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REV Group Q4 Results Top Estimates, Declares Dividend; Stock Up In Pre-market

Watches Of Switzerland HY Profit Increases – Quick Facts

Watches of Switzerland Group Plc. (WOSG.L) reported that its profit for the 26 weeks to 30 October 2022 increased to 64.6 million pounds or 27.0 pence per share from 51.6 million pounds or 21.6 pence per share in the prior year.

Profit before taxation for the period was 82.7 million pounds up from 64.7 million pounds last year.

Revenue grew to 765.2 million pounds from 586.2 million pounds in the previous year.

The company noted that trading in the first six weeks of the third quarter was in line with expectations, and fiscal year 2023 guidance is unchanged reflecting current visibility of supply of key brands, announced pricing, and confirmed showroom refurbishments, openings, and closures and excludes uncommitted capital projects and acquisitions.

Looking ahead, the company remains confident in Long Range Plan objectives, supported by a strong pipeline of expansionary projects as it continues with its strategy of investing for growth.

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TUI Group Posts Positive Underlying EBIT In 2022

TUI Group (TUIFF.PK) reported that its full year 2022 underlying EBIT was positive at 409 million euros compared to a negative EBIT of 2.08 billion euros, last year. Group loss attributable to shareholders was 277.3 million euros compared to a loss of 2.47 billion euros, previous year. Revenue almost quadrupled to 16.55 billion euros from 4.73 billion euros.

Fourth quarter underlying EBIT was 1.04 billion euros. Excluding costs of additional flight disruptions, underlying EBIT was 1.1 billion euros, for the quarter. Revenue more than doubled to 7.61 billion euros from 3.37 billion euros, a year ago.

At 7.6 million, guest numbers were 93 percent of fourth quarter 2019 levels on a like-for-like basis.

The Group noted that the business environment remains challenging in the current winter 2022/23, mainly due to external factors.

For fiscal 2023, the Group expects a strong increase in revenue and a significant increase in underlying EBIT.

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STHREE Plc FY22 Net Fees Up 19% – Quick Facts

STHREE plc (STHR.L) reported that its Group net fees for the full year was up 19% to 430.6 million pounds. This was driven by Contract and Permanent businesses up 23% and 6% respectively. Contract net fees represented 78% of Group net fees.

Fourth quarter year on year net fee increase was 9%, and reflects continued growth against a strong post-Covid comparator.

SThree plc noted that it remains in a robust financial position, with net cash at 30 November 2022 of 65 million pounds.

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She Harvests Shellfish and Helps Protect Them

Ana Shellem has found peace and prosperity while searching for wild species off the North Carolina coast for her one-woman sustainable fishing company.

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By Shivani Vora

Democrats Ensure Clear Senate Majority With Georgia Runoff Win

The Democrats have ensured a clear majority in the Senate by winning the Georgia Senate runoff.

Senator Raphael Warnock’s victory over his Trump-backed challenger Herschel Walker gave the Democrats a crucial 51 seats in the 100-member Upper House.

None of the candidates secured 50 percent of the votes in the midterm elections held in November.

With 99 percent of votes counted in the tight runoff, 51.4 percent went to Warnock and 48.6 percent to Walker.

Delivering a victory speech in Atlanta, Warnock said, “It is my honor to utter the four most powerful words ever spoken in a democracy: the people have spoken!”

The 53-year-old Baptist pastor became the first black senator in Georgia when he was first elected in January 2021.

The outright majority in the Senate gives the Democrats the advantage of passing bills and advancing President Joe Biden’s nominees more easily and ensures a majority on committees.

If all Democrat senators vote along party lines in the Senate, Vice President Kamala Harris will have no need to cast the tie-breaking vote as has been the case over the last two years in an evenly divided chamber.

REV Group Q4 Results Top Estimates, Declares Dividend; Stock Up In Pre-market

REV Group, Inc. (REVG), a manufacturer of specialty vehicles, on Wednesday reported that its fourth-quarter net income was $8.7 million or $0.15 per share, compared to breakeven last year.

Adjusted net income was $16.2 million or $0.28 per share, compared to $17.9 million or $0.27 per share a year ago.

On average, seven analysts polled by Thomson Reuters expected earnings of $0.25 per share for the quarter. Analysts’ estimates typically exclude special items.

Consolidated net sales in the fourth quarter were $623.6 million, an increase of 5.7 percent from $589.9 million in the prior year. Analysts estimated sales of $595.02 million for the quarter.

Further, the company’s board of directors declared a quarterly cash dividend of $0.05 per share, payable on January 13, to shareholders of record on December 30.

Looking ahead, REV Group President and CEO Rod Rushing said, “We have made progress against supply chain headwinds with an expectation to benefit from multi-sourcing initiatives within the first half of fiscal 2023.”

In pre-market activity on the NYSE, REV Group shares were gaining around 5 percent to trade at $13.94.

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