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Electrolux Recalls 367,500 Refrigerators Due To Choking Hazard

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By Mekado Murphy

Opinion | We’ve Got to Stop Requiring Parking Everywhere

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By Farhad Manjoo

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European Economics Preview: Eurozone Monetary Aggregate Data Due

The monetary aggregates data from Eurozone is the only major statistical report due on Friday.

At 3.00 am ET, Spain’s INE is slated to publish retail sales for April. Sales are forecast to drop 1.9 percent annually, slower than the 4.2 percent decrease in March.

At 4.00 am ET, the European Central Bank is slated to issue Eurozone money supply data for April. Economists expect M3 to grow 6.3 percent on a yearly basis, the same rate as seen in March.

Also, Italy’s Istat releases non-EU trade data for April. The deficit totaled EUR 0.5 billion in March.

In the meantime, Austria manufacturing PMI data is due.

European Economics Preview: Eurozone Producer Price Data Due

Producer prices from eurozone and unemployment from Spain are due on Thursday, headlining a light day for the European economic news.

At 3.00 am ET, Spain unemployment data is due for May.

Also, first quarter GDP data is due from Austria. The economy had expanded 2.5 percent in the fourth quarter.

In the meantime, the Hungarian Central Statistical Office releases foreign trade data for March. The trade deficit is expected to narrow to EUR 225 million from EUR 503.0 million in February.

At 5.00 am ET, Eurostat is scheduled to issue euro area producer prices for April. Producer price inflation is seen rising to 38.5 percent from 36.8 percent in March.

Lululemon Athletica Inc. Q1 Earnings Summary

Lululemon Athletica Inc. (LULU) released earnings for its first quarter that increased from the same period last year in line with the Street estimates.

The company’s earnings came in at $190.00 million, or $1.48 per share. This compares with $144.96 million, or $1.11 per share, in last year’s first quarter.

Analysts on average had expected the company to earn $1.43 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 30.9% to $1.61 billion from $1.23 billion last year.

Lululemon Athletica Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $190.00 Mln. vs. $144.96 Mln. last year.
-EPS (Q1): $1.48 vs. $1.11 last year.
-Analyst Estimate: $1.43
-Revenue (Q1): $1.61 Bln vs. $1.23 Bln last year.

-Guidance:
Next quarter EPS guidance: $1.82 – $1.87
Next quarter revenue guidance: $1.750 – $1.775 Bln
Full year EPS guidance: $9.35 – $9.50
Full year revenue guidance: $7.610 – $7.710 Bln

The Cooper Companies, Inc. Q2 Profit Increases, but misses estimates

The Cooper Companies, Inc. (COO) reported a profit for its second quarter that increased from last year but missed the Street estimates.

The company’s earnings totaled $126.6 million, or $2.55 per share. This compares with $117.5 million, or $2.36 per share, in last year’s second quarter.

Excluding items, The Cooper Companies, Inc. reported adjusted earnings of $3.24 per share for the period.

Analysts on average had expected the company to earn $3.43 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 15.3% to $829.8 million from $719.5 million last year.

The Cooper Companies, Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $126.6 Mln. vs. $117.5 Mln. last year.
-EPS (Q2): $2.55 vs. $2.36 last year.
-Analyst Estimate: $3.43
-Revenue (Q2): $829.8 Mln vs. $719.5 Mln last year.

-Guidance:
Full year EPS guidance: Adj: $13.09 – $13.29
Full year revenue guidance: $3.280 – $3.312 Bln

Electrolux Recalls 367,500 Refrigerators Due To Choking Hazard

Swedish home appliance maker Electrolux has recalled about 367,500 Frigidaire and Electrolux refrigerators due to choking hazard from ice maker.

The company has recalled Frigidaire and Electrolux branded side-by-side, top freezer and multi-door refrigerators because the ice level detector arm in the ice maker can break into pieces and fall into the ice bucket, posing a choking hazard.

Electrolux said it has received 185 reports of the ice level detectors breaking, including one report of gum lacerations.

The recall involves 13 models of Frigidaire refrigerators and one Electrolux model refrigerator. The model number and serial number ranges can be found on CPSC website. The refrigerators all feature an ice maker and come in stainless steel, white and black. The refrigerators range from 23 to 36 inches wide.

The company has asked its customers to stop using the recalled refrigerator ice makers, empty the ice bucket and contact Electrolux to schedule a technician to replace the ice maker with one that has a polypropylene ice level detector, free of charge.

The recalled product was sold at Lowe’s, Home Depot and appliance stores nationwide and online at Frigidaire.com from April 2020 through March 2022 for between $1,200 and $4,300.