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☆ Detroit casino workers to vote on authorizing strikes this Friday
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

The Detroit skyline is seen from the north side of the city in Detroit, Michigan, December 3, 2013. REUTERS/Joshua Lott/File Photo Acquire Licensing RightsSept 28 (Reuters) - Workers who staff the majority of operations at the three casinos in Detroit will vote on Friday to authorize potential strikes, the United Auto Workers (UAW) union said. The union, in a release on Thursday, said workers staffing operations such as slots and table games, as well as restaurants at MGM Grand Detroit, MotorCity Casino and Hollywood at Greektown, will cast ballots on whether to authorize strikes as they negotiate for a new contract. Should casino workers authorize a strike in Friday's vote, the Detroit Casino Council, the negotiating committee for workers, could call for strikes as soon as mid-October when contracts expire, according to the union. Reporting by Shivansh Tiwary in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Joshua Lott, Shivansh, Shounak Dasgupta Organizations: REUTERS, Workers, United Auto Workers, UAW, MGM Grand Detroit, Hollywood, Detroit Three, General Motors, Chrysler, Detroit Casino Council, Thomson Locations: Detroit, Detroit , Michigan, Greektown, Bengaluru

☆ Peloton zooms after striking global deal with yoga wear maker Lululemon
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsSept 27 (Reuters) - Peloton Interactive (PTON.O) and Lululemon Athletica (LULU.O) said on Wednesday they had entered into a five-year global partnership, sending Peloton's shares up 16.7% in aftermarket trading. Under the deal, Peloton would become the exclusive digital fitness content provider for the apparel maker, developing all content for Lululemon Studio beginning early 2024. The fitness platform provider, once a pandemic darling, has taken a series of measures to cut costs. Shares of Peloton's rival Xponential Fitness (XPOF.N) pared some gains on the news of the company's deal with Lululemon and were last up 3.6% after the bell. Lululemon also said it would discontinue selling its Studio Mirror - an interactive "smart fitness" device that features live, on-demand workouts - which has seen lackluster demand in recent months.

Persons: Carlo Allegri, Lululemon, Shivansh, Pooja Desai Organizations: REUTERS, Lululemon Studio, Lululemon, Thomson Locations: Manhattan, New York City, U.S, Bengaluru

☆ Canadian union Unifor names GM its second bargaining target among Detroit Three
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +2 min

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsSept 25 (Reuters) - Canadian union Unifor announced General Motors (GM.N) as its second bargaining target in contract talks with the Detroit Three on Monday, a day after ratifying a new three-year contract with Ford Motor (F.N). Unifor had set Ford as the first target for a pattern agreement in its contract discussions with the Detroit Three in Canada. Talks with GM are set to begin on Tuesday, Sept. 26, the union said. The Canadian operations of the Detroit Three are much smaller than their U.S. setups, but the three automakers each has critical factories in Canada.

Persons: Rebecca Cook, Unifor, Ford, Shivansh, Pooja Desai Organizations: General Motors, REUTERS, Detroit, Ford Motor, Ford, Ford of, GM, United Auto Workers, UAW, Thomson Locations: Detroit , Michigan, U.S, Canada, Ford of Canada, United States, Bengaluru

☆ United Airlines appoints insider Leskinen as finance chief
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

United Airlines first new livery Boeing 737-800 arrives at O'Hare International Airport in Chicago, Illinois, U.S., June 5, 2019. REUTERS/Kamil Krzaczynski Acquire Licensing RightsSept 22 (Reuters) - United Airlines (UAL.O) said on Friday it had promoted company insider Michael Leskinen to chief financial officer, nearly four months after Gerry Laderman announced plans to retire in 2024. Leskinen's appointments comes at a time when United is set to benefit from a boom in high-margin international travel, even though early signs show that domestic travel demand might have peaked. In the second quarter, international passenger revenue accounted for about 41% of the airline's total passenger revenue. Leskinen joined the Chicago-based carrier in 2018 as the managing director for investor relations and most recently served as the president of United Airlines Ventures.

Persons: Kamil Krzaczynski, Michael Leskinen, Gerry Laderman, Leskinen, Laderman, Shivansh, Maju Samuel Organizations: United Airlines, Boeing, International, REUTERS, United Airlines Ventures, Thomson Locations: Chicago , Illinois, U.S, Chicago, Bengaluru

☆ Private market insured losses from Hurricane Idalia to be $3-5 bln - Moody's RMS
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

View of a damaged property after the arrival of Hurricane Idalia in Horseshoe Beach, Florida, U.S., August 31, 2023. REUTERS/Julio Cesar Chavez/File Photo Acquire Licensing RightsSept 4 (Reuters) - Private market insured losses are expected to be between $3 billion and $5 billion due to Hurricane Idalia which struck the Big Bend region of Florida last week, the catastrophe risk modeling business of Moody's said in a report on Monday. The estimates represented insured losses associated with wind, storm surge, and precipitation-induced flooding caused due to the hurricane. "Major Hurricane Idalia could have been much more impactful had the storm taken a different track or not weakened just before landfall," said Jeff Waters of Moody's RMS said. The report also said it expects around $500 million in losses to the National Flood Insurance Program (NFIP) due to the hurricane.

Persons: Julio Cesar Chavez, Moody's, Idalia, Jeff Waters, Shivansh, Ed Osmond Organizations: REUTERS, National Flood Insurance, Thomson Locations: Horseshoe Beach , Florida, U.S, Bend, Florida, Coast, Georgia, Bengaluru

☆ US airlines cancel over 1,000 flights as Hurricane Idalia makes Florida landfall
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

A resident drives past a fallen tree due to the high winds from Hurricane Idalia in Clearwater, Florida, U.S., August 30, 2023. REUTERS/Adrees Latif/File Photo Acquire Licensing RightsAug 30 (Reuters) - Airlines in the United States canceled more than 1,000 flights on Wednesday as Hurricane Idalia slammed into the Big Bend region of Florida, but the storm's power ebbed as it headed toward Georgia. Southwest Airlines (LUV.N) canceled more than 220 flights, while Delta Air Lines (DAL.N) canceled 157 flights, as of 12 p.m. Airports at Tampa, Clearwater and Tallahassee shut down operations and were monitoring the status of the storm. American Airlines (AAL.O) said it had suspended operations at multiple airports in Florida including Tampa, Sarasota and Tallahassee, and canceled 167 flights as of Wednesday morning.

Persons: Adrees Latif, Idalia, Shivansh Tiwary, Nathan Gomes, Shounak Dasgupta Organizations: REUTERS, Airlines, United States, Southwest Airlines, Delta Air Lines, Airports, Tampa Airport, Jacksonville International Airport, American Airlines, Thomson Locations: Hurricane, Clearwater , Florida, U.S, United, Bend, Florida, Georgia, Tampa , Clearwater, Tallahassee, Gulf Coast, Cuba, Tampa , Sarasota, Bengaluru

☆ US airlines cancel over 850 flights as Hurricane Idalia makes Florida landfall
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

A resident drives past a fallen tree due to the high winds from Hurricane Idalia in Clearwater, Florida, U.S., August 30, 2023. REUTERS/Adrees Latif/File Photo Acquire Licensing RightsAug 30 (Reuters) - Airlines in the United States canceled more than 850 flights on Wednesday as Hurricane Idalia made landfall in Florida's Big Bend region as an "extremely dangerous" Category 3 storm. Southwest Airlines (LUV.N) canceled more than 200 flights, while Delta Air Lines (DAL.N) and American Airlines (AAL.O) canceled 148 and 98 flights, respectively, as of 8:17 a.m. Airports at Tampa, Clearwater and Tallahassee shut down operations and were monitoring the status of the storm. Reporting by Shivansh Tiwary and Nathan Gomes in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Adrees Latif, Idalia, Shivansh Tiwary, Nathan Gomes, Shounak Dasgupta Organizations: REUTERS, Airlines, United States, Southwest Airlines, Delta Air Lines, American Airlines, Airports, Tampa Airport, Jacksonville International Airport, Thomson Locations: Hurricane, Clearwater , Florida, U.S, United, Florida's Big Bend, Tampa , Clearwater, Tallahassee, Idalia, Cuba, Bengaluru

☆ Canadian union Unifor names Ford as bargaining target among Detroit Three
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Athit Perawongmetha Acquire Licensing RightsAug 29 (Reuters) - Canadian union Unifor on Tuesday announced Ford Motor (F.N) as its potential target for negotiations amid contract talks with the Detroit Three automakers. Unifor President Lana Payne noted that Ford's Windsor, Ontario engine plant, which her union represents, builds engine for some of the company's most profitable trucks. The UAW, which represents about 150,000 workers at the Detroit Three's U.S. factories, has not yet chosen one company to lead contract talks. UAW President Shawn Fain has said all the three companies - Ford, General Motors (GM.N) and Stellantis NV - need to conclude new contracts by a Sept. 14 deadline. Unifor, which represents 18,000 members at Ford, GM and Stellantis in Canada, had opened formal negotiations with the three companies on Aug. 10 in Toronto.

Persons: Athit, Ford, Lana Payne, Payne, Shawn Fain, Nathan Gomes, Joe White, Shivansh Tiwary, Maju Samuel Organizations: REUTERS, Tuesday, Detroit Three, United Auto Workers, UAW, Detroit, Ford, Detroit Three's, General Motors, Stellantis, GM, Thomson Locations: Bangkok, Thailand, Canada, Windsor , Ontario, Detroit Three's U.S, Toronto, Bengaluru, Detroit

Aug 25 (Reuters) - The United Auto Workers (UAW) union on Friday said members voted overwhelmingly in favor of authorizing a strike at the Detroit Three automakers if agreement is not reached before the current four-year contract expires on Sept. 14. Fain reiterated that the union did not plan to extend the deadline to get a new labor contract. We have a lot of options that we are looking at but extension on the contract is not one of them." Fain said he expected the Detroit Three to come to the bargaining table next week with counter proposals to the UAW demands. The vote does not guarantee a strike will be called, only that the union has the right to call a strike if there's no agreement by Sept. 14.

Persons: Shawn Fain, Fain, We've, Shivansh, Joe White, David Shepardson, Nathan Gomes, Arun Koyyur, Emelia Organizations: United Auto Workers, UAW, Detroit Three, General Motors, Ford Motor, Detroit, Ford, Thomson Locations: Bengaluru, Detroit, Washington

☆ UAW members authorize strike at Detroit Three automakers
▼ + stars: | 2023-08-25 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

Aug 25 (Reuters) - The United Auto Workers (UAW) union on Friday voted in favor of authorizing a strike at the Detroit Three automakers if an agreement over a new contract is not reached before the current one expires on Sept. 14, UAW President Shawn Fain said. "Our members expectations are high because Big Three profits are so high," Fain said. Stagnant pay, high healthcare costs, less sick time and uncertain scheduling have pushed American union workers to rethink their priorities after pandemic to seek higher wages, and better work-life balance. Michigan-based Anderson Economic Group has estimated that a 10-day strike that shuts down the automakers could cost manufacturers, workers, suppliers and dealers more than $5 billion. Walkouts at the Detroit Three could benefit Tesla (TSLA.O) and other non-union automakers, including Toyota Motor (7203.T) Honda Motor (7267.T), Nissan Motor (7201.T) and Hyundai Motor (005380.KS), Anderson said.

Persons: Shawn Fain, Fain, Aerosystems, Anderson, Shivansh, Nathan Gomes, Arun Koyyur Organizations: United Auto Workers, UAW, Detroit Three, General Motors, Ford Motor, Big, U.S, GM, Ford, Anderson Economic, Detroit, Toyota, Honda, Nissan, Hyundai, Thomson Locations: U.S, Detroit, Michigan, Bengaluru

☆ American Airlines warns of higher third-quarter cost from new pilot contract
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

An American Airlines Airbus A321 plane takes off from Los Angeles International airport (LAX) in Los Angeles, California, U.S. March 28, 2018. Continued strength in travel demand has provided pilots an upper hand in contract talks and bolstered their bargaining power as airlines rush to staff up and expand capacity. Rival United Airlines (UAL.O) too had last month announced a preliminary deal for a new four-year contract that would give its pilots a cumulative increase of 34.5%-40.2% in pay. American Airlines now expects its cost per available seat mile excluding fuel and net special items to rise about 4% to 6%, compared with a prior forecast of about 2% to 4% growth. The company reaffirmed its annual cost outlook, mainly due to changes in the anticipated timing of other expenses.

Persons: Mike Blake, Shivansh, Anil D'Silva, Arun Koyyur Organizations: American Airlines Airbus, Los Angeles International, REUTERS, American Airlines, Rival United Airlines, Thomson Locations: Los Angeles , California, U.S, Bengaluru

The Moline, Illinois-based company posted a 60% rise in quarterly profit, yet investors were seemingly unimpressed as shares slumped for the world's largest farm equipment maker. While it easily beat profit expectations, Deere's stock slump is consistent with other cyclical companies that have outperformed estimates. Deere expects 2023 net income between $9.75 billion and $10.00 billion, up from its previous outlook of $9.25 billion to $9.50 billion. Construction and forestry equipment sales increased 14% on solid demand backdrop fueled by U.S. President Joe Biden administration's $1 trillion infrastructure deal. Sales from equipment operations rose about to $14.28 billion compared to $13 billion a year ago.

Persons: Bianca Flowers, Deere, Kristen Owen, Owen, Jerry Revich, Goldman Sachs, Joshua Jepsen, Joe Biden administration's, Vinay Dwivedi, Elaine Hardcastle, Marguerita Choy Organizations: Deere, Co, REUTERS, Oppenheimer, Co Inc, Goldman, Deere's, U.S, Thomson Locations: Bondurant , Iowa, U.S, Moline , Illinois, Chicago, Bengaluru

☆ WeWork seeks to regain listing compliance with 1-for-40 reverse stock split
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Kate Munsch Acquire Licensing RightsAug 18 (Reuters) - WeWork (WE.N) said on Friday it would proceed with a one-for-forty reverse stock split of its outstanding class A and class C common stock, in order to regain compliance with the New York Stock Exchange's listing norms. WeWork had received a non-compliance notice from the New York Stock Exchange in April, as its stock closed below $1 on average over a consecutive 30 trading-day period. It had six months to regain compliance after receiving the notice. The reverse stock split, authorized by shareholders earlier, will help regain compliance with the $1.00 per share minimum closing price required for continued listing, WeWork said. The reverse stock split will be effective at market close on Sept. 1.

Persons: Kate Munsch, WeWork, Shivansh Tiwary, Krishna Chandra Organizations: REUTERS, New York Stock, New York Stock Exchange, Thomson Locations: San Francisco , California, U.S, Bengaluru

☆ Air Canada beats quarterly profit estimates, flags strong demand
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +3 min

An Air Canada airplane is towed along a runway at Toronto Pearson Airport in Mississauga, Ontario, Canada April 28, 2021. Air Canada pilots anticipate sitting down for labor talks with the carrier in the next couple of weeks, a union official said. Montreal-based Air Canada said it expects to grow available seat mile capacity for 2023 by 21% compared with a year earlier. For the quarter ended June 30, Air Canada reported adjusted net income of C$664 million ($493.97 million), or C$1.85 per diluted share. In May, Air Canada said it expected CASM of about 0.5% to 2.5% below 2022 levels.

Persons: Carlos Osorio, Charlene Hudy, Hudy, Mike Rousseau, Shivansh Tiwary, Allison Lampert, Devika Syamnath, Frances Kerry, Elaine Hardcastle, Jonathan Oatis Organizations: Air Canada, Toronto Pearson Airport, REUTERS, North, Air Canada Pilots Association, Canadian, Air, Thomson Locations: Toronto, Mississauga , Ontario, Canada, U.S, Montreal, Air Canada, Bengaluru

☆ Air Canada beats on quarterly profit versus year-ago loss
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

An Air Canada airplane is towed along a runway at Toronto Pearson Airport in Mississauga, Ontario, Canada April 28, 2021. REUTERS/Carlos OsorioAug 11 (Reuters) - Air Canada (AC.TO) reported a better than expected quarterly profit on Friday compared with a year-ago loss and is adding capacity as the country's largest airline cashes in on strong international travel demand. Air Canada reported some relief in a 31.4% decrease in jet fuel prices during the second quarter. For the quarter ended June 30, Air Canada reported adjusted net income of C$664 million ($493.97 million), or C$1.85 per diluted share. In May, Air Canada said it expected CASM of about 0.5% to 2.5% below 2022 levels.

Persons: Carlos Osorio, Shivansh, Allison Lampert, Devika Syamnath, Frances Kerry Organizations: Air Canada, Toronto Pearson Airport, REUTERS, North, Air, Thomson Locations: Toronto, Mississauga , Ontario, Canada, Montreal, Air Canada, Bengaluru

☆ WeWork shares sink after warning of bankruptcy risk
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

The WeWork logo is displayed on a screen during the company's IPO on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 21, 2021. REUTERS/Brendan McDermid/File photoAug 9 (Reuters) - WeWork (WE.N) on Tuesday warned of a possible bankruptcy after reporting yet another quarterly loss, in a stunning reversal of fortune for the shared workspace provider that was valued at $47 billion in 2019. WeWork said it may need to consider strategic options, including raising more money or obtaining relief under the U.S. Bankruptcy Code. WeWork eventually went public in 2021 through a SPAC (special purpose acquisition company) merger amid persistent doubts over its business model. WeWork burnt $646 million in cash in the first six months of 2023 and as of June end is left with $205 million in hand.

Persons: Brendan McDermid, WeWork, Adam Neumann, Neumann, Ananta Agarwal, Chavi Mehta, Shivansh, Abhijith, Anil D'Silva, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, U.S, Thomson Locations: New York City, U.S, Bengaluru

Delta Airlines passenger jets are pictured outside the newly completed 1.3 million-square foot $4 billion Delta Airlines Terminal C at LaGuardia Airport in the Queens borough of New York City, New York, U.S., June 1, 2022. REUTERS/Mike SegarAug 9 (Reuters) - Wheels Up Experience (UP.N) said on Wednesday there was "substantial doubt" about its ability to continue operations, even as it disclosed short-term funding from Delta Air Lines (DAL.N), sending its shares plunging 42%. North American business flights were down 3.6% compared with July 2022, according to data from Argus International. Delta said in a statement that it was providing a short-term capital infusion in the form of a secured promissory note to Wheels Up, which is pursuing strategic partnerships. Wheels Up, which canceled an earnings call scheduled for Wednesday, said U.S. private jet operator Airshare had entered into a non-binding agreement with the company to acquire its non-core aircraft management business.

Persons: Mike Segar, Delta, Ed Bastian, Airshare, Shivansh, Allison Lampert, Rajesh Kumar Singh, Vinay Dwivedi, Mark Potter Organizations: Delta Airlines, LaGuardia Airport, REUTERS, Delta Air Lines, Argus International, Delta, Airshare, Thomson Locations: Queens, New York City , New York, U.S, American, Bengaluru, Montreal

☆ GM criticizes autoworkers union's contract demands
▼ + stars: | 2023-08-03 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca CookWASHINGTON, Aug 3 (Reuters) - General Motors (GM) (GM.N) on Thursday said it expected to offer unionized workers higher wages, but granting the United Auto Workers' (UAW) ambitious contract demands including large pay rises would hurt its ability to make sound business decisions. Company and union sources told Reuters the UAW was seeking at least a 40% pay hike over the life of the four-year contract, including an initial 20% hike upon ratification. "We think it's important to protect U.S. manufacturing and jobs in an industry that is dominated by non-unionized competition," GM said. Fain on Tuesday said the union demands were its "most audacious and ambitious" proposals in decades.

Persons: Rebecca Cook WASHINGTON, Mary Barra, Shawn Fain, Fain, David Shepardson, Shivansh, Pooja Desai, Cynthia Osterman, Jamie Freed Organizations: General Motors, REUTERS, United Auto Workers ', UAW, Reuters, Detroit, Chrysler, Ford, GM, U.S, Thomson Locations: Detroit , Michigan, U.S, Washington, Bengaluru

☆ Air lease profit rises on strong aircraft demand
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

Air Lease logo is seen displayed in this illustration taken, May 4, 2022. REUTERS/Dado Ruvic/IllustrationAug 3 (Reuters) - Aircraft lessor Air Lease Corp (AL.N) on Thursday posted a 15% rise in second-quarter profit on Thursday, as airlines look to expand capacity to cater to a strong pent-up travel demand. This has also led to high leasing rates boosting profit for aircraft lessors. The company reported a net profit of $122 million, or $1.10 per share, for the three months ended June 30, compared with a profit of $105.9 million, or 95 cents per share, a year ago. Reporting by Shivansh Tiwary in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Shivansh, Arun Koyyur Organizations: REUTERS, Aircraft, Air Lease Corp, Leasing, Boeing, Airbus, Thomson Locations: Bengaluru

☆ Cummins misses profit expectations on high manufacturing costs
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File PhotoCompanies Cummins Inc FollowAug 3 (Reuters) - Engine maker Cummins (CMI.N) reported a second-quarter profit on Thursday that missed analysts' estimates, hurt by high manufacturing costs. Increasing production costs have battered the auto industry's earnings over the months. Despite taking pricing actions, automakers and parts suppliers have struggled to cover costs related to raw materials and labor. The company reported a second-quarter profit of $5.05 per share, missing analysts' estimates of $5.29, according to Refinitiv. However, the company's revenue for the second quarter rose 31.2% to $8.64 billion, compared with estimates of $8.37 billion.

Persons: Dado Ruvic, Cummins, Jennifer Rumsey, Raechel Thankam, Shivansh, Shounak Dasgupta Organizations: Cummins, REUTERS, Thomson Locations: China

☆ Emerson raises fiscal 2023 forecast on demand for industrial automation
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

Emerson Electric Co is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 13, 2020. REUTERS/Brendan McDermid/File PhotoAug 2 (Reuters) - U.S. engineering and industrial software firm Emerson (EMR.N) on Wednesday raised its fiscal 2023 forecast, as companies increase spending on automation in response to a tight labor market. Emerson now expects its fiscal 2023 adjusted profit from continuing operations between $4.40 and $4.45 per share, up from its previous outlook of $4.15 to $4.25 per share. The company also expects its 2023 revenue to grow about 10.5%, at the higher end of a 9%-to-10.5% growth it forecast earlier. The industrial conglomerate reported adjusted earnings per share of $1.29 for the quarter through June, beating analysts' average estimates of $1.10 per share.

Persons: Brendan McDermid, Emerson, Lal Karsanbhai, Shivansh, Shinjini Ganguli Organizations: Emerson Electric, New York Stock Exchange, REUTERS, Companies, Thomson Locations: New York, U.S, North America, St, Louis , Missouri, Bengaluru

☆ Caterpillar warns of lower sales, margins in third quarter
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

Aug 1 (Reuters) - Caterpillar Inc (CAT.N) warned of a fall in third-quarter sales and margins on Tuesday as dealer inventories rose again, stoking worries that demand for its heavy machinery used in everything from construction to mining may have peaked. Caterpillar, seen as a proxy for global economic activity, said on Tuesday it was expecting third-quarter sales and operating profit margin to be higher than in the previous year, but lower compared to the second quarter. The manufacturer reported a $600 million increase in dealer inventory in the second quarter from a year earlier, primarily in its energy and transportation business, as drilling at North American rigs shows signs of weakening. Meanwhile, Caterpillar reported an adjusted profit of $5.55 per share in the second quarter, beating analysts' expectations of $4.58 per share. Sales rose 21.6% to $17.32 billion, above Wall Street estimates of $16.49 billion.

Persons: stoking, Ryan Keeney, Bianca Flowers, Shivansh, Anil D'Silva Organizations: Caterpillar Inc, Caterpillar, Thomson

☆ Southwest Airlines warns of higher full-year costs as quarterly profit falls
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

July 27 (Reuters) - Southwest Airlines (LUV.N) on Thursday warned of higher labor costs for the year and signaled softer pricing for the current quarter, stoking worries that rising operational expenses could add to a potential hit to travel demand from strained household budgets. American Airlines (AAL.O), United Airlines (UAL.O) and Delta Air (DAL.N) also fell between 1.0% and 1.5% premarket after Southwest's results. The airline attributed the fall in RASM, a proxy for pricing power, to tough comparisons from a boom in travel demand last year. U.S. airlines have reiterated resilience in travel demand, in part due to limited capacity, though concerns remain over the impact of rising interest rates on consumers' disposable income. Surging international travel demand has also grabbed a share from domestic travel, Alaska Air Group (ALK.N) said earlier this week.

Persons: stoking, Shivansh, Anil D'Silva, Shounak Organizations: Southwest Airlines, American Airlines, United Airlines, Delta Air, U.S, Alaska Air Group, Thomson Locations: RASM, Bengaluru

☆ Airlines shares hit turbulence on Alaska's dour forecast, RTX engine problem
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] An Alaska Airlines Boeing 737-900ER airplane prepares to land at Vancouver's international airport in Richmond, British Columbia, Canada, February 5, 2019. REUTERS/Ben Nelms/File PhotoJuly 25 (Reuters) - U.S. airlines stocks tumbled on Tuesday as investors were spooked by downbeat forecasts from Alaska Air Group (ALK.N) and a warning on jet engines by aerospace giant RTX (RTX.N). Alaska's shares plunged 11.2% in morning trade, dragging United Airlines (UAL.O), American Airlines (AAL.O), Southwest Airlines (LUV.N) and Delta Air (DAL.N) down between 2.5% and 5%. Jetblue's shares fell about 5%, while those of ultra-low-cost carrier Spirit Airlines declined about 3%. Paris-listed shares of Airbus (AIR.PA) fell 2%.

Persons: Ben Nelms, Stephen Trent, Whitney, Art Hogan, You've, Shivansh, Johann M Cherian, Tim Hepher Organizations: Alaska Airlines Boeing, REUTERS, Alaska Air Group, Investors, Citi, United Airlines, American Airlines, Southwest Airlines, Delta Air, Raytheon, Pratt, Airbus, Riley Wealth, Spirit Airlines, Jetblue Airways, Thomson Locations: Richmond , British Columbia, Canada, Alaska, Boston, Paris, Bengaluru

☆ Roper Technologies raises 2023 profit forecast on increased software adoption
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

July 21 (Reuters) - Industrial software maker Roper Technologies (ROP.O) raised its annual profit forecast on Friday on robust demand for software, as automation adoption grows across industries grappling with labor shortages. Companies such as Roper have benefited from high demand for software from industries, including health and logistics, which are looking to enhance efficiency and streamline operations by bringing in more automation. Roper now expects a full-year adjusted profit of $16.36 to $16.50 per share, compared to its previous outlook of $16.10 to $16.30 per share. The Sarasota, Florida-based company reported an adjusted profit of $4.12 per share, beating analysts' average expectations of $3.99 per share. Revenues from Application Software, the company's biggest unit that provides services to the healthcare and finance industries, rose 22.8%, to $770.3 million in the quarter.

Persons: Roper, Shivansh, Pooja Desai Organizations: Roper Technologies, Software, Thomson Locations: Sarasota , Florida, Bengaluru

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