Latest news with #restructuring
Bloomberg
3 hours ago
- Business
- Bloomberg
Meyer Burger to Delay Results as Two Units File for Insolvency
Struggling solar-module manufacturer Meyer Burger Technology AG requested an extension of the deadline to present its 2024 financial results after its German units filed for insolvency proceedings. Efforts to keep the sites open during restructuring negotiations were unsuccessful, the Switzerland-listed company said in a statement on Saturday.
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
Capital A back in the black with RM689.57mil net profit
Capital A expects to complete its disposal of its aviation business to AirAsia X Bhd by the third quarter of 2025. (EPA Images pic) KUALA LUMPUR : AirAsia owner Capital A Bhd returned to the black with a net profit of RM689.57 million in the first quarter ended March 31, from a net loss of RM91.55 million a year ago. In a filing with Bursa Malaysia today, the group reported that revenue from continuing operations increased to RM414.52 million from RM359.76 million previously, driven by stronger contributions from its non-aviation businesses. Capital A is currently in the process of disposing of its aviation business to AirAsia X Bhd and expects the transaction to be completed by the third quarter of 2025. 'The restructuring also sets the stage for Capital A's non-aviation businesses to chart their growth trajectories, with key businesses like Asia Digital Engineering and Teleport stepping up expansion plans, backed by strong demand and strategic capital-raising efforts,' it said. Last month, Capital A Bhd said it was on track to completing its proposed regularisation and restructuring plan by June 2025, citing continued progress across key regulatory, financial, and operational milestones. The group had planned to exit its Practice Note 17 status by May after receiving approval from shareholders and the High Court on its regularisation plan.
Reuters
2 days ago
- Business
- Reuters
Meyer Burger shuts down US solar panel factory in Arizona
May 29 (Reuters) - Switzerland's Meyer Burger (MBTN.S), opens new tab shut down a U.S. solar panel factory in Arizona, cutting all 282 employees, the company said on Thursday. The company said it was in talks with a group of bondholders about restructuring, but that the future of the Goodyear, Arizona site was uncertain.
Globe and Mail
2 days ago
- Business
- Globe and Mail
Nike Layoffs 2025: Is It Time to Sell NKE Stock as Nike Slashes Tech Jobs?
Nike (NKE) has initiated layoffs within its technology division as part of a strategic reprioritization. The company confirmed that a portion of this work will now be handled by third-party vendors, signaling a shift in its operational approach. The development follows the company's third-quarter fiscal 2025 earnings release in March, where Nike issued a softer-than-expected forecast for the fiscal fourth quarter. The market responded swiftly, with shares tumbling 5.5% the day after the announcement, reflecting investor concerns over the company's near-term trajectory. Adding to the caution, Nike has flagged the potential impact of tariffs as a headwind to recovery, amplifying doubts around the pace of its turnaround. Revenue pressures continue to weigh heavily, and the recent restructuring only reinforces the notion that Nike is tightening its belt to navigate a more challenging financial landscape. Against this backdrop, let us see if investors should remain patient with NKE stock or begin repositioning. About Nike Stock With a commanding market cap of $91.4 billion, the company boasts a robust brand lineup including Nike Pro, Nike Golf, and the iconic Air Jordan. Despite a 19% year-to-date decline due to market challenges, NKE remains resolute in its pursuit of growth. Its strategic pivot toward a 'Win Now' framework signals a renewed focus on brand strength and product innovation. The approach is already bearing fruit, with the stock rebounding 6.6% over the past month. On the valuation front, NKE currently trades at 29.2 times forward earnings and 1.81 times sales. While these metrics represent a premium over sector averages, they remain below the stock's five-year historical multiples, presenting a potentially attractive entry point. Nike Surpasses Q1 Earnings On March 20, Nike stepped into the earnings spotlight with its fiscal 2025 Q3 results, delivering a performance that, while bruised, managed to surpass market expectations. Revenues landed at $11.3 billion, reflecting a 9.3% year-over-year drop but edging past analysts' forecast of $11 billion. The dip, though significant, did little to shake investor confidence thanks to stronger-than-anticipated EPS of $0.54, down 30% yet nearly double the Street estimate of $0.28. A closer look under the hood revealed the shifting gears within the company. Nike Direct revenues came in at $4.7 billion, falling 12%, while Wholesale clocked $6.2 billion, down 7% from a year ago. Gross margin narrowed to 41.5%, a decline of 330 basis points. The slide stemmed from a mix of factors such as heavier discounts, greater inventory obsolescence reserves, rising product costs, and changes in the sales channel mix. Moreover, net income dropped 32.3% from the year-ago value to $794 million. At the same time, Nike is charting its return to Amazon (AMZN), reversing its 2019 decision to exit the platform in favor of direct sales. As of July 19, Amazon will begin phasing out certain third-party sellers to make room for Nike's official comeback. The maneuver aligns with CEO Elliott Hill's broader recovery blueprint, aimed squarely at leveraging North America, Nike's strongest market. Looking ahead, Nike believes the fiscal fourth quarter will bear the brunt of its 'Win Now' initiatives. It expects revenue to decline in the mid-teens, though toward the lower end of that range. As for EPS, analysts foresee an 89.1% year over year decline to $0.11 for Q4, and a 45.6% drop for the full fiscal year, closing at $2.15. While the path ahead seems rocky, Nike could weather the storm with strategy in stride. What Do Analysts Expect for Nike Stock? While challenges remain, NKE could experience a turnaround. Wall Street has painted a cautiously optimistic picture for NKE, stamping it with a 'Moderate Buy' consensus. Out of 36 analysts, 15 are all in, calling it a 'Strong Buy,' while three follow suit with a 'Moderate Buy.' Another 16 stay on the fence, holding firm with a neutral 'Hold,' and two raise red flags with a 'Strong Sell.' The average price target of $74.54 represents potential upside of 21%.
Globe and Mail
2 days ago
- Business
- Globe and Mail
Glencore to manage all of its coal assets in single unit run out of Australia
Glencore PLC GLCNF said on Thursday it has restructured its coal business by moving its recently acquired Canadian mines into a single unit run out of Australia, making it easy to manage. The Swiss-based miner and trader bought Canadian miner Teck Resources' coal assets for $6.9-billion and had initially outlined a plan to spin off all its coal assets, which was later abandoned. 'Combined with the acquisition of EVR we commenced a process to restructure the coal business and align it with the management structure given the coal industrial assets are managed out of Australia,' a Glencore spokesperson said.
