HOUSTON—Exxon Mobil Corp. on Thursday signaled a return to annual profit for 2021 as stronger oil and gas prices drove a gain of up to $1.9 billion in operating profits that exceeded one-time charges. The largest U.S. oil producer issued a snapshot of final quarter results that showed it expects sequentially higher profit from oil…
Exxon Signals Fourth Quarterly Profit in a Row Despite Charges
December 31, 2021
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RF Industries Registers 97 Percent Sales Growth in Q4
RF Industries Ltd reported fourth-quarter FY21 net sales growth of 97 percent year-on-year to $21.1 million, beating the Street view of $16.5 million. Backlog was $33.3 million as of October 31, on Q4 bookings of $22.9 million. Non-GAAP EPS of $0.10 missed the estimate of $0.12. Gross profit margin contracted 250 bps Q/Q to 25.3…
FedEx Reinstates 2022 Profit Target, Shares Soar
LOS ANGELES—U.S. delivery firm FedEx Corp. reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits ahead of the peak holiday season when the number of packages it handles often doubles. Shares in the company, which also reported flat year-over-year adjusted profit for the fiscal second quarter, were up…
Meat Packers’ Profit Margins Jumped 300 Percent During Pandemic: White House Economics Team
December 11, 2021
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WASHINGTON—Four of the biggest meat-processing companies, using their market power in the highly consolidated U.S. market to drive up meat prices and underpay farmers, have tripled their own net profit margins since the pandemic started, White House economics advisers said. Financial statements of the meat-processing companies—which control 55 percent–85 percent of the market for beef,…
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…
Buffett’s Berkshire Hathaway Boosts Operating Profit, Cash Hoard Sets Record
November 6, 2021
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Warren Buffett’s Berkshire Hathaway Inc. on Saturday reported improved operating results as it extended its rebound from the early stages of the pandemic, even as it cut back some stock holdings and boosted its cash hoard to a record. Berkshire also said it repurchased $7.6 billion of its own stock in the third quarter, reflecting…
Honda Lowers Profit Outlook for a Second Time Amid Chip Shortage
TOKYO—Honda Motor Co. cut its full-year profit forecast for a second time on Friday as a persistent global shortage of semiconductors forces it to cut vehicle production and rising steel and material prices eat into profit margins. Like other automakers, Honda’s production plans have been hit by the chip shortage, with global output in September…
Toyota Lifts Forecast Despite Pandemic’s Supply Chain Damage
TOKYO—Japan’s top automaker Toyota reported Thursday a 33 percent jump in second fiscal quarter profit, as it raised its full year forecast despite supply chain woes related to the coronavirus pandemic. Toyota Motor Corp. recorded a 626.65 billion yen ($5.5 billion) profit for the July-September period, up from 470.5 billion yen the previous year. Quarterly…
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….
Credit Suisse Third Quarter Net Profit Falls 21 Percent, Sees Fourth Quarter Loss
ZURICH—Credit Suisse posted a 21 percent fall in third-quarter net profit to 434 million Swiss francs ($476 million), hit by a higher tax rate and a 214 million Swiss franc charge to settle allegations of corruption surrounding loans to Mozambique it helped arrange. It said it expected an impairment in the fourth quarter of around…
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