LVMH 9-Month Sales Surge 46%

AZZ Boosts FY22 EPS Outlook – Quick Facts

While reporting financial results for the second quarter on Tuesday, AZZ, Inc. (AZZ), a provider of metal coating solutions and welding solutions, raised its earnings guidance for the full-year 2022, due to the continued operating performance in its segments.

For fiscal 2022, the company now projects earnings in a range of $2.90 to $3.20 per share on sales between $865 million and $925 million.

Previously, the company expected earnings in the range of $2.65 to $3.05 per share on sales between $855 million and $935 million.

On average, three analysts polled by Thomson Reuters expect the company to report earnings of $3.03 per share on revenues of $924.2 million for the year. Analysts’ estimates typically exclude special items.

For the second quarter, the company reported net income of $18.98 million or $0.76 per share, compared to a net loss of $1.79 million or $0.07 per share in the year-ago quarter.

Total sales for the quarter grew 6.4 percent to $216.45 million from $203.37 million in the same quarter last year.

The Street was looking for earnings of $0.62 per share on revenues of $219.95 million for the quarter.

Covid-19 Cases In U.S. Are Declining

Covid-19 infections rates have finally started to decline in US, after wreaking havoc in the country for past few weeks.

The 7-day average for Covid-19 cases was about 86,801 cases a day on October 3, a sharp drop from 191,697 reported last month.

The country reported about 169,207 new cases taking total number of cases to 43.87 million, according to data compiled by Johns Hopkins University. The total number of deaths have surpassed 703,742, after the country recorded 2,109 deaths in past 24 hours.

Health experts have urged everyone to get vaccinated and to not to relax as they see decline in cases.

“We can’t get overconfident. Every time we do and we put our guard down … we get another surge with another variant,” said Dr. Jorge Rodriguez, a viral researcher and internal medicine physician. “So yes, things are better. But they’re far from over.”

Dr. Anthony Fauci has said the vast majority of the US will need to be vaccinated to control the spread. However, according to latest data from the US Centers for Disease Control and Prevention only 56% of the population, or 186.1 million people have been fully vaccinated. This includes 83.7 percent of people above 65.

Meanwhile, the CDC on Monday warned US citizens against travel to Armenia, Austria, Barbados, Croatia and Latvia because of COVID-19 concerns.

The CDC raised its travel recommendations to “Level 4: Very High,” telling Americans they should avoid travel to the five countries.

Beanie Feldstein Feels It All in ‘Impeachment’

The actor spends most of Tuesday’s episode in tears or hysterics as the show recreates Monica Lewinsky’s detainment by the F.B.I. “I don’t know if I’ll ever get over it,” Feldstein said.

By Alexis Soloski

India's Zee questions motives of Invesco over its push for shakeup

NEW DELHI, Oct 12 (Reuters) – India’s Zee said on Tuesday a push by U.S. investor Invesco for a management shakeup at the Indian media firm before its planned merger with Japan’s Sony Group was not related to any legal governance or business performance issues.

Invesco, which has an almost 18% stake in Zee, has said terms of the planned Zee-Sony merger gave Zee’s founding family an option to ramp up their stake to 20% from 4% via methods the U.S. firm called “wholly opaque”, saying some shareholders would be unfairly rewarded at the expense of others.

Opinion | Republicans, the Anti-Business Party

By Paul Krugman

Opinion Columnist

CureVac Stock Down 7% After It Withdraws COVID-19 Vaccine Candidate From EMA Approval Process

Shares of CureVac N.V. (CVAC) slipped nearly 7% on Tuesday morning after the company withdraws its first mRNA-based Covid vaccine from approval process.

CVAC is currently trading at $40.27, down $2.90 or 6.73%, on the Nasdaq.

The company said it decided to withdraw its first-generation COVID-19 vaccine candidate, CVnCoV, from the current approval process with the European Medicines Agency due to potential overlap with approval timelines for a second-generation candidate. The company will focus its COVID-19 vaccine development towards the development of second-generation mRNA vaccine candidates in collaboration with GSK.

LVMH 9-Month Sales Surge 46%

LVMH Moët Hennessy Louis Vuitton, (LVMHF.PK,LVMUY.PK) the world’s largest maker of luxury goods, Tuesday reported a 46% surge in revenues in the first nine months of 2021, as all segments recorded revenue growth, as economy revives from the coronavirus pandemic.

Total revenues for nine-month period surged 46 percent to 44.18 billion euros from 30.35 billion euros last year. Organic sales rose 40 percent compared to the same period in 2020.

Nine-month period revenue for wine and spirits segment rose 27 percent to 4.25 billion euros, while fashion and leather goods gained 53 percent to 21.32 billion euros. Perfumes and cosmetics segment jumped 27 percent to 4.67 billion euros and watch and jewelry segment nearly tripled to 6.16 billion euros from 2.27 billion euros last year. Selective retailing segment increased 9 percent to 7.18 billion euros.

Looking forward, LVMH said that it is “confident in the continuation of the current growth” and “will maintain a strategy focused on continuously strengthening the desirability of its brands, by relying on the authenticity and quality of its
products, the excellence of their distribution and the reactivity of its organization.”