Commercial Metals Q3 Profit Tops Estimates – Quick Facts
Commercial Metals Company (CMC) reported third quarter adjusted earnings per share from continuing operations $0.59 compared to $0.67, prior year. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.41, for the quarter. Analysts’ estimates typically exclude special items.
Third quarter net sales were $1.3 billion, compared $1.6 billion, previous year. Analysts expected revenue of $1.3 billion for the quarter.
The company’s liquidity position as of May 31, 2020 strengthened further, with cash and cash equivalents of $462.1 million and availability under the credit and accounts receivable facilities of $604.2 million.
On June 16, 2020, the board of CMC declared a quarterly dividend of $0.12 per share of CMC common stock payable to stockholders of record on July 6, 2020. The dividend will be paid on July 20, 2020,
Kroger Co. Q1 adjusted earnings Beat Estimates
Kroger Co. (KR) announced a profit for its first quarter that climbed from last year.
The company’s profit totaled $1.21 billion, or $1.52 per share. This compares with $0.77 billion, or $0.95 per share, in last year’s first quarter.
Excluding items, Kroger Co. reported adjusted earnings of $972 million or $1.22 per share for the period.
Analysts had expected the company to earn $1.09 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 11.5% to $41.55 billion from $37.25 billion last year.
Kroger Co. earnings at a glance:
-Earnings (Q1): $972 Mln. vs. $586 Mln. last year.
-EPS (Q1): $1.22 vs. $0.72 last year.
-Analysts Estimate: $1.09
-Revenue (Q1): $41.55 Bln vs. $37.25 Bln last year.
Kroger Expects To Exceed FY20 Guidance For Adj. Earnings, Same-store Sales
While reporting its financial results for the first quarter on Thursday, Kroger Co. (KR) said it is not reaffirming or providing new guidance for fiscal 2020 due to the difficulty in predicting specific outcomes amid the coronavirus pandemic.
However, Kroger added that while it expects to exceed the outlook shared in its April 1 business update for identical sales without fuel, adjusted FIFO operating profit, adjusted earnings per share and adjusted free cash flow, the company is unable to forecast the extent of such upside.
In April, Kroger had projected fiscal 2020 adjusted earnings in a range of $2.30 to $2.40 per share and adjusted identical sales growth of greater than 2.25 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.68 per share for the year. Analysts’ estimates typically exclude special items.
Lilly Begins Phase 3 Study To Evaluate Baricitinib In Hospitalized Adults With COVID-19
Eli Lilly Canada reported that first patient has been enrolled in a phase 3 randomized, double-blind, placebo-controlled study to evaluate the efficacy and safety of baricitinib in hospitalized adults with COVID-19. Lilly expects to enroll 400 patients in the trial, with data expected in the next few months. The study will be conducted in the U.S., Europe and Latin America.
The data from the trial will complement data from the study of baricitinib with remdesivir in the second phase of the adaptive COVID-19 treatment trial run by the National Institute of Allergy and Infectious Diseases.
OLUMIANT (baricitinib) in combination with methotrexate is indicated in Canada for reducing the signs and symptoms of moderate- to severe rheumatoid arthritis in adult patients. The company said studying baricitinib in controlled trials is important in order to better characterize its potential benefits and understand the safety of its use as a COVID-19 treatment.
Brazilian travel company CVC asks for creditors waiver- filing
SAO PAULO, June 18 (Reuters) – Brazilian travel company CVC will ask local bondholders in a meeting on July 3 for a waiver from its creditors for the delay in payments.
Creditors will vote on CVC requests for a waiver in covenants, the company said in a securities filing on Thursday. (Reporting by Tatiana Bautzer)
Brazil IBC-Br economic activity index -9.7% in April – central bank
BRASILIA, June 18 (Reuters) – Economic activity in Brazil slumped 9.7% in April from March, a central bank indicator showed on Thursday, the latest evidence of the economic shock from the quarantine and social distancing measures implemented to combat the COVID-19 outbreak.
That was less than the 11% fall forecast in a Reuters poll of economists, and followed a revised 6.2% fall in March in the central bank’s IBC-Br economic activity index, a leading indicator of gross domestic product. (Reporting by Jamie McGeever Editing by Chizu Nomiyama)
Denver weather: Cooler today with showers, storms expected – The Denver Post
The Denver metro area will cool off a little before warming back up for the weekend.
In the city, highs in the mid 70s are expected today and tomorrow, according to the National Weather Service. There’s also a good chance that we’ll see showers or storms later in the day today and again tomorrow.
On Saturday the sun returns and we heat back up into the mid 80s. That trend continues Sunday and Monday.
Red Flag Warnings that have dominated southern Colorado for the past few days have mostly been lifted.
Caesar Act: Fresh sanctions on Syria could worsen Lebanon economy
Concerns rise that Lebanon’s economic crisis could be worsened by US sanctions targeting Syria’s government.
The US has introduced more sanctions against Syria’s government and its backers, warning it will not stop until President Bashar al-Assad ends the war against his own people.
Some of those targeted are in neighbouring Lebanon.
This is expected to worsen the country’s economic crisis as the government seeks help from the International Monetary Fund.
Al Jazeera’s Zeina Khodr reports from Beirut.