Kellogg Co. raised its forecast for full-year earnings on Thursday after topping estimates for quarterly sales, as higher prices for its breakfast cereals and snacks helped it overcome cost-related challenges. The company recently announced a three-way breakup to create businesses focused on snacks, cereals, and plant-based meat. Kellogg, like other global packaged food makers, has…
Apple Forecasts Faster Sales Growth, Strong iPhone Demand Despite Glum Economy
Apple Inc. on Thursday said parts shortages are easing and that demand for iPhones is unceasing despite consumers tightening other spending, helping it top Wall Street expectations and forecast faster sales growth ahead. The Silicon Valley giant’s shares rose 3.5 percent after hours following the release of the results. Though macroeconomic indicators around the world…
‘Credible but Cautious’: Alberta Budget out of Red; Forecasts Rosy Economic Future
EDMONTON—Alberta’s budget is out of the red, forecasts a rosy economic future and promises big-bucks spending on hospitals, health care and programs to plug gaps in its burgeoning labour force. Finance Minister Travis Toews says the 2022 budget forecasts a $500-million surplus, with small surpluses projected in years after that. It’s been seven years since…
Best Buy Forecasts Holiday Quarter Sales Below Estimates as Supply Issues Loom
November 23, 2021
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Best Buy Co. Inc. forecast fourth-quarter comparable sales below analysts’ estimates on Tuesday, as the electronics retailer braces for a hit from likely product shortages during the crucial holiday shopping season. The company’s shares, which have gained nearly 40 percent this year, fell 11.2 percent to $122.55 in premarket trading. Retailers are under tremendous pressure…
Walmart Raises Full-Year Sales, Profit Forecasts as Holidays Start Strong
November 16, 2021
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Walmart Inc. on Tuesday raised its annual sales and profit forecast in anticipation of a surge in demand for toys and apparel during the crucial holiday season, even as global supply chain disruptions hit its margins in the third quarter. Shares of the world’s largest retailer were flat in pre-market trading, reversing earlier gains of…
Goldman Sachs Forecasts Modest Rise for S&P 500 Index in 2022
November 16, 2021
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Goldman Sachs expects the S&P 500 index to rise by a more modest 9 percent by the end of next year, saying the record-setting rally is likely to cool on worries over slowing economic growth and the prospects of higher interest rates. The U.S. equities market has been on a tear this year, with the…
Commerzbank Forecasts 2021 Profit as European Banks Post Strong Third Quarter
FRANKFURT—In the midst of a major overhaul, Germany’s Commerzbank on Thursday posted better-than-expected third-quarter net earnings and forecast a profit for the full year, defying analysts’ predictions for a 2021 loss. The quarterly results were supported by a decrease in provisions set aside to cushion the fallout from the pandemic, as well as lower costs….
Birkin Bag Maker Hermes Shrugs Off China Slowdown, Sales Beat Forecasts
October 21, 2021
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PARIS—Sales at Birkin bag maker Hermes grew by 31 percent in the third quarter, beating market expectations even as the pace of the rebound from the fallout of the coronavirus pandemic slowed down from the previous three months. Revenues at the end of the quarter stood at 2.37 billion euros ($2.76 billion), some 40 percent…
Hurricane Enrique to Weaken on Monday, Mexico at Risk of Flash Floods
MEXICO CITY—The hurricane Enrique barreling northwards off Mexico’s Pacific coast may strengthen slightly overnight before weakening on Monday, the National Hurricane Center (NHC) said on Sunday, though part of Mexico remain at risk of flash floods. Enrique, currently about 150 miles (241 km) south of Cabo Corrientes in western Jalisco state, is expected to remain…
J&J Reports $100 Million in Vaccine Sales as Results Top Forecasts
April 20, 2021
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Johnson & Johnson beat expectations for quarterly earnings and raised its dividend payouts to shareholders on Tuesday, while reporting $100 million in sales of its COVID-19 vaccine, whose use was paused by U.S. regulators last week. The company, which has previously said the vaccine will be available on a not-for-profit basis until the end of…
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