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☆ Brenntag to reshuffle divisions amid investor calls for break-up
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +1 min

Dec 5 (Reuters) - German chemicals distributor Brenntag (BNRGn.DE), which has come under pressure from activist investors to break up its businesses, on Tuesday said it would reshuffle its units to drive "independence and autonomy" of its two global divisions. The company will transfer all pharmaceutical activities from its essentials divisions to its specialities arm, while moving water treatment and finished lubricants businesses along with some semi-speciality products in the opposite direction. Brenntag is the latest in a series of old and famous German companies, such as Bayer (BAYGn.DE) and Thyssenkrupp (TKAG.DE), that have been targeted by activist investors to divest part of their business to improve profitability. It said the "operational and legal disentanglement" of the specialities and essentials divisions would create optionality and make Brenntag ready for next strategic steps by 2026. Reporting by Tristan Veyet and Matteo Allievi in Gdansk; editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

Persons: Tristan Veyet, Matteo Allievi, Milla Nissi Organizations: Bayer, Thomson Locations: Gdansk

Signify's shares rose 5.6% to 28.16 euros at 1110 GMT on Friday, among top performers on Europe's benchmark STOXX 600 index (.STOXX). Signify did not disclose how many people would be affected by the revamp, but reiterated its aim to keep non-manufacturing costs within 25%-29% of sales. In the third quarter, its adjusted indirect costs as a percentage of sales increased by 160 basis points to 30.2%. "The new segment structure will also improve the disclosure and bring Signify closer to the customers, " it added. Signify's nominal sales fell by 13.8% in the third quarter hit by slow demand across its geographies, it said in October.

Persons: de, Eric Rondolat, Rondolat, Morgan, Diana Mandiá, Milla Nissi, Jane Merriman Organizations: REUTERS, Philips, Reuters, Thomson Locations: Eindhoven, Netherlands, China, Gdansk

☆ Most online hate targets women, says EU report
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - Women are the main targets of online hate, including abusive language, harassment and incitement to sexual violence, a European Union report said on Wednesday. The study was conducted on YouTube, Telegram, Reddit and X - formerly known as Twitter - in four EU countries between January and June 2022. It showed women were the main targets across all platforms and countries involved. "The sheer volume of hate we identified on social media clearly shows that the EU, its Member States, and online platforms can step up their efforts to create a safer online space for all," FRA director Michael O'Flaherty said in a statement. Tech giants have been facing mounting scrutiny recently, with a surge in harmful content and disinformation following the Israel-Hamas war.

Persons: Michael O'Flaherty, Diana Mandiá, Milla Nissi, Angus MacSwan Organizations: EU's Agency, Fundamental Rights, YouTube, EU, EU's Digital Services, European Commission, Facebook, Tech, Thomson Locations: Roma, Bulgaria, Germany, Italy, Sweden, Israel, Gdansk

☆ I'm a Ukrainian CEO who's expanded my bridal business despite the war. Here's how I did it.
▼ + stars: | 2023-11-26 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +5 min

Ulyana Kyrychuk is the CEO of Milla Nova, a bridal company in Lviv, Ukraine. AdvertisementThis as-told-to essay is based on a conversation with Ulyana Kyrychuk, the CEO of Milla Nova, a bridal brand in Lviv, Ukraine. I'm the CEO of Milla Nova, a female-led bridal company in Lviv with 500 employees that makes dresses for brides around the world. Milla Nova employees sewing dresses in the factory in Lviv, Ukraine. AdvertisementMilla Nova employees sewing dresses at the factory in Lviv, Ukraine.

Persons: Milla Nova, Kyrychuk, —, Ulyana Kyrychuk, It's, I've, I'd, weren't, Milla Organizations: Harvard, Service, Harvard Business School, DHL, LinkedIn Locations: Lviv, Ukraine, Ukrainian, Australia, DHL Ukraine

☆ Factbox-European Countries Tighten Borders
▼ + stars: | 2023-11-24 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +5 min

These countries have reinstated stricter checks:* Austria introduced checks at its border with the Czech Republic in October, set to last until Dec. 6. * Denmark in August tightened border control for arrivals, including those from Schengen countries, at Copenhagen airport to boost security after incidents of Koran burnings. * Germany announced controls in September on its land borders with Poland, the Czech Republic and Switzerland, set to stay in place until Dec. 4. * Sweden strengthened checks in August on its borders, giving border police more power including body searches and increased use of electronic surveillance. * France as of November reintroduced controls on its borders with Schengen members, citing what it called terrorism threats.

Persons: Berlin, Matteo Piantedosi, Gerald Darmanin, Olivier Sorgho, Stéphanie, Milla Nissi, Frances Kerry Organizations: Reuters, European, Austria, EU, Kremlin Locations: Austria, Czech Republic, Slovenia, Hungary, Ukraine, Denmark, Copenhagen, Germany, Poland, Switzerland, Berlin, East, Italy, Norway, Slovakia, Sweden, France, Belgian, Brussels, Africa, Croatia, Finland, Russia, Helsinki, Moscow, Gdansk

☆ European countries tighten borders
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +5 min

Persons: Fabrizio Bensch, Berlin, Matteo Piantedosi, Gerald Darmanin, Olivier Sorgho, Stéphanie, Milla Nissi, Frances Kerry Organizations: REUTERS, European, Austria, EU, Kremlin, Thomson Locations: Forst, Germany, Austria, Czech Republic, Slovenia, Hungary, Ukraine, Denmark, Copenhagen, Poland, Switzerland, Berlin, East, Italy, Norway, Slovakia, Sweden, France, Belgian, Brussels, Africa, Croatia, Finland, Russia, Helsinki, Moscow, Gdansk

☆ European mobile data traffic to triple by 2028 -GSMA
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +2 min

The GSMA, which brings together more than 1,000 mobile phone operators and businesses, said 5G subscribers were interested in adding high-bandwidth services and content to their mobile contracts, as demand for high-quality gaming, extended reality, and video content grows. Mobile data traffic per smartphone will increase in Western Europe to 56 gigabytes (GB) per month in 2028, compared with 20 GB last year. In Central and Eastern Europe, it will rise to 37 GB per month from 14 GB in 2022, the lobby group said in its annual mobile economy report. More than 460 million Europeans, or 85% of the population, were connected to mobile internet in 2022, according to the GSMA. ($1 = 0.9168 euros)Reporting Diana Mandiá, editing by Milla Nissi and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, GSMA, We're, Daniel Pataki, Diana Mandiá, Milla Nissi, Emelia Organizations: Soccer Football, FIFA, Qatar, REUTERS, Telecom Italia, Big Tech, Netflix, Microsoft, European Commission, Reuters, Thomson Locations: France, Argentina, Paris, Mobile, Western Europe, Central, Eastern Europe, Orange, Europe

☆ 'Boomerang' CEOs of major companies
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Sam Altman reached an agreement with OpenAI to return as CEO on Wednesday, after a tumultuous few days following his ouster by the company's board. He joins a list of big name "boomerang" chief executives who have made comebacks at a later date. DELL (DELL.N) - MICHAEL DELLMichael Dell founded Dell Inc in 1980s and held the position of CEO until 2004, when he stepped down to serve as chairman. He returned as CEO in 2007 and led the company through the merger with EMC, which resulted in the emergence of Dell Technologies. He returned as CEO in 2023 amid challenges related to UBS's takeover of peer Credit Suisse.

Persons: Sam Altman, OpenAI, Steve Jobs, John Sculley, DELL, MICHAEL DELL Michael Dell, ROBERT IGER Robert Iger, HOWARD SCHULTZ Howard Schultz, JACK DORSEY Jack Dorsey, Evan Williams, Dorsey, SERGIO ERMOTTI Sergio Ermotti, Ralph Hamers, Boleslaw Lasocki, Victor Goury, Milla Nissi, Jane Merriman Organizations: Apple, Dell Inc, EMC, Dell Technologies . DISNEY, NBA, TWITTER, Twitter, UBS, Suisse, Thomson Locations: U.S, Swiss, Laffont, Gdansk

☆ Kohl's misses quarterly sales estimates as customers cut back spending
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

The Kohl’s label is seen on a shopping cart in a Kohl’s department store in the Brooklyn borough of New York, U.S., January 25, 2022. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 21 (Reuters) - Kohl's on Tuesday posted a bigger than expected drop in quarterly sales, as customers spent less dollars at its department stores amid persistently high inflation. Its comparable sales decreased by 5.5% in the third quarter, compared with analysts' estimate for a 3% fall, according to LSEG data. Inventories were down 13% in the quarter, the third straight quarter of decline. Reporting by Granth Vanaik in Bengaluru; Editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Kohl's, Granth, Milla Nissi Organizations: REUTERS, Thomson Locations: Brooklyn, New York, U.S, Falls , Wisconsin, Bengaluru

☆ Bath & Body Works trims sales forecast as demand slows into holiday season
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

Products are displayed in L Brands Inc., Bath & Body Works retail store in Manhattan, New York, U.S., May 13, 2016. REUTERS/Brendan McDermid Acquire Licensing RightsNov 16 (Reuters) - Bath & Body Works (BBWI.N) lowered its annual sales forecast on Thursday on signs of slowing demand ahead of the crucial holiday season, as customers cut back spending on non-essential items like the specialty retailer's candles and soaps. The retailer expects its 2023 net sales to fall by 2.5% to 4%, compared with its previous forecast for a decline of 1.5% to 3.5%. Bath & Body Works earned 48 cents per share excluding one-time items in the third quarter ended Oct. 28, topping analysts' average estimate of 35 cents per share. The Ohio-based company's net sales fell 2.6% to $1.56 billion in the quarter, in line with analysts' estimates.

Persons: Brendan McDermid, Gina Boswell, Juby Babu, Milla Nissi Organizations: Brands Inc, Body Works, REUTERS, Body, Thomson Locations: Manhattan , New York, U.S, The Ohio, Bengaluru

The head office of Dutch financial insurance company Aegon is seen in The Hague, October 28, 2008. Dutch insurer Aegon tapped into government funding on Tuesday, taking 3 billion euros ($3.7 billion) to strengthen its capital base eroded by investment losses and exposure to risky investments. REUTERS/Stringer/File Photo Acquire Licensing RightsNov 16 (Reuters) - Dutch Insurer Aegon (AEGN.AS) raised its annual capital generation forecast on Thursday after topping third-quarter expectations on the same metric, driven by a strong performance in the key U.S. market. The company expects operating capital generation from its units to be around 1.2 billion euros ($1.3 billion) this year, compared with a prior target of more than 1 billion. Aegon's Americas region, which mostly consists of its U.S. business, represented two-thirds of the group's operating capital generation in the quarter.

Persons: Stringer, Matt Rider, Rider, Gaelle Sheehan, Victor Goury, Milla Nissi, Christopher Cushing Organizations: Aegon, REUTERS, U.S, Metlife, World Financial, Reuters, Thomson Locations: The Hague, Eastern, U.S, Americas, Netherlands, Laffont, Gdansk

Nov 16 (Reuters) - Swedish games developer Embracer (EMBRACb.ST) topped second-quarter operating profit expectations on Thursday, aided by its restructuring efforts, sending its shares up more than 11%. The group, which owns the rights to the Tomb Raider and Lord of the Rings games, reported a 14% drop in adjusted operating profit to 1.8 billion Swedish crowns ($170.2 million) in the quarter through September, but beat analysts' forecast of 1.62 billion crowns. The decline was mainly due to a lower contribution from PC and console games, it said. It announced major restructuring plans in June, after a $2 billion partnership deal with an undisclosed company fell through in May. Embracer's shares have lost nearly a half of their value since it warned on profit in May.

Persons: Embracer, Hans, Marius Ludvigsen, Lars Wingefors, Wingefors, Jesus Calero, Milla Nissi, Sharon Singleton, David Evans Organizations: The Entertainment, Services, Reuters, Thomson Locations: Swedish, Embracer, U.S, Gdansk

☆ Alstom to cut 1,500 staff, sell assets
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

A logo of Alstom is seen at the Alstom's plant in Semeac near Tarbes, France, February 15, 2019. REUTERS/Regis Duvignau/File Photo Acquire Licensing RightsNov 15 (Reuters) - Alstom (ALSO.PA) on Wednesday said it would cut jobs, sell assets and was considering a capital increase in a bid to boost its balance sheet and alleviate investor concerns over high debt. The maker of France's iconic TGV trains said it aimed to cut about 1,500 staff to help meet its confirmed mid-term targets. Alstom plans to cut its net debt by 2 billion euros ($2.2 billion) by March 2025. As of Sept. 30, it had a net debt of 3.43 billion euros.

Persons: Regis, Henri Poupart, Lafarge, Philippe Petitcolin, Safran, Olivier Sorgho, Milla Nissi, Silvia Aloisi Organizations: Alstom, REUTERS, Traders, Thomson Locations: Semeac, Tarbes, France, Gdansk

☆ Delivery Hero slightly lifts annual GMV outlook
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] Andreas Harte, a Foodora delivery cyclist poses in front of Delivery Hero headquarters in Berlin, Germany, June 2, 2017. Foodora is part of the Berlin-based company Delivery Hero, one of Europe's largest internet start-ups. REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsNov 14 (Reuters) - German online takeaway food company Delivery Hero (DHER.DE) slightly raised its full-year outlook on Tuesday after reporting a better-than-expected gross merchandise value (GMV) for the third quarter. The Berlin-based company now sees 2023 GMV growth at the upper end of its previous forecast range of 5-7% in constant currency terms. Delivery Hero, which reports earnings numbers only on a half-year and annual basis, said its key Asia-Pacific business reached a positive adjusted EBITDA before group costs in the month of October.

Persons: Andreas Harte, Foodora, Fabrizio Bensch, Emmanuel Thomassin, Ozan Ergenay, Michal Aleksandrowicz, Milla Nissi Organizations: REUTERS, Thomson Locations: Berlin, Germany, Frankfurt, Asia, Pacific, Gdansk

☆ Italy's Banca Generali lifts NII target after Q3 profit beat
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

Nov 13 (Reuters) - Italian asset manager Banca Generali (BGN.MI) raised its annual net interest income (NII) forecast on Monday after its third-quarter profit jumped nearly 35%, excluding one-off expenses. The group, controlled by Italy's top insurer Generali (GASI.MI), sees NII of around 300 million euros ($320 million) in 2023, up from a previous guidance of 250-280 million, CEO Gian Maria Mossa said in a post-earnings call with analysts. The bank reported a net profit of 80.1 million euros in the three months through September, beating a company-provided consensus estimate of 78.9 million, driven by a strong increase in NII and higher net recurring fees. Quarterly NII came in at 76.6 million euros, up from 36 million in the same period last year, while recurring fees rose by 2.1% to 114.4 million euros over the same period. The group also said it would set aside 26.6 million euros as non-distributable reserves in lieu of paying the windfall tax on net interest income introduced by the Italian government.

Persons: Gian Maria Mossa, NII, Federica, Milla Nissi Organizations: Banca Generali, Thomson Locations: Italian

☆ How European airlines have hedged against fuel price increases
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +5 min

Spot Northwest European jet fuel prices were at $950 per metric ton on Monday, up 4% from before the assault. They also try to hedge against value changes in the U.S. dollar, in which jet fuel is priced. JET2 (JET2.L):The British leisure travel company said in July it had 81.8% of fuel hedged over the next 12 months. Lufthansa has hedged 74% of the fuel it expects to need for 2024 at an average price of $951 per ton. WIZZ AIR (WIZZ.L):The Hungarian carrier said in June it had hedged 62% of its 2024 fuel needs and 53% of the dollars it needs for that fuel.

Persons: Toby Melville, Vueling, IAG, Camilla Borri, Louis van Boxel, Woolf, Marta Frąckowiak, Milla Nissi, Edwina Gibbs Organizations: Heathrow Airport, REUTERS, Brent, U.S ., AIR FRANCE, KLM, Reuters, British Airways, LUFTHANSA, Lufthansa, NORWEGIAN AIR, RYANAIR, SAS, Thomson Locations: London, Israel, Ukraine, Franco, Dutch, Iberia, NORWEGIAN, Norwegian, Gdansk

☆ Humana shares fall as reaffirmed 2023 profit view disappoints
▼ + stars: | 2023-11-01 | by ( Khushi Mandowara | ) www.reuters.com time to read: +2 min

Signage for Humana Inc. is pictured at a health facility in Queens, New York City, U.S., November 30, 2021. The health insurer stuck to its 2023 adjusted profit target of at least $28.25 per share. As of Sept. 30, 5.9 million members were enrolled in its Medicare Advantage plans, up 14.7% from a year ago. The company raised its forecast for 2023 Medicare Advantage membership for the second time this year, and now expects to add at least 860,000 people. It reported a quarterly adjusted profit of $7.78 per share, beating analysts' estimate of $7.16 per share.

Persons: Andrew Kelly, Humana, Julie Utterback, Utterback, UnitedHealth, Khushi, Milla Nissi Organizations: Humana Inc, REUTERS, Wednesday, Health, Humana, Medicare, Thomson Locations: Queens , New York City, U.S, Bengaluru

☆ mBank CEO doesn't see end of provisioning for Swiss franc mortgages
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: 1 min

Commerzbank's Polish unit mBank's logo is seen in Warsaw, Poland, May 31, 2023. REUTERS/Kacper Pempel/File photo Acquire Licensing RightsGDANSK, Oct 31 (Reuters) - Polish lender mBank's (MBK.WA) CEO Cezary Stypulkowski on Tuesday said he did not see the end of provisioning for legal risks related to Swiss franc mortgages, adding the scale of the issue was difficult to predict. Stypulkowski did not give any timeline on when the situation might be solved. The bank's provisions for legal risk of foreign currency loans were 1.08 billion zlotys ($258.84 million) in the third quarter, compared with 2.31 billion zlotys a year earlier. ($1 = 4.1724 zlotys)Reporting by Mateusz Rabiega; editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

Persons: Kacper, Cezary Stypulkowski, Stypulkowski, Mateusz, Milla Nissi Organizations: REUTERS, Thomson Locations: Warsaw, Poland, GDANSK

☆ Global Payments lifts profit forecast on strong consumer spending
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - Global Payments (GPN.N) raised its annual profit forecast and beat Wall Street estimates for third-quarter profit on Tuesday, as strong consumer spending drove growth in its merchant-focused business. Global Payments now expects annual adjusted profit of between $10.39 and $10.45 per share, up from a prior range of $10.35 to $10.44 per share. That has helped companies like Global Payments, whose fees are strongly correlated to spending volumes. Peer Fiserv (FI.N) last week also raised its full-year profit forecast after its quarterly earnings nearly doubled. Excluding one-off items, Global Payments earned $2.75 per share in the third quarter.

Persons: Peer Fiserv, Arasu Kannagi Basil, Milla Nissi Organizations: Wall, Global, Thomson Locations: The Atlanta , Georgia, Bengaluru

☆ France's Atos posts lower Q3 revenue dragged by Tech Foundations unit
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

The logo of Atos is seen on a company building in Nantes, France, March 11, 2022. REUTERS/Stephane Mahe/File Photo Acquire Licensing RightsOct 26 (Reuters) - French IT company Atos (ATOS.PA) on Thursday reported lower third-quarter revenue as good performance at its Eviden division was offset by the loss-making Tech Foundations unit. Atos is in talks to sell its legacy IT division, dubbed Tech Foundations, to Czech billionaire Daniel Kretinsky, which would end its initial turnaround plan to split the group into two listed entities. Atos posted quarterly revenue of 2.59 billion euros ($2.73 billion) for the whole group, down 3% organically and 5.3% on a constant currency basis from 2.82 billion euros last year. It still expects cash burn for the year to be about 1 billion euros.

Persons: Stephane Mahe, Daniel Kretinsky, Yves Bernaert, Atos, Michal Aleksandrowicz, Milla Nissi Organizations: REUTERS, IT, Tech, supercomputing, Thomson Locations: Nantes, France, French, Czech, Eviden, Gdansk

☆ Hershey tops quarterly estimates boosted by higher candy prices
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

[1/2] Hershey's chocolates are pictured for sale on a store shelf in the Manhattan borough of New York City, New York, U.S. July 19, 2017. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsOct 26 (Reuters) - Hershey (HSY.N) beat Wall Street expectations for quarterly sales and profit on Thursday, riding on benefits from higher prices of its chocolates and candies at a time when demand has slowed. Overall organic prices rose by 9.8% in the third quarter, while organic volumes increased by only 0.9%. Hershey's net sales rose to $3.03 billion in the quarter ended Oct. 1 from $2.73 billion a year earlier. The company also reaffirmed its annual profit forecast of $9.46 to $9.54 per share and sales expectations for an 8% rise.

Persons: Carlo Allegri, Hershey, Michele Buck, Ananya Mariam Rajesh, Milla Nissi Organizations: REUTERS, Hershey, Thomson Locations: Manhattan, New York City , New York, U.S, Russia, Ukraine, Bengaluru

☆ Dassault Systemes hikes profit target after strong Q3 subscriptions
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

A logo of Dassault Systemes SE is seen on a company building in Paris, France, January 27, 2023. REUTERS/Sarah Meyssonnier Acquire Licensing RightsOct 25 (Reuters) - French software maker Dassault Systemes (DAST.PA) lifted its 2023 outlook for earnings per share (EPS) on Wednesday, after an uptick in subscriptions boosted its third-quarter sales. The company raised its full-year guidance for diluted EPS to between 1.19 euros and 1.21 euros, compared with a previous target of 1.18-1.20 euros per share, and confirmed annual revenue target for 8-9% growth. Overall software revenue increased by 12% in the quarter, driven by 21% growth in Europe. China stayed resilient with mid-single-digit percentage growth in software revenues despite tough economic conditions, the company said.

Persons: Sarah Meyssonnier, Pierre John Felcenloben, Milla Nissi Organizations: Dassault, REUTERS, Thomson Locations: Paris, France, Europe, Asia, China, Gdansk

☆ Kimberly-Clark boosts profit target for third time as price hikes pay off
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

Kimberly-Clark saw prices rise by 5% in the quarter through September, while volumes dropped by only 1%, indicating that customers, especially in North America, were showing little resistance to price hikes despite squeezed household budgets. It also expects adjusted operating margin to improve by 170 basis points in 2023, against its earlier estimate for a rise of 150 basis points. Excluding one-off items, Kimberly-Clark posted a profit of $1.74 per share, above estimates of $1.59 per share, according to LSEG data. It reported third quarter net sales of $5.13 billion, while analysts on an average had expected sales of $5.15 billion. Reporting by Juveria Tabassum and Granth Vanaik in Bengaluru; editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

Persons: Kimberly, Clark, Carlos Jasso, Juveria Tabassum, Milla Nissi Organizations: REUTERS, Procter & Gamble, Thomson Locations: Maracay, Venezuela, North America, Kimberly, Bengaluru

☆ Corning's shares fall as the Apple supplier forecasts Q4 core sales below estimates
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

Shares of Corning, whose Gorilla Glass is used by the likes of Samsung (005930.KS) and Apple (AAPL.O), fell nearly 4% before the bell. The company expects core sales of about $3.25 billion in the three months through December, compared with analysts' estimate of $3.56 billion, according to LSEG data. In the third quarter, its core sales fell by about 6% to $3.46 billion, missing estimates of $3.50 billion. The optical communications unit, one of Corning's main revenue generators, saw its net sales decline by more than 30%. The company forecast fourth-quarter core earnings of between 37 cents and 42 cents per share, below estimates of 50 cents per share.

Persons: Brendan McDermid, Wendell Weeks, Corning, Arsheeya, Milla Nissi Organizations: Corning Inc, New York Stock Exchange, REUTERS, Samsung, Apple, Counterpoint Research, Thomson Locations: New York, U.S, Corning, Bengaluru

Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. The UAW strike has hit the one-month mark, with more than 34,000 union members working at Ford, General Motors and Chrysler parent Stellantis out on strike, including those who went out on strike at Ford's cash-cow Kentucky pickup truck plant last week. The supplier is considering temporary layoffs and other ways to cut spending to counter the impact of UAW strikes, Durand told reporters. "Given the organic growth out-performance across the regions (excluding North America) and continued execution of synergies, the outlook for 2024 organic growth and margin expansion looks intact," Citi analysts wrote in a client note. It reiterated a 2023 sales forecast of 26.5 billion to 27.5 billion euros and an operating margin target of 5.2% to 6.2%.

Persons: Rebecca Cook, Olivier Durand, Durand, Forvia, Michal Aleksandrowicz, Milla Nissi, Tomasz Janowski, Jan Harvey Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, Ford, GM, General Motors, Chrysler, Citi, Thomson Locations: Delta Township, Michigan, Forvia, Kentucky, North America, Gdansk

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