Sysco Q4 Profit Surges, Looks Ahead To Adj. Earnings Growth In FY23

Ceva Inc. Q2 Earnings Summary

Below are the earnings highlights for Ceva Inc. (CEVA):

Earnings: -$1.12 million in Q2 vs. $0.32 million in the same period last year.
EPS: -$0.05 in Q2 vs. $0.01 in the same period last year.
Excluding items, Ceva Inc. reported adjusted earnings of $4.31 million or $0.18 per share for the period.

Revenue: $33.20 million in Q2 vs. $30.46 million in the same period last year.

Oil Edges Lower As Focus Turns To Iran Nuclear Deal Talks

Oil prices were moving lower on Tuesday amid talks to revive the 2015 nuclear deal. The revival of the nuclear accord would open the door for Iran to resume oil exports.

Benchmark Brent crude futures dipped 0.6 percent to $96.03 per barrel, while WTI crude futures were down 0.8 percent at $90.02.

Talks to revive Tehran’s tattered nuclear accord with world powers in Vienna ended Monday, with the European Union saying it put forward a “final” text to revive the 2015 Iran nuclear deal.

“What can be negotiated has been negotiated, and it’s now in a final text. However, behind every technical issue and every paragraph lies a political decision that needs to be taken in the capitals,” EU foreign policy chief Josep Borrell tweeted.

“If these answers are positive, then we can sign this deal,” he added. A deal could result in Iran boosting its oil exports by around 1 million barrels per day.

Weekly U.S. oil inventory data from the American Petroleum Institute is due later today ahead of the Energy Information Administration report on Wednesday. Investors will watch for any signs of recovery in U.S. gasoline demand.

Gold Holds Steady Amid Geopolitical Tensions

Gold prices held steady on Tuesday, as investors kept an eye on rising geopolitical tensions and looked ahead to the release of key U.S. inflation data on Wednesday for additional clues on the state of the world’s largest economy.

Spot gold edged up 0.1 percent to $1,790.62 while U.S. gold futures were marginally higher at $1,806.10.

The Russian bombardment of a Ukrainian power plant has sparked fears of a radioactive fallout in Europe.

Elsewhere, Taiwan’s foreign minister said earlier today that China has used the drills in its military playbook to prepare for the invasion of Taiwan.

The U.S. Labor Department’s Consumer Price Index for July is due to be released on Wednesday, with investors waiting to see whether inflationary pressures are receding.

The dollar edged lower in early European trade in anticipation of a softer annualized U.S. inflation print.

On Monday, a New York Fed survey showed consumers’ inflation expectations fell sharply in July.

Emerson Updates 2022 Outlook

Emerson (EMR) updated 2022 outlook to reflect the impacts of the AspenTech and Therm-O-Disc transactions, and write-offs associated with announced Russia exit while considering continued macroeconomic and geopolitical uncertainty, supply chain constraints, exchange rate fluctuations and challenges related to COVID-19. The company increased earnings per share guidance to $5.25 to $5.35 and increased adjusted earnings per share guidance to $5.05 to $5.15. Net sales guidance was reduced to 7 to 8 percent and underlying sales guidance was narrowed to 9 to 10 percent.

Third quarter adjusted earnings per share was $1.38, up 16 percent, which includes an $0.08 net AspenTech impact. Earnings increased to $921 million from $627 million, last year. Earnings per share were $1.54 for the quarter, up 48 percent.

On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $1.30, for the quarter. Analysts’ estimates typically exclude special items.

Third quarter net sales were up 7 percent to $5.01 billion, and underlying sales were up 7 percent. Analysts on average had estimated $5.12 billion in revenue.

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Emerson Electric Co. Bottom Line Rises In Q3

Emerson Electric Co. (EMR) revealed a profit for its third quarter that increased from last year

The company’s bottom line totaled $921 million, or $1.54 per share. This compares with $627 million, or $1.04 per share, in last year’s third quarter.

Excluding items, Emerson Electric Co. reported adjusted earnings of $1.38 per share for the period.

The company’s revenue for the quarter rose 6.6% to $5.01 billion from $4.70 billion last year.

Emerson Electric Co. earnings at a glance (GAAP) :

-Earnings (Q3): $921 Mln. vs. $627 Mln. last year.
-EPS (Q3): $1.54 vs. $1.04 last year.
-Revenue (Q3): $5.01 Bln vs. $4.70 Bln last year.

Full year EPS guidance: $5.05 to $5.15

Sysco Q4 Profit Surges, Looks Ahead To Adj. Earnings Growth In FY23

Sysco Corp. (SYY) Tuesday reported a more than a three-times surge in fourth-quarter earnings, supported by 17.5 percent growth in sales. The company projects fiscal 2023 adjusted earnings to grow.

Earnings for the quarter spiked to $509.99 million from $151.09 million last year. On a per share basis, earnings were $0.99, compared to $0.29 a year ago. On an adjusted basis, earnings were $588.3 million or $1.15 per share.

Sales for the quarter increased to $18.957 billion from $16.136 billion in the previous year. On a comparable 13-week basis, sales were up 26.5 percent to $19.0 billion.

The global major in selling, marketing, and distributing food products noted that the U.S. Foodservice Operations segment generated strong sales growth of 30.3 percent to $3.3 billion.

On average, 13 analysts polled by Thomson Reuters were looking for revenue of $18.27 billion.

Looking ahead to fiscal 2023, the company said it expects to grow adjusted earnings per share by 26 – 35 percent, or $4.09 – $4.394.