HNI Corp Swings To Profit In Q1, Beats Street View
Office furniture manufacturer HNI Corp. (HNI) on Wednesday reported first-quarter net income of $15 million or $0.34 per share, compared to a net loss of $23.9 million or $0.56 per share in the year-ago quarter.
Adjusted net income was $15.5 million or $0.36 per share in the quarter, compared to $9.2 million or $0.21 per share in the same period last year.
On average, 3 analysts polled by Thomson Reuters expected the company to report earnings of $0.09 per share in the quarter. Analysts’ estimates usually exclude one-time items.
Net sales rose 3.3 percent to $484.3 million from $469 million in the previous-year quarter, while analysts were looking for revenues of $459 million in the period.
Looking ahead, despite inflationary pressures, investments, and the return of temporary cost actions taken in the prior year, the company expects the benefit of higher volume and net productivity to generate modest year-over-year profit growth, on an adjusted basis.
What’s in Biden’s Spending Plan: Free Preschool and National Paid Leave
President Biden’s latest proposal is funded by raising taxes on wealthier Americans, and it is likely to encounter Republican resistance for that reason.
By Annie Karni
Ford Motor Q1 Results Beat Street View
Ford Motor Co. (F) Wednesday reported first-quarter profit of $3.3 billion or $0.81 per share, compared to last year’s loss of $2.0 billion or $0.50 per share.
Excluding items, adjusted earnings for the quarter were $0.89 per share, compared to a loss of $0.23 per share. On average, 16 analysts polled by Thomson Reuters expected the company to report an earnings of $0.21 per share for the quarter. Analysts’ estimates typically exclude special items.
Revenues for the quarter gained 6% to $36.2 billion from $34.3 billion in the same period last year. Analysts expected revenue of $32.23 billion for the quarter.
Looking forward, the company now assumes that it will lose 10% of planned second-half 2021 production. Ford now expects to lose about 1.1 million units of production this year to the semiconductor shortage.
The company now anticipates full-year 2021 adjusted EBIT to be between $5.5 billion and $6.5 billion, including an adverse effect of about $2.5 billion from the semiconductor issue.
PTC Q2 Profit Rises, Lifts FY21 Outlook
PTC (PMTC) Wednesday reported second-quarter net income of $109.3 million or $0.92 per share, up from $7.2 million or $0.06 per share last year.
Adjusted earnings for the quarter were $1.08 per share, up from $0.59 per share last year.
Revenues for the quarter grew 28% to $461.8 million from $359.6 million last year, driven primarily by strong execution, as well as the impact of up-front license revenue recognition under ASC 606, and a modest contribution from Arena.
Analysts polled by Thomson Reuters expected earnings of $0.70 per share on revenues of $416.19 million. Analysts’ estimates typically exclude one-time items.
Looking forward to full year 2021, the company now expects adjusted earnings of $3.18 to $3.39 per share and revenues of $1.71 billion to $1.74 billion. Analysts currently estimate earnings of $3.16 per share on revenues of $1.71 billion.
Previously, the company expected adjusted earnings of $3.05 to $3.25 per share on revenues of $1.69 billion to $1.73 billion.
Opinion: Dubai ruling family desperately wants Kentucky Derby win, and may get it Saturday
Essential Quality, the favorite in Saturday’s Kentucky Derby, is not exactly a story that tugs on the heartstrings. The undefeated gray colt is a son of Tapit, arguably the most influential stallion of the past decade in America.
And he comes from the barn of Godolphin, a worldwide horse racing empire led by Sheikh Mohammed bin Rashid al-Maktoum, the head of the ruling family of Dubai who was found by a British judge last year to be responsible for the abduction of two of his daughters during an ugly custody battle that included allegations of an intimidation campaign against one of his ex-wives.
Any controversy surrounding Sheikh Mohammed or the United Arab Emirates, which has a troubling human rights record and history of discrimination against women, is not typically a welcome topic in horse racing circles. That’s because the Maktoum family, led by Sheik Mohammed and his two late brothers Sheikh Maktoum and Sheikh Hamdan, have collectively spent more money on horse racing and breeding over the past 40 years than anyone in the world.
A grand jury has been impaneled in the federal investigation into Rudy Giuliani
- ABC News reported that Giuliani’s assistant has been served a subpoena to appear before a federal grand jury.
- See more stories on Insider’s business page.
A grand jury has been impaneled in the federal investigation into former New York City Mayor Rudy Giuliani, Giuliani’s attorney Bob Costello told ABC News.
On Wednesday, Giuliani’s New York City apartment, his office, and an office belonging to his associate were searched. Several of Giuliani’s electronic devices were seized by federal agents, and a computer belonging to his assistant Jo Ann Zafonte was also taken.
Costello told ABC News that Zafonte was also given a subpoena to appear in front of a federal grand jury in May, related to the federal probe into Rudy Giuliani.
The federal probe is looking at Giuliani’s business dealings with Ukraine, specifically to see if the former New York mayor violated foreign-lobbying laws while working with the Trump administration.
This story is developing. Check back for updates.