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Reuters GraphicsTesla finance chief Zachary Kirkhorn promised in January that margins would not fall below 20% and an average selling price of $47,000 across models. Even as consumers have dialed down non-essential spending over fears of a possible recession, pressuring the EV market, Tesla's rivals such as Ford Motor Co (F.N) have stepped up competition at home. Meanwhile in China, Tesla's second-largest market, the company is playing catch up with BYD Co (002594.SZ). "It's probable that Tesla's margins will be preserved based on the reduction in commodity costs," said George Gianarikas, analyst at Canaccord Genuity. Tesla is targeting deliveries of 1.8 million vehicles this year, though Musk said in January the automaker could hand out 2 million vehicles if circumstances are favorable.

April 17 (Reuters) - Tesla Inc's (TSLA.O) first-quarter margins are anticipated to have hit a more than three-year low as the electric-vehicle maker slashed prices to lure more buyers in the face of rising competition and a weak economy. Reuters GraphicsFinance chief Zachary Kirkhorn promised in January that Tesla would not go below margins of 20% and an average selling price of $47,000 across models. The company on Friday slashed prices in Europe, Israel and Singapore. "It's probable that Tesla's margins will be preserved based on the reduction in commodity costs," said George Gianarikas, analyst at Canaccord Genuity. Tesla is targeting deliveries of 1.8 million vehicles this year, though Musk said in January the automaker could hand out 2 million vehicles if circumstances are favorable.

☆ Birkin bag maker Hermes sees no U.S. slowdown as sales jump 23%
▼ + stars: | 2023-04-14 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

[1/2] A craftswoman works on a Birkin bag at the luxury goods Hermes factory in Seloncourt October 4, 2013. REUTERS/Benoit TessierPARIS, April 13 (Reuters) - Sales at Birkin bag maker Hermes (HRMS.PA) rose 23% in the first quarter, above market expectations, as wealthy shoppers in China and Europe splurged on luxury fashion and accessories despite higher prices and global market turmoil. The increase of 23%, at constant exchange rates, beat a Visible Alpha consensus for 15% growth. Hermes raised prices by around 7% at the start of the year, a higher rate than its usual 2-3% annual increase. In China, where Hermes was less affected than competitors by lockdowns that dented sales for many at the end of last year, revenues grew by 23% in the quarter.

☆ LVMH Q1 sales lifted by strong Chinese rebound
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

PARIS, April 12 (Reuters) - LVMH (LVMH.PA), the world's largest luxury company, reported a 17% rise in first-quarter sales, more than double analysts' expectations, as China rebounded after COVID-19 lockdowns. LVMH said first-quarter sales grew by 14% in Asia, excluding Japan, and by 8% in the United States. That compared with flat revenues in Asia and 15% growth in U.S. sales for last year. "Asia experienced a significant rebound," the company said in a statement. LVMH made 27% of its 2022 revenues in the Americas, and 30% in Asia excluding Japan.

☆ Glencore’s Teck gambit could slip on an oily patch
▼ + stars: | 2023-04-06 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

Valued at 6 times its expected 2024 EBITDA of $3.2 billion, Teck’s metals unit would be worth just under $20 billion. Glencore boss Gary Nagle’s alternative plan, which would hand Teck shareholders 24% of the enlarged company, initially looks more appealing. Nagle can’t put the business, the pride of Glencore founder Marc Rich, together with the new coal unit. The risk for Nagle is that Teck shareholders do too. Teck shareholders will vote on the company’s proposal on April 26.

☆ Orville Redenbacher Maker’s Margins Pop in Good Sign for Food Companies
▼ + stars: | 2023-04-05 | by ( Aaron Back | ) www.wsj.com time to read: 1 min

Conagra, which makes Orville Redenbacher’s popcorn, said organic sales in its fiscal third quarter rose 6.1% from a year earlier. Conagra Brands posted lukewarm results on Wednesday that should nonetheless be reassuring to investors in it and other packaged food companies. The maker of Marie Callender’s pies and Orville Redenbacher’s popcorn said Wednesday that organic sales in its fiscal third quarter rose 6.1% from a year earlier. That was a significant slowdown from 8.6% in the second quarter, and a tad less than the 6.3% growth that analysts had penciled in, according to consensus estimates from Visible Alpha.

☆ EV maker Rivian misses first-quarter production estimates; shares drop
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike BlakeApril 3 (Reuters) - Rivian Automotive Inc (RIVN.O) on Monday missed first-quarter production estimates as the electric-vehicle maker grappled with supply chain constraints, sending its shares down 4% in early trade. Rivian produced 9,395 vehicles at its Normal plant in the quarter ended March, compared with Visible Alpha's consensus estimates of 10,030 vehicles. Reuters GraphicsThe Irvine, California-based company, however, reiterated its annual production target of 50,000. The electric-vehicle maker has been losing money on every vehicle it builds, and narrowly missed its annual production target of 25,000 units last year. Electric-car maker Tesla (TSLA.O) on Sunday said it delivered 422,875 vehicles in the quarter ended March, up 4% from the previous quarter.

☆ SAP ends pointless M&A roundtrip with Qualtrics
▼ + stars: | 2023-03-07 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

For SAP Chief Executive Christian Klein, an exit would cap a relatively pointless M&A roundtrip. In theory, SAP could have supercharged the groups’ combined revenue by offering its software to Qualtrics’ customers and vice versa. Silver Lake, a specialist in tech buyouts, is well-placed to keep that growing. One potential hiccup is that Qualtrics’ fairly paltry EBITDA limits how much debt Silver Lake can use. SAP paid $8 billion in cash for Qualtrics in 2018, and subsequently offloaded a minority stake through an initial public offering in 2021.

☆ Rivian stands by 2023 production target despite media report
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

The 62,000 figure was said in an internal meeting and was taken out of context, the Rivian spokesperson said. Bloomberg later said that the figure was given at an all- hands meeting as part of a "production master plan" for the year. The Rivian spokesperson declined to comment on the context in which the number was given or about a company master plan. The company cited persistent supply-chain snarls sparked by the pandemic and bad weather that hampered production, adding it expected the issues to continue through 2023. Shares of Rivian closed up 7.6% at $16.92 on Friday after rising more than 11% on the Bloomberg report.

☆ Rivian sticks to 50,000 vehicle production target for 2023
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: 1 min

March 3 (Reuters) - Rivian Automotive Inc (RIVN.O) on Friday said it was sticking to its official production forecast of 50,000 vehicles in 2023. A company spokesperson said that comments about 62,000 vehicles, reported by Bloomberg, were from an internal meeting and taken out of context. Earlier this week, Rivian said it aimed to produce 50,000 cars this year, below analysts' estimate of 67,170 units, according to Visible Alpha. Reporting by Abhirup Roy in San Francisco and Eva Mathews in Bengaluru; Editing by Shinjini Ganguli and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar Tree Has Turned Over a New Leaf
▼ + stars: | 2023-03-01 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

Dollar Tree is no longer looking wilted under new management. Further growth won’t come cheap, though. The retailer said on Wednesday that comparable-store sales grew 8.7% for the Dollar Tree chain in the quarter ended Jan. 28 compared with a year earlier—better than the 7.2% growth analysts polled by Visible Alpha were expecting.

☆ Rivian sees 2023 production well below estimates, recalls over 12,700 vehicles
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kamil Krzaczynski/File PhotoFeb 28 (Reuters) - Rivian Automotive Inc (RIVN.O) on Tuesday forecast 2023 production well below analysts' estimates as it grapples with lingering supply chain bottlenecks, and announced a recall of more than 12,700 vehicles. The Irvine, California-based company also reported lower-than-expected fourth quarter revenue as the electric-vehicle firm delivered far fewer vehicles than it produced. Rivian produced 24,337 vehicles in 2022, slightly short of its target of 25,000 units. The company reported fourth-quarter net loss of $1.72 billion, or $1.87 per share, compared with $2.46 billion, or $4.83 per share, a year earlier. Rivian reported cash and cash equivalents of $11.57 billion, down from $13.27 billion at the end of the preceding quarter.

☆ Etsy Can Afford to Upgrade Its Look
▼ + stars: | 2023-02-23 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

Etsy has proved that it can hold on to its eye-popping pandemic-era gains. Etsy ’s simple growth story is getting a bit more complicated. The company said on Wednesday that its gross merchandise sales, the value of transactions through its platforms, declined 4% in the fourth quarter compared with a year earlier. That was much milder than the 8.4% drop analysts polled by Visible Alpha were expecting. Even more encouragingly, the number of active buyers actually rose slightly—a surprising turn compared with a decline analysts expected to see.

Feb 22 (Reuters) - Lucid Group Inc (LCID.O) on Wednesday forecast 2023 production well short of analysts' expectations and reported a major drop in orders during the fourth quarter amid weakening demand, sending the electric carmaker's shares down 11% after hours. "There's probably a lot of frustration from customers having to wait for so long to get the vehicles they ordered." House said Lucid would incur capital expenditures of between $1.5 billion and $1.75 billion in 2023. Lucid reported a cash balance of $1.74 billion in the fourth quarter, after raising $1.52 billion in December. The stock fell 82% last year after Lucid halved its production forecast due to supply chain issues.

☆ Tesla rival Lucid's stock slides 10% after it says it'll make fewer electric cars than expected this year
▼ + stars: | 2023-02-23 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Lucid Group shares fell as much as 10% in Thursday's premarket after a disappointing earnings update. The EV maker missed on revenue and said it will make fewer cars this year than Wall Street expected. Demand for its luxury electric cars has taken a hit as rival Tesla's grows thanks to aggressive price cuts. The EV maker reported a loss of 28 cents per share, narrower than the loss of 40 cents a share forecast. Read more: Tesla's stock is getting trounced by EV challenger Lucid, which is leading techs' 2023 rally thanks to Saudi takeover rumors

☆ Lucid shares stumble on dour EV production target as price war weighs
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Shares of Lucid Group Inc (LCID.O) slumped 10% in premarket trading on Thursday after the electric vehicle maker's 2023 production targets fell short of expectations amid waning demand and a price war unleashed by market leader Tesla Inc (TSLA.O). Lucid expects to produce 10,000 to 14,000 luxury electric vehicles this year, below analysts' estimates of 21,815 cars, according to Visible Alpha. Tesla shares rose 1.3%. About a quarter of Lucid's free float shares are in short position, according to analytics firm Ortex. Meanwhile, Nikola Corp's shares (NKLA.O) rose 4.7% on receiving an order for 20 hydrogen electric trucks from German logistics company Richter Group.

Feb 22 (Reuters) - Lucid Group Inc (LCID.O) on Wednesday forecast 2023 production well short of analysts' expectations and reported a major drop in orders during fourth quarter, sending the electric carmaker's shares down 11% after hours. Lucid said it expects to produce 10,000 to 14,000 luxury electric vehicles this year, up from 7,180 cars last year. Lucid reported a cash balance of $1.74 billion in the fourth quarter, after raising $1.52 billion in December. Lucid's revenue rose to $257.7 million in the quarter ended Dec. 31 from $26.4 million a year earlier. The stock fell 82% last year after Lucid halved its production forecast due to supply chain issues.

☆ Lucid sees 2023 production far below forecasts, shares dive 10%
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - Lucid Group Inc (LCID.O) on Wednesday forecast 2023 production well short of analysts' expectations after reporting quarterly revenue that missed Wall Street estimates, and the electric carmaker's shares fell 10% after hours. Lucid said expects to produce 10,000 to 14,000 luxury electric vehicles this year, up from 7,180 cars last year. Lucid's revenue rose to $257.7 million in the quarter ended Dec. 31 from $26.4 million a year earlier. Shares of the Newark, California-based company fell about 10% in extended trading. The stock fell 82% last year after Lucid halved its production forecast due to supply chain issues.

☆ Walmart: Watch Your Back, Amazon
▼ + stars: | 2023-02-21 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

U.S. e-commerce sales at Walmart rose 17% last quarter from a year earlier. For the past five years, Walmart sacrificed margins to grow its e-commerce and new Amazon -like lines of business. This year could be the inflection point where that pays off. The retail giant on Tuesday reported that Walmart’s U.S. comparable-store sales rose 8.3% in its quarter ended Jan. 27 compared with a year earlier—healthier than the 4.2% that analysts polled by Visible Alpha were expecting. Net income for the company overall increased 76% to $6.3 billion, blowing past Wall Street’s estimates of 13% growth.

Woolworths and smaller rival Coles Group Ltd (COL.AX) have experienced wild swings in Australian consumer behaviour since COVID-19 lockdowns in 2020 sparked grocery stockpiling. As with Coles' interim result reported on Tuesday, the Woolworths profit gain was helped by a sharp decline in COVID-19 related expenses. Woolworths shares were up 2% by midsession, against a 0.3% dip in the broader benchmark(.AXJO), as analysts cheered the prospect of profit margin growth at a company exposed to rising supply costs. "Momentum in the key Australian Food business remains solid, with sales growth rates better than expected in early 2H23," E&P Financial retail analyst said Phillip Kimber in a client note. Woolworths declared an interim dividend of 46 Australian cents per share, compared with 39 Australian cents a year earlier.

☆ National Australia Bank cash profit jumps on loan growth
▼ + stars: | 2023-02-15 | by ( Sameer Manekar | ) www.reuters.com time to read: +2 min

SummarySummary Companies Q1 cash profit up 19%, beats estimatesLoan growth, high interest rates boost profitNet interest margin rises 12 bpsFeb 16 (Reuters) - National Australia Bank (NAB.AX) said on Thursday its first-quarter cash profit jumped 19%, helped by a rise in lending deposits for the country's second-largest bank. "The higher interest rate environment, resulting from central bank actions to curb inflation, has benefited our revenue this period," Chief Executive Officer Ross McEwan said. However, speaking of higher interest rates, McEwan said it was "also causing economic growth and house prices to soften, and loan repayments to increase". The country's second-largest lender posted cash earnings of A$2.15 billion ($1.48 billion) for the quarter ended Dec. 31, compared with A$1.80 billion a year ago. Analysts had expected cash earnings of $2.01 billion, according to Visible Alpha consensus.

BENGALURU/MELBOURNE, Feb 14 (Reuters) - Australia's iron ore giants BHP Group, Rio Tinto and Fortescue are set to report a steep drop in their earnings, which is set to compress their payouts to shareholders, after China's COVID lockdown drove down iron ore prices. Average realised prices for iron ore fell sharply in the six months to December, hitting earnings. First-half net profit at Fortescue, reporting on Feb. 15, is seen declining to $2.34 billion from $2.78 billion. Underlying half-year profit at Rio Tinto, which reports on a calendar year cycle, is seen declining 48% to $4.77 billion from $9.21 billion. Rio will report on Feb. 22.

Australia's biggest lender said loan impairment expenses increased by A$586 million ($409 million) and business credit growth slowed, reflecting strong inflationary pressures, rising interest rates and a decline in property prices. "We expect business credit growth to moderate and global economic growth to slow during 2023," said Chief Executive Officer Matt Comyn. "We are conscious that many of our customers are feeling significant strain from rising interest rates, alongside the rising costs of electricity, groceries and other household items,” Comyn said in an analyst and investor briefing. Higher interest rates are yet to hit many CBA mortgage customers as many cheaply priced fixed rate loans are expected to come off by the end of the year. The bank also announced it would buy back additional shares worth A$1 billion, on top of a A$2 billion share buy-back announced last February.

The reported group net income for the three months ending in December came at 1.16 billion euros ($1.24 billion), beating the analyst consensus of 834 million euros provided by Visible Alpha. SocGen's quarterly net income was however 35% lower than the same period a year ago, as the bank's hiked provisions for failing loans, which increased by close to fivehold to 413 millions in an uncertain economic environment. Group revenues were up by 4% to 6.89 billion euros in the fourth quarter, also beating the Visible Alpha consensus. Like its bigger French rival BNP Paribas(BNPP.PA), SocGen is enjoying higher revenues from debt and trading in volatile markets. It plans a 440 million-euro share buyback in 2023, on top of a cash dividend of 1.70 euro per share.

☆ BNP investors deserve bigger slice of M&A windfall
▼ + stars: | 2023-02-07 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

He’ll give 4 billion euros to investors through share buybacks, which roughly cancels out the hit to BNP’s earnings per share from ditching the U.S. division. The other 7.6 billion euros, or two-thirds of the total haul, will pay for increased lending, investments in technology systems, and small acquisitions. Follow @liamwardproud on TwitterloadingCONTEXT NEWSBNP Paribas on Feb. 7 said it generated 50.4 billion euros of revenue in 2022, up 9% from the previous year. The French bank generated a 10.2% return on tangible equity in the year, slightly above the previous year’s 10%. BNP in 2021 agreed to sell BancWest to Canada’s BMO Financial for $16.3 billion in cash (15.2 billion euros).

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