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The Home Depot, Inc. Q2 Profit Climbs, Beats estimates

Mondi Plc To Buy Duino Mill In Italy From Burgo Group For €40 Mln

Mondi Plc (MNDI.L), a British packaging and paper company, Tuesday said it has agreed to acquire the Duino mill near Trieste in Italy from the Burgo Group for a total consideration of 40 million euros.

The acquisition is subject to competition clearance and other closing conditions. The deal is expected to complete in the second half of the year.

The mill currently operates one paper machine producing lightweight coated mechanical paper. Following the acquisition, this paper machine will be converted to produce around 420,000 tonnes per annum of high-quality recycled containerboard for an estimated investment of around 200 million euros.

Duino is close to two important export harbours, and is ideally located to supply the company’s Corrugated Solutions plants in Central Europe and Turkey as well as to serve the growing local Italian market.

The containerboard machine is expected to strengthen backward integration in Corrugated Packaging.

In London, Mondi shares were trading at 1,665.50 pence, down 0.51 percent.

Sea Ltd Q2 Loss Increases

Sea Ltd (SE) reported Loss for its second quarter that increased from the same period last year

The company’s earnings totaled -$569.81 million, or -$1.03 per share. This compares with -$321.18 million, or -$0.61 per share, in last year’s second quarter.

The company’s revenue for the quarter rose 28.9% to $2.94 billion from $2.28 billion last year.

Sea Ltd earnings at a glance (GAAP) :

-Earnings (Q2): -$569.81 Mln. vs. -$321.18 Mln. last year.
-EPS (Q2): -$1.03 vs. -$0.61 last year.
-Revenue (Q2): $2.94 Bln vs. $2.28 Bln last year.

Premier Q4 Net Profit Declines

Healthcare company Premier, Inc. (PINC) reported Monday that net income for the fourth quarter declined to $30.7 million or $0.25 per share from $50.7 million or $0.40 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $0.61 per share, compared to $0.60 per share in the year-ago quarter.

Net revenue for the quarter decreased 29 percent to $340.71 million from $481.52 million in the same quarter last year.

On average, 11 analysts polled by Thomson Reuters expected the company to report revenues of $333.43 million for the quarter.

Looking ahead to fiscal 2023, the company now projects adjusted earnings in the range of $2.63 to $2.75 per share on total net revenue between $1.38 billion and $1.45 billion. The Street is currently looking for revenues of $1.43 billion for the year.

Earlier in the month, Premier’s Board of Directors increased the company’s quarterly cash dividend to $0.21 per share, which is payable on September 15, 2022, to stockholders of record as of September 1, 2022.

Oil Extends Losses On Recession Worries

Oil prices fell on Tuesday to extend recent losses, as recession worries mounted and traders weighed a potential increase in OPEC supply.

Benchmark Brent crude futures dropped 0.9 percent to $94.25 a barrel, while WTI crude futures were down half a percent at $89.

A flurry of disappointing economic data in the U.S. and China on Monday raised worries about fuel demand.

The latest ZEW survey results showed today that economic sentiment continued to deteriorate in the euro area and in Germany.

Elsewhere, the U.K. labor market showed more signs of cooling, with real levels of wages falling at the fastest pace in two decades, official data showed.

On the supply side, Iran responded positively to a proposed nuclear deal without offering any details on the substance of the response, Iran’s official IRNA news agency reported. The European Union said it’s studying Iran’s response.

Saudi Aramco, the world’s largest crude producer, also indicated that it could potentially increase output.

Saudi Aramco plans to raise crude oil output to its maximum capacity of 12.3 million b/d by 2025 if requested by the Saudi Arabian government to meet the needs of global consumers.

American Petroleum Institute data on U.S. crude stockpiles are due later in the session.

Gold Extends Losses As Recession Fears Lift Dollar

Gold extended losses on Tuesday, after having fallen more than one percent to a one-week low in the previous session.

Spot gold slipped 0.2 percent to $1,776.32 per ounce, while U.S. gold futures were down 0.4 percent at $1,790.65.

The dollar index continued to edge higher as disappointing data from China and the United States amplified recession worries.

Official data on Monday showed China’s economy slowed across the board in July, dashing hopes for a post-lockdown economic boom.

New York state manufacturing activity plummeted in August and a gauge of homebuilder sentiment declined for an eighth-straight month, raising worries about growth but helping ease concerns about aggressive policy tightening by the Fed.

Bond yields edged higher today as investors await new data on housing, manufacturing and retail sales.

Elsewhere in Europe, the latest ZEW survey results showed that economic sentiment continued to deteriorate in the euro area and in Germany.

The U.K. labor market showed more signs of cooling, with real levels of wages falling at the fastest pace in two decades, official data showed.

Geopolitical tensions remain on investors’ radar, with China announcing more military drills near Taiwan on Monday after a delegation of U.S. lawmakers visited the island.

Fifteen Chinese aircraft crossed the median line of the Taiwan Strait on Monday, Taiwan’s Defence Ministry said in a statement.

The Home Depot, Inc. Q2 Profit Climbs, Beats estimates

The Home Depot, Inc. (HD) announced a profit for its second quarter that increased from last year and beat the Street estimates.

The company’s bottom line came in at $5.17 billion, or $5.05 per share. This compares with $4.81 billion, or $4.53 per share, in last year’s second quarter.

Analysts on average had expected the company to earn $4.95 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 6.5% to $43.79 billion from $41.12 billion last year.

The Home Depot, Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $5.17 Bln. vs. $4.81 Bln. last year.
-EPS (Q2): $5.05 vs. $4.53 last year.
-Analyst Estimate: $4.95
-Revenue (Q2): $43.79 Bln vs. $41.12 Bln last year.