Governor Phil Murphy Sees Huge Profit Margin in High Energy Prices for State Finances
TRENTON, NJ – New Jersey’s government bank accounts are about to see a huge increase in tax revenue collected from anyone who pays an electric bill, thanks to a 20% price hike…
M&T Bank Corp beats profit estimates as interest income doubles
(Reuters) – M&T Bank Corp beat Wall Street estimates for first-quarter profit on Monday, as the U.S. Federal Reserve’s rapid rate hikes to tame high inflation boosted the lender’s interest income. U.S.…
PNC Financial beats profit estimates on boost from higher interest rates
(Reuters) – PNC Financial Services Group reported an 18.5% rise in first-quarter profit on Friday, as the Federal Reserve’s rate hikes fueled a surge in the U.S. regional lender’s net interest income…
Uniqlo owner expected to post 30% profit rise, as investors eye China results
By Rocky Swift TOKYO (Reuters) – Second-quarter results from Japan’s Fast Retailing Co, owner of clothing brand Uniqlo, will on Thursday offer a window into how rapidly demand in China is recovering…
Corona beer maker Constellation sees 2024 profit above estimates on price hikes
(Reuters) – Constellation Brands Inc forecast full-year profit above Wall Street estimates on Thursday, benefiting from price increases aimed at combating elevated costs and strong demand for its high-end beer brands. Like…
Samsung quarterly profit set to hit 14-year low amid chip glut
By Joyce Lee SEOUL (Reuters) – Samsung Electronics Co Ltd’s first-quarter profit is expected to plunge 92% to the lowest for any quarter in 14 years, as a chip glut worsens and…
Chinese top hotpot chain’s overseas unit sees profit this year
By Chen Lin SINGAPORE (Reuters) – The overseas unit of China’s biggest hotpot chain Haidilao expects to return to profit this year, after posting almost 80% year-on-year growth in revenue for 2022…
Shorting global banks fetches $14.3 billion in paper profit in March – S3 Partners
(Reuters) – Short sellers made $14.3 billion in paper profit from their bearish bets on global banking stocks in March, according to analytics firm S3 Partners, as the collapse of U.S. lender Silicon…
Goldman Sachs Due For A Huge Profit Off Other Bank’s Failure
Jason Cohen on March 15, 2023 NEW YORK, NY – Goldman Sachs, one of the largest U.S. investment banks with strong political ties, is likely to gain a massive profit following their…
CK Hutchison 2022 net profit up 9.5% helped by big one-off gain
HONG KONG (Reuters) – CK Hutchison Holdings Ltd, the ports-to-telecoms conglomerate owned by billionaire Li Ka-shing, said it expects lower one-off gains to affect its profit this year after posting a 9.5%…
FedEx profit report to test company turnaround
By Kannaki Deka and Lisa Baertlein (Reuters) – Analysts expect FedEx Corp to post a sharp drop in quarterly profit on Thursday as demand retreats to prepandemic levels, and are asking whether…
China battery giant CATL reports slower Q4 profit growth
SHANGHAI (Reuters) – Chinese battery giant CATL posted sharply slower growth in fourth quarter net profit, after COVID-19 outbreaks and consumer caution hit electric vehicle (EV) demand in the world’s largest auto…
Brown-Forman misses quarterly profit estimates as costs weigh
(Reuters) – Brown-Forman Corp missed Wall Street expectations for third-quarter profit on Wednesday, as the Jack Daniel’s whiskey maker struggled to keep a tight lid on costs. Spirit makers such as Brown-Forman…
Brazil airline Gol’s shares soar after unexpected Q4 net profit
By Gabriel Araujo SAO PAULO (Reuters) – Brazilian airline Gol Linhas Aereas Inteligentes SA on Wednesday reported an unexpected fourth quarter net profit, reversing a multi-billion-real loss seen a year earlier on…
Brazil’s RD posts 47% increase in Q4 adjusted net profit
SAO PAULO (Reuters) – Brazilian pharmacy chain RD SA, Raia Drogasil, posted on Tuesday a 47% jump year-over-year in fourth-quarter adjusted net profit to 301.1 million reais ($58.00 million), boosted by an…
HelloFresh shares drop as profit outlook disappoints
By Linda Pasquini (Reuters) -HelloFresh forecast 2023 profit below analysts’ expectations on Tuesday, sending its shares down as much as 12.7%, as fewer people order its meal kits in reopening economies and…
Ferragamo posts smaller than expected operating profit drop
MILAN (Reuters) – Italian luxury goods group Salvatore Ferragamo on Thursday reported a smaller-than-expected 10.8% drop in operating profit for 2022, as it shouldered higher costs in a push to relaunch the…
Lithium miner SQM’s profit more than triples on EV demand
(Reuters) -Chile’s SQM, the world’s second-largest lithium producer, on Thursday posted fourth-quarter net profit more than triple that of a year earlier, just beating estimates on surging demand and tight supplies for…
Hapag-Lloyd forecasts big drop off after record 2022 profit
FRANKFURT (Reuters) – German container shipper Hapag-Lloyd on Thursday posted a record profit of 17 billion euros ($18.08 billion) for 2022, 88% more than a year earlier, but said uncertainty around the…
Brazil’s Ambev sees higher costs in 2023 as Q4 net profit rises 36%
SAO PAULO (Reuters) – Ambev SA said on Thursday it expects the cost of goods sold per hectoliter at its beer business in Brazil to rise by 6% to 9.9% in 2023,…
Colombia’s Grupo SURA posts 82% jump in Q4 net profit
BOGOTA (Reuters) – Net profit at Grupo SURA, Colombia’s largest investment company, rose by 81.9% in the fourth quarter of 2022 compared to the year earlier period, the firm said in a…
Abercrombie & Fitch posts a fall in quarterly profit
(Reuters) – Abercrombie & Fitch Co on Wednesday reported a 41.5% drop in quarterly profit, as higher labor costs and inflationary pressures squeezed margins. The company’s net income attributable to Abercrombie fell…
Canada’s Scotiabank profit falls on capital market slump, provisions
(Reuters) – Bank of Nova Scotia (Scotiabank) reported a lower first-quarter profit on Tuesday, as a lull in its investment banking division dented income from its capital markets unit and compelled the…
Mexico’s Alsea profit slides as rising costs, exchange rate, taxes bite
MEXICO CITY (Reuters) -Mexican restaurant chain operator Alsea reported on Monday a 31% drop in its fourth-quarter net profit from a year earlier, hit by higher energy and raw materials costs and…
New Jersey Doctor Admits Buying and Selling Oncology Medication for Profit
NEWARK, N.J. – A New Jersey doctor today admitted using his medical license – and allowing other to use his medical license – to purchase prescription oncology medications under false pretenses for…
Australian pallets maker Brambles hikes annual profit outlook; shares jump
By Harish Sridharan (Reuters) -Australian logistics company Brambles Ltd raised its annual earnings outlook on Friday as it offset cost pressures with product price hikes, sending its shares 7.5% higher in their…