Stock Alert: H.B. Fuller To Report Results Today
H.B. Fuller Company (FUL) is scheduled to report first-quarter results today, March 25, after market close.
The company makes adhesives, sealants, coatings, polymers, tapes, encapsulants, and other specialty chemical products.
On average, 7 analysts polled by Thomson Reuters expect the company to report earnings of $0.34 and revenue of$652.85 million.
In the last three quarters, H.B. Fuller had missed the consensus estimate.
In December last year, H.B. Fuller had completed the realignment of its business from five to three segments including Engineering Adhesives, Hygiene, Health and Consumable Adhesives, and Construction Adhesives. The company expects to achieve $25 to $35 million by 2021 from this transition with approximately two thirds of the savings to be realized in 2020.
FUL stock started tumbling from mid-February with nearly 45% loss since then. It has traded in the range of $23.68- $52.40 in the past one year.
Unite Group Suspends FY20 Guidance – Quick Facts
The Unite Group plc (UTG.L) said, due to the risks to rental income as a result of coronavirus, the Group is suspending guidance for like-for-like rental growth and EPRA earnings per share for 2020. The Board has decided to cancel the 2019 final dividend.
The Unite Group has 291 million pounds of cash and undrawn debt facilities available. The company said it is implementing a number of actions to mitigate cash shortfall, including deferring development and non-essential operational capex and cost savings, which would retain an additional 95 million pounds-105 million pounds of cash in the business in 2020.
Currently, the Group expects the 2020/21 academic year to commence according to its usual timetable in September.
Off-licences added to essential businesses list during UK lockdown
The government has added off-licences and other shops licensed to sell alcohol, including those within breweries, to its list of “essential businesses” that can stay open during the coronavirus lockdown.
The late addition of alcohol outlets to the list will be welcome news for many people stuck at home, with pubs and restaurants shut down and supermarkets running low on supplies of beer and wine.
Brewers say failure to cancel beer duty threatens their survival
Off-licences will join a list of businesses considered essential to keep the nation running, including supermarkets, pharmacies, banks and petrol stations.
The decision is likely to irk Tim Martin, the boss of the pub chain JD Wetherspoon, who last week vowed to keep his 867 UK pubs open for as long as possible, arguing that closures would not help stop the coronavirus. Hours later Boris Johnson ordered the closure of every pub and restaurant in the UK.
Another retailer that tried to remain open after unsuccessfully lobbying to be included on the government’s list was Dixons Carphone, which asked hundreds of staff to turn up for shifts on Tuesday.
The electrical specialist had hoped to keep as many as a third of its 305 Curry’s PC World stores open as “contact-free” outlets but they have now all been closed.
Stock Alert: Winnebago Industries Q2 Earnings Today
Recreational vehicles maker Winnebago Industries Inc. (WGO) is set to report second-quarter results today, March 25, before market open.
On average, 8 analysts polled by Thomson Reuters expect the company to report earnings of $0.67 on revenue of $613.97 million for the second quarter. Winnebago earnings had surpassed estimates in the last four quarters.
Yesterday, in its SEC filing, Winnebago revealed that Punch Card Capital, LP has 7.1% stake in the company as of March 16.
Two days back, the company had suspended most of the production at its Winnebago, Grand Design RV, Newmar, and Chris-Craft facilities till April 12th due to coronavirus pandemic.
Winnebago stock started plunging from mid-February losing more than 60%. Yesterday, the stock was up $2.13 or 9.7% before closing at $24.10.
Diploma Plc Issues Trading Update – Quick Facts
Diploma plc (DPLM.L) issued a trading update for the six months ending 31 March 2020. The Group stated that it performed well and in line with expectations. Prior to the week beginning 16 March 2020, the Group saw very limited impact from COVID-19. The outbreak of the pandemic has led to a rapid change in market conditions, affecting Diploma’s trading from around 16 March 2020. The Group now expects to report for the first half of the year an overall performance slightly weaker than expectations.
As on March 25, all of the Group’s business facilities are open and operating effectively.
Oil Prices Mixed Ahead Of EIA Data
Oil prices were trading mixed on Wednesday after rising in the previous two sessions on hopes for U.S. stimulus.
Benchmark Brent crude dropped 0.9 percent to $26.91 a barrel after earlier rising to a high of $28.29. U.S. crude futures were up 0.2 percent at $24.06 a barrel.
Oil prices gave up early gains after U.S. lawmakers approved a massive aid package to support the world’s largest economy, reeling under the severe adverse impact of Covid-19.
The United States Senate approved a $2 trillion aid package to stem the economic impact of the coronavirus pandemic on firms and households. The bill is expected to be passed through the Congress later today.
ING revised down its Brent crude price forecast for the second quarter to $20 a barrel from $33, citing the demand shock from Covid-19 and the expected surge in OPEC+ supply from April.
“Demand continues to deteriorate as more countries impose shutdowns and stricter travel restrictions,” the bank’s analysts said in a note.
Meanwhile, data from industry group the American Petroleum Institute showed on Tuesday that there was a decline of 1.25 million barrels of crude oil held in storage for the week ending on March 20. Expectations were for a surplus of 2.774-million barrel
The weekly report from the Energy Information Administration (EIA) is due later in the day.