Opinion | What the New Right Sees

Clarkson Projects FY Results Ahead Of Market View – Quick Facts

While issuing a trading update on Monday, Clarkson PLC (CKN.L), said its results for the year ending 31 December 2021 are expected to be ahead of current market expectations. For the fiscal year, the Group now estimates underlying profit before tax to be not less than 65 million pounds.

The Group said it recorded continued strong trading in the second half of the fiscal year. Performance has been strong across all divisions, with the Financial and Broking divisions performing particularly well, Clarkson noted.

Calise & Sons Bakery Recalls Golden Flax Scala Bread

Calise & Sons Bakery, Inc. is recalling certain Golden Flax Scala Bread for the possible presence of sesame seeds, an allergen, the U.S. Food and Drug Administration said.

The company said it produced Italian Scala Bread, i.e., Italian bread w/Sesame Seeds, on November 23, and by error packaged those in a bag that says Golden Flax Seed Scala Bread. The packages have UPC of 0 7519902816 6, and a white plastic clip closure with a sell by date of 12-06 and Julian date of 327.

A total of 689 packages were produced that went out to markets in RI, MA, NH and CT.

The company said it is working to retrieve all products, and pulled off products not yet distributed. There are approximately 100 packages that are unaccounted for.

Calise & Sons urged the consumers with a known allergy to sesame seeds to consult with their physician immediately.

In similar recalls, San Jose, California -based Demaiz Inc., doing business as Mex-tamale Foods, in late October called back around 20,759 pounds of pork and beef tamales that contains undeclared sesame seeds.

China’s export growth slows, imports quicken on demand

Nov. exports rose 21.4% to $325.5 bn while imports surged 31.7% to $253.8 bn

China’s exports rose 21.4% to $325.5 billion in November but growth slowed, while imports accelerated in a sign of stronger domestic demand.

Export growth decelerated from October’s 27.1% pace, customs data showed Tuesday. Imports surged 31.7% to $253.8 billion, faster than the previous month’s 20.6% rate.

China’s exports have been boosted by foreign demand at a time when other global competitors are hampered by anti-coronavirus controls.

Stronger imports suggest consumer and other demand is rebounding after a dip brought on by a government crackdown on debt in the real estate industry. Economic growth sank to an unexpectedly low 4.9% over a year earlier in the three months ended in September.

Factory activity also was hampered by power shortages that started in September and the global shortage of semiconductors used in products from cars to smartphones. An earlier survey of manufacturers showed activity rebounded in November as power supplies returned to normal.

“Exports and imports beat expectations last month thanks to stronger demand and easing semiconductor shortages,” said Julian Evans-Pritchard of Capital Economics in a report.

“In the near-term, the emergence of the Omicron variant is likely to support demand for China’s exports,” said Mr. Evans-Pritchard. “But its impact further ahead is still uncertain.”

China’s global trade surplus fell 4.9% to $71.7 billion.

Exports to the U.S. rose 5.3% over a year earlier.

Kinder Morgan Expects "Very Strong" 2022

Kinder Morgan, Inc. (KMI) Monday announced its preliminary 2022 financial projections. The company also plans to distribute a $1.11 dividend per share and buyback up to $750 million shares in the next fiscal year.

Looking forward to full year 2022, Kinder Morgan expects to generate net income of $1.09 per share, up $0.33 from current 2021 forecast of $0.76 per share. The company expects to generate distributable cash flow of $2.07 per share, down 13% with the outperformance due to Uri reflected in the current forecast for 2021.

“For 2022, with our market fundamentals remaining robust, a full year of earnings from our Stagecoach acquisition, and the completion of several projects in the fourth quarter of 2021, we project a very strong year,” said Steve Kean, KMI chief executive officer.

“We expect 2021 to be a record year for Kinder Morgan financially, attributable to our outperformance related to winter storm Uri in the first quarter, along with solid project execution across our business units, and two important acquisitions. Our strong performance is also reflected in our debt metric, as we expect to end the year with a Net Debt-to-Adjusted EBITDA ratio of 4.0 times, much better than our budgeted ratio of 4.6 times,” said Kean.

Further, the company said it plans to return additional value to shareholders in 2022 through an anticipated $1.11 per share dividend and opportunistic share repurchases of up to $750 million.

Hornbach Q3 Preliminary Adj. EBIT Down; Lifts FY Outlook

Hornbach Holding AG & Co. KGaA Group reported that its preliminary third-quarter adjusted EBIT declined to 55.9 million euros from 66.9 million euros last year. But quarterly net sales rose to 1.40 billion euros from 1.37 billion euros in the previous year. The company raised guidance for fiscal year 2021/22.

The company said it will publish final financial results for the third quarter on December 22, 2021.

Looking ahead for fiscal year 2021/22, the company now projects adjusted EBIT to be in the range of 330 million euros – 380 million euros, net sales growth of 2% – 7%. Previously, the company expected annual adjusted EBIT to be in the range of 290 million euros – 326 million euros and net sales growth of 1% – 5%.

Opinion | What the New Right Sees

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By Ross Douthat

Opinion Columnist