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…
Ant Group quarterly net profit plunges by 82.7% -Alibaba filing
SHANGHAI (Reuters) – China’s Ant Group on Thursday made net profit of 3.05 billion yuan ($442.13 million) in the three months to Sept. 30, down 82.7% from a year earlier, according to…
CoStar ends talks to buy Move Inc, posts weak profit forecast
(Reuters) -CoStar Group said on Tuesday it was no longer in talks to buy Realtor.com owner Move Inc from News Corp and forecast disappointing first-quarter revenue that sent its shares down 15%…
Corebridge posts smaller-than-feared profit drop on strong investment income
(Reuters) -Corebridge Financial Inc reported a smaller-than-expected drop in its quarterly profit on Friday, supported by higher investment income from its base portfolio that more than offset the decline in private-equity returns.…
Swiss Re 2022 net profit down 67%; sees brighter outlook for 2023
FRANKFURT (Reuters) – Reinsurance company Swiss Re said on Friday that net profit for 2022 fell 67% as it faced claims from Hurricane Ian in Florida, pandemic losses, and high inflation, but…
Exclusive-SoftBank’s Arm China profit drops over 90% in 2022 -document
By Jane Lanhee Lee and Kane Wu OAKLAND, Calif./HONG KONG (Reuters) – Chip technology firm Arm China suffered a 90% drop in profit last year despite revenue rising more than 30% during…
Roku shares jump on promise of turning a profit
(Reuters) – Streaming device maker Roku Inc is aiming to turn a profit in 2024 as it strives to drastically cut costs to ride out a weakness in the ad market, sending…
Insurer AIG profit shrinks as storm-related costs, weak investment returns hit
(Reuters) – U.S. insurer American International Group reported a near 24% fall in fourth-quarter profit on Wednesday, hurt by losses tied to a winter storm that hit parts of North America late…
Out of lockdown, Kmart pushes Australia’s Wesfarmers to higher profit
By Byron Kaye and Roushni Nair (Reuters) -Australia’s biggest listed conglomerate Wesfarmers Ltd booked a better-than-expected interim profit as a post-lockdown rebound at its Kmart chain offset a sluggish performance from its…
Leidos Holdings sees 2023 profit below estimates as supply chain woes persist
(Reuters) – U.S. defense contractor Leidos Holdings Inc forecast lower-than-expected 2023 profit as the industry struggles with labor shortages, higher costs and lingering supply chain bottlenecks. The Reston, Virginia-based company expects 2023…
Brazil’s Carrefour Brasil posts 28% drop in Q4 adjusted net profit
SAO PAULO (Reuters) – Carrefour Brasil reported on Monday its fourth-quarter adjusted net profit decreased 28.2% from a year earlier to 550 million reais ($106.19 million), hit by a double digit increase…
Finnish insurer Sampo misses profit forecast in volatile market
(Reuters) – Finnish insurer Sampo on Friday reported a bigger-than-expected drop in fourth-quarter earnings citing challenging capital markets environment, sending its shares falling more than 5%. The group’s profit before tax fell…
Tenet Healthcare’s fourth-quarter beat puts 2023 concerns at bay
(Reuters) -Tenet Healthcare Corp on Thursday beat Wall Street estimates for fourth-quarter results as growth in its outpatient service business put concerns around the hospital operator’s weak 2023 forecast at bay. The…
Mexican bottler Arca reports 24% rise in Q4 net profit
MEXICO CITY (Reuters) -Mexican bottler Arca Continental reported a 24.2% increase in fourth-quarter net profit year-over-year, the company said in a statement on Thursday, pointing to price hikes and cost hedging that…
CVS Health beats quarterly profit estimates on lower medical costs
(Reuters) – CVS Health beat quarterly profit estimates on Wednesday, as a decline in hospitalizations from COVID-19 helped bring down medical costs at its Aetna insurance business. The company posted an adjusted…
Prudential Financial profit falls 26% as market rout drags AUM
(Reuters) – Prudential Financial Inc reported a roughly 26% fall in fourth-quarter adjusted profit on Tuesday as a global market rout pressured the insurer’s assets under management (AUM). The previous year was…
S. Africa’s Sasol expects HY profit to double on higher oil price
(Reuters) – South African petrochemical group Sasol said on Tuesday it expects its half-year profit to double, driven by strong oil prices and despite operational challenges in its domestic unit. Sasol expects…
Keppel profit slumps on China lockdown, real estate woes; sees green shoots
By Roushni Nair and Sameer Manekar (Reuters) – Singapore’s Keppel Corp posted a steeper-than-expected drop in annual profit on Thursday hurt by its urban development unit, but forecast China’s easing market conditions…
Aptiv says no EV production surge yet after price cuts
(Reuters) -Executives at auto parts supplier Aptiv Plc said on Thursday they do not yet see a surge in electric vehicle (EV) production after recent price cuts by its client Tesla Inc…
Japan’s Takeda’s profit slips 13%, pipeline bolsters outlook
TOKYO (Reuters) – Japan’s Takeda Pharmaceutical Co posted a 13% drop in operating earnings for the nine months ended December but kept its profit outlook for the fiscal year unchanged as it…
India’s largest mortgage lender HDFC misses Q3 profit view on higher funding costs
BENGALURU (Reuters) – Housing Development Finance Corp (HDFC), India’s largest mortgage lender, reported a 13.2% rise in third-quarter profit on Thursday, missing estimates, as higher funding costs took the shine off strong…
BBVA posts record 2022 profit on Mexico, sees positive trends in main market
By Jesús Aguado MADRID (Reuters) – BBVA on Wednesday posted a 38% jump in net profit to a record 6.42 billion euros ($6.98 billion) for 2022 powered by a double-digit increase in…
Imperial Oil CEO optimistic Alberta gov’t will add to carbon capture funding
By Nia Williams and Arshreet Singh (Reuters) -The chief executive of Canada’s Imperial Oil on Tuesday expressed optimism that the Alberta government will contribute funding for carbon capture and storage (CCS) in…
Refiner Phillips 66 joins rivals in posting sky-high profit
(Reuters) – Phillips 66 on Tuesday became the latest refiner to post bumper quarterly profit, as higher fuel demand boosted margins. The Houston, Texas-based refiner’s earnings stood at $1.9 billion, or $3.97…
Homebuilder PulteGroup’s quarterly profit beats estimates on higher house prices
(Reuters) – U.S. homebuilder PulteGroup Inc on Tuesday beat Wall Street estimates for quarterly profit on the back of higher house prices in a tightening market. Higher prices have helped U.S. homebuilders…
Irn-bru maker A.G. Barr sees FY profit, revenue beating expectations
(Reuters) – A.G. Barr said on Tuesday it expects its full-year revenue and profit to beat market expectations, helped by price hikes and steady demand for its cocktail mixes and beverages. The…