DEERFIELD, Ill.—Caterpillar had a strong second quarter and topped most profit expectations with higher prices for machinery offsetting rising costs. The manufacturer on Tuesday posted a quarterly profit of $1.67 billion, or $3.13. Per share earnings were $3.18 without one-time costs or benefits, which is 18 cents better than Wall Street had expected, according to…
AstraZeneca Lifts Revenue Guidance on COVID-19 Treatment
AstraZeneca said it expected prescriptions of its COVID-19 therapy to drive sales growth of more than 20 percent this year, as company reported second-quarter profit that topped analyst estimates. The injection, called Evusheld, which is designed to protect against COVID-19 infection for at least six months, has been deployed in many countries for people with…
Pfizer Leaves COVID-19 Product Forecast Unchanged, Shares Fall
Pfizer Inc. did not raise its 2022 forecast for sales of its COVID-19 vaccine and antiviral treatment on Thursday, and its shares fell nearly 5 percent before recovering. The U.S. drugmaker maintained its full-year forecast of around $54 billion for its COVID-19 products, even as second-quarter sales of its Paxlovid antiviral pills were much higher-than-expected,…
Swiss National Bank Posts Record First-Half Loss, Says No Policy Impact
ZURICH—The Swiss National Bank reported a first-half loss of 95.2 billion Swiss francs ($100.08 billion) on Friday, the biggest six-month loss since the central bank was founded in 1907. Stock market declines, falling bond prices, and the franc’s appreciation severely dented the value of its massive foreign currency holdings. The SNB reported a second-quarter loss…
Toyota Misses May Production Target in Third Monthly Shortfall
TOKYO—Toyota Motor Corp.’s global production for the first five months of 2022 fell 9.7 percent short of its own target on average, raising questions about whether the Japanese automaker will be able to maintain its current target for the year. The world’s largest automaker by sales said it produced 634,940 vehicles in May, 5.3 percent…
Zara Owner Inditex Bucks Retail Trend as Sales Boom
MADRID—Fashion giant Zara’s owner Inditex reported an 80 percent jump in first-quarter profit on the back of soaring sales as consumers refreshed their wardrobes after months spent stuck at home during the pandemic lockdowns. Zara has benefited from successfully passing on higher prices to shoppers despite a cost of living crisis squeezing margins at other…
Here’s Why Analysts Expressed Caution Ahead of Netflix’s Q1
April 8, 2022
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Analysts expressed caution ahead of Netflix Inc. Q1 earnings, highlighting EMEA’s churn risk, the company’s second-largest region, due to potential consumer spending pressure tied to higher energy costs and broader inflationary pressures and loss of subscribers in Russia. Baird analyst William Power noted that each 10 bps increase in churn could negatively impact EMEA net additions by…
Nestle’s Ability to Hike Prices in Focus for Full-Year Results
ZURICH—Food group Nestle is expected to post organic sales growth of 7.1 percent for 2021 on Thursday, almost twice as high as the year before thanks to strong demand for coffee and pet food, but high input costs will start taking a toll on profitability. Markets will focus on the guidance for this year, especially…
Mercedes-Benz Beats Profit Forecast, Sees Supply Chain Headwinds in 2022
February 11, 2022
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BERLIN—Mercedes-Benz Cars & Vans expects an adjusted earnings before interest and taxes (EBIT) of 14 billion euros ($15.9 billion) in 2021 and sees supply chain headwinds persisting into 2022, it said on Friday. The luxury carmaker predicted an adjusted return on sales of 12.7 percent in the full year, beating its own guidance of 10…
CVS Health Results Beat on Demand for COVID-19 Vaccines, Tests
CVS Health Corp. reported quarterly results on Wednesday that beat analysts’ estimates on higher demand for COVID-19 tests and vaccinations due to the Omicron variant, while the drugstore operator also reaffirmed its annual earnings forecast. The company administered over 8 million COVID-19 tests and more than 20 million COVID-19 vaccines across the United States during…
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