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Oil Prices Recover As China’s Virus Cases Ease

Airtel Africa FY Underlying Profit Rises; Underlying Revenue In Constant Currency Up 23.3%

Airtel Africa plc (AAF.L) reported an underlying EBITDA of $2.31 billion for the year ended 31 March 2022, up 29.0% in reported currency from prior year. Underlying EBITDA margin was 49.0%, increased by 294 basis points. EPS before exceptional items, in cents, was 16.0 compared to 8.2.

Profit for the year increased to $755 million from $415 million, last year. Earnings per share, in cent, was 16.8 compared to 9.0.

Revenue increased to $4.71 billion from $3.91 billion, prior year. Constant currency underlying revenue was up 23.3% for the year.

The Board recommended a final dividend of 3 cents per share, making total fiscal 2022 dividends 5 cents per share including the interim dividend of 2 cents per share.

James Corden Calls Trump a ‘Scam Account’

Corden joked that “banning Trump is like the one good thing Twitter has done in like a decade.”

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By Trish Bendix

Compass Group H1 Profit Surges, Lifts FY22 Organic Revenue View, Backs Margin Forecast; Stock Up

Food service company Compass Group (CPG.L,CMPGF.PK) reported Wednesday that its first-half profit before tax surged to 632 million pounds from last year’s 133 million pounds.

Earnings per share grew 377 percent to 26.7 pence from 5.6 pence a year ago.

Underlying earnings per share were 26.9 pence, compared to 9.5 pence last year.

Revenue grew 36.3 percent to 11.5 billion pounds from 8.4 billion pounds a year ago. Underlying revenue increased 37.9 percent.

Further, the company is commencing a share buyback program with up to 500 million pounds this calendar year.

Looking ahead for fiscal 2022, the company increased organic revenue guidance to around 30 percent from previously expected 20 percent to 25 percent.

The company’s margin guidance remains unchanged. The company expects full-year underlying operating margin to be over 6 percent, exiting the year at around 7 percent.

In London, Compass Group shares were trading at 1,723 pence, up 9.22 percent.

Opinion | What Does Elon Musk Want? Is Twitter the Way to Get It?

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By Ross Douthat

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Perrigo Company plc Q1 Earnings Summary

Below are the earnings highlights for Perrigo Company plc (PRGO):

Earnings: -$2.4 million in Q1 vs. $38.1 million in the same period last year.
EPS: -$0.02 in Q1 vs. $0.28 in the same period last year.
Excluding items, Perrigo Company plc reported adjusted earnings of $44.9 million or $0.33 per share for the period.

Revenue: $1.07 billion in Q1 vs. $1.01 billion in the same period last year.

-Guidance:
Full year EPS guidance: $2.30 – $2.40

Trump Fails To Get Stay For Payment Of 10k Daily Fine

Former President Donald Trump’s effort to stay a contempt order and $10,000 in daily fines against him was rejected by a New York appeals court.

Trump had challenged Manhattan Judge Arthur Engoron’s April 25 ruling to fine him $10,000 per day until he properly responds to a subpoena from New York Attorney General Letitia James.

Trump was held in contempt after failing to comply with the subpoena to produce documents requested in a state investigation into the former president’s fraudulent business practices.

Trump maintained that he does not have possession of any of the documents that the Attorney General’s Office sought. They reportedly include records linked to Trump’s personal finances and various properties and projects involving the Trump Organization.

Engoron imposed the $10,000 daily fine until he was satisfied that Trump had complied with the subpoena.

The appellate division of the First Judicial Department on Tuesday denied the interim application of Trump’s lawyer to stay Engoron’s contempt order.

The court has set the hearing on Trump’s contempt appeal for May 23.

Oil Prices Recover As China’s Virus Cases Ease

Oil prices climbed around 3 percent on Wednesday, after having fallen around 9 percent over the previous two sessions amid uncertainty over Russian energy embargo by EU and worries about prolonged Covid lockdowns in Shanghai.

Benchmark Brent crude futures jumped 2.7 percent to $105.28 a barrel, while U.S. crude futures were up 2.9 percent at $102.66.

The upside was supported by supply concerns as the European Union works on gaining support for a Russian oil embargo.

France has said a deal on a proposed EU ban on Russian oil to punish Moscow for waging war on Ukraine could be struck this week, despite Hungary’s opposition.

Investors were also reacting to reports suggesting that Covid-19 infections dropped in Shanghai and Beijing.

The Energy Information Administration publishes its weekly oil market data including statistics on the stockpile changes of crude oil, gasoline and distillates later in the day.

The American Petroleum Institute on Tuesday reported that U.S. crude stockpiles rose by 1.62 million barrels last week.