European Economic News Preview: Eurozone Flash PMI Data Due
Flash Purchasing Managers’ survey results from the euro area and the UK are the top economic news due on Tuesday.
At 2.00 am ET, the Office for National Statistics releases UK public sector finance data. The budget deficit is seen widening to GBP 22.3 billion in December from GBP 21.2 billion in November.
In the meantime, Germany GfK consumer confidence survey results are due. The forward-looking sentiment index is seen improving to -33.0 in February from -37.8 in January.
At 2.45 am ET, France’s statistical office INSEE is scheduled to publish business sentiment survey results. The confidence index is expected to rise to 102 in January from 101 in the prior month.
At 3.15 am ET, S&P Global is scheduled to release France composite Purchasing Managers’ survey data. The composite PMI is expected to rise to 49.5 in January from 49.1 in the prior month.
At 3.30 am ET, Germany’s flash composite PMI data is due. The composite output index is seen at 49.6 in January versus 49.0 a month ago.
Half an hour later, Eurozone flash composite PMI survey results are due. Economists forecast the composite index to improve to 49.8 from 49.3 in the previous month.
At 4.30 am ET, UK S&P/CIPS composite PMI data is due. The index is expected to improve to 49.3 in January from 49.0 in December.
At 6.00 am ET, the Confederation of British Industry releases Industrial Trends survey results. The order book balance is seen at -8 in January versus -6 in December.
Oil Futures Settle At Near 3-week Lows On Demand Concerns
Oil prices fell to near 3-week lows on Monday amid concerns about global economic growth and the outlook for oil demand.
Russian President Vladmir Putin’s decision to let Russian energy companies decide on pricing pricing and exports issues weighed on oil prices.
Oil prices found some support earlier in the session on reports about a drone strike on an Iranian defense facility over the weekend.
Oil also found some support amid optimism about demand recovery in China after reports said travel in the country recovered sharply during the week-long Lunar New Year holidays.
West Texas Intermediate Crude oil futures for March ended lower by $1.78 or about 2.2% at $77.90 a barrel.
Brent Crude futures were down $2.07 or 2.4% at $84.33 a barrel a little while ago.
Traders are looking ahead to a meeting of the Organization of Petroleum Exporting Countries and its allies (OPEC+) this week. The group is largely expected to maintain production at current levels.
Principal Financial Group Inc. Q4 Earnings Summary
Below are the earnings highlights for Principal Financial Group Inc. (PFG):
Earnings: -$9.5 million in Q4 vs. $471.8 million in the same period last year.
EPS: -$0.04 in Q4 vs. $1.76 in the same period last year.
Excluding items, Principal Financial Group Inc. reported adjusted earnings of $422.3 million or $1.70 per share for the period.
Analysts projected $1.53 per share
AGNC Investment Corp. Q4 Earnings Summary
Below are the earnings highlights for AGNC Investment Corp. (AGNC):
Earnings: $532 million in Q4 vs. -$27 million in the same period last year.
EPS: $0.93 in Q4 vs. -$0.10 in the same period last year.
Excluding items, AGNC Investment Corp. reported adjusted earnings of $0.74 per share for the period.
Analysts projected $0.65 per share
Revenue: $25 million in Q4 vs. $247 million in the same period last year.
J & J Snack Foods Q1 Income Drops, misses estimates
J & J Snack Foods (JJSF) released a profit for first quarter that decreased from the same period last year and missed the Street estimates.
The company’s earnings totaled $6.6 million, or $0.35 per share. This compares with $11.1 million, or $0.58 per share, in last year’s first quarter.
Analysts on average had expected the company to earn $0.47 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 10.3% to $351.3 million from $318.5 million last year.
J & J Snack Foods earnings at a glance (GAAP) :
-Earnings (Q1): $6.6 Mln. vs. $11.1 Mln. last year.
-EPS (Q1): $0.35 vs. $0.58 last year.
-Analyst Estimates: $0.47
-Revenue (Q1): $351.3 Mln vs. $318.5 Mln last year.
Inflation Leads a New Generation to the Bread-Making Machine
Rediscovered in the early days of the pandemic, the mainstay of ’90s kitchens has become an indispensable tool for some younger bakers trying to save money.
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By Christina Morales
PotlatchDeltic Corp. Q4 Profit Decreases, misses estimates
PotlatchDeltic Corp. (PCH) reported earnings for fourth quarter that decreased from last year and missed the Street estimates.
The company’s earnings totaled $3.8 million, or $0.05 per share. This compares with $39.2 million, or $0.58 per share, in last year’s fourth quarter.
Excluding items, PotlatchDeltic Corp. reported adjusted earnings of $9.3 million or $0.12 per share for the period.
Analysts on average had expected the company to earn $0.16 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 1.9% to $253.1 million from $248.4 million last year.
PotlatchDeltic Corp. earnings at a glance (GAAP) :
-Earnings (Q4): $3.8 Mln. vs. $39.2 Mln. last year.
-EPS (Q4): $0.05 vs. $0.58 last year.
-Analyst Estimates: $0.16
-Revenue (Q4): $253.1 Mln vs. $248.4 Mln last year.