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WFO EUREKA Warnings, Watches and Advisories for Thursday, October 27, 2022
_____
FREEZE WARNING
URGENT - WEATHER MESSAGE
National Weather Service Eureka CA
340 AM PDT Thu Oct 27 2022
...FREEZE WARNING REMAINS IN EFFECT UNTIL 10 AM PDT THIS
MORNING...
* WHAT...Sub-freezing temperatures as low as 30.
* WHERE...Northern Humboldt Interior, Southern Humboldt
Interior, Northern Trinity, Northwestern Mendocino Interior,
Northeastern Mendocino Interior and Northern Lake Counties.
* WHEN...Until 10 AM PDT this morning.
* IMPACTS...Frost and freeze conditions will kill crops and
other sensitive vegetation.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
Take steps now to protect tender plants from the cold. Provide
adequate shelter for outdoor pets or consider bringing them
indoors.
Frost Advisories and Freeze Warnings are issued during the local
growing season as defined by climatology and local agriculture
experts. Once the growing season has ended these statements will
no longer be issued until the spring.
...FROST ADVISORY REMAINS IN EFFECT UNTIL 10 AM PDT THIS
* WHAT...Temperatures as low as 34 will result in frost
formation.
* WHERE...Del Norte Interior, Southwestern Humboldt, Mendocino
Coast, Southwestern Mendocino Interior, Southeastern Mendocino
Interior and Southern Lake Counties.
* IMPACTS...Frost could kill sensitive outdoor vegetation if
left uncovered.
Take steps now to protect tender plants from the cold.
_____
Copyright 2022 AccuWeather | https://www.myjournalcourier.com/weather/article/CA-WFO-EUREKA-Warnings-Watches-and-Advisories-17537933.php | 2022-10-27T11:42:09 | en | 0.878253 |
THURSDAY’S BIG STORIES
Barca take a tumble – and Atletico too
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Oh, the shame. And oh, the awful, unforgivable scheduling.
Premier League
Spurs boss Conte laughs off title contenders tag after limp Man Utd defeat
Sure, Inter beating Viktoria Plzen seemed a formality, but still it would have been better in terms of drama to see Barcelona hearts break mid-match against Bayern Munich as opposed to 30 minutes before kick-off.
That did, however, give Barca the ignominy of playing against a team so used to humiliating them, knowing already that it was to be Europa League football, not Champions League football, for Xavi’s side after Christmas.
It is difficult to think of a more immediately embarrassing moment to play against a team like Bayern Munich than having the knowledge you have just been eliminated from a competition you are about to play in, and then there is Robert Lewandowski – a penny for his thoughts.
"Keep believing," insisted Joan Laporta ahead of the game. "We have a very competitive team, with very good players who are going to bring you a lot of joy. Stick behind Xavi, he needs your warmth and confidence. That's what we will give him and we hope the fans do too."
"We'll get through this. We won't ever stop working for what we want. This club has had all kinds of ups and downs over the years, but we have always bounced back. And we can still do that, from every part of the club."
- ‘People won’t come to the stadium’ – Hoddle ‘baffled’ by Spurs VAR controversy
- 'Very cruel!' - How the controversial end to Atletico vs Leverkusen unfolded
- Conte claims 'VAR is doing a lot of damage' after Kane goal is disallowed
But while the laughs and pointing fingers are in Barcelona’s direction, they are far from the only big club to have failed on the Champions League stage, and it is going to make for a stacked Europa League knockout bonanza.
Few would have expected Atletico Madrid to finish third-best in a group featuring Club Bruges, Porto and Bayer Leverkusen, and Diego Simeone’s side could yet even place fourth with second no longer possible.
At the death, they had the chance to keep their Champions League hopes alive, although at the death does not even do it justice. It was the 99th minute. But Yannick Carrasco saw his penalty saved, Saul saw his rebound hit the crossbar, and Atletico saw their hopes go up in smoke.
Add to that the fact Juventus and Sevilla could also be in the Europa League, and Ajax almost certainly dropping down after their defeat to Liverpool, and suddenly Arsenal and Manchester United have plenty of unwanted company in Europe’s secondary competition.
It’s making for a who’s who of who’s having a campaign to forget, and Spurs will be spitting feathers if they join the club next week…
VAR mania at Spurs
Ah the magic of Champions League football, where two sides, their fans inside the stadium, and those watching on from home are made to wait for more than three minutes in injury time as VAR makes a match and group-stage defining decision.
And, like, well, er, yeah. That just isn’t the right decision… Is it? The line. What is that line. Why is the line there. And doesn’t the ball go backwards? Please someone enlighten us, but like Antonio Conte we are pretty perplexed, although unlike the apoplectic Spurs boss we weren’t sent off last night.
“I don’t understand the line they put,” Conte told BT Sport afterwards. Valid. “It very difficult to comment on this decision.” Also valid.
"VAR is doing a lot of damage.” Very valid. “I want to see if in another stadium of a big team if they are ready to disallow this type of goal. I’d like to know this.” Intriguing, and also valid.
"A lot of injustice. I don’t like this type of situation. I see not positive things.” Valid. Valid. Valid.
Now Spurs have a trip to Marseille to navigate with just two points separating all four sides in the group.
Conte adds, with a valid point don’t you know: "I don’t understand why we have to get something from the next game when we can finish the qualification in this game. When you invent this type of situation, you create a lot of damage – also problems."
Ronaldo running out of options
Erik ten Hag has welcomed Cristiano Ronaldo back into the Manchester United squad after his Tottenham transgression. However, it must be said we would not file these comments under 'open arms'.
"Yes, Cristiano will be in the squad on Thursday," Ten Hag said at his pre-match press conference ahead of the match against Sheriff.
"I think we said everything and answered all the questions. He was out for one game and now he is back in the squad as usual. It's done. He's back. Let's focus on the game."
Sporting, meanwhile, dreams of Ronaldo return...or so they say. Sporting coach Ruben Amorim.
"Everyone at Sporting dreams of Ronaldo's return, but we don't have the money for his salary," said Amorim.
IN THE CHANNELS
It’s a Barcelona/Vikky Plzen double. Enjoy.
HAT-TIP
28/10/2017: England won the U-17 World Cup following an astonishing fightback from 2-0 down to beat Spain in front of a giant 80,000-strong crowd in Kolkata. Here is current Nottingham Forest manager Steve Cooper and Man City schemer Phil Foden talking to Eurosport in the wake of that match.
Nearly five years on, The Athletic have elected to review the progress of that squad. Suffice to say, it was stacked, there was some serious talent in there and their career trajectories have been - to say the least - impressive. The squad included Conor Gallagher, Morgan Gibbs-White - the 10th most expensive English player - Callum Hudson-Odoi, Emile Smith-Rowe amongst others.*
One of many great snippets comes from Angel Gomes, who says the following of Phil Foden:
I spoke a lot to Phil in that camp. As funny as it sounds, even when he was playing well, he was still upset about certain things. He’d speak to me a lot. I would talk to him during games to give him that extra boost and confidence. When he feels that love, he’s unstoppable. In that tournament, he was unstoppable.
Jadon Sancho left the tournament early.
RETRO CORNER
Chelsea 6-0 Man City some 15 years ago now. Look who’s managing City!
How far they’ve come…
COMING UP
There will be minute-by-minute updates from the Europa League - the new home of Barcelona - and the Europa Conference League. There will be commentaries on PSV v Arsenal, Man Utd v Sheriff and West Ham v Silkeborg.
World Cup
'Even walking hurts' – Richarlison tearfully admits he may miss World Cup
Champions League
Spurs on course for knockouts after staging comeback win against Eintracht Frankfurt
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NEW YORK (AP) _ ExlService Holdings Inc. (EXLS) on Thursday reported third-quarter earnings of $39.1 million.
On a per-share basis, the New York-based company said it had net income of $1.16. Earnings, adjusted for one-time gains and costs, came to $1.54 per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.40 per share.
The provider of outsourcing services posted revenue of $361.4 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $345.7 million.
ExlService Holdings expects full-year earnings in the range of $5.85 to $5.95 per share, with revenue in the range of $1.39 billion to $1.4 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EXLS at https://www.zacks.com/ap/EXLS | https://www.expressnews.com/business/article/ExlService-Holdings-Q3-Earnings-Snapshot-17537894.php | 2022-10-27T11:42:13 | en | 0.945195 |
WFO LAS VEGAS Warnings, Watches and Advisories for Thursday, October 27, 2022
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LAKE WIND ADVISORY
URGENT - WEATHER MESSAGE
National Weather Service Las Vegas NV
410 AM PDT Thu Oct 27 2022
...LAKE WIND ADVISORY REMAINS IN EFFECT UNTIL 5 PM PDT THIS
AFTERNOON...
* WHAT...North winds 15 to 25 mph with gusts up to 40 mph
possible. High waves on Lake Mohave and Lake Havasu.
* WHERE...Lake Mohave and Lake Havasu.
* WHEN...Until 5 PM PDT this afternoon.
* IMPACTS...Strong winds and rough waves between 1 and 3 feet on
Lake Mohave and Lake Havasu will create hazardous conditions
for small craft. Choppy waves expected on Lake Mead. Periods
of blowing dust will also be possible.
* ADDITIONAL DETAILS...A cold front is pushing through the area
this morning. Strongest winds are expected during the morning
hours, and lessening through the afternoon.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
Boaters on area lakes should use extra caution since strong winds
and rough waves can overturn small craft.
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Copyright 2022 AccuWeather | https://www.myjournalcourier.com/weather/article/CA-WFO-LAS-VEGAS-Warnings-Watches-and-Advisories-17537990.php | 2022-10-27T11:42:16 | en | 0.834646 |
THE HAGUE, Netherlands (AP) — China has reportedly established dozens of “overseas police stations” in nations around the world that activists fear could be used to track and harass dissidents as part of Beijing's crackdown on corruption.
Information about the outposts underscored concerns about the ruling Chinese Communist Party’s influence over its citizens abroad, sometimes in ways deemed illegal by other countries, as well as the undermining of democratic institutions and the the theft of economic and political secrets by bodies affiliated with the one-party state.
Spanish-based non-government group Safeguard Defenders published a report last month called “110 Overseas. Chinese Transnational Policing Gone Wild” that focused on the foreign stations.
The Dutch government said this week it was looking into whether two such stations — one a virtual office in Amsterdam and the other at a physical address in Rotterdam — were established in the Netherlands.
“We are investigating the activities of these so-called police centers. Once there is more clarity on the matter, we will decide on appropriate action," the Dutch Ministry of Foreign Affairs said in a statement sent to The Associated Press. "We have not been informed about these centers via diplomatic channels.”
The ministry added: “If the developments outlined in the report by Safeguard Defenders threaten to strengthen the feelings of intimidation and threats among the Dutch Chinese community, that is a bad thing, and the government is of the opinion that action should be taken against this.”
Chinese Foreign Ministry spokesperson Mao Ning said Thursday that "Chinese public security authorities strictly observe the international law and fully respect the judicial sovereignty of other countries.”
A day earlier, another ministry spokesperson, Wang Wenbin, also denied Beijing was doing anything wrong, calling the outposts service stations for Chinese people overseas.
“Due to the impact of COVID-19, many Chinese overseas cannot return to China in time to deal with matters like driver’s license renewal. In order to help them, relevant Chinese local governments have opened online service platforms, mainly assisting Chinese nationals in need in handling physical examinations and changes of driver’s licenses,” Wang said.
Wang added that China also has cracked down on what he called transnational crimes but said the operation was conducted in line with international law.
The European Union's executive arm, asked whether it was aware of other EU countries complaining about China setting up police stations on their soil, said Thursday that it did not have specific information. The European Commission said it was up to member countries to investigate such allegations since it would be a matter of national sovereignty.
In Tanzania, both police and the Chinese Embassy have denied the presence of a Chinese-run police station in the country’s commercial hub and former capital, Dar es Salaam, after the BBC reported on it last week.
“You are fabricating stories,” the embassy tweeted, calling the report an example of disinformation aimed at dividing China-Africa relations. A police spokesman sent the AP a copy of China’s denial in response to questions Thursday.
Over his decade in power, Chinese President Xi Jinping has pushed a relentless anti-corruption drive that has seen tens of millions of Communist Party cadres investigated and expanded overseas via a pair of campaigns known as Sky Net and Fox Hunt. Both are tasked with locating allegedly corrupt officials who have fled abroad and convincing them to return to China with their stolen state assets.
Since China began opening up in the 1980s, corruption has been a major problem among those enjoying access to state funds and resources with few safeguards in place, and cash was often squirreled away abroad, particularly in the U.S. and other countries without extradition treaties with China.
Yet, as with the domestic anti-graft campaign, Sky Net and Fox Hunt are frequently seen as targeting political opponents or those accused of crimes of an ideological nature not recognized in other countries. China is also accused of using coercive methods such as making threats against family members still in China and even forbidding family members who are foreign nationals from leaving China after making trips to the country.
The success of the campaigns is unclear. The U.S. has complained that China has provided name lists with little or no corroborating information on what they are accused of or where they are believed to being living. China has also been accused of sending agents to the U.S. to meet with wanted persons directly as a means of upping the level of intimidation.
The campaigns began soon after Xi’s ascendance to Communist Party chief in 2012, and an April article in the official China Daily newspaper said Fox Hunt and Sky Net had been renewed for 2022, claiming that last year they resulted in the return of 1,273 fugitives and the recovery of the equivalent of about $2.7 billion.
“Hunting fugitives overseas is an extension of fighting corruption at home, and they are the two areas in the fight against corruption. The two are intertwined and influence each other,” the paper quoted Zhuang Deshui, deputy head of the Clean Government Research Center at Beijing’s prestigious Peking University, as saying. | https://www.journal-news.com/nation-world/china-accused-of-using-overseas-bases-to-target-dissidents/PPS7PFEYBVCDVJLOJNKISNI3RM/ | 2022-10-27T11:42:16 | en | 0.971594 |
England will take on Brazil in their first-ever Women’s Finalissima, which will be held at Wembley next year on April 6.
The Finalissima pits the respective winners of the European and South American championships, in what is a joint venture between UEFA and Conmebol.
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Argentina beat Italy 3-0 in the men’s edition of the match back in June, which was also held at Wembley.
Football
Lionesses held to rare goalless draw by Czech Republic, Spain beat the US
Now, the build-up has begun for the women’s match, as Sarina Wiegman’s side target more silverware following their European Championships triumph last summer.
The Lionesses’ victory over Germany in the final came one day after Brazil secured their fifth consecutive Copa America Feminina triumph with a 1-0 win over Colombia.
Both countries’ respective continental titles leave England ranked fourth in the FIFA women’s world rankings, while Brazil sit five places lower down in ninth.
- Wiegman hails ‘exciting’ Women’s World Cup draw for England
- Chelsea thrash Vllaznia to top Champions League group
- Barcelona are the headline failures, but they’re not alone – The Warm-Up
The two nations most recently met in a women’s international back in October 2019, as Brazil recorded a 2-1 win at the Riverside.
Following the announcement of the match, Wiegman said: “The great games keep on coming for us.
“This time, we have the opportunity to welcome Brazil to Wembley and it will be another big moment after the Euros and USA match. Like us, they will be thinking about the World Cup next summer.
“This is a chance to again test ourselves against another top 10 team in the world, an opportunity to win another trophy and give our fans something special to watch, hopefully in a packed out Wembley.”
The eye-catching clash against Brazil comes less than four months before England begin their 2023 World Cup campaign on July 22.
Wiegman’s side discovered their fate in last Saturday’s draw, and begin with a tussle against either Senegal, Haiti or Chile in Brisbane, before facing Denmark on July 28 in Melbourne and then China in Adelaide on August 1.
Despite their repeated continental success, unlike Brazil’s men, the women have yet to claim football’s biggest prize.
They are in Group F and begin with a match against either Chinese Taipei, Panama, Papua New Guinea or Paraguay in Adelaide on July 24, before playing France in Brisbane on July 29 and Jamaica in Melbourne on August 2.
England’s more immediate focus is on two further international friendlies against Japan and Norway on November 11 and 15 respectively.
Both matches take place in Murcia, Spain, with the kick-off times for both games yet to be confirmed.
Friendlies
‘We are in a very good place’ – Wiegman reminds England of World Cup target
Friendlies
England celebrate 50-year anniversary with victory over USA at Wembley
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MORRISVILLE, N.C. (AP) _ Extreme Networks Inc. (EXTR) on Thursday reported fiscal first-quarter earnings of $12.6 million.
The Morrisville, North Carolina-based company said it had profit of 9 cents per share. Earnings, adjusted for one-time gains and costs, came to 20 cents per share.
The maker of network infrastructure equipment posted revenue of $297.7 million in the period.
For the current quarter ending in December, Extreme Networks expects its per-share earnings to range from 21 cents to 26 cents.
The company said it expects revenue in the range of $299 million to $309 million for the fiscal second quarter.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EXTR at https://www.zacks.com/ap/EXTR | https://www.expressnews.com/business/article/Extreme-Networks-Fiscal-Q1-Earnings-Snapshot-17538015.php | 2022-10-27T11:42:19 | en | 0.929591 |
TX El Paso Tx/Santa Teresa NM Zone Forecast for Wednesday, October 26, 2022
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841 FPUS54 KEPZ 271002
ZFPEPZ
Zone Forecast Product for New Mexico
National Weather Service El Paso Tx/Santa Teresa NM
402 AM MDT Thu Oct 27 2022
TXZ418-272230-
Western El Paso County-
Including the cities of Downtown El Paso, West El Paso,
and Upper Valley
402 AM MDT Thu Oct 27 2022
.TODAY...Mostly sunny. Patchy blowing dust this afternoon. Breezy
with highs in the lower 70s. Southwest winds 10 to 15 mph,
becoming west 15 to 25 mph with gusts up to 35 mph this
afternoon.
.TONIGHT...Clear, breezy with lows in the upper 30s. Northwest
winds 20 to 25 mph, diminishing to 10 to 15 mph after midnight.
.FRIDAY...Sunny. Highs in the mid 60s. North winds 5 to 10 mph.
.FRIDAY NIGHT...Clear. Lows in the lower 40s. East winds 5 to
10 mph.
.SATURDAY...Sunny. Highs in the upper 60s. Southeast winds around
5 mph.
.SATURDAY NIGHT...Mostly clear. Lows in the lower 40s.
.SUNDAY AND SUNDAY NIGHT...Partly cloudy. Highs in the lower 70s.
Lows in the mid 40s.
.MONDAY THROUGH TUESDAY...Mostly clear. Highs in the lower 70s.
Lows in the mid 40s.
.TUESDAY NIGHT AND WEDNESDAY...Partly cloudy. Lows in the upper
40s. Highs in the mid 70s.
$$
TXZ419-272230-
Eastern/Central El Paso County-
Including the cities of East and Northeast El Paso, Socorro,
and Fort Bliss
402 AM MDT Thu Oct 27 2022
.TODAY...Mostly sunny. Patchy blowing dust this afternoon. Breezy
with highs in the lower 70s. Southwest winds 10 to 15 mph,
becoming west 15 to 25 mph with gusts up to 35 mph this
afternoon.
.TONIGHT...Clear. Lows around 40. Northwest winds 15 to 20 mph.
.FRIDAY...Sunny. Highs in the mid 60s. North winds 5 to 10 mph.
.FRIDAY NIGHT...Clear. Lows in the lower 40s. East winds 5 to
10 mph.
.SATURDAY...Sunny. Highs in the mid 60s. Southeast winds around
5 mph.
.SATURDAY NIGHT...Mostly clear. Lows in the lower 40s.
.SUNDAY AND SUNDAY NIGHT...Partly cloudy. Highs around 70. Lows
in the mid 40s.
.MONDAY THROUGH TUESDAY...Mostly clear. Highs in the lower 70s.
Lows in the mid 40s.
.TUESDAY NIGHT AND WEDNESDAY...Partly cloudy. Lows in the upper
40s. Highs in the mid 70s.
$$
TXZ420-272230-
Northern Hudspeth Highlands/Hueco Mountains-
Including the cities of Hueco Tanks and Loma Linda
402 AM MDT Thu Oct 27 2022
.TODAY...Mostly sunny. Patchy blowing dust this afternoon. Windy
with highs in the upper 60s. West winds 15 to 20 mph, increasing
to 20 to 30 mph with gusts up to 40 mph this afternoon.
.TONIGHT...Clear, breezy with lows in the upper 30s. Northwest
winds 15 to 25 mph, diminishing to 10 to 15 mph after midnight.
.FRIDAY...Sunny. Highs in the upper 50s. North winds 10 to
15 mph.
.FRIDAY NIGHT...Clear. Lows in the upper 30s. East winds 10 to
15 mph.
.SATURDAY...Sunny. Highs in the lower 60s. Southeast winds around
5 mph, becoming south in the afternoon.
.SATURDAY NIGHT...Mostly clear. Lows in the lower 40s.
.SUNDAY AND SUNDAY NIGHT...Partly cloudy. Highs in the mid 60s.
Lows in the lower 40s.
.MONDAY THROUGH TUESDAY...Mostly clear. Highs in the upper 60s.
Lows in the mid 40s.
.TUESDAY NIGHT AND WEDNESDAY...Partly cloudy. Lows in the upper
40s. Highs in the upper 60s.
$$
TXZ423-272230-
Rio Grande Valley of Eastern El Paso/Western Hudspeth Counties-
Including the cities of Fabens, Fort Hancock, and Tornillo
402 AM MDT Thu Oct 27 2022
.TODAY...Sunny. Patchy blowing dust this afternoon. Breezy with
highs in the mid 70s. Northwest winds 10 to 15 mph, becoming west
15 to 25 mph with gusts up to 35 mph this afternoon.
.TONIGHT...Mostly clear. Lows in the upper 30s. Northwest winds
15 to 20 mph, diminishing to 5 to 10 mph after midnight.
.FRIDAY...Sunny. Highs in the mid 60s. Northwest winds 5 to
10 mph, becoming northeast in the afternoon.
.FRIDAY NIGHT...Clear. Lows around 40. East winds 5 to 10 mph.
.SATURDAY...Sunny. Highs in the upper 60s. East winds around
5 mph.
.SATURDAY NIGHT...Mostly clear. Lows in the lower 40s.
.SUNDAY AND SUNDAY NIGHT...Partly cloudy. Highs in the lower 70s.
Lows in the mid 40s.
.MONDAY THROUGH TUESDAY...Mostly clear. Highs in the lower 70s.
Lows in the mid 40s.
.TUESDAY NIGHT...Partly cloudy. Lows in the upper 40s.
.WEDNESDAY...Mostly sunny. Highs in the mid 70s.
$$
TXZ421-272230-
Salt Basin-
Including the cities of Cornudas, Dell City, and Salt Flat
402 AM MDT Thu Oct 27 2022
...WIND ADVISORY IN EFFECT FROM 11 AM THIS MORNING TO 9 PM MDT
THIS EVENING...
.TODAY...Mostly sunny. Patchy blowing dust this afternoon. Windy
with highs in the lower 70s. Southwest winds 15 to 20 mph,
becoming west 20 to 30 mph with gusts up to 40 mph this
afternoon.
.TONIGHT...Mostly clear. Lows in the upper 30s. Northwest winds
15 to 20 mph.
.FRIDAY...Sunny. Highs in the lower 60s. Northwest winds 15 to
20 mph, becoming north in the afternoon.
.FRIDAY NIGHT...Clear. Lows in the upper 30s. Northeast winds
10 to 15 mph.
.SATURDAY...Sunny. Highs in the mid 60s. Southwest winds 5 to
10 mph.
.SATURDAY NIGHT...Clear. Lows in the upper 30s.
.SUNDAY AND SUNDAY NIGHT...Partly cloudy. Highs in the upper 60s.
Lows in the lower 40s.
.MONDAY THROUGH TUESDAY...Mostly clear. Highs in the lower 70s.
Lows in the lower 40s.
.TUESDAY NIGHT AND WEDNESDAY...Partly cloudy. Lows in the mid
40s. Highs in the mid 70s.
$$
TXZ422-272230-
Southern Hudspeth Highlands-
Including the city of Sierra Blanca
402 AM MDT Thu Oct 27 2022
.TODAY...Mostly sunny. Patchy blowing dust this afternoon. Windy
with highs in the upper 60s. West winds 15 to 20 mph, increasing
to 20 to 30 mph this afternoon.
.TONIGHT...Mostly clear. Lows in the upper 30s. Northwest winds
15 to 20 mph.
.FRIDAY...Sunny, cooler with highs in the upper 50s. North winds
15 to 20 mph.
.FRIDAY NIGHT...Mostly clear. Lows in the upper 30s. Northeast
winds 10 to 15 mph.
.SATURDAY...Sunny. Highs in the lower 60s. Southeast winds 5 to
10 mph, becoming south in the afternoon.
.SATURDAY NIGHT...Clear. Lows in the lower 40s.
.SUNDAY AND SUNDAY NIGHT...Partly cloudy. Highs in the upper 60s.
Lows in the lower 40s.
.MONDAY THROUGH TUESDAY...Mostly clear. Highs in the upper 60s.
Lows in the mid 40s.
.TUESDAY NIGHT...Mostly clear in the evening, then becoming
partly cloudy. Lows in the upper 40s.
.WEDNESDAY...Mostly sunny. Highs in the lower 70s.
$$
TXZ424-272230-
Rio Grande Valley of Eastern Hudspeth County-
Including the city of Indian Hot Springs
402 AM MDT Thu Oct 27 2022
.TODAY...Sunny. Highs in the mid 70s. West winds 15 to 20 mph.
.TONIGHT...Mostly clear. Lows in the lower 40s. Northwest winds
10 to 15 mph with gusts up to 25 mph.
.FRIDAY...Sunny, cooler with highs in the mid 60s. North winds
10 to 15 mph.
.FRIDAY NIGHT...Clear. Lows in the lower 40s. Northeast winds
10 to 15 mph.
.SATURDAY...Sunny. Highs in the upper 60s. Southeast winds around
5 mph.
.SATURDAY NIGHT...Clear. Lows in the mid 40s.
.SUNDAY AND SUNDAY NIGHT...Partly cloudy. Highs in the mid 70s.
Lows in the upper 40s.
.MONDAY THROUGH TUESDAY...Mostly clear. Highs in the mid 70s.
Lows in the upper 40s.
.TUESDAY NIGHT...Partly cloudy. Lows around 50.
.WEDNESDAY...Mostly sunny. Highs in the upper 70s.
$$
_____
Copyright 2022 AccuWeather | https://www.myjournalcourier.com/weather/article/TX-El-Paso-Tx-Santa-Teresa-NM-Zone-Forecast-17537873.php | 2022-10-27T11:42:22 | en | 0.884613 |
CAIRO (AP) — The International Monetary Fund reached a preliminary agreement with the Egyptian government on Thursday, paving the way for the economically troubled Arab nation to access a $3 billion loan, officials said Thursday.
IMF officials said a “staff agreement” between the Egyptian government and IMF leaders had been reached following months of talks, as Egypt struggles to combat surging inflation caused, in part, by the war in Ukraine.
In a statement issued Thursday, Egypt’s IMF Mission chief, Ivanna Vladkova Hollar, said the 46-month deal - known as an Extended Fund Facility Arrangement - allows Egypt access to the $ 3 billion loan on the condition it implements a series of economic reforms.
In the hours before the announcement, Egypt’s central bank announced a series of economic measures including the hike of key interest rates by 2% and switch to a more flexible exchange rate system.
“The Central Bank of Egypt's move to a flexible exchange rate regime is a significant and welcome step to unwind external imbalances, boost Egypt’s competitiveness, and attract foreign direct investment,'' said Holler.
The Egyptian economy has been hard-hit by the coronavirus pandemic and the war in Ukraine, events that have disrupted global markets and hiked oil and food prices worldwide. Egypt is the world’s largest wheat importer, most of which came from Russia and Ukraine. The country’s supply is subject to price changes on the international market.
According to Holler, some of the agreement's main goals are to reduce Egypt's overall debt and bring about broad reforms to its fiscal policy.
In a statement issued Thursday morning, Egypt's central bank said it had raised the new lending rate to 14.25% and the deposit rate to 13.25%. The discount rate was also raised to 13.75%, it said.
By changing to a more “durably flexible exchange rate,” the bank said it would allow the international markets to “determine the value of the Egyptian pound against other foreign currencies.”
Egypt's monetary reforms and the IMF loan are designed to help offset rising inflation, which passed 15% in September, and lighten the financial pressure on lower- and middle-income households.
Following the bank’s announcement, the Egyptian pound dropped in value against the U.S. dollar from around 19.75 pounds to a dollar to at least 22.50 pounds to a dollar, according to data provided by the National Bank of Egypt.
In it’s statement, Egypt's central bank said it was ″intent on intensifying its reform agenda to secure macroeconomic stability and achieve strong, sustainable and inclusive growth.″
As part of its reforms, the bank also said it would begin removing a system for importers, a red tape process introduced in February to control the demand on the currency for imports.
Late Wednesday, Egyptian Prime Minister Mustafa Madbouly also announced a 15% increase in the minimum monthly wage, from 2,700 pounds ($137) to 3,000 pounds ($152). Prime Minister Mustafa Madbouly’s announcement marks the fourth hike in the minimum wage since President Abdel Fattah el-Sissi took office in 2014.
About a third of Egypt’s 104 million people live in poverty, according to government figures.
Credit: Nariman El-Mofty
Credit: Nariman El-Mofty | https://www.journal-news.com/nation-world/egypt-imf-reach-preliminary-agreement-for-3-billion-loan/S3LN22AHV5FWFHWL6GLZC6LB2M/ | 2022-10-27T11:42:22 | en | 0.957575 |
Ronaldo attracting interest from MLS
Three teams in the United States want to bring Cristiano Ronaldo to MLS. The 37-year-old Portuguese international is likely to be back in Europa League action tonight but is set to leave the club when his contract is up in 2023. LAFC, LA Galaxy and Inter Miami are all keen on signing the forward on a free transfer.
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Premier League
'Such a nice person' - Ronaldo behaviour 'blew my mind' says Freddy Adu
Paper Round’s view: With the relationship between the player and his current club already strained, there is a chance that United might take the chance to save some money and prevent further strife by letting Ronaldo leave this winter, which would allow MLS sides - and anyone else interested - make an earlier move to land him.
Fati may quit Barcelona
Barcelona’s 19-year-old forward has just two starts to his name this season under Xavi Hernandez, despite being fit after injury problems. The Sun reports that the teenager is growing frustrated on the sidelines and he, along with agent Jorge Mendes, could put in a transfer request even though his contract could run to 2029.
Paper Round’s view: If Fati is not going to get the chance to play at the Camp Nou then he needs to move on - his talent and potential is too great for it to be wasted. However, Xavi has a huge job on his hands with turning the Spanish team around, so perhaps the winger’s lack of experience is counting against him for now only.
Arteta chasing six names
Ahead of the January transfer window and with a potential title chase to keep going, The Mirror reports on six targets for Mikel Arteta at Arsenal. They are: Palmeiras’ defensive midfielder Danilo, Leicester’s Youri Tielemans, Sergej Milinkovic-Savic of Lazio, Villarreal wingers Yeremy Pino and Alex Baena, and Shakhtar’s forward Mykhaylo Mudryk.
Paper Round’s view: All of those players should be for sale at the right price with none of those teams able to turn down sizable offers if they come in. For Arsenal, they have an exceptional chance to push Manchester City all the way, and if they can add more quality to support their challenge for the rest of the campaign, they could spring a surprise.
Sporting frustrated in Ronaldo pursuit
Sporting Lisbon manager Ruben Amorim acknowledged that the Portuguese side want to sign Cristiano Ronaldo, but can’t afford the 37-year-old’s wages. Amorim said that: “Everyone at Sporting dreams of Ronaldo's return, but we don't have the money for his salary.”
Paper Round’s view: Ronaldo is on hundreds of thousands of pounds a week and there are few clubs who could afford that. Having seen Sporting’s performance against Tottenham last night, he might be tempted to compromise a little on his demands in order to get Champions League football again, with his career likely soon coming to an end.
Premier League
Where next for Ronaldo as Man Utd exit looms - 'A lot of talk'
Europa League
Ronaldo back in Manchester United training after first-team exile
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SANTA ANA, Calif. (AP) _ First American Financial Corp. (FAF) on Thursday reported third-quarter profit of $2 million.
On a per-share basis, the Santa Ana, California-based company said it had profit of 2 cents. Earnings, adjusted for investment costs, were $1.62 per share.
The financial services company posted revenue of $1.82 billion in the period.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FAF at https://www.zacks.com/ap/FAF | https://www.expressnews.com/business/article/First-American-Financial-Q3-Earnings-Snapshot-17537964.php | 2022-10-27T11:42:26 | en | 0.941146 |
WA Pendleton OR Zone Forecast for Wednesday, October 26, 2022
_____
545 FPUS56 KPDT 271058
ZFPPDT
Zone Forecast Product for Northeast Oregon and South Central Washington
National Weather Service Pendleton OR
358 AM PDT Thu Oct 27 2022
WAZ026-272300-
Kittitas Valley-
Including the cities of Ellensburg and Thorp
358 AM PDT Thu Oct 27 2022
.TODAY...Mostly sunny. Areas of frost in the morning. Highs in
the mid 50s to lower 60s. Southwest wind 5 to 15 mph. Gusts up to
25 mph in the afternoon.
.TONIGHT...Mostly cloudy. A 20 percent chance of rain showers
overnight. Lows in the upper 30s to mid 40s. Southwest wind 5 to
15 mph.
.FRIDAY...Mostly cloudy. A chance of rain showers. Highs in the
mid 50s to lower 60s. West wind 5 to 10 mph. Chance of
precipitation 40 percent. Rainfall amounts less than a tenth of
an inch.
.FRIDAY NIGHT...Partly cloudy with a 20 percent chance of rain
showers. Lows in the mid 30s to lower 40s. West wind 5 to 10 mph.
.SATURDAY...Mostly cloudy. Highs in the mid to upper 50s. West
wind 5 to 10 mph.
.SATURDAY NIGHT...Mostly cloudy. Lows in the mid 30s to lower
40s.
.SUNDAY...Mostly cloudy with a 20 percent chance of rain. Highs
in the 50s.
.SUNDAY NIGHT...Rain likely. Lows in the mid 30s to lower 40s.
Chance of precipitation 70 percent.
.MONDAY AND MONDAY NIGHT...Mostly cloudy with a 50 percent chance
of rain. Highs in the lower to mid 50s. Lows in the lower 30s to
lower 40s.
.TUESDAY...Partly sunny with a 20 percent chance of rain. Highs
in the mid 40s to lower 50s.
.TUESDAY NIGHT...Mostly cloudy with a 30 percent chance of rain.
Lows in the upper 20s to lower 30s.
.WEDNESDAY...Partly sunny with a 20 percent chance of rain or
snow. Highs in the mid to upper 40s.
$$
WAZ027-272300-
Yakima Valley-
Including the cities of Naches, Sunnyside, Toppenish, and Yakima
358 AM PDT Thu Oct 27 2022
.TODAY...Mostly sunny. Patchy frost in the morning. Highs in the
upper 50s to lower 60s. South wind 5 to 15 mph with gusts to
around 25 mph.
.TONIGHT...Mostly cloudy. Lows in the lower to mid 40s. South
wind 5 to 15 mph.
.FRIDAY...Mostly cloudy with a 20 percent chance of rain showers.
Highs in the upper 50s to lower 60s. Southwest wind 5 to 10 mph.
.FRIDAY NIGHT...Mostly cloudy with a 20 percent chance of rain
showers. Lows in the mid 30s to lower 40s. Southwest wind 5 to
10 mph.
.SATURDAY...Partly sunny. Highs in the mid to upper 50s. West
wind 5 to 10 mph.
.SATURDAY NIGHT...Partly cloudy. Lows in the mid 30s to lower
40s.
.SUNDAY...Partly sunny with a 20 percent chance of rain. Highs in
the mid to upper 50s.
.SUNDAY NIGHT AND MONDAY...Mostly cloudy with a 50 percent chance
of rain. Lows in the upper 30s to mid 40s. Highs in the 50s.
.MONDAY NIGHT...Mostly cloudy with a 30 percent chance of rain.
Lows in the lower to mid 30s.
.TUESDAY...Partly sunny with a 20 percent chance of rain. Highs
in the upper 40s to lower 50s.
.TUESDAY NIGHT...Mostly cloudy with a 30 percent chance of rain.
Lows in the upper 20s to lower 30s.
.WEDNESDAY...Partly sunny with a 20 percent chance of rain. Highs
in the mid 40s to lower 50s.
$$
WAZ028-272300-
Lower Columbia Basin of Washington-
Including the cities of Connell, Prosser, and Tri-Cities
358 AM PDT Thu Oct 27 2022
.TODAY...Mostly sunny. Highs in the upper 50s to lower 60s.
Windy. South wind 15 to 25 mph.
.TONIGHT...Mostly cloudy. Lows in the lower to mid 40s. South
wind 5 to 15 mph.
.FRIDAY...Mostly cloudy. Highs in the upper 50s to lower 60s.
South wind 5 to 15 mph.
.FRIDAY NIGHT...Mostly cloudy with a 20 percent chance of rain
showers. Lows in the lower to mid 40s. Southwest wind 5 to
10 mph.
.SATURDAY...Partly sunny. Highs in the upper 50s to lower 60s.
Southwest wind 5 to 10 mph.
.SATURDAY NIGHT AND SUNDAY...Mostly cloudy. Lows in the upper 30s
to lower 40s. Highs in the upper 50s to lower 60s.
.SUNDAY NIGHT...Breezy. Mostly cloudy with a 20 percent chance of
rain. Lows in the lower to mid 40s.
.MONDAY AND MONDAY NIGHT...Breezy. Mostly cloudy with a
40 percent chance of rain. Highs in the mid 50s to lower 60s.
Lows in the mid 30s to mid 40s.
.TUESDAY...Partly sunny with a 20 percent chance of rain. Highs
in the lower to mid 50s.
.TUESDAY NIGHT...Mostly cloudy with a 40 percent chance of rain.
Lows in the lower to mid 30s.
.WEDNESDAY...Partly sunny with a 20 percent chance of rain. Highs
in the upper 40s to lower 50s.
$$
WAZ029-272300-
Foothills of the Blue Mountains of Washington-
Including the cities of Dayton, Waitsburg, and Walla Walla
358 AM PDT Thu Oct 27 2022
.TODAY...Partly sunny in the morning then clearing. Highs in the
upper 50s to lower 60s. Windy. South wind 15 to 25 mph.
.TONIGHT...Mostly cloudy. Lows in the lower 40s. South wind 5 to
15 mph with gusts to around 25 mph.
.FRIDAY...Mostly cloudy. Highs in the lower 60s. South wind 5 to
15 mph.
.FRIDAY NIGHT...Mostly cloudy with a 20 percent chance of rain
showers. Lows in the lower 40s. South wind 5 to 15 mph.
.SATURDAY...Mostly cloudy with a 20 percent chance of rain
showers. Highs in the upper 50s to lower 60s. Southwest wind 5 to
15 mph.
.SATURDAY NIGHT...Partly cloudy. Lows in the lower 40s.
.SUNDAY...Mostly cloudy with a 20 percent chance of rain. Highs
in the upper 50s to lower 60s.
.SUNDAY NIGHT AND MONDAY...Breezy. Cloudy with a 50 percent
chance of rain. Lows in the lower to mid 40s. Highs in the mid
50s to lower 60s.
.MONDAY NIGHT THROUGH TUESDAY NIGHT...Mostly cloudy with a
50 percent chance of rain. Lows in the 30s. Highs in the upper
40s to upper 50s.
.WEDNESDAY...Partly sunny with a 40 percent chance of rain. Highs
in the mid to upper 40s.
$$
WAZ030-272300-
Northwest Blue Mountains-
Including the city of Ski Bluewood Resort
358 AM PDT Thu Oct 27 2022
.TODAY...Partly sunny in the morning then clearing. Highs in the
upper 30s to mid 40s, except in the upper 40s to lower 50s
valleys. South wind 5 to 15 mph.
.TONIGHT...Mostly cloudy. Lows in the lower 30s to lower 40s.
Breezy. South wind 10 to 20 mph with gusts to around 30 mph.
.FRIDAY...Cloudy. Highs in the 40s, except in the lower to mid
50s valleys. Breezy. South wind 10 to 20 mph with gusts to around
30 mph.
.FRIDAY NIGHT...Mostly cloudy with a 20 percent chance of rain
showers. Lows in the mid 30s to lower 40s. South wind 5 to
15 mph.
.SATURDAY...Mostly cloudy with a 20 percent chance of rain
showers. Highs in the lower to mid 40s, except in the upper 40s
to lower 50s valleys.
.SATURDAY NIGHT...Partly cloudy. Lows in the upper 30s to lower
40s.
.SUNDAY...Mostly cloudy with a 20 percent chance of rain. Highs
in the mid 40s to lower 50s.
.SUNDAY NIGHT...Breezy. Mostly cloudy with a 50 percent chance of
rain. Lows in the mid 30s to lower 40s.
.MONDAY...Breezy. Cloudy with a 50 percent chance of rain. Highs
in the 40s.
.MONDAY NIGHT...Mostly cloudy with a 50 percent chance of rain.
Lows in the lower to mid 30s.
.TUESDAY AND TUESDAY NIGHT...Mostly cloudy with a 50 percent
chance of rain and mountain snow. Highs in the upper 30s to lower
40s. Lows in the upper 20s to mid 30s.
.WEDNESDAY...Mostly cloudy with a 40 percent chance of rain and
mountain snow. Highs in the 30s.
$$
WAZ520-272300-
East Slopes of the Washington Cascades-
Including the cities of Appleton, Cle Elum, and Cliffdell
358 AM PDT Thu Oct 27 2022
.TODAY...Partly sunny. Patchy frost in the morning. Highs in the
lower 40s to lower 50s, except in the 50s valleys. Southwest wind
5 to 15 mph with gusts to around 25 mph.
.TONIGHT...Mostly cloudy. A chance of rain showers in the
evening, then a chance of rain and high mountain snow showers
overnight. Lows in the lower 30s to lower 40s. Chance of
precipitation 50 percent.
.FRIDAY...Mostly cloudy with a 50 percent chance of rain showers.
Highs in the lower 40s to lower 50s, except in the lower to mid
50s valleys. Rainfall amounts less than a quarter of an inch.
.FRIDAY NIGHT...Mostly cloudy with a 20 percent chance of rain
showers. Lows in the 30s.
.SATURDAY...Mostly cloudy with a 20 percent chance of rain and
high mountain snow showers. Highs in the lower 40s to lower 50s,
except in the lower to mid 50s valleys.
.SATURDAY NIGHT...Mostly cloudy with a 20 percent chance of rain
showers. Lows in the 30s.
.SUNDAY...Mostly cloudy with a 50 percent chance of rain. Highs
in the lower 40s to lower 50s, except in the upper 40s to mid 50s
valleys.
.SUNDAY NIGHT AND MONDAY...Rain likely. Lows in the 30s. Highs in
the upper 30s to upper 40s. Chance of precipitation 70 percent.
.MONDAY NIGHT THROUGH TUESDAY NIGHT...Mostly cloudy with a
50 percent chance of rain and mountain snow. Lows in the mid 20s
to lower 30s. Highs in the mid 30s to mid 40s.
.WEDNESDAY...Partly sunny with a 20 percent chance of rain or
snow. Highs in the lower 30s to lower 40s, except in the 40s
valleys.
$$
WAZ521-272300-
Simcoe Highlands-
Including the cities of Goldendale and Bickleton
358 AM PDT Thu Oct 27 2022
.TODAY...Mostly sunny. Highs in the 50s. Breezy. Southwest wind
10 to 20 mph with gusts to around 30 mph.
.TONIGHT...Mostly cloudy. Lows in the mid 30s to mid 40s.
Southwest wind 5 to 15 mph with gusts to around 25 mph.
.FRIDAY...Mostly cloudy with a 50 percent chance of rain showers.
Highs in the 50s. Southwest wind 5 to 15 mph with gusts to around
25 mph. Rainfall amounts less than a tenth of an inch.
.FRIDAY NIGHT...Mostly cloudy with a 20 percent chance of rain
showers. Lows in the mid 30s to mid 40s. Southwest wind 5 to
15 mph with gusts to around 25 mph.
.SATURDAY...Partly sunny with a 20 percent chance of rain
showers. Highs in the 50s.
.SATURDAY NIGHT...Mostly cloudy. Lows in the mid 30s to lower
40s.
.SUNDAY...Mostly cloudy with a 20 percent chance of rain. Highs
in the upper 40s to upper 50s.
.SUNDAY NIGHT...Breezy. Mostly cloudy with a 50 percent chance of
rain. Lows in the mid 30s to mid 40s.
.MONDAY...Breezy. Mostly cloudy with a 50 percent chance of rain.
Highs in the mid 40s to mid 50s.
.MONDAY NIGHT...Mostly cloudy with a 40 percent chance of rain.
Lows in the upper 20s to upper 30s.
.TUESDAY AND TUESDAY NIGHT...Mostly cloudy. A 40 percent chance
of rain and mountain snow. Highs in the 40s. Lows in the upper
20s to upper 30s.
.WEDNESDAY...Partly sunny with a 20 percent chance of rain or
snow. Highs in the 40s.
$$
_____
Copyright 2022 AccuWeather | https://www.myjournalcourier.com/weather/article/WA-Pendleton-OR-Zone-Forecast-17537953.php | 2022-10-27T11:42:28 | en | 0.916572 |
DUBAI, United Arab Emirates (AP) — Iran’s supreme leader and its president tried Thursday to link the nationwide protests roiling the country to an Islamic State-claimed gun attack on a famous mosque that killed 15 people.
The comments by Supreme Leader Ayatollah Ali Khamenei and President Ebrahim Raisi come as Iran's theocracy has been unable to contain the demonstrations, sparked by the death of 22-year-old Mahsa Amini after her detention by the country's morality police.
The protests, the most serious unrest to grip Iran since its 2009 Green Movement demonstrations, have grown to encompass anger over Iran's cratered economy and its theocracy as well. Over 200 people have been killed amid a crackdown in Iran, with thousands others arrested by police, activists say.
On Wednesday, a gunman opened fire on worshippers at Shiraz's Shah Cheragh mosque, the second-holiest site in Iran. State media said at least 15 people had been killed in the assault, which authorities initially attributed to multiple gunmen.
Footage released Thursday by authorities showed the gunman walking near the mosque with a large backpack, then later moving into the mosque with a Kalashnikov-style assault rifle. Barefoot worshippers inside try to flee as the man opens fire, then hunts those hiding behind whatever they could find. Blood could be seen on the mosque's floor.
Riot police later captured the man, who authorities have yet to identify.
The Islamic State group late Wednesday claimed responsibility for the attack on its Amaq news agency. It said an armed IS militant stormed the shrine and opened fire on its visitors.
In a speech Thursday, Raisi described the ongoing protests as “riots” that allowed for the shooting in Shiraz. However, there is no evidence linking extremist groups to the widespread, largely peaceful demonstrations that have been repeatedly targeted by a heavy-handed security force crackdown in the country.
“The enemy wants the riots to pave the way for terrorist attacks. The enemy is always the enemy,” Raisi contended. “They go to a holy shrine of a son of the prophet, our third-most important shrine, his majesty Shah Cheragh, and open fire at innocent worshipers.”
For his part, 83-year-old Khamenei blamed the attack on a “plot of the enemies.”
“We all have duties to deal a blow to the warmongering enemy and its treacherous and foolish cohorts,” Khamenei reportedly said. “All our people ranging from the security bodies and the judiciary body and activists in the field of media must be united against the wave that disregards and disrespects people’s lives, their security and their sacred things.”
Credit: Mohammadreza Dehdari
Credit: Mohammadreza Dehdari
Credit: Mohammadreza Dehdari
Credit: Mohammadreza Dehdari | https://www.journal-news.com/nation-world/iran-leaders-try-to-link-protests-to-gun-attack-killing-15/X7GRTNGNHNAXZN2DKB7ZXT5N5E/ | 2022-10-27T11:42:28 | en | 0.965119 |
Australia’s national team players have become the first country to publicly speak out against Qatar’s human rights record ahead of this year’s World Cup.
The Socceroos stars have published a video that highlights the damning way in which the Middle Eastern nation continues to treat migrant workers and LGBTQ+ people.
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A total of 16 Australia players were featured in the video, and include skipper Mat Ryan, Sunderland’s Bailey Wright, Hearts’ Kye Rowles and Alex Wilkinson, who is the president of players' union Professional Footballers Australia and earned 16 caps for the Socceroos.
World Cup
The players set to miss the World Cup through injury
"Addressing these issues is not easy, and we do not have all the answers," the players said in the video.
"We stand with FIFPro, the Building and Wood Workers International, and the International Trade Union Confederation, seeking to embed reforms and establish a lasting legacy in Qatar.
"This must include establishing a migrant resource centre, effective remedy for those who have been denied their rights, and the decriminalisation of all same-sex relationships.
"These are the basic rights that should be afforded to all and will ensure continued progress in Qatar and a legacy that goes well beyond the final whistle of the 2022 FIFA World Cup."
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The controversial ‘Kafala’ system was also addressed in the video, and the squad praised the steps taken to abolish the system, which allowed employers to take away workers’ passports to prevent them leaving the country.
However, it was pointed out that the delivery of these measures has been too inconsistent and that more still needs to be done to protect workers’ rights.
There has been wide-scale criticism for Qatar’s treatment of migrant workers, with Amnesty International claiming that human rights abuses "persist on a significant scale."
Their report states that weak regulation and a lack of enforcement by the measures to protect migrant workers means there "is still a long way to go."
The report said: "Despite the positive evolution of Qatar’s labour system, substantial work remains to effectively implement and enforce these [changes].
"Ultimately, human rights abuses persist on a significant scale today."
The Qatari supreme committee for delivery and legacy have sought to ease the concerns raised in their statement and said: "The advancements in workers’ welfare is a legacy we are very proud of, and one that we are already seeing in action. We have always believed that the World Cup will be a catalyst to accelerate positive initiatives, leaving a legacy of meaningful and sustainable progress for the country and region.
"Work is ongoing and there is of course still room for improvement. We are continuing to explore alongside key partners the opportunities to enhance the legacy that improves the lives of workers and lays the foundation for fair, sustainable and lasting reforms."
'I vow to stand up for the LGBTQ athletes and the fans at the World Cup in Qatar' - Cavallo
Meanwhile, Adelaide United's Josh Cavallo also urged FIFA to carefully consider which countries host major tournament in the future.
He made a vow to stand up for LGBTQ+ players and fans at the World Cup, after he came out as gay in October and became the first active men’s player to do so.
Australia will begin their World Cup campaign on November 22 against France, before playing Tunisia four days later and concluding the group stage in a game with Denmark on November 30.
Denmark have also highlighted Qatar’s human rights abuses with their kit supplier Hummel designing plain red home jerseys and an all-white change top. The sportswear manufacturer wishes "not to be visible" at the event.
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James not giving up on 2022 World Cup – ‘I’ll do everything I can to be there’
World Cup
Human rights abuses 'persist on a significant scale' in Qatar - Amnesty
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RALEIGH, N.C. (AP) _ First Citizens BancShares Inc. (FCNCA) on Thursday reported third-quarter net income of $315 million.
The Raleigh, North Carolina-based bank said it had earnings of $19.25 per share. Earnings, adjusted for non-recurring costs, were $20.77 per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $19.88 per share.
The bank posted revenue of $1.34 billion in the period. Its revenue net of interest expense was $1.23 billion, also exceeding Street forecasts.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FCNCA at https://www.zacks.com/ap/FCNCA | https://www.expressnews.com/business/article/First-Citizens-Q3-Earnings-Snapshot-17537946.php | 2022-10-27T11:42:32 | en | 0.950079 |
WA Portland OR Zone Forecast for Wednesday, October 26, 2022
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687 FPUS56 KPQR 271007
ZFPPQR
Zone Forecasts for Northwest Oregon and Southwest Washington
National Weather Service Portland OR
307 AM PDT Thu Oct 27 2022
Spot Temperatures are for Today, Tonight, Friday, Friday
Night, and Saturday.
WAZ021-280100-
South Washington Coast-
Including the cities of Raymond, Long Beach, Ocean Park, Naselle,
Cathlamet, and Cape Disappointment
307 AM PDT Thu Oct 27 2022
.TODAY...Mostly cloudy. A slight chance of rain this morning,
then a chance of rain this afternoon. Highs in the upper 50s.
South wind 15 to 20 mph with gusts up to 30 mph. Chance of rain
50 percent. Rainfall amounts less than a tenth of an inch.
.TONIGHT...A chance of rain in the evening, then rain after
midnight. Lows in the upper 40s. South wind 10 to 15 mph with
gusts up to 30 mph. Chance of rain 80 percent. Rainfall amounts a
quarter to a half of an inch.
.FRIDAY...Mostly cloudy with a 50 percent chance of rain. Highs
in the upper 50s. Light wind. Rainfall amounts a tenth to a
quarter of an inch.
.FRIDAY NIGHT...Partly cloudy in the evening, then becoming
mostly cloudy. A 40 percent chance of rain. Patchy fog. Lows in
the mid 40s. Light wind.
.SATURDAY...Mostly cloudy with a 40 percent chance of rain. Highs
around 60. South wind 5 to 10 mph.
.SATURDAY NIGHT...A chance of rain in the evening, then rain
after midnight. Lows in the upper 40s. Chance of rain 90 percent.
.SUNDAY...Rain. Highs in the upper 50s. Chance of rain near
100 percent.
.SUNDAY NIGHT...Rain. Lows in the upper 40s. Chance of rain near
100 percent.
.MONDAY...Rain. Highs in the upper 50s. Chance of rain
90 percent.
.MONDAY NIGHT...Rain likely. Lows in the lower 40s. Chance of
rain 70 percent.
.TUESDAY...Rain likely. Highs in the mid 50s. Chance of rain
70 percent.
.TUESDAY NIGHT...Mostly cloudy with a 50 percent chance of rain.
Lows around 40.
.WEDNESDAY...Partly sunny with a 40 percent chance of rain. Highs
in the mid 50s.
$$
WAZ020-280100-
Willapa Hills-
Including the cities of Willapa, Frances, Elk Mountain,
and Ryderwood
307 AM PDT Thu Oct 27 2022
.TODAY...Mostly cloudy. A slight chance of rain this morning,
then a chance of rain this afternoon. Highs in the mid 50s. South
wind 10 to 15 mph with gusts up to 25 mph. Chance of rain
50 percent. Rainfall amounts less than a tenth of an inch.
.TONIGHT...A chance of rain in the evening, then rain likely
after midnight. Lows in the mid 40s. South wind 10 to 15 mph with
gusts up to 25 mph. Chance of rain 70 percent. Rainfall amounts a
quarter to a half of an inch.
.FRIDAY...Mostly cloudy. Rain likely, mainly in the morning.
Highs in the mid 50s. Light wind. Chance of rain 70 percent.
Rainfall amounts a tenth to a quarter of an inch.
.FRIDAY NIGHT...Mostly cloudy with a 50 percent chance of rain.
Lows in the lower 40s. Light wind.
.SATURDAY...Mostly cloudy with a 40 percent chance of rain. Highs
in the mid 50s. Light wind.
.SATURDAY NIGHT...Mostly cloudy. A slight chance of rain in the
evening, then rain likely after midnight. Lows in the mid 40s.
Chance of rain 70 percent.
.SUNDAY...Rain. Highs in the mid 50s. Chance of rain near
100 percent.
.SUNDAY NIGHT...Rain. Lows in the upper 40s. Chance of rain near
100 percent.
.MONDAY...Rain. Highs in the lower 50s. Chance of rain
90 percent.
.MONDAY NIGHT...Rain likely. Lows in the upper 30s. Chance of
rain 70 percent.
.TUESDAY...Rain likely. Highs in the upper 40s. Chance of rain
70 percent.
.TUESDAY NIGHT...Mostly cloudy with a 50 percent chance of rain.
Lows in the upper 30s.
.WEDNESDAY...Partly sunny with a 40 percent chance of rain. Highs
in the upper 40s.
$$
WAZ040-280100-
South Washington Cascade Foothills-
Including the cities of Toutle, Ariel, Lake Merwin, Yale Lake,
and Cougar
307 AM PDT Thu Oct 27 2022
.TODAY...Partly sunny. Highs in the mid 50s. South wind 10 to
15 mph.
.TONIGHT...Cloudy. A chance of rain in the evening, then rain
after midnight. Lows in the mid 40s. Southeast wind 5 to 10 mph.
Chance of rain 80 percent. Rainfall amounts a tenth to a quarter
of an inch.
.FRIDAY...Rain likely. Highs in the lower 50s. South wind 5 to
10 mph. Chance of rain 70 percent. Rainfall amounts a quarter to
a half of an inch.
.FRIDAY NIGHT...Mostly cloudy. Rain likely, mainly in the
evening. Lows in the mid 40s. Light wind. Chance of rain
70 percent.
.SATURDAY...Patchy fog in the morning. Mostly cloudy with a
50 percent chance of rain. Highs in the mid 50s. Light wind.
.SATURDAY NIGHT...Mostly cloudy with a 50 percent chance of rain.
Lows in the mid 40s.
.SUNDAY...Rain likely. Highs in the lower 50s. Chance of rain
70 percent.
.SUNDAY NIGHT...Rain. Lows in the mid 40s. Chance of rain near
100 percent.
.MONDAY...Rain. Highs in the lower 50s. Chance of rain
90 percent.
.MONDAY NIGHT...Rain likely. Lows in the upper 30s. Chance of
rain 70 percent.
.TUESDAY...Rain likely. Highs in the upper 40s. Chance of rain
70 percent.
.TUESDAY NIGHT...Mostly cloudy with a 50 percent chance of rain.
Lows in the upper 30s.
.WEDNESDAY...Mostly cloudy with a 40 percent chance of rain.
Highs in the upper 40s.
$$
WAZ019-280100-
South Washington Cascades-
Including the cities of Coldwater Ridge Visitors Center,
Mount St. Helens, and Wind River Valley
307 AM PDT Thu Oct 27 2022
.TODAY...Partly sunny. Free air freezing level 5500 feet, rising
to 7500 feet this afternoon. South wind 5 to 10 mph with gusts up
to 20 mph.
.TONIGHT...Cloudy with a 50 percent chance of rain. Snow level
5500 feet. South wind 10 to 15 mph with gusts up to 25 mph.
Rainfall amounts around a tenth of an inch.
.FRIDAY...Rain likely. Snow level 7000 feet. Southwest wind 5 to
10 mph. Chance of rain 70 percent. Rainfall amounts a quarter to
a half of an inch.
.FRIDAY NIGHT...Mostly cloudy with a 50 percent chance of rain.
Snow level 6000 feet. Southwest wind 5 to 10 mph.
.SATURDAY...Mostly cloudy with a 40 percent chance of rain. Snow
level 5500 feet. Light wind.
.SATURDAY NIGHT...Mostly cloudy with a 20 percent chance of rain.
Snow level 5500 feet.
.SUNDAY...A chance of rain in the morning, then rain likely in
the afternoon. Snow level 7000 feet. Chance of rain 70 percent.
.SUNDAY NIGHT...Rain. Snow level 7500 feet. Chance of rain near
100 percent.
.MONDAY...Rain in the morning, then rain and snow likely in the
afternoon. Snow level 5000 feet. Chance of precipitation
90 percent.
.MONDAY NIGHT...Mostly cloudy with a chance of snow. Rain likely,
mainly in the evening. Snow level 3500 feet. Chance of
precipitation 70 percent.
.TUESDAY...Mostly cloudy with a chance of snow and rain. Snow
level 3500 feet. Chance of precipitation 50 percent.
.TUESDAY NIGHT...Mostly cloudy with a chance of snow and rain.
Snow level 3000 feet. Chance of precipitation 50 percent.
.WEDNESDAY...Mostly cloudy with a chance of snow. A chance of
rain in the afternoon. Snow level 3000 feet. Chance of
precipitation 40 percent.
$$
_____
Copyright 2022 AccuWeather | https://www.myjournalcourier.com/weather/article/WA-Portland-OR-Zone-Forecast-17537886.php | 2022-10-27T11:42:34 | en | 0.864637 |
Kiwis coach Michael Maguire is ready to play all his cards as the Rugby League World Cup gets serious.
Maguire will have first-choice halves Jahrome Hughes and Dylan Brown in partnership for the first-time against Ireland in Leeds, while he also welcomes back powerhouse prop Jared Waerea Hargreaves, who missed the games with Lebanon and Jamaica through suspension.
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Hughes is now fully recovered from a thigh strain to make his World Cup bow while Brown missed the match with Jamaica through sickness.
Rugby League
Kear says Wales are gaining plenty of respect at World Cup
Captain Jesse Bromwich plus wings Ronaldo Mulitalo and Jordan Rapana return to the side having not featured against the Reggae Warriors, meaning there is no space for four-try hero Dallin Watene-Zelezniak, a fact which only underlines the selection dilemmas for Maguire.
"Jahrome is dominant presence and big voice in the team and him being around is really calming for the team too," he said.
"He's played in many big games and he knows what's required and it's nice to have him back. Dylan is back too and full of energy and it's exciting to have the spine of the team together.
"Jared has a lot of presence, he's all about the team and he's worked really hard in the background. You can see how hungry he's been in the last few weeks and now he's ready to get on the field and start ripping in.
"We've had a lot of conversations about how we want to play, he's been through a bit in the last month but he wants to be out of the field playing."
Maguire is still sweating on the fitness of Moses Leota and Marata Niukore, who he hopes to welcome back for the knockout stages, with Fiji New Zealand's probable quarter-final opponent and Australia likely waiting in the semi-finals.
However, he admits he has been far from satisfied from his team's opening fixtures, despite the combined 102-18 scoreline and he claims no selection is locked down.
"I know Fiji and Australia are on our side of the draw but I'm not looking ahead, this game is very important to building those connections to how we want to play," added Maguire.
"The boys have been really sharp in training this week and we've just got to keep performing and winning.
"We need to be better than where we've been in the last couple of weeks in areas of our game. We've had some strong and robust conversations about what we need to do moving forward.
"When you've got the depth of squad like this, it's all about performances and that will decide how we pick the team. Everyone is in contention and every week we are just looking to see how we'll be a better team.
"I thought our defence needed to be sturdier or stronger, we needed to be tidier but we had a big improvement from the Lebanon game against Jamaica. We need to show a bit of patience with the ball too.
"We're a pretty focussed group, it's been really enjoyable to coach this team, they are all owning what they want to achieve."
Ireland coach Ged Corcoran will have to do without prop Liam Byrne after the Wigan Warriors middle picked up two separate one-match bans against Lebanon, while fellow front-rower Jaimin Jolliffe is absent after losing his appeal against suspension.
The Rugby League World Cup promises to be the biggest, best and most inclusive event in the sport's 127-year history with men's, women's and wheelchair teams competing in 61 games across 21 venues throughout England. Tickets are available via rlwc2021.com/tickets
Sportsbeat 2022
Rugby League
Tupou praises his team after hat-trick heroics
Rugby League
Paulo hails Samoa response after biggest World Cup win
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Ad | https://www.eurosport.com/rugby-league/maguire-excited-as-hughes-and-brown-form-kiwis-spine_sto9203729/story.shtml | 2022-10-27T11:42:35 | en | 0.980498 |
ORCHARD PARK, N.Y. (AP) — Even though he’s cleared for air travel, safety Jordan Poyer’s commute to the Buffalo Bills’ next game will thankfully be much shorter.
Rather than spending 17 hours sitting in the back of a rented van on the way to Kansas City two weeks ago, Poyer's route Sunday will cover just a few miles from his home in suburban Buffalo to the Bills' stadium for a night game against the Green Bay Packers.
“Yes, ready to play a home game,” Poyer said Wednesday, when asked if he was done with driving.
Poyer was so tired of traveling, he turned down a chance to head to his offseason home in south Florida during the team’s bye last week even after the team’s medical staff cleared him to fly.
“It felt like by the time I left to go back home, I’d probably have to turn right back around and get back up here,” he said. “I decided to stay out here and try to get my body right.”
The 10th-year player was placed in the relatively unique position of taking the long road to play in Buffalo's 24-20 victory over the Chiefs on Oct. 16.
Though cleared to play against Kansas City, Poyer was not cleared to fly because he was still recovering from a punctured lung, which was the result of rib injuries he sustained in a 23-20 win over Baltimore two weeks earlier.
The Bills medical staff feared the air pressure changes that come with air travel could complicate Poyer’s breathing.
“Initially, I was a little frustrated at the situation,” Poyer said, noting he had difficulty comprehending how he could play but not fly.
Poyer also dismissed the chances of aggravating the injury, which he said would happen only if he was struck in the exact same place and way as happened when he was hit while making an interception against Baltimore. The injury forced him to miss the following week’s game against Pittsburgh.
Once the concerns were explained, Poyer chose the next best option by hitting the highway.
Joined by his wife, daughter and a driver in a luxury van rented by the team, they split the journey into two legs, with stops at essentially the midway point in Indianapolis
On the way to Kansas City, Poyer watched a few movies, and focused on studying game film to prepare for the Chiefs while his wife tended to their daughter, Aliyah.
The return trip was much more casual and enjoyable, especially following a win.
“Aliyah asked a million questions. `Daddy, how much longer?′ And I’d say, `We still have six hours,’” he said, with a laugh.
“But it was a trip I’ll remember for a long time,” Poyer added. “We’ll all look back and be proud. I’m super proud of my family. For them to do that, it was crazy.”
The rib injuries were just the latest for Poyer, who missed several weeks of training camp with a hyperextended elbow, and also sat out a 21-19 loss at Miami on Sept. 25 due to a foot injury. Despite missing two of Buffalo’s six games this year, he and Seattle rookie Tariq Woolen are tied for the NFL lead with four interceptions.
“It’s been kind of weird, a little frustrating,” said Poyer, who had missed just two games to injury in his first five seasons with Buffalo. “But I feel good now. I feel I’m trending in the right direction.”
___
More AP NFL: https://apnews.com/hub/nfl and https://twitter.com/AP_NFL | https://www.journal-news.com/nation-world/poyers-trip-to-next-bills-game-shorter-after-drive-to-kc/WXDVP5DKMVDTZDS5QDWAMX3EZ4/ | 2022-10-27T11:42:35 | en | 0.985971 |
FORT WORTH, Texas (AP) _ FirstCash Holdings, Inc (FCFS) on Thursday reported third-quarter earnings of $59.3 million.
On a per-share basis, the Fort Worth, Texas-based company said it had net income of $1.26. Earnings, adjusted for non-recurring costs, were $1.30 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.19 per share.
The pawn store posted revenue of $672.1 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $670.4 million.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FCFS at https://www.zacks.com/ap/FCFS | https://www.expressnews.com/business/article/FirstCash-Q3-Earnings-Snapshot-17537889.php | 2022-10-27T11:42:38 | en | 0.950318 |
WA Seattle WA Zone Forecast for Wednesday, October 26, 2022
_____
781 FPUS56 KSEW 271023
ZFPSEW
Zone Forecast Product for Western Washington
National Weather Service Seattle WA
322 AM PDT Thu Oct 27 2022
Spot temperatures and probabilities of measurable precipitation
are for today, tonight, and Friday.
WAZ558-272300-
Seattle and Vicinity-
Including the cities of Seattle, Shoreline, Federal Way, and Kent
322 AM PDT Thu Oct 27 2022
.TODAY...Breezy. Mostly cloudy. A chance of rain in the morning.
A slight chance of rain late in the morning, then a chance of
rain in the afternoon. Highs in the 50s to lower 60s. South wind
15 to 25 mph. Gusts to 30 mph increasing to 40 mph in the
afternoon.
.TONIGHT...Breezy. A slight chance of rain in the evening, then a
chance of rain in the late evening and early morning. Rain in the
morning. Rainfall amounts a quarter to a half inch possible. Lows
in the mid 40s to lower 50s. South wind 15 to 25 mph with gusts
to 35 mph decreasing to 10 to 15 mph after midnight.
.FRIDAY...Mostly cloudy. A chance of rain in the morning, then a
slight chance of rain in the afternoon. Highs in the 50s. Light
wind.
.FRIDAY NIGHT...Mostly cloudy with a slight chance of rain. Lows
in the 40s. Light wind.
.SATURDAY...Mostly cloudy with a chance of rain. Highs in the
upper 40s to mid 50s. South wind around 10 mph.
.SATURDAY NIGHT...Mostly cloudy with a chance of rain in the
evening, then cloudy with rain likely after midnight. Lows in the
mid to upper 40s.
.SUNDAY...Rain at times. Highs in the lower to mid 50s.
.SUNDAY NIGHT...Rain. Lows in the mid 40s.
.MONDAY...Rain at times in the morning, then rain likely in the
afternoon. Highs in the lower 50s.
.MONDAY NIGHT...Mostly cloudy with rain likely in the evening,
then mostly cloudy with a chance of rain after midnight. Lows
near 40.
.TUESDAY...Mostly cloudy with a chance of rain. Highs near 50.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain. Lows near
40.
.WEDNESDAY...Mostly cloudy with a chance of rain. Highs near 50.
TEMPERATURE / PRECIPITATION
Seattle 58 47 55 / 30 90 50
$$
WAZ559-272300-
Bremerton and Vicinity-
Including the cities of Bremerton and Silverdale
322 AM PDT Thu Oct 27 2022
.TODAY...Breezy. Mostly cloudy with a chance of rain. Highs in
the 50s. South wind 15 to 25 mph with gusts to 40 mph.
.TONIGHT...Breezy. A chance of rain in the evening, then rain
likely after midnight. Rain in the morning. Rainfall amounts a
quarter to a half inch possible. Lows in the 40s. South wind
15 to 25 mph with gusts to 35 mph decreasing to 10 to 15 mph
after midnight.
.FRIDAY...Mostly cloudy. A chance of rain in the morning, then a
slight chance of rain in the afternoon. Highs in the 50s. Light
wind.
.FRIDAY NIGHT...Partly cloudy in the evening then becoming mostly
cloudy. A slight chance of rain. Lows in the upper 30s to mid
40s. Light wind.
.SATURDAY...Mostly cloudy with a chance of rain. Highs in the
50s. South wind around 10 mph.
.SATURDAY NIGHT...Mostly cloudy with a chance of rain in the
evening, then cloudy with rain likely after midnight. Lows in the
mid to upper 40s.
.SUNDAY...Rain. Highs in the lower to mid 50s.
.SUNDAY NIGHT...Rain at times. Lows in the lower to mid 40s.
.MONDAY...Rain at times in the morning, then rain likely in the
afternoon. Highs in the lower 50s.
.MONDAY NIGHT...Mostly cloudy with rain likely in the evening,
then mostly cloudy with a chance of rain after midnight. Lows
near 40.
.TUESDAY...Mostly cloudy with a chance of rain. Highs near 50.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
mid to upper 30s.
.WEDNESDAY...Mostly cloudy with a chance of rain. Highs near 50.
TEMPERATURE / PRECIPITATION
Bremerton 55 45 55 / 60 100 40
$$
WAZ507-272300-
Everett and Vicinity-
Including the cities of Everett, Edmonds, Lynnwood, Marysville,
and Arlington
322 AM PDT Thu Oct 27 2022
...WIND ADVISORY IN EFFECT UNTIL 8 PM PDT THIS EVENING...
.TODAY...Breezy. Mostly cloudy with a chance of rain. Highs in
the mid 50s to lower 60s. South wind 15 to 25 mph with gusts to
40 mph.
.TONIGHT...Breezy. Cloudy with a chance of rain in the evening,
then rain after midnight. Rainfall amounts a half inch to one
inch possible. Lows in the 40s. South wind 15 to 25 mph with
gusts to 40 mph decreasing to 10 to 15 mph after midnight.
.FRIDAY...Cloudy with a chance of rain in the morning, then
partly sunny in the afternoon. Highs in the 50s. Light wind.
.FRIDAY NIGHT...Mostly cloudy with a slight chance of rain. Lows
in the 40s. South wind around 10 mph in the evening becoming
light.
.SATURDAY...Cloudy with a chance of rain. Highs in the 50s.
Southeast wind around 10 mph becoming south in the afternoon.
.SATURDAY NIGHT...Mostly cloudy with a chance of rain in the
evening, then cloudy with rain likely after midnight. Lows in the
mid to upper 40s.
.SUNDAY...Rain. Highs in the 50s.
.SUNDAY NIGHT...Rain at times. Lows in the lower to mid 40s.
.MONDAY...Rain likely. Highs in the lower to mid 50s.
.MONDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
mid 30s to lower 40s.
.TUESDAY...Mostly cloudy with a chance of rain. Highs near 50.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
mid to upper 30s.
.WEDNESDAY...Mostly cloudy with a chance of rain. Highs near 50.
TEMPERATURE / PRECIPITATION
Edmonds 57 47 55 / 50 100 50
Everett 56 47 54 / 50 100 50
$$
WAZ509-272300-
Tacoma Area-
Including the cities of Tacoma, Lakewood, Puyallup, and Sumner
322 AM PDT Thu Oct 27 2022
.TODAY...Partly sunny. A slight chance of rain in the morning,
then a chance of rain in the afternoon. Highs in the mid 50s to
lower 60s. South wind 10 to 20 mph with gusts to 30 mph.
.TONIGHT...A slight chance of rain in the evening, then a chance
of rain after midnight. Rain in the morning. Rainfall amounts a
quarter to a half inch possible. Lows in the mid to upper 40s.
South wind 10 to 20 mph. Gusts to 30 mph in the evening.
.FRIDAY...Mostly cloudy. A chance of rain in the morning, then a
slight chance of rain in the afternoon. Highs in the 50s.
Southwest wind around 10 mph in the morning becoming light.
.FRIDAY NIGHT...Mostly cloudy with a slight chance of rain. Lows
in the lower to mid 40s. Light wind.
.SATURDAY...Mostly cloudy with a slight chance of rain. Highs in
the 50s. Light wind becoming south around 10 mph in the
afternoon.
.SATURDAY NIGHT...Mostly cloudy. A slight chance of rain in the
evening, then a chance of rain after midnight. Lows in the mid
40s.
.SUNDAY...Rain at times. Highs in the lower to mid 50s.
.SUNDAY NIGHT...Rain at times. Lows in the lower to mid 40s.
.MONDAY...Rain at times in the morning, then rain likely in the
afternoon. Highs in the lower 50s.
.MONDAY NIGHT...Mostly cloudy with rain likely in the evening,
then mostly cloudy with a chance of rain after midnight. Lows in
the upper 30s.
.TUESDAY...Mostly cloudy with a chance of rain. Highs near 50.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
mid to upper 30s.
.WEDNESDAY...Mostly cloudy with a chance of rain. Highs near 50.
TEMPERATURE / PRECIPITATION
Puyallup 60 48 56 / 20 90 60
Tacoma 59 47 55 / 30 90 50
$$
WAZ556-272300-
Bellevue and Vicinity-
Including the cities of Bellevue, Kirkland, Redmond, and Issaquah
322 AM PDT Thu Oct 27 2022
.TODAY...Mostly cloudy. A chance of rain in the morning, then a
slight chance of rain in the late morning and early afternoon. A
chance of rain late in the afternoon. Highs in the mid 50s to
lower 60s. South wind 10 to 20 mph with gusts to 35 mph.
.TONIGHT...A chance of rain in the evening, then rain after
midnight. Rainfall amounts a half inch to one inch possible. Lows
in the mid 40s to lower 50s. South wind 10 to 15 mph. Gusts to
30 mph in the evening.
.FRIDAY...Mostly cloudy. A chance of rain in the morning, then a
slight chance of rain in the afternoon. Highs in the mid to upper
50s. Light wind.
.FRIDAY NIGHT...Mostly cloudy with a slight chance of rain. Lows
in the 40s. Light wind.
.SATURDAY...Mostly cloudy with a chance of rain. Highs in the mid
to upper 50s. Light wind becoming south around 10 mph in the
afternoon.
.SATURDAY NIGHT...Mostly cloudy with a chance of rain in the
evening, then cloudy with rain likely after midnight. Lows in the
mid to upper 40s.
.SUNDAY...Rain. Highs in the mid 50s.
.SUNDAY NIGHT...Rain. Lows in the lower to mid 40s.
.MONDAY...Rain at times in the morning, then rain likely in the
afternoon. Highs in the lower 50s.
.MONDAY NIGHT...Mostly cloudy with rain likely in the evening,
then mostly cloudy with a chance of rain after midnight. Lows
near 40.
.TUESDAY...Mostly cloudy with a chance of rain. Highs near 50.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
upper 30s.
.WEDNESDAY...Mostly cloudy with a chance of rain. Highs near 50.
TEMPERATURE / PRECIPITATION
Bellevue 58 49 56 / 40 90 50
$$
WAZ555-272300-
East Puget Sound Lowlands-
Including the cities of Gold Bar, Enumclaw, North Bend,
and Buckley
322 AM PDT Thu Oct 27 2022
.TODAY...Cloudy in the morning then becoming mostly cloudy. A
chance of rain until late afternoon, then a slight chance of rain
late in the afternoon. Highs in the 50s. South wind 10 to 20 mph
with gusts to 30 mph.
.TONIGHT...A slight chance of rain in the evening. A chance of
rain in the late evening and early morning, then rain in the
morning. Rainfall amounts a half inch to one inch possible. Lows
in the 40s. South wind 10 to 15 mph. Gusts to 30 mph in the
evening.
.FRIDAY...Cloudy with rain likely in the morning, then mostly
cloudy with a slight chance of rain in the afternoon. Rainfall
amounts a quarter to a half inch possible. Highs in the 50s.
Light wind.
.FRIDAY NIGHT...Mostly cloudy with a slight chance of rain. Lows
in the upper 30s to mid 40s. Light wind.
.SATURDAY...Mostly cloudy with a chance of rain. Highs in the
upper 40s to mid 50s. Light wind becoming south to 10 mph in the
afternoon.
.SATURDAY NIGHT...Mostly cloudy with a slight chance of rain in
the evening, then cloudy with rain likely after midnight. Lows in
the lower to mid 40s.
.SUNDAY...Rain at times. Highs in the lower to mid 50s.
.SUNDAY NIGHT...Rain. Lows in the lower 40s.
.MONDAY...Rain at times in the morning, then rain likely in the
afternoon. Highs in the lower 50s.
.MONDAY NIGHT...Mostly cloudy with rain likely in the evening,
then mostly cloudy with a chance of rain after midnight. Lows in
the mid to upper 30s.
.TUESDAY...Mostly cloudy with a chance of rain. Highs near 50.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
lower to mid 30s.
.WEDNESDAY...Mostly cloudy with a chance of rain. Highs near 50.
TEMPERATURE / PRECIPITATION
Gold Bar 56 43 55 / 70 100 60
Enumclaw 58 43 54 / 20 90 60
North Bend 59 42 57 / 40 90 60
$$
WAZ503-272300-
Western Whatcom County-
Including the cities of Bellingham, Blaine, and Lynden
322 AM PDT Thu Oct 27 2022
...WIND ADVISORY IN EFFECT UNTIL 8 PM PDT THIS EVENING...
.TODAY...Windy. Mostly cloudy with a chance of rain until late
afternoon, then rain at times late in the afternoon. Rainfall
amounts a quarter to a half inch possible. Highs in the 50s to
lower 60s. South wind 15 to 30 mph. Gusts to 45 mph increasing to
55 mph in the afternoon.
.TONIGHT...Windy. Rain until early morning, then cloudy with a
chance of rain in the morning. Rainfall amounts a half inch to
one inch possible. Lows in the upper 30s to mid 40s. South wind
15 to 30 mph with gusts to 45 mph decreasing to 10 to 15 mph
after midnight.
.FRIDAY...Mostly cloudy with a chance of rain in the morning,
then mostly sunny with a slight chance of rain in the afternoon.
Highs in the 50s. South wind around 10 mph.
.FRIDAY NIGHT...Mostly cloudy. A slight chance of rain in the
evening, then a chance of rain after midnight. Lows in the upper
30s to mid 40s. South wind 10 to 15 mph.
.SATURDAY...Cloudy with a chance of rain. Highs in the 50s. South
wind 10 to 15 mph.
.SATURDAY NIGHT...Cloudy with a chance of rain in the evening,
then cloudy with rain at times after midnight. Lows in the lower
to mid 40s.
.SUNDAY...Breezy, rain. Highs in the lower to mid 50s.
.SUNDAY NIGHT...Rain at times. Lows near 40.
.MONDAY...Rain likely. Highs in the lower to mid 50s.
.MONDAY NIGHT...Mostly cloudy with rain likely in the evening,
then mostly cloudy with a chance of rain after midnight. Lows in
the mid to upper 30s.
.TUESDAY...Mostly cloudy with a chance of rain. Highs near 50.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
lower to mid 30s.
.WEDNESDAY...Mostly cloudy with a chance of rain. Highs near 50.
TEMPERATURE / PRECIPITATION
Bellingham 56 43 56 / 90 100 30
Sumas 56 40 56 / 90 100 40
$$
WAZ506-272300-
Western Skagit County-
Including the cities of Mount Vernon, Anacortes, Sedro-Woolley,
and Burlington
322 AM PDT Thu Oct 27 2022
...WIND ADVISORY IN EFFECT UNTIL 8 PM PDT THIS EVENING...
.TODAY...Windy. Cloudy with a chance of rain until late
afternoon, then cloudy with rain likely late in the afternoon.
Rainfall amounts less than a tenth of an inch likely. Highs in
the 50s to lower 60s. South wind 15 to 30 mph with gusts to
45 mph.
.TONIGHT...Windy, rain. Rainfall amounts a half inch to one inch
possible. Lows in the 40s. South wind 15 to 30 mph with gusts to
45 mph decreasing to 10 to 15 mph after midnight.
.FRIDAY...Mostly cloudy with a chance of rain in the morning,
then mostly sunny in the afternoon. Highs in the 50s. Southeast
wind to 10 mph becoming south around 10 mph in the afternoon.
.FRIDAY NIGHT...Mostly cloudy. A slight chance of rain in the
evening, then a chance of rain after midnight. Lows in the 40s.
South wind to 10 mph becoming southeast after midnight.
.SATURDAY...Cloudy with a chance of rain. Highs in the 50s.
Southeast wind 10 to 15 mph.
.SATURDAY NIGHT...Cloudy with a chance of rain in the evening,
then cloudy with rain at times after midnight. Lows in the lower
to mid 40s.
.SUNDAY...Rain. Highs in the lower to mid 50s.
.SUNDAY NIGHT...Rain at times. Lows near 40.
.MONDAY...Rain likely. Highs near 50.
.MONDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
mid to upper 30s.
.TUESDAY...Mostly cloudy with a chance of rain. Highs near 50.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
lower to mid 30s.
.WEDNESDAY...Mostly cloudy with a chance of rain. Highs near 50.
TEMPERATURE / PRECIPITATION
Anacortes 59 45 58 / 80 100 30
Mount Vernon 57 44 57 / 70 90 40
$$
WAZ001-272300-
San Juan County-
Including the cities of Friday Harbor, Eastsound,
and Roche Harbor
322 AM PDT Thu Oct 27 2022
...WIND ADVISORY IN EFFECT UNTIL 8 PM PDT THIS EVENING...
.TODAY...Windy. Mostly cloudy with a chance of rain. Highs in the
mid 50s to lower 60s. Southeast wind 15 to 30 mph becoming south
20 to 30 mph in the afternoon. Gusts to 45 mph.
.TONIGHT...Breezy. Rain until early morning, then rain likely in
the morning. Rainfall amounts a half inch to one inch possible.
Lows in the 40s. South wind 15 to 25 mph with gusts to 45 mph
decreasing to around 10 mph after midnight.
.FRIDAY...Mostly cloudy with a chance of rain in the morning,
then mostly sunny with a slight chance of rain in the afternoon.
Highs in the mid 50s to lower 60s. South wind around 10 mph.
.FRIDAY NIGHT...Mostly cloudy. A slight chance of rain in the
evening, then a chance of rain after midnight. Lows in the 40s.
South wind around 10 mph.
.SATURDAY...Mostly cloudy with a chance of rain. Highs in the mid
50s to lower 60s. South wind 10 to 15 mph.
.SATURDAY NIGHT...Rain likely in the evening, then rain at times
after midnight. Lows in the mid to upper 40s.
.SUNDAY...Rain. Highs in the mid 50s to lower 60s.
.SUNDAY NIGHT...Rain at times. Lows in the lower to mid 40s.
.MONDAY...Rain likely. Highs in the mid to upper 50s.
.MONDAY NIGHT...Mostly cloudy with rain likely in the evening,
then mostly cloudy with a chance of rain after midnight. Lows
near 40.
.TUESDAY...Mostly cloudy with a chance of rain. Highs in the
lower to mid 50s.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain. Lows near
40.
.WEDNESDAY...Mostly cloudy with a chance of rain. Highs in the
lower to mid 50s.
TEMPERATURE / PRECIPITATION
Friday Harbor 60 42 60 / 90 100 30
Eastsound 56 46 54 / 90 100 30
$$
WAZ510-272300-
Admiralty Inlet Area-
Including the cities of Port Townsend and Port Ludlow
322 AM PDT Thu Oct 27 2022
...WIND ADVISORY IN EFFECT UNTIL 8 PM PDT THIS EVENING...
.TODAY...Windy. Partly sunny with a slight chance of rain in the
morning, then mostly cloudy with a chance of rain in the
afternoon. Highs in the mid 50s to lower 60s. South wind 15 to
30 mph. Gusts to 40 mph increasing to 50 mph in the afternoon.
.TONIGHT...Windy. A chance of rain in the evening, then rain
likely late in the evening. Rain after midnight. Rainfall amounts
a half inch to one inch possible. Lows in the 40s. South wind
15 to 30 mph with gusts to 45 mph decreasing to 10 to 15 mph
after midnight.
.FRIDAY...Partly sunny. A chance of rain in the morning. Highs in
the 50s. Southeast wind to 10 mph becoming south around 10 mph in
the afternoon.
.FRIDAY NIGHT...Mostly cloudy. A slight chance of rain after
midnight. Lows in the upper 30s to mid 40s. Light wind becoming
south to 10 mph after midnight.
.SATURDAY...Mostly cloudy with a chance of rain. Highs in the 50s
to lower 60s. South wind around 10 mph becoming southeast in the
afternoon.
.SATURDAY NIGHT...Mostly cloudy with a chance of rain in the
evening, then cloudy with rain likely after midnight. Lows in the
40s.
.SUNDAY...Rain at times. Highs in the mid to upper 50s.
.SUNDAY NIGHT...Rain at times. Lows in the upper 30s to mid 40s.
.MONDAY...Rain likely. Highs in the lower to mid 50s.
.MONDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
mid 30s to lower 40s.
.TUESDAY...Mostly cloudy with a chance of rain. Highs near 50.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
mid to upper 30s.
.WEDNESDAY...Partly sunny. A chance of rain in the morning, then
a slight chance of rain in the afternoon. Highs near 50.
TEMPERATURE / PRECIPITATION
Oak Harbor 57 44 55 / 70 90 30
Port Townsend 59 41 57 / 70 100 30
$$
WAZ511-272300-
Hood Canal Area-
Including the cities of Hoodsport and Brinnon
322 AM PDT Thu Oct 27 2022
.TODAY...Breezy. Mostly cloudy. A chance of rain in the morning,
then rain likely late in the morning. A chance of rain in the
afternoon. Rainfall amounts a quarter to a half inch possible.
Highs in the 50s. South wind 15 to 25 mph with gusts to 40 mph.
.TONIGHT...Breezy. Cloudy with a chance of rain in the evening,
then rain after midnight. Rainfall amounts a half inch to one
inch possible. Lows in the upper 30s to mid 40s. South wind 15 to
25 mph with gusts to 40 mph decreasing to 10 to 15 mph after
midnight.
.FRIDAY...Cloudy with a chance of rain in the morning, then
partly sunny with a slight chance of rain in the afternoon. Highs
in the 50s. Light wind.
.FRIDAY NIGHT...Partly cloudy in the evening then becoming mostly
cloudy. A slight chance of rain. Lows in the upper 30s to mid
40s. Light wind.
.SATURDAY...Mostly cloudy with a chance of rain. Highs in the
50s. Southwest wind to 10 mph.
.SATURDAY NIGHT...Mostly cloudy with a chance of rain in the
evening, then cloudy with rain likely after midnight. Lows in the
lower to mid 40s.
.SUNDAY...Rain at times. Highs in the 50s.
.SUNDAY NIGHT...Rain at times. Lows near 40.
.MONDAY...Rain at times in the morning, then rain likely in the
afternoon. Highs in the lower to mid 50s.
.MONDAY NIGHT...Mostly cloudy with rain likely. Lows in the mid
to upper 30s.
.TUESDAY...Mostly cloudy with a chance of rain. Highs near 50.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
30s.
.WEDNESDAY...Mostly cloudy with a chance of rain. Highs near 50.
TEMPERATURE / PRECIPITATION
Shelton 57 43 57 / 70 100 50
$$
WAZ504-272300-
Southwest Interior-
Including the cities of Olympia, Lacey, Tumwater, Centralia,
and Toledo
322 AM PDT Thu Oct 27 2022
.TODAY...Partly sunny with a slight chance of rain. Highs in the
mid 50s to lower 60s. South wind 10 to 20 mph with gusts to
30 mph.
.TONIGHT...A slight chance of rain in the evening. A chance of
rain after midnight, then rain at times in the morning. Rainfall
amounts a quarter to a half inch possible. Lows in the 40s. South
wind 10 to 15 mph with gusts to 30 mph.
.FRIDAY...Cloudy with rain likely in the morning, then mostly
cloudy with a chance of rain in the afternoon. Rainfall amounts a
quarter to a half inch possible. Highs in the 50s. South wind to
10 mph in the morning becoming light.
.FRIDAY NIGHT...Mostly cloudy with a slight chance of rain. Lows
in the upper 30s to mid 40s. Light wind.
.SATURDAY...Mostly cloudy with a slight chance of rain. Highs in
the 50s to lower 60s. Light wind becoming south to 10 mph in the
afternoon.
.SATURDAY NIGHT...Mostly cloudy. A slight chance of rain in the
evening, then a chance of rain after midnight. Lows in the lower
to mid 40s.
.SUNDAY...Rain at times. Highs in the lower to mid 50s.
.SUNDAY NIGHT...Rain at times. Lows in the lower to mid 40s.
.MONDAY...Rain at times in the morning, then rain likely in the
afternoon. Highs in the lower to mid 50s.
.MONDAY NIGHT...Mostly cloudy with rain likely in the evening,
then mostly cloudy with a chance of rain after midnight. Lows in
the mid to upper 30s.
.TUESDAY...Mostly cloudy with a chance of rain. Highs near 50.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
mid 30s.
.WEDNESDAY...Mostly cloudy with a chance of rain. Highs near 50.
TEMPERATURE / PRECIPITATION
Chehalis 59 41 57 / 20 90 60
Olympia 59 43 57 / 40 90 50
$$
WAZ512-272300-
Lower Chehalis Valley Area-
Including the city of Montesano
322 AM PDT Thu Oct 27 2022
.TODAY...Mostly cloudy with a chance of rain. Highs in the mid
50s to lower 60s. South wind 10 to 20 mph with gusts to 35 mph.
.TONIGHT...Cloudy with a chance of rain in the evening, then rain
after midnight. Rainfall amounts a half inch to one inch
possible. Lows in the 40s. South wind 10 to 20 mph becoming
southwest around 10 mph after midnight, Gusts to 30 mph
decreasing to 20 mph after midnight.
.FRIDAY...Cloudy with a chance of rain in the morning, then
partly sunny with a slight chance of rain in the afternoon. Highs
in the mid 50s to lower 60s. Light wind.
.FRIDAY NIGHT...Mostly cloudy with a slight chance of rain. Lows
near 40. Light wind.
.SATURDAY...Mostly cloudy with a chance of rain. Highs in the mid
50s to lower 60s. Light wind becoming southwest to 10 mph in the
afternoon.
.SATURDAY NIGHT...Mostly cloudy with a chance of rain in the
evening, then cloudy with rain likely after midnight. Lows in the
lower to mid 40s.
.SUNDAY...Rain. Highs in the mid to upper 50s.
.SUNDAY NIGHT...Rain. Lows in the lower to mid 40s.
.MONDAY...Rain at times in the morning, then rain likely in the
afternoon. Highs in the lower to mid 50s.
.MONDAY NIGHT...Rain likely. Lows in the mid to upper 30s.
.TUESDAY...Rain likely. Highs in the lower to mid 50s.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
30s.
.WEDNESDAY...Mostly cloudy with a chance of rain. Highs near 50.
$$
WAZ514-272300-
Eastern Strait of Juan de Fuca-
Including the cities of Sequim and Port Angeles
322 AM PDT Thu Oct 27 2022
.TODAY...Partly sunny. A slight chance of rain in the morning,
then a chance of rain in the late morning and early afternoon.
Rain likely late in the afternoon. Rainfall amounts a tenth to a
quarter of an inch possible. Highs in the upper 50s to mid 60s.
Southeast wind 10 to 20 mph. Gusts to 30 mph.
.TONIGHT...Rain until early morning, then rain likely in the
morning. Rainfall amounts a quarter to a half inch possible. Lows
in the upper 30s to mid 40s. West wind 10 to 15 mph. Gusts to
25 mph in the evening.
.FRIDAY...Mostly cloudy with a slight chance of rain in the
morning, then mostly sunny in the afternoon. Highs in the 50s.
Light wind.
.FRIDAY NIGHT...Mostly cloudy. A slight chance of rain after
midnight. Lows in the mid 30s to lower 40s. Light wind.
.SATURDAY...Mostly cloudy with a chance of rain. Highs in the 50s
to lower 60s. Light wind becoming variable to 10 mph in the
afternoon.
.SATURDAY NIGHT...Mostly cloudy with a chance of rain in the
evening, then cloudy with rain at times after midnight. Lows in
the lower 40s.
.SUNDAY...Rain at times. Highs in the mid to upper 50s.
.SUNDAY NIGHT...Rain at times in the evening, then rain likely
after midnight. Lows near 40.
.MONDAY...Mostly cloudy with rain likely in the morning, then
mostly cloudy with a chance of rain in the afternoon. Highs in
the lower to mid 50s.
.MONDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
mid 30s.
.TUESDAY...Mostly cloudy with a chance of rain. Highs near 50.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
lower to mid 30s.
.WEDNESDAY...Partly sunny with a slight chance of rain. Highs
near 50.
TEMPERATURE / PRECIPITATION
Port Angeles 61 42 55 / 90 100 20
Sequim 63 40 57 / 70 90 20
$$
WAZ515-272300-
Western Strait of Juan De Fuca-
Including the cities of Joyce and Clallam Bay
322 AM PDT Thu Oct 27 2022
.TODAY...Windy. Mostly cloudy with a chance of rain in the
morning, then rain in the afternoon. Rainfall amounts a half inch
to one inch possible. Highs in the 50s. Southwest wind 15 to
30 mph with gusts to 45 mph.
.TONIGHT...Rain in the evening, then rain likely after midnight.
A chance of rain in the morning. Rainfall amounts a half inch to
one inch possible. Lows in the upper 30s to mid 40s. Southwest
wind 10 to 20 mph. Gusts to 35 mph in the evening.
.FRIDAY...Partly sunny. A slight chance of rain in the morning.
Highs in the upper 40s to mid 50s. Wind variable to 10 mph.
.FRIDAY NIGHT...Mostly cloudy. A slight chance of rain in the
evening, then a chance of rain after midnight. Lows in the upper
30s to mid 40s. Wind variable to 10 mph.
.SATURDAY...Cloudy with rain likely in the morning, then mostly
cloudy with a chance of rain in the afternoon. Rainfall amounts a
tenth to a quarter of an inch possible. Highs in the upper 40s to
mid 50s. Wind variable to 10 mph with gusts to 20 mph.
.SATURDAY NIGHT...Rain likely in the evening, then rain at times
after midnight. Lows in the 40s.
.SUNDAY...Rain. Highs in the lower to mid 50s.
.SUNDAY NIGHT...Rain at times in the evening, then rain likely
after midnight. Lows near 40.
.MONDAY...Mostly cloudy with rain likely in the morning, then
mostly cloudy with a chance of rain in the afternoon. Highs in
the mid to upper 40s.
.MONDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
30s.
.TUESDAY...Mostly cloudy with a chance of rain. Highs in the mid
to upper 40s.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
30s.
.WEDNESDAY...Mostly cloudy with a chance of rain. Highs in the
mid to upper 40s.
TEMPERATURE / PRECIPITATION
Sekiu 56 44 55 / 100 100 20
$$
WAZ517-272300-
Central Coast-
Including the cities of Hoquiam, Aberdeen, Westport,
and Ocean Shores
322 AM PDT Thu Oct 27 2022
.TODAY...Windy. Rain likely in the morning, then a chance of rain
in the late morning and early afternoon. Rain late in the
afternoon. Rainfall amounts a quarter to a half inch possible.
Highs in the 50s. South wind 15 to 30 mph. Gusts to 35 mph
increasing to 45 mph in the afternoon.
.TONIGHT...Breezy, rain. Rainfall amounts a half inch to one inch
possible. Lows in the 40s. South wind 15 to 25 mph with gusts to
40 mph becoming southwest 10 to 15 mph after midnight.
.FRIDAY...Mostly cloudy. A chance of rain in the morning. Highs
in the 50s. Light wind.
.FRIDAY NIGHT...Mostly cloudy. A chance of rain after midnight.
Lows in the upper 30s to mid 40s. Light wind becoming south to
10 mph after midnight.
.SATURDAY...Cloudy with a chance of rain. Highs in the 50s. South
wind to 10 mph increasing to 10 to 15 mph in the afternoon.
.SATURDAY NIGHT...Mostly cloudy with a chance of rain in the
evening, then cloudy with rain at times after midnight. Lows in
the mid to upper 40s.
.SUNDAY...Rain. Highs in the mid to upper 50s.
.SUNDAY NIGHT...Rain at times. Lows in the lower to mid 40s.
.MONDAY...Rain at times in the morning, then rain likely in the
afternoon. Highs in the lower to mid 50s.
.MONDAY NIGHT...Rain likely. Lows in the mid 30s to lower 40s.
.TUESDAY...Rain likely. Highs near 50.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
30s.
.WEDNESDAY...Mostly cloudy with a chance of rain. Highs near 50.
TEMPERATURE / PRECIPITATION
Hoquiam 56 48 56 / 70 100 40
$$
WAZ516-272300-
North Coast-
Including the cities of Neah Bay, La Push, and Forks
322 AM PDT Thu Oct 27 2022
...WIND ADVISORY IN EFFECT UNTIL 5 PM PDT THIS AFTERNOON...
.TODAY...Very windy. A chance of rain in the morning, then rain
likely early in the afternoon. Rain late in the afternoon.
Rainfall amounts a half inch to one inch possible. Highs in the
50s. South wind 25 to 40 mph with gusts to 50 mph.
.TONIGHT...Rain in the evening, then rain likely after midnight.
A chance of rain in the morning. Rainfall amounts a half inch to
one inch possible. Lows in the 40s. South wind 10 to 20 mph with
gusts to 35 mph decreasing to 10 mph or less after midnight.
.FRIDAY...Partly sunny with a slight chance of rain. Highs in the
50s. South wind to 10 mph.
.FRIDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
40s. South wind 10 to 15 mph.
.SATURDAY...Rain likely. Rainfall amounts a tenth to a quarter of
an inch possible. Highs in the 50s. South wind 10 to 15 mph.
.SATURDAY NIGHT...Breezy. Rain likely in the evening, then rain
after midnight. Lows in the mid to upper 40s.
.SUNDAY...Breezy, rain. Rain may be heavy at times in the
morning. Highs in the mid to upper 50s.
.SUNDAY NIGHT...Rain at times. Lows in the lower 40s.
.MONDAY...Rain likely. Highs in the lower to mid 50s.
.MONDAY NIGHT...Rain likely. Lows in the mid to upper 30s.
.TUESDAY...Mostly cloudy with a chance of rain. Highs near 50.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain. Lows in the
mid to upper 30s.
.WEDNESDAY...Mostly cloudy with a chance of rain. Highs near 50.
TEMPERATURE / PRECIPITATION
Forks 58 43 58 / 100 100 30
$$
WAZ513-272300-
Olympics-
322 AM PDT Thu Oct 27 2022
.TODAY...Rain and snow likely in the morning, then rain and snow
in the afternoon. Snow level near 6500 feet. Rainfall amounts one
to three inches possible. No snow accumulation near Hurricane
Ridge.
.TONIGHT...Rain and snow until early morning, then rain and snow
likely in the morning. Snow level near 7000 feet decreasing to
6000 feet after midnight. Rainfall amounts one to three inches
possible. Snow accumulation near Hurricane Ridge up to 1 inch.
.FRIDAY...Mostly cloudy with a slight chance of rain and snow in
the morning, then mostly sunny in the afternoon. Snow level near
4500 feet.
.FRIDAY NIGHT...Mostly cloudy. A slight chance of rain in the
evening, then a slight chance of rain and snow after midnight.
Snow level near 4500 feet.
.SATURDAY...Mostly cloudy with a chance of rain and snow. Snow
level near 5000 feet.
.SATURDAY NIGHT...Mostly cloudy with a chance of rain and snow in
the evening, then mostly cloudy with rain and snow after
midnight. Snow level near 5500 feet.
.SUNDAY...Rain and snow. Snow level near 7500 feet.
.SUNDAY NIGHT...Rain and snow in the evening, then rain and snow
likely after midnight. Snow level near 7000 feet decreasing to
5500 feet after midnight.
.MONDAY...Mostly cloudy with rain and snow likely in the morning,
then mostly cloudy with a chance of rain and snow in the
afternoon. Snow level near 3500 feet.
.MONDAY NIGHT...Mostly cloudy with a chance of rain and snow.
Snow level near 3000 feet.
.TUESDAY...Mostly cloudy with a chance of rain and snow. Snow
level near 2500 feet.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain and snow.
Snow level near 2500 feet.
.WEDNESDAY...Partly sunny. A chance of rain and snow. Snow level
near 2000 feet.
TEMPERATURE / PRECIPITATION
Hurricane Ridge 42 32 41 / 90 100 20
$$
WAZ567-272300-
Cascades of Whatcom and Skagit Counties-
Including the cities of Marblemount and Concrete
322 AM PDT Thu Oct 27 2022
.TODAY...Rain and snow. Snow level near 5500 feet. Rainfall
amounts a half inch to one inch possible. Snow accumulation up to
1 inch.
.TONIGHT...Rain and snow. Snow level near 6000 feet. Snow may be
heavy at times in the morning. Rainfall amounts one to three
inches possible. Snow accumulation up to 3 inches. Total snow
accumulation up to 4 inches.
.FRIDAY...Mostly cloudy. A chance of rain and snow in the
morning, then a slight chance of rain in the afternoon. Snow
level near 4500 feet.
.FRIDAY NIGHT...Mostly cloudy. A slight chance of rain and snow
in the evening, then a chance of rain and snow after midnight.
Snow level near 4500 feet.
.SATURDAY...Mostly cloudy with a chance of rain and snow. Snow
level near 4500 feet.
.SATURDAY NIGHT...Cloudy with a chance of rain and snow in the
evening, then cloudy with rain and snow likely after midnight.
Snow level near 5000 feet.
.SUNDAY...Rain and snow. Snow level near 5500 feet.
.SUNDAY NIGHT...Rain and snow. Snow level near 5000 feet.
.MONDAY...Rain and snow likely. Snow level near 3500 feet.
.MONDAY NIGHT...Mostly cloudy. Rain and snow likely in the
evening, then a chance of rain and snow after midnight. Snow
level near 2500 feet.
.TUESDAY...Mostly cloudy with a chance of rain and snow. Snow
level near 2000 feet.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain and snow.
Snow level near 2000 feet.
.WEDNESDAY...Partly sunny. A chance of rain and snow in the
morning, then a slight chance of rain and snow in the afternoon.
Snow level near 1500 feet.
TEMPERATURE / PRECIPITATION
Mount Baker 38 34 37 / 90 100 40
$$
WAZ568-272300-
Cascades of Snohomish and King Counties-
Including the cities of Snoqualmie Pass, Darrington, and Index
322 AM PDT Thu Oct 27 2022
.TODAY...Cloudy with rain and snow likely in the morning, then
mostly cloudy with a chance of rain and snow in the afternoon.
Snow level near 5500 feet. Rainfall amounts a quarter to a half
inch possible. Afternoon pass temperatures in the 40s. Southwest
wind in the passes 10 to 15 mph.
.TONIGHT...Rain and snow likely in the evening, then rain and
snow after midnight. Snow level near 6000 feet. Rainfall amounts
one to three inches possible. No snow accumulation. Southwest
wind in the passes around 10 mph. Gusts to 20 mph after midnight.
.FRIDAY...Mostly cloudy. A chance of rain and snow in the
morning, then a slight chance of rain and snow in the afternoon.
Snow level near 5000 feet. Afternoon pass temperatures in the
lower to mid 40s. Southwest wind in the passes to 10 mph in the
morning becoming light.
.FRIDAY NIGHT...Mostly cloudy with a slight chance of rain and
snow. Snow level near 5000 feet. Light wind in the passes.
.SATURDAY...Mostly cloudy with a chance of rain and snow. Snow
level near 4500 feet. Afternoon pass temperatures in the upper
30s to mid 40s. Light wind in the passes.
.SATURDAY NIGHT...Cloudy. A chance of rain and snow. Snow level
near 5500 feet.
.SUNDAY...Rain and snow. Snow level near 6500 feet.
.SUNDAY NIGHT...Rain and snow. Snow level near 6500 feet.
.MONDAY...Rain and snow likely. Snow level near 4000 feet.
.MONDAY NIGHT...Mostly cloudy with a chance of rain and snow.
Snow level near 3000 feet.
.TUESDAY...Mostly cloudy with a chance of rain and snow. Snow
level near 2500 feet.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain and snow.
Snow level near 2500 feet.
.WEDNESDAY...Mostly cloudy. A chance of rain and snow in the
morning, then a slight chance of rain and snow in the afternoon.
Snow level near 2000 feet.
TEMPERATURE / PRECIPITATION
Snoqualmie Pass 47 36 45 / 30 80 60
Stevens Pass 41 35 40 / 50 80 50
$$
WAZ569-272300-
Cascades of Pierce and Lewis Counties-
Including the cities of Randle, Packwood, Ashford, and Morton
322 AM PDT Thu Oct 27 2022
.TODAY...Partly sunny. A slight chance of rain in the morning. A
slight chance of rain late in the afternoon. Snow level near
5500 feet.
.TONIGHT...Cloudy in the evening, then a slight chance of rain
and snow after midnight. Cloudy with a chance of rain and snow in
the morning. Snow level near 6000 feet. No snow accumulation.
.FRIDAY...Cloudy with rain and snow likely in the morning, then
mostly cloudy with a chance of rain and snow in the afternoon.
Snow level near 6500 feet. Rainfall amounts a quarter to a half
inch possible. Snow accumulation up to 1 inch.
.FRIDAY NIGHT...Mostly cloudy. A chance of rain and snow in the
evening, then a slight chance of rain and snow after midnight.
Snow level near 5500 feet.
.SATURDAY...Mostly cloudy with a slight chance of rain and snow.
Snow level near 5000 feet.
.SATURDAY NIGHT...Mostly cloudy. A slight chance of rain in the
evening, then a chance of rain and snow after midnight. Snow
level near 5500 feet.
.SUNDAY...Rain and snow likely in the morning, then rain and snow
in the afternoon. Snow level near 6500 feet.
.SUNDAY NIGHT...Rain and snow. Snow level near 7500 feet.
.MONDAY...Rain and snow likely. Snow level near 5500 feet
decreasing to 4500 feet in the afternoon.
.MONDAY NIGHT...Mostly cloudy with a chance of rain and snow.
Snow level near 3500 feet.
.TUESDAY...Mostly cloudy with a chance of rain and snow. Snow
level near 3000 feet.
.TUESDAY NIGHT...Mostly cloudy with a chance of rain and snow.
Snow level near 2500 feet.
.WEDNESDAY...Mostly cloudy with a chance of rain and snow. Snow
level near 2500 feet.
$$
_____
Copyright 2022 AccuWeather | https://www.myjournalcourier.com/weather/article/WA-Seattle-WA-Zone-Forecast-17537858.php | 2022-10-27T11:42:40 | en | 0.909951 |
Emma Raducanu’s former coach Dmitry Tursunov has explained the reasons behind their split, saying there were "red flags" he could not ignore.
Tursunov coached Raducanu for two months before opting to leave her camp at the end of the regular season. Tursunov has now linked up with world No. 13 Belinda Bencic. While Raducanu is currently working with Andy Murray’s former fitness trainer Jez Green.
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It has been a tough year for the 19-year-old, with the defending champion falling to a 6-3 6-3 first-round exit at the US Open to Alize Cornet.
Tennis
Raducanu splits with Tursunov, working with Murray's ex-trainer Green - reports
She most recently pulled out of the Transylvania Open in October due to a wrist injury - that decision came after a first-round exit to Daria Kasatkina in the first round of the Ostrava Open.
"We didn't agree on the terms and there were some red flags that just couldn't be ignored,” said Tursunov in an interview with Tennis Majors.
“Our trial period was over at the US Open but I stuck around, trying to see if there was going to be a way to impress the team. I really wanted to make it work.”
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- Williams says chances of comeback 'very high', claims she is 'not retired'
The Russian highlighted Raducanu’s quality, but feels she can still improve in several areas and stressed that the Brit needs a long-term coach to realise her potential.
He also hinted at the difficulties of dealing with differing opinions in her camp.
“First, she's absolutely great, a hard worker and doesn't think or act like a superstar. She's extremely talented, very athletic and very coordinated. She is hungry to improve and is obsessed with tennis.
“I loved working with her. It was a difficult decision to walk away. She's minimum a one-year project but I would say she's a two-and-a-half-year project. It's hard for people to understand because she already won the US Open.
“But her game is very raw and, in many ways, it could use a lot of improvement.
“As I said to her and her team, you just need to have one voice. Try that. If it doesn't work, you cross that off your list.”
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Raducanu selected for Great Britain’s BJK Cup Finals Finals squad
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Raducanu pulls out of Transylvania Open with wrist injury as season ends
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BROOKFIELD, Wis. (AP) _ Fiserv Inc. (FISV) on Thursday reported third-quarter net income of $481 million.
The Brookfield, Wisconsin-based company said it had profit of 75 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.63 per share.
The results fell short of Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.70 per share.
The financial services technology company posted revenue of $4.52 billion in the period. Its adjusted revenue was $4.27 billion, which met Street forecasts.
Fiserv expects full-year earnings in the range of $6.48 to $6.55 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FISV at https://www.zacks.com/ap/FISV | https://www.expressnews.com/business/article/Fiserv-Q3-Earnings-Snapshot-17537991.php | 2022-10-27T11:42:44 | en | 0.941296 |
WFO SEATTLE Warnings, Watches and Advisories for Thursday, October 27, 2022
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WIND ADVISORY
URGENT - WEATHER MESSAGE
National Weather Service Seattle WA
252 AM PDT Thu Oct 27 2022
...WIND ADVISORY REMAINS IN EFFECT UNTIL 5 PM PDT THIS
AFTERNOON...
* WHAT...South winds 25 to 35 mph with gusts up to 45 mph
expected.
* WHERE...North Coast.
* WHEN...Until 5 PM PDT this afternoon.
* IMPACTS...Gusty winds could blow around unsecured objects.
Tree limbs could be blown down and a few power outages may
result.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
Use extra caution when driving, especially if operating a high
profile vehicle. Secure outdoor objects.
...WIND ADVISORY REMAINS IN EFFECT UNTIL 8 PM PDT THIS EVENING...
* WHAT...South winds 25 to 35 mph with gusts up to 50 mph
* WHERE...San Juan County, Western Whatcom County, Western
Skagit County, Everett and Vicinity and Admiralty Inlet Area.
* WHEN...Until 8 PM PDT this evening.
* ADDITIONAL DETAILS...The strongest winds will be near the water.
_____
Copyright 2022 AccuWeather | https://www.myjournalcourier.com/weather/article/WA-WFO-SEATTLE-Warnings-Watches-and-Advisories-17537856.php | 2022-10-27T11:42:46 | en | 0.823725 |
Tom Coronel (pictured) and Gilles Magnus will begin their respective bids to win gold in the FIA Motorsport Games for Netherlands and Belgium when they take to Circuit Paul Ricard for the first time tomorrow afternoon (Friday).
The Audi-powered Comtoyou Racing stars and race winners in the WTCR – FIA World Touring Car Cup will be in action during Free Practice 1 from 16h50 local time.
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More track action follows on Saturday with Free Practice 2 from 12h20 ahead of Qualifying from 18h05.
WTCR
WTCR team Comtoyou to help four drivers go for gold in FIA Motorsport Games
Race 1 is scheduled from 09h40 on Sunday over a distance of 25 minutes plus one lap. Race 2 is due to get underway at 14h30 for 30 minutes plus one lap.
The post WTCR stars preparing for FIA Motorsport Games action appeared first on FIA WTCR | World Touring Car Cup.
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Engstler team warms-up for WTCR’s Middle Eastern adventure in style
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WTCR history-maker Backman shines in Germany
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BOCA RATON, Fla. (AP) _ Geo Group Inc. (GEO) on Thursday reported a key measure of profitability in its third quarter.
The Boca Raton, Florida-based real estate investment trust said it had funds from operations of $73.9 million, or 60 cents per share, in the period.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $38.3 million, or 26 cents per share.
The private prison operator, based in Boca Raton, Florida, posted revenue of $616.7 million in the period, which beat Street forecasts. Three analysts surveyed by Zacks expected $605.9 million.
For the current quarter ending in December, Geo Group said it expects revenue in the range of $600 million to $605 million.
The company expects full-year funds from operations in the range of $2.47 to $2.49 per share, with revenue expected to be $2.36 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GEO at https://www.zacks.com/ap/GEO | https://www.expressnews.com/business/article/Geo-Group-Q3-Earnings-Snapshot-17537877.php | 2022-10-27T11:42:50 | en | 0.955076 |
The U.S. Department of Agriculture is making available $759 million in grants and loans to enable rural communities to access high-speed internet, part of the broader $65 billion push for high-speed connectivity from last year's infrastructure law.
Agriculture Secretary Tom Vilsack and White House senior adviser Mitch Landrieu are unveiling the grants in North Carolina on Thursday.
There are 49 recipients in 24 states. One is North Carolina's AccessOn Networks, which will receive $17.5 million to provide broadband service to 100 businesses, 76 farms and 22 educational facilities in the state's Halifax and Warren counties. Both counties are rural and have predominantly Black populations.
The announcement and visit to North Carolina, a state with an open U.S. Senate seat, come as President Joe Biden and other top Democratic officials are trying to sell their achievements to voters before the Nov. 8 midterm elections. Landrieu, the infrastructure coordinator and former New Orleans mayor, told reporters on a Wednesday call that the Biden administration has already released $180 billion for various infrastructure projects.
The administration is specifically targeting support for small towns and farm communities, places that generally favor Republicans over Democrats.
“Rural communities are the backbone of our nation, but for too long they’ve been left behind and they have been underrecognized,” Landrieu said. “We all know how essential the internet is in order to access lifesaving telemedicine, to tap into economic opportunity, to connect with loved ones, to work on precision agriculture and so much more. That’s just beyond unacceptable that that’s not available to rural America.”
Vilsack said he and Landrieu will “learn firsthand” from people in North Carolina about the opportunities internet access can create. They plan to meet with state and local officials including North Carolina Gov. Roy Cooper at Wake Technical Community College, where they'll announce the grants. They will also hold a town hall in Elm City.
Neither candidate in North Carolina's U.S. Senate race — Democrat Cheri Beasley and Republican Ted Budd — is slated to appear at the events.
Vilsack said that past trips show how broadband connectivity is starting to make a difference. While in Nevada this summer, he heard from people in the town of Lovelock who plan to use the improved internet to enhance their emergency responder services and tourism opportunities as well as help high school students who are earning college credit online. | https://www.fox13now.com/news/national/usda-announces-759m-for-high-speed-internet-in-rural-areas | 2022-10-27T11:42:51 | en | 0.954581 |
WATSONVILLE, Calif. (AP) _ Granite Construction Inc. (GVA) on Thursday reported third-quarter earnings of $73.4 million.
The Watsonville, California-based company said it had net income of $1.44 per share. Earnings, adjusted for non-recurring gains, were $1.41 per share.
The contractor and construction materials producer posted revenue of $1.01 billion in the period.
Granite Construction expects full-year revenue in the range of $3.2 billion to $3.3 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GVA at https://www.zacks.com/ap/GVA | https://www.expressnews.com/business/article/Granite-Construction-Q3-Earnings-Snapshot-17537944.php | 2022-10-27T11:42:57 | en | 0.934802 |
LAKE OSWEGO, Ore. (AP) _ Greenbrier Companies Inc. (GBX) on Thursday reported fiscal fourth-quarter net income of $20.2 million.
The Lake Oswego, Oregon-based company said it had profit of 60 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.
The maker of railroad freight car equipment posted revenue of $950.7 million in the period.
For the year, the company reported profit of $46.9 million, or $1.40 per share. Revenue was reported as $2.98 billion.
Greenbrier expects full-year revenue in the range of $3.2 billion to $3.6 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GBX at https://www.zacks.com/ap/GBX | https://www.expressnews.com/business/article/Greenbrier-Fiscal-Q4-Earnings-Snapshot-17537912.php | 2022-10-27T11:43:03 | en | 0.945832 |
BATON ROUGE, La. (AP) _ H&E Equipment Services Inc. (HEES) on Thursday reported third-quarter profit of $38.4 million.
The Baton Rouge, Louisiana-based company said it had profit of $1.05 per share.
The construction and industrial equipment service provider posted revenue of $324.3 million in the period.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HEES at https://www.zacks.com/ap/HEES | https://www.expressnews.com/business/article/H-E-Equipment-Q3-Earnings-Snapshot-17537984.php | 2022-10-27T11:43:09 | en | 0.90584 |
YOKNEAM, Israel (AP) _ InMode Ltd. (INMD) on Thursday reported third-quarter earnings of $48.8 million.
The Yokneam, Israel-based company said it had profit of 58 cents per share. Earnings, adjusted for stock option expense, came to 66 cents per share.
The maker of cosmetic surgery devices posted revenue of $121.2 million in the period.
InMode expects full-year earnings in the range of $2.28 to $2.30 per share, with revenue in the range of $445 million to $450 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on INMD at https://www.zacks.com/ap/INMD | https://www.expressnews.com/business/article/InMode-Q3-Earnings-Snapshot-17537975.php | 2022-10-27T11:43:15 | en | 0.931487 |
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CHICAGO (AP) — Sitting on a bench in front of Soldier Field, about to watch his beloved Chicago Bears play in person, money wasn't exactly a big concern for Corey Metzger.
Or any concern, really.
“This trip has been a long time in the making, and I'm splurging whatever I got to spend to make it happen,” said the 45-year-old Metzger, who works in law enforcement in Fargo, North Dakota.
Metzer's eager pilgrimage is a familiar one for sports fans, especially after the COVID-19 pandemic eased. But persistently high inflation and gas prices are looming over the monetary pipeline that resumed when fans returned.
U.S. inflation jumped 8.2% in September from a year ago, the government reported this month. That’s not far from a four-decade high of 9.1% in June. Higher prices for housing, food and medical care were among the largest contributors to the rise.
Given the industry’s reliance on disposable income, the inflation numbers are a troubling sign for sports business leaders.
“What’s historically accurate for teams is that they tend to try to take less on the ticketing side because once somebody comes in they typically will make up for it once they are inside,” said Ron Li, a senior vice president at Navigate, a consulting firm in sports and entertainment. “But with costs rising pretty much across the board after the turnstile, I think they have some decisions they need to make.”
According to Team Marketing Report, the average cost for a family of four to attend a 2022 Major League Baseball game was $256.41, an increase of $3.04 from the previous season. The main engine behind the rise was the cost of tickets, with the average general ticket price increasing 3.6% to $35.93.
Despite the jump in prices, Americans have largely kept up their spending, particularly on entertainment and other services like travel that they missed out on during the pandemic. Still, there are signs the solid spending won’t last: Credit card debt is rising and savings have declined as consumers, particularly low-income ones, have taken hits to their finances from the spike in inflation.
Casey Lynn, 43, a low-voltage technician from Minneapolis, and his wife, Lori, 44, a commercial lender, aren't big football fans, but they decided to check out the Bears on a trip to Chicago. While Casey Lynn said he is bothered by the ticket surcharges, the couple didn't want to pass on the opportunity to see the game.
“The gas is a necessity. Electric's a necessity. The sports isn't a necessity,” he said. “But when in Rome, why not?”
Dan Coyne, 38, a life insurance wholesaler from Harrisburg, Pennsylvania, makes an annual trip to Chicago to see the Bears with his brother, Dave, 47, of Valparaiso, Indiana, who has season tickets. But this time around was a little different.
“Flying out here, rental cars have like tripled in price, it definitely factored in,” he said. “But this is a once-in-a-year thing.”
The brothers got something to eat a couple hours before the game. Dave Coyne normally stays away from the concessions at Soldier Field, but “I only had to pay for myself tonight,” he said. “I didn't have a kid or my wife with me.”
Concessions typically have a higher profit margin for sports teams and providers, but increased costs for goods, transportation and labor have cut into those margins. The changes come after concessions companies were already profoundly impacted by the pandemic.
“The whole model has been kind of disrupted in a pretty big way as we're dealing with inflation of 10, 15, 20, 25, 30% when we have typically underwritten 2 or 3%,” said Jamie Obletz, president of Delaware North Sportservice. “And you can imagine the impact that that's had on us and what it's forced us to think about and do over the past six to 12 months, like a lot of companies.”
Paul Pettas, a vice president with Sodexo Live!, estimated overall costs are up 10% to 15% over the past 12 to 24 months.
“In reality, costs are up across the board, but we certainly try to do as much as we can to keep that down and not have that affect the average fan or guest who comes to our events,” he said.
Concessions companies also are experiencing lingering issues with their supply chains, which have improved recently but remain a factor. Obletz recalled his company running out of peanuts midway through the 2021 World Series in Atlanta, so two workers drove a truck to another venue, loaded up and then drove through the night to get back to Truist Park.
“Things are not great,” Obletz said. “They're better than they were, it feels like, three to six months ago, and our hope is that it continues to improve.”
The issues have forced concession companies to get creative in an effort to address the rising costs with minimal effect on consumers in terms of culinary options and price.
Chefs are redesigning menus to replace items that face significant cost increases and consolidating other options. They are using analytics to examine portion sizes — do consumers need six chicken fingers or will five work instead? — and taking a closer look at their vendors.
“There's dozens of things like this that we've tried to do and are doing as we speak, trying very desperately to offset those pricing increases that we're seeing,” Obletz said.
Alison Birdwell, the president and CEO of Aramark Sports + Entertainment, said the company is leaning on analytics and its data science team “more than ever” when it comes to menu strategies and new concessions items.
"With that guidance, we are working to give fans the items they’re looking for while simultaneously being efficient with our product and mitigating significant increases in cost,” Birdwell said in a statement to AP.
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AP Economics Writer Christopher Rugaber contributed to this report.
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For more AP coverage of the impact of inflation: https://apnews.com/hub/inflation And for more AP sports coverage: https://apnews.com/hub/sports and https://twitter.com/AP_Sports | https://www.expressnews.com/business/article/Inflation-gas-prices-looming-over-sports-biz-17537859.php | 2022-10-27T11:43:21 | en | 0.976265 |
MEMPHIS, Tenn. (AP) _ International Paper Co. (IP) on Thursday reported third-quarter net income of $951 million.
The Memphis, Tennessee-based company said it had profit of $2.64 per share. Earnings, adjusted for non-recurring gains, were $1.01 per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.22 per share.
The global paper and packaging company posted revenue of $5.4 billion in the period, topping Street forecasts. Six analysts surveyed by Zacks expected $5.32 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IP at https://www.zacks.com/ap/IP | https://www.expressnews.com/business/article/International-Paper-Q3-Earnings-Snapshot-17538007.php | 2022-10-27T11:43:28 | en | 0.947667 |
JERICHO, N.Y. (AP) _ Kimco Realty Corp. (KIM) on Thursday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Jericho, New York, said it had funds from operations of $254.5 million, or 41 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 39 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $51.6 million, or 8 cents per share.
The real estate investment trust posted revenue of $433.4 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $423.5 million.
Kimco Realty expects full-year funds from operations to be $1.57 to $1.59 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KIM at https://www.zacks.com/ap/KIM | https://www.expressnews.com/business/article/Kimco-Realty-Q3-Earnings-Snapshot-17537950.php | 2022-10-27T11:43:34 | en | 0.9534 |
CHICAGO (AP) _ LKQ Corp. (LKQ) on Thursday reported third-quarter profit of $262 million.
The Chicago-based company said it had net income of 95 cents per share. Earnings, adjusted for one-time gains and costs, came to 97 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.
The vehicle components company posted revenue of $3.1 billion in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $3.21 billion.
LKQ expects full-year earnings in the range of $3.85 to $3.95 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LKQ at https://www.zacks.com/ap/LKQ | https://www.expressnews.com/business/article/LKQ-Q3-Earnings-Snapshot-17537876.php | 2022-10-27T11:43:40 | en | 0.936149 |
BURLINGTON, N.C. (AP) _ Laboratory Corp. of America Holdings (LH) on Thursday reported third-quarter profit of $352.8 million.
On a per-share basis, the Burlington, North Carolina-based company said it had profit of $3.90. Earnings, adjusted for one-time gains and costs, were $4.68 per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $4.71 per share.
The medical laboratory operator posted revenue of $3.61 billion in the period, also missing Street forecasts. Seven analysts surveyed by Zacks expected $3.83 billion.
LabCorp expects full-year earnings in the range of $19.25 to $20.25 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LH at https://www.zacks.com/ap/LH | https://www.expressnews.com/business/article/LabCorp-Q3-Earnings-Snapshot-17537994.php | 2022-10-27T11:43:46 | en | 0.948396 |
HAMILTON, Bermuda (AP) _ Lazard Ltd (LAZ) on Thursday reported third-quarter earnings of $105.8 million.
On a per-share basis, the Hamilton, Bermuda-based company said it had net income of $1.06. Earnings, adjusted for one-time items, came to $1.05 per share.
The company posted revenue of $746.4 million in the period. Its adjusted revenue was $723.6 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LAZ at https://www.zacks.com/ap/LAZ | https://www.expressnews.com/business/article/Lazard-Q3-Earnings-Snapshot-17537954.php | 2022-10-27T11:43:52 | en | 0.939726 |
WEST WOKING, Britain (AP) _ Linde plc (LIN) on Thursday reported third-quarter net income of $1.27 billion.
The West Woking, Britain-based company said it had profit of $2.54 per share. Earnings, adjusted for non-recurring costs, were $3.10 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.94 per share.
The gas supplier posted revenue of $8.8 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $8.27 billion.
For the current quarter ending in December, Linde expects its per-share earnings to range from $2.80 to $2.90.
The company expects full-year earnings in the range of $11.93 to $12.03 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LIN at https://www.zacks.com/ap/LIN | https://www.expressnews.com/business/article/Linde-Q3-Earnings-Snapshot-17537892.php | 2022-10-27T11:43:59 | en | 0.949097 |
LEVUEN, Belgium (AP) _ Materialise NV (MTLS) on Thursday reported third-quarter profit of $1.4 million.
The Levuen, Belgium-based company said it had net income of 2 cents per share.
The results met Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 2 cents per share.
The 3D printing software and medical and industrial products company posted revenue of $56.8 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $57.1 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MTLS at https://www.zacks.com/ap/MTLS | https://www.expressnews.com/business/article/Materialise-Q3-Earnings-Snapshot-17537927.php | 2022-10-27T11:44:05 | en | 0.938607 |
CHICAGO (AP) _ McDonald's Corp. (MCD) on Thursday reported third-quarter net income of $1.98 billion.
On a per-share basis, the Chicago-based company said it had net income of $2.68.
The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $2.57 per share.
The world's biggest hamburger chain posted revenue of $5.87 billion in the period, also surpassing Street forecasts. Twelve analysts surveyed by Zacks expected $5.71 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MCD at https://www.zacks.com/ap/MCD | https://www.expressnews.com/business/article/McDonald-s-Q3-Earnings-Snapshot-17537971.php | 2022-10-27T11:44:11 | en | 0.931831 |
McDonald’s reported strong sales in the third quarter as it raised prices and used offers on its app to draw in customers
Global same-store sales, or sales at locations open at least a year, rose 9.5% in the July-September period. That was well ahead of the 5.8% increase Wall Street was expecting, according to analysts polled by FactSet.
U.S. same-store sales rose 6%. McDonald’s said Camp McDonald’s, which offered deals, merchandise and streaming concerts within the McDonald’s app, drove customer visits.
McDonald's said in July that U.S. price increases in the 8% to 9% range would likely continue through the remainder of the year as it offsets higher costs. McDonald’s expects food and paper costs to be up between 12% and 14% this year, while its labor costs are up 10%.
Revenue fell 5% to $5.87 billion, but that was better than the $5.7 billion that industry analysts had expected. Overseas revenue was weaker because of the strong dollar.
Net income fell 8% to $1.98 billion, or $2.68 per share, a dime better than Wall Street projections.
Shares of the Chicago burger giant rose more than 3% before the opening bell Thursday. | https://www.expressnews.com/business/article/McDonald-s-third-quarter-sales-boosted-by-higher-17537962.php | 2022-10-27T11:44:17 | en | 0.974689 |
RAHWAY, N.J. (AP) _ Merck & Co. (MRK) on Thursday reported third-quarter net income of $3.25 billion.
On a per-share basis, the Rahway, New Jersey-based company said it had profit of $1.28. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, came to $1.85 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.67 per share.
The pharmaceutical company posted revenue of $14.96 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $14.05 billion.
Merck expects full-year earnings in the range of $7.32 to $7.37 per share, with revenue in the range of $58.5 billion to $59 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MRK at https://www.zacks.com/ap/MRK | https://www.expressnews.com/business/article/Merck-Q3-Earnings-Snapshot-17537928.php | 2022-10-27T11:44:23 | en | 0.937635 |
AKRON, Ohio (AP) _ Myers Industries Inc. (MYE) on Thursday reported third-quarter earnings of $13.7 million.
On a per-share basis, the Akron, Ohio-based company said it had profit of 37 cents. Earnings, adjusted for non-recurring costs, were 41 cents per share.
The maker of plastic products posted revenue of $228.1 million in the period.
Myers expects full-year earnings in the range of $1.50 to $1.70 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MYE at https://www.zacks.com/ap/MYE | https://www.expressnews.com/business/article/Myers-Q3-Earnings-Snapshot-17537935.php | 2022-10-27T11:44:29 | en | 0.952107 |
FALLS CHURCH, Va. (AP) _ Northrop Grumman Corp. (NOC) on Thursday reported third-quarter earnings of $915 million.
The Falls Church, Virginia-based company said it had profit of $5.89 per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $6.09 per share.
The defense contractor posted revenue of $8.97 billion in the period, which also missed Street forecasts. Five analysts surveyed by Zacks expected $9.15 billion.
Northrop Grumman expects full-year earnings in the range of $24.50 to $25.10 per share, with revenue in the range of $36.2 billion to $36.6 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NOC at https://www.zacks.com/ap/NOC | https://www.expressnews.com/business/article/Northrop-Grumman-Q3-Earnings-Snapshot-17537929.php | 2022-10-27T11:44:36 | en | 0.949691 |
MOUNTVILLE, Pa. (WPVI) -- What was once a farm in the middle of Lancaster County is now a veritable Halloween theme park called Field of Screams.
With haunted houses, a haunted hayride, haunted woods, and a midway -- filled with food vendors and carnival-style games -- it has become a draw for people from the area as well as many surrounding states.
Started around 30 years ago, the attraction has been placed on many national 'Best Of...' lists for Halloween haunts.
There are no age restrictions, but this attraction is not recommended for children 10 years or younger.
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717-285-7748
(open weekends now through November 12th) | https://6abc.com/field-of-screams-haunted-houses-halloween-scary-places-philadelphia/12351580/ | 2022-10-27T11:44:38 | en | 0.956707 |
ST. HELIER, Jersey (AP) _ NovoCure Ltd. (NVCR) on Thursday reported a loss of $26.6 million in its third quarter.
The St. Helier, Jersey-based company said it had a loss of 25 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 30 cents per share.
The oncology drug developer posted revenue of $131 million in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $134.8 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NVCR at https://www.zacks.com/ap/NVCR | https://www.expressnews.com/business/article/NovoCure-Q3-Earnings-Snapshot-17538014.php | 2022-10-27T11:44:42 | en | 0.948024 |
CHICAGO (AP) _ Old Republic International Corp. (ORI) on Thursday reported a loss of $91.7 million in its third quarter.
The Chicago-based company said it had a loss of 31 cents per share. Earnings, adjusted for investment costs, came to 68 cents per share.
The insurance underwriter posted revenue of $1.72 billion in the period. Its adjusted revenue was $2.1 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ORI at https://www.zacks.com/ap/ORI | https://www.expressnews.com/business/article/Old-Republic-Q3-Earnings-Snapshot-17537976.php | 2022-10-27T11:44:48 | en | 0.946885 |
OSHKOSH, Wis. (AP) _ Oshkosh Corp. (OSK) on Thursday reported third-quarter earnings of $59.3 million.
The Oshkosh, Wisconsin-based company said it had profit of 90 cents per share. Earnings, adjusted for non-recurring costs and asset impairment costs, were $1 per share.
The results did not meet Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.15 per share.
The heavy vehicle manufacturer for the military, emergency and commercial companies posted revenue of $2.07 billion in the period, which also did not meet Street forecasts. Eight analysts surveyed by Zacks expected $2.15 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on OSK at https://www.zacks.com/ap/OSK | https://www.expressnews.com/business/article/Oshkosh-Q3-Earnings-Snapshot-17537969.php | 2022-10-27T11:44:54 | en | 0.958636 |
MIDVALE, Utah (AP) _ Overstock.com Inc. (OSTK) on Thursday reported a loss of $37 million in its third quarter.
The Midvale, Utah-based company said it had a loss of 81 cents per share. Earnings, adjusted for non-recurring costs, came to 13 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share.
The online discount retailer posted revenue of $460.3 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $491.2 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on OSTK at https://www.zacks.com/ap/OSTK | https://www.expressnews.com/business/article/Overstock-Q3-Earnings-Snapshot-17537878.php | 2022-10-27T11:45:01 | en | 0.947549 |
PARSIPPANY, N.J. (AP) _ PBF Energy Inc. (PBF) on Thursday reported third-quarter earnings of $1.06 billion.
The Parsippany, New Jersey-based company said it had net income of $8.40 per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $6.03 per share.
The refiner posted revenue of $12.76 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $10.12 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PBF at https://www.zacks.com/ap/PBF | https://www.expressnews.com/business/article/PBF-Energy-Q3-Earnings-Snapshot-17537903.php | 2022-10-27T11:45:07 | en | 0.930765 |
AUBURN HILLS, Mich., Oct. 27, 2022 /PRNewswire/ -- BorgWarner Inc. (NYSE: BWA) today reported third quarter results.
- Based on new business awards and actions announced to date, BorgWarner believes it is already on track to achieve approximately $4 billion of electric vehicle revenue by 2025. The Company continues to expect its 2022 electric vehicle revenue to grow to approximately $850 million, which is more than double what it was in 2021.
- BorgWarner has agreed to acquire the charging business of Hubei Surpass Sun Electric (SSE). The acquisition complements BorgWarner's existing European and North American charging footprints by adding a China presence. The Company now expects DC fast charging related revenue in the range of $225 million to $275 million by 2025.
- BorgWarner has been granted a production increase to supply its 800V silicon carbide (SiC) inverters to a premium European OEM. The initial order has now been significantly increased, with production for this program set to begin in 2024.
- BorgWarner will supply electric motors for E-Axles of a European commercial vehicle OEM. This e-axle is designed to equip new electric light commercial trucks ranging up to 7.5 tons. Production is expected to begin in early 2023.
- U.S. GAAP net sales of $4,060 million, an increase of 19% compared with third quarter 2021.
- Excluding the impact of foreign currencies, the 2022 acquisitions of Santroll's light vehicle eMotor business and, Rhombus Energy Solutions, and the 2021 divestiture of the Water Valley, Mississippi business, organic sales were up 29% compared with the third quarter 2021.
- U.S. GAAP net earnings of $1.16 per diluted share.
- Excluding $(0.08) per diluted share related to non-comparable items (detailed in the table below), adjusted net earnings were $1.24 per diluted share.
- U.S. GAAP operating income of $389 million, or 9.6% of net sales.
- Excluding $49 million of pretax expenses related to non-comparable items, adjusted operating income was $438 million, or 10.8% of net sales.
- Net cash provided by operating activities of $347 million.
- Free cash flow was $167 million.
The Company believes the following table is useful in highlighting non-comparable items that impacted its U.S. GAAP net earnings per diluted share. The Company defines adjusted earnings per diluted share as earnings per diluted share adjusted to eliminate the impact of restructuring expense, merger, acquisition and divestiture expense, other net expenses, discontinued operations, other gains and losses not reflective of the Company's ongoing operations, and related tax effects.
Net sales were $4,060 million for the third quarter 2022, an increase of 19% compared with $3,416 million for the third quarter 2021. Net earnings for the third quarter 2022 were $273 million, or $1.16 per diluted share, compared with net earnings of $96 million, or $0.40 per diluted share, for the third quarter 2021. Adjusted net earnings per diluted share for the third quarter 2022 were $1.24, up from adjusted net earnings per diluted share of $0.80 for the third quarter 2021. Adjusted net earnings for the third quarter 2022 excluded net non-comparable items of $(0.08) per diluted share. Adjusted net earnings for the third quarter 2021 excluded net non-comparable items of $(0.40) per diluted share. These items are listed in the table above, which is provided by the Company for comparison with other results and the most directly comparable U.S. GAAP measures. The increase in adjusted net earnings was primarily due to the benefit of customer pricing actions and the impact of higher revenue, partially offset by inflationary impacts on cost and higher R&D investment in the Company's electrification portfolio.
Full Year 2022 Guidance: The Company has updated full year sales, margin and EPS guidance. Net sales are expected to be in the range of $15.4 billion to $15.7 billion, compared with 2021 sales of $14.8 billion. This implies a year-over-year increase in organic sales of 12% to 14%. The Company expects its weighted light and commercial vehicle markets to increase in the range of approximately 3% to 4.5% in 2022. Foreign currencies are expected to result in a year-over-year decrease in sales of approximately $1 billion primarily due to the weakening of the Euro, the Korean Won and Chinese Renminbi against the U.S. dollar. The acquisitions of Santroll's light vehicle eMotor business and Rhombus Energy Solutions are expected to increase year-over-year sales by an aggregate of approximately $45 million to $55 million. The divestiture of the Water Valley, Mississippi business will decrease year-over-year sales by approximately $177 million.
Operating margin for the full year is expected to be in the range of 8.6% to 8.9%. Excluding the impact of non-comparable items, adjusted operating margin is expected to be in the range of 10.0% to 10.2%. Net earnings are expected to be within a range of $3.71 to $3.91 per diluted share. Excluding the impact of non-comparable items, adjusted net earnings are expected to be within a range of $4.25 to $4.45 per diluted share. Full-year operating cash flow is expected to be in the range of $1,450 million to $1,500 million, while free cash flow is expected to be in the range of $650 million to $750 million.
At 9:30 a.m. ET today, a brief conference call concerning third quarter 2022 results and guidance will be webcast at: https://www.borgwarner.com/investors. Additionally, an earnings call presentation will be available at https://www.borgwarner.com/investors.
For more than 130 years, BorgWarner Inc. (NYSE: BWA) has been a transformative global product leader bringing successful mobility innovation to market. Today, we're accelerating the world's transition to eMobility -- to help build a cleaner, healthier, safer future for all.
Forward-Looking Statements: This press release may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that are based on management's current outlook, expectations, estimates and projections. Words such as "anticipates," "believes," "continues," "could," "designed," "effect," "estimates," "evaluates," "expects," "forecasts," "goal," "guidance," "initiative," "intends," "may," "outlook," "plans," "potential," "predicts," "project," "pursue," "seek," "should," "target," "when," "will," "would," and variations of such words and similar expressions are intended to identify such forward-looking statements. Further, all statements, other than statements of historical fact contained or incorporated by reference in this press release that we expect or anticipate will or may occur in the future regarding our financial position, business strategy and measures to implement that strategy, including changes to operations, competitive strengths, goals, expansion and growth of our business and operations, plans, references to future success and other such matters, are forward-looking statements. Accounting estimates, such as those described under the heading "Critical Accounting Policies and Estimates" in Item 7 of our most recently-filed Annual Report on Form 10-K ("Form 10-K"), are inherently forward-looking. All forward-looking statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. Forward-looking statements are not guarantees of performance, and the Company's actual results may differ materially from those expressed, projected or implied in or by the forward-looking statements.
You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Forward-looking statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed, projected or implied in or by the forward-looking statements. These risks and uncertainties, among others, include: supply disruptions impacting us or our customers, such as the current shortage of semiconductor chips that has impacted original equipment manufacturer ("OEM") customers and their suppliers, including us; commodities availability and pricing, and an inability to achieve expected levels of success in additional commercial negotiations with customers concerning recovery of these costs; competitive challenges from existing and new competitors including OEM customers; the challenges associated with rapidly changing technologies, particularly as relates to electric vehicles, and our ability to innovate in response; uncertainties regarding the extent and duration of impacts of matters associated with the COVID-19 pandemic, including additional production disruptions; the difficulty in forecasting demand for electric vehicles and our electric vehicles revenue growth; potential disruptions in the global economy caused by Russia's invasion of Ukraine; the ability to identify targets and consummate acquisitions on acceptable terms; failure to realize the expected benefits of acquisitions on a timely basis including our recent acquisitions of AKASOL AG, Santroll's light vehicle eMotor business, Rhombus Energy Solutions, the charging business of Hubei Surpass Sun Electric and our 2020 acquisition of Delphi Technologies PLC; the ability to identify appropriate combustion portfolio businesses for disposition and consummate planned dispositions on acceptable terms; the failure to promptly and effectively integrate acquired businesses; the potential for unknown or inestimable liabilities relating to the acquired businesses; our dependence on automotive and truck production, both of which are highly cyclical and subject to disruptions; our reliance on major OEM customers; fluctuations in interest rates and foreign currency exchange rates; our dependence on information systems; the uncertainty of the global economic environment and potential for recessionary conditions in regional economies; the outcome of existing or any future legal proceedings, including litigation with respect to various claims; future changes in laws and regulations, including, by way of example, taxes and tariffs, in the countries in which we operate; impacts from any potential future acquisition or disposition transactions; and the other risks noted in reports that we file with the Securities and Exchange Commission, including Item 1A, "Risk Factors" in our most recently-filed Form 10-K and/or Quarterly Report on Form 10-Q. We do not undertake any obligation to update or announce publicly any updates to or revisions to any of the forward-looking statements in this press release to reflect any change in our expectations or any change in events, conditions, circumstances, or assumptions underlying the statements.
This press release contains information about BorgWarner's financial results that is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures below and in the Financial Results table above. The provision of these comparable GAAP financial measures for 2022 is not intended to indicate that BorgWarner is explicitly or implicitly providing projections on those GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this press release and the adjustments that management can reasonably predict.
Management believes that these non-GAAP financial measures are useful to management, investors, and banking institutions in their analysis of the Company's business and operating performance. Management also uses this information for operational planning and decision-making purposes.
Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measure. Additionally, because not all companies use identical calculations, the non-GAAP financial measures as presented by BorgWarner may not be comparable to similarly titled measures reported by other companies.
In 2021 and prior, the Company defined adjusted operating income as operating income adjusted to exclude the impact of restructuring expense, merger, acquisition and divestiture expense, other net expenses, discontinued operations, and other gains and losses not reflective of the Company's ongoing operations. Beginning in the first quarter of 2022, the Company updated its definition of adjusted operating income and adjusted operating margin to add back intangible asset amortization expense. For comparability, the 2021 reconciliation below adds back intangible asset amortization expense. The updated definition of adjusted operating income is operating income adjusted to exclude the impact of restructuring expense, merger, acquisition and divestiture expense, intangible asset amortization expense, other net expenses, discontinued operations, and other gains and losses not reflective of the Company's ongoing operations. Adjusted operating margin is defined as adjusted operating income divided by net sales.
The Company defines adjusted net earnings as net earnings attributable to BorgWarner Inc. adjusted to eliminate the impact of restructuring expense, merger, acquisition and divestiture expense, other net expenses, discontinued operations, and other gains and losses not reflective of the Company's ongoing operations, and related tax effects. The impact of intangible asset amortization expense will continue to be included in adjusted net earnings.
The Company defines adjusted earnings per diluted share as earnings per diluted share adjusted to eliminate the impact of restructuring expense, merger, acquisition and divestiture expense, other net expenses, discontinued operations, other gains and losses not reflective of the Company's ongoing operations, and related tax effects. The impact of intangible asset amortization expense continues to be included in adjusted earnings per share.
The Company defines free cash flow as net cash provided by operating activities minus capital expenditures and is useful to both management and investors in evaluating the Company's ability to service and repay its debt.
The Company defines organic net sales changes as net sales change year over year excluding the estimated impact of foreign exchange (FX), the 2022 acquisitions of Santroll's light vehicle eMotor business and Rhombus Energy Solutions, as well as the 2021 divestiture of the Water Valley, Mississippi business.
In the first quarter of 2022, the Company announced that the starter and alternator business, previously reported in its e-Propulsion & Drivetrain segment, would transition to the Aftermarket segment. The Company also announced that the canisters and fuel delivery modules business, previously reported in its Air Management segment, would transition to the Fuel Systems segment. Both of these transitions were completed during the second quarter of 2022. The reporting segment disclosures have been updated accordingly which included recasting prior period information for the new reporting structure. For informational purposes only, in the following tables, the Company has recast the quarterly segment information for fiscal 2021 and 2022 to align with this presentation.
SOURCE BorgWarner | https://www.prnewswire.com/news-releases/borgwarner-on-track-to-achieve-milestone-of-4-billion-of-electric-vehicle-revenue-by-2025-301660625.html | 2022-10-27T11:45:09 | en | 0.950344 |
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CALGARY, Alberta (AP) _ Precision Drilling Corp. (PDS) on Thursday reported earnings of $23.5 million in its third quarter.
On a per-share basis, the Calgary, Alberta-based company said it had profit of $1.56.
The oilfield services company posted revenue of $329.1 million in the period.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PDS at https://www.zacks.com/ap/PDS | https://www.expressnews.com/business/article/Precision-Drilling-Q3-Earnings-Snapshot-17537893.php | 2022-10-27T11:45:13 | en | 0.944934 |
Board approves $2 billion share repurchase authorization
- Net sales up 2% versus 2021; organic sales up 8%
- GAAP EPS of $1.53 and adjusted EPS of $0.70
- Net cash flows from operating activities of $790 million; free cash flow of $699 million
- Updating 2022 adjusted EPS* guidance range to $2.30 to $2.35 from $2.25 to $2.35
- Updating 2022 free cash flow* guidance to ~$1.4 billion from ~$1.65 billion
- Carrier's Board authorizes $2 billion share repurchase program
PALM BEACH GARDENS, Fla., Oct. 27, 2022 /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions, reported another quarter of strong financial results and updated its full-year adjusted EPS outlook to the high-end of its prior guidance.
"Carrier delivered another strong quarter," said Carrier Chairman & CEO David Gitlin. "Our continued focus on innovation and digitally enabled lifecycle solutions provides differentiated outcomes to customers and positions us to benefit from compelling secular trends. Our strong aftermarket growth through the first nine months of the year further strengthens the resiliency of our business model. Our new share repurchase authorization demonstrates our confidence in Carrier's long-term strategy and commitment to delivering shareholder value through disciplined capital allocation."
Third Quarter 2022 Results
Carrier's third quarter sales of $5.5 billion were up 2% compared to the prior year, despite the impact from the Chubb divestiture and foreign exchange. Organic sales grew 8% while the Chubb divestiture reduced sales by about 10%, acquisitions contributed 8% and currency translation reduced sales by 4%. The Toshiba Carrier Corporation acquisition closed Aug. 1 and represented substantially all the sales growth from acquisitions in the quarter.
HVAC had another strong organic growth quarter with residential and light commercial sales up 12% and commercial HVAC growing 15%. Commercial HVAC continued to see strong order trends, up double digits for the seventh consecutive quarter. Refrigeration sales were down 1% organically due to supply shortages and a decline in Container sales. Organic sales for the Fire & Security segment were up 5%.
GAAP operating profit in the quarter of $1.5 billion was up substantially due to a $732 million gain related to the acquisition of Toshiba Carrier Corporation. Adjusted operating profit of $861 million was flat compared to last year. Strong price realization helped mitigate continued supply chain challenges. Price/cost remained positive in the third quarter across all three segments.
Net income was $1.3 billion and adjusted net income was $600 million. GAAP EPS was $1.53 and adjusted EPS was $0.70. Net cash flows from operating activities were $790 million and capital expenditures were $91 million, resulting in free cash flow of $699 million. Despite an improved free cash flow quarter, Carrier reduced full-year guidance from $1.65 billion to $1.4 billion as supply chain improvements are taking place later in the year than previously anticipated. During the third quarter, Carrier repurchased $247 million of its common stock.
On Oct. 25, 2022, Carrier Global Corporation's Board of Directors approved a $2 billion share repurchase authorization. Share repurchases will take place at the company's discretion in the open market or through one or more other public or private transactions, subject to, among other things, market conditions, share price, compliance with securities laws and regulatory requirements and other factors. The stock repurchase authorization has no time limit and may be modified, suspended or discontinued at any time. With the remaining portion of the prior authorization, Carrier currently has about $2.3 billion of repurchase authorization. This authorization is a key component of the company's capital allocation plans, which also includes acquisitions and dividends to help position the company for strategic growth and to generate attractive shareowner returns.
Updated Full-Year 2022 Outlook**
Carrier is announcing the following updated outlook for 2022.
Carrier excludes the impact of amortization of acquired intangibles from its non-GAAP financial measures including adjusted operating profit, adjusted net income and adjusted EPS. Amortization of acquired intangibles, a non-cash expense, is unrelated to our core operating performance and amounts can vary significantly depending on the number, timing and size of acquisitions, among other factors. We believe this adjustment provides investors meaningful information to better evaluate our operating performance between periods.
Conference Call
Carrier will host a webcast of its earnings conference call today, Thursday, Oct. 27, 2022, at 7:30 a.m. ET. To access the webcast, visit the Events & Presentations section of the Carrier Investor Relations site at ir.carrier.com/news-and-events/events-and-presentations or to listen to the earnings call by phone, participants must pre-register at Carrier Earnings Call Registration. All registrants will receive dial-in information and a PIN allowing access to the live call.
Cautionary Statement
This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for Carrier's future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance or the separation from United Technologies Corporation (the "Separation"), since renamed Raytheon Technologies Corporation. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax rates and other measures of financial performance or potential future plans, strategies or transactions of Carrier, the estimated costs associated with the Separation, Carrier's plans with respect to its indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Carrier's reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Carrier assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
CARR-IR
SELECTED FINANCIAL DATA, NON-GAAP MEASURES AND DEFINITIONS
Following are tables that present selected financial data of Carrier Global Corporation ("Carrier"). Also included are reconciliations of non-GAAP measures to their most comparable GAAP measures.
Use and Definitions of Non-GAAP Financial Measures
Carrier Global Corporation ("Carrier") reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this Appendix. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures.
Organic sales, adjusted operating profit, adjusted operating margin, incremental margins / earnings conversion, earnings before interest, taxes and depreciation and amortization ("EBITDA"), adjusted EBITDA, adjusted net income, adjusted earnings per share ("EPS"), adjusted interest expense, net, adjusted effective tax rate and net debt are non-GAAP financial measures.
Organic sales represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a nonoperational nature (hereinafter referred to as "other significant items"). Adjusted operating profit represents operating profit (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Adjusted operating margin represents adjusted operating profit as a percentage of net sales (a GAAP measure). Incremental margins / earnings conversion represents the year-over-year change in adjusted operating profit divided by the year-over-year change in net sales. EBITDA represents net income attributable to common shareholders (a GAAP measure), adjusted for interest income and expense, income tax expense, and depreciation and amortization. Adjusted EBITDA represents EBITDA, as calculated above, excluding non-service pension benefit, non-controlling interest in subsidiaries' earnings from operations, restructuring costs and other significant items. Adjusted net income represents net income attributable to common shareowners (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Adjusted interest expense, net represents interest expense (a GAAP measure) and interest income (a GAAP measure), net excluding other significant items. The adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Net debt represents long-term debt (a GAAP measure) less cash and cash equivalents (a GAAP measure). For the business segments, when applicable, adjustments of operating profit and operating margins represent operating profit, excluding restructuring, amortization of acquired intangibles and other significant items.
Free cash flow is a non-GAAP financial measure that represents net cash flows provided by operating activities (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing Carrier's ability to fund its activities, including the financing of acquisitions, debt service, repurchases of Carrier's common stock and distribution of earnings to shareowners.
Orders are contractual commitments with customers to provide specified goods or services for an agreed upon price and may not be subject to penalty if cancelled.
When we provide our expectations for organic sales, adjusted operating profit, adjusted operating margin, adjusted interest expense, net, adjusted effective tax rate, incremental margins/earnings conversion, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected net sales, operating profit, operating margin, interest expense, effective tax rate, incremental operating margin, diluted EPS and net cash flows provided by operating activities) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, future restructuring costs, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.
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SCOTTSDALE, Ariz. (AP) _ Reliance Steel & Aluminum Co. (RS) on Thursday reported earnings of $393.5 million in its third quarter.
On a per-share basis, the Scottsdale, Arizona-based company said it had net income of $6.45. Earnings, adjusted for non-recurring costs, were $6.48 per share.
The metals service-center company posted revenue of $4.25 billion in the period.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RS at https://www.zacks.com/ap/RS | https://www.expressnews.com/business/article/Reliance-Steel-Q3-Earnings-Snapshot-17537968.php | 2022-10-27T11:45:19 | en | 0.939603 |
- Third-quarter 2022 sales and revenues increased 21% to $15.0 billion
- Third-quarter 2022 profit per share of $3.87; adjusted profit per share of $3.95
- Returned $2.0 billion to shareholders through share repurchases and dividends in the quarter
IRVING, Texas, Oct. 27, 2022 /PRNewswire/ --
Caterpillar Inc. (NYSE: CAT) announced third-quarter 2022 sales and revenues of $15.0 billion, a 21% increase compared with $12.4 billion in the third quarter of 2021. The increase was primarily due to favorable price realization and higher sales volume.
Operating profit margin was 16.2% for the third quarter of 2022, compared with 13.4% for the third quarter of 2021. Third-quarter 2022 profit per share was $3.87, compared with third-quarter 2021 profit per share of $2.60. Adjusted profit per share in the third quarter of 2022 was $3.95, compared with third-quarter 2021 adjusted profit per share of $2.66. Adjusted profit per share for both quarters excluded restructuring costs. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on page 13.
For the nine months ended September 30, 2022, enterprise operating cash flow was $5.0 billion, and the company ended the third quarter with $6.3 billion of enterprise cash. In the quarter, the company repurchased $1.4 billion of Caterpillar common stock and paid dividends of $0.6 billion.
"I'd like to thank our global Caterpillar team for delivering another quarter of double-digit top-line growth and record adjusted profit per share," said Chairman and CEO Jim Umpleby. "Our team remains focused on serving our customers as we continued to see healthy demand across most of our end markets during the third quarter."
CONSOLIDATED RESULTS
Consolidated Sales and Revenues
Consolidated Sales and Revenues Comparison
Third Quarter 2022 vs. Third Quarter 2021
To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar third-quarter 2022 earnings.
The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the third quarter of 2021 (at left) and the third quarter of 2022 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's Board of Directors and employees.
Total sales and revenues for the third quarter of 2022 were $14.994 billion, an increase of $2.597 billion, or 21%, compared with $12.397 billion in the third quarter of 2021. The increase was due to favorable price realization and higher sales volume, partially offset by unfavorable currency impacts primarily related to the euro, Japanese yen and Australian dollar. The increase in sales volume was driven by the impact from changes in dealer inventories, higher sales of equipment to end users and higher services. Dealers increased inventories by $700 million during the third quarter of 2022, compared with a decrease of $300 million during the third quarter of 2021.
Sales were higher across the three primary segments.
Consolidated Operating Profit
Consolidated Operating Profit Comparison
Third Quarter 2022 vs. Third Quarter 2021
To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar third-quarter 2022 earnings.
The chart above graphically illustrates reasons for the change in consolidated operating profit between the third quarter of 2021 (at left) and the third quarter of 2022 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's Board of Directors and employees. The bar titled Other includes consolidating adjustments and Machinery, Energy & Transportation's other operating (income) expenses.
Operating profit for the third quarter of 2022 was $2.425 billion, an increase of $761 million, or 46%, compared with $1.664 billion in the third quarter of 2021. The increase was primarily due to favorable price realization and higher sales volume, partially offset by higher manufacturing costs and higher selling, general and administrative (SG&A) and research and development (R&D) expenses. Unfavorable manufacturing costs largely reflected higher material costs, freight and the impact of manufacturing inefficiencies. SG&A/R&D expenses increased primarily due to investments aligned with the company's strategy for profitable growth and higher short-term incentive compensation expense.
Other Profit/Loss and Tax Items
- Other income (expense) in the third quarter of 2022 was income of $242 million, compared with income of $225 million in the third quarter of 2021. The change was primarily driven by favorable impacts from foreign currency exchange and higher investment and interest income, partially offset by lower gains on marketable securities and lower pension and other postemployment benefit (OPEB) plan income.
- The provision for income taxes for the third quarter of 2022 reflected an estimated annual global tax rate of approximately 23%, compared with 25% for the third quarter of 2021, excluding the discrete items discussed below. The comparative tax rate for full-year 2021 was 23%.
In the third quarter of 2022, the company reached a settlement with the U.S. Internal Revenue Service (IRS) that resolves all issues for tax years 2007 through 2016, without any penalties. The company's settlement includes, among other issues, the resolution of disputed tax treatment of profits earned by Caterpillar SARL (CSARL) from certain parts transactions. The company vigorously contested the IRS's application of the "substance-over-form" or "assignment-of-income" judicial doctrines and its proposed increases to tax and imposition of accuracy related penalties. The settlement does not include any increases to tax in the United States based on those judicial doctrines and does not include any penalties. The final tax assessed by the IRS for all issues under the settlement was $490 million for the ten-year period. This amount was primarily paid in the third quarter of 2022, and the associated estimated interest of $250 million is expected to be paid by the end of 2022. The settlement was within the total amount of gross unrecognized tax benefits for uncertain tax positions and enables us to avoid the costs and burdens of further disputes with the IRS. As a result of the settlement, the company recorded a discrete tax benefit of $41 million to reflect changes in estimates of prior years' taxes and related interest, net of tax. The company is subject to the continuous examination of our income tax returns by the IRS, and tax years subsequent to 2016 are not yet under examination.
The provision for income taxes in third quarter of 2022 also included a $20 million benefit due to a decrease in the estimated annual tax rate, compared to $39 million in the third quarter of 2021. The company also recorded a discrete tax benefit of $36 million to reflect changes in estimates related to the prior year's U.S. taxes in the third quarter of 2021.
Construction Industries' total sales were $6.276 billion in the third quarter of 2022, an increase of $1.021 billion, or 19%, compared with $5.255 billion in the third quarter of 2021. The increase was due to favorable price realization and higher sales volume, partially offset by unfavorable currency impacts primarily related to the euro, Japanese yen and Australian dollar. The increase in sales volume was driven by the impact from changes in dealer inventories. Dealer inventory increased during the third quarter of 2022, compared with a decrease during the third quarter of 2021.
- In North America, sales increased due to favorable price realization and higher sales volume. Higher sales volume was driven by the impact from changes in dealer inventories. Dealer inventory decreased during the third quarter of 2021, compared with an increase during the third quarter of 2022.
- Sales increased in Latin America primarily due to higher sales volume and favorable price realization. Higher sales volume was driven by higher sales of equipment to end users and the impact from changes in dealer inventories. Dealer inventory increased more during the third quarter of 2022 than during the third quarter of 2021.
- In EAME, sales were about flat. Unfavorable currency impacts, primarily related to the euro, were offset by favorable price realization.
- Sales were about flat in Asia/Pacific. Favorable price realization was offset by unfavorable currency impacts, primarily related to the Japanese yen and Australian dollar.
Construction Industries' profit was $1.209 billion in the third quarter of 2022, an increase of $343 million, or 40%, compared with $866 million in the third quarter of 2021. The increase was mainly due to favorable price realization and higher sales volume, partially offset by unfavorable manufacturing costs and higher SG&A/R&D expenses. Unfavorable manufacturing costs largely reflected higher material costs, freight and the impact of manufacturing inefficiencies. The increase in SG&A/R&D expenses was primarily driven by investments aligned with strategic initiatives and higher short-term incentive compensation expense.
Resource Industries' total sales were $3.087 billion in the third quarter of 2022, an increase of $721 million, or 30%, compared with $2.366 billion in the third quarter of 2021. The increase was primarily due to favorable price realization and higher sales volume. The increase in sales volume was due to the impact of changes in dealer inventories, higher sales of aftermarket parts and higher sales of equipment to end users. Dealer inventory decreased during the third quarter of 2021, compared with an increase during the third quarter of 2022.
Resource Industries' profit was $506 million in the third quarter of 2022, an increase of $226 million, or 81%, compared with $280 million in the third quarter of 2021. The increase was mainly due to favorable price realization and higher sales volume, partially offset by unfavorable manufacturing costs and higher SG&A/R&D expenses. Unfavorable manufacturing costs largely reflected higher material costs, freight and the impact of manufacturing inefficiencies. The increase in SG&A/R&D expenses was primarily driven by investments aligned with strategic initiatives.
Energy & Transportation's total sales were $6.186 billion in the third quarter of 2022, an increase of $1.109 billion, or 22%, compared with $5.077 billion in the third quarter of 2021. Sales increased across all applications and inter-segment sales. The increase in sales was primarily due to higher sales volume and favorable price realization, partially offset by unfavorable currency impacts.
- Oil and Gas – Sales increased due to higher sales of reciprocating engine aftermarket parts and engines used in gas compression and well servicing applications.
- Power Generation – Sales increased in large reciprocating engines, primarily data center applications, and small reciprocating engines. Turbines and turbine-related services increased as well.
- Industrial – Sales were up across all regions.
- Transportation – Sales increased in reciprocating engine aftermarket parts and marine applications. International locomotive deliveries were also higher.
Energy & Transportation's profit was $935 million in the third quarter of 2022, an increase of $229 million, or 32%, compared with $706 million in the third quarter of 2021. The increase was driven by favorable price realization and higher sales volume, partially offset by unfavorable manufacturing costs and higher SG&A/R&D expenses. Unfavorable manufacturing costs largely reflected higher material costs, freight and the impact of manufacturing inefficiencies. The increase in SG&A/R&D expenses was primarily driven by investments aligned with strategic initiatives, higher labor-related costs and higher short-term incentive compensation expense.
Financial Products' segment revenues were $819 million in the third quarter of 2022, an increase of $57 million, or 7%, compared with $762 million in the third quarter of 2021. The increase was primarily due to higher average financing rates in North America and Latin America.
Financial Products' segment profit was $220 million in the third quarter of 2022, an increase of $47 million, or 27%, compared with $173 million in the third quarter of 2021. The increase was mainly due to a favorable impact from a lower provision for credit losses at Cat Financial, partially offset by mark-to-market adjustments on derivative contracts.
At the end of the third quarter of 2022, past dues at Cat Financial were 2.00%, compared with 2.41% at the end of the third quarter of 2021. Past dues decreased across all our portfolio segments, with the exception of an increase in Latin America. Write-offs, net of recoveries, were $13 million for the third quarter of 2022, compared with $76 million for the third quarter of 2021. As of September 30, 2022, Cat Financial's allowance for credit losses totaled $339 million, or 1.30% of finance receivables, compared with $376 million, or 1.41% of finance receivables, at June 30, 2022. The allowance for credit losses at year-end 2021 was $337 million, or 1.22% of finance receivables.
Corporate Items and Eliminations
Expense for corporate items and eliminations was $343 million in the third quarter of 2022, an increase of $50 million from the third quarter of 2021, primarily driven by increased expenses due to timing differences, partially offset by favorable impacts of segment reporting methodology differences and lower corporate costs.
Notes
i. Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.
ii. Sales of equipment to end users is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Thursday, October 27, 2022.
iii. Information on non-GAAP financial measures is included in the appendix on page 13.
iv. Some amounts within this report are rounded to the millions or billions and may not add.
v. Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Thursday, October 27, 2022, to discuss its 2022 third-quarter results. The accompanying slides will be available before the webcast on the Caterpillar website at https://investors.caterpillar.com/events-presentations/default.aspx.
About Caterpillar
With 2021 sales and revenues of $51.0 billion, Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we've been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/en/news/social-media.html.
Caterpillar's latest financial results are also available online:
https://investors.caterpillar.com/overview/default.aspx
https://investors.caterpillar.com/financials/quarterly-results/default.aspx (live broadcast/replays of quarterly conference call)
Forward-Looking Statements
Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.
Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) the duration and geographic spread of, business disruptions caused by, and the overall global economic impact of, the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.
APPENDIX
NON-GAAP FINANCIAL MEASURES
The following definitions are provided for the non-GAAP financial measures. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP and therefore are unlikely to be comparable to the calculation of similar measures for other companies. Management does not intend these items to be considered in isolation or as a substitute for the related GAAP measures.
The company believes it is important to separately quantify the profit impact of one significant item in order for the company's results to be meaningful to readers. This item consists of (i) restructuring costs, which were incurred to generate longer-term benefits. The company does not consider this item indicative of earnings from ongoing business activities and believes the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results. The company intends to discuss adjusted profit per share for the fourth quarter and full-year 2022, excluding mark-to-market gains or losses for remeasurement of pension and other postemployment benefit plans along with any other discrete items.
Reconciliations of adjusted results to the most directly comparable GAAP measure are as follows:
Supplemental Consolidating Data
The company is providing supplemental consolidating data for the purpose of additional analysis. The data has been grouped as follows:
Consolidated – Caterpillar Inc. and its subsidiaries.
Machinery, Energy & Transportation (ME&T) – The company defines ME&T as it is presented in the supplemental data as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T's information relates to the design, manufacturing and marketing of its products.
Financial Products – The company defines Financial Products as it is presented in the supplemental data as its finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products' information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.
Consolidating Adjustments – Eliminations of transactions between ME&T and Financial Products.
The nature of the ME&T and Financial Products businesses is different, especially with regard to the financial position and cash flow items. Caterpillar management utilizes this presentation internally to highlight these differences. The company believes this presentation will assist readers in understanding its business.
Pages 14 to 24 reconcile ME&T and Financial Products to Caterpillar Inc. consolidated financial information.
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BENGALURU, India (AP) — Spiraling energy costs caused by various economic factors and the Ukraine war could be a turning point toward cleaner energy, the International Energy Agency said in a report Thursday. It found the global demand for fossil fuels, including coal, oil, and natural gas, is set to peak or plateau in the next few decades.
The report looked at scenarios based on current policies and said that coal use will fall back within the next few years, natural gas demand will reach a plateau by the end of the decade and rising sales of electric vehicles mean that the need for oil will level off in the mid-2030s before ebbing slightly by mid-century. Total emissions are currently going up each year, but slowly.
"Energy markets and policies have changed as a result of Russia’s invasion of Ukraine, not just for the time being, but for decades to come,” said the IEA's executive director Fatih Birol. A surge in demand following COVID-19 pandemic restrictions lifting and bottlenecks in supply chains have also contributed to soaring energy prices.
“The energy world is shifting dramatically before our eyes. Government responses around the world promise to make this a historic and definitive turning point toward a cleaner, more affordable and more secure energy system,” Birol said.
The role of natural gas as a “transition fuel” that will bridge the gap between a fossil-fuel based energy system to a renewable one has also taken a dent, the report said. Although it’s a fossil fuel, natural gas is considered cleaner than coal and oil, as burning it produces less carbon dioxide.
But despite the largely positive outlook, the report adds that the share of fossil fuels in the global energy mix puts the world on track to a warming of 2.5 degrees Celsius (4.5 degrees Fahrenheit) by the end of the century, a whole degree (1.8 Fahrenheit) more than the target set in the Paris climate deal.
That's in line with a U.N. report released Wednesday that said current climate pledges are “nowhere near” where they need to be to meet the ambitious target. Top climate scientists say that to keep warming in line with the 1.5 C goal, emissions need to be slashed by 45% by 2030.
Energy policy analysts say that while there are promising steps in the right direction, the move toward clean energy needs to be much faster.
“Clean energy investment is delivering. It is the reason why the world is on track to peak CO2 emissions. But that’s only the first step. We need big emissions cuts, not a plateau,” said Dave Jones, an energy analyst at London-based environmental think-tank, Ember.
The report estimated that clean energy investment will be above $2 trillion by 2030 but added it would need to double to keep the transition in line with climate goals.
“The energy crisis has detracted from the climate crisis, but fortunately the answer is the same to both: a gigantic step up in clean energy investment," Jones said.
“This report makes a very strong economic case for renewable energy which is not only more cost-competitive and affordable than fossil fuel alternatives but also is proving to be much more resilient to economic and geopolitical shocks,” said Maria Pastukhova a senior policy advisor at E3G, a climate change think-tank.
She added that leaders and negotiators at the U.N. climate conference in Egypt next month will need to “double down” on reducing the demand for energy and unlock finance for developing countries to help fund their transition to renewables which would speed up emissions cuts.
___
Follow AP’s climate and environment coverage at https://apnews.com/hub/climate-and-environment
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THIRD-QUARTER HIGHLIGHTS:
- TOTAL REVENUE UP 28.5%; SAME-UNIT REVENUE UP 12.3%
- GAAP EPS UP 29.3%; ADJUSTED EPS UP 24.4%
- INCOME FROM CONTINUING OPERATIONS UP 26.6%; ADJUSTED EBITDA UP 23.1%
NINE-MONTH HIGHLIGHTS:
- TOTAL REVENUE UP 29.6%; SAME-UNIT REVENUE UP 11.1%
- GAAP EPS UP 48.0%; ADJUSTED EPS UP 25.5%
- INCOME FROM CONTINUING OPERATIONS UP 45.1%; ADJUSTED EBITDA UP 26.7%
2022 OUTLOOK:
- TOTAL REVENUE GROWTH INCREASED TO 26% - 28%
- GAAP EPS INCREASED TO 48% - 51%
- ADJUSTED EPS INCREASED TO 26% - 28%
CLEVELAND, Oct. 27, 2022 /PRNewswire/ -- CBIZ, Inc., (NYSE: CBZ) ("CBIZ" or the "Company"), a leading provider of financial, insurance and advisory services, today announced results for the third quarter ended September 30, 2022.
For the 2022 third quarter, CBIZ recorded revenue of $363.3 million, an increase of $80.5 million, or 28.5%, compared with $282.7 million reported for the same period in 2021. Acquired operations, net of divestitures, contributed $45.7 million, or 16.2%, to third-quarter 2022 revenue growth. Same-unit revenue increased by $34.8 million, or 12.3%, for the quarter, compared with the same period a year ago. Income from continuing operations was $27.5 million, or $0.53 per diluted share, compared with $21.7 million, or $0.41 per diluted share, for the same period a year ago.
Adjusted income from continuing operations was $26.5 million, or $0.51 per diluted share, compared with $21.7 million, or $0.41 per diluted share, for the same period a year ago. Adjusted EBITDA for the third quarter was $45.9 million, compared with $37.3 million for the same period in 2021.
For the nine months ended September 30, 2022, CBIZ recorded revenue of $1,116.9 million, an increase of $254.8 million, or 29.6%, over the $862.1 million recorded for the same period in 2021. Acquisitions, net of divestitures, contributed $159.5 million, or 18.5%, to revenue growth in the nine months ended September 30, 2022. Same-unit revenue increased by $95.3 million, or 11.1%, compared with the same period a year ago. Income from continuing operations was $116.9 million, or $2.22 per diluted share, for the nine months ended September 30, 2022, compared with $80.5 million, or $1.50 per diluted share, for the same period a year ago.
Adjusted income from continuing operations was $121.8 million, or $2.31 per diluted share, for the nine months ended September 30, 2022, compared with $98.7 million, or $1.84 per diluted share, for the same period a year ago. Adjusted EBITDA for the nine months was $194.5 million, compared with $153.5 million for the same period in 2021.
As previously announced in the second quarter of 2021, the Company recorded a nonrecurring settlement charge of $30.5 million and a $6.4 million non-recurring gain on sale of operations. These items were eliminated to arrive at Adjusted earnings per diluted share for the nine months ended September 30, 2021. In 2022, the Company incurred non-recurring transaction and first-year integration expenses related to the Marks Paneth acquisition. These expenses were eliminated to report Adjusted earnings per diluted share for 2022. Schedules reconciling Adjusted income from continuing operations, Adjusted EPS and Adjusted EBITDA to the most directly comparable GAAP measures can be found in the tables included in this release.
During the nine months ended September 30, 2022, the Company repurchased approximately 1.6 million shares of its common stock on the open market. Between October 1, 2022, and October 26, 2022, the Company repurchased an additional 397,000 shares. The balance outstanding on the Company's unsecured credit facility on September 30, 2022, was $271.1 million with $310.9 million of unused borrowing capacity.
Jerry Grisko, CBIZ President and Chief Executive Officer, said, "We are pleased that our very strong performance for the first half this year has continued through the third quarter. With same unit revenue up 11.1% year-to-date, we are seeing strong organic revenue growth from every major service line across our business. Our recent acquisitions are also significant contributors to our results this year. Given our positive performance to date and our outlook for the remainder of the year, we are raising our full-year 2022 guidance of revenue growth to within a range of 26% and 28% and growth in adjusted earnings per share to within a range of 26% and 28%."
2022 Outlook
- The Company increased its revenue growth expectations to within a range of 26% to 28% over the prior year, up from previous guidance of 23% to 25% in revenue growth.
- On a GAAP basis, the Company expects full-year fully diluted earnings per share from continuing operations to grow within a range of 48% to 51% per share over the $1.32 per share reported in 2021, up from previous guidance of 45% to 48% growth per share.
- The Company expects Adjusted fully diluted earnings per share from continuing operations to grow within a range of 26% to 28% over the Adjusted $1.66 reported for 2021, up from previous guidance of a 25% to 27% increase per share. A schedule reconciling GAAP Diluted EPS to Non-GAAP Adjusted Diluted EPS is attached.
- Although multiple factors may impact the tax rate, the Company expects an effective tax rate of approximately 25%.
- The Company expects a weighted average fully diluted share count of 52.5 million to 53.0 million shares.
Conference Call
CBIZ will host a conference call at 11:00 a.m. (ET) today to discuss its results. The call will be webcast and an archived replay will be available at https://cbiz.gcs-web.com/investor-overview. Participants may register at https://dpregister.com/sreg/10172401/f4d7c90ec1.
About CBIZ
CBIZ is a leading provider of financial, insurance and advisory services to businesses throughout the United States. Financial services include accounting, tax, government health care consulting, transaction advisory, risk advisory, and valuation services. Insurance services include employee benefits consulting, retirement plan consulting, property and casualty insurance, payroll, and human capital consulting. With more than 100 offices in 32 states, CBIZ is one of the largest accounting and insurance brokerage providers in the U.S. For more information, visit www.cbiz.com.
Forward-Looking Statements
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the impact of COVID-19 on the Company's business and operations and those of our clients; the Company's ability to adequately manage and sustain its growth; the Company's dependence on the current trend of outsourcing business services; the Company's dependence on the services of its CEO and other key employees; competitive pricing pressures; general business and economic conditions; and changes in governmental regulation and tax laws affecting the Company's insurance business or its business services operations. A more detailed description of such risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission at www.sec.gov.
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NEW YORK (AP) _ S&P Global Inc. (SPGI) on Thursday reported third-quarter profit of $608 million.
On a per-share basis, the New York-based company said it had net income of $1.84. Earnings, adjusted for amortization costs and non-recurring costs, came to $2.93 per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.79 per share.
The independent ratings and analytics provider posted revenue of $2.86 billion in the period, missing Street forecasts. Six analysts surveyed by Zacks expected $2.91 billion.
S&P Global expects full-year earnings in the range of $11 to $11.15 per share.
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Daqo New Energy Announces Unaudited Financial Results for the Third Quarter of 2022
SHANGHAI, Oct. 27, 2022 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced its unaudited financial results for the third quarter of 2022.
Third Quarter 2022 Financial and Operating Highlights
- Polysilicon production volume was 33,401 MT in Q3 2022, compared to 35,326 MT in Q2 2022
- Polysilicon sales volume was 33,126 MT in Q3 2022, compared to 37,545 MT in Q2 2022
- Polysilicon average total production cost(1) was $6.82/kg in Q3 2022, compared to $7.26/kg in Q2 2022
- Polysilicon average cash cost(1) was $6.06/kg in Q3 2022, compared to $6.51/kg in Q2 2022
- Polysilicon average selling price (ASP) was $36.44/kg in Q3 2022, compared to $33.08/kg in Q2 2022
- Revenue was $1,219.7 million in Q3 2022, compared to $1,244.1 million in Q2 2022
- Gross profit was $978.6 million in Q3 2022, compared to $946.9 million in Q2 2022. Gross margin was 80.2% in Q3 2022, compared to 76.1% in Q2 2022
- Net income attributable to Daqo New Energy Corp. shareholders was $323.4 million in Q3 2022, compared to $627.8 million in Q2 2022
- Earnings per basic American Depositary Share (ADS)(3) was $4.28 in Q3 2022, compared to $8.36 in Q2 2022
- Adjusted net income (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was $590.4 million in Q3 2022, compared to $630.3 million in Q2 2022
- Adjusted earnings per basic ADS(3) (non-GAAP)(2) was $7.81 in Q3 2022, compared to $8.39 in Q2 2022
- EBITDA (non-GAAP)(2) was $720.0 million in Q3 2022, compared to $955.4 million in Q2 2022. EBITDA margin (non-GAAP)(2) was 59.0% in Q3 2022, compared to 76.8% in Q2 2022
Notes:
(1) Production cost and cash cost only refer to production in our polysilicon facilities. Production cost is calculated by the inventoriable costs relating to production of polysilicon divided by the production volume in the period indicated. Cash cost is calculated by the inventoriable costs relating to production of polysilicon excluding depreciation expense, divided by the production volume in the period indicated.
(2) Daqo New Energy provides EBITDA, EBITDA margins, adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic ADS on a non-GAAP basis to provide supplemental information regarding its financial performance. For more information on these non-GAAP financial measures, please see the section captioned "Use of Non-GAAP Financial Measures" and the tables captioned "Reconciliation of non-GAAP financial measures to comparable US GAAP measures" set forth at the end of this press release.
(3) ADS means American Depositary Share. One (1) ADS representing five (5) ordinary shares.
Management Remarks
Mr. Longgen Zhang, CEO of Daqo New Energy, commented, "We are pleased to announce that the Company continued to deliver an excellent performance in the third quarter of 2022. Revenue reached $1.22 billion for the quarter, with gross profit of $979 million, net income attributable to Daqo New Energy Corp. shareholders of $323.4 million, and adjusted net income attributable to Daqo New Energy Corp. shareholders of $590 million. Operating cash flow was $1.7 billion for the first nine months of this year. We ended the quarter with a very strong balance sheet, as our cash position combined with bank note receivables, which are redeemable for cash, reached $4.6 billion at the end of Q3, and we had no financial debt or bank loans."
We kept producing above our name plate capacity with polysilicon production of 33,401 MT despite our scheduled annual maintenance. Sales volume reached 33,126 MT, and we ended the quarter with a very low polysilicon inventory level. Driven by the rising global energy prices and the urgency to address climate change, both demand and pricing for solar PV products increased during the quarter, with particularly strong demand from markets such as China, Europe, Southeast Asia, and Brazil. As a result, market demand for polysilicon remained very strong throughout the quarter, and our ASP increased 14% in RMB terms compared to the previous quarter. With higher ASP and lower production cost, Q3 gross margin continued to improve, and reached 80% as compared to 76% in Q2 this year. In particular, after further process improvements, our mono-grade polysilicon reached 99.9% of production in September, which was record-breaking for the Company. Furthermore, Daqo remains one of the most important producers of ultra-high purity N-type polysilicon, which is positioned to become the fastest growing product segment for next year. "
"In June, our board of directors authorized the Company to repurchase up to US$120 million worth of its issued shares on the open market. We have completed the share repurchase program and spent $119.9 million to repurchase approximately 1.88 million ADRs. We will consider another share repurchase program when Xinjiang Daqo determines its dividend plan for the fiscal year 2022, as we believe that our current ADR price is seriously undervalued and not reflective of our position as a technology and cost leader with strong profitability and operating cash flow."
"Despite a more than 50% volume increase in polysilicon supply in the first three quarters of this year compared to the same period of last year, the profitability of polysilicon continued to improve, which was driven by stronger-than-expected solar PV demand and relatively faster capacity expansions in downstream sectors particularly in the wafer segment. According to China National Energy Administration, China installed 52.6 GW of solar PV projects in the first three quarters of 2022, a 106% increase as compared to the same period of 2021. The fourth quarter is typically a busy season for China's solar PV market. Current polysilicon ASPs remain high at approximately $36-38/kg (VAT excluded) and the inventory of polysilicon is low across the value chain. We expect that module prices will be well supported in the range of RMB 1.85-1.95/watt, which will provide a very strong support for polysilicon ASPs."
"Solar PV demand has been increasing significantly beyond market expectations for almost two years and we believe that it is just the beginning of a new era in which renewable energies will eventually displace fossil fuels to become the biggest source of energy for the world. Solar PV has already reached grid parity in most of the important economies in the world and this creates great value to address carbon emission, tackle climate change challenges, and further ensure energy security and sustainability. We believe we will continue to greatly benefit from this long-term trend as one of the most competitive low-cost and high-quality polysilicon providers in the world."
Outlook and guidance
The Company expects to produce approximately 30,000MT to 32,000MT of polysilicon in the fourth quarter of 2022 and approximately 130,000MT to 132,000MT of polysilicon in the full year 2022, inclusive of the impact of the Company's annual facility maintenance.
This outlook reflects Daqo New Energy's current and preliminary view as of the date of this press release and may be subject to changes. The Company's ability to achieve these projections is subject to risks and uncertainties. See "Safe Harbor Statement" at the end of this press release.
Third Quarter 2022 Results
Revenues
Revenues were $1,219.7 million, compared to $1,244.1 million in the second quarter of 2022 and $585.8 million in the third quarter of 2021. The minor decrease in revenues compared to the second quarter of 2022 was due to a decrease in sales volume mitigated by an increase in ASP.
Gross profit and margin
Gross profit was $978.6 million, compared to $946.9 million in the second quarter of 2022 and $435.2 million in the third quarter of 2021. Gross margin was 80.2%, compared to 76.1% in the second quarter of 2022 and 74.3% in the third quarter of 2021. The increase in gross profit and gross margin compared to the second quarter of 2022 was primarily due to lower production costs and higher ASPs.
Selling, general and administrative expenses
Selling, general and administrative expenses were $280.2 million, compared to $14.4 million in the second quarter of 2022 and $11.4 million in the third quarter of 2021. SG&A expenses during the third quarter included $263.4 million in non-cash share-based compensation cost related to the Company's 2022 share incentive plan. The Company granted 37,253,465 restricted share units ("RSUs") to its key employees, directors and officers on August 10, 2022. Based on the closing price of $70.71 per ADS of the Company on August 10, 2022 and the vesting schedules of the RSUs, the Company recognized $263.4 million of non-cash share-based compensation expenses in the third quarter of 2022 and expects to recognize approximately $7.3 million of non-cash share-based compensation expenses every month from October 2022 until September 2025.
Research and development expenses
Research and development (R&D) expenses were $2.5 million, compared to $2.7 million in the second quarter of 2022 and $1.9 million in the third quarter of 2021. Research and development expenses can vary from period to period and reflect R&D activities that take place during the quarter.
Income from operations and operating margin
As a result of the foregoing, income from operations was $693.0 million, compared to $927.6 million in the second quarter of 2022 and $421.7 million in the third quarter of 2021.
Operating margin was 56.8%, compared to 74.6% in the second quarter of 2022 and 72.0% in the third quarter of 2021.
Net income attributable to Daqo New Energy Corp. shareholders and earnings per ADS
As a result of the aforementioned, net income attributable to Daqo New Energy Corp. shareholders was $323.4 million, compared to $627.8 million in the second quarter of 2022 and $292.3 million in the third quarter of 2021.
Earnings per basic American Depository Share (ADS) was $4.28, compared to $8.36 in the second quarter of 2022, and $3.95 in the third quarter of 2021.
Adjusted income(non GAAP) attributable to Daqo New Energy Corp. shareholders and adjusted earnings per ADS(non GAAP)
As a result of the aforementioned, adjusted net income (non-GAAP) attributable to Daqo New Energy Corp. shareholders, excluding non-cash share-based compensation costs, was $590.4 million, compared to $630.3 million in the second quarter of 2022 and $294.7 million in the third quarter of 2021.
Adjusted earnings per basic American Depository Share (ADS) was $7.81, compared to $8.39 in the second quarter of 2022, and $3.98 in the third quarter of 2021.
EBITDA (non-GAAP)
EBITDA (non-GAAP) was $720.0 million, compared to $955.4 million in the second quarter of 2022 and $441.8 million in the third quarter of 2021. EBITDA margin (non-GAAP) was 59.0%, compared to 76.8% in the second quarter of 2022 and 75.4% in the third quarter of 2021.
Financial Condition
As of September 30, 2022, the Company had $3,051.1 million in cash, cash equivalents and restricted cash, compared to $3,284.3 million as of June 30, 2022 and $660.9 million as of September 30, 2021. As of September 30, 2022, the note receivables balance was $1,571.7 million, compared to $1,269.3 million as of June 30, 2022 and $353.3 million as of September 30, 2021.
Cash Flows
For the nine months ended September 30, 2022, net cash provided by operating activities was $1,697.1 million, compared to $653.1 million in the same period of 2021. The increase was primarily due to higher revenues and gross margin.
For the nine months ended September 30, 2022, net cash used in investing activities was $605.4 million, compared to $855.8 million in the same period of 2021. The net cash used in investing activities in the first nine months of 2022 was primarily related to the capital expenditures on the Company's 100,000 MT polysilicon project in Baotou City, Inner Mongolia, which was partially offset by $272.7 million redemption of short-term investments
For the nine months ended September 30, 2022, net cash provided by financing activities was $1,477.9 million, compared to $741.6 million in the same period of 2021. The net cash provided by financing activities in the first nine months of 2022 was primarily related to the net proceeds of $1,630.6 million from Xinjiang Daqo's private offering in China.
Use of Non-GAAP Financial Measures
To supplement Daqo New Energy's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("US GAAP"), the Company uses certain non-GAAP financial measures that are adjusted for certain items from the most directly comparable GAAP measures including earnings before interest, taxes, depreciation and amortization ("EBITDA"), EBITDA margin (which represents the proportion of EBITDA in revenues), adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS. Our management believes that each of these non-GAAP measures is useful to investors, enabling them to better assess changes in key element of the Company's results of operations across different reporting periods on a consistent basis, independent of certain items as described below. Thus, our management believes that, used in conjunction with US GAAP financial measures, these non-GAAP financial measures provide investors with meaningful supplemental information to assess the Company's operating results in a manner that is focused on its ongoing, core operating performance. Our management uses these non-GAAP measures internally to assess the business, its financial performance, current and historical results, as well as for strategic decision-making and forecasting future results. Given our management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's operating results as seen through the eyes of our management. These non-GAAP measures are not prepared in accordance with US GAAP or intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP; the non-GAAP measures should be reviewed together with the US GAAP measures, and may be different from non-GAAP measures used by other companies.
The Company uses EBITDA, which represents earnings before interest, taxes, depreciation and amortization, and EBITDA margin, which represents the proportion of EBITDA in revenues. Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS exclude costs related to share-based compensation. Share-based compensation is a non-cash expense that varies from period to period. As a result, our management excludes this item from our internal operating forecasts and models. Our management believes that this adjustment for share-based compensation provides investors with a basis to measure the Company's core performance, including to compare with the performance of other companies, without the period-to-period variability created by share-based compensation.
A reconciliation of non-GAAP financial measures to comparable US GAAP measures is presented later in this document.
Conference Call
The Company has scheduled a conference call to discuss the results at 8:00 AM Eastern Time on October 27, 2022. (8:00 PM Beijing / Hong Kong time on the same day).
The dial-in details for the earnings conference call are as follows:
Participant dial in (U.S. toll free): +1-888-346-8982
Participant international dial in: +1-412-902-4272
China mainland toll free: 4001-201203
Hong Kong toll free: 800-905945
Hong Kong local toll: +852-301-84992
Participants please dial in 10 minutes before the call is scheduled to begin and ask to be joined into the Daqo New Energy Corp. call.
You can also listen to the conference call via Webcast through the URL:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=imzvJKE3
A replay of the call will be available 1 hour after the conclusion of the conference call through November 3, 2022. The dial in details for the conference call replay are as follows:
U.S. toll free: +1-877-344-7529
International toll: +1-412-317-0088
Canada toll free: 855-669-9658
Replay access code: 9950270
To access the replay through an international dial-in number, please select the link below.
https://services.choruscall.com/ccforms/replay.html
Participants will be asked to provide their name and company name upon entering the call.
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2007, the Company manufactures and sells high-purity polysilicon to photovoltaic product manufactures, who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions. The Company has a total polysilicon nameplate capacity of 105,000 metric tons and is one of the world's lowest cost producers of high-purity polysilicon.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates", "might" and "guidance" and similar statements. Among other things, the outlook for the fourth quarter and the full year of 2022 and quotations from management in these announcements, as well as Daqo New Energy's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the demand for photovoltaic products and the development of photovoltaic technologies; global supply and demand for polysilicon; alternative technologies in cell manufacturing; the Company's ability to significantly expand its polysilicon production capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; the Company's ability to lower its production costs; changes in political and regulatory environment; and the duration of COVID-19 outbreaks in China and many other countries and the impact of the outbreaks and the quarantines and travel restrictions instituted by relevant governments on economic and market conditions, including potentially weaker global demand for solar PV installations that could adversely affect the Company's business and financial performance. Further information regarding these and other risks is included in the reports or documents the Company has filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.
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CHARLOTTE, N.C. (AP) _ Sonic Automotive Inc. (SAH) on Thursday reported third-quarter profit of $87.3 million.
The Charlotte, North Carolina-based company said it had net income of $2.23 per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.50 per share.
The auto dealer posted revenue of $3.45 billion in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $3.59 billion.
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ATLANTA (AP) _ Southern Co. (SO) on Thursday reported third-quarter net income of $1.48 billion.
The Atlanta-based company said it had profit of $1.36 per share. Earnings, adjusted for non-recurring gains, came to $1.31 per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.33 per share.
The power company posted revenue of $8.38 billion in the period, which beat Street forecasts. Three analysts surveyed by Zacks expected $6.75 billion.
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JT Group and Altria Group announce a joint venture to commercialize Ploom heated tobacco sticks products in the U.S.
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/.
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SOURCE JAPAN TOBACCO Inc. | https://www.prnewswire.com/news-releases/jt-group-and-altria-group-announce-a-joint-venture-to-commercialize-ploom-heated-tobacco-sticks-products-in-the-us-301660946.html | 2022-10-27T11:45:46 | en | 0.936113 |
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DALLAS (AP) _ Southwest Airlines Co. (LUV) on Thursday reported third-quarter earnings of $277 million.
The Dallas-based company said it had net income of 44 cents per share. Earnings, adjusted for non-recurring costs, came to 50 cents per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share.
The airline posted revenue of $6.22 billion in the period, falling short of Street forecasts. Seven analysts surveyed by Zacks expected $6.23 billion.
_____
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JT Group and Altria Group announce a joint venture to commercialize Ploom heated tobacco sticks products in the U.S.
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/.
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Southwest posted record operating revenue in its third quarter as travelers returned in force over the summer.
Operating revenue totaled $6.22 billion, up 10% from the prior year's $5.64 billion, the company said Thursday. However, this was shy of the $6.23 billion that analysts polled by Zacks Investment Research.
Fuel costs were $3.34 per gallon.
CEO Bob Jordan said that revenue trends stayed strong in September, even as the busy summer travel season wrapped up with business travel picking up after Labor Day.
Jordan said the company anticipates revenue trends to improve from the third to fourth quarters as leisure and business travel remaining strong in an environment of lower capacity.
Southwest expects first-quarter capacity to rise about 10% and second-quarter capacity to increase approximately 14% year over year, Jordan said,
Southwest expects to be able to offer more flight options to travelers next year. Jordan said the company anticipates its route network will be approximately 90% restored by the summer, and fully restored by December 2023, compared with pre-pandemic travel.
Southwest Airlines Co. earned $277 million, or 44 cents per share, in the quarter. Stripping out certain items, earnings were 50 cents per share. This handily topped the 41 cents per share Wall Street was looking for.
Shares rose more than 3% before the market open.
Southwest is the last large U.S. airline to report third-quarter results. The other posted strong profits and surging revenue as air travel rebounded and fares were pushed higher by a shortage of seats — airlines still haven’t restored all the flights that they cut in the early days of the pandemic.
Southwest was a big beneficiary when travel began picking up. Most Americans stuck to domestic trips while international travel was restricted. Now, however, lucrative foreign travel is starting to boom, and that is likely to help American, Delta and United more than the Dallas-based low-cost carrier.
Like all airlines, Southwest faces rising costs. Jet fuel is up sharply from 2019, and a labor shortage is emboldening unions to seeking big pay raises.
This week, Southwest reached a tentative agreement with the union representing about 8,000 customer-service workers that includes raises of up to 25% over four years. The same workers voted down smaller raises in May. Pilots are also negotiating a new contract. | https://www.expressnews.com/business/article/Southwest-posts-record-3Q-revenue-as-summer-17537992.php | 2022-10-27T11:45:56 | en | 0.972181 |
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 / [email protected]
Chethan Mallela
T: 646-620-8761 / [email protected]
Media Contact:
Katie Gilroy
T: 781-418-3345 / [email protected]
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.
SOURCE Keurig Dr Pepper Inc. | https://www.prnewswire.com/news-releases/keurig-dr-pepper-reports-strong-q3-2022-results-and-reaffirms-guidance-for-the-year-301660542.html | 2022-10-27T11:45:58 | en | 0.949698 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/minnesota-vikings/articles/41274419 | 2022-10-27T11:45:59 | en | 0.738227 |
NEW BRITAIN, Conn. (AP) _ Stanley Black & Decker Inc. (SWK) on Thursday reported third-quarter net income of $844.6 million.
On a per-share basis, the New Britain, Connecticut-based company said it had net income of $5.50. Earnings, adjusted to account for discontinued operations, came to 76 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.
The tool company posted revenue of $4.12 billion in the period, which met Street forecasts.
Stanley Black & Decker expects full-year earnings in the range of $4.15 to $4.65 per share.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SWK at https://www.zacks.com/ap/SWK | https://www.expressnews.com/business/article/Stanley-Black-Decker-Q3-Earnings-Snapshot-17537885.php | 2022-10-27T11:46:03 | en | 0.92466 |
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: [email protected]
Ph.: 877.571.0405
Website: www.Legal-Bay.com
SOURCE Legal-Bay, LLC | https://www.prnewswire.com/news-releases/legal-bay-pre-settlement-funding-to-allocate-capital-for-nursing-home-neglect-and-abuse-cases-301660822.html | 2022-10-27T11:46:04 | en | 0.97485 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/minnesota-vikings/articles/41274601 | 2022-10-27T11:46:05 | en | 0.738227 |
MOOREFIELD, W.Va. (AP) _ Summit Financial Group Inc. (SMMF) on Thursday reported net income of $14.4 million in its third quarter.
The Moorefield, West Virginia-based bank said it had earnings of $1.11 per share.
The financial holding company posted revenue of $47.3 million in the period. Its revenue net of interest expense was $39 million, which topped Street forecasts.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SMMF at https://www.zacks.com/ap/SMMF | https://www.expressnews.com/business/article/Summit-Financial-Q3-Earnings-Snapshot-17537888.php | 2022-10-27T11:46:09 | en | 0.947018 |
NEW YORK, Oct. 27, 2022 /PRNewswire/ -- The "Marine Sealants Market by Type and Geography - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. The report expects the market size to grow by USD 96.02 million, accelerating at a CAGR of 6.79% during the forecast period. The report provides a detailed analysis of the factors influencing the growth, the competitive landscape, product launches, and insights into the key revenue generating segments in the market. Understand how the purchase of the report can have a direct impact on your revenue. Request Sample PDF Report Here
Key Growth Drivers
The market is driven by the growth of the shipbuilding industry. Factors such as increasing FDI flows, seaborne trade, and expanding multinational companies businesses have significantly contributed to the growth of the global shipbuilding industry. In addition, new ship manufacturing and an increase in the repair and maintenance of old ships are fueling the growth of the global shipbuilding industry. The shipbuilding industry is a major consumer of the global marine sealants market. Thus, with the growing shipbuilding industry, the demand for marine sealants is expected to increase during the forecast period.
Get detailed insights into the impact of drivers, trends, and challenges on the growth of the global marine sealants market. Buy Report Now
Segmentation Analysis
The global marine sealants market is segmented as follows:
Marine Sealants Market Type Outlook (Revenue, USD Million, 2021-2026)
- Polysulfide - size and forecast 2021-2026
- Silicone - size and forecast 2021-2026
- Polyurethane - size and forecast 2021-2026
- Butyl - size and forecast 2021-2026
- Others - size and forecast 2021-2026
Based on the type, the polysulfide segment of the global marine sealants market is expected to witness a significant growth rate during the forecast period. Polysulfide sealants offer excellent resistance to gasoline, teak oil, and diesel fuel. They are also easy to apply and are widely available. In addition, the increasing use of polysulfide in plastic fittings in the marine industry is driving the growth of the global marine sealants market.
Marine Sealants Market Geography Outlook (Revenue, USD Million, 2021-2026)
- APAC - size and forecast 2021-2026
- Europe - size and forecast 2021-2026
- North America - size and forecast 2021-2026
- The Middle East and Africa - size and forecast 2021-2026
- South America - size and forecast 2021-2026
APAC will have the largest share of the market. About 49% of the market growth will come from this region during the forecast period. The increasing investments in shipbuilding, particularly in South Korea, Japan, and China, are driving the growth of the regional market. In addition, the growing focus on the travel and tourism industry is likely to have a significant influence on the marine industry, which will further increase shipbuilding capacity and fuel the demand for marine sealants in APAC.
Our sample report includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself by Downloading a Free Report Sample.
Major Vendors in Marine Sealants Market:
- 3M Co.
- Adshead Ratcliffe and Co. Ltd.
- Alpha Adhesives and Sealants Ltd.
- Archello BV
- Arkema Group
- Avery Dennison Corp.
- Comus Solutions
- DuPont de Nemours Inc.
- H.B. Fuller Co.
- Henkel AG and Co. KGaA
- Huntsman International LLC
- Illinois Tool Works Inc.
- Love and Pieces LLC
- Pioneer Adhesives Inc.
- RPM International Inc.
- SABA Dinxperlo BV
- Shin Etsu Chemical Co. Ltd.
- Sika AG
- Star brite Inc.
- The Dow Chemical Co.
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Table of contents:
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 12: Market segments
- 3.3 Market size 2021
- 3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between2021 and 2026
- 4.2 Bargaining power of buyers
- Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
- 4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
- 4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
- 4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
- 4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
- 4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by Type
- 5.1 Market segments
- Exhibit 24: Chart on Type - Market share 2021-2026 (%)
- Exhibit 25: Data Table on Type - Market share 2021-2026 (%)
- 5.2 Comparison by Type
- Exhibit 26: Chart on Comparison by Type
- Exhibit 27: Data Table on Comparison by Type
- 5.3 Polysulfide - Market size and forecast 2021-2026
- Exhibit 28: Chart on Polysulfide - Market size and forecast 2021-2026 ($ million)
- Exhibit 29: Data Table on Polysulfide - Market size and forecast 2021-2026 ($ million)
- Exhibit 30: Chart on Polysulfide - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on Polysulfide - Year-over-year growth 2021-2026 (%)
- 5.4 Silicone - Market size and forecast 2021-2026
- Exhibit 32: Chart on Silicone - Market size and forecast 2021-2026 ($ million)
- Exhibit 33: Data Table on Silicone - Market size and forecast 2021-2026 ($ million)
- Exhibit 34: Chart on Silicone - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on Silicone - Year-over-year growth 2021-2026 (%)
- 5.5 Polyurethane - Market size and forecast 2021-2026
- Exhibit 36: Chart on Polyurethane - Market size and forecast 2021-2026 ($ million)
- Exhibit 37: Data Table on Polyurethane - Market size and forecast 2021-2026 ($ million)
- Exhibit 38: Chart on Polyurethane - Year-over-year growth 2021-2026 (%)
- Exhibit 39: Data Table on Polyurethane - Year-over-year growth 2021-2026 (%)
- 5.6 Butyl - Market size and forecast 2021-2026
- Exhibit 40: Chart on Butyl - Market size and forecast 2021-2026 ($ million)
- Exhibit 41: Data Table on Butyl - Market size and forecast 2021-2026 ($ million)
- Exhibit 42: Chart on Butyl - Year-over-year growth 2021-2026 (%)
- Exhibit 43: Data Table on Butyl - Year-over-year growth 2021-2026 (%)
- 5.7 Others - Market size and forecast 2021-2026
- Exhibit 44: Chart on Others - Market size and forecast 2021-2026 ($ million)
- Exhibit 45: Data Table on Others - Market size and forecast 2021-2026 ($ million)
- Exhibit 46: Chart on Others - Year-over-year growth 2021-2026 (%)
- Exhibit 47: Data Table on Others - Year-over-year growth 2021-2026 (%)
- 5.8 Market opportunity by Type
- Exhibit 48: Market opportunity by Type ($ million)
6 Customer Landscape
- 6.1 Customer landscape overview
- Exhibit 49: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 50: Chart on Market share by geography 2021-2026 (%)
- Exhibit 51: Data Table on Market share by geography 2021-2026 (%)
- 7.2 Geographic comparison
- Exhibit 52: Chart on Geographic comparison
- Exhibit 53: Data Table on Geographic comparison
- 7.3 APAC - Market size and forecast 2021-2026
- Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)
- 7.4 Europe - Market size and forecast 2021-2026
- Exhibit 58: Chart on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 59: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 60: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on Europe - Year-over-year growth 2021-2026 (%)
- 7.5 North America - Market size and forecast 2021-2026
- Exhibit 62: Chart on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 63: Data Table on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 64: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on North America - Year-over-year growth 2021-2026 (%)
- 7.6 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 66: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 67: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 68: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- 7.7 South America - Market size and forecast 2021-2026
- Exhibit 70: Chart on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 71: Data Table on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 72: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on South America - Year-over-year growth 2021-2026 (%)
- 7.8 China - Market size and forecast 2021-2026
- Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)
- 7.9 US - Market size and forecast 2021-2026
- Exhibit 78: Chart on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 79: Data Table on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 80: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on US - Year-over-year growth 2021-2026 (%)
- 7.10 Germany - Market size and forecast 2021-2026
- Exhibit 82: Chart on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 83: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 84: Chart on Germany - Year-over-year growth 2021-2026 (%)
- Exhibit 85: Data Table on Germany - Year-over-year growth 2021-2026 (%)
- 7.11 India - Market size and forecast 2021-2026
- Exhibit 86: Chart on India - Market size and forecast 2021-2026 ($ million)
- Exhibit 87: Data Table on India - Market size and forecast 2021-2026 ($ million)
- Exhibit 88: Chart on India - Year-over-year growth 2021-2026 (%)
- Exhibit 89: Data Table on India - Year-over-year growth 2021-2026 (%)
- 7.12 Japan - Market size and forecast 2021-2026
- Exhibit 90: Chart on Japan - Market size and forecast 2021-2026 ($ million)
- Exhibit 91: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
- Exhibit 92: Chart on Japan - Year-over-year growth 2021-2026 (%)
- Exhibit 93: Data Table on Japan - Year-over-year growth 2021-2026 (%)
- 7.13 UK - Market size and forecast 2021-2026
- Exhibit 94: Chart on UK - Market size and forecast 2021-2026 ($ million)
- Exhibit 95: Data Table on UK - Market size and forecast 2021-2026 ($ million)
- Exhibit 96: Chart on UK - Year-over-year growth 2021-2026 (%)
- Exhibit 97: Data Table on UK - Year-over-year growth 2021-2026 (%)
- 7.14 Market opportunity by geography
- Exhibit 98: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- 8.3 Impact of drivers and challenges
- Exhibit 99: Impact of drivers and challenges in 2021 and 2026
- 8.4 Market trends
9 Vendor Landscape
- 9.1 Overview
- 9.2 Vendor landscape
- Exhibit 100: Overview on Criticality of inputs and Factors of differentiation
- 9.3 Landscape disruption
- Exhibit 101: Overview on factors of disruption
- 9.4 Industry risks
- Exhibit 102: Impact of key risks on business
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 103: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 104: Matrix on vendor position and classification
- 10.3 3M Co.
- Exhibit 105: 3M Co. - Overview
- Exhibit 106: 3M Co. - Business segments
- Exhibit 107: 3M Co. - Key news
- Exhibit 108: 3M Co. - Key offerings
- Exhibit 109: 3M Co. - Segment focus
- 10.4 Alpha Adhesives and Sealants Ltd.
- Exhibit 110: Alpha Adhesives and Sealants Ltd. - Overview
- Exhibit 111: Alpha Adhesives and Sealants Ltd. - Product / Service
- Exhibit 112: Alpha Adhesives and Sealants Ltd. - Key offerings
- 10.5 Archello BV
- Exhibit 113: Archello BV - Overview
- Exhibit 114: Archello BV - Product / Service
- Exhibit 115: Archello BV - Key offerings
- 10.6 Arkema Group
- Exhibit 116: Arkema Group - Overview
- Exhibit 117: Arkema Group - Business segments
- Exhibit 118: Arkema Group - Key news
- Exhibit 119: Arkema Group - Key offerings
- Exhibit 120: Arkema Group - Segment focus
- 10.7 Avery Dennison Corp.
- Exhibit 121: Avery Dennison Corp. - Overview
- Exhibit 122: Avery Dennison Corp. - Business segments
- Exhibit 123: Avery Dennison Corp. - Key news
- Exhibit 124: Avery Dennison Corp. - Key offerings
- Exhibit 125: Avery Dennison Corp. - Segment focus
- 10.8 DuPont de Nemours Inc.
- Exhibit 126: DuPont de Nemours Inc. - Overview
- Exhibit 127: DuPont de Nemours Inc. - Business segments
- Exhibit 128: DuPont de Nemours Inc. - Key offerings
- Exhibit 129: DuPont de Nemours Inc. - Segment focus
- 10.9 H.B. Fuller Co.
- Exhibit 130: H.B. Fuller Co. - Overview
- Exhibit 131: H.B. Fuller Co. - Business segments
- Exhibit 132: H.B. Fuller Co. - Key news
- Exhibit 133: H.B. Fuller Co. - Key offerings
- Exhibit 134: H.B. Fuller Co. - Segment focus
- 10.10 Henkel AG and Co. KGaA
- Exhibit 135: Henkel AG and Co. KGaA - Overview
- Exhibit 136: Henkel AG and Co. KGaA - Business segments
- Exhibit 137: Henkel AG and Co. KGaA - Key news
- Exhibit 138: Henkel AG and Co. KGaA - Key offerings
- Exhibit 139: Henkel AG and Co. KGaA - Segment focus
- 10.11 Huntsman International LLC
- Exhibit 140: Huntsman International LLC - Overview
- Exhibit 141: Huntsman International LLC - Business segments
- Exhibit 142: Huntsman International LLC - Key news
- Exhibit 143: Huntsman International LLC - Key offerings
- Exhibit 144: Huntsman International LLC - Segment focus
- 10.12 The Dow Chemical Co.
- Exhibit 145: The Dow Chemical Co. - Overview
- Exhibit 146: The Dow Chemical Co. - Business segments
- Exhibit 147: The Dow Chemical Co. - Key news
- Exhibit 148: The Dow Chemical Co. - Key offerings
- Exhibit 149: The Dow Chemical Co. - Segment focus
11 Appendix
- 11.1 Scope of the report
- 11.2 Inclusions and exclusions checklist
- Exhibit 150: Inclusions checklist
- Exhibit 151: Exclusions checklist
- 11.3 Currency conversion rates for US$
- Exhibit 152: Currency conversion rates for US$
- 11.4 Research methodology
- Exhibit 153: Research methodology
- Exhibit 154: Validation techniques employed for market sizing
- Exhibit 155: Information sources
- 11.5 List of abbreviations
- Exhibit 156: List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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WAYNE, Pa. (AP) _ Teleflex Inc. (TFX) on Thursday reported third-quarter earnings of $101.9 million.
The Wayne, Pennsylvania-based company said it had profit of $2.16 per share. Earnings, adjusted for one-time gains and costs, were $3.27 per share.
The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $3.10 per share.
The medical equipment maker posted revenue of $686.8 million in the period, which did not meet Street forecasts. Thirteen analysts surveyed by Zacks expected $691.3 million.
Teleflex expects full-year earnings in the range of $12.80 to $13.20 per share.
_____
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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.
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PROVIDENCE, R.I. (AP) _ Textron Inc. (TXT) on Thursday reported third-quarter net income of $225 million.
The Providence, Rhode Island-based company said it had net income of $1.06 per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share.
The maker of Cessna small planes and Bell helicopters posted revenue of $3.08 billion in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $3.21 billion.
Textron expects full-year earnings to be $3.90 to $4 per share.
_____
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- 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).
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NEW YORK (AP) _ Tradeweb Markets Inc. (TW) on Thursday reported third-quarter profit of $69.1 million.
The New York-based company said it had earnings of 33 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 45 cents per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.
The electronic marketplaces operator posted revenue of $287.1 million in the period. Its revenue net of interest expense was $287.1 million, which also beat Street forecasts. Nine analysts surveyed by Zacks expected $286.3 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TW at https://www.zacks.com/ap/TW | https://www.expressnews.com/business/article/Tradeweb-Q3-Earnings-Snapshot-17537977.php | 2022-10-27T11:46:27 | en | 0.955597 |
- 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.
SOURCE PBF Logistics LP | https://www.prnewswire.com/news-releases/pbf-logistics-declares-quarterly-distribution-of-0-30-per-unit-and-announces-third-quarter-2022-earnings-results-301660753.html | 2022-10-27T11:46:28 | en | 0.942821 |
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INCLINE VILLAGE, Nev. (AP) _ Tri Pointe Homes Inc. (TPH) on Thursday reported earnings of $149.2 million in its third quarter.
The Incline Village, Nevada-based company said it had net income of $1.45 per share.
The home builder posted revenue of $1.06 billion in the period.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TPH at https://www.zacks.com/ap/TPH | https://www.expressnews.com/business/article/Tri-Pointe-Q3-Earnings-Snapshot-17537882.php | 2022-10-27T11:46:34 | en | 0.933404 |
- 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.
SOURCE Regal Rexnord Corporation | https://www.prnewswire.com/news-releases/regal-rexnord-to-acquire-altra-industrial-motion-301660746.html | 2022-10-27T11:46:34 | en | 0.922544 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nba/cleveland-cavaliers/articles/41274589 | 2022-10-27T11:46:35 | en | 0.738227 |
NEWARK, N.Y. (AP) _ Ultralife Corp. (ULBI) on Thursday reported a loss of $239,000 in its third quarter.
On a per-share basis, the Newark, New York-based company said it had a loss of 1 cent.
The power and communications systems maker posted revenue of $33.2 million in the period.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ULBI at https://www.zacks.com/ap/ULBI | https://www.expressnews.com/business/article/Ultralife-Q3-Earnings-Snapshot-17538017.php | 2022-10-27T11:46:40 | en | 0.941002 |
- 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
[email protected]
Media Contact:
Oliver Clark
[email protected]
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.
SOURCE Resideo Technologies, Inc. | https://www.prnewswire.com/news-releases/resideo-technologies-releases-inaugural-esg-report-301660730.html | 2022-10-27T11:46:40 | en | 0.922312 |
NEW YORK (AP) _ Valley National Bancorp (VLY) on Thursday reported third-quarter net income of $178.1 million.
The New York-based bank said it had earnings of 34 cents per share. Earnings, adjusted for non-recurring costs, came to 35 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.
The holding company for Valley National Bank posted revenue of $592.9 million in the period. Its revenue net of interest expense was $510.2 million, also topping Street forecasts. Four analysts surveyed by Zacks expected $505.8 million.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VLY at https://www.zacks.com/ap/VLY | https://www.expressnews.com/business/article/Valley-National-Q3-Earnings-Snapshot-17537985.php | 2022-10-27T11:46:46 | en | 0.944698 |
DUBLIN, Oct. 27, 2022 /PRNewswire/ -- The "Wipes Global Market Report 2022, By Type, By Product, By Application" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global wipes market.
The global wipes market is expected to grow from $18.09 billion in 2021 to $19.67 billion in 2022 at a compound annual growth rate (CAGR) of 8.8%. The market is expected to grow to $26.45 billion in 2026 at a compound annual growth rate (CAGR) of 7.7%.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies
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- Identify growth segments for investment
- Outperform competitors using forecast data and the drivers and trends shaping the market
- Understand customers based on the latest market research findings
- Benchmark performance against key competitors
- Utilize the relationships between key data sets for superior strategizing
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Major players in the wipes market are Rockline Industries, Kimberly Clark Corporation, Procter and Gamble Co., Unicharm International, Edgewell Personal Care, Johnson & Johnson, Diamond Wipes International, La Fresh, NicePak International, and Meridian Industries Inc..
The wipes market consists of sales of wipes and related services that are used in personal, household sector and industrial sectors. A wipe is a moistened, disposable cloth that is used for cleaning surfaces. It is often used as an antiseptic fabric primarily for skin cleansing.
The main types of wipes are disposable wipes and non-disposable wipes. Disposable wipes are nonwoven textiles that have been saturated with water and gentle cleansing chemicals used for baby care, hand washing, feminine and other personal cleansing. The various products include baby, facial & cosmetic, hand and body, flushable, others that are used by household sector, industrial sector and others.
Asia Pacific was the largest region in the wipes market in 2021. North America was the second largest region in the wipes market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increased demand for specialty wipes and wet wipes is a key factor driving the growth of the wipes market. Specialty wipes have multiple applications, from household to industrial including aerospace, while, wet wipes can be used for various purposes such as cleansing, hygiene, and skincare among others. Wet wipes are one of the best hygienic options for cleaning babies as they are fragile on sensitive children's bodies.
Manufacturers such as Pigeon offer products for children, such as anti-mosquito wet tissues. These mosquito repellent wet tissues and wipes are used to avoid mosquito bites and infectious diseases like malaria, dengue and other infections. These wipes can be easily carried to any place and used for both babies and adults for their sanitizing and easy cleaning benefits. Companies including Petkin, Wetnaps and other national wet wipes companies are selling wet wipes for even pets. Therefore, the increased demand for specialty wipes is expected to drive the growth of the wipes market.
The environmental threat is a key factor hampering the growth of the wipes market. Typically, the wipes are composed of a fabric like cotton blended together with plastic resins including polyester or polypropylene that are not biodegradable. According to Thames21, a leading waterways charity in London reported that around 23,000 wet wipes from one stretch of the Thames foreshore and 473 bin bags of wet wipes from the foreshore in Barnes, West London were removed in March 2019. Therefore, the environmental threat is expected to hinder the growth of the wipes market during the forecast period.
The toxin free baby wipes is a key trend in the wipes market. The toxin free baby wipes are purest clinical grade filtered water wipes loaded with Aloe vera extracts and vitamin E. These baby water wipes are specially formulated with pH to match the delicate skin of new born babies. Though these wipes are often used for babies they can even be used by adults and elderly. Bey Bee, a progressive child care company brand, launched India's first toxin-free baby wipes. These toxin-free wipes are distributed in all prominent web stores such as amazon, flipkart, Snapdeal, Paytm etc.
In October 2021, Ecolab Inc., the American based provider of water, hygiene and energy technologies and services acquired National Wiper Alliance for an undisclosed amount. Through this acquisition, Ecolab aimed to expand its contract manufacturing business of producing several disinfecting wipes products. National Wiper Alliance is a wipes manufacturing facility headquartered at North Carolina, USA.
The countries covered in the wipes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Key Topics Covered:
1. Executive Summary
2. Wipes Market Characteristics
3. Wipes Market Trends And Strategies
4. Impact Of COVID-19 On Wipes
5. Wipes Market Size And Growth
5.1. Global Wipes Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Wipes Forecast Market, 2021 - 2026F, 2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Wipes Market Segmentation
6.1. Global Wipes Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2026F, 2031F, $ Billion
6.2. Global Wipes Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2026F, 2031F, $ Billion
6.3. Global Wipes Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2026F, 2031F, $ Billion
7. Wipes Market Regional And Country Analysis
7.1. Global Wipes Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2026F, 2031F, $ Billion
7.2. Global Wipes Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2026F, 2031F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/cikb3j
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
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SOURCE Research and Markets | https://www.prnewswire.com/news-releases/wipes-global-market-report-2022-301660972.html | 2022-10-27T11:46:46 | en | 0.915025 |
With Top-Notch Innovation and Technologies, Hisense Aims to Be Costumers' Perfect Companion to the FIFA World Cup Qatar 2022™
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.
SOURCE Hisense | https://www.prnewswire.com/news-releases/with-top-notch-innovation-and-technologies-hisense-aims-to-be-costumers-perfect-companion-to-the-fifa-world-cup-qatar-2022-301661078.html | 2022-10-27T11:46:52 | en | 0.907352 |
VAN BUREN TOWNSHIP, Mich. (AP) _ Visteon Corp. (VC) on Thursday reported third-quarter earnings of $44 million.
The Van Buren Township, Michigan-based company said it had net income of $1.54 per share. Earnings, adjusted for restructuring costs, came to $1.58 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.23 per share.
The auto parts supplier posted revenue of $1.03 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $807.8 million.
Visteon expects full-year revenue in the range of $3.6 billion to $3.7 billion.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VC at https://www.zacks.com/ap/VC | https://www.expressnews.com/business/article/Visteon-Q3-Earnings-Snapshot-17537957.php | 2022-10-27T11:46:52 | en | 0.934074 |
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