TD Synnex Corp. reported first-quarter FY22 revenue growth of 213.2 percent year-over-year to $15.47 billion, beating the consensus of $15.31 billion. Revenue fell 0.9 percent Q/Q. Adjusted EPS of $3.03 beat the consensus of $2.73. The adjusted operating margin contracted by 37 bps to 2.79 percent. The trailing fiscal four quarters ROIC was 9.7 percent compared to…
More Chinese Property Developers Delay Earnings Reports, Deepening Market Concerns Over Sector’s Woes
March 24, 2022
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Business & EconomyBusinesses in COVID-19ChinaChina Business & EconomyChinese property developersearningsevergrandeKaisa
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A growing number of Chinese property developers this week said they will be unable to publish audited 2021 earnings statements on time, deepening market concerns over the sector’s financial troubles. Indebted Kaisa Group Holdings Ltd. became the latest developer to disclose that it will most likely miss the deadline for reporting audited financial results due…
BMW Beats Pre-Pandemic Earnings, but Chip Troubles Hit Fourth Quarter
BERLIN—BMW more than doubled pre-pandemic earnings in 2021 to 16 billion euros ($17.67 billion), the company said on Thursday, as higher prices and strong sales of top-end cars boosted revenue despite supply chain constraints. The premium carmaker, which sold a record 2.52 million vehicles last year despite semiconductor shortages, reported a 10.3 percent earnings margin…
Scottish Tory Leader Douglas Ross Avoids Punishment Over Undeclared Earnings
Scottish Conservative leader Douglas Ross has avoided sanctions after failing to declare earnings while serving as an MP. Ross referred himself to the Standards Commissioner in November for not recording his full MSP salary and earnings as a match official for the Scottish Football Association. In a judgment released on Friday, Parliamentary Commissioner for Standards…
Burger King, Tim Hortons Power Restaurant Brands Sales Beat
February 15, 2022
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Restaurant Brands International Inc. beat estimates for quarterly revenue and profit on Tuesday, led by soaring online sales and a recovery in demand at its Burger King and Tim Hortons chains. Consumers are increasingly venturing out to diners, encouraged by easing COVID-19 curbs, after the nearly two-year long health crisis prompted restaurant closures and dine-in…
3M Sees Earnings Hit From Waning Mask Demand
Industrial giant 3M Co. on Monday forecast a slower pace of sales growth in 2022 and a 45 cent hit to its per-share earnings, as demand for its masks wanes due to the global vaccination drive against COVID-19. The company is expecting total sales growth in the range of 1 percent to 4 percent for…
Germany’s Siemens Sees Profit up 20 Percent, Raises Dividend
FRANKFURT, Germany—Germany Siemens AG, global maker of big-ticket machines and industrial equipment and software, saw net profit rise 20 percent to 1.8 billion euros in the last three months of 2021 as the rebounding global economy increased orders for its goods, including a 1-billion euro order for high speed trains in Germany. The company on…
Japanese Banks Sound Caution for Earnings as Omicron Highlights Bad Loan Risks
TOKYO—Japan’s biggest lenders on Wednesday all sounded alarmed about the risk the Omicron variant could have on their earnings, reviving concerns that a resurgent pandemic could trigger more bad loans. It was a sobering assessment from Japan’s three top banks—some of the world’s biggest lenders by assets—and underscored how the latest coronavirus variant could put…
Apple, Microsoft Set Positive Tone Ahead of Another Key Earnings Week: Analyst Says Tech Stocks Are Oversold
Apple Inc. and Microsoft Corporation, which released their quarterly earnings data last week have set a positive tone for the upcoming week, which will see other tech stalwarts release their own numbers. What Happened Wedbush analyst Dan Ives said in a recent note that tech stocks “way oversold on Fed fears.” The analyst noted a…
Tesla Sees Supply Chain Issues Throughout 2022 After Record Earnings
SAN FRANCISCO—Tesla Inc on Wednesday expected supply chain issues to continue through this year, after posting record quarterly revenue that beat Wall Street estimates. The stock fell 2.7 percent in after-hours trading. Revenue rose to $17.72 billion in the fourth quarter, from $10.74 billion a year earlier. Analysts had expected the electric-vehicle maker to report…
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