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Citigroup’s Profit Falls 34% as It Sets Aside More Money for Bad Loans

October 13, 2020

Citigroup Inc.’s

third-quarter profit slumped 34% and the bank set aside billions of dollars to cover potential losses in the coronavirus recession.

Citigroup posted a profit of $3.23 billion, or $1.40 a share, down from $4.91 billion, or $2.07 a share, one year ago. Analysts had expected 91 cents a share, according to FactSet. In the second quarter, profit had fallen to 50 cents a share.

Revenue in the consumer bank fell as people continued to struggle through the recession. The Wall Street operations turned in higher revenue as trading surged in the uncertain market and bankers helped nervous companies raise cash and sell stocks and bonds to ride out the downturn. JPMorgan Chase & Co., which also reported results Tuesday, followed a similar pattern, though its overall profit rose 4%.

Still, the results were better than the second quarter’s and topped analyst expectations. The bank slowed the

Samsung Elec profit likely at 2-year high after Huawei chip orders, phone recovery

October 8, 2020

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By Joyce Lee, Hyunjoo Jin

SEOUL (Reuters) – Samsung Electronics Co Ltd’s third-quarter profit likely jumped 58% to its highest in two years, beating analyst estimates as U.S. restrictions on China’s Huawei boosted the South Korean tech giant’s phone and chip sales.

U.S. action against Huawei Technologies Co Ltd has dampened demand for its phones outside of China, giving a leg up to Samsung, analysts said, while the Chinese firm also hurried to order more chips from Samsung after Washington moved to choke its access to commercially available chips from mid-September.

Samsung said on Thursday operating profit was likely 12.3 trillion won ($10.6 billion) for the three months ended September, well above a Refinitiv SmartEstimate of 10.5 trillion won. It would be the strongest result since 17.57 trillion won in the third quarter of 2018.

Revenue likely rose 6% from the same period a year earlier to 66 trillion won,

Daimler Impresses Investors With Profit Plan, But A Stumble Would Revive Takeover Talk

October 7, 2020

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98th European Motor Show — Mercedes-Benz EQC electric compact SUV. (Photo by Sjoerd van der Wal/Getty Images)

Getty Images/Sjoerd van der Wal

Investors seem happy after Mercedes parent Daimler announced new goals to slash costs, cement profit targets, move upmarket and build up its electric car portfolio to try and keep up with Tesla
TSLA
and Volkswagen.

Any sign these targets are receding into the distance will revive merger and takeover talk, which recently involved Renault-Nissan, BMW and Geely of China.

The idea that Mercedes was moving upmarket might puzzle some investors who’d assumed that was where it was now, but it will likely mean cutting out some models at the bottom of its price range, while concentrating on high margin vehicles carrying the Maybach, AMG, and G-Wagon labels. Models under scrutiny probably include the A-Class hatchback and sedan and the B-Class minivan, but Mercedes gave no details at a strategy update meeting.

Tesco’s first-half profit falls as Murphy era begins

October 7, 2020

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Adds details

LONDON, Oct 7 (Reuters) – Tesco TSCO.L, Britain’s biggest retailer by sales, on Wednesday reported a 15.6% fall in core profit, with a jump in sales due to the COVID-19 pandemic more than outweighed by higher costs and losses at Tesco Bank.

The group, led since the start of the month by new chief executive Ken Murphy, made operating profit before one-off items of 1.037 billion pounds ($1.34 billion) in the 26 weeks to August 29, down from 1.229 billion pounds in the same period last year.

However, the group forecast that retail operating profit in the full 2020-21 year would be at least the same level as 2019-20 on a continuing operations basis.

UK like-for-like sales rose 7.6% in the first half, having been up 8.7% in the first quarter, while the response to the pandemic led to 533 million pounds of costs.

Tesco Bank

Levi Strauss & Co. Posts Unexpected Third-Quarter Profit

October 6, 2020

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Levi Strauss & Co. (LEVI) – Get Report posted a surprise third-quarter profit after the market close Tuesday, boosted by a surge in its online businesses.

The San Francisco-based clothing maker posted adjusted earnings of 8 cents a share on revenue of $1.1 billion for the period.

The company had been expected to report a loss of $104.6 million, or 22 cents a share, on sales of $822.2 million, based on a FactSet survey of nine analysts.

In the same period a year ago, the company posted earnings of 31 cents a share on sales of $1.4 billion. It reported net income of $28.2 million.

“We exceeded our expectations for the third quarter,” said Chip Bergh, president and chief executive officer, in a statement. “Our total digital business has doubled as a share of total net revenues, and Levis remains the global leader in denim, where our women’s

Bed Bath & Beyond Posts Surprise Profit on Booming Online Business | Investing News

October 1, 2020

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(Reuters) – Bed Bath & Beyond Inc

on Thursday posted a surprise quarterly profit and its first comparable sales growth in nearly four years, boosted by strong online demand for home furnishing and decor, sending its shares up 17%.

Same-store sales jumped 6% for the second quarter ended Aug. 29, compared with a 1.78% drop estimated by analysts, according to IBES data from Refinitiv, largely helped by an 89% surge in online sales.

The retailer had been struggling to keep pace in a rapidly shifting retail landscape before the pandemic, prompting Chief Executive Officer Mark Tritton to focus more on the company’s online portfolio after taking charge last year.

“The marked improvement in our second quarter financial results reflects the potential of our digital-first, omni-always transformation,” Tritton said in a statement.

The company has benefited from consumers buying new furnishing and home decor online as many are expected to continue

Bed Bath & Beyond Q2 Profit Tops Estimates, Comps. Up 6%; Shares Surge

October 1, 2020

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(RTTNews) – Bed Bath & Beyond Inc. (BBBY) reported second quarter adjusted net earnings per share of $0.50, compared to $0.34, a year ago. On average, 16 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.23, for the quarter. Analysts’ estimates typically exclude special items.

Second quarter net sales were approximately $2.69 billion, a decrease of approximately 1% from last year. Comparable sales increased approximately 6%, for the quarter. The company said comparable sales benefited from significantly strong growth in digital channels of approximately 89%, partially offset by an approximately 12% decline in comparable store sales. Analysts expected revenue of $2.6 billion, for the quarter.

During the second quarter, the company generated cash flow of over $750 million; reduced its gross debt by approximately $500 million or 30%; and further enhanced its liquidity position by approximately $400 million to approximately $2.2 billion.

Bed

Big U.S. banks to report profit plunge as pandemic recession takes hold

October 1, 2020

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By David Henry

NEW YORK, Oct. 1 (Reuters) – As big U.S. commercial banks close their books on the third quarter, analysts expect them to report a 30% to 60% plunge in profits on the year-ago period due to the pandemic-induced recession and near record low interest rates.

That slump in third quarter net income comes even though lenders are not going to make outsized provisions for expected loan losses as they did in the first and second quarters.

And, while capital markets and investment banking revenue is expected to be up from 5% to 20%, that won’t be enough to make up for the decline in interest income from loans and securities.

“You have soft loan growth and you’re still feeling the impact from aggressive Fed actions earlier this year,” said analyst Jason Goldberg of Barclays.

Citigroup IncC.N and Wells Fargo & CoWFC.N, the third-

Advocates Warn of Looming Health Insurance Cliff – Non Profit News

September 29, 2020

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September 28, 2020; New York Times

One of the worst times to lose your health insurance would have to be during a pandemic. To date, 12 million people have lost employer-based health insurance coverage during the COVID-19 pandemic and related economic shutdown, but 85 percent of those affected have been able to find substitute insurance, whether that be through the Obamacare health exchange, Medicaid, or a spouse’s plan.

But as the end of the year approaches and CARES Act protections expire, that could be changing. Stan Dorn, the director of the National Center for Coverage Innovation at Families USA, raises the alarm. Dorn tells Reed Abelson of the New York Times that, “we are on track to have the largest coverage losses in our history.”

Abelson notes that, “Many businesses have tried to keep their workers insured during the pandemic. Employers relied on

Big Lots Shares Up; Retailer Sees Swing to 3rd-Quarter Profit

September 29, 2020

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Big Lots (BIG) – Get Report shares rose Tuesday after the discount retailer said it expected to post profit for the fiscal third quarter, swinging from a year-earlier loss, on mid-teens-percent higher comparable sales.

The Columbus, Ohio, company, operating more than 1,400 stores in 47 states, projects earnings per share of 50 cents to 70 cents. The figures include expected share-buyback activity in the quarter.

Big Lots reported an adjusted net loss of 18 cents a share for the year-earlier third quarter.

A survey of analysts by FactSet produced consensus estimates of third-quarter profit of 25 cents a share, or an adjusted 21 cents, on revenue of $1.28 billion and same-store sales up 9.7%.

Big Lots’ stock recently traded at $51.03 a share, up 6.9%. It leaped 66% year to date through Monday. The stock is trading at five times its 52-week low above $10, set in mid-March.