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    • Breaking News
    Mar 30, 2023
    • EVgo Inc, the electric vehicle charging network company, reported a surge in fourth quarter revenue and a rise in network throughput.

      Revenue in the fourth quarter increased 283% to $27.3 million from $7.1 million and net loss fell to $17.0 million from $46.3 million and diluted loss per share fell to 6 cents from 18 cents a year ago.

      For the full-year 2022, revenue soared 146% to $54.6 million from $22.2 million and net loss expanded to $27.6 million from $5.9 million and diluted loss per share rose to 40 cents from 9 cents a year ago.

      The company guided 2023 revenue in the range of $105 million to $150 million and adjusted operating earnings between $78 million and $60 million.

      Additionally, at year-end 2023, EVgo expects to have between 3,400 and 4,000 DC fast charging stalls in operation or  under construction. 
      • Real gross domestic product growth for the final quarter of 2022 was revised lower, according to the third and final estimate released by the U.S. Bureau of Economic Analysis Thursday. 

        The U.S. economy expanded at an annual pace of 2.6% in the December quarter, slower than the previous estimate of 2.7% and 3.2% in the third quarter. 

        Consumer spending increase was revised lower to 1.0% from the previous estimate of 1.4% and international 

        Real GDP increased 2.1% in 2022, compared with an increase of 5.9% in 2021. 
        • Mar 29, 2023
        • McCormick & Company Inc, the spice maker, reported stable revenue in its latest quarter. 

          Revenue in the fiscal first quarter ending in February increased 3% to $1.56 billion from $1.52 billion and net income fell to $139.1 million from $154.9 million and diluted earnings per share dropped to 52 cents from 57 cents a year ago. 

          The company's sales were negatively affected by 2% from the lower consumption in China due to Covid-related disruptions, exiting from Russia and divestiture of the company's Kitchen Basics business.  
          • UBS Group AG recalled its former chief executive Sergio Ermotti to manage the recent acquisition of Credit Suisse. 

            Ermotti served as chief executive for nine years to October 2020 and is currently Chairman of reinsurance company Swiss Re. Ermotti will replace current CEO Ralph Hamers on April 6 and Hamers will advise the company during the latest transition. 
            • Micron Technology Inc, the semiconductor manufacturer, reported smaller-than-anticipated quarterly loss.

              Revenue in the fiscal second quarter ending on March 2 declined to $3.69 billion from $4.09 billion in the prior quarter and $7.79 billion a year ago. The company swung to a loss of $2.3 billion from a profit of $2.3 billion and diluted earnings per share was ($2.12) from $2.0 a year ago. The company guided revenue in the third quarter of $3.7 billion and diluted loss per share of $1.79.

              “Customer inventories are getting better, and we expect gradual improvements to the industry’s supply-demand balance," said chief executive Sanjay Mehrotra. 
              • Paychex, Inc, the payroll services provider, reported stronger-than-expected revenue growth and earnings per share.  

                Revenue in the fiscal third quarter ending in February increased 8% to $1.38 billion and net income rose 9% to $467.4 million from $430.7 million and diluted earnings per share rose to $1.29 from $1.19 a year ago. 

                "We have no cash, restricted cash, or investments deposited with Silicon Valley Bank or Signature Bank and have met all client fund obligations related to employee payment services and remittances to applicable tax or regulatory agencies," the company said in its earnings release statement. 
                • Lululemon Athletica Inc increased 14.4% to $365.05 after the athleisure retailer reported a surge in comparable same store sales in the fourth quarter. 

                  Revenue in the fourth quarter ending in January increased 30% to $2.8 billion on a 27% surge in comparable sales. Net income in the quarter dropped to $119.8 million from $434.5 million and diluted earnings per share fell to 94 cents from $3.37 a year ago. 

                  The company estimated fiscal first quarter 2023 net revenue in the range of $1.890 billion to $1.930 billion, representing growth of  approximately 18%. Diluted earnings per share are expected to be in the range of $1.93 to $2.00 for the quarter. 
                  • Mar 28, 2023
                  • Carnival Corp, the cruise line operator, reported record quarterly bookings in the fiscal first quarter ending in February.

                    Revenue in the quarter increased to $4.4 billion from $1.6 billion and net loss shrank to $693 million from $1.9 billion and diluted loss per share decreased to 55 cents from $1.66 a share.

                    The cruise line estimated 98% occupancy in the fiscal second quarter and estimated adjusted operating earnings between $600 million and $700 million, compared to $382 million in the first quarter.
                    • Lyft Inc, the ridesharing company, said its co-founders, chief executive Logan Green and President John Zimmer, plan to step down from management roles and transition to non-executive roles.  

                      Former Amazon executive David Risher will become chief executive officer on April 17. 
                      • PVH Corp, the apparel maker, posted better-than-expected earnings in its latest quarter. 

                        Revenue in the fourth quarter ending in January increased 2% to $2.49 billion and net income declined to $138.7 million from $390.8 million and diluted earnings per share fell to $2.18 from $5.553 a year ago. 

                        Revenue in the full-year 2022 fell to $9.0 billion from $9.2 billion and net income decreased to $200.4 million from $952.3 million and diluted earnings per share plunged to $3.03 from $13.25 a year ago. 

                        The apparel maker guided revenue in 2023 to increase between 3% and 4% and diluted earnings per share is projected to be $10.0 compared to $3.03 a year ago.