AM CT (10:00 AM ET) on Tuesday, November 1st. Details of these calls will be found in a separate earnings announcement press release and on the Regal Rexnord investor relations website.
Advisors
J.P. Morgan and Incentrum Group are serving as financial advisors to Regal Rexnord, and Sidley Austin LLP is serving as legal counsel. J.P. Morgan is also providing Regal Rexnord with committed bridge financing for the transaction.
About Regal Rexnord
Regal Rexnord Corporation is a global leader in the engineering and manufacturing of industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems, serving customers around the world. Through longstanding technology leadership and an intentional focus on producing more energy-efficient products and systems, Regal Rexnord helps create a better tomorrow – for its customers and for the planet.
Regal Rexnord is comprised of four operating segments: Motion Control Solutions, Climate Solutions, Commercial Systems and Industrial Systems. Regal Rexnord is headquartered in Beloit, Wisconsin and has manufacturing, sales, and service facilities worldwide. For more information, visit RegalRexnord.com.
Forward Looking Statements
This release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which reflect Regal Rexnord's current estimates, expectations and projections about Regal Rexnord's future results, performance, prospects and opportunities. Such forward-looking statements may include, among other things, statements about the proposed acquisition of Altra, the benefits and synergies of the proposed acquisition, future opportunities for Regal Rexnord and the combined company, and any other statements regarding Regal Rexnord's, Altra's and the combined company's future operations, anticipated economic activity, business levels, credit ratings, future earnings, planned activities, anticipated growth, market opportunities, strategies, competition and other expectations and estimates for future periods. Forward-looking statements include statements that are not historical facts and can be identified by forward-looking words such as "anticipate," "believe," "confident," "estimate," "expect," "intend," "plan," "target," "may," "will," "project," "forecast," "would," "could," "should," and similar expressions. These forward-looking statements are based upon information currently available to Regal Rexnord and are subject to a number of risks, uncertainties, and other factors that could cause actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Important factors that could cause Regal Rexnord's, Altra's or the combined company's actual results to differ materially from the results referred to in the forward-looking statements Regal Rexnord makes in this release include: the possibility that the conditions to the consummation of the proposed acquisition of Altra (the "Proposed Acquisition") will not be satisfied on the terms or timeline expected, or at all; failure to obtain, or delays in obtaining, or adverse conditions related to obtaining shareholder or regulatory approvals sought in connection with the Proposed Acquisition; failure to achieve the proposed debt financing necessary for the Proposed Acquisition on the desired terms, or at all; Regal Rexnord's substantial indebtedness as a result of the Proposed Acquisition and the effects of such indebtedness on the combined company's financial flexibility after the Proposed Acquisition; Regal Rexnord's ability to achieve its objectives on reducing its indebtedness on the desired timeline; dependence on key suppliers and the potential effects of supply disruptions; fluctuations in commodity prices and raw material costs; any unforeseen changes to or the effects on liabilities, future capital expenditures, revenue, expenses, synergies, indebtedness, financial condition, losses and future prospects; the possibility that Regal Rexnord may be unable to achieve expected benefits, synergies and operating efficiencies in connection with the acquisition of Altra, the merger with Rexnord Process & Motion Control business (the "Rexnord PMC business") and the acquisition of Arrowhead Systems, LLC ("Arrowhead") (together with the Proposed Acquisition and the merger with the Rexnord PMC business, the "Transactions") within the expected time-frames or at all and to successfully integrate Altra, the Rexnord PMC business and Arrowhead; Regal Rexnord's ability to identify and execute on future M&A opportunities, including significant M&A transactions; the impact of any such M&A transactions on Regal Rexnord's results, operations and financial condition, including the impact from costs to execute and finance any such transactions; expected or targeted future financial and operating performance and results; operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) being greater than expected following the Transactions; Regal Rexnord's ability to retain key executives and employees; the possibility that the information currently available to Regal Rexnord in estimating its preliminary third quarter 2022 financial measures discussed in this release may not accurately reflect the results of Regal Rexnord's business for such period; the continued financial and operational impacts of and uncertainties relating to the COVID-19 pandemic on customers and suppliers and the geographies in which they operate; uncertainties regarding the ability to execute restructuring plans within expected costs and timing; challenges to the tax treatment that was elected with respect to the acquisition of the Rexnord PMC business and related transactions; requirements to abide by potentially significant restrictions with respect to the tax treatment of the Rexnord PMC business which could limit Regal Rexnord's ability to undertake certain corporate actions that otherwise could be advantageous; actions taken by competitors and their ability to effectively compete in the increasingly competitive global electric motor, drives and controls, power generation and power transmission industries; the ability to develop new products based on technological innovation, such as the Internet of Things, and marketplace acceptance of new and existing products, including products related to technology not yet adopted or utilized in geographic locations in which Regal Rexnord does business; dependence on significant customers; seasonal impact on sales of products into HVAC systems and other residential applications; risks associated with global manufacturing, including public health crises and political, societal or economic instability, including instability caused by the conflict between Russia and Ukraine; issues and costs arising from the integration of acquired companies and businesses and the timing and impact of purchase accounting adjustments; Regal Rexnord's overall debt levels and its ability to repay principal and interest on its outstanding debt; prolonged declines in one or more markets, such as heating, ventilation, air conditioning, refrigeration, power generation, oil and gas, unit material handling, water heating and aerospace; economic changes in global markets, such as reduced demand for products, currency exchange rates, inflation rates, interest rates, recession, government policies, including policy changes affecting taxation, trade, tariffs, immigration, customs, border actions and the like, and other external factors that Regal Rexnord cannot control; product liability, asbestos and other litigation, or claims by end users, government agencies or others that products or customers' applications failed to perform as anticipated, particularly in high volume applications or where such failures are alleged to be the cause of property or casualty claims; unanticipated liabilities of acquired businesses; unanticipated adverse effects or liabilities from business exits or divestitures; unanticipated costs or expenses that may be incurred related to product warranty issues; infringement of intellectual property by third parties, challenges to intellectual property, and claims of infringement on third party technologies; effects on earnings of any significant impairment of goodwill; losses from failures, breaches, attacks or disclosures involving information technology infrastructure and data; cyclical downturns affecting the global market for capital goods; and other risks and uncertainties including, but not limited, to those described in the section entitled "Risk Factors" in Regal Rexnord's Annual Report on Form 10-K on file with the SEC and from time to time in other filed reports including Regal Rexnord's Quarterly Reports on Form 10-Q. For a more detailed description of the risk factors associated with Regal Rexnord, please refer to Part I, Item 1A in the Regal Rexnord Annual Report on Form 10-K for the fiscal year ended January 1, 2022 on file with the SEC and subsequent SEC filings. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this release are made only as of the date of this release and Regal Rexnord undertakes no obligation to update any forward-looking information contained in this release or with respect to the announcements described herein to reflect subsequent events or circumstances.
NON-GAAP MEASURES AND OTHER DEFINITIONS
In this news release, we disclose the following non-GAAP financial measures: adjusted EBITDA, adjusted EBITDA margin, return on invested capital (ROIC), adjusted diluted earnings per share (EPS), and net debt. We believe that these non-GAAP financial measures are useful measures for providing investors with additional information for helping investors understand and compare our operating results across accounting periods and compared to our peers. Our management primarily uses adjusted EBITDA, adjusted EBITDA margin, ROIC, adjusted diluted earnings per share and net debt to help us evaluate our business and forecast our future results. Accordingly, we believe disclosing and reconciling each of these measures helps investors evaluate our business in the same manner as management. This additional information is not meant to be considered in isolation or as a substitute for results of operations prepared and presented in accordance with GAAP. For forward-looking non-GAAP measures (as used in this press release, adjusted EBITDA, adjusted EBITDA margin, net debt/adjusted EBITDA, free cash flow and ROIC), other than in respect of Regal's 2022 updated guidance for adjusted diluted EPS, we are unable to provide a reconciliation to the most comparable GAAP financial measure. Information needed to reconcile these measures is dependent upon future events, many of which are outside of management's control as described above. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with our accounting policies for future periods is extremely difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-GAAP measures are estimated consistent with our historical practice.
Disclosures Related To Preliminary Regal Rexnord Third Quarter Results
Regal Rexnord's consolidated financial statements for the third quarter 2022 are not yet complete. Accordingly, Regal Rexnord is presenting certain preliminary anticipated operating results for the third quarter 2022 based on information available as of the date of this release. These anticipated results are not a comprehensive statement of Regal Rexnord's results for such period, and Regal Rexnord's actual results may differ from these preliminary estimated results. These anticipated results are preliminary and unaudited and are inherently uncertain and subject to change as Regal Rexnord completes the preparation of its consolidated financial statements for the third quarter 2022. During the course of the preparation of Regal Rexnord's consolidated financial statements and related notes, and completion of Regal Rexnord's financial close procedures for the third quarter 2022, adjustments to the anticipated results may be identified, and such adjustments may be material. These anticipated results should not be viewed as a substitute for full financial statements prepared in accordance with GAAP, and they should not be viewed as indicative of Regal Rexnord's results for any future period. Therefore, you should not place undue reliance upon this information. Regal Rexnord's independent registered accounting firm has not audited, reviewed, compiled or performed any procedures with respect to this preliminary estimated financial information and, accordingly, does not express an opinion or any other form of assurance with respect thereto.
1 As of June 30, 2022.
2 Includes an equity valuation of $4.09 billion or $62.00 per Altra share and the assumption of $860 million of net debt.
View original content:
SOURCE Regal Rexnord Corporation | https://www.ktre.com/prnewswire/2022/10/27/regal-rexnord-acquire-altra-industrial-motion/ | 2022-10-27T11:20:47 | en | 0.922454 |
- Report Highlights Company's Early Progress on Product Sustainability, Reductions in Environmental Impact of Manufacturing Operations and Employee Engagement
- Company Achieves Silver Medal Status from EcoVadis, a leading Global CSR Rating Company
SCOTTSDALE, Ariz., Oct. 27, 2022 /PRNewswire/ -- Resideo Technologies Inc. (NYSE: REZI), a leading global provider of home comfort and security solutions and distributor of commercial and residential security and audio-visual products, today released its inaugural Environmental, Social and Governance (ESG) report. The comprehensive report highlights the Company's sustainability journey since its formation in 2018, specifically covering its efforts to advance the Company's Purpose, to partner in lock step with customer responsibility goals, and to invest further in its people.
"This report is the culmination of a company-wide effort to identify our most pressing ESG priorities and challenges, develop a comprehensive framework for operationalizing our ESG commitments and track our progress, and ultimately provide greater transparency to our stakeholders regarding our ESG journey," said Jay Geldmacher, Resideo's president and CEO. "We believe this focus on sustainability is a key element of our vision to help protect what matters most. We are a purpose-driven company and recognize the strong connection between ESG and business performance."
Key highlights from Resideo's 2021 ESG report include:
- Introduces Resideo's corporate ESG framework and Green Horizons, an emerging internal qualification standard for sustainable product offerings.
- Resideo achieved silver medal status by EcoVadis, a leading global Corporate Social Responsibility and sustainable procurement rating platform, placing us in the top 25% of our peer category1
- ADI Global Distribution awarded Mission 500 Corporate Social Responsibility honor.
- Resideo estimates that more than 50% of our revenue from Products & Solutions comes from HVAC products that can contribute to, or can result in, energy savings in homes or buildings.
- Resideo's smart thermostats helped customers save 1.6 million metric tons of Carbon Dioxide Equivalent, comparable to the energy used by nearly 200,000 homes for one year.2
- Resideo water leak detectors helped save $2.6 million in insurance claims and 2.4 million gallons of water in 2021.3
- Resideo is a social impact partner to leading organizations, including the Building Talent Foundation and Habitat for Humanity International.
Resideo's ESG mission and strategy incorporate five specific actions, aligned to our key commitment to contribute to a better world.
- Environmental – Innovate: innovating sustainable offerings in water, air, energy and security for homes and buildings; Reduce: working toward reducing our environmental impact through our own Resideo footprint.
- Social – Commit: committing to an equitable, safe, and nurturing work environment; Impact: improving the future of organizations, partners, and individuals through positive impact in our communities.
- Governance – Trust: driving a foundation of trust in the market through fair and ethical governance.
More information about Resideo's sustainability journey can be found at www.resideo.com/sustainability, where the Company's 2021 ESG report is available for download.
Investor Contact:
Jason Willey
investorrelations@resideo.com
Media Contact:
Oliver Clark
Oliver.Clark@resideo.com
Resideo is a leading global manufacturer and distributor of technology-driven products and solutions that provide comfort, security, energy efficiency and control to customers worldwide. Building on a 130-year heritage, Resideo has a presence in more than 150 million homes globally, with 15 million systems installed in homes each year. We continue to serve more than 110,000 professionals through leading distributors, including our ADI Global Distribution business, which exports to more than 100 countries from nearly 200 stocking locations around the world. For more information about Resideo, please visit www.resideo.com.
This release contains "forward-looking statements." All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks and uncertainties, which may cause the actual results or performance of the Company to differ materially from such forward-looking statements. Such risks and uncertainties include, but are not limited to, statements regarding the Company's business; future financial position and business strategy; our ESG commitments, plans, policies, procedures and initiatives; and the other risks described under the headings "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in our Annual Report on Form 10-K for the year ended December 31, 2021 and other periodic filings we make from time to time with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the Company's ability to implement and fulfill any of the ESG commitments, strategies, plans or initiatives described in this press release or the ESG report. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release and we caution investors not to place undue reliance on any such forward looking statements.
1 Benchmarked to the manufacturers of general-purpose machinery, which includes ~1350 companies. The sector average is 43.
2 Estimated energy savings from Resideo connected thermostats in 2021 were equated to metric tons of CO2 equivalent and energy required to power the average U.S. home using EPS's Greenhouse Gas Equivalent Calculator. This calculation also leverages 2015 RECS Survey Data.
3 The estimation of gallons saved and insurance claim reduction in 2021 is the average water loss during pipe burst events and other insurance industry data.
View original content to download multimedia:
SOURCE Resideo Technologies, Inc. | https://www.ktre.com/prnewswire/2022/10/27/resideo-technologies-releases-inaugural-esg-report/ | 2022-10-27T11:20:54 | en | 0.920767 |
HOUSTON, Oct. 27, 2022 /PRNewswire/ -- Sempra Infrastructure, a subsidiary of Sempra (NYSE: SRE) (BMV: SRE), and Silicon Valley Power (SVP) announced today they have entered into a 20-year power purchase agreement (PPA) for the long-term supply of renewable energy to the City of Santa Clara, Calif., from the proposed Cimarrón wind project, Sempra Infrastructure's cross-border wind generation facility under development in Baja California, Mexico.
Cimarrón is expected to be a 300-megawatt (MW) wind generation facility that utilizes Sempra Infrastructure's existing cross-border high voltage transmission line to interconnect and deliver clean energy to the East County Substation in San Diego County.
"We are excited to work with the City of Santa Clara, home to some of the world's largest technology companies, to provide access to renewable energy that can help meet their energy demands while supporting their sustainable energy goals," said Justin Bird, CEO of Sempra Infrastructure. "This agreement underscores our commitment to advancing the development of our North American clean energy portfolio as we continue to help create a cleaner energy future."
"Silicon Valley Power continues to make strategic long-term investments in clean energy and add diverse energy resources to our power portfolio," said Manuel Pineda, Chief Electric Utility Officer of Silicon Valley Power. "We are excited to partner with Sempra Infrastructure to add clean energy resources to help meet our sustainability and climate goals."
Cimarrón is being developed to include approximately 60 wind turbines with a capacity to produce enough energy equivalent to the annual energy consumption of more than 84 thousand homes and is expected to reduce greenhouse gas emissions by nearly 210,000 metric tons of carbon dioxide equivalent (CO2-eq) per year. The construction of the new facility is expected to create more than 2,000 direct and indirect jobs in Mexico with additional local community investment under Sempra Infrastructure's framework for corporate giving as part of the company's commitment to the communities where it operates.
The development of Cimarrón is subject to a number of risks and uncertainties, including securing all necessary commercial agreements and permits and other factors, including reaching a final investment decision.
Advancing cleaner energy
As one of the leading producers of clean energy in Mexico, Sempra Infrastructure is focused on developing infrastructure to support the deployment of cleaner energy and the expansion of energy networks in North America. Sempra Infrastructure owns and operates more than 1,000 MW of renewable capacity from two wind generation facilities and five solar parks. All together, these projects generated over 2.5 million MWh of net renewable energy in 2021, equivalent to reducing emissions by more than 1 million tons of CO2.
About Sempra Infrastructure
Sempra Infrastructure delivers energy for a better world. Through the combined strength of its assets in North America, the company is dedicated to enabling cleaner energy for its customers. With a continued focus on sustainability, innovation, world-class safety, championing people, resilient operations and social responsibility, its more than 2,000 employees develop, build and operate clean power, energy networks and LNG and net-zero solutions, that are expected to play a crucial role in the energy systems of the future. For more information about Sempra Infrastructure, please visit http://www.semprainfrastructure.com and Twitter.
About the City of Santa Clara
Located at the heart of Silicon Valley, about 45 miles south of San Francisco, the City of Santa Clara truly is "The Center of What's Possible." Incorporated in 1852, Santa Clara covers an area of 19.3 square miles with a population of 129,498. Santa Clara is home to an extraordinary array of high-tech companies, including Applied Materials, Intel, Nvidia, Oracle, and Ericsson. The City of Santa Clara is also home to Santa Clara University, California's Great America Theme Park, and Levi's® Stadium, home of the San Francisco 49ers and Super Bowl 50. For more information, visit SantaClaraCA.gov.
About Silicon Valley Power
Silicon Valley Power (SVP) is the trademark adopted for use by the not-for-profit electric municipal utility of Santa Clara, CA, serving residents and businesses for over 125 years. SVP provides power to nearly 55,000 customers at rates 25 to 48 percent below neighboring communities. SVP is the only full-service, vertically integrated publicly owned utility in Silicon Valley owning generation, transmission and distribution assets. For more information, visit SiliconValleyPower.com.
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "intends," "anticipates," "contemplates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "target," "outlook," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations.
Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include risks and uncertainties relating to: decisions, investigations, regulations, issuances or revocations of permits and other authorizations, and other actions by (i) the U.S. Department of Energy, Comisión Reguladora de Energía, U.S. Federal Energy Regulatory Commission and other regulatory and governmental bodies and (ii) the U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries in which we do business; the success of business development efforts, construction projects and acquisitions and divestitures, including risks in (i) being able to make a final investment decision, (ii) completing construction projects or other transactions on schedule and budget, (iii) realizing anticipated benefits from any of these efforts if completed, and (iv) obtaining the consent or approval of partners or other third parties, including governmental and regulatory bodies; civil and criminal litigation, regulatory inquiries, investigations, arbitrations, property disputes and other proceedings; changes to laws and regulations, including certain of Mexico's laws and rules that impact energy supplier permitting, energy contract rates, the electricity industry generally and the import, export, transport and storage of hydrocarbons; cybersecurity threats, including by state and state-sponsored actors, to the energy grid, storage and pipeline infrastructure, information and systems used to operate our businesses, and confidentiality of our proprietary information and personal information of our customers and employees, including ransomware attacks on our systems and the systems of third-parties with which we conduct business, all of which have become more pronounced due to recent geopolitical events and other uncertainties, such as the war in Ukraine; failure of foreign governments, state-owned entities and our counterparties to honor their contracts and commitments; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow on favorable terms and meet our debt service obligations; the impact of energy and climate policies, laws, rules and disclosures, as well as related goals and actions of companies in our industry, including actions to reduce or eliminate reliance on natural gas generally and the risk of nonrecovery for stranded assets; the pace of the development and adoption of new technologies in the energy sector, including those designed to support governmental and private party energy and climate goals, and our ability to timely and economically incorporate them into our business; weather, natural disasters, pandemics, accidents, equipment failures, explosions, acts of terrorism, information system outages or other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires or subject us to liability for damages, fines and penalties, some of which may be disputed or not covered by insurers or may impact our ability to obtain satisfactory levels of affordable insurance; inflationary and interest rate pressures, volatility in foreign currency exchange rates and commodity prices, and our ability to effectively hedge these risks; the availability of natural gas; the impact of the COVID-19 pandemic on capital projects, regulatory approvals and the execution of our operations; changes in tax and trade policies, laws and regulations, including tariffs, revisions to international trade agreements and sanctions, such as those that have been imposed and that may be imposed in the future in connection with the war in Ukraine, which may increase our costs, reduce our competitiveness, impact our ability to do business with certain counterparties, or impair our ability to resolve trade disputes; and other uncertainties, some of which are difficult to predict and beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra's website, https://www.sempra.com/. Investors should not rely unduly on any forward-looking statements.
Sempra Infrastructure is not the same company as San Diego Gas & Electric Company or Southern California Gas Company, and neither Sempra Infrastructure nor any of its subsidiaries is regulated by the California Public Utilities Commission.
View original content to download multimedia:
SOURCE Sempra Infrastructure | https://www.ktre.com/prnewswire/2022/10/27/sempra-infrastructure-silicon-valley-power-sign-agreement-renewable-energy-supply/ | 2022-10-27T11:21:03 | en | 0.944021 |
NEW YORK, Oct. 27, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Sema4 Holdings, Corp. ("Sema4 Holdings Corp." or the "Company") (NASDAQ: SMFR) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Sema4 Holdings Corp. investors who were adversely affected by alleged securities fraud between March 14, 2022 and August 15, 2022. Follow the link below to get more information and be contacted by a member of our team:
SMFR investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) there was a significant risk that Sema4 would reverse a material amount of previously recognized revenue that it could not recoup from third party payors; (2) the Company was experiencing declining selling prices for its reproductive health segment; (3) as a result of the foregoing, Sema4's financial results would be adversely affected; and (4) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
WHAT'S NEXT? If you suffered a loss in Sema4 Holdings Corp. during the relevant time frame, you have until November 7, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.ktre.com/prnewswire/2022/10/27/smfr-lawsuit-alert-levi-amp-korsinsky-notifies-sema4-holdings-corp-investors-class-action-lawsuit-upcoming-deadline/ | 2022-10-27T11:21:09 | en | 0.938914 |
FREMONT, Calif., Oct. 27, 2022 /PRNewswire/ -- Jackery (or "the Company"), the leader of innovative portable power and green outdoor energy solutions, has gained skyrocketing sales figures, surpassing its sales targets for Amazon Prime Early Access Sale, a key event in the annual calendar of the world's largest online retailer.
The bumper sales came as Jackery's products made it to best-seller charts in several categories in Amazon's first Prime Day sales event in the Fall, that ran from Oct. 11 to 12.
"During the US Amazon Prime Early Access Sale, Jackery occupied the Outdoor Generator Category Bestseller number one, surpassing Amazon's traditional generators," said Lara Luo, Director of Brand Department of Jackery. "Notably, our average transaction value per customer in the U.S. reached an all-time high in our history."
Specifically, the Company saw large sales in its various product lines. Jackery Solar Generator SG2000 Pro was among the best-performing products in sales, and made it to the top 10 best-seller list in its category in the US for the first time . The Solar Generator 2000 Pro, launched in May, delivers the fastest solar recharging yet for Jackery. It's an ideal solar power appliance for outdoor activities and home emergency use - for all on-road and off-road adventures.
Jackery Explorer 300 Portable Power Station is another solar power product that's been favored particularly by American customers. During this Prime Early Access Sale event, the Explorer 300 came in as the second-best seller in the Patio, Lawn & Garden category in the U.S. market - which is widely considered an ultra-competitive group of brand-name items.
The Explorer 300 made the cut through its growing popularity given its stylish, lightweight and user-friendly design. The portable station is perfect for short camping trips and power outages, and can power small appliances and charge up to six smart devices at once.
Also, Jackery SG 500 Portable Power Station topped the chart for best-seller in the German market for an entire day until the sales concluded. The SG 500 is a 518Wh lithium portable power station and is one of the lightest and most portable rechargeable lithium battery generators on the market.
For 10 Years as a pioneer in the global solar generator industry, Jackery has been integrating cutting-edge technologies into portable and green energy solution for outdoor life as well as an emergency backup. This year, Jackery unveiled its latest flagship product Solar Generator 1000 Pro at IFA 2022, alongside its newly designed double-sided SolarSaga 80 solar panel capable of bifacial solar light absorption that gives it an unpropelled charging speed.
About Jackery
Jackery, the world's leading innovative portable power and green outdoor energy solution provider founded in California in 2012, is a global top-selling solar generator brand recognized by over 150 authorized media and organizations worldwide. Since 2018, Jackery has sold more than 2 million units globally and a footprint spanning from the US to Europe, Japan and China.
As the pioneer of the Solar Generator concept and products, Jackery offers a range of portable, versatile green generators that meet all outdoor needs, from charging a cellphone or laptop to powering large devices like electric cooking equipment, heaters, and lights. Its products have been consistently selected as Best Sellers on Amazon and have been included in Amazon's Choice lists since 2020.
To date, Jackery has received 25 prestigious international awards, including the Red Dot Design Award, the iF Design Award, the A' Design Award and Competition, and the CES Innovation Award.
CONTACT: marketing@jackery.com
View original content to download multimedia:
SOURCE Jackery Inc. | https://www.ktre.com/prnewswire/2022/10/27/solar-generator-maker-jackery-tops-best-seller-charts-amazon-prime-early-access-sale/ | 2022-10-27T11:21:16 | en | 0.938053 |
Southern Company reports third-quarter 2022 earnings Published: Oct. 27, 2022 at 5:46 AM CDT | Updated: 35 minutes ago
ATLANTA , Oct. 27, 2022 /PRNewswire/ -- Southern Company today reported third-quarter earnings of $1.5 billion , or $1.36 per share, in 2022 compared with $1.1 billion , or $1.04 per share, in 2021. For the nine months ended September 30, 2022 , Southern Company reported earnings of $3.6 billion , or $3.38 per share, compared with $2.6 billion , or $2.46 per share, for the same period in 2021.
Southern Company (PRNewsFoto/Southern Company) (PRNewsfoto/Southern Company)(PRNewswire) Excluding the items described under "Net Income – Excluding Items" in the table below, Southern Company earned $1.4 billion , or $1.31 per share, during the third quarter of 2022, compared with $1.3 billion , or $1.23 per share, during the third quarter 2021. For the nine months ended September 30, 2022 , excluding these items, Southern Company earned $3.6 billion , or $3.35 per share, compared with $3.2 billion , or $3.05 per share, for the same period in 2021.
Non-GAAP Financial Measures
Three Months Ended September
Year-to-Date September
Net Income - Excluding Items (in millions)
2022
2021
2022
2021
Net Income - As Reported
$1,472
$1,101
$3,611
$2,608
Less:
Estimated Loss on Plants Under Construction
62
(271)
7
(779)
Tax Impact
(16)
69
(2)
198
Acquisition and Disposition Impacts
14
119
19
120
Tax Impact
-
(112)
(2)
(112)
Wholesale Gas Services
-
-
-
18
Tax Impact
-
1
-
(3)
Asset Impairments
-
(2)
-
(91)
Tax Impact
-
(7)
-
19
Net Income – Excluding Items
$1,412
$1,304
$3,589
$3,238
Average Shares Outstanding – (in millions)
1,082
1,061
1,070
1,060
Basic Earnings Per Share – Excluding Items
$1.31
$1.23
$3.35
$3.05
NOTE: For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package.
Adjusted earnings drivers for the third quarter 2022, as compared with the same period in 2021, were higher revenues associated with increased usage, rates and pricing at the company's regulated utilities, partially offset by higher non-fuel operations and maintenance costs, reflecting a rising cost environment and the company's long-term commitment to reliability and resilience, along with higher interest expense.
Third-quarter 2022 operating revenues were $8.4 billion , compared with $6.2 billion for the third quarter of 2021, an increase of 34.3 percent. For the nine months ended September 30, 2022 , operating revenues were $22.2 billion , compared with $17.3 billion for the corresponding period in 2021, an increase of 28.2 percent. These increases were primarily due to higher fuel costs.
"Our premier, state-regulated electric and gas utilities continued to perform well during the third quarter," commented Chairman, President and CEO, Thomas A. Fanning . "The economies within our service territories remain strong, and customer growth outpaced our expectations."
Added Fanning, "At Plant Vogtle Unit 3, we successfully completed initial fuel load with the safe transfer of all 157 fuel assemblies from the spent fuel pool to the reactor core. This historic milestone marks the completion of another critical step toward start-up and commercial operation of Unit 3."
Southern Company's third-quarter earnings slides with supplemental financial information, including earnings guidance, are available at http://investor.southerncompany.com .
Southern Company's financial analyst call will begin at 1 p.m. Eastern Time today, during which Fanning and Chief Financial Officer Daniel S. Tucker will discuss earnings and provide a general business update. Investors, media and the public may listen to a live webcast of the call and view associated slides at http://investor.southerncompany.com . A replay of the webcast will be available on the site for 12 months.
About Southern Company Southern Company (NYSE: SO) is a leading energy company serving 9 million customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company serving wholesale customers across America, a leading distributed energy infrastructure company, a fiber optics network and telecommunications services. Southern Company brands are known for excellent customer service, high reliability and affordable prices below the national average. For more than a century, we have been building the future of energy and developing the full portfolio of energy resources, including carbon-free nuclear, advanced carbon capture technologies, natural gas, renewables, energy efficiency and storage technology. Through an industry-leading commitment to innovation and a low-carbon future, Southern Company and its subsidiaries develop the customized energy solutions our customers and communities require to drive growth and prosperity. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and govern our business to the benefit of our world. Our corporate culture and hiring practices have been recognized nationally by the U.S. Department of Defense, G.I. Jobs magazine, DiversityInc, Black Enterprise, Forbes and the Women's Choice Award. To learn more, visit www.southerncompany.com .
Page 3
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
Three Months Ended September
Year-To-Date September
Net Income–As Reported (See Notes)
2022
2021
2022
2021
Traditional Electric Operating Companies
$ 1,445
$ 1,085
$ 3,256
$ 2,352
Southern Power
95
78
265
211
Southern Company Gas
83
56
516
389
Total
1,623
1,219
4,037
2,952
Parent Company and Other
(151)
(118)
(426)
(344)
Net Income–As Reported
$ 1,472
$ 1,101
$ 3,611
$ 2,608
Basic Earnings Per Share1
$ 1.36
$ 1.04
$ 3.38
$ 2.46
Average Shares Outstanding (in millions)
1,082
1,061
1,070
1,060
End of Period Shares Outstanding (in millions)
1,089
1,060
Non-GAAP Financial Measures
Three Months Ended September
Year-To-Date September
Net Income–Excluding Items (See Notes)
2022
2021
2022
2021
Net Income–As Reported
$ 1,472
$ 1,101
$ 3,611
$ 2,608
Less:
Estimated Loss on Plants Under Construction2
62
(271)
7
(779)
Tax Impact
(16)
69
(2)
198
Acquisition and Disposition Impacts3
14
119
19
120
Tax Impact
—
(112)
(2)
(112)
Wholesale Gas Services4
—
—
—
18
Tax Impact
—
1
—
(3)
Asset Impairments5
—
(2)
—
(91)
Tax Impact
—
(7)
—
19
Net Income–Excluding Items
$ 1,412
$ 1,304
$ 3,589
$ 3,238
Basic Earnings Per Share–Excluding Items
$ 1.31
$ 1.23
$ 3.35
$ 3.05
- See Notes on the following page.
Page 4
Southern Company
Financial Highlights
Notes
(1)
Dilution is not material in any period presented. Diluted earnings per share was $1.35 and $3.36 for the three and nine months ended September 30, 2022 and was $1.03 and $2.44 for the three and nine months ended September 30, 2021, respectively.
(2)
Earnings for the three and nine months ended September 30, 2022 include a net credit of $70 million pre tax ($52 million after tax) and $18 million pre tax ($13 million after tax), respectively, earnings for the three months ended September 30, 2021 include a charge of $264 million pre tax ($197 million after tax), and earnings for the nine months ended September 30, 2021 include charges totaling $772 million pre tax ($576 million after tax) for estimated probable losses on Georgia Power Company's construction of Plant Vogtle Units 3 and 4. Further charges and credits may occur; however, the amount and timing are uncertain. Earnings for the three and nine months ended September 30, 2022 and 2021 also include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Mississippi Power Company expects to incur additional pre-tax period costs to complete dismantlement of the abandoned gasifier-related assets and site restoration activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, net of salvage, totaling $10 million to $20 million annually through 2025.
(3)
Earnings for the three and nine months ended September 30, 2022 include a $14 million pre-tax ($11 million after-tax) gain as a result of the early termination of the transition services agreement related to the 2019 sale of Gulf Power. Earnings for the three and nine months ended September 30, 2021 include a preliminary $121 million pre-tax ($93 million after-tax) gain on the sale of Sequent, as well as $85 million in additional tax expense resulting from the sale. Further impacts may result from future acquisition and disposition activities; however, the amount and timing of any such impacts are uncertain.
(4)
Earnings for the three and nine months ended September 30, 2021 include results of the Wholesale Gas Services business. Presenting earnings and earnings per share excluding Wholesale Gas Services provided an additional measure of operating performance that excluded the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments. Amounts subsequent to the July 1, 2021 sale of Sequent represent final income adjustments.
(5)
Earnings for the three and nine months ended September 30, 2021 include pre-tax impairment charges of $2 million ($9 million after tax) and $84 million ($67 million after tax), respectively, related to Southern Company Gas' investment in the PennEast Pipeline project. Earnings for the nine months ended September 30, 2021 also include a pre-tax impairment charge of $7 million ($6 million after tax) related to a leveraged lease investment. Southern Company Gas expects to record a pre-tax impairment charge totaling approximately $125 million ($95 million after tax) in the fourth quarter 2022 related to the pending sale of two natural gas storage facilities. Additional impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain.
Page 5
Southern Company
Significant Factors Impacting EPS
Three Months Ended September
Year-To-Date September
2022
2021
Change
2022
2021
Change
Earnings Per Share–
As Reported1 (See Notes)
$ 1.36
$ 1.04
$ 0.32
$ 3.38
$ 2.46
$ 0.92
Significant Factors:
Traditional Electric Operating Companies
$ 0.34
$ 0.85
Southern Power
0.02
0.05
Southern Company Gas
0.03
0.12
Parent Company and Other
(0.04)
(0.07)
Increase in Shares
(0.03)
(0.03)
Total–As Reported
$ 0.32
$ 0.92
Three Months Ended September
Year-To-Date September
Non-GAAP Financial Measures
2022
2021
Change
2022
2021
Change
Earnings Per Share–
Excluding Items (See Notes)
$ 1.31
$ 1.23
$ 0.08
$ 3.35
$ 3.05
$ 0.30
Total–As Reported
$ 0.32
$ 0.92
Less:
Estimated Loss on Plants Under Construction2
0.23
0.56
Acquisition and Disposition Impacts3
—
0.01
Wholesale Gas Services4
—
(0.02)
Asset Impairments5
0.01
0.07
Total–Excluding Items
$ 0.08
$ 0.30
- See Notes on the following page.
Page 6
Southern Company
Significant Factors Impacting EPS
Notes
(1)
Dilution is not material in any period presented. Diluted earnings per share was $1.35 and $3.36 for the three and nine months ended September 30, 2022 and was $1.03 and $2.44 for the three and nine months ended September 30, 2021, respectively.
(2)
Earnings for the three and nine months ended September 30, 2022 include a net credit of $70 million pre tax ($52 million after tax) and $18 million pre tax ($13 million after tax), respectively, earnings for the three months ended September 30, 2021 include a charge of $264 million pre tax ($197 million after tax), and earnings for the nine months ended September 30, 2021 include charges totaling $772 million pre tax ($576 million after tax) for estimated probable losses on Georgia Power Company's construction of Plant Vogtle Units 3 and 4. Further charges and credits may occur; however, the amount and timing are uncertain. Earnings for the three and nine months ended September 30, 2022 and 2021 also include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Mississippi Power Company expects to incur additional pre-tax period costs to complete dismantlement of the abandoned gasifier-related assets and site restoration activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, net of salvage, totaling $10 million to $20 million annually through 2025.
(3)
Earnings for the three and nine months ended September 30, 2022 include a $14 million pre-tax ($11 million after-tax) gain as a result of the early termination of the transition services agreement related to the 2019 sale of Gulf Power. Earnings for the three and nine months ended September 30, 2021 include a preliminary $121 million pre-tax ($93 million after-tax) gain on the sale of Sequent, as well as $85 million in additional tax expense resulting from the sale. Further impacts may result from future acquisition and disposition activities; however, the amount and timing of any such impacts are uncertain.
(4)
Earnings for the three and nine months ended September 30, 2021 include results of the Wholesale Gas Services business. Presenting earnings and earnings per share excluding Wholesale Gas Services provided an additional measure of operating performance that excluded the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments. Amounts subsequent to the July 1, 2021 sale of Sequent represent final income adjustments.
(5)
Earnings for the three and nine months ended September 30, 2021 include pre-tax impairment charges of $2 million ($9 million after tax) and $84 million ($67 million after tax), respectively, related to Southern Company Gas' investment in the PennEast Pipeline project. Earnings for the nine months ended September 30, 2021 also include a pre-tax impairment charge of $7 million ($6 million after tax) related to a leveraged lease investment. Southern Company Gas expects to record a pre-tax impairment charge totaling approximately $125 million ($95 million after tax) in the fourth quarter 2022 related to the pending sale of two natural gas storage facilities. Additional impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain.
Page 7
Southern Company
EPS Earnings Analysis
Description
Three Months Ended September 2022 vs. 2021
Year-To-Date September 2022 vs. 2021
Retail Sales
6¢
13¢
Retail Revenue Impacts
11
32
Weather
2
13
Wholesale & Other Operating Revenues
2
4
Non-Fuel O&M(*)
(5)
(19)
Depreciation and Amortization, Interest Expense, Other
(4)
(7)
Income Taxes
(1)
(6)
Total Traditional Electric Operating Companies
11¢
30¢
Southern Power
2
5
Southern Company Gas
2
7
Parent and Other
(4)
(9)
Increase in Shares
(3)
(3)
Total Change in EPS (Excluding Items)
8¢
30¢
Estimated Loss on Plants Under Construction1
23
56
Acquisition and Disposition Impacts2
—
1
Wholesale Gas Services3
—
(2)
Asset Impairments4
1
7
Total Change in EPS (As Reported)
32¢
92¢
(*) Includes non-service cost-related benefits income
- See additional Notes on the following page.
Page 8
Southern Company
EPS Earnings Analysis
Notes
(1)
Earnings for the three and nine months ended September 30, 2022 include a net credit of $70 million pre tax ($52 million after tax) and $18 million pre tax ($13 million after tax), respectively, earnings for the three months ended September 30, 2021 include a charge of $264 million pre tax ($197 million after tax), and earnings for the nine months ended September 30, 2021 include charges totaling $772 million pre tax ($576 million after tax) for estimated probable losses on Georgia Power Company's construction of Plant Vogtle Units 3 and 4. Further charges and credits may occur; however, the amount and timing are uncertain. Earnings for the three and nine months ended September 30, 2022 and 2021 also include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Mississippi Power Company expects to incur additional pre-tax period costs to complete dismantlement of the abandoned gasifier-related assets and site restoration activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, net of salvage, totaling $10 million to $20 million annually through 2025.
(2)
Earnings for the three and nine months ended September 30, 2022 include a $14 million pre-tax ($11 million after-tax) gain as a result of the early termination of the transition services agreement related to the 2019 sale of Gulf Power. Earnings for the three and nine months ended September 30, 2021 include a preliminary $121 million pre-tax ($93 million after-tax) gain on the sale of Sequent, as well as $85 million in additional tax expense resulting from the sale. Further impacts may result from future acquisition and disposition activities; however, the amount and timing of any such impacts are uncertain.
(3)
Earnings for the three and nine months ended September 30, 2021 include results of the Wholesale Gas Services business. Presenting earnings and earnings per share excluding Wholesale Gas Services provided an additional measure of operating performance that excluded the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments. Amounts subsequent to the July 1, 2021 sale of Sequent represent final income adjustments.
(4)
Earnings for the three and nine months ended September 30, 2021 include pre-tax impairment charges of $2 million ($9 million after tax) and $84 million ($67 million after tax), respectively, related to Southern Company Gas' investment in the PennEast Pipeline project. Earnings for the nine months ended September 30, 2021 also include a pre-tax impairment charge of $7 million ($6 million after tax) related to a leveraged lease investment. Southern Company Gas expects to record a pre-tax impairment charge totaling approximately $125 million ($95 million after tax) in the fourth quarter 2022 related to the pending sale of two natural gas storage facilities. Additional impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain.
Page 9
Southern Company
Consolidated Earnings
As Reported
(In Millions of Dollars)
Three Months Ended September
Year-To-Date September
2022
2021
Change
2022
2021
Change
Retail Electric Revenues-
Fuel
$ 2,320
$ 1,186
$ 1,134
$ 4,942
$ 2,899
$ 2,043
Non-Fuel
3,641
3,365
276
9,421
8,593
828
Wholesale Electric Revenues
1,197
731
466
2,798
1,822
976
Other Electric Revenues
185
179
6
554
525
29
Natural Gas Revenues
857
623
234
3,998
2,994
1,004
Other Revenues
178
154
24
519
513
6
Total Operating Revenues
8,378
6,238
2,140
22,232
17,346
4,886
Fuel and Purchased Power
3,068
1,522
1,546
6,534
3,642
2,892
Cost of Natural Gas
294
129
165
1,840
943
897
Cost of Other Sales
92
71
21
275
255
20
Non-Fuel O&M
1,547
1,446
101
4,621
4,257
364
Depreciation and Amortization
922
896
26
2,728
2,658
70
Taxes Other Than Income Taxes
352
312
40
1,073
969
104
Estimated Loss on Plant Vogtle Units 3 and 4
(70)
264
(334)
(18)
772
(790)
Gain on Dispositions, net
(20)
(125)
105
(53)
(179)
126
Total Operating Expenses
6,185
4,515
1,670
17,000
13,317
3,683
Operating Income
2,193
1,723
470
5,232
4,029
1,203
Allowance for Equity Funds Used During Construction
59
49
10
163
140
23
Earnings from Equity Method Investments
28
30
(2)
109
35
74
Interest Expense, Net of Amounts Capitalized
511
451
60
1,461
1,352
109
Other Income (Expense), net
132
131
1
414
290
124
Income Taxes
414
372
42
891
550
341
Net Income
1,487
1,110
377
3,566
2,592
974
Dividends on Preferred Stock of Subsidiaries
3
4
(1)
10
11
(1)
Net Income (Loss) Attributable to Noncontrolling Interests
12
5
7
(55)
(27)
(28)
NET INCOME ATTRIBUTABLE TO SOUTHERN COMPANY
$ 1,472
$ 1,101
$ 371
$ 3,611
$ 2,608
$ 1,003
Notes
- Certain prior year data may have been reclassified to conform with current year presentation.
Page 10
Southern Company
Kilowatt-Hour Sales and Customers
(In Millions of KWHs)
Three Months Ended September
Year-To-Date September
2022
2021
Change
Weather Adjusted Change
2022
2021
Change
Weather Adjusted Change
Kilowatt-Hour Sales-
Total Sales
56,606
54,134
4.6 %
156,874
146,576
7.0 %
Total Retail Sales-
41,490
40,441
2.6 %
1.8 %
113,716
109,747
3.6 %
1.6 %
Residential
14,467
14,063
2.9 %
1.3 %
38,632
36,941
4.6 %
0.4 %
Commercial
13,827
13,458
2.7 %
2.0 %
37,060
35,701
3.8 %
2.0 %
Industrial
13,048
12,762
2.2 %
2.2 %
37,575
36,632
2.6 %
2.6 %
Other
148
158
(6.2) %
(6.3) %
449
473
(5.0) %
(5.0) %
Total Wholesale Sales
15,116
13,693
10.4 %
N/A
43,158
36,829
17.2 %
N/A
(In Thousands of Customers)
Period Ended September
2022
2021
Change
Regulated Utility Customers-
Total Utility Customers-
8,722
8,656
0.8 %
Total Traditional Electric
4,422
4,373
1.1 %
Southern Company Gas
4,300
4,283
0.4 %
Page 11
Southern Company
Financial Overview
As Reported
(In Millions of Dollars)
Three Months Ended September
Year-To-Date September
2022
2021
% Change
2022
2021
% Change
Southern Company –
Operating Revenues
$ 8,378
$ 6,238
34.3 %
$ 22,232
$ 17,346
28.2 %
Earnings Before Income Taxes
1,901
1,482
28.3 %
4,457
3,142
41.9 %
Net Income Available to Common
1,472
1,101
33.7 %
3,611
2,608
38.5 %
Alabama Power –
Operating Revenues
$ 2,444
$ 1,904
28.4 %
$ 6,023
$ 5,019
20.0 %
Earnings Before Income Taxes
694
655
6.0 %
1,660
1,566
6.0 %
Net Income Available to Common
525
499
5.2 %
1,256
1,189
5.6 %
Georgia Power –
Operating Revenues
$ 3,889
$ 2,856
36.2 %
$ 9,218
$ 7,050
30.8 %
Earnings Before Income Taxes
1,084
649
67.0 %
2,272
1,111
104.5 %
Net Income Available to Common
858
536
60.1 %
1,851
1,030
79.7 %
Mississippi Power –
Operating Revenues
$ 510
$ 378
34.9 %
$ 1,279
$ 988
29.5 %
Earnings Before Income Taxes
79
60
31.7 %
188
155
21.3 %
Net Income Available to Common
62
50
24.0 %
150
133
12.8 %
Southern Power –
Operating Revenues
$ 1,180
$ 679
73.8 %
$ 2,618
$ 1,610
62.6 %
Earnings Before Income Taxes
143
92
55.4 %
259
181
43.1 %
Net Income Available to Common
95
78
21.8 %
265
211
25.6 %
Southern Company Gas –
Operating Revenues
$ 857
$ 623
37.6 %
$ 3,998
$ 2,994
33.5 %
Earnings Before Income Taxes
110
189
(41.8) %
677
613
10.4 %
Net Income Available to Common
83
56
48.2 %
516
389
32.6 %
Notes
- See Financial Highlights pages for discussion of certain significant items occurring during the periods
View original content to download multimedia:
SOURCE Southern Company
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.ktre.com/prnewswire/2022/10/27/southern-company-reports-third-quarter-2022-earnings/ | 2022-10-27T11:21:23 | en | 0.891566 |
DALLAS, Oct. 27, 2022 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) (the "Company") today reported its third quarter 2022 financial results:
- Net income of $277 million, or $0.44 per diluted share
- Net income, excluding special items1, of $316 million, or $0.50 per diluted share
- Record third quarter operating revenues of $6.2 billion
- Liquidity2 of $14.7 billion, well in excess of debt outstanding of $8.7 billion
Bob Jordan, Chief Executive Officer, stated, "We are pleased to report solid third quarter 2022 profits and record third quarter operating revenues. Following record summer leisure travel demand, revenue trends remained strong in September 2022, bolstered by improving business travel trends post-Labor Day. Leisure and business demand remains strong, and we currently expect revenue trends to improve sequentially from third quarter to fourth quarter 2022, despite lower capacity. Our fuel hedging strategy continues to provide protection against persistently high jet fuel prices, and we are 61 percent hedged in fourth quarter 2022 and 50 percent hedged in full year 2023. We continue to execute well against our full year 2022 non-fuel cost guidance, despite cost headwinds due to operating at suboptimal productivity levels and significant inflationary cost pressures. We remain focused on maintaining our current momentum and expect to generate strong profits and margins in fourth quarter 2022, based on current trends and barring any significant unforeseen events.
"Our thoughts remain with those impacted by Hurricane Ian. We quickly resumed full service to all affected airports with the exception of Southwest Florida International Airport in Fort Myers, which is currently expected to operate a reduced flight schedule through at least the end of this year.
"I am grateful to our Employees for their continued focus on Teamwork, Customer Service, and operational execution. I am very pleased that we were able to reward our Aircraft Appearance Technicians—represented by the Aircraft Mechanics Fraternal Association (AMFA)—through a new five-year agreement, which was ratified earlier this month and provides immediate and future compensation increases for nearly 170 Employees. Additionally, we recently reached a tentative agreement with the International Association of Machinists and Aerospace Workers (IAM), who represent our Customer Service Agents, Customer Representatives, and Source of Support Representatives. The tentative agreement requires membership ratification and, if ratified, provides immediate and future compensation increases for more than 8,000 Employees. It remains a high priority to reach agreements on all of our open Labor contracts and reward our superb Employees with wage increases as soon as possible.
"We continue working with The Boeing Company (Boeing) to finalize our 2023 aircraft delivery plans; however, we currently expect aircraft delivery delays to persist into 2024. Today, we extended our flight schedule through July 10, 2023, and we currently expect first quarter 2023 capacity to increase approximately 10 percent and second quarter 2023 capacity to increase approximately 14 percent, both year-over-year. While we have not yet finalized capacity plans for second half 2023, and there is uncertainty around the timing of aircraft deliveries, we are building our 2023 capacity plan with a goal to have sufficient aircraft to operate our 2023 flight schedules, as originally published, in an effort to enhance operational reliability. We plan to allocate the vast majority of new 2023 capacity to network restoration and stronghold Southwest markets, which we consider to be lower-risk growth. We currently expect our route network to be approximately 90 percent restored by summer 2023, and fully restored by December 2023, compared with 2019 flight levels in pre-pandemic markets.
"We continue to estimate full year 2023 operating expenses per available seat mile, excluding fuel and oil expense, special items, and profitsharing3 (CASM-X) to decrease compared with full year 2022, which includes estimated wage rate accruals for all workgroups beginning April 1, 2022 and forward. Fleet utilization is expected to be limited by Pilot staffing constraints for the majority of 2023, resulting in continued cost headwinds due to operating at suboptimal productivity levels until we are able to optimize staffing with our fleet—which is foundational to our plan to improve operating leverage. Due to operating at suboptimal productivity levels and ongoing inflationary cost pressures, first half 2023 CASM-X3 is currently expected to be in the range of flat to up two percent compared with first half 2022. We currently expect our year-over-year capacity growth rate in second half 2023 to accelerate relative to our year-over-year capacity growth rate in first half 2023. As such, second half 2023 CASM-X3 is currently expected to decrease in the low-to-mid single digit range compared with second half 2022.
"As we finalize our plan for next year, we remain laser-focused on our goals to grow full year 2023 profits and margins, excluding special items, year-over-year4, and to generate healthy returns on invested capital for our Shareholders."
Guidance and Outlook:
The following tables introduce or update selected financial guidance for fourth quarter 2022 and full year 2022, as applicable:
Revenue Results and Outlook:
- Record third quarter 2022 operating revenues of $6.2 billion, a 10.3 percent increase compared with third quarter 2019—in line with the Company's previous guidance
- Third quarter 2022 operating revenues per available seat mile (RASM, or unit revenues) increased 10.6 percent driven primarily by a passenger yield increase of 5.3 percent, coupled with a load factor increase of 1.9 points, all compared with third quarter 2019
- Third quarter 2022 managed business revenues were down 28 percent compared with third quarter 2019—in line with the Company's previous guidance
The Company's revenue performance in third quarter 2022 was strong, despite a negative impact of approximately $18 million due to the flight disruptions caused by Hurricane Ian in late September 2022. This negative impact in third quarter 2022 was more than offset by improving leisure demand and close-in bookings in September 2022. In addition, the Company's third quarter 2022 operating revenues benefited from its loyalty program, including elevated point redemptions for flights and incremental revenue from its co-brand credit card agreement, as well as increased Upgraded Boarding take-rates following the new digital self-service launch in August 2022.
As anticipated, the Company's third quarter 2022 operating revenues included a two point sequential operating revenue growth headwind from second quarter to third quarter 2022, compared with their respective 2019 levels, due to the increase in short-haul trips in business markets in an effort to support the reliability of its operational performance and expected business travel demand. While third quarter 2022 managed business revenues remained below 2019 levels, and softened in July and August compared with June 2022, the Company experienced sequential improvement from August to September, with September 2022 managed business revenues down 25 percent compared with September 2019 levels. Also, as anticipated, the Company's third quarter 2022 operating revenues included a five point sequential operating revenue growth headwind from second quarter to third quarter 2022, compared with their respective 2019 levels, due to a shift in the timing of recognition of breakage revenue associated with the Company's July 2022 policy change to eliminate expiration dates on qualifying flight credits6. The Company does not expect a material impact on fourth quarter 2022 operating revenues from either the increase in short-haul trips or its policy change to eliminate expiration dates on qualifying flight credits.
Thus far, the Company continues to experience strong leisure and business revenue trends and strong bookings in fourth quarter 2022, including the holiday time periods, despite an estimated negative impact caused by Hurricane Ian of approximately $10 million. Based on current trends, fourth quarter 2022 operating revenues are expected to accelerate compared with third quarter 2022, both nominally and compared with their respective 2019 levels, and fourth quarter 2022 managed business revenues are estimated to be down in the range of 20 percent to 25 percent, compared with fourth quarter 2019.
Fuel Costs and Outlook:
- Third quarter 2022 fuel costs were $3.34 per gallon1—in line with the Company's previous guidance—and included $0.02 per gallon in premium expense and $0.43 per gallon in favorable cash settlements from fuel derivative contracts
- Third quarter 2022 fuel efficiency improved 1.5 percent compared with third quarter 2019 due to more MAX aircraft, the Company's most fuel-efficient aircraft, as a percentage of its fleet
- As of October 19, 2022, the fair market value of the Company's fuel derivative contracts settling in fourth quarter 2022 through the end of 2024 was an asset of $685 million
The Company's multi-year fuel hedging program continues to provide insurance against spikes in energy prices and significantly offset the market price increase in jet fuel in third quarter 2022. The Company's current fuel derivative contracts contain a combination of instruments based in West Texas Intermediate, Brent crude oil, and refined products, such as heating oil. The economic fuel price per gallon sensitivities5 provided in the table below assume the relationship between Brent crude oil and refined products based on market prices as of October 19, 2022.
In addition, the Company is providing its maximum percentage of estimated fuel consumption7 covered by fuel derivative contracts in the following table:
Non-Fuel Costs and Outlook:
- Third quarter 2022 operating expenses of $5.8 billion increased 20.9 percent compared with third quarter 2019
- Third quarter 2022 operating expenses, excluding fuel and oil expense, special items, and profitsharing, increased 11.9 percent compared with third quarter 2019
- Third quarter 2022 CASM-X increased 12.2 percent compared with third quarter 2019—in line with the Company's previous guidance
- The Company accrued $57 million of profitsharing expense in third quarter 2022, bringing year-to-date profitsharing expense to $175 million as of September 30, 2022
The Company's third quarter 2022 CASM-X increase, compared with third quarter 2019, was primarily due to continued cost headwinds from operating at suboptimal productivity levels, inflationary cost pressures, and accruals for expected future contractual wage rate increases. However, the Company's third quarter 2022 CASM-X increase was on the lower end of its previous guidance range primarily due to lower than anticipated healthcare and benefits costs, as well as favorable airport settlements received during third quarter 2022, which the Company previously expected to receive in fourth quarter 2022.
The Company continues to experience inflationary cost pressures in fourth quarter 2022, in particular with higher rates for labor, benefits, and airports. Fourth quarter 2022 costs are also pressured by the shifting of favorable airport settlements into third quarter 2022, as well as increased cost headwinds due to operating at suboptimal productivity levels. Headcount is expected to increase further in fourth quarter 2022 to support plans for network restoration in 2023, while capacity levels are expected to decline seasonally in fourth quarter 2022 compared with third quarter 2022, relative to their respective 2019 levels. The Company remains on track with its goal this year to add more than 10,000 new Employees, net of attrition.
Third quarter 2022 net interest expense, which is included in Other expenses, decreased $99 million, year-over-year, primarily due to a $68 million year-over-year increase in interest income driven primarily by higher interest rates, coupled with a $29 million year-over-year decrease in interest expense primarily due to various debt repurchases throughout 2022, as well as elimination of the debt discount as a result of the Company's adoption of Accounting Standards Update (ASU) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity.
Fleet and Capital Spending:
The Company received 23 -8 aircraft during third quarter 2022, as expected, for a year-to-date total of 35 -8 aircraft deliveries received as of September 30, 2022. The Company ended third quarter 2022 with 742 aircraft, which reflects 11 -700 aircraft retirements during the quarter. While the Company remains contractually scheduled to receive 114 MAX deliveries this year, the Company continues to expect a portion of its deliveries to shift out of 2022 due to Boeing's supply chain challenges and the current status of the -7 certification. Based on continued discussions with Boeing regarding the pace of expected deliveries for the remainder of this year, the Company continues to estimate it will receive a total of 66 -8 aircraft deliveries in 2022, including 31 -8 deliveries in fourth quarter 2022, and no -7 deliveries in 2022. The Company now expects to retire 26 -700 aircraft in 2022, including 5 -700 retirements in fourth quarter 2022, compared with its previous guidance of 29 -700 retirements. As a result, the Company now expects to end the year with 768 aircraft, compared with its previous guidance of 765 aircraft.
The Company's third quarter 2022 capital expenditures were $1.1 billion driven primarily by aircraft-related capital spending, as well as technology, facilities, and operational investments. The Company continues to estimate its 2022 capital spending to be approximately $4.0 billion, which assumes a total of 66 -8 aircraft deliveries in 2022. The Company's 2022 capital spending guidance continues to include approximately $900 million in non-aircraft capital spending.
Since the Company's previous disclosure on July 28, 2022, the Company exercised the remaining five -8 options for delivery in 2022 and exercised the remaining four -7 options for delivery in 2023. Additionally in October 2022, the Company converted 17 2023 -7 firm orders to -8 firm orders; exercised three -7 options for delivery in 2024; accelerated 15 -7 firm orders from 2030 into 2026; and accelerated 10 -8 firm orders from 2031 into 2030. The following tables provide further information regarding the Company's contractual order book and compare its contractual order book as of October 27, 2022, with its previous order book as of July 28, 2022. Given current supply chain and aircraft delivery delays, the Company will continue working with Boeing to solidify future delivery dates.
Liquidity and Capital Deployment:
- The Company ended third quarter 2022 with $13.7 billion in cash and short-term investments and a fully available revolving credit line of $1.0 billion
- The Company had a net cash position8 of $5.0 billion, and adjusted debt9 to invested capital (leverage) of 48 percent as of September 30, 2022
- The Company paid $1.9 billion during third quarter 2022 to retire debt and finance lease obligations, including the redemption of the outstanding $1.2 billion principal amount of all of its outstanding 4.750% Notes due 2023; the extinguishment of $184 million in principal of the Company's convertible notes for a cash payment of $239 million; the extinguishment of $373 million in principal of various other unsecured notes for a cash payment of $383 million; and $54 million in scheduled debt payments
- The Company's 2022 total debt repayments is expected to be $2.6 billion, compared with its previous guidance of $820 million, due to the unscheduled extinguishments noted above
Awards and Recognitions:
- #1 Marketing Carrier in Customer Satisfaction per the U.S. Department of Transportation10
- Ranked #1 for Newsweek's America's Best Customer Service 2023 in the Low-Cost Airlines category
- Ranked #2 in the Best Airlines for 2022 list by The Points Guy
- Named to the Best Employers for Diversity 2022 list by Forbes
- Named a Best Place to Work for Disability Inclusion after achieving a top score on Disability:IN's 2022 Disability Equality Index
- Awarded the Heritage Award by the Texas Travel Alliance
Environmental, Social, and Governance (ESG):
- Brought sustainable aviation fuel (SAF) to Oakland International Airport (OAK) in August 2022—the first airline to bring SAF to OAK
- Reached agreement with 4AIR to offer corporate Customers participating in the Company's SAF Beta Program with independently verified assurance for the Scope 3 emission reduction rights associated with their support of expanding SAF in the Company's operations
- Purchased offsets equivalent to the carbon emissions generated by the Company's Employee business11 and charitable12 travel for 202113
- Welcomed Angelo State University (ASU) as a University partner in Destination 225º, the Company's First Officer development and recruitment program. The Hispanic-Serving Institution in San Angelo, Texas, is the sixth University partner in the program that provides a pathway for qualified aviators to join the Company as Pilots
- Celebrated the contributions and influence of Hispanic Americans in recognition of Hispanic Heritage Month throughout September 2022
- Launched a SAF website page describing the Company's SAF efforts, including its SAF Policy
- Launched a Partners website page dedicated to highlighting key organizations the Company is partnering with to advance environmental sustainability
- Visit southwest.com/citizenship for details about the Company's ongoing ESG efforts
Conference Call:
The Company will discuss its third quarter 2022 results on a conference call at 12:30 p.m. Eastern Time today. To listen to a live broadcast of the conference call, please go to https://www.southwestairlinesinvestorrelations.com.
Footnotes
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Specific forward-looking statements include, without limitation, statements related to (i) the Company's financial and operational outlook, expectations, goals, plans, and projected results of operations, including factors and assumptions underlying the Company's expectations and projections; (ii) the Company's plans and expectations with respect to capacity and capacity adjustments, including factors and assumptions underlying the Company's expectations and projections; (iii) the Company's network plans and expectations, including with respect to associated operational benefits, adding flights, future growth, short-haul trips, and restoring its network; (iv) the Company's priorities and focus areas, including with respect to the Company's labor contracts, operational reliability, optimizing staffing, and hiring plans and expectations; (v) the Company's plans, expectations, and goals regarding its fleet and fleet delivery schedule, including fleet utilization and factors and assumptions underlying the Company's plans and expectations; (vi) the Company's expectations with respect to fuel costs, hedging gains, and fuel efficiency, and the Company's related management of risks associated with changing jet fuel prices, including factors underlying the Company's expectations; (vii) the Company's plans, estimates, and assumptions related to repayment of debt obligations, interest expense, effective tax rate, and capital spending, including factors and assumptions underlying the Company's expectations and projections; (viii) the Company's expectations with respect to its Flight credits policy change, including the expected impacts from the policy change; and (ix) the Company's expectations regarding passenger demand, revenue trends, and bookings, including with respect to managed business revenues. These forward-looking statements are based on the Company's current estimates, intentions, beliefs, expectations, goals, strategies, and projections for the future and are not guarantees of future performance. Forward-looking statements involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to vary materially from those expressed in or indicated by them. Factors include, among others, (i) the impact of fears or actual outbreaks of diseases, extreme or severe weather and natural disasters, actions of competitors (including, without limitation, pricing, scheduling, capacity, and network decisions, and consolidation and alliance activities), consumer perception, economic conditions, fears of terrorism or war, socio-demographic trends, and other factors beyond the Company's control, on consumer behavior and the Company's results of operations and business decisions, plans, strategies, and results; (ii) the Company's dependence on its workforce, including its ability to employ sufficient numbers of qualified Employees to effectively and efficiently maintain its operations; (iii) any negative developments related to the COVID-19 pandemic, including, for example, with respect to the duration, spread, severity, or any recurrence of the COVID-19 pandemic or any new variant strains of the underlying virus; the effectiveness, availability, and usage of COVID-19 vaccines; the impact of government mandates, directives, orders, regulations, and other governmental actions related to COVID-19 on the Company's business plans and its ability to retain key Employees; the extent of the impact of COVID-19 on overall demand for air travel and the Company's related business plans and decisions; and the impact of the COVID-19 pandemic on the Company's access to capital; (iv) the Company's dependence on Boeing with respect to the Company's fleet plans, deliveries, operations, strategies, and goals; (v) the impact of fuel price changes, fuel price volatility, volatility of commodities used by the Company for hedging jet fuel, and any changes to the Company's fuel hedging strategies and positions, on the Company's business plans and results of operations; (vi) the Company's ability to timely and effectively implement, transition, and maintain the necessary information technology systems and infrastructure to support its operations and initiatives; (vii) the impact of governmental regulations and other governmental actions on the Company's business plans and operations; (viii) the Company's dependence on Boeing and the Federal Aviation Administration with respect to the certification of the Boeing MAX 7 aircraft; (ix) the Company's dependence on other third parties, in particular with respect to its fuel supply and Global Distribution Systems, and the impact on the Company's operations and results of operations of any third party delays or non-performance; (x) the impact of labor matters on the Company's business decisions, plans, and strategies; and (xi) other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2022.
NOTE REGARDING USE OF NON-GAAP FINANCIAL MEASURES
The Company's unaudited Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). These GAAP financial statements may include (i) unrealized noncash adjustments and reclassifications, which can be significant, as a result of accounting requirements and elections made under accounting pronouncements relating to derivative instruments and hedging and (ii) other charges and benefits the Company believes are unusual and/or infrequent in nature and thus may make comparisons to its prior or future performance difficult.
As a result, the Company also provides financial information in this release that was not prepared in accordance with GAAP and should not be considered as an alternative to the information prepared in accordance with GAAP. The Company provides supplemental non-GAAP financial information (also referred to as "excluding special items"), including results that it refers to as "economic," which the Company's management utilizes to evaluate its ongoing financial performance and the Company believes provides additional insight to investors as supplemental information to its GAAP results. The non-GAAP measures provided that relate to the Company's performance on an economic fuel cost basis include Fuel and oil expense, non-GAAP; Total operating expenses, non-GAAP; Operating expenses, non-GAAP excluding Fuel and oil expense; Operating expenses, non-GAAP excluding Fuel and oil expense and profitsharing; Operating income (loss), non-GAAP; Other (gains) losses, net, non-GAAP; Income (loss) before income taxes, non-GAAP; Provision (benefit) for income taxes, net, non-GAAP; Net income (loss), non-GAAP; and Net income (loss) per share, diluted, non-GAAP. The Company's economic Fuel and oil expense results differ from GAAP results in that they only include the actual cash settlements from fuel hedge contracts - all reflected within Fuel and oil expense in the period of settlement. Thus, Fuel and oil expense on an economic basis has historically been utilized by the Company, as well as some of the other airlines that utilize fuel hedging, as it reflects the Company's actual net cash outlays for fuel during the applicable period, inclusive of settled fuel derivative contracts. Any net premium costs paid related to option contracts that are designated as hedges are reflected as a component of Fuel and oil expense, for both GAAP and non-GAAP (including economic) purposes in the period of contract settlement. The Company believes these economic results provide further insight into the impact of the Company's fuel hedges on its operating performance and liquidity since they exclude any unrealized, noncash adjustments and reclassifications that are recorded in GAAP results in accordance with accounting guidance relating to derivative instruments, and they reflect all cash settlements related to fuel derivative contracts within Fuel and oil expense. This enables the Company's management, as well as investors and analysts, to consistently assess the Company's operating performance on a year-over-year or quarter-over-quarter basis after considering all efforts in place to manage fuel expense. However, because these measures are not determined in accordance with GAAP, such measures are susceptible to varying calculations, and not all companies calculate the measures in the same manner. As a result, the aforementioned measures, as presented, may not be directly comparable to similarly titled measures presented by other companies.
Further information on (i) the Company's fuel hedging program, (ii) the requirements of accounting for derivative instruments, and (iii) the causes of hedge ineffectiveness and/or mark-to-market gains or losses from derivative instruments is included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
The Company's GAAP results in the applicable periods may include other charges or benefits that are also deemed "special items," that the Company believes make its results difficult to compare to prior periods, anticipated future periods, or industry trends. Financial measures identified as non-GAAP (or as excluding special items) have been adjusted to exclude special items. For the periods presented, in addition to the items discussed above, special items include:
- Proceeds related to the Payroll Support programs, which were used to pay a portion of Employee salaries, wages, and benefits;
- Charges and adjustments to previously accrued amounts related to the Company's extended leave programs;
- Adjustments for prior period losses reclassified from Accumulated other comprehensive income ("AOCI") associated with forward-starting interest rate swap agreements that were terminated in prior periods related to 12 -8 aircraft leases;
- Noncash impairment charges, primarily associated with adjustments to the salvage values for previously retired airframes;
- Unrealized mark-to-market adjustment associated with certain available for sale securities; and
- Losses associated with the partial extinguishment of the Company's convertible notes, redemption of the outstanding principal amount of the Company's 4.750% Notes due 2023, and early prepayment of debt.
In third quarter 2022, management determined that presentation within its income statement would be enhanced by classification of Loss on extinguishment of debt as a separate line item, rather than its prior presentation where it was included as a component of Other (gains) losses, net. Such losses are incurred as a result of opportunistic decisions made by the Company to prepay portions of its debt, most of which was taken on during the pandemic in order to provide liquidity during the prolonged downturn in air travel. Due to the nature of these losses, which are difficult to accurately predict, and due to the fact that they are not representative of the Company's day-to-day airline operating performance, the Company has included such amounts as special items and thus excluded them from certain of its non-GAAP measures in the accompanying reconciliations.
Because management believes special items can distort the trends associated with the Company's ongoing performance as an airline, the Company believes that evaluation of its financial performance can be enhanced by a supplemental presentation of results that exclude the impact of special items in order to enhance consistency and comparativeness with results in prior periods that do not include such items and as a basis for evaluating operating results in future periods. The following measures are often provided, excluding special items, and utilized by the Company's management, analysts, and investors to enhance comparability of year-over-year results, as well as to industry trends: Fuel and oil expense, non-GAAP; Total operating expenses, non-GAAP; Operating expenses, non-GAAP excluding Fuel and oil expense; Operating expenses, non-GAAP excluding Fuel and oil expense and profitsharing; Operating income (loss), non-GAAP; Other (gains) losses, net, non-GAAP; Income (loss) before income taxes, non-GAAP; Provision (benefit) for income taxes, net, non-GAAP; Net income (loss), non-GAAP; and Net income (loss) per share, diluted, non-GAAP.
SW-QFS
View original content:
SOURCE Southwest Airlines Co. | https://www.ktre.com/prnewswire/2022/10/27/southwest-airlines-reports-third-quarter-2022-results/ | 2022-10-27T11:21:30 | en | 0.955105 |
NEW YORK, Oct. 27, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Block, Inc. ("Block" or the "Company") (NYSE: SQ) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Block investors who were adversely affected by alleged securities fraud between November 4, 2021 and April 4, 2022. Follow the link below to get more information and be contacted by a member of our team:
SQ investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) the Company lacked adequate protocols restricting access to customer sensitive information; (2) as a result, a former employee was able to download certain reports of the Company's subsidiary, Cash App Investing, containing full customer names and brokerage account numbers, as well as brokerage portfolio value, brokerage portfolio holdings and/or stock trading activity; (3) as a result, the Company was reasonably likely to suffer significant damage, including reputational harm; (4) and as a result of the foregoing, defendant's positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
WHAT'S NEXT? If you suffered a loss in Block during the relevant time frame, you have until December 12, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.ktre.com/prnewswire/2022/10/27/sq-lawsuit-alert-levi-amp-korsinsky-notifies-block-inc-investors-class-action-lawsuit-upcoming-deadline/ | 2022-10-27T11:21:37 | en | 0.939462 |
Third Quarter Revenues of $4.1 Billion, Up 9% Versus Prior Year, Led By Acquisitions in Outdoor Power Equipment, Strong Industrial Growth and Price Realization
Global Cost Reduction Program On-Track For Long-Term Targets and Delivers $65 Million Pre-Tax Savings in the Third Quarter with a $290 Million Inventory Reduction
Advanced Initiatives to Focus and Simplify Company and Transform Supply Chain
NEW BRITAIN, Conn., Oct. 27, 2022 /PRNewswire/ -- Stanley Black & Decker (NYSE: SWK) today announced third quarter 2022 financial results.
- Third Quarter Revenues Of $4.1 Billion, Up 9% Versus Prior Year, Led By Acquisitions In Outdoor Power Equipment, Industrial Growth And Price Realization
- Third Quarter Diluted GAAP EPS Was $0.24; Excluding Charges, Adjusted Diluted EPS* Was $0.76
- Successful Completion Of The Electronic Security, Access Technologies And Oil & Gas Divestitures Further Focuses Stanley Black & Decker's Portfolio On Its Core Businesses And Supported $3.3 Billion Third Quarter Debt Reduction
- Updating Full Year 2022 Diluted GAAP EPS Guidance Range To $0.10 to $0.80 (From $0.80 to $2.05); Adjusted Diluted EPS* To $4.15 to $4.65 (From $5.00 - $6.00); Fourth Quarter Free Cash Flow Expected To Approximate $0.3 to $0.6 Billion
Donald Allan, Jr., Stanley Black & Decker's President & CEO, commented, "We made tangible progress in transforming our business during the third quarter as we improved customer fill rates, deployed a new organizational structure, implemented cost controls, and actively reduced our inventories. While the macroeconomic environment remains challenging, notably consumer and European demand weakness as well as cost inflation, there were relative bright spots with continued strength in professional construction and industrial customer demand, as well as incremental progress unlocking global supply chain constraints.
"Today we are a more focused company, centered around our market leadership positions in Tools & Outdoor and Industrial, and built upon the strength of our people and culture. Our new organizational structure is largely in-place and we are accelerating our supply chain transformation to better serve our customers and improve efficiency. We are continuing to invest in our iconic brands and are launching new advances in innovation, including the expansion of our DEWALT POWERSTACK battery technology and DEWALT FLEXVOLT System. Overall, we remain confident that our strategy and priorities position the Company for strong, sustainable long-term growth, cashflow generation, profitability and shareholder return."
The Company's primary areas of strategic focus are:
- Continuing to advance innovation, electrification and global market penetration to achieve organic growth of 2-3x the market
- Streamlining and simplifying the organization, as well as shifting resources to prioritize investments that we believe have a positive and more direct impact on our customers
- Accelerating the operations and supply chain transformation to improve fill rates and better match the needs of our customers while improving gross margins back to historical 35%+ levels
- Prioritizing cash flow generation and inventory optimization
The Company's results represent continuing operations and exclude the Security divestiture. Supplementary historical financial information reflecting the Security divestiture recorded in discontinued operations is available on the investor section of the website or can be accessed directly through the following link: Supplemental Historical Financial Information.
3Q'22 Key Points:
- Net sales for the quarter were $4.1 billion, up 9% versus prior year driven by strategic outdoor power equipment acquisitions (+16%) and price realization (+8%), partially offset by lower volume (-10%), currency (-4%) and divestitures (-1%).
- Gross margin for the quarter was 24.7%. Adjusted gross margin* was down 760 basis points from prior year, as price realization was more than offset by commodity inflation, higher supply chain costs including the impact of planned production curtailments, and lower volume.
- SG&A was 19.4% of sales for the quarter. Excluding charges, third quarter adjusted SG&A expenses* were 18.4% of sales, down 160 basis points versus prior year due to the successful implementation of cost control actions.
- Operating margin was 5.3% of sales for the quarter. Excluding charges, operating margin* was 6.2% of sales. The mix impact of Outdoor acquisitions was approximately 105 basis points dilutive to operating margin.
- The tax rate was a benefit for the quarter. Excluding charges, the adjusted tax rate* was (1.3%) reflecting the impact of discrete tax benefits and mix, which favored lower earnings in higher tax jurisdictions.
- Inventory at the end of the quarter was $6.3 billion, down $290 million sequentially reflecting the benefit from our production curtailments. Net working capital however, sequentially increased by approximately $265 million primarily due to lower payables, as a result of reduced production schedules. The Company expects continued inventory reduction in the fourth quarter, which will translate to net working capital improvement and positive cash flow.
Third Quarter 2022 Segment Results
- Tools & Outdoor net sales increased 10% versus 3Q'21 as the acquisitions of MTD and Excel (+18%) and price (+7%) were partially offset by lower volume (-12%) and currency (-3%). The overall organic decline (-5%) was a result of lower consumer and DIY market demand. Regional year-over-year organic revenue included: Emerging markets (-2%), North America (-4%), and Europe (-12%). U.S. retail point-of-sale demand was supported by price increases and professional demand, which remained stable compared to levels exiting the second quarter 2022. The Tools & Outdoor segment profit rate*, excluding charges, was 6.8%. Excluding charges and outdoor acquisitions**, the segment profit rate* was 8.2%. The segment profit rate*, excluding charges, declined from 15.5% in third quarter 2021 as the benefit from price realization was more than offset by commodity inflation, higher supply chain costs, production curtailment costs and lower volume.
- Industrial net sales increased 5% versus third quarter 2021 as price (+9%) and volume (+5%) were partially offset by currency (-6%) and the Oil & Gas divestiture (-3%). Engineered Fastening organic revenues were up 15%, with growth in the aerospace, automotive and general industrial markets. Infrastructure organic revenues were up 12%, with attachment tools delivering 19% growth, with a continued strong backlog. The Industrial segment profit rate*, excluding charges, was 11.1%, up 340 basis points versus prior year, as volume growth and price realization were partially offset by commodity inflation and higher supply chain costs.
Global Cost Reduction Program Update
The Company advanced a series of initiatives in the third quarter designed to generate cost savings by resizing the organization and reducing inventory with the ultimate objective of driving long-term growth, improving profitability and generating strong cash flow. These initiatives are expected to optimize the cost base as well as provide a platform to fund investments to accelerate growth in the core businesses. The Company remains on track and expects these initiatives to generate cost savings of approximately $150 to $200 million in 2022, $1 billion by the end of 2023 and grow to approximately $2 billion by 2025.
During the third quarter, the Company realized $65 million of savings primarily from lower headcount and indirect spend reductions. In addition, the Company reduced inventory by $290 million sequentially and expects further inventory and working capital reductions in the fourth quarter to support free cash flow generation.
2022 Outlook
Corbin Walburger, Interim CFO, commented, "We have substantially completed our initiatives focused on streamlining the organization and are taking additional measures to adjust our cost base and inventory levels over the next 6 to 9 months. While the impact of planned production curtailments temporarily increases our manufacturing costs and weighs on margins, we are improving inventory turns and prioritizing cash generation to position the Company for gross margin expansion and balance sheet strength in 2023 and beyond."
The Company is revising its 2022 EPS outlook to $0.10 to $0.80 on a diluted GAAP basis from $0.80 to $2.05, and on a Non-GAAP adjusted basis to $4.15 to $4.65 from $5.00 to $6.00.
Free cash flow is expected to be $0.3 to $0.6 billion in the fourth quarter. Stanley Black & Decker remains focused on disciplined capital allocation, and intends to balance share repurchase activity with its commitment to dividends, debt reduction and strong investment grade credit ratings.
Key assumption changes to the Company's prior EPS outlook at the midpoint include:
- Lower fourth quarter revenue, primarily driven by Europe (-$0.30)
- Currency translation (-$0.23)
- Higher production curtailment and destocking costs (-$0.82)
- Tax impact from lower earnings (+$0.25)
These assumptions imply a muted second half adjusted net income due to turning high-cost inventory and the cost implications of planned production curtailments, however this is a strategic choice as we prioritize cashflow generation through inventory reductions.
The difference between 2022 GAAP and adjusted EPS guidance is $3.85 to $4.05, consisting of acquisition-related and other charges. These forecasted charges primarily relate to restructuring expenses, a voluntary retirement program, the Russia business closure, integration-related costs, non-cash impairment charge for Oil & Gas, and non-cash inventory step-up charges.
Acquisition-Related And Other Charges
Total pre-tax acquisition-related and other charges in the third quarter of 2022 were $118.7 million, primarily related to restructuring expenses and integration-related costs. Gross profit included a net benefit of $2.5 million while SG&A included $41.3 million of these charges. Other, net and Restructuring included $2.7 million and $68.6 million of these charges, respectively. In addition, the Company recognized a $8.6 million pre-tax loss on the sale of the Oil & Gas business.
Earnings Webcast
The Company will host a webcast with investors today, October 27, 2022, at 8:00 am ET. A slide presentation, which will accompany the call, will be available at www.stanleyblackanddecker.com/investors and will remain available after the call.
The call will be available through a live, listen-only webcast or teleconference. Links to access the webcast, register for the teleconference, and view the accompanying slide presentation will be available on the "Investors" section of Stanley Black & Decker's website, www.stanleyblackanddecker.com/investors under the subheading "News & Events." A replay will also be available two hours after the call and can be accessed on the "Investors" section of Stanley Black & Decker's website.
About Stanley Black & Decker
Headquartered in the USA, Stanley Black & Decker (NYSE: SWK) is the world's largest tool company operating manufacturing facilities worldwide. Guided by its purpose – for those who make the world – the company's approximately 60,000 diverse and high-performing employees produce innovative, award-winning power tools, hand tools, storage, digital tool solutions, lifestyle products, outdoor products, engineered fasteners and other industrial equipment to support the world's makers, creators, tradespeople and builders. The company's iconic brands include DEWALT®, BLACK+DECKER®, CRAFTSMAN®, STANLEY®, CUB CADET®, HUSTLER® and TROY-BILT®. Recognized for its leadership in environmental, social and governance (ESG), Stanley Black & Decker strives to be a force for good in support of its communities, employees, customers and other stakeholders. To learn more visit: www.stanleyblackanddecker.com.
Investor Contacts:
Dennis Lange
Vice President, Investor Relations
dennis.lange@sbdinc.com
(860) 827-3833
Cort Kaufman
Senior Director, Investor Relations
cort.kaufman@sbdinc.com
(860) 515-2741
Christina Francis
Director, Investor Relations
christina.francis@sbdinc.com
(860) 438-3470
Media Contacts:
Debora Raymond
Vice President, Public Relations
debora.raymond@sbdinc.com
(203) 640-8054
Non-GAAP Financial Measures
Organic sales growth, or organic growth, is defined as the difference between total current and prior year sales less the impact of companies acquired and divested in the past twelve months and any foreign currency impacts divided by prior year sales. Operating profit is defined as sales less cost of sales and selling, general and administrative expenses. Operating margin is operating profit as a percentage of sales. Operating profit and operating margin are shown both inclusive and exclusive of acquisition-related and other charges. Management uses operating profit and operating margin as key measures to assess the performance of the Company as a whole, as well as the related measures at the segment level. Diluted EPS, excluding charges, or adjusted EPS, is diluted GAAP EPS excluding the impacts of acquisition-related and other charges. Free cash flow is defined as cash flow from operations less capital and software expenditures. Management considers free cash flow an important indicator of its liquidity, as well as its ability to fund future growth and to provide a return to the shareowners, and is useful information for investors. Free cash flow does not include deductions for mandatory debt service, other borrowing activity, discretionary dividends on the Company's common and preferred stock and business acquisitions, among other items. Free cash flow conversion is defined as free cash flow divided by net income. The Non-GAAP statement of operations and business segment information is reconciled to GAAP on pages 13 through 16. The Company considers the use of the Non-GAAP financial measures above relevant to aid analysis and understanding of the Company's results, business trends and outlook measures aside from the material impact of acquisition-related and other charges and ensures appropriate comparability to operating results of prior periods.
CAUTIONARY STATEMENTS
Under the Private Securities Litigation Reform Act of 1995
This document contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including any projections or guidance of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new products, services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include, among others, the words "may," "will," "estimate," "intend," "continue," "believe," "expect," "anticipate" or any other similar words.
Although the Company believes that the expectations reflected in any of its forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of its forward-looking statements. The Company's future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in the Company's filings with the Securities and Exchange Commission.
Important factors that could cause the Company's actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in its forward-looking statements include, among others, the following: (i) successfully developing, marketing and achieving sales from new products and services and the continued acceptance of current products and services; (ii) macroeconomic factors, including global and regional business conditions (such as Brexit), commodity prices, inflation and deflation, and currency exchange rates; (iii) laws, regulations and governmental policies affecting the Company's activities in the countries where it does business, including those related to tariffs, taxation, data privacy, anti-bribery, anti-corruption, government contracts and trade controls such as section 301 tariffs and section 232 steel and aluminum tariffs; (iv) the economic, political, cultural and legal environment of emerging markets, particularly Latin America, Russia, China and Turkey; (v) realizing the anticipated benefits of mergers, acquisitions, joint ventures, strategic alliances or divestitures; (vi) pricing pressure and other changes within competitive markets; (vii) availability and price of raw materials, component parts, freight, energy, labor and sourced finished goods; (viii) the impact the tightened credit markets and change to LIBOR and other benchmark rates may have on the Company or its customers or suppliers; (ix) the extent to which the Company has to write off accounts receivable or assets or experiences supply chain disruptions in connection with bankruptcy filings by customers or suppliers; (x) the Company's ability to identify and effectively execute productivity improvements and cost reductions; (xi) potential business and distribution disruptions, including those related to physical security threats, information technology or cyber-attacks, epidemics, pandemics, sanctions, political unrest, war, terrorism or natural disasters; (xii) the continued consolidation of customers, particularly in consumer channels and the Company's continued reliance on significant customers; (xiii) managing franchisee relationships; (xiv) the impact of poor weather conditions and climate change; (xv) maintaining or improving production rates in the Company's manufacturing facilities, responding to significant changes in customer preferences, product demand and fulfilling demand for new and existing products, and learning, adapting and integrating new technologies into products, services and processes; (xvi) changes in the competitive landscape in the Company's markets; (xvii) the Company's non-U.S. operations, including sales to non-U.S. customers; (xviii) the impact from demand changes within world-wide markets associated with homebuilding and remodeling; (xix) potential adverse developments in new or pending litigation and/or government investigations; (xx) the incurrence of debt and changes in the Company's ability to obtain debt on commercially reasonable terms and at competitive rates; (xxi) substantial pension and other postretirement benefit obligations; (xxii) potential regulatory liabilities, including environmental, privacy, data breach, workers compensation and product liabilities; (xxiii) attracting and retaining key employees, managing a workforce in many jurisdictions, work stoppages or other labor disruptions; (xxiv) the Company's ability to keep abreast with the pace of technological change; (xxv) changes in accounting estimates; (xxvi) the Company's ability to protect its intellectual property rights and associated reputational impacts; (xxvii) the continued adverse effects of the COVID-19 pandemic and an indeterminate recovery period; (xxviii) the possibility that the Company does not achieve the intended financial benefits from the acquisitions of MTD and Excel including failure to achieve the Company's plans to design, develop and manufacture battery and electric-powered solutions for professional and residential users; and (xxix) the Company's ability to implement, and achieve the expected benefits (including cost savings and reduction in working capital) from its Global Cost Reduction Program including: continuing to advance innovation, electrification and global market penetration to achieve organic growth of 2-3 times the market; streamlining and simplifying the organization, as well as shifting resources to prioritize investments believed to have a positive and more direct impact to customers; accelerating the operations and supply chain transformation to improve fill rates and better match the needs of its customers while improving gross margins back to historical 35%+ levels; prioritizing cash flow generation and inventory optimization; leveraging strategic sourcing and contract manufacturing; consolidating facilities and optimizing the distribution network; executing the SBD Operating Model to deliver operational excellence through efficiency, simplified organizational design and inventory optimization; and platforming products.
Additional factors that could cause actual results to differ materially from forward-looking statements are set forth in the Annual Report on Form 10-K and in the Quarterly Report on Form 10-Q, including under the heading "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and in the Consolidated Financial Statements and the related Notes.
Forward-looking statements in this press release speak only as of the date hereof, and forward-looking statements in documents attached that are incorporated by reference speak only as of the date of those documents. The Company does not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
View original content to download multimedia:
SOURCE Stanley Black & Decker | https://www.ktre.com/prnewswire/2022/10/27/stanley-black-amp-decker-reports-3q-2022-results/ | 2022-10-27T11:21:44 | en | 0.939511 |
NEW YORK, Oct. 27, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in TuSimple Holdings Inc. ("TuSimple" or the "Company") (NASDAQ: TSP) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of TuSimple investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of all persons who: (a) purchased or otherwise acquired TuSimple common stock pursuant and/or traceable to documents issued in connection with TuSimple's April 15, 2021 initial public offering; and/or (b) that purchased or otherwise acquired TuSimple securities between April 15, 2021 and August 1, 2022, both dates inclusive. Follow the link below to get more information and be contacted by a member of our team:
TSP investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) TuSimple's commitment to safety was significantly overstated and defendants concealed fundamental problems with the Company's technology; (ii) TuSimple was rushing the testing of its autonomous driving technology in order to deliver driverless trucks to the market ahead of its more safety-conscious competitors; (iii) there was a corporate culture within TuSimple that suppressed or ignored safety concerns in favor of unrealistically ambitious testing and delivery schedules; (iv) the aforementioned conduct made accidents involving the Company's autonomous driving technology more likely; (v) the aforementioned conduct invited enhanced regulatory scrutiny and investigatory action toward the Company; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
WHAT'S NEXT? If you suffered a loss in TuSimple during the relevant time frame, you have until October 31, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.ktre.com/prnewswire/2022/10/27/tsp-lawsuit-alert-levi-amp-korsinsky-notifies-tusimple-holdings-inc-investors-class-action-lawsuit-upcoming-deadline/ | 2022-10-27T11:21:51 | en | 0.934147 |
NEW YORK, Oct. 27, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Twitter, Inc. ("Twitter" or the "Company") (NYSE: TWTR) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Twitter investors who were adversely affected by alleged securities fraud between August 3, 2020 and August 23, 2022. Follow the link below to get more information and be contacted by a member of our team:
TWTR investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) Twitter knew about security concerns on their platform; (2) Twitter actively worked to hide the security concerns from the board, the investing public, and regulators; (3) contrary to representations in its filings with the U.S. Securities and Exchange Commission, Twitter did not take steps to improve security; (4) Twitter's active refusal to address security issues increased the risk of loss of public goodwill; and (5) as a result, defendants' statements about Twitter's business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
WHAT'S NEXT? If you suffered a loss in Twitter during the relevant time frame, you have until November 14, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.ktre.com/prnewswire/2022/10/27/twtr-lawsuit-alert-levi-amp-korsinsky-notifies-twitter-inc-investors-class-action-lawsuit-upcoming-deadline/ | 2022-10-27T11:21:58 | en | 0.933552 |
West Announces Third-Quarter 2022 Results, Updates Full-Year 2022 Guidance and Declares Fourth-Quarter 2022 Dividend
Published: Oct. 27, 2022 at 5:00 AM CDT|Updated: 1 hour ago
- Conference Call Scheduled for 9 a.m. EDT Today-
EXTON, Pa., Oct. 27, 2022 /PRNewswire/ -- West Pharmaceutical Services, Inc. (NYSE: WST) today announced its financial results for the third-quarter 2022 and updated full-year 2022 financial guidance.
Third-Quarter 2022 Summary (comparisons to prior-year period)
Net sales of $686.9 million declined 2.8%; organic net sales growth was 4.3%.
Reported-diluted EPS of $1.59 declined 31.2%.
Adjusted-diluted EPS of $2.03 declined 1.5%.
Company is updating full-year 2022 net sales guidance to a new range of $2.830 billion to $2.840 billion, compared to a prior range of $2.950 billion to $2.975 billion.
Company is updating full-year 2022 adjusted-diluted EPS guidance to a new range of $8.15 to $8.20, compared to a prior range of $9.00 to $9.15.
The Company also announced that its Board of Directors has approved a fourth-quarter 2022 dividend of $0.19 per share, a 5.6% increase over the $0.18 per share paid in each of the four preceding quarters. This is the thirtieth consecutive annual increase in the Company's dividend. The dividend will be paid on November 16, 2022, to shareholders of record as of November 9, 2022.
"Adjusted-diluted EPS" and "organic net sales" are Non-U.S. GAAP measurements. See discussion under the heading "Non-U.S. GAAP Financial Measures" in this release.
"While our base, non-COVID-19 demand continues to grow, we have had multiple constraints that impacted our financial results," said Eric M. Green, President, Chief Executive Officer and Chair of the Board. "Delays in expansion projects as well as customer delivery timing and mix-shift related productivity impacts resulted in lower-than-expected overall high-value product (HVP) net sales. We expect to resolve these issues in early 2023."
Mr. Green concluded, "We project our full-year 2023 base business, led by our Biologics market unit, to exceed our financial construct of 7% to 9% annual organic net sales growth. While we expect a further decline in COVID-19-related net sales, our base business growth will more than offset the decline, resulting in overall organic net sales growth in 2023."
Proprietary Products Segment Net sales declined by 1.7% to $567.0 million. Organic net sales growth was 5.5%, with currency translation decreasing net sales growth by 720 basis points. HVP net sales represented over 70% of segment net sales and generated mid-single digit organic net sales growth, led by customer demand for NovaPure®, Westar® and Envision® components and self-injection devices.
The Biologics and Generics market units had mid-single digit organic net sales growth, and the Pharma market unit had low-single digit organic net sales growth.
Contract-Manufactured Products Segment Net sales declined by 7.5% to $120.0 million. Organic net sales declined by 1.2% with currency translation decreasing net sales growth by 630 basis points. Segment performance was affected by a decline in components for healthcare diagnostic devices.
Financial Highlights (first nine months of 2022) Operating cash flow was $493.2 million, an increase of 16.5%. Capital expenditures were $189.7 million, an increase of 7.2% over the same period last year. Free cash flow (operating cash flow minus capital expenditures) was $303.5 million, an increase of 23.2%.
During the first nine months of 2022, the Company repurchased 563,334 shares for $202.9 million at an average share price of $360.03 under its share repurchase program.
Full-Year 2022 Financial Guidance
Full-year 2022 net sales are expected to be in the range of $2.830 billion to $2.840 billion, compared to a prior guidance range of $2.950 billion to $2.975 billion.
Full-year 2022 adjusted-diluted EPS is expected to be in the range of $8.15 to $8.20, compared to a prior guidance range of $9.00 to $9.15.
Third-Quarter 2022 Conference Call The Company will host a conference call to discuss the results and business expectations at 9:00 a.m. Eastern Time today. The live audio-only webcast will be made available via the Company's Investor Relations website at https://bit.ly/3cgSM9S.
To participate and ask questions during the conference call, you must register in advance at https://bit.ly/3eipdG3. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that will be used to access the call.
Management will refer to a slide presentation during the call, which will be made available on the day of the call. To view the presentation, select "Presentations" in the "Investors" section of the Company's website.
A replay of the conference call and webcast will be available on the Company's website for 30 days.
Forward-Looking Statements
This release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may include such words as, "updating," "expect," "will be," "to resolve," "project," "is expected," "includes," "assumes," "guidance," "would provide," "future," "will," "may," and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this release. There is no certainty that actual results will be achieved in-line with current expectations. These forward-looking statements involve a number of risks and uncertainties. The following are some of the factors that could cause our actual results to differ materially from those expressed in or underlying our forward-looking statements: the prolonged effects of the global COVID-19 pandemic, including prevailing economic conditions and general uncertainties relating thereto that may be unknown and unforeseeable; customers' changing inventory requirements and manufacturing plans and customer decisions to move forward with our new products and product categories, including any re-prioritization of product needs due to the COVID-19 pandemic; other potential impacts from COVID-19, including interruptions or weaknesses in our supply chain, illness in our workforce and access to transport for our products; disruptions or limitations in the Company's manufacturing capacity; average profitability, or mix, of the products we sell; dependence on third-party suppliers and partners; increased raw material, energy and labor costs; fluctuations in currency exchange; and the ability to meet development milestones with key customers; and the consequences of other geopolitical events, including natural disasters, acts of war, and global health crises. This list of important factors is not all inclusive. For a description of certain additional factors that could cause the Company's future results to differ from those expressed in any such forward-looking statements, see Part I Item 1A , entitled "Risk Factors," in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and other filings with the United States Securities and Exchange Commission, including the Company's quarterly reports on Form 10-Q and current reports on Form 8-K.
Except as required by law or regulation, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-U.S. GAAP Financial Measures This release contains certain non-GAAP financial measures, including organic net sales and adjusted-diluted EPS. For the purpose of aiding the comparison of our year-over-year results, we may refer to net sales and other financial results excluding the effects of changes in foreign currency exchange rates. Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period. We may also refer to financial results excluding the effects of unallocated items. The re-measured results excluding effects from currency translation and excluding the effects of unallocated items are not in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and should not be used as a substitute for the comparable U.S. GAAP financial measures. The non-U.S. GAAP financial measures are incorporated into our discussion and analysis as management uses them in evaluating our results of operations and believes that this information provides users a valuable insight into our overall performance and financial position. A reconciliation of these adjusted non-U.S. GAAP measures to the comparable U.S. GAAP financial measures is included in the accompanying tables.
Trademark Notices
Trademarks and registered trademarks are the property of West Pharmaceutical Services, Inc., in the United States and other jurisdictions, unless noted otherwise.
Daikyo®, Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.ktre.com/prnewswire/2022/10/27/west-announces-third-quarter-2022-results-updates-full-year-2022-guidance-declares-fourth-quarter-2022-dividend/ | 2022-10-27T11:22:04 | en | 0.946378 |
QINGDAO, China, Oct. 27, 2022 /PRNewswire/ -- In the past decades, Hisense, a global home appliance and electronics manufacturer, has grown to be a leader in the world's household appliances market. Powered by state-of-the-art innovation and technologies, Hisense has always strived to provide its customers with first-tier life enjoyment and a premium lifestyle.
This year, as the official sponsor of the FIFA World Cup Qatar 2022™, Hisense has launched a series of customized products, preparing to provide the ultimate FIFA World Cup™ viewing experience and become customers' perfect companion during the most-anticipated football event.
ULED TV and Laser TV Series: Delivering Stadium-Level Enjoyment
As the FIFA World Cup Qatar 2022™ approaches, Hisense showcases its new TV lineup with the latest technologies, aiming to provide global customers with the front-row-seat viewing experience.
Hisense's ULED TV U7 enables a perfect match-viewing experience by integrating AI Sports Mode, 120Hz Ultra Motion, and the most up-to-date picture technologies like Full Array Local Dimming and Quantum Dot Colour. Beyond streaming sporting events, ULED TV U7 is also the second-to-none choice for various life scenarios: the ambient light adaptive function enables it to be the perfect choice for creating a home theatre space; the Game Mode PRO feature certified by AMD Freesync Premium offers all the necessary support for gamers, presenting customers with the best gaming image quality and improved gaming immersion.
Additionally, Hisense L9H Laser TV, with its ability to support up to 4K Ultra HD resolution, can present matches in high definition and also in a riveting fashion, from the intricate footwork of the players to a face in the cheering crowd. Its game-changing Tri-Chroma laser technology can hit 107% of the BT. 2020 color space, allowing more vibrant and authentic picture performance.
Home Appliance Sector: Catering to the Customers' Needs
Apart from its TV series, Hisense also achieved outstanding performance in the home appliance sector, ranging from refrigerators, smart air conditioners to washing machines. Employing smart technologies, Hisense home appliance is committed to elevating home experience.
Hisense Auto Dosing Washing Machine is both hassle-free and energy-efficient, with one fill of detergent for 16 times of laundry washing. Hisense Energy Pro Plus Air Conditioner, featuring AI Smart, realizes precise control of temperature, humidity, wind speed and wind direction. The award-winning PureFlat Series Refrigerator can provide better freezer experience during the heat of the matches with integrated Ice & Water dispenser. These products can serve as great complements to game-watching and premium lifestyles, reemphasizing Hisense's dedication to being a consumer-centric brand.
From brown goods to white goods, the essential agenda of every Hisense's product is to improve customers' satisfaction and experience. In the future, Hisense will stay true to the original vision, and continuously launch products catering to the public's interests and needs.
View original content to download multimedia:
SOURCE Hisense | https://www.ktre.com/prnewswire/2022/10/27/with-top-notch-innovation-technologies-hisense-aims-be-costumers-perfect-companion-fifa-world-cup-qatar-2022/ | 2022-10-27T11:22:11 | en | 0.910361 |
XIAMEN, China, Oct. 27, 2022 /PRNewswire/ -- On October 26th local time, Airline Passenger Experience Association (APEX) announced the winners of a number of different awards including Five-Star Global Airlines and World Class awards. Rated as a Five-Star Global Airline for the third year in a row, Xiamen Airlines was thrilled to win an even bigger award, i.e. World Class award 2023, the most eminent of all APEX awards. Seven other airlines, including Emirates, Singapore Airlines and Japan Airlines, were awarded the same title.
Distinctive Services Earned Xiamen Airlines the Top Award
In late August this year, Mr. Hichem, APEX's official auditor for rating Xiamen Airlines' services, flew first class, business class, and economic class with several of the airline's flights, and was impressed by its crew members' professionalism, their impeccable services, and their incredible attention to detail. "One of the highlights of this world-class service audit experience is Xiamen Airlines' s commitment to sustainability," he said. "As the first airline in the world to support the United Nation's Sustainable Development Goals, Xiamen Airlines has virtually eliminated the use of disposable plastic products."
During the audit, the auditor rated Xiamen Airlines' hardware, software and services with utmost professionalism against the world's highest standards. He teased out 197 pages, more than forty thousand words of service audit report, recognized Xiamen Airlines' consistency and integrity of its services throughout the whole chain, including flight safety, punctuality, worry-free checking-in, cabin services, and transfers. "Xiamen Airlines wins this great honor by standing out from a group of the world's leading airlines," Hichem said. "It is truly something that is hard earned."
Innovating to Continuously Elevate Passenger Experience
"The 2023 World Class award represents APEX's recognition of our high quality services," said Zhao Dong, chairman of Xiamen Airlines. "We will continue to adopt high standards for our services, and stick to rigorous anti-COVID measures and sustainable, responsible operation to ensure remarkable experiences for all our passengers."
In 2019, Xiamen Airlines was invited to attend the annual APEX meeting marking its 40th anniversary. Zhao Dong, chairman of Xiamen Airlines, was highly applauded at the event when he delivered a speech in English explaining to the audience how the airline had been trying to be sustainable in support of the United Nations' Sustainable Development Goals (SDGs). Mr. Zhao was also the first Chinese ever to join APEX's board of governors, which is comprised of leaders of the world's top airlines such as Delta Air Lines and JetBlue. In the same year, for the concrete actions it had taken in support of the United Nation's SDGs and its quality service capabilities, Xiamen Airlines received from APEX three other awards, i.e. SDGs Global Visionary Leader Award, Passengers' Choice for Best Cabin Service in Mainland China, and Passengers' Choice for Best Food & Beverage in Mainland China.
Since the beginning of this year, Xiamen Airlines has been innovating its services to try to effect changes and breakthroughs in the new landscape of the market. For example, to be more environmentally friendly and promote the concept of sustainability, Xiamen Airlines flew its first carbon-neutral flight this year. It was the first Chinese airline to provide first class passengers with sumptuous "A Starred Journey" meals and wines in collaboration with a three-star Michelin restaurant. Plus, to promote Chinese culture and show the typical Chinese character, the airline launched Tianji Teahouse, a tea-ceremony-based new service system integrating both traditional Chinese tea culture and modern flight cabin services. All these indicate Xiamen Airlines' commitment to innovation and have been applauded by APEX.
View original content to download multimedia:
SOURCE Xiamen Airlines | https://www.ktre.com/prnewswire/2022/10/27/xiamen-airlines-wins-apex-world-class-award/ | 2022-10-27T11:22:18 | en | 0.957678 |
SINGAPORE, Oct. 27, 2022 /PRNewswire/ -- XT.COM, the world's first socially infused trading platform, is thrilled to announce the listing of POINT on its platform in the main & Web3 zone and the POINT/USDT trading pair will be open for trading from 2022-10-28 10:00 (UTC).
- Users can deposit POINT for trading at 2022-10-27 10:00(UTC)
- Withdrawals for POINT will open at 2022-10-30 10:00 (UTC)
XT.COM aims to offer more token trading and web3 exploring opportunities to users. The POINT token listing will reach a wider global audience by becoming a part of the XT platform.
About the POINT Token
The POINT Token is a utility token which is the native digital token of the Point Network, a blockchain called Point Chain and based on Evmos technology. Hence, it is capable of being part of the Cosmos hub for both multi-chain security and interoperability. Since Point is not only a blockchain, but also a software suite, this means that it can support many chains as point Browser is multi-chain by default.
About Point Network
The Point Network is a blockchain based P2P network with the objective of making the internet more private and secure through decentralization. To achieve this objective, Point Network aims to address the two fundamental barriers inhibiting the advancement and adoption of the Blockchain/cryptocurrency space; decentralized storage and decentralized browser. By addressing these barriers, Point Network expects to lay the foundations for not only a diverse array of new decentralized applications (dApps) but also to help existing dApps to flourish by migrating to the Point Network.
Website: https://pointnetwork.io/
Telegram: https://t.me/pointnetworkchat
Twitter: https://twitter.com/pointnetwork
About XT.COM
By consistently expanding its ecosystem, XT.COM is dedicated to providing users with the most secure, trusted, and hassle-free digital asset trading services. Our exchange is built from a desire to give everyone access to digital assets regardless where you are.
Founded in 2018, XT.COM now serves more than 6 million registered users, over 500,000+ monthly active users and 40+ million users in the ecosystem. Covering a rich variety of trading categories together with an NFT aggregated marketplace, our platform strives to cater to its large user base by providing a secure, trusted and intuitive trading experience.
As the world's first social-infused digital assets trading platform, XT.COM also supports social networking platform based transactions to make our crypto services more accessible to users all over the world. Furthermore, to ensure optimal data integrity and security, we see user security as our top priority at XT.COM.
Website: https://www.xt.com/
Telegram: https://t.me/XTsupport_EN
Twitter: https://twitter.com/XTexchange
View original content:
SOURCE XT.com | https://www.ktre.com/prnewswire/2022/10/27/xtcom-lists-point-main-zone/ | 2022-10-27T11:22:24 | en | 0.904375 |
NEW YORK, Oct. 27, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Yatsen Holding Limited ("Yatsen" or the "Company") (NYSE: YSG) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Yatsen investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of a class consisting of all persons and entities who purchased Yatsen Holding Limited American Depository Shares ("ADS") between November 19, 2020 and March 10, 2022 or acquired Yatsen ADS pursuant or traceable to documents issued in connection with Yatsen's November 2020 initial public stock offering. Follow the link below to get more information and be contacted by a member of our team:
YSG investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: the registration statement and prospectus used to effectuate the Company's initial public offering ("IPO"), Yatsen and the other named defendants misled investors into believing that Yatsen's most significant brands, Perfect Diary and Little Ondine, were thriving, thereby driving Yatsen's "healthy" top-line growth at the time of its IPO and quarter after quarter thereafter. In truth, however, cosmetic and skincare sales of Perfect Diary and Little Ondine products were declining in the period leading up to (and including at the time of) the IPO and throughout 2021. Moreover, as the truth about Yatsen's business reached the market, the value of the Company's shares declined dramatically, causing Yatsen investors to suffer significant damages.
WHAT'S NEXT? If you suffered a loss in Yatsen during the relevant time frame, you have until November 22, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.ktre.com/prnewswire/2022/10/27/ysg-lawsuit-alert-levi-amp-korsinsky-notifies-yatsen-holding-limited-investors-class-action-lawsuit-upcoming-deadline/ | 2022-10-27T11:22:31 | en | 0.938567 |
PHILADELPHIA (WPVI) -- Shoshana has a great exercise to strengthen your upper body.
WATCH PREVIOUS FITNESS TIPS:
Floor leg lifts, bends - Today's Tip
Squeeze and open arms - Today's Tip
The perfect lunge - Today's Tip
Tap & press jumps - Today's Tip
Tricep extension, press, crunch - Today's Tip
Get ready to work your hamstrings - Today's Tip
Leg lift to hip lift - Today's Tip
Curtsy lift and press - Today's Tip
Ab work for beginners (and others) - Today's Tip | https://6abc.com/floor-leg-lifts-bends-6abc-fitness-tip-full-body-workout/12384821/ | 2022-10-27T11:23:15 | en | 0.766934 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/nebraska-cornhuskers-football/articles/41274132 | 2022-10-27T11:23:24 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/nebraska-cornhuskers-football/articles/41274386 | 2022-10-27T11:23:30 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/ucla-bruins-football/articles/41273612 | 2022-10-27T11:23:48 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/ucla-bruins-football/articles/41273670 | 2022-10-27T11:23:54 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/seattle-seahawks/articles/41274188 | 2022-10-27T11:24:00 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/miami-dolphins/articles/41273638 | 2022-10-27T11:27:57 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/miami-dolphins/articles/41273757 | 2022-10-27T11:28:03 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/miami-dolphins/articles/41273844 | 2022-10-27T11:28:09 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/miami-dolphins/articles/41273845 | 2022-10-27T11:28:16 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/miami-dolphins/articles/41273846 | 2022-10-27T11:28:22 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/miami-dolphins/articles/41273847 | 2022-10-27T11:28:25 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nba/miami-heat/articles/41273991 | 2022-10-27T11:28:31 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nba/miami-heat/articles/41274208 | 2022-10-27T11:28:37 | en | 0.738227 |
Yet another great Samsung Galaxy S23 Ultra camera upgrade is tipped
1
We may earn a commission if you make a purchase from the links on this page.
Hot on the heels of the report that the Galaxy S23 Ultra will sport exclusive camera abilities like the "Ultra stabilization" feature that may have been concocted as an answer to Apple's Action Mode, now comes another camera-related tip. The custom 200MP sensor that will likely end up in the S23 Ultra for the first time on a Galaxy phone will also be capable of greatly improved low-light shots.
That's what may be going on with Samsung's tailored image sensor that will reportedly end up in the Galaxy S23 Ultra, too, albeit on a grander scale as it will allegedly have larger, 0.64 micron pixels. In addition, the HP3 sensor offers upgraded HDR images via the Smart-ISO Pro option of Samsung. "The upgraded version of the technology comes with a triple ISO mode — Low, Mid and High — that further widens the sensor’s dynamic range," says Samsung.
"Breaking: Galaxy S23 Ultra night photography and night video have been greatly improved," says everyone's favorite leaky cat from Ice Universe account fame, but it's not clear if Samsung will be achieving this by new hardware features like wider lens aperture or sensor pixel improvements, or by software algorithms that stitch several exposure brackets seamlessly together.
It will probably be a combination of both, though, and a welcome news for all Samsung fans who worry that a 200MP sensor presupposes tiny sub-micron pixels that will be too small to collect a proper amount of light.
Samsung's flagship phones already offer an excellent Night mode in the camera app, so any further low-light improvements are likely to lean on hardware upgrades more than on image processing algorithms. "This is mainly due to the performance improvement of CIS itself," added Ice Universe, lending further credibility to the hardware upgrade theory.
When Samsung announced its 2022 200MP image sensor, the ISOCELL HP3, it said that the CIS "provides an ultimate low-light experience, with the Tetra2pixel technology that combines four pixels into one to transform the 0.56μm 200MP sensor into a 1.12μm 50MP sensor, or a 12.5MP sensor with 2.24μm-pixels by combining 16 pixels into one. The technology enables the sensor to simulate a large-sized pixel sensor to take brighter and more vibrant shots even in dimmed environments, like in-doors or during nighttime."
That's what may be going on with Samsung's tailored image sensor that will reportedly end up in the Galaxy S23 Ultra, too, albeit on a grander scale as it will allegedly have larger, 0.64 micron pixels. In addition, the HP3 sensor offers upgraded HDR images via the Smart-ISO Pro option of Samsung. "The upgraded version of the technology comes with a triple ISO mode — Low, Mid and High — that further widens the sensor’s dynamic range," says Samsung.
The Galaxy S23 Ultra is not rumored to come with any zoom camera hardware upgrades, as the S22 Ultra already has best-in-class magnification abilities, but the main sensor will apparently compensate with remarkable resolution, optical image stabilization, and low-light photograph upgrades.
Loading Comments... | https://www.phonearena.com/news/galaxy-s23-ultra-low-light-camera-sensor_id143344 | 2022-10-27T11:28:39 | en | 0.938305 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nba/miami-heat/articles/41274341 | 2022-10-27T11:28:43 | en | 0.738227 |
With a pen, hefty battery, and more, the half-off Moto G Stylus 5G (2021) is a dream budget phone
We may earn a commission if you make a purchase from the links on this page.
Even though it's been raining killer Motorola deals in anticipation of the busy holiday shopping season for a good few weeks now, you can never have too many feature-packed mid-rangers available at new all-time low prices to choose from with Thanksgiving and Christmas right around the corner.
There aren't a lot of better ways to thank a loved one with a passion for sketching and note-taking on the fly, for instance, than to purchase the first-gen Moto G Stylus 5G right now. While there's always a chance a device deeply discounted in October will become even cheaper near the end of November, it's hard to imagine Motorola could ever knock this pen-wielding bad boy further down than 50 percent off list.
Yes, this 5G-enabled Moto G Stylus variant released a little over a year ago with a Snapdragon 480 processor under its hood is currently on sale at exactly half its regular $399.99 price. Amazon and Best Buy are offering the same unlocked deal with no strings attached at the time of this writing, which Motorola is listing as a Halloween promotion on its own official US website although it very well might return unchanged come Black Friday.
In case you're wondering, the mid-end Android handset in the spotlight today and the 4G LTE-only Moto G Stylus (2021) model we told you about just a couple of days ago are (slightly) different. The costlier device not only provides support for the fastest mobile networks in the US (minus mmWave technology, of course), also packing an extra 2 gigs of RAM and double the internal storage space of its non-5G-capable "cousin."
Perhaps even more importantly, the Moto G Stylus 5G (2021) comes with a hefty 5,000mAh battery on deck, which alongside the built-in pen, 6GB memory count, and 256 gigs of local digital hoarding room, easily make this thing one of the best budget phones you can buy ahead (and most likely during) the holidays this year.
Loading Comments... | https://www.phonearena.com/news/moto-g-stylus-5g-2021-amazon-best-buy-deal-half-off_id143347 | 2022-10-27T11:28:44 | en | 0.953378 |
Samsung's final Q3 profit score is pretty weak, but Galaxy Z Fold 4 and Z Flip 4 sales are 'strong'
1
In just roughly two months of commercial availability, Samsung's latest (and arguably greatest) foldable devices have generated more conflicting reports on their popularity around the world and in key specific markets than this writer can count on the fingers of one hand.
In the short term, of course, Samsung expects "year-end seasonality" (aka holiday spending) to yield an increase in demand for smartphones and wearables, at least compared to Q3.
Depending on who you ask (and when), the Galaxy Z Fold 4 and Z Flip 4 powerhouses are either a big box-office bomb or a (moderate) hit, with practically nothing between those two contrasting views.
Unsurprisingly, their makers are trying to paint a much rosier picture today than all the analysts and industry pundits that predicted all doom and gloom for the tech giant's Q3 financial results, and depending on what you choose to focus on, you can both smell the roses and feel the gloominess in the air.
Profits are down, revenue is up, phones are doing well
In a nutshell, Samsung's latest quarterly financial report is the textbook definition of a mixed bag. On one hand, the company gained close to 11 trillion Korean won between July and September 2022, which converts to more than 7.5 billion US dollars and sounds pretty good.
On the other hand, that represents a 23 percent decline from the company's Q2 operating profit while slashing no less than 31 percent off last year's Q3 gains, which is obviously really bad, especially when you consider Samsung's historical performance.
This is the first year-on-year profit drop in almost three years, during which time the early stages of the COVID-19 pandemic and a major global chip shortage hurt essentially every Samsung business and division to a larger or smaller extent.
But those challenges apparently didn't end up making as big of a negative impact as the current "macroeconomic uncertainties", which in turn didn't stop Samsung from reporting record third-quarter revenue of KRW 76.78 trillion, up from KRW 73.98 trillion this time last year and narrowly down from KRW 77.2 trillion in Q2 2022.
That's... not bad, and the same goes for the mobile division's KRW 32.21 trillion and KRW 3.24 trillion revenue and profit figures respectively. The former is a significant improvement compared to the same number from Q3 2021 while the latter is only slightly down, which feels like a win given the tough aforementioned macroeconomic conditions.
That finally brings us to Samsung's Galaxy Z Flip 4 and Z Fold 4 sales, which are characterized as "strong" in comparison with their predecessors, crucially contributing to the "solid profitability" of the MX (Mobile eXperience) business.
What's on the horizon?
The simple answer to that question is unfortunately "a lot of uncertainty." Pretty much everything that Samsung makes, from phones to TVs, home appliances, displays, chips, and other components, tends to become... non-essential on the brink of a global recession, with consumers shifting their focus all of a sudden from getting the newest and hottest mobile device to simply putting food on the table.
The Galaxy Z Fold 4, Z Flip 4, and the Galaxy S22 series of premium Android handsets are likely to "boost revenue" for the mobile business in Q4, with flagship demand somewhat surprisingly predicted to "remain solid" next year as well.
Samsung also aims to improve both the sales and profitability of its tablets in 2023 by "strengthening large-screen premium" models such as the existing Galaxy Tab S8 family. While this doesn't explicitly confirm an impending Galaxy Tab S9 release, it seems safe to assume a roster of next-gen Galaxy giants is indeed in the pipeline and eyeing a commercial debut sometime next year.
Finally, Samsung has similar goals for smartwatches as well, planning to "maintain" the "high growth" of its wearable lineup despite "ongoing geopolitical issues and macroeconomic instability." Did someone say substantial Galaxy Watch 5 discounts and killer Galaxy Watch 4 deals?
Loading Comments... | https://www.phonearena.com/news/samsung-q3-2022-financial-report-profit-revenue-galaxy-z-fold-4-z-flip-4-sales_id143343 | 2022-10-27T11:28:45 | en | 0.949941 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nba/miami-heat/articles/41274461 | 2022-10-27T11:28:45 | en | 0.738227 |
The Sony WH-XB910N headphones are down to their lowest price ever
We may earn a commission if you make a purchase from the links on this page.
We've seen some great deals on headphones in the past couple of months but nothing beats this one! Sony's WH-XB910N wireless noise canceling headphones are down to their absolutely lowest price ever - now you can get a pair for a limited time at just $123!
That's right, this model sits right below the heavy weights like the XMs, but costs a fraction of the price. It's also worth noting that the limited promotion is part of Best Buy's early Black Friday deal campaign but it won't last until November 25 - you have only a day or two to score these headphones.
Back to the headphones, we have Active Noise Canceling onboard (and we all know how good it is on Sony headphones), Adaptive Sound Control, gesture controls, and support for AAC and LDAC codecs. You can also command your virtual assistants with the power of your voice, like in a sci-fi movie!
These are also super comfortable, they come with a carry case and all the cables necessary, and last but not least they offer 30 hours of play time. If you ask our audio experts, it's the deal of the year.
Of course, if you want the top of the crops, you can always check out our high-end Bluetooth wireless headphones pick. But you won't feel disappointed buying the WH-XB910N, not at this price anyway!
Loading Comments... | https://www.phonearena.com/news/sony-wh-xb910n-deal-black-friday_id143316 | 2022-10-27T11:28:46 | en | 0.949191 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nba/miami-heat/articles/41274464 | 2022-10-27T11:28:51 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nba/miami-heat/articles/41274467 | 2022-10-27T11:28:57 | en | 0.738227 |
The sanctuary in Pacific Grove had seen just one monarch in the past two years. Now nearly 4,000 monarchs, which are endangered species, have been counted in the first tabulation of the season.
Copyright 2022 NPR
The sanctuary in Pacific Grove had seen just one monarch in the past two years. Now nearly 4,000 monarchs, which are endangered species, have been counted in the first tabulation of the season.
Copyright 2022 NPR | https://www.publicradiotulsa.org/2022-10-27/california-sanctuary-reports-the-number-of-monarch-butterflies-is-on-the-rise | 2022-10-27T11:29:00 | en | 0.983971 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/buffalo-bills/articles/41274139 | 2022-10-27T11:29:04 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/buffalo-bills/articles/41274243 | 2022-10-27T11:29:06 | en | 0.738227 |
The professor had been amused by images she saw on Facebook: Students in Thailand wearing paper hats with blinders to prevent cheating. Her students created their own hats and wore them to an exam.
Copyright 2022 NPR
The professor had been amused by images she saw on Facebook: Students in Thailand wearing paper hats with blinders to prevent cheating. Her students created their own hats and wore them to an exam.
Copyright 2022 NPR | https://www.publicradiotulsa.org/2022-10-27/engineering-professor-in-the-philippines-asks-students-to-create-anti-cheating-hats | 2022-10-27T11:29:06 | en | 0.98304 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/buffalo-bills/articles/41274279 | 2022-10-27T11:29:12 | en | 0.738227 |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.