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Anheuser-Busch InBev, the world's biggest brewing firm, on Tuesday beat expectations for the third quarter, despite an ongoing drag from controversy surrounding its online Bud Light campaign. Revenue rose 5% over the period to $15.57 billion, ahead of a company-compiled forecast of 4.7%. However, Bud Light — which lost its spot as the top-selling U.S. beer over the summer amid a conservative-led boycott, protesting its partnership with transgender influencer Dylan Mulvaney — weighed on U.S. performance, the company said. It marks the second quarter in which the Bud Light controversy, which includes criticism of the company for failing to support Mulvaney amid the backlash, has hit U.S. sales. Analysts at RBC Europe said the company's performance stood out within a "turbulent quarter" for earnings, noting beats on organic revenue growth and EDITDA growth expectations, despite a North America sales miss.
Persons: Bud, Bud Light, influencer Dylan Mulvaney — Organizations: Anheuser, Busch InBev, Revenue, RBC Europe, North, Brewers, Carlsberg, Heineken Locations: East, Africa, Asia, Europe, Brussels, U.S, North America, Southeast Asia
LSEG says on track to meet 2023 growth targets
  + stars: | 2023-10-19 | by ( Huw Jones | ) www.reuters.com   time to read: +2 min
Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. “LSEG delivered another quarter of strong, broad-based growth," LSEG Chief Executive David Schwimmer said in a statement, adding that he was confident that total income growth for the full year will be towards the upper end of a guidance range of 6% to 8%. Data and analytics, which now make up the bulk of LSEG income, was up 7.2% year on year at 1.29 billion pounds ($1.57 billion) on improving sales, rising retention of existing customers and a higher annual price increase, LSEG said. Organic ASV growth remains broadly around the level seen in the first and second quarters, LSEG said, adding that all 2023 guidance is reiterated, including EBITDA margin and capital expenditure. JPMorgan Cazenove analysts said third-quarter gross profit was in line with company-compiled consensus, but "most importantly" organic ASV growth recovered after dipping to 6.9% in the second quarter.
Persons: Toby Melville, “ LSEG, David Schwimmer, LSEG, JPMorgan Cazenove, Huw Jones, Mark Potter, Sinead Cruise Organizations: London Stock Exchange, REUTERS, JPMorgan, ASV, RBC, Microsoft, Thomson Locations: Canary Wharf, London, Britain
The U.S. dollar index , which measures the currency against a basket of rivals, was 0.1% lower at 105.00. The pound was volatile, last down 0.23% to $1.2364 after touching its lowest in almost four months following data showing UK inflation slowed more than expected in August. "This can drag GBP down, especially against the USD where pricing for rate cuts may already be overstretched". The yen flattened at 147.87 after touching a fresh 10-month weak-point against the dollar of 148.17 ahead of the Fed decision. The offshore yuan was unchanged at 7.3055 after China met market expectations by keeping its benchmark lending rates unchanged on Wednesday.
Persons: Dado Ruvic, BoE, Dominic Bunning, Bunning, Goldman Sachs, Powell, Elsa Lignos, Masato Kanda, Janet Yellen, Joice Alves, Brigid Riley, Gerry Doyle, Emelia Organizations: REUTERS, Federal Reserve, Bank of England, U.S, Reuters, FX Research, HSBC, FX, RBC Europe, Washington, Treasury, Bank of Japan's, Thomson Locations: Japan, U.S, China, London, Tokyo
TotalEnergies said its first-quarter adjusted net income fell 27% to $6.5 billion - in line with analyst expectations - due to lower energy prices. It also confirmed it expected net investments of $16-18 billion this year, including $5 billion for low-carbon energies. After European refining capacity was hampered by French strikes in the first quarter, TotalEnergies anticipates its facilities will ramp back up above 80%. TotalEnergies' share price was down around 1% in early trade, in line with falls across the sector and relatively weak oil prices . Analysts said its results were positive, as was the sale of carbon intensive oil sands given investors' focus on lower carbon energy.
"In addition to our existing share buyback, we are today announcing plans to seek shareholder approval for a buyback directed towards the Blackstone/Thomson Reuters consortium's stake, which will benefit all shareholders," LSEG Chief Executive David Schwimmer said in a statement. The directed buyback is expected to be up to 750 million pounds by April 2024, LSEG said. Schwimmer said the consortium owned just over 30% of LSEG shares when the Refinitiv deal was completed. Thomson Reuters, the parent company of Reuters News, owned about $5.6 billion worth of LSEG shares as of Jan 31. LSEG said 300 million pounds of a separate, broader 750 million pound share buyback was carried out in 2022, with the remainder to be completed by July 2023.
"In addition to our existing share buyback, we are today announcing plans to seek shareholder approval for a buyback directed towards the Blackstone/Thomson Reuters consortium's stake, which will benefit all shareholders," LSEG Chief Executive David Schwimmer said in a statement. The directed buyback is expected to be up to 750 million pounds by April 2024, LSEG said. LSEG said 300 million pounds of a separate, broader 750 million pound share buyback was carried out in 2022, with the remainder to be completed by July 2023. TARGETSLSEG's total income, including recoveries, of 7.743 billion pounds ($9.28 billion) in preliminary results for 2022, was just above analysts' consensus of 7.733 billion pounds, and up from 6.535 billion in 2021. LSEG also raised its guidance on revenue synergies from 225 million pounds by 2025 to 350-400 million pounds.
Adjusted net profit in the period came in at 3.73 billion euros ($3.72 billion), soaring from 1.43 billion euros a year ago, and beating a 3.21 billion euro consensus. The state-controlled group raised its full-year expectations for the gas & LNG division and for the downstream business. "Eni has reported strong numbers this morning, with adjusted EBIT and net income coming in ahead of consensus," analysts from RBC Europe said. REPLACING RUSSIAEni will replace at least 50% of its Russian gas supply this winter, leveraging its broad and diversified reserve base, its long-standing relationships with producing countries and a growing presence in liquefied natural gas (LNG), it said. Looking at the different businesses of the group, the gas and LNG division stands out.
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