DIRS.INFO The most relevant business & tech news

☆ Exclusive: Navan is targeting an April 2025 IPO as it projects to end next year with around $1 billion in annual revenue
▼ + stars: | 2024-04-24 | by ( Ben Bergman | ) www.businessinsider.com time to read: +1 min

Navan is a travel and expense platform backed by a16z that was last valued at $9.2 billion. The company is targeting an April 2025 IPO, according to a source with direct knowledge. It is projecting to end 2025 with ARR in the billion dollar range, according to the source. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNavan, a travel and expense platform last valued at $9.2 billion, is targeting an April 2025 initial public offering, according to a person with direct knowledge of the matter not authorized to speak publicly.

Persons: — Organizations: Service, Business Locations: Navan, EBITA

☆ Engineering Group ABB unveils higher sales and profitability targets
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

The logo of ABB is seen at an office building in Zurich, Switzerland September 10, 2020. The goals, announced ahead of ABB's investor day in Italy, were an upgrade from the previous annual revenue growth target of 4% to 7%. Most of the sales will come from internal growth, ABB said, with an expected five to seven percentage points of extra revenue, while an additional one to two percentage points is expected from acquisitions. ABB, which supplies industry and transportation networks with robots, electrification equipment and motors, also raised its core profitability target to a range of 16% to 19%. The International Monetary Fund recently downgraded its forecast for global growth for next year, with advanced economies expected to significantly slow as interest rates rise.

Persons: Arnd, France's Schneider, Bjorn Rosengren, John Revill, Tom Hogue, Jacqueline Wong Organizations: ABB, REUTERS, Rights, Germany's Siemens, Monetary Fund, Thomson Locations: Zurich, Switzerland, Swiss, Italy, Frosinone

☆ We're downgrading Emerson Electric on inconsistent execution and weak results
▼ + stars: | 2023-11-07 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

But that was all over shadowed by misses on sales, weak underlying growth, and a suboptimal outlook for the current quarter and fiscal year 2024. For the current quarter, the sales forecast was solid, even as the earnings guidance came up short. On a full-year basis, sales and earnings forecasts fell short of expectations, as did cash-flow-generation targets. Guidance Looking ahead, management's forecast for the current quarter pointed to a better than expected sales result, however its earnings guidance came up short. On a full-year basis, expectations for underlying sales growth and full-year earnings bracketed expectations.

Persons: —, EBITA, Emerson, Surendralal Karsanbhai, Jim Cramer's, Jim Cramer, Jim, Timothy Aeppel Organizations: Emerson Electric, Revenue, Emerson, National Instruments, CNBC, Workers, Emerson Electric Co Locations: belter, Marshalltown , Iowa

☆ West’s latest China corporate risk: medical graft
▼ + stars: | 2023-10-23 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

An employee wearing a face mask is seen at a workshop of computed tomography (CT) scanners of medical device firm Siemens Healthineers in Shanghai, China, February 24, 2020. REUTERS/Aly Song Acquire Licensing RightsLONDON, Oct 23 (Reuters Breakingviews) - China corporate risk has spread to Western medical device companies. According to BMI analysts, about two-thirds of Chinese medical devices used by local hospitals and clinics are imported from Western groups. That implies a direct hit to the order and revenue growth for medical device firms. Domestic brands, which have historically lagged in the advanced end of the medical device market, took the whole of last decade just to hike their share from around 20% to 30%, Deloitte says.

Persons: Aly, Philips, George Hay, Oliver Taslic Organizations: Siemens, REUTERS, Reuters, Volkswagen, Philips, GE Healthcare, BMI, National Health Commission, Siemens Healthineers, Reuters Graphics Reuters, Deloitte, GE, Healthineers, Thomson Locations: Shanghai, China, People’s Republic, Beijing, United States

☆ Philips raises full-year outlook as Q3 profit jumps
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: +1 min

Dutch health technology company Philips on Monday raised its full-year outlook as it beat analysts' expectations for third-quarter core profit and comparable sales. Core profit more than doubled to 457 million euros ($483.3 million), while comparable sales were up 11% at 4.5 billion euros as demand for its medical scanners, patient monitoring equipment and personal health devices increased. Despite the drop in orders, Philips said it now expected 6% to 7% comparable sales growth over 2023, with a profit margin (adjusted EBITA) of 10%-11%. Its previous outlook guided for mid-single digit sales growth with a high single digit profit margin. Analysts in a company-compiled poll had predicted adjusted July-September earnings before interest, taxes and amortisation would rise to 389 million euros from 209 million euros a year before, on 8% comparable sales growth.

Persons: Roy Jakobs, Philips Organizations: Philips, Reuters Locations: China

☆ ABB flags slowdown in fourth-quarter revenue, shares slide
▼ + stars: | 2023-10-18 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

The logo of Swiss power technology and automation group ABB is seen during the company's annual news conference in Zurich, Switzerland February 28, 2019. ABB said it anticipated low- to mid-single digit comparable revenue growth in the fourth quarter after reporting a comparable 11% increase in the third quarter. "Orders in China declined at a low single-digit comparable growth rate particularly hampered by weakness in robotics and construction demand," said Chief Executive Bjorn Rosengren in a statement. For the full year 2023, the group said it expected comparable revenue growth to be in the low double-digit percentage range, and an operational margin to be in the range of 16.5% to 17.0%. Previously it had said it expected revenue growth of at least 10% and an operational margin above 16%.

Persons: Arnd, France's Schneider, ABB's, Bjorn Rosengren, Noele Illien, Rachel More, Tomasz Janowski Organizations: ABB, REUTERS, Rights, Germany's Siemens, Thomson Locations: Swiss, Zurich, Switzerland, China, United States, India, Asia, Europe

☆ Siemens is case study in China de-risking dilemma
▼ + stars: | 2023-10-04 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +9 min

That’s unsettling for the likes of Siemens, $62 billion carmaker Volkswagen (VOWG_p.DE) and $39 billion chemicals group BASF (BASFn.DE). Factor in the German group’s 32% stake in Siemens Energy (ENR1n.DE) and 75% holding in Siemens Healthineers (SHLG.DE), currently worth 46 billion euros, and it adds up to 156 billion euros. The unit and Siemens’ Airport Logistics unit, which press reports say could be another divestment candidate, may only be worth 4 billion euros combined. Moreover, Kaeser already tried to boost Siemens’ valuation by partially spinning off subsidiaries. As of September, Siemens had bought back 2.5 billion euros of shares since starting a 3 billion euro share repurchase programme in November 2021.

Persons: Roland Busch, France’s Legrand, Busch, Joe Kaeser, he’s, Kaeser, Germany’s Bundesbank, Siemens, Goldman Sachs, Judith Wiese, George Hay, Oliver Taslic Organizations: Reuters, Siemens, Germany’s, Barclays, Reuters Graphics Reuters, Volkswagen, BASF, Software, Dassault, Automation, ABB, Smart Infrastructure, Siemens Energy, Siemens ’ Mobility, France’s Alstom, CRRC Corporation, Siemens ’ Airport Logistics, Siemens Healthineers, Toshiba Corp, Energy, BNP, Bloomberg, Financial Times, Thomson Locations: China, Brussels, Beijing, Germany, EMEA, Swiss, Middle Kingdom, Republic, Shenzhen, Sichuan, Chengdu, Southeast Asia, Indonesia, Vietnam, Thailand

☆ Italy's Leonardo to focus on 'bytes and data', new CEO says
▼ + stars: | 2023-07-28 | by ( Alvise Armellini | ) www.reuters.com time to read: +2 min

ROME, July 28 (Reuters) - Italy's state-controlled defence and aerospace group Leonardo (LDOF.MI) needs to focus on the fast-growing cybersecurity and space sectors to keep up with industry trends, its new CEO said on Friday. "Defence is increasingly made with bytes and data, instead of bullets," Cingolani said during a call with analysts, announcing a new industrial plan that will be unveiled in early 2024. In the first half of 2023, Leonardo's new orders rose to almost 8.7 billion euros ($9.60 billion), up 18.9% year-on-year, while group net debt fell to 3.6 billion euros from 4.8 billion euros in the first half of last year. H1 revenues were up 4.8% to just under 6.9 billion euros, while earnings before interest, taxes depreciation and amortisation (EBITDA) rose by 3.5% to 703 million euros. Leonardo's confirmed guidance for 2023 includes a forecast for new orders at around 17 billion euros, revenues in the 15-15.6 billion euro range, EBITA at 1.26-1.31 billion euros and group net debt of about 2.6 billion euros.

Persons: Leonardo, Roberto Cingolani, Cingolani, Leonardo's, Alvise Armellini, Gavin Jones, Deepa Babington Organizations: Defence, Thomson Locations: Ukraine, Italy, Britain, Japan, Leonardo's Milan

☆ Randstad flags tougher job market, earnings beat forecasts
▼ + stars: | 2023-07-25 | by ( Olivier Sorgho | ) www.reuters.com time to read: +2 min

July 25 (Reuters) - Randstad (RAND.AS), the world's biggest staffing firm, on Tuesday flagged weaker demand in a "challenging" jobs market, even as it beat expectations for second-quarter core earnings. "We've had an enormous surge in demand post-COVID ... from there we have sort of gradually seen demand pull back," he added. The company's shares recouped early losses to rise 3.5% by 1013 GMT, as its quarterly core profit beat market forecasts. Underlying earnings before interest, tax and amortisation (EBITA) fell 12% to 271 million euros ($299.8 million), but exceeded the 260 million seen in a company-provided poll. An employer survey from the World Economic Forum earlier this year found that employment could decrease 2% by 2027.

Persons: Sander van't Noordende, We've, Marc Zwartsenburg, Randstad, van't Noordende, Olivier Sorgho, Jacqueline Wong, Milla Nissi, Emma Rumney Organizations: ING, Economic, Thomson Locations: U.S, Britain, China, North America, Europe, Northern Europe, Asia, Pacific, America, Gdansk

☆ Philips slightly raises 2023 outlook after second-quarter core profit beat
▼ + stars: | 2023-07-24 | by ( ) www.cnbc.com time to read: +2 min

(Photo by Beata Zawrzel/NurPhoto via Getty Images)Dutch health technology company Philips on Monday slightly raised its full-year targets after posting a bigger-than-expected jump in second-quarter core earnings thanks to better supply chains, a strong order book and efficiency measures. For the full year, it now expects a mid-single-digit comparable sales growth versus its previous guidance of a low-single-digit growth. Its adjusted EBITA margin is now seen at the upper end of its previously forecasted high-single-digit range. Philips, which is facing lawsuits over its recall of respiratory devices, said it had produced approximately 99% of the new replacement respiratory devices and repair kits required for the remediation of the registered affected devices. "Completing the Philips Respironics field action remains our highest priority.

Persons: Beata Zawrzel, Roy Jakobs Organizations: Philips, Getty Images, U.S . Department of Justice Locations: Warsaw, Poland, Amsterdam

SummaryCompanies Order intake down 8% in April-June periodQ2 EBITA 453 mln eur vs forecast 394 mln2023 EBITA margin now seen at upper end of provided rangeShares fall 5%July 24 (Reuters) - Health technology group Philips (PHG.AS) posted a fourth straight drop in order intake on Monday and warned that it expects global market conditions to remain highly uncertain, sending its shares down 5% from a recent 12-month high. The Amsterdam-based group, a former industrial conglomerate that now focuses on medical technology, said order intake had decreased 8% in the April-June period, the fourth quarterly fall in a row. Philips generates 15% of group sales in the People's Republic. New licensing requirements for its healthcare products in Russia were responsible for half the quarterly order decline, Jakobs said. ($1 = 0.8992 euros)Reporting by Diana Mandiá; Editing by Kirsten Donovan and David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Roy Jakobs, Jakobs, Philips, Abhijit Bhattacharya, Diana Mandiá, Kirsten Donovan, David Holmes Organizations: Health, Philips, European Union, ING, Thomson Locations: Amsterdam, United States, China, East, Turkey, Latin America, People's Republic, Russia, Ukraine

☆ Leonardo posts lower Q1 profits and earnings, but orders rise
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

ROME, May 3 (Reuters) - Italy's state-controlled defence and aerospace group Leonardo (LDOF.MI) on Wednesday posted lower first-quarter profits and earnings, but reported a jump in orders and confirmed financial targets for 2023. Net profit stood at 40 million euros ($44.2 million) compared to 72 million euros 12 months earlier, while earnings before interest, taxes and amortisation (EBITA) fell year-on-year by 20.5% to 105 million euros. Revenues were flat at around 3 billion euros, while new orders rose by 28.5% year-on-year to almost 4.9 billion euros "in particular thanks to the excellent performance of helicopters," the company said in a statement. In a company-provided consensus forecast, they had expected a quarterly net profit of 48 million euros and EBITA of 120 million euros, but revenues were correctly predicted at around the 3-billion-euro mark. The 2023 guidance includes a forecast for new orders at around 17 billion euros, revenues in the 15-15.6 billion euro range, EBITA at 1.26-1.31 billion euros and group net debt of about 2.6 billion euros.

☆ Philips makes $631 mln provision for recall litigation costs
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

Companies Koninklijke Philips NV FollowAMSTERDAM, April 24 (Reuters) - Dutch health technology company Philips (PHG.AS) on Monday said it had set aside 575 million euros ($631 million) for possible litigation costs related to its global recall of respiratory machines. Amsterdam-based Philips is grappling with the fallout of a global recall of millions of respirators used to treat sleep apnoea, announced in June 2021 over worries that foam used in the machines could become toxic. The recall has knocked off around 70% of Philips' market value over the past two years as investors fear the costs of a string of lawsuits launched by concerned patients. Philips is still working on a settlement with the U.S. Food and Drug Administration (FDA) and is subject to an investigation by the U.S. Department of Justice. Philips also reported much better-than-expected first-quarter results, as core profit jumped almost 50%, to 359 million euros, and comparable sales were 6% higher than a year before.

☆ Philips’ convalescence has way longer to run
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

Adjusted earnings before interest, taxes and amortisation of 359 million euros beat analysts’ average estimate of 226 million euros, per Visible Alpha data. The recall of faulty breathing devices and ventilators means Philips needs to set aside another 575 million euros for lawsuits on top of over 1 billion euros last year, but that’s less than Bernstein analysts’ expectation of 2.4 billion euros. Still, probes by the U.S. Department of Justice and further claims from injured patients mean Philips may need to cough up more money. Jakobs still faces some fundamental questions: Philips’ 7% EBITA margin last year was way off rival Siemens Healthineers’ (SHLG.DE) 18%. That explains why the latter trades on 28 times its 2023 earnings, versus Philips’ 19 times.

☆ Teleperformance full-year revenue tops guidance
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

Feb 16 (Reuters) - French office services and call centre company Teleperformance (TEPRF.PA) posted full-year revenue slightly above its previous guidance on Thursday, helped by a drive towards digitalisation among clients. The company posted 12.5% like-for-like revenue growth to 8.15 billion euros ($8.7 billion), slightly above its 12% growth estimate provided in November. Teleperformance came under pressure in Colombia last November over work practices in its content moderation business. Teleperformance targets recurring organic or self-generated growth of about 10.0% and an EBITA margin increase of 20 basis points in 2023. It had also confirmed its 2025 financial targets of at least 10 billion euros in revenue and an EBITA margin of 16%.

The business has been valued at as much as 3 billion pounds ($3.7 billion), according to analysts. "But we do see a pathway whereby, via consolidation, ITV may be able to simultaneously both demonstrate and create value from ITV Studios," they said. ITV built up its Studios production business in the last decade to reduce its reliance on the British advertising market and tap into rising global demand for content. Revenue in the nine months to end-September rose 16% to 1.39 billion pounds ($1.71 billion). That would imply a valuation of about 3 billion pounds, in line with analysts' calculations and nearly as much as ITV's total market value of 3.27 billion pounds.

☆ Philips to cut 13% of jobs in safety and profitability drive
▼ + stars: | 2023-01-30 | by ( Bart H. Meijer | ) www.reuters.com time to read: +3 min

The new reorganisation brings the total amount of job cuts announced by new Chief Executive Roy Jakobs in recent months to 10,000, or around 13% of Philips' current workforce. Philips shares traded up 5.5% at 0855 GMT, helped by fourth-quarter earnings which were much better than expected. "What we present today I think is a very strong plan to secure the future of Philips. Jakobs said patient safety would be put "squarely at the center" of the new organization. To improve profitability while investing in safety, innovations will be targeted at "fewer, better resourced, and more impactful projects", Jakobs said.

The Swedish firm expects input costs to stabilise this year except for energy, which it expects to rise further. Rystedt said that without subsidies, energy prices would weigh even more on the group's earnings in the first quarter. Essity said it raised its prices by 13.3% on average in the fourth quarter, and would raise them further in 2023. In an interview with Reuters, Groth said Essity had lost "a few customers" due to the price increases. Essity's fourth quarter adjusted core earnings (EBITA) rose to 4.08 billion crowns, topping the 3.64 billion expected by analysts polled by Refinitiv Eikon.

☆ Signify ups 2023 view on profitability margin, skips sales outlook
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - Signify (LIGHT.AS), the world's largest lighting maker, said on Friday it expects operating profitability to be in the range of 10.5%-11.5% in 2023, but did not give any outlook on sales, citing volatility in the current macroeconomic environment. Signify had earlier this month cut its full-year forecast for both profit margin and sales growth, citing a steeper-than-expected slowdown in China. The Eindhoven, Netherlands-based company had then forecast margin on earnings before interest, taxes and amortisation (EBITA) of about 10% for both the fourth quarter and the year. Signify, the former lighting arm of Philips, on Friday posted adjusted earnings before interest, taxes and amortisation (EBITA) margin of 10.1% for 2022 and comparable sales growth of 1.2%, in line with the profit warning. Reporting by Diana Mandiá; Editing by Jacqueline Wong and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Lights maker Signify cuts its 2022 outlook again on lower consumer demand, China
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

Jan 12 (Reuters) - Signify (LIGHT.AS), the world's biggest maker of lights, on Thursday again cut its full-year profit margin and sales guidance, citing a steeper slowdown in China than expected and a lower demand from businesses. This compares with the previous full-year guidance of the lower end of the 11.0-11.4% range. "Signify experienced a stronger than anticipated deterioration of its business in China due to ongoing COVID-related disruptions, a much lower growth in the OEM channel and a weaker indoor professional business than expected," the company said in a statement. Comparable sales growth is now seen at 1.2% for 2022, versus a previous guidance of a 2-3% increase. Reporting by Benoit Van Overstraeten; Editing by Sudip Kar-GuptaOur Standards: The Thomson Reuters Trust Principles.

☆ Brenntag M&A gambit may prompt its own breakup
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 20 (Reuters Breakingviews) - Chemicals group Brenntag’s (BNRGn.DE) bold dealmaking foray has attracted the attentions of an activist. PrimeStone Capital is calling on the 9 billion euro German group to scrap a potential merger with U.S. peer Univar Solutions (UNVR.N). Brenntag’s other shareholders hardly seem enamoured of the deal: its shares lost some 10% on the day it was announced. The problem is that PrimeStone’s other idea, a breakup of Brenntag, also looks viable. Brenntag meshes together the humdrum business of transporting chemicals with one that serves customers in more specialised sectors like pharmaceuticals and nutrition.

☆ Ericsson profit margin to reach low end of target range by 2024
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Company to reach lower end of 15-18% EBITA range by 2024Accelerating cost cuts of 9 bln SEK by end of next yearSTOCKHOLM, Dec 15 (Reuters) - Swedish telecom equipment maker Ericsson (ERICb.ST) said on Thursday it was committed to reaching the lower end of its long-term target of a profit (EBITA) margin of 15-18% by 2024 as it outlined strategy to investors. Ericsson reported an EBITA margin of 11.2% for the third quarter as higher investment in technology, selling expenses and one-off costs weighed on profitability. Ericsson forecast the 5G radio access network (RAN) market would see annual growth of 11% over the next three years while the overall market was seen flat. "Ericsson is planning for a flat RAN market and is structuring its cost base and operations accordingly," it said. Reporting by Niklas Pollard, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Poland drops veto to global min corp tax, clears way for Ukraine funding package
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: 1 min

Ericsson sees margin at lower end of target; pushes for cost cuts, article with imageBusiness category · December 15, 2022 · 5:03 PM UTCSwedish telecom equipment maker Ericsson said on Thursday it would reach the lower end of its long-term target of a profit (EBITA) margin of 15-18% by 2024 as several of its more profitable markets show signs of slowing down.

☆ Ericsson sees margin at lower end of target; pushes for cost cuts
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Company to reach lower end of 15-18% EBITA range by 2024Accelerating cost cuts of 9 bln SEK by end of next yearSTOCKHOLM, Dec 15 (Reuters) - Swedish telecom equipment maker Ericsson (ERICb.ST) said on Thursday it would reach the lower end of its long-term target of a profit (EBITA) margin of 15-18% by 2024 as several of its more profitable markets show signs of slowing down. While U.S. and other markets are slowing down, Ericsson is hoping newer markets such as India would help it balance some of the lower demand for 5G equipment. The company is now accelerating plans to cut costs by 9 billion crowns ($880 million) by the end of 2023. While demand for 5G equipment has been strong, the early stages of rollouts tend to have lower margins, meaning telecom groups such as Ericsson and Finnish rival Nokia (NOKIA.HE) rely on patent royalties to boost profits. On Wednesday, Ericsson said U.S. regulators had extended its monitoring of the company for compliance following the 2019 settlement for one more year.

We're initiating a position in Emerson Electric (EMR) Wednesday, buying 150 shares at roughly $97.91 apiece. Following Wednesday's trade, Jim Cramer's Charitable Trust will own 150 shares of EMR, representing about 0.5% of the portfolio. Ever since Lal Karsanbhai took over as CEO in 2021, Emerson has accelerated its portfolio transformation to create value for shareholders and become a pure-play automation company. In May, the company closed the combination of its industrial software business with Aspen Technology (AZPN) to create a global industrial software leader. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Search resuls for: "EBITA"

25 mentions found