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☆ The energy transition will fail unless industry fixes wind power issues, Siemens Energy CEO says
▼ + stars: | 2022-11-17 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +3 min

Paul Ellis | AFP | Getty ImagesThe CEO of Siemens Energy on Wednesday argued that the energy transition would fail unless his industry addressed a number of issues currently facing the wind power sector. On Wednesday, Siemens Energy said its "overall performance" had been "held back by the negative development at Siemens Gamesa Renewable Energy, " a wind turbine manufacturer in which it has a majority stake. In a statement, Siemens Energy said its adjusted earnings before interest, taxes, and amortization — and special items — had fallen to 379 million euros (around $393.8 million) compared to 661 million euros for the 2021 fiscal year. Siemens Energy posted a net loss of 647 million euros against a 560 million euro loss in the previous year but also reported a record order backlog of 97.4 billion euros. "And to be crystal clear, [the] energy transition without wind energy does not work."

☆ Philips to cut 5% of its workforce after medical equipment recall
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Oct 24 (Reuters) - Dutch medical equipment maker Philips (PHG.AS) said on Monday it expected to scrap around 4,000 jobs as it tried to streamline its organisation after a massive recall slashed around 70% off its market value in the past year. "My immediate priority is to improve execution so that we can start rebuilding the trust of patients, consumers and customers," Jakobs said in a statement. The cuts represent just over 5% of the company's workforce based on last year's total of 78,000. The company said it expected the reorganisation to cost around 300 million euros ($295.41 million) in the coming quarters. As flagged in a profit warning earlier this month, Philips said its adjusted earnings before interest, taxes and amortisation (EBITA) had tumbled 60% in the third quarter, to 209 million euros.

☆ ABB reports record margin in Q3 as demand stays strong
▼ + stars: | 2022-10-20 | by ( John Revill | ) www.reuters.com time to read: +3 min

SummarySummary Companies Company says component supply problems easing furtherSays customer activity at a high levelExpects to reach operating profit margin goal one year earlyZURICH, Oct 20 (Reuters) - ABB (ABBN.S) posted its highest-ever quarterly profit margin during the third quarter as the engineering and technology company said customer demand remained strong. The maker of industrial drives and electric ship motors said on Thursday its core operating profit margin increased by 1.5 percentage points to 16.6%, the highest since the Swiss company was founded in 1988. The profit margin improvement brought the year to date figure to 15.5%, and meant ABB is likely to achieve its target of hitting 15% this year - one year early. "We delivered high order growth, a strong top-line development and a historically high margin," Chief Executive Bjorn Rosengren said in a statement. Rosengren's strategy has led to selling non-core businesses, like the mechanical power transmission business Dodge, and also spinning off its turbocharging business Accelleron to shareholders.

☆ Morgan Stanley gives its favorite buy and sell picks into earnings reports
▼ + stars: | 2022-10-18 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

A highly anticipated corporate earnings season has just kicked off, and Morgan Stanley has highlighted which stocks to buy — or avoid. Given this backdrop, Morgan Stanley analysts looked for stocks that could experience big swings based on near-term catalysts, some positive and others negative. Morgan Stanley sees upside for Arcutis Biotherapeutics if the biotech company's two phase-two studies for its drug Zoryve are successful. "We would expect significant investor focus on these data sets, and our statistical analysis suggests a high probability-of-success (POS) for both trials," wrote Morgan Stanley analyst Vikram Purohit. Meanwhile, Logitech is one of the stocks Morgan Stanley expects to decline due to negative earnings.

☆ Philips shares slump on profit warning and sleep apnea device writedown
▼ + stars: | 2022-10-12 | by ( Bart H. Meijer | ) www.reuters.com time to read: +3 min

Shares were down 9% at 0750 GMT at 14.13 euros, hitting their lowest level since June 2012. In its second profit warning of the year, Philips said third-quarter core profit would drop around 60%, as ongoing supply chain problems had pushed down comparable sales by around 5%. This was expected to have limited adjusted earnings before interest, taxes and amortisation (EBITA) to 210 million euros in the third quarter, down from 512 million euros a year before. RECALL HITS SLEEP BUSINESSPhilips last year shocked investors by recalling 5.5 million ventilators used to treat sleep apnoea, over worries that foam used in the machines could become toxic. "Details of the consent decree have not been fully negotiated at this time," Van Houten said in a call with analysts.

☆ Philips expects profit to drop with $1.3 bln hit to sleep business
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Oct 12 (Reuters) - Dutch health technology company Philips (PHG.AS) said on Wednesday its third-quarter core profit would drop around 60%, and it flagged a charge of 1.3 billion euros ($1.26 billion) on the value of its plagued sleep and respiratory care business. In a trade update, Philips said its comparable sales fell around 5% in the third quarter, as supply chain problems remained bigger than the company had anticipated. This was expected to have pushed adjusted earnings before interest, taxes and amortisation (EBITA) down to 210 million euros, or around 5% of sales, Philips said. Register now for FREE unlimited access to Reuters.com RegisterAdjusted EBITA was 512 million euros in the third quarter of 2021. Philips will publish its full third-quarter results on Oct. 24.

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