Breaking News
Oct 27, 2023
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Hertz Global Holdings Inc. declined 4.6% to $8.62 after the vehicle rental company reported quarterly results.
Revenue in the third quarter increased 8% to $2.7 billion from $2.5 billion, net income jumped to $629 million from $577 million, and basic earnings per share increased to $2.02 from $1.62 a year ago.
Vehicle depreciation expense soared to $501 million from $294 million a year ago, after electric vehicle manufacturers lowered prices throughout 2023, resulting lower residual values and increasing depreciation expense and negatively impacting salvage cost.
Average rentable vehicles increased 12% to 562,267; vehicle utilization edged up to 83% from 80%; and transaction days jumped 16% to 43.1 million from 37.1 million.
Total revenue per day declined 7% to $62.46, and total revenue per month per vehicle fell 4% to $1,596 from $1,658 a year ago.
In the quarter, the company repurchased 3 million shares for $50 million. -
CBRE Group declined 0.5% to $66.15 after the commercial real estate services and investment company reported a sharp decline in earnings.
Commercial real estate capital markets remain under severe pressure, leading to a sustained slowdown in property sales and debt financing activity.
Revenue in the third quarter increased 4.5% to $7.8 billion from $7.5 billion, net income plunged 57% to $191 million from $447 million, and diluted earnings per share declined to 61 cents from $1.38 a year ago.
CBRE revised its core earnings per share to decrease by mid-30%, compared with a 20% to 25% decline anticipated in the previous quarter.
Global leasing revenue declined 16%, driven by a 21% plunge in the Americas and 11% in Europe, the Middle East, and North Africa, but leasing revenue in the Asia-Pacific region jumped 11%.
Commercial property sales revenue plunged by 38% as buyers and sellers paused amid sharply rising interest rates.
In the Americas, commercial real estate sales revenue plunged 41%, EMEA dropped 47%, and APAC declined 12%.
The company repurchased approximately 6.2 million shares for $516 million, averaging $83.03 per share, during the third quarter of 2023, with approximately $1.5 billion of capacity remaining under the company’s authorized stock repurchase program as of September 30. -
Chevron Corporation dropped 6.7% to $144.35 after the integrated energy company reported quarterly results.
Revenue in the third quarter declined to $54. billion from $66.6 billion, net income plunged to $6.5 billion from $11 billion, and diluted earnings per share dropped to $3.48 from $5.78 a year ago.
Third-quarter earnings were negatively impacted by lower crude oil prices and weaker margins on refined product sales.
The company's worldwide net oil-equivalent production increased 4%, and U.S. production was up 20%, driven largely by the recent acquisition of PDC Energy.
PDC Energy added 179,000 oil-equivalent per day in the quarter.
In the quarter, the company distributed to shareholders about $6.2 billion, including dividends of $2.9 billion and stock repurchases of $3.4 billion.
Additionally, the company board of directors declared a cash dividend of $1.51 per share, payable on December 11 to shareholders on record on November 17.
The company is on track to complete its recently announced $60 billion acquisition of Hess Corp. by the end of 2024. -
Royal Caribbean Cruises Ltd. increased 2.2% to $84.0 after the company reported improving quarterly results and added bookings in the third quarter were "significantly exceeding" the levels in 2019.
Revenue in the third quarter increased to $4.1 billion from $3.0 billion, net income soared to $1.0 billion from $32.9 million, and diluted earnings per share advanced to $3.65 from 13 cents a year ago.
"Demand for 2024 has continued to accelerate, with bookings significantly and consistently outpacing 2019 levels. Booked load factors and rates are higher than all prior years while the booking window has continued to extend," the company forecasted in a statement to investors. -
United Parcel Service, Inc. declined 3% to $140.87 after the company reported quarterly results.
Revenue in the third quarter decreased 12.8% to $21.1 billion from $24.2 billion, net income plunged 56.4% to $1.1 billion from $2.6 billion, and diluted earnings per share dropped to $1.31 from $2.96 a year ago.
UPS now expects full-year 2023 consolidated revenue to be between $91.3 billion and $92.3 billion and a consolidated adjusted operating margin of between 10.8% and 11.3%.
The company reiterated its full-year planned capital expenditure target of about $5.3 billion and dividend payment expectations of $5.4 billion.
UPS now expects full-year 2023 stock repurchases to be approximately $2.25 billion. -
Southwest Airlines declined 2.2% to $23.60 after the regional airline reported lower-than-expected revenue of $6.53 billion, and the company said it plans to trim its capacity growth after demand growth returns to pre-pandemic levels.
Revenue increased 4.9% to $6.53 billion from $6.22 billion, net income declined 30.3% to $193 million from $277 million, and diluted earnings per share fell to 31 cents from 44 cents a year ago.
The company lowered its first quarter capacity growth to between 10% and 12% from the previous estimate of between 14% and 16%, resulting in full-year 2024 capacity growth in the range of 6% and 8%.
The airline reiterated its 2023 capital spending estimate of $3.5 billion, including $2.3 billion in aircraft capital spending, assuming approximately 85–8 aircraft deliveries in 2023, and $1.2 billion in non-aircraft capital spending, including the winter operations plan.
Last winter, Southwest was forced to halt all flights after a winter storm and technological slip-ups led to a cascade of flight cancellations for a few days.
The company reiterated its total annual capital spending to be approximately $4 billion, on average, for the five years 2023 through 2027. -
Hasbro, Inc. plunged 12.3% to $48.0 after the toymaker reported weaker-than-expected results in the third quarter and suggested sales are likely to fall at a faster pace then previously estimated.
Revenue in the third quarter declined 10% to $1.5 billion from $1.67 billion, and the company swung to a net loss of $171.1 million from a profit of $129.2 million, and diluted earnings per share were ($1.23) compared to 93 cents a year ago.
The company estimated full-year 2023 revenue to decline between 13% and 15%, compared to a 3% to 6% decline in its previous estimate, and operating cash flow between $500 million and $600 million.
Earlier this year, the company said it plans to sell its film and television business eOne, home of Peppa Pig, to Lionsgate for $500 million. -
Bristol-Myers Squibb dropped 5.7% to $53.40 after the company reported quarterly earnings.
The pharmaceutical company said sales of its popular blood cancer drug, Revlimid, were down because of rising competition from generic drugs.
Revenue in the third quarter declined 2% to $10.96 billion from $11.2 billion, net income rose to $1.9 billion from $1.2 billion, and diluted earnings per share advanced to 93 cents from 75 cents a year ago.
Revlimid worldwide revenues fell 41% from a year ago to $1.4 billion, primarily due to generic competition and an increase in the number of patients receiving free drug products from the Bristol Myers Squibb Patient Assistance Foundation.
The company reiterated its full-year 2023 revenue decline to a low single-digit and narrowed its earnings per share range to between $3.68 and $3.83 from the previous range between $3.72 and $4.02. -
Meta Platforms Inc. edged down 0.8% to $297.10 after the parent company of Instagram and Facebook reported strong quarterly results but guided softening advertising revenue in the current quarter.
Revenue in the third quarter increased 23% to $34.1 billion from $27.7 billion, net income soared 164% to $11.6 billion from $4.4 billion, and diluted earnings per share advanced to $4.39 from $1.64 a year ago.
Daily active users across all brands, including Facebook and Instagram, increased 7% to 3.14 billion, and monthly active users jumped 7% to 3.96 billion.
Facebook daily active users increased 5% to 2.09 billion, and monthly active users edged up 3% to 3.05 billion.
In the third quarter, ad impressions delivered across all brands increased by 31% from a year ago, and the average price per ad decreased by 6%, respectively.
In the nine-month period, the company reported losses in Reality Labs jumped to $11.4 billion compared to $9.4 billion a year ago.
The number of people working at the company at the end of the September quarter declined 24% to 66,185, and the employee count reflects a substantial majority of people impacted by the recent layoffs. -
United Rentals, Inc. advanced 3% to $411.16 after the company reported quarterly results.
Revenue in the third quarter increased to $3.8 billion from $3.0 billion, net income rose to $703 million from $606 million, and diluted earnings per share advanced to $10.29 from $8.66 a year ago.
The equipment rental company said In January 2023, the Board of Directors approved its first-ever quarterly dividend program, and the company declared a $1.48 per share dividend payable on November 22 to shareholders on record on November 8.
Year-to-date through September 30, 2023, the company repurchased $750 million of its common stock under its $1.25 billion share repurchase program and paid dividends totaling $305 million.
The company plans to repurchase $1.0 billion of common stock during 2023.
Oct 26, 2023