) increased in Tuesday trading after it announced a definitive agreement to sell its Healthcare business to Chicago-based Madison Industries for an enterprise value of $311-million.
Still, benefits from the increases are expected to moderate nearly two years after many consumer goods companies hiked product prices to shield themselves from rising labor and transportation costs. The business, however, is still grappling with supply-chain challenges. The company said high supplier delinquencies are impacting jet engine output, pushing out the deliveries for LEAP engines into 2024 and 2025.
GE’s aerospace unit posted double-digit growth in orders, revenue and profit from a year earlier. Its margin expanded by 130 basis points in the quarter from a year ago. Its adjusted profit for the third quarter came in at 82 US cents per share, topping an average analysts’ expectation of 56 US cents per share, LSEG data showed.), which recently closed at an 11-year low, was higher on Tuesday after it raised its full-year adjusted profit forecast and reported upbeat quarterly earnings, as the diversified manufacturer was able to offset slow demand with price hikes and cost-cut measures.
“We do not expect the shares to sustain any bounce ... pending the litigation backdrop/further news to come in December on Combat Arms and the PFAS water settlement,” Barclays analysts said in a note. Citi analyst Andrew Kaplowitz said: “Solid earnings beat on an inline sales, we think is indicative of benefits from the company’s ongoing restructuring and self-help actions, supporting, in our view, operational execution despite an uncertain macro environment as well as still mixed end markets/geographic dynamics. We note that MMM raised its 2023 adj. EPS guidance on a lowered adj. organic growth guidance ; although, the company’s implied 4Q guidance is modestly below Citi/Street estimates .
However, the company added it expects to see benefits from rising oil prices in the next few quarters. The company posted a third-quarter operating income of 32 million euros , its first quarterly profit since 2021, helped by a higher gross margin and lower marketing and personnel costs. Premium subscribers, who account for most of the company’s revenue, rose 16 per cent to 226 million, topping estimates of 223.7 million, according to IBES data from LSEG.Spotify’s monthly user forecast for the fourth quarter sets the company firmly on target to reach 1 billion users and US$100-billion in revenue annually by 2030. Analysts had expected a forecast of 591.2 million listeners.
Teck’s third-quarter steelmaking coal sales were 5.2 million tons, missing the company’s forecast due to the impacts of wildfires in British Columbia and labor disruption at ports in B.C. It also lowered 2023 steelmaking coal production guidance to 23 million to 23.5 million tonsfrom 24 million to 26 million tons previously forecast, hurt by plant challenges this year.
The UAW walkouts cost the company US$200-million during the third quarter and US$600-million so far in the fourth quarter, GM Chief Financial Officer Paul Jacobson said in a briefing with reporters.
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