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☆ Dow cuts second-quarter revenue forecast on demand, pricing woes
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

May 31 (Reuters) - Chemical maker Dow Inc (DOW.N) forecast second-quarter revenue below market expectations on Wednesday, citing slower macroeconomic activity and lower pricing levels. The company now expects revenue for the quarter ending June 30 to be between $11 billion and $11.5 billion, compared with analysts' average expectations of $12.12 billion, according Refinitiv data. Dow had previously projected revenue for the ongoing quarter in the range of $11.75 billion to $12.25 billion. At a Bernstein conference, Dow flagged that demand in China continues to be "uneven", and said it witnessed lower-than-expected demand for home appliances and building materials in April. Weaker demand in other sectors affect Dow, which sells its products such as coatings and adhesives to industries ranging from automobiles and food packaging to electronics.

Persons: Dow, Howard Ungerleider, Ankit Kumar, Shilpi Majumdar Organizations: Dow Inc, Dow, Thomson Locations: China

☆ Trulieve Cannabis misses revenue estimates on weak demand
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - Trulieve Cannabis Corp (TRUL.CD) posted a bigger-than-expected fall in first-quarter revenue on Wednesday, as demand for pot and related products weakened amid rising recession fears. Recent banking failures and interest rate hikes have raised fears of the U.S. economy tipping into recession, prompting many customers to cut back on spending, especially on recreational products including cannabis. Pot producers are also struggling with lower pricing, increased competition and higher input costs, amid a lack of access to capital and the banking system. "The company experienced increased competition and promotional activity in certain markets, including Florida, Pennsylvania and Massachusetts," Trulieve Cannabis said in a filing. Revenue fell 9% to $289 million, missing analysts' average expectations of $293 million, according to Refinitiv data.

☆ DuPont trims revenue forecast on slow electronics recovery, shares fall
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

May 2 (Reuters) - DuPont de Nemours Inc (DD.N) on Tuesday cut its full-year revenue forecast, citing slower-than-expected recovery in the electronics and industrial markets, sending its shares down nearly 5% in premarket trading. The materials and chemicals maker expects customer utilization in the electronics markets to bottom in the "near-term" and improve only in the third quarter. DuPont cut the top-end of its annual sales forecast to $12.50 billion from $12.90 billion, while retaining the lower end at $12.30 billion. "Within electronics markets, we continue to see weakness and channel inventory destocking in the near-term," Chief Financial Officer Lori Koch said in a statement. "We continue to expect ongoing strength throughout the year in areas such as water, automotive, aerospace and healthcare," Koch said.

☆ Freeport-McMoRan signals more pain from labor shortages as profit slumps
▼ + stars: | 2023-04-21 | by ( Ankit Kumar | ) www.reuters.com time to read: +2 min

April 21 (Reuters) - Freeport-McMoRan Inc's first-quarter profit more than halved as the copper miner struggled with an industry-wide talent crunch and warned that tight labor market conditions would persist in the U.S. through the year. Its shares fell 5.6% to $39 on Friday after the company also cautioned that protests in Peru remain an "ongoing risk". Copper production in the quarter fell to 965 million pounds from 1.01 billion pounds a year earlier. Demand will remain robust due to China's accelerating economic recovery and the ongoing green energy transition, CEO Richard Adkerson said. On an adjusted basis, Freeport earned 52 cents per share, compared with estimate of 45 cents, according to Refinitiv data.

☆ Tellurian in $1 bln deal for Driftwood LNG project land, shares surge
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

April 6 (Reuters) - U.S. liquefied natural gas (LNG) developer Tellurian Inc (TELL.A) will sell 800 acres of land in Louisiana for $1 billion to an undisclosed institutional investor, the company said on Thursday. He added that the lease would create a 40-year liability of $87.5 million annually that would escalate by 3% yearly. The Driftwood project has seen many setbacks including the cancellation of some LNG supply deals after two major potential customers last year raised concerns around the company's ability to finish the project. The project, which received regulatory approvals in January to begin construction, is expected to produce 27.6 million tonnes per annum of LNG when ready. The deal disclosed on Thursday is contingent on several factors including Driftwood LNG LLC, Tellurian's subsidiary, securing financing commitments for Phase 1 of the project on terms satisfactory to the buyer.

☆ Canada's Teck Resources rejects $22.5 bln buyout offer from Glencore
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

April 3 (Reuters) - Teck Resources Ltd (TECKb.TO) on Monday rejected an unsolicited $22.5 billion bid from Swiss commodity firm Glencore Plc (GLEN.L), sending the U.S.-listed shares of the Canadian copper miner up about 10% in premarket trading. Teck said more value can be achieved with the proposed restructuring announced earlier this year than the sale of the company. "The board is not contemplating a sale of the company at this time," Teck Chair Sheila Murray said. The company had in February said it would spin off its steelmaking coal unit to focus on industrial metals such as copper. After the separation, Teck will re-brand itself as Teck Metals Corp, while the new divested unit will be listed in Toronto as Elk Valley Resources Ltd.

☆ Aurora Cannabis CEO says open to more M&A deals after upbeat Q2
▼ + stars: | 2023-02-10 | by ( Ankit Kumar | ) www.reuters.com time to read: +1 min

Feb 10 (Reuters) - Canada's Aurora Cannabis Inc (ACB.TO) would be open to undertake more merger and acquisition deals in the future to expand its medical cannabis business, the company's chief executive said on Friday. The upbeat comments followed the cannabis producer's surprise second-quarter core profit, helped by cost saving measures it had been taking since early 2020. "The net cash position gives us the opportunity to do M&A," CEO Miguel Martin told Reuters in an interview. In its earnings release late on Thursday, Aurora said it has about C$310 million ($232 million) of cash, including C$65 million of restricted cash as of Feb. 8. "I think the type of M&A we would do would be consistent with what you saw with Bevo, predictable profitable… steady business," Martin said.

☆ Canopy Growth sheds assets in Canada, plans more layoffs
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 9 (Reuters) - Canopy Growth Corp (WEED.TO) said on Thursday it would shed assets in Canada and reduce its workforce by about 60% as part of the pot producer’s efforts to reduce costs and turn profitable. U.S.-listed shares of Canopy tumbled nearly 9% in premarket trade after the company also reported a bigger quarterly loss. The company has been cutting costs through layoffs, exit from some international markets, store closures and divestiture of its retail business across Canada. Hong said the company expects to deliver at least quarterly breakeven adjusted EBITDA in its Canadian cannabis business in fiscal 2024. The Ontario-based company's adjusted core loss widened to C$87.5 million ($65.29 million) in the quarter ended Dec. 31, from C$67.4 million a year earlier.

☆ DuPont expects strong second-half on boost from China's reopening
▼ + stars: | 2023-02-07 | by ( Ankit Kumar | ) www.reuters.com time to read: +2 min

Feb 7 (Reuters) - DuPont de Nemours Inc (DD.N) on Tuesday projected results to improve in the second-half of the year from steadying consumer electronics demand, normalized inventory levels at customers and China's reopening. DuPont forecast annual sales of $12.30 billion to $12.90 billion, compared with estimates of $12.91 billion, according to Refinitiv IBES data. It expects full-year adjusted earnings between $3.50 and $4.00 per share, compared with estimates of $3.86. The price hikes helped DuPont post adjusted income of 89 cents per share in the fourth quarter, compared with estimates of 78 cents. California's attorney general last year sued DuPont, 3M (MMM.N) and several other companies over toxic "forever chemicals".

☆ DuPont fourth-quarter profit beats on higher prices
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Industrial materials maker DuPont de Nemours Inc (DD.N) reported a fourth-quarter profit on Tuesday that beat analysts' estimates, as higher pricing for its products helped offset an increase in costs. The company has been increasing prices to tackle rising costs for raw materials and energy. Prices of U.S. natural gas , a key input, averaged $6.10 per million metric British thermal units during the October-December quarter, nearly 26% higher from a year earlier. DuPont's net sales fell 4% to $3.1 billion in the quarter, compared with analysts' estimates of $3.09 billion, according to Refinitiv IBES data. On an adjusted basis, the company earned 89 cents per share, beating estimates of 78 cents per share.

☆ Factbox: Bumper profits fuel surge in dividends, buybacks at oil firms
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +4 min

Feb 3 (Reuters) - Energy firms are using a chunk of their bumper quarterly profits from surging natural gas and fuel prices to reward shareholders with higher dividends and share buybacks. The top 25 North American oil and gas companies by market capital posted a combined profit of $70.04 billion for the quarter ended Sept. 30, 186.3% higher than a year earlier, according to Refinitiv data. However, the record profits have renewed calls for a windfall tax, especially as sky-rocketing prices have fueled inflation around the globe. Below are some of the companies that have announced higher dividends and repurchases in recent weeks:Valero Energy Corp (VLO.N)Dividend: Increased quarterly dividend by 4.1% to $1.02 per shareNet Income in latest quarter: More than tripled to $3.11 billionExxon Mobil Corp (XOM.N)Dividend: Q4 per-share dividend of 91 cents, up 3 centsNet Income in latest quarter: Jumped 43.7% to $12.75 billionChevron Corp (CVX.N)Dividend: Raised quarterly dividend by 9 cents to $1.51 per shareShare buyback: Approves a $75 billion buyback programNet Income in latest quarter: Jumped 25.6% to $6.35 billionConocoPhillips (COP.N)Dividend: Declares variable dividend of 60 cents per shareShare buyback: Raised existing share repurchase authorization by $20 billionNet Income in latest quarter: Rose 23% to $3.2 billionCHESAPEAKE ENERGY CORP (CHK.O)Dividend: Increased total quarterly dividend to $3.16/shr from $2.32/shrNet Income in latest quarter: Stood at $883 mln, compared with $345 mln year-ago lossBAKER HUGHES CO (BKR.O)Dividend: Increased quarterly dividend by 5.5% to 19 cents per shareShare buyback: Authorized an additional $2 blnNet Income in latest quarter: Fell 38.1% to $182 millionSLB (formerly Schlumberger) (SLB.N)Dividend: Increased quarterly cash dividend 43% to $0.25 per shareShare buyback: Resumed share repurchase programNet Income in latest quarter: Rose 77.2% to $1.07 billionMarathon Petroleum Corp (MPC.N)Share buyback: Approved an additional $5 billion in stock repurchasesNet Income in latest quarter: Rose 329.1% to $3.32 billionPhillips 66 (PSX.N)Share buyback: Plans to return up to $12 bln more to shareholders by end-2024 through dividends and buybacksNet Income in latest quarter: Jumped 1241% to $5.4 billionMarathon Oil Corp (MRO.N)Dividend: Expects to raise base dividend by an additional 11% after closing the purchase of EnsignNet Income in latest quarter: Climbed 344% to $817 millionEOG Resources Inc (EOG.N)Dividend: Raised regular dividend by 10%, $1.50/shr special dividendNet Income in latest quarter: Rose 160.6% to $2.85 billionAPA Corp (APA.O)Dividend: Doubled quarterly dividend to an annualized rate of $1.00/shrNet Income in latest quarter: Stood at $422 million, compared with a loss of $113 millionCOTERRA ENERGY INC (CTRA.N)Dividend: Increased dividend by 3 cents to 68 cents/shrNet Income in latest quarter: Surged 1768.75% to $1.2 billionPATTERSON-UTI (PTEN.O)Dividend: Doubled quarterly cash dividend to 8 cents/shrShare buyback: Increased share repurchase authorization to $300 millionNet Income in latest quarter: Rose 181% to $61.5 millionTEXAS PACIFIC LAND CORP (TPL.N)Share buyback: Approved purchase of up to $250 mln worth of sharesNet Income in latest quarter: Rose 55% to $129.8 mlnCANADIAN NATURAL RESOURCES LTD (CNQ.TO)Dividend: Raised quarterly dividend by 13% to 85 Canadian cents/shrNet Income in latest quarter: Rose 27.7% to C$2.81 blnCenovus Energy Inc (CVE.TO)Dividend: Announced a variable dividend of C$0.114Share buyback: Plans to renew repurchase programNet Income in latest quarter: Climbed 192% to C$1.61 blnIMPERIAL OIL (IMO.TO)Dividend: Raised quarterly dividend by 29% to 44 Canadian cents/shrShare buyback: Announced a C$1.5 bln substantial issuer bid to buy back sharesNet Income in latest quarter: Rose 123.6% to C$2.03 blnTOURMALINE OIL CORP (TOU.TO)Dividend: Announced a special dividend of C$2.25/shr; raised quarterly dividend by 11% to 25 Canadian cents/shrNet Income in latest quarter: Rose 481% to C$2.09 blnReporting by Sourasis Bose, Ankit Kumar and Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Dow forecasts dour quarterly revenue, says will slash 2,000 jobs
▼ + stars: | 2023-01-26 | by ( Ankit Kumar | ) www.reuters.com time to read: +2 min

Jan 26 (Reuters) - Dow Inc (DOW.N) on Thursday forecast current-quarter revenue below estimates and said it would cut about 2,000 jobs as the chemical giant navigates challenges including inflation and supply chain disruptions. Dow Chief Financial Officer Howard Ungerleider said while the pace of inflation has moderated, the overall cost levels remain elevated. The company expects the recent shifts in China's COVID policy to stimulate demand, but that would take some time to take effect. "Chemical prices are likely to go up in the first quarter (2023) and we will see better demand in the second quarter," said Aleksey Yefremov, analyst at KeyBanc Capital Markets. It expects 2023 capital expenditure be $2.2 billion, about 21% higher than last year.

☆ Dow posts dour quarterly results, says will slash 2,000 jobs
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

Dow said it plans to achieve $1 billion in cost savings in 2023 by reducing operating expense by $500 million. The company would record a charge of $550 million to $725 million in the first quarter of 2023 for costs associated with these activities. Shares of the company fell nearly 4% in premarket trade to $55.80. Net sales in the fourth quarter fell 17% to $11.86 billion, pressured by customer destocking, missing the average estimate of $12 billion, according to Refinitiv IBES data. Packaging and Specialty Plastics segment net sales in the quarter were $6.1 billion, down 16% compared with a year earlier.

☆ PBF Energy to repurchase up to $500 million worth of shares
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

Dec 12 (Reuters) - PBF Energy Inc (PBF.N) said on Monday it will repurchase shares worth up to $500 million as the U.S. refiner looks to boost shareholder payouts after reporting soaring profits. The company's shares were trading up about 7% at $34.90. Refiner Phillips 66 (PSX.N) said in November it plans to return up to $12 billion more to shareholders by end-2024, while Marathon Petroleum Corp (MPC.N) indicated plans to begin buying back shares as part of its current $5 billion repurchase program. Last week, PBF named Karen Davis as interim finance chief, replacing Erik Young effective Jan. 1. Reporting by Ankit Kumar; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Suncor to retain Petro-Canada retail business
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: 1 min

Nov 29 (Reuters) - Canada's Suncor Energy Inc (SU.TO) said on Tuesday it would retain the Petro-Canada gas station retail business. "After careful consideration, the Board has concluded that retaining and optimizing the Company’s retail business will generate the highest long-term value for shareholders," company's board Chair Mike Wilson said. Reporting by Ankit Kumar; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Cannabis platform LeafLink says it processed over $1 bln in transactions since 2016
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSept 21 (Reuters) - Wholesale cannabis platform LeafLink said on Wednesday its payments solutions processed over $1 billion in transactions since the company's inception in March 2016. LeafLink is cannabis industry's business-to-business platform that helps pot distributors and retailers manage their operations, create, pay for and ship their orders. More states in the U.S are moving towards allowing sale of recreational cannabis, underscoring continued support and demand for cannabis since the imposition of lockdowns during the COVID-19 pandemic. Backed by venture capital firms and investors including Founders Fund, Thrive Capital, Nosara Capital and Lerer Hippeau, LeafLink has raised more than $131 million of equity to date as well as a credit facility of $250 million. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ankit Kumar in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

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