Hyatt Hotels Posts Wider-Than-Expected Q1 Loss
Hyatt Hotels Corp. (H) on Tuesday posted first-quarter net loss of $304 million or $2.99 per share, compared to net loss of $103 million or $1.02 per share in the same period last year.
The net loss in 2021 included a $193 million non-cash full valuation allowance on U.S. deferred income tax assets.
Adjusted net loss was $363 million or $3.57 per share, compared to adjusted net loss of $35 million or $0.35 per share in the year-ago quarter.
On average, 15 analysts polled by Thomson Reuters expected the company to report net loss of $1.30 per share in the quarter. Analysts’ estimates usually exclude one-time items.
Quarterly revenues dropped to $438 million from $993 million in the prior-year period, while analysts were looking for revenues of $468.8 million.
Looking ahead, the company expects adjusted selling, general, and administrative expenses to be around $240 million while capital expenditures are expected to be approximately $110 million.
Hyatt also expects to grow units, on a net rooms basis, by over 5 percent.
Krispy Kreme has confidentially filed for an initial public offering
- Krispy Kreme has confidentially filed for an IPO.
- The donut chain said on Tuesday it had filed paperwork with the SEC.
- Krispy Kreme was acquired by JAB Holding in 2016 at a private valuation of $1.35 billion.
- See more stories on Insider’s business page.
Doughnut chain Krispy Kreme said on Tuesday it had confidentially submitted paperwork for an initial public offering with the Securities and Exchange Commission.
Krispy Kreme was acquired in 2016 by JAB Holding, JAB Holding, the investment arm of the secretive billionaire Reimann family, in a deal valuing the company at $1.35 billion.
Last month, JAB Holding also completed an $800 million refinancing of another restaurant chain in its portfolio, Panera Bread, which could open its path to return to the public markets as well.
(Reuters reporting by Nivedita Balu in Bengaluru; Reuters editing by Aditya Soni)
Radian Group Inc Q1 adjusted earnings Beat Estimates
Radian Group Inc (RDN) reported a profit for first quarter that dropped from last year.
The company’s earnings totaled $125.61 million, or $0.64 per share. This compares with $140.46 million, or $0.70 per share, in last year’s first quarter.
Excluding items, Radian Group Inc reported adjusted earnings of $167.3 million or $0.68 per share for the period.
Analysts had expected the company to earn $0.67 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 0.1% to $328.81 million from $329.08 million last year.
Radian Group Inc earnings at a glance:
-Earnings (Q1): $167.3 Mln. vs. $204.6 Mln. last year.
-EPS (Q1): $0.68 vs. $0.80 last year.
-Analysts Estimate: $0.67
-Revenue (Q1): $328.81 Mln vs. $329.08 Mln last year.
Opinion | Trump’s Big Lie Devoured the G.O.P. and Now Eyes Our Democracy
By Thomas L. Friedman
Man arrested as suspect in the death of a Denver infant
A 21-year-old man has been arrested as a suspect in the death of a 9-month-old Denver girl.
Cain Gallardo is under investigation for suspicion of first-degree murder, according to the Denver Police Department.
The infant, Gianna Rosales, was taken to a local hospital on Aug. 3 and she died the following day, police said in a Tuesday news release.
The Denver Office of the Medical Examiner determined the cause of Gianna’s death was blunt force injuries, the release said. Gallardo, described as the boyfriend of Gianna’s mother, was arrested on Tuesday. The arrest affidavit has been sealed.
Twitter Users Not Impressed By Trump’s New ‘Communications Platform’
Former President Donald Trump launched a new “communications platform” on Tuesday that will allow him to speak to his followers even though he is currently banned from Twitter and Facebook.
So far, the reaction from Twitter users seems to be a collective “meh.”
According to Fox News, the platform has the catchy title of “From The Desk Of Donald J. Trump” and can be accessed through Trump’s website.
Currently, FTDODJT (a term that absolutely no one is using) allows the former president to post tweet-like posts trashing his enemies, fake news and his humiliating election loss.
However, it doesn’t allow his supporters to post their sycophantic responses ― yet.
“This is just a one-way communication,” an inside source told FoxNews. “This system allows Trump to communicate with his followers.”
The page launched just one day before Facebook’s independent Oversight Board is expected to uphold the site’s indefinite ban on Trump, according to NPR.
Although it appears to lack the bugs associated with Frank, the social media platform recently launched by Trump supporter Mike Lindell, many people say “From The Desk Of Donald J. Trump” is more of a blast from the past than the future of social media.
Jessica Alba-backed Honest Company IPO raises $412.8 million
Jessica Alba’s advice to entrepreneurs
Improving products for kids
Honest Company Inc, the consumer goods company founded by actress Jessica Alba, priced its initial public offering (IPO) on Tuesday slightly above the midpoint of its indicated range, raising $412.8 million, a person familiar with the matter said.
Honest sold 25.8 million shares at $16 each, the source said, requesting anonymity ahead of an official announcement. The company had previously indicated shares could be sold in the IPO at $14-17 apiece.
The IPO values Honest at $1.44 billion.
Honest did not immediately respond to a request for comment.
Previously Reuters reported that the company said it was planning to use the proceeds from the offering to fund marketing and direct-to-consumer advertising, as well as launch new products and buy complementary businesses.