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1 Article
Source: Global News

Precision Drilling reports Q1 profit, revenue up from year ago as rigs continue moving south

Today 06:04 GMT

Precision Drilling Corp. says it earned a profit in its latest quarter compared with a loss a year ago, as its revenue improved eight per cent.

Excluding the sale of drilling assets in Mexico and restructuring charges, Precision Drilling says it earned $1 million or zero cents per diluted share in the quarter. Analysts on average had expected a loss of five cents per share and revenue of $408.6 million for the quarter, according to Thomson Reuters Eikon.

1 Article
Source: Reuters

3M to cut 2,000 jobs globally, lowers 2019 profit outlook

Today 06:04 GMT

(Reuters) - U.S. manufacturing conglomerate 3M Co on Thursday said it would lay off 2,000 workers globally as it reported a widely lower-than-expected quarterly profit and cut its 2019 earnings forecast due to worsening performance in key markets.

The company said the job cuts would result in an estimated annual pre-tax savings range of $225 million to $250 million, with $100 million in the remainder of 2019, the company said in a statement here.

1 Article
Source: Common Domain

Logistics Report: Listing for Warehouses; Precision Rail Profits; AI Seeking Potholes

Thursday 12:39 GMT

Precision railroading was pioneered by the late rail executive Hunter Harrison, whose swift implementation of the strategy at rival operator CSX Corp. caused widespread initial service disruptions.

(Air Cargo World) Port Logistics Group is buying e-commerce services firm Whiplash Merchandising Inc. (Los Angeles Business Journal) Meal-kit dinners have a smaller carbon footprint than grocery store meals in part because of streamlined supply chains.

1 Article
Source: Reuters

Corporate profits and U.S. economy chug along, defying recession fears

Today 06:04 GMT

After months of handwringing about the possible crash-landing of the housing market, investors awaiting quarterly earnings from No. 3 U.S. homebuilder PulteGroup Inc this week were ready for the worst.

In mid-March, Wall Street analysts were fretting about an imminent profits recession, and some economists worried an economic recession might follow in its wake. Profits at S&P 500 companies, seen declining for the first time in three years just a month ago, now appear on course for another quarter of growth as first-quarter results pour in, according to I/B/E/S data from Refinitiv.

1 Article
Source: Reuters

Comcast first quarter profit beats Wall Street, misses on revenue

Today 06:04 GMT

(Reuters) - Comcast Corp reported first-quarter profit on Thursday that beat Wall Street estimates, boosted by strong additions of high-speed internet customers in a quarter that painted another mixed picture for the biggest U.S. cable provider.

Comcast’s overall revenue rose 18 percent to $26.86 billion, but fell short of Wall Street expectations of $27.20 billion.

1 Article
Source: Reuters

Ford first-quarter profit beats Wall Street view, more confident of...

Today 06:05 GMT

Ford Motor Co on Thursday posted a better-than-expected first-quarter as pickup truck sales remained strong in its core U.S. market and the company expressed greater confidence in its forecast that 2019 would bring better results than last year.

Ford posted a quarterly net profit of $1.15 billion or 29 cents per share, down 34 percent from $1.74 billion or 43 cents per share a year earlier. Excluding one-time items, Ford earned 44 cents per share, above analyst estimates of 27 cents, according to IBES data from Refinitiv.

1 Article
Source: Reuters

Amazon profit trounces estimates, sales forecast muted

Today 06:05 GMT

Inc on Thursday trounced first-quarter profit estimates on soaring demand for its cloud and advertising services, but a weak forecast renewed concern that the company would spend away part of its windfall on larger investments this year.

The company said revenue from the category and some other items grew 33.7 percent to $2.72 billion, but missed estimates of $2.85 billion.

1 Article
Source: Reuters

Tesla's Musk 'sees merit' in capital raise, vows profit in third...

Today 06:05 GMT

(Reuters) - Tesla Inc Chief Executive Elon Musk suggested on Wednesday a capital raise could be imminent, as the electric vehicle maker lost $700 million in the first quarter and predicted a return to profit in the third.

Musk is still battling to convince investors that demand for the Model 3, the sedan hoped to propel Tesla to sustainable profit, is “insanely” high, and that it can be delivered efficiently and swiftly to customers around the world.

1 Article
Source: Common Domain

The Morning Ledger: Merger Talks Between German Banks Break Down

Today 06:04 GMT

Deutsche Bank and Commerzbank—under pressure from investors and the German government to revive themselves—last month announced they were in formal merger talks.

But, in the end, the banks couldn’t come to terms on how to overcome both the challenges of integrating the banks operations and the dilution shareholders faced from any deal. The failure to unite the two ailing lenders is likely to unleash fresh attempts by other banks to scoop up one or both of the banks, a process that could spur the biggest reshuffling of European banking assets since the financial crisis.

1 Article
Source: Common Domain

Amazon profit doubles to a record high, Prime customers to get free one-day shipping

Today 06:05 GMT

“We’re currently working on evolving our Prime free two-day shipping program to be a free one-day shipping program,” Olsavsky said.

Amazon.com Inc. doubled its profit in the first three months of 2019, but will shave into its growing earnings in order to chop the delivery time for Prime customers in half. Amazon AMZN, +0.03%  on Thursday reported record earnings for the fourth consecutive quarter, but projected a sharp reduction in operating profit for the current period.

1 Article
Source: Reuters

Amazon more than doubles profit but signals more spending ahead

Today 06:05 GMT

Inc on Thursday trounced first-quarter profit estimates as demand for its cloud and ad services soared, but the company indicated that bigger spending was in store that might limit its windfall.

The company forecast net sales of between $59.5 billion and $63.5 billion for the second quarter, the midpoint of which was below analysts’ average estimate of $62.37 billion, according to IBES data from Refinitiv.

1 Article
Source: Common Domain

Jobless claims jump 37,000 to 230,000 in late April to hit 2 1/2-month high

Today 06:04 GMT

The numbers: The number of people who applied for unemployment benefits in late April surged to a two-and-a-half month high of 230,000, but the spike was likely exaggerated by spring break and the Easter holiday.

The 10-year Treasury note yield TMUBMUSD10Y, +0.07% a benchmark for pricing a swathe of consumer and corporate loans, was little changed at 2.52%.

1 Article
Source: BBC

German banking giants abandon merger talks

Today 06:05 GMT

The German government had been supporting the tie-up, with reports saying Finance Minister Olaf Sholz wanted a national champion in the banking industry.

As a result, he expects mergers among banks from different European countries, and that could include Commerzbank and Deutsche Bank.

1 Article
Source: Reuters

Facebook beats profit estimates, sets aside $3 billion for privacy...

Thursday 21:51 GMT

(Reuters) - Facebook Inc on Wednesday blew away Wall Street profit estimates in the first quarter as it kept a lid on the costs of making its social networks safer, and set aside $3 billion to cover a settlement with U.S. regulators, calming investors who had worried about the outcome of a months-long federal probe.

Excluding the $3 billion it set aside, Facebook would have earned $1.89 a share, up from $1.69 the year prior and easily beating analysts’ average estimate of $1.63 per share, according to IBES data from Refinitiv.

1 Article
Source: Reuters

Anthem beats earnings estimates, raises 2019 profit forecast

Thursday 12:39 GMT

(Reuters) - Anthem Inc’s first-quarter profit beat Wall Street estimates on Wednesday as it reined in expenses, and the U.S. health insurer raised its earnings forecast for the year.

Total revenue rose 9.4 percent to $24.67 billion, beating analysts’ estimates of $24.28 billion, helped by membership growth across the company’s businesses and premium rate increases.


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