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United Bankshares Q3 Net Income Rises

American Tower Corp. Announces Rise In Q3 Bottom Line, Beats estimates

American Tower Corp. (AMT) reported a profit for its third quarter that increased from last year and beat the Street estimates.

The company’s bottom line totaled $839.7M, or $1.80 per share. This compares with $723.0M, or $1.58 per share, in last year’s third quarter.

Analysts on average had expected the company to earn $1.13 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 9.0% to $2.67 billion from $2.45 billion last year.

American Tower Corp. earnings at a glance (GAAP) :

-Earnings (Q3): $839.7M. vs. $723.0M. last year.
-EPS (Q3): $1.80 vs. $1.58 last year.
-Analyst Estimate: $1.13
-Revenue (Q3): $2.67 Bln vs. $2.45 Bln last year.

-Guidance:
Full year revenue guidance: $10,395 -$10,485 Mln

Oil Prices Mixed On China Demand Concerns

Oil prices traded mixed on Thursday after posting strong gains in the previous session as record-high U.S. crude exports pointed to healthy global oil demand.

Benchmark Brent crude futures were marginally higher at $93.85 barrel, while WTI crude futures were down 0.1 percent at $87.79.

Prices jumped over 3 percent on Wednesday after EIA data showed a drop in gasoline stockpiles.

U.S. crude inventories rose more than expected last week, but a large percentage of the increase came from a drawdown of strategic reserves.

U.S. crude exports surging to a record-high 5.1 million barrels a day suggested resilience in global demand despite rising inflation and interest rates.

Meanwhile, investors fretted over Chinese fuel demand in the wake of reports suggesting that Chinese cities from Wuhan in central China to Xining in the northwest are tightening curbs against growing COVID outbreaks.

Data showed today that profits at China’s industrial firms fell at a faster clip in the January-September period as a result of fresh COVID-19 curbs and a worsening property crisis. China is the world’s biggest energy consumer.

European Economics Preview: ECB Monetary Policy Decision Due

The monetary policy announcement from the European Central Bank is the major event due on Thursday.

The central bank is widely expected to hike its benchmark rate by 75 basis points to combat rising inflation. The ECB is also likely to signal its stance on future rate path. The announcement is due at 8.15 am ET.

ECB Chief Christine Lagarde holds a press conference at 8.45 AM ET.

Other major economic reports are consumer confidence from and unemployment figures from Spain.

At 2.00 am ET, the market research group Gfk is scheduled to issue Germany’s consumer sentiment index. The forward-looking consumer confidence index is forecast to fall to -41.9 in November from -42.5 in October.

At 3.00 am ET, Spain’s unemployment data for the third quarter is due. The jobless rate is seen at 13.0 percent versus 12.48 percent in the second quarter.

At 4.00 am ET, Italy’s Istat is scheduled to issue business and consumer sentiment survey data. In the meantime, industrial turnover data is also due.

At 6.00 am ET, the Confederation of British Industry publishes Distributive Trades survey results.

Sonic Automotive Q3 EPS Rises On Revenue Growth, Misses Estimate; Ups Dividend

Sonic Automotive, Inc. (SAH), an automotive retailer on Thursday reported higher revenues and earnings for the third quarter ended September 30, 2022. The results however missed the Street’s expectations.

The board also recommended a 12% increase in quarterly dividend.

Net income from continuing operations increased to $87.3 million or $2.23 per share as compared to $84.7 million or $1.96 per share in the previous period.

6 analysts polled by Thomson Reuters were expecting the company to report earnings of $2.47 per share. Analysts typically exclude one-time items.

Revenue for the period increased 12 percent to $3.45 billion versus $3.07 billion in the year-ago period.

5 analysts polled by Thomson Reuters were expecting the company to report revenues of $3.77 billion.

Sonic’s Board of Directors approved a 12 percent increase to the company’s quarterly cash dividend, to $0.28 per share, payable on January 13, 2023, to all stockholders of record on December 15, 2022

Shares of Sonic Automotive are currently trading in pre-market at $43.01, down $1.70 or 3.80 percent from the previous close.

OSI Systems Inc. Q1 Profit Decreases, but beats estimates

OSI Systems Inc. (OSIS) revealed a profit for first quarter that decreased from last year but beat the Street estimates.

The company’s earnings totaled $11.24 million, or $0.65 per share. This compares with $19.05 million, or $1.04 per share, in last year’s first quarter.

Excluding items, OSI Systems Inc. reported adjusted earnings of $14.95 million or $0.87 per share for the period.

Analysts on average had expected the company to earn $0.80 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 4.0% to $268.07 million from $279.26 million last year.

OSI Systems Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $11.24 Mln. vs. $19.05 Mln. last year.
-EPS (Q1): $0.65 vs. $1.04 last year.
-Analyst Estimates: $0.80
-Revenue (Q1): $268.07 Mln vs. $279.26 Mln last year.

-Guidance:
Full year EPS guidance: $6.02 to $6.25
Full year revenue guidance: $1.240 to $1.275 Bln

United Bankshares Q3 Net Income Rises

United Bankshares, Inc. (UBSI) reported third quarter earnings of $102.6 million, or $0.76 per share, compared to $92.2 million, or $0.71 per share, a year ago. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.66, for the quarter. Analysts’ estimates typically exclude special items.

Net interest income increased to $240.62 million from $181.58 million, last year. Noninterest income was $32.8 million, a decrease of 52%, from prior year. Analysts on average had estimated $263.71 million in revenue.

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