Latest news with #IBES
Reuters
02-05-2025
- Business
- Reuters
India's Jindal SAW posts quarterly profit drop on lower demand
May 2 (Reuters) - India's Jindal SAW ( opens new tab, which makes steel pipes for the energy, transportation and water sectors, reported a smaller fourth-quarter profit on Friday as demand dropped due to a slowdown in construction activity. The company's consolidated net profit after tax decreased 42% to 2.91 billion rupees ($34.5 million) in the three months ended March 31. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. Revenue from operations fell about 7% to 50.47 billion rupees. Sales of iron and steel pipes dropped 9.2% to 434,000 million tonnes. For further earnings highlights, click. KEY CONTEXT Domestic steel demand in the January-March quarter was lower than a year earlier as government spending, which had ramped up ahead of the 2024 national general elections, tapered off. However, falling prices of iron ore and coking coal, key raw materials, lowered Jindal SAW's expenses, which dropped 4.7% to 46.02 billion rupees. PEER COMPARISON * The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell ** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT JANUARY-MARCH STOCK PERFORMANCE -- All data from LSEG IBES -- $1 = 84.3940 Indian rupees
Reuters
27-02-2025
- Business
- Reuters
Tanker group CMB Tech's profit drops, but beats market view
Companies Feb 27 (Reuters) - Belgian oil tanker group CMB Tech ( opens new tab said on Thursday its profit sunk 76% in the fourth quarter amidst slow tanker and dry bulk markets, although it still beat market expectations aided by the disposal of some older vessels. The group, formed after Euronav's takeover of Compagnie Maritime Belge last year, reported a net gain of $0.48 per share for the final quarter of 2024, compared to $2.01 a year earlier. Analysts were expecting $0.21 per share on average, LSEG's IBES data showed. CMB Tech is continuing to carry out its long-term strategy of rejuvenating and optimizing its fleet, as the sale of four older Suezmax vessels offset an otherwise weak quarter. "After a strong start to 2024, tanker spot rates have retreated to lower levels, failing to gain momentum during the traditionally stronger Q4 period," it said in a statement. The company expressed caution on its outlook for the Suezmax segment, where the order book has grown significantly, with an order book to fleet ratio of 16.6%, more than double that of the very large crude carriers (VLCCs) division. CMB Tech's shares have lost around a quarter of their value since the U.S. election, as President Donald Trump's pledges to end the Ukraine and Gaza wars could put an end to a period of higher tanker rates, as companies charged top dollar to transport oil and gas over longer routes. For the container segment, the group expects a gradual easing in freight market conditions from what was seen in 2024, after attacks by Yemen's Houthis in the Red Sea were seemingly halted after a Gaza ceasefire deal came into effect last month.
Yahoo
30-01-2025
- Automotive
- Yahoo
STMicroelectronics says too early to guide for 2025 after gloomy Q1 view
By Nathan Vifflin and Leo Marchandon (Reuters) -STMicroelectronics said it was too early to give a guidance for the full year 2025 after it warned on Thursday that sales would fall further in the first quarter, as the downturn seen in its key markets drags on into the new year. Shares of STMicro, one of Europe's largest chipmakers, were down 6.8% at 22.18 euros by 1226 GMT, after touching their lowest price since June 2020 earlier in the session. Chief executive Jean-Marc Chery said in a call with analysts that providing a guidance for a 2025 was difficult due to poor visibility and a persisting inventory correction among customers. "We think its fair to consider Q1 as the low point of 2025," Chery added. Ahead of the call, analysts had said investors were nervous about when the bottom of the cycle would be reached. STMicro, whose clients include Tesla and Apple, forecast first quarter revenue of $2.51 billion, implying a nearly 28% drop from a year earlier. The company had already warned in November that its revenue would decline more than usual in the seasonally weak first quarter, but the guidance still missed analysts' expectations of $2.72 billion, LSEG's IBES data showed. Its U.S.-based peer Texas Instruments, considered an industry bellwether, last week also forecast first quarter profit below market estimates, as it grapples with an inventory buildup in its key automotive and industrial markets. STMicro said it was planning to cut a significant amount of production days across its fabs, assembly and test plants. "We also have a plan for temporary closing of many of our fabs during this quarter. Our expectation is that in Q2, we will continue ... to have a significant amount in terms of unloading," finance chief Lorenzo Grandi told analysts. STMicro also outlined its capital expenditure plans for 2025, with an aim to invest between $2 billion and $2.3 billion. That is down from $2.53 billion last year and $4 billion in 2023. The Franco-Italian group reported fourth quarter net income of $341 million, ahead of analysts' forecast of $326 million, driven by higher revenues in personal electronics and despite lower revenues in industrial. ($1 = 0.9608 euros)
