Rambus Provides Q4 Outlook After Profitable Q3

Prudential Financial Q3 Profit Rises

Prudential Financial Inc. (PRU), one of the biggest life insurer in the U.S., Tuesday reported an increase in profit for the third quarter, driven by investment-management and insurance segments.

Third-quarter net income was $1.53 billion or $3.90 per share compared to $1.49 billion or $3.70 per share last year. After-tax adjusted operating income of $1.487 billion or $3.78 per share compared to $1.238 billion or $3.08 per share last year.

Analysts polled by Thomson Reuters expected earnings of $2.74 per share for the quarter. Analysts’ estimates typically exclude one-time items.

CEO Charles Lowrey said “Prudential delivered solid financial results for the third quarter, reflecting our strong investment performance and high demand for the products we have introduced to support our customers as they solve their financial challenges in a changing world.”

Investment-management unit PGIM reported adjusted operating income of $327 million in the third quarter, compared to $370 million in the year-ago quarter. U.S. Businesses reported adjusted operating income of 1.09 billion compared to $848 million in the year-ago quarter.

Retirement and Group Insurance reported adjusted operating income of $571 million compared to $347 million. Group Insurance reported adjusted operating loss of $135 million compared to income of $22 million last year.

PRU closed Tuesday’s trading at $111.11, down $0.22 or 0.20%, on the NYSE. The stock, however, gained $0.05 or 0.04% in the after-hours trading.

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SilverBox Engaged Merger Stock Jumps 30% On Merger Deal With Black Rifle Coffee Company

Shares of special purpose acquisition company SilverBox Engaged Merger Corp I (SBEA) surged over 30% after Black Rifle Coffee Company announced plans to go public via a merger with the SPAC in a deal that values the combined company at about $1.7 billion.

SBEA is currently trading at $12.77, up $2.95 or 30.04%, on the Nasdaq.

Black Rifle Coffee Company, a coffee company based in Salt Lake City, Utah, is owned by former members of the armed forces of the United States.

The merger deal will be funded by a combination of up to $345 million of cash held in the trust account of SBEA, and equity commitments totaling $300 million from various investors, including a $100 million commitment from Engaged Capital.

The deal is expected to place up to $225 million on Black Rifle Coffee’s balance sheet to accelerate the company’s growth. The company currently boasts of over 1.9 million lifetime consumers, 270,000+ active coffee club subscribers, and a large and growing social media following.

American Water Works Company, Inc. Q3 earnings increase in line with estimate

American Water Works Company, Inc. (AWK) reported earnings for its third quarter that rose from last year.

The company’s bottom line came in at $278 million, or $1.53 per share. This compares with $264 million, or $1.46 per share, in last year’s third quarter.

Analysts had expected the company to earn $1.53 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 0.9% to $1.09 billion from $1.08 billion last year.

American Water Works Company, Inc. earnings at a glance:

-Earnings (Q3): $278 Mln. vs. $264 Mln. last year.
-EPS (Q3): $1.53 vs. $1.46 last year.
-Analysts Estimate: $1.53
-Revenue (Q3): $1.09 Bln vs. $1.08 Bln last year.

Full year EPS guidance: $4.18 to $4.28

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Oil Futures Settle Lower Ahead Of Inventory Data

Crude oil futures settled lower on Tuesday amid concerns about growth after data showed a slowdown in Eurozone manufacturing activity amid rising input costs due to supply chain bottlenecks and logistical problems.

However, oil’s downside was limited after a Reuters survey suggested that the increase in OPEC’s oil output in October was short of the rise planned under a deal with allies.

West Texas Intermediate Crude oil futures for December settled at $83.91 a barrel, losing $0.14 or about 0.2%.

Brent crude futures were down $0.18 or 0.2% at $84.53 a little while ago.

OPEC and its allies, collectively known as OPEC+ will meet on Thursday to decide on output levels. The alliance is expected to stick to the gradual, monthly production increases of 400,000 barrels per day.

Traders looked ahead to the weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API’s report is due later today, while EIA will release its inventory data Wednesday morning.

Analysts expect an increase of 1.6 million barrels in crude stockpiles in the U.S. in the week ended October 29th.

Rambus Provides Q4 Outlook After Profitable Q3

The California-based semiconductor company, Rambus Inc. (RMBS), has issued a fourth-quarter outlook after turning to profit in the third quarter.

The Licensing billings are expected to be around $62 million to $68 million for the quarter, while product revenue is expected to come in the range of $40 million and $46 million.

The operating cost, projected by the company, is expected to be between $80 million and $76 million.

Luc Seraphin, chief executive officer of Rambus, said, “We are well positioned for continued profitable growth as demonstrated by this quarter’s record product revenue from memory interface chips. Strategically, we continue to scale the business as the integrations of AnalogX and PLDA are well underway with the new teams already contributing new products and design wins.”