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CHCT

Newer investors sometimes struggle to understand the difference between earnings per share (EPS), funds from operations (FFO) and revenue in the context of real estate investment trusts (REITs).Revenue represents the total amount of money that a company generates from sales, rents or other sources. Earnings per share refers to the company's profitability after deducting all expenses from its revenue.Higher revenue does not guarantee significant profitability if expenses are also high. Conversely, even if revenue declines, a company can improve its overall profitability by reducing expenses. Mortgage REITs report earnings per share, but all other REITs report FFO. EPS is the ratio of net income to the number of outstanding shares of stock.  FFO takes EPS and deducts the impact of taxes, losses and preferred dividends.This week, several REITs reported FFO that either met or surpassed analyst estimates or were up year-over-year from the second quarter of 2022, but missed analysts' estimate numbers on revenue. Lagging revenue could be an indicator of potential recessionary trends to come. But the strong FFO could indicate that these companies are already proactively tightening their belts in anticipation of possible economic challenges ahead.Trending: This REIT You’ve Never Heard Of Is Crushing The Market – Up 36% Over The Past Two YearsTake a look at 10 REITs that recently reported FFO that either beat or met the consensus estimate or improved year over year, but missed estimates on revenue (note that M or B indicates millions or billions):REIT NameFFO/EPS per shareEstimatesQ2 2022Revenue (M or B)EstimatesQ2 2022Agree Realty Corp.$0.98$0.98$0.56$129.9M$130.64M$104.88MApollo Commercial Real Estate$0.46$0.41$0.35$62.96M$71.11M$57.39MClaros Mortgage Trust$0.35$0.30$0.43$80.92M$80.99M$69.24MCommunity Healthcare Trust$0.62$0.57$0.62$27.81M$27.96M$24.05MEquity Commonwealth$0.22$0.22$0.04$14.59M$15.24M$15.54MFour Corners Property Trust$0.42$0.40$0.41$60.89M$61.21M$55.42MIndependence Realty Trust Inc.$0.28$0.27$0.26$163.60M$164.95M$154.64MLTC Properties Inc.$0.66$0.65$0.64$31.54M$47.25M$31.63MNNN REIT Inc.$0.80$0.80$0.79$202.43M$203.4M$190.78MThe Weyerhaeuser Co.$0.32$0.21$1.06$2B$2B$ 2.97BThe 10 REITs shown in the table above are from a cross section of six REIT subsectors, signifying that it's not just one or two subsectors that are beginning to show this trend. Apollo Commercial Real Estate Finance Inc. (NYSE:ARI) and Claros Mortgage Trust Inc. (NYSE:CMTG) are mortgage REITs, Community Healthcare Trust Inc. (NYSE:CHCT) and LTC Properties Inc. (NYSE:LTC) are healthcare REITs,Story continuesAgree Realty Corp. (NYSE:ADC), Four Corners Property Trust Inc. (NYSE:FCPT) and NNN REIT Inc. (NYSE:NNN) are all triple-net REITs with a focus on retail. Equity Commonwealth (NYSE:EQC) is an office REIT, The Weyerhaeuser Co. (NYSE:WY) is a timberland specialty REIT and Independence Realty Trust Inc. (NYSE:IRT) is a residential REIT.Often, volatile stock price movements after earnings or revenue misses are just temporary. The key drivers for REIT price appreciation are increases in revenue and EPS/FFO over the years.For a long-term investor, the focus should be on improvements in earnings and revenue year over year, as they carry more significance than whether the metrics beat or missed estimates by a penny or two in the present quarterly report. It's worth noting that stocks that are unjustly punished for minor misses can present buying opportunities following the release of the earnings reports.Weekly REIT Report: REITs are one of the most misunderstood investment options, making it difficult for investors to spot incredible opportunities until it's too late. Benzinga's in-house real estate research team has been working hard to identify the greatest opportunities in today's market, which you can gain access to for free by signing up for the Weekly REIT Report.Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.This article REITs Beating And Meeting FFO Estimates Yet Missing On Revenues: Is This A Sign Of Things To Come? originally appeared on Benzinga.com.© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Benzinga

REITs Beating And Meeting FFO Estimates Yet Missing On Revenues: Is This A Sign Of Things To Come?

https://finance.yahoo.com/news/reits-beating-meeting-ffo-estimates-202456428.html

627180a2-bf91-38b6-802b-f04410c503a2

CHCT

Community Healthcare Trust Incorporated (NYSE:CHCT) Q2 2023 Earnings Call Transcript August 2, 2023 Operator: Welcome to Community Healthcare Trust 2023 Second Quarter Earnings Release Conference Call. On the call today, the company will discuss its 2023 second quarter financial results. It will also discuss progress made in various aspects of its business. Following the remarks, the phone lines will be open for a question-and-answer session. The company's earnings release was distributed last evening and has also been posted on its website, www.chct.reit. The company wants to emphasize that some of the information that may be discussed on this call will be based on information as of today August 2, 2023 and may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the company's disclosures regarding forward-looking statements in its earnings release as well as its Risk Factors and MD&A in its SEC filings. The company undertakes no obligation to update forward-looking statements whether as a result of new information, future developments or otherwise except as may be required by law. During this call, the company will discuss GAAP and non-GAAP financial measures. A reconciliation between the two is available in its earnings release, which is posted on its website. The call participants are advised that this conference call is being recorded for playback purposes. An archive of the call will be made available on the company's Investor Relations website for approximately 30 days and is the property of the company. This call may not be recorded or otherwise reproduced or distributed without the company's prior written permission. Now I would like to turn the conference over to Dave Dupuy, CEO of Community Healthcare Trust. Dave Dupuy: Great. Thanks, Jason and good morning. Thank you for joining us today for our 2023 second quarter conference call. On the call with me today is Bill Monroe, our new Chief Financial Officer; Leigh Stach, our Chief Accounting Officer; and Tim Meyer, our EVP of Asset Management. As previously disclosed, Bill joined CHCT from Truist Securities on June 1 and spent its first full week on the job meeting many of our analysts, investors and bankers at the Nareit's REIT Week Conference in New York City. We are excited to welcome Bill to the team where he brings a wealth of experience from his days as Managing Director responsible for both healthcare services and healthcare REIT investment banking at Truist. Our earnings announcement and supplemental data report were released last night and filed with an 8-K.Story continuesDoctor Specialties healthMinerva Studio/Shutterstock.com Our quarterly report on Form 10-Q was filed last night. In addition, an updated investor presentation was posted to our website last night. Before I discuss more normal topics, I wanted to provide more details on a couple of items we disclosed in our 10-Q. First, one of our tenants Genesis Care filed voluntary petitions for reorganization under Chapter 11 of the US bankruptcy code on June 1. Genesis Care which operates 440 cancer care clinics globally has secured commitments for debtor-in-possession financing to support its business operations, while exploring the separation of its US business from its businesses in Australia, Spain and the UK. On June 27, 2023 the US Bankruptcy Court approved Genesis Care's request to reject certain unexpired real property leases including one lease of approximately 11,000 square feet with CHCT in Asheville North Carolina. At June 30, 2023 Genesis Care with the sole tenant in seven of our properties and a tenant in two of our multi-tenanted properties representing approximately 3.1% of our gross real estate properties or approximately 119,000 square feet. Other than the one rejected lease in Asheville, Genesis Care has met substantially all of its lease payment obligations to the company, through July 2023. We've engaged counsel to monitor the Genesis Care bankruptcy progress, and any additional potential impacts to the company. Second, we incurred property damage due to vandalism at a vacant property in Houston, Texas which was covered by our insurance policies. We estimate the amount of the casualty loss was approximately $1.6 million and received insurance proceeds totaling $2.3 million, resulting in a net casualty gain of approximately $700,000. Now back to our core business. The second quarter was busy from an operations standpoint that slowed slightly from an acquisition perspective as a couple of acquisitions anticipated to close in the second quarter slipped into the third quarter. Occupancy increased slightly from 91.6% to 91.7%, and we continue to see good leasing activity. Our weighted average remaining lease term declined slightly from 7.4 to 7.1 years. During the quarter we acquired three properties and one land parcel with a total of approximately 76,000 square feet for a purchase price of $15.7 million. The properties were 98.3% leased, with leases running through 2033 and anticipated annual returns of approximately 9.1% to 9.7%. Subsequent to June 30, we acquired three Medical Office Buildings and one Inpatient Rehabilitation Facility, in two separate transactions for a purchase price of $35.6 million. The properties were 100% leased, with leases running through 2038. And I am proud to announce that with the closing of these new acquisitions we have surpassed $1 billion in gross real estate properties. This is an important achievement in our company's history and a milestone we have celebrated with our team over the last week. We're not resting on our past success however, as the company has three properties under definitive purchase agreements for an aggregate expected purchase price of $16.1 million and expected returns of approximately 9.2% to 10.3%. The company is currently performing due diligence and expects to close these properties in the third quarter. Also the company has eight properties to be acquired after completion and occupancy, for an aggregate expected investment of $191 million. The expected return on these investments should range from 9.1% to 9.75%. We currently expect to close on one of these properties in late-2023 and the remaining throughout 2024 and 2025. We continue to have many properties under review and have term sheets out on several properties with indicative returns of 9% to 10%. We anticipate having enough availability on our credit facilities and through our bank relationships to fund our acquisitions. And we expect to continue to opportunistically utilize the ATM, to strategically access the equity markets. Also, we declared our dividend for the second quarter and raised it to $0.4525 per common share. This equates to an annualized dividend of $1.81 per share, and we're proud to have raised our dividend every quarter since our IPO. That takes care of the items I wanted to cover, so I'll hand things off to Bill, to discuss the numbers. Bill Monroe: Thank you, Dave and let me first say, how excited I am to be joining the Community Healthcare Trust team. In my prior role as a health care investment banker covering the sector, it was always an honored work alongside Tim Wallace, you and the entire CHCT team. We look forward to helping build upon our company's foundation as Chief Financial Officer. I will now provide more details on our second quarter financial performance. I'm pleased to report that total revenue grew from $24 million in the second quarter of 2022 to $27.8 million in the second quarter of 2023, representing 15.6% annual growth over the same period last year. When compared to our $27.2 million of total revenue in the first quarter of 2023, we achieved 2.3% total revenue growth quarter-over-quarter. And on a pro forma basis, if the acquisitions we completed during the second quarter of 2023 had occurred on the first day of the second quarter, our total revenue would have increased by an additional $308,000 to a pro forma total of $28.1 million in the second quarter. From an expense perspective, property operating expenses declined by approximately $100,000 quarter-over-quarter to $4.8 million. General and administrative expenses decreased from $16.2 million in the first quarter of 2023 to $3.8 million in the second quarter of 2023. The $12.4 million decrease quarter-over-quarter was driven primarily by the accelerated amortization of stock-based compensation, totaling $11.8 million recognized in the first quarter upon the passing of our former CEO and President as well as a reduction in the second quarter's deferred compensation amortization due to the above-mentioned accelerated amortization in the first quarter. Offset partially by a onetime increase in employer Medicare taxes paid in the second quarter from the vesting of our former CEO and President's shares. Interest expense increased from $4 million in the first quarter of 2023 to $4.1 million in the second quarter of 2023 due to a small increase in borrowings under our revolving credit facility to fund acquisitions as well as higher interest rates under our revolving credit facility. Moving to funds from operations, FFO grew from $2.2 million in the first quarter of 2023 to $15.9 million in the second quarter of 2023. On a per diluted common share basis, over these periods, FFO grew from $0.09 to $0.62 per share, but it's important to remember first quarter FFO was negatively impacted by the $11.8 million or $0.47 per share of non-cash amortization expenses related to the passing of our former CEO and President, whereas our second quarter FFO includes a $700,000 or $0.03 per share net casualty gain from insurance proceeds received related to one property that was analyzed as Dave mentioned earlier. Adjusted funds from operations or AFFO, which adjusts for straight-line rent stock-based compensation and net casualty gain in the second quarter, totaled $16 million in the second quarter of 2023, which compares to $15 million in the second quarter of 2022 or 7% growth year-over-year. On a per diluted common share basis, AFFO increased from $0.62 in the second quarter of 2022 to $0.63 in the second quarter of 2023. AFFO for the first quarter of 2023 was $15.6 million, so our AFFO grew by 2.8% quarter-over-quarter. And finally, on a pro forma basis, if the acquisitions we completed during the second quarter of 2023 had occurred on the first day of the second quarter, AFFO would have increased by approximately $169,000 to a pro forma total of $16.2 million or $0.63 per diluted common share. That concludes our prepared remarks. Jason, we are now ready to begin the question-and-answer session. See also 22 Most Depressing Ugliest Places in the World and 20 Best Apps for Getting Laid and Casual Sex.Q&A SessionOperator: Thank you. We will now begin the question-and-answer session [Operator Instructions] Our first question comes from Alexander Goldfarb from Piper Sandler. Please go ahead. Alexander Goldfarb: Hi, good morning. And Bill, welcome to sitting on the public side of the REIT land. So fun times for you. Just a question and Dave certainly, appreciate the upfront disclosure on the Genesis filing. Maybe just a little bit more color. I mean clearly, one rejection out of I think you said you have seven or eight total, seems pretty good. So first, has Genesis, -- are they completely through the rejection period? And then two, yes 11,000 square feet not a big space, but you still have to ask the perfunctory. What are your thoughts on backfill? A – Dave Dupuy: Hi, Alex, thanks for the question. Sure. As it relates to GenesisCare, they're still -- they still have the opportunity to reject leases is our understanding and that can happen all the way up to when the deadline for submission of bids actually occurs. So -- and that deadline just so -- and this is all publicly available information, submission of bids is September 22. And ultimately, we should hear that first week in October, who the actually winning bidder is, if the schedule as laid out holds. So, as it relates to the nine leases, we have in place this is one of nine. In fact, we are actually already talking to GenesisCare about an early termination of this lease and we're having discussions with potential tenants, who could backfill the; space. And so those – obviously, because of the GenesisCare bankruptcy, we've got a lease rejection claim although, we're not expecting to get much from that. But ultimately, we're just in dialogue with potential tenants. We think it's an attractive space. And so, our plan would either be to re-lease it or potentially explore selling it if that makes more sense. So Alexander Goldfarb: Okay. So just -- so Dave, just so I understand, and forgive me, the outright rejected one so not paying on one, they're still paying on the other eight. But those are -- there's a potential that other operators will buy those through the bankruptcy auction process. And presumably once we get to I think the end of September when that bid period stops, I think you said then you'll know definitively, if what they're keeping what other operators bought or if in fact others are sold. But overall, you feel pretty comfortable if you get any more of that there's sufficient demand that the downtime would be minimal. A – Dave Dupuy: Yes. I mean, we're doing work right now. The asset management team is looking at those local markets and evaluating, what the market rents are we feel for that type of medical use. We feel like we've got competitive rates. And so, we're doing those market studies now so that we're prepared when the actual winning bidder comes, and we can evaluate whether we want to move forward under their structure or whether we want to look and potentially evaluate another tenant to fill those spaces. But, it's our thought that given the provision of healthcare that's had in many of -- most of these spaces that there's going to be there is going to be a buyer and that buyer is going to want these spaces. So, we're not anticipating any additional rejections, but obviously that could happen in a bankruptcy process. So we're monitoring that as we go forward. Alexander Goldfarb: Okay. Switching topics the vandalism, not something that we typically see in REIT land, I mean outside a few years ago when there were some of the riots. So, is this something like Urban unrest related, or was this a disgruntled employee like 1.6 million of one of your -- I mean your properties tend to be sort of out in the outer suburbs not in the inner cities. So, just a little bit more color. And is this something that you think could occur in other facilities? Dave Dupuy: This is unusual. Look, I think in our eight years, this is by far the most -- the biggest sort of vandalism issue that we've had. You are a little bit more at risk for that type of vandalism, when the facility is vacant versus when it is occupied and this was a vacant facility. It's now held for sale. We intend to sell the facility. It's -- frankly, it's one of our IPO properties. It's been empty for a couple of years. And so, it's -- I don't think it's anything -- I think it's just one of those bad type of things that happen to us. And -- but we are very focused whenever we have an empty building. We have a process of putting up security cameras and making sure that there is sufficient security for that space to prevent this type of thing. These vandals just were very sophisticated in their approach and did a significant amount of damage to the building. Alexander Goldfarb: Good luck. Thank you. Dave Dupuy: Thanks, Alex. Appreciate all questions. Operator: The next question comes from Rob Stevenson from Janney. Please go ahead. Rob Stevenson: Good morning, guys. I guess a question on the Genesis stuff is competitors that might be interested in that business. I mean where are they sort of in that type of business on a rent coverage basis? Are they materially better than where Genesis is? Was Genesis for the assets that you guys have about average in that space? How should we be thinking about that in terms of the potential for credit upgrade, credit neutral, credit downgrade from an acquisition of the US business there?Dave Dupuy: My thought process here is it would be a credit neutral to a credit improvement. A lot of GenesisCare's problems stem from the fact that the Holdco level, they way over levered the business. And so, a lot of the issue that we're seeing with GenesisCare is the reality of putting a lot of debt on the business and that debt more than likely wasn't hedged creating significant issues for the operating companies to amortize and pay off that debt. So, we don't think that the underlying assets are as much a problem as the actually the original capital structure. So -- and there are a number of regional cancer operators. A lot of those are not-for-profit companies that I think are very stable, very good credit tenants. And so our view is this would be neutral to an improvement related to credit. But keep in mind I think a lot of the problems that GenesisCare just relates to the capital structure that they put on the parent. Rob Stevenson: Okay. That's helpful. And then how extensive beyond Genesis is your credit watch list or sort of week 10 however you want to characterize it weak tenant list et cetera. And anybody else of concern at this point in terms of not paying rent? Dave Dupuy: We always Rob have a list, a watch list that we watch and talk about as a team on a monthly basis and have ever since I've been here. So there's always going to be anywhere from six to 12 tenants that for a variety of reasons, we're working with them and dealing with potential issues. But we're not seeing anything out of the ordinary or unusual in that watch list and how it's evolved over the last six to 12 months. It's been a -- we had issues, we deal with those issues. And then there's another tenant that will focus on after resolving the issues of the tenant that we dealt with before. So, we've got a watch list. We manage and work that watch list very, very closely. But look, we've got, I don't know roughly 250 tenants. And at any one time, it wouldn't be surprising to have eight to 10 of those that we're working through. Rob Stevenson: Okay. That's helpful. And then last one for me. When you guys look at financing the acquisition pipeline, what's the cost for incremental debt these days? Is there any debt available through term loans et cetera that would be cheaper than I think the revolver is now probably up to 7% or so with where SOFR has gone? Dave Dupuy: Rob, you're right, that is how we look at our margin cost of debt right now with where daily SOFR is and revolver rates. Obviously, we benefit as you look at our overall cost of debt capital, the hedges that we have in place. And so, on a total weighted average cost of debt, it's more like 4.4%, but we are cognizant as we think about our marginal borrowing costs that it is that -- it was 6.8% at 6:30. We continue to monitor the markets and look at different options. I think right now, the support we have from our lenders. And obviously the returns we're able to generate from our properties. We're comfortable with our capital structure, but we will continue to evaluate that. Rob Stevenson: Okay. Thanks. Operator: [Operator Instructions] Our next question comes from Wes Golladay from Baird. Please go ahead. Wes Golladay: Hey good morning guys. I just had a question on the genesis that was rejected. Did anything stand out to you? Was there just too much competition market was the rent level too high coverage low? Just trying to get -- I guess a feel for how isolated this one would be assuming a successful reorg? Dave Dupuy: Yes. I mean, all I can tell you is like I said, we were actually already working with them on a termination related to this particular space. I think they had just determined that this was not a market that they wanted to operate in. They may not have had as deep a group in this market to compete effectively. This is adjacent to the Mission Hospital affiliated with HCA. And the only thing I can guess is perhaps HCA had a radiation oncology presence that this group was not affiliated with. But again I think this is an isolated situation. It's good real estate. So we feel good about being able to release it. But we don't view this as something that's indicative of the rest of our portfolio for sure.Wes Golladay: Got it. And then when you look at the acquisition pipeline, we're hearing a lot of sectors where there's just not a lot of competition. It's really down year-over-year. Are you seeing the same thing? I guess what's driving the volume that you're seeing now? Is it more volume? Is it a higher close rate a little of everything? There's kind of a little bit of a snapshot of the competitive landscape today versus maybe a year ago. Dave Dupuy: Yes. It's -- listen think that we've got a little bit of a tailwind in our business from an acquisition standpoint, Wes. I mean, if you think about our goal has always been to drive that high single-digit cap rate. And back when money was free during COVID it was really tough to find those attractive real estate acquisition opportunities in those -- in that yield framework. Today we're seeing a much different case where all of a sudden those high single-digit cap rates are really market. And the other thing, we're seeing too because historically based on the size of the assets that we were acquiring to the extent we did have any acquisition it was there -- any competition it was very little competition but it was usually 1040 exchange buyers and those buyers really are having difficulty getting any of their deals financed. And so anyway, I wouldn't point to one thing, but I think in general, we're seeing more opportunities for the type of real estate that we like and less competition for those acquisition opportunities. So it's been a nice overall tailwind to the business. Wes Golladay: Got it. And then if I could squeeze in one more. I hope that CapEx is up a little bit year-over-year. Is that a function of the leasing that you're doing? And then do you have an outlook for the second half of the year? Bill Monroe: Yes. We don't provide any, sort of, guidance with regard to CapEx. But yes I think some of that additional CapEx it's a variety of things. I think obviously we're looking to make improvements in some of our facilities. And often we'll do that around some of the redevelopment projects that we have on the books. And so, I think you're seeing a little bit of additional CapEx as it relates to some of those redevelopment projects by the way are around long-term leases. And in general, we're looking to get our yield on top of a good portion of that CapEx. So anyway, I would say it's that and just kind of the complexion of our assets today. And so anyway we're not going to provide any guidance related to it, but I think it's kind of just some of those issues that I just outlined. Wes Golladay: Okay. And a quick follow-up on that. So you do have some redevelopment going on and I assume that comes when the facility open so you may have some I guess pent-up NOI coming maybe in 3Q or 4Q for the spin that you did in the first half. Is that a fair assessment? Dave Dupuy: I think that's right. I think that's right. Those projects are coming in over time. But yeah, it's -- we hope that those will come online. We've had one of those projects come online in June and we expect to have other ones come online throughout the rest of the year. Wes Golladay: Great. Thanks for the time everyone. Dave Dupuy: Thank you. Operator: The next question comes from Jim Kammert from Evercore. Please go ahead. Jim Kammert: Hi. Good morning. Thank you. I hate to dwell on Genesis. But hope educate me, I apologize. In the event a new tenant takes over a new operator, they don't have any ability to tweak the existing ongoing lease terms between yourselves and then do. There's no way for them to cram down the new lease kind of parameter on you? Dave Dupuy: No. There's no ability for them to do that Jim. Jim Kammert: Great. Great. And then again on the same topic, but I'm sure your team has been out there looking at the other eight locations with Genesis. Would you characterize sort of the utilization? I know you seem confident in the quality of the real estate location, but are patients coming into these properties, it's a viable cancer treatment? I'm just trying to get a sense of what's happening at the operational level if you have any color on that? Dave Dupuy: Yeah. We actually -- our asset management team specifically made sure that we went out and did some visuals on each of the buildings. And yes there -- where they're providing healthcare, it appears as though they're open for business as usual. So we take -- obviously we take comfort associated with that. Jim Kammert: That’s helpful. Thank you very much. Dave Dupuy: Thanks, Jim. Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Dave Dupuy for any closing remarks. Dave Dupuy: Thanks, Jason, and thanks everybody for their support and look forward to talking to everybody next time. Have a good week. Thank you. Operator: Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Insider Monkey

Community Healthcare Trust Incorporated (NYSE:CHCT) Q2 2023 Earnings Call Transcript

https://finance.yahoo.com/news/community-healthcare-trust-incorporated-nyse-193508892.html

b42fee57-5250-3b4c-8453-0199f49e08eb

CHD

This unique rating measures technical performance by using a 1 (worst) to 99 (best) score that indicates how a stock's price performance over the trailing 52 weeks matches up against the rest of the market. Is Church & Dwight Stock A Buy? Church & Dwight stock is working on a flat base with a 100.52 entry.Continue reading

Investor's Business Daily

Church & Dwight Stock Clears Technical Benchmark, Hitting 80-Plus RS Rating

https://finance.yahoo.com/m/6eb118fd-3fb2-3ed2-b172-47118a09249f/church-dwight-stock-clears.html

6eb118fd-3fb2-3ed2-b172-47118a09249f

CHD

EWING, N.J., Sept. 8, 2023 /PRNewswire/ -- Church & Dwight Co., Inc. (NYSE:CHD) today initiated a voluntary recall of one specific lot of TheraBreath Strawberry Splash for Kids 16oz after the Company identified a microbial contamination due to the presence of yeast (Candida Parapsilosis) in lot #PA3083011 of TheraBreath Strawberry Splash for Kids 16 oz, sold exclusively on Amazon between May 31 and September 02, 2023.TheraBreath Strawberry Splash for Kids 16ozNo other TheraBreath products or other lots of TheraBreath Strawberry Splash for Kids are included in this recall.The Company is not aware of any reports of consumer illness or injury to date. The product poses no risk to healthy children, while it could potentially pose a health risk to immune compromised children.Church & Dwight is coordinating closely with the U.S. Food & Drug Administration (FDA) and following all relevant protocols. The lot of recalled mouthwash product is listed below with the Universal Product Code (UPC) and Lot number.Consumers who have purchased the product listed below should stop consumption immediately. Please call our Consumer Relations team at +1 (800) 981-4710 before disposing of the product, and we will provide a full refund. Any additional questions can also be directed to our Consumer Relations team Monday through Friday, 9am – 5pm ET.Consumers who want to verify if their product is affected by the issue may do at www.churchdwightrecall.com.Media Contact:[email protected] PRODUCT LISTReference to identify affected products via Universal Product Code (UPC) and Lot Code.Product NameTheraBreath Strawberry Splash Kids 16ozProduct #20509730Lot #PA3083011UPC #6 97029 70000 6ASINB0BTDVVTGL UPC code may be found on the product label, below the barcodeLot Code and Expiry date may be found under the bottleCisionView original content to download multimedia:https://www.prnewswire.com/news-releases/church--dwight-initiates-voluntary-recall-of-one-specific-lot-of-therabreath-strawberry-splash-for-kids-16oz-sold-exclusively-on-amazon-between-may-31-and-september-02-2023-due-to-an-isolated-manufacturing-issue-301922383.htmlSOURCE Church & Dwight Co., Inc.

PR Newswire

Church & Dwight Initiates Voluntary Recall of One Specific Lot of TheraBreath Strawberry Splash for Kids 16oz Sold Exclusively on Amazon Between May 31 and September 02, 2023, due to an Isolated Manufacturing Issue

https://finance.yahoo.com/news/church-dwight-initiates-voluntary-recall-200000422.html

44ca05b5-321c-3d93-aaae-6e63def4d88e

CHDN

Churchill Downs IncorporatedGovernor Beshear to Place State’s First Sports Wager at Churchill Downs Racetrack on Opening Day at 10 a.m.LOUISVILLE, Ky., Aug. 23, 2023 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq: CHDN) announced today that the Kentucky Horse Racing Commission (“KHRC”) has approved temporary licenses for six CDI properties to begin accepting in-person sports wagers on Thursday, September 7, 2023. The Company will operate Race and Sports Books at its racetracks and Historical Racing Machine (“HRM”) facilities in Kentucky including: Churchill Downs Racetrack in Louisville, Derby City Gaming & Hotel in Louisville, Turfway Park Racing & Gaming in Florence, Newport Racing & Gaming in Newport, Oak Grove Racing, Gaming & Hotel in Oak Grove and Ellis Park Racing & Gaming in Henderson.“CDI is excited to bring our experience operating retail sports wagering experiences to Kentucky with many thanks to the Kentucky General Assembly, Governor Beshear, the KHRC and the Kentucky Public Protection Cabinet for their efforts in making this a reality,” said Bill Carstanjen, CEO of CDI. “Sports betting as a tourism and economic development opportunity will further strengthen the state’s signature equine industry by bringing new guests into our live and historical racing venues.”CDI’s licensed Race and Sports Books will incorporate sports betting kiosks among existing bar and simulcast areas for guests to place wagers. Most locations will offer large format video screens or various televisions to watch live racing as well as collegiate and professional sports. Each of CDI’s HRM venues will implement a “Bet & Jet” feature that offers guests designated parking spaces for 15 minutes in order to quickly and easily place their in-person sports wager.CDI properties across Kentucky will host grand opening events featuring ribbon-cutting celebrations, themed food and beverage offerings and discounts as well as sports wagering promotions. To commemorate the opening day of retail sports betting, Governor Beshear will place the first ceremonial sports wager in the state of Kentucky at Churchill Downs Racetrack at 10 a.m. EDT. For specific details, promotions and hours of operation, please visit the property Race and Sports Book websites below.Story continuesCDI’s retail Race and Sports Books opening on September 7, include:Churchill Downs Racetrack: 15 sports betting kiosks, 168 sq. ft. video screen, 20 large format televisions (churchilldowns.com/sportsbook)Derby City Gaming & Hotel: 15 sports betting kiosks, 300 sq. ft. video screen, 12 large format televisions (derbycitygaming.com/race-sports-book)Ellis Park Racing & Gaming: 5 sports betting kiosks (ellisparkracing.com/race-sports-book)Newport Racing & Gaming: 10 sports betting kiosks, 20 large format televisions (newportrg.com/race-sports-book)Oak Grove Racing, Gaming & Hotel: 20 sports betting kiosks, 300 sq. ft. video screen, 8 large format televisions (oakgrovegaming.com/race-sports-book)Turfway Park Racing & Gaming: 15 sports betting kiosks, 300 sq. ft. video screen, 16 large format televisions (turfway.com/race-sports-book)In addition to retail sports betting, the KHRC also approved temporary licenses for three online sports wagering service providers that will operate in partnership with CDI’s racetracks: FanDuel, Penn Sports Interactive and Fanatics. Approved service providers can begin accepting online wagers on Thursday, September 28, 2023.About Churchill Downs IncorporatedChurchill Downs Incorporated (NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. www.churchilldownsincorporated.comThis news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words or similar expressions (or negative versions of such words or expressions).Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation; additional or increased taxes and fees; the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variant strains, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation the competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine (HRM) manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our TwinSpires Sports and Casino business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers’ personal information could lead to government enforcement actions or other litigations; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise), disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.Investor Contact: Philip ForbisMedia Contact: Tonya Abeln(502) 394-1094(502) [email protected]@kyderby.com

GlobeNewswire

Churchill Downs Incorporated to Open Six Race and Sports Books at Kentucky Properties on September 7

https://finance.yahoo.com/news/churchill-downs-incorporated-open-six-120000995.html

71ee20d6-7b24-33d0-aa33-018ec552541e

CHDN

Churchill Downs Incorporated (NASDAQ:CHDN), might not be a large cap stock, but it saw significant share price movement during recent months on the NASDAQGS, rising to highs of US$142 and falling to the lows of US$116. Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price. A question to answer is whether Churchill Downs' current trading price of US$126 reflective of the actual value of the mid-cap? Or is it currently undervalued, providing us with the opportunity to buy? Let’s take a look at Churchill Downs’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. See our latest analysis for Churchill Downs Is Churchill Downs Still Cheap?According to my price multiple model, where I compare the company's price-to-earnings ratio to the industry average, the stock currently looks expensive. In this instance, I’ve used the price-to-earnings (PE) ratio given that there is not enough information to reliably forecast the stock’s cash flows. I find that Churchill Downs’s ratio of 26.47x is above its peer average of 19.16x, which suggests the stock is trading at a higher price compared to the Hospitality industry. If you like the stock, you may want to keep an eye out for a potential price decline in the future. Since Churchill Downs’s share price is quite volatile, this could mean it can sink lower (or rise even further) in the future, giving us another chance to invest. This is based on its high beta, which is a good indicator for how much the stock moves relative to the rest of the market.What does the future of Churchill Downs look like?earnings-and-revenue-growthInvestors looking for growth in their portfolio may want to consider the prospects of a company before buying its shares. Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company's future expectations. Churchill Downs' earnings over the next few years are expected to increase by 55%, indicating a highly optimistic future ahead. This should lead to more robust cash flows, feeding into a higher share value.Story continuesWhat This Means For YouAre you a shareholder? It seems like the market has well and truly priced in CHDN’s positive outlook, with shares trading above industry price multiples. However, this brings up another question – is now the right time to sell? If you believe CHDN should trade below its current price, selling high and buying it back up again when its price falls towards the industry PE ratio can be profitable. But before you make this decision, take a look at whether its fundamentals have changed.Are you a potential investor? If you’ve been keeping tabs on CHDN for some time, now may not be the best time to enter into the stock. The price has surpassed its industry peers, which means it is likely that there is no more upside from mispricing. However, the positive outlook is encouraging for CHDN, which means it’s worth diving deeper into other factors in order to take advantage of the next price drop.In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. Our analysis shows 2 warning signs for Churchill Downs (1 is concerning!) and we strongly recommend you look at these before investing.If you are no longer interested in Churchill Downs, you can use our free platform to see our list of over 50 other stocks with a high growth potential.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Is It Time To Consider Buying Churchill Downs Incorporated (NASDAQ:CHDN)?

https://finance.yahoo.com/news/time-consider-buying-churchill-downs-123808409.html

1dc90362-88a9-3c65-a542-556cdd604e4c

CHH

Moves Position Company for Future Growth Following Radisson Americas IntegrationROCKVILLE, Md., Aug. 30, 2023 /PRNewswire/ -- Choice Hotels International, Inc. (NYSE: CHH) today announced key executive appointments that position the company for continued future growth following its acquisition of Radisson Hotels Americas and the successful integration of its nine brands onto Choice's world-class central reservation system.Choice Hotels International. (PRNewsFoto/Choice Hotels International) (PRNewsfoto/CHOICE HOTELS INTERNATIONAL)"Choice has always been a growth company, and that growth is now accelerating," said Choice Hotels International President and CEO Patrick Pacious. "We are a stronger company than we were just a year ago. Choice's increased scope and the breadth of our portfolio give us new avenues for growth and an opportunity to expand and improve the services we provide to our franchisees, our guests, and our travel partners."Choice has a robust portfolio of brands that range from full-service upper upscale to midscale, extended stay, and economy. As part of an evolution to a more flexible and agile organizational structure, Dominic Dragisich, who joined the company as Chief Financial Officer in 2017, will be promoted to Executive Vice President, Operations and Chief Global Brand Officer. Mr. Dragisich will oversee all of Choice's brand segments, brand development, segment services, and corporate development. During his tenure as CFO, Mr. Dragisich successfully enhanced and streamlined the company's budgeting, forecasting and capital allocation processes and led several major initiatives to support the company's continued growth. Recently, he was instrumental in the acquisition of the Radisson Americas business and will continue to lead corporate development efforts. "Dominic is a talented leader who excelled as CFO and has a deep understanding of the operational drivers of our business," said Mr. Pacious. "I'm confident he will help drive our growth and performance to the next level in this important new role."Story continuesScott Oaksmith will be promoted from Senior Vice President and Deputy Chief Financial Officer to Chief Financial Officer. In this role, he will lead Choice's overall financial strategy and corporate growth initiatives to drive ongoing expansion across major markets and maximize shareholder value. A more than 20-year veteran with Choice, Mr. Oaksmith has worked closely with key stakeholders to identify opportunities to grow the company's core business and adjacent lines of business, streamlined financial operations, enhanced capital allocation strategies, and utilized advanced analytics to drive strategic and operating decisions in support of the company's goals. "Scott has been an integral part of Choice's success for over two decades," said Mr. Pacious. "He is the ideal person to lead our financial strategy during this crucial time for the company and well into the future."Raul Ramirez will be promoted from Chief Strategy and International Operations Officer to Chief Segment and International Operations Officer with responsibility for Choice's upscale, extended stay and core midscale and economy brands as well as the International Division. Since he joined Choice in 2017, Mr. Ramirez has led the integration of the Radisson Americas brands and WoodSpring Suites, launched an enterprise strategic planning process to help define and support long-term business and financial goals, and spearheaded the transformation and expansion of the company's International Division. "Raul is a transformational leader who has his finger on the pulse of our franchisees," said Mr. Pacious. "I can't think of a better, more qualified individual for this role as we work to grow our brands and expand our international footprint."Anna Scozzafava will be promoted from Senior Vice President and General Manager, Extended Stay Brands to Chief Strategy Officer and Senior Vice President, Technology, overseeing Choice's corporate strategy, business analytics and technology functions. Ms. Scozzafava has been with the company since 2012 and, most recently, drove the growth and expansion of Choice's extended stay portfolio, helping to establish the company as a clear leader in the fast-growing, high-performing segment. She will continue to lead the segment through a transition period. "Anna's leadership is a big part of the reason Choice is a leader in extended stay," said Mr. Pacious. "I'm excited to now have her lead the development of strategies to propel the entire company forward."About Choice Hotels®Choice Hotels International, Inc. (NYSE: CHH) is one of the largest lodging franchisors in the world. The challenger in the upscale segment and a leader in midscale and extended stay, Choice® has nearly 7,500 hotels, representing almost 630,000 rooms, in 46 countries and territories. A diverse portfolio of 22 brands that range from full-service upper upscale properties to midscale, extended stay and economy enables Choice® to meet travelers' needs in more places and for more occasions while driving more value for franchise owners and shareholders. The award-winning Choice Privileges® loyalty program and co-brand credit card options provide members with a fast and easy way to earn reward nights and personalized perks. For more information, visit www.choicehotels.com.Forward-Looking StatementsCertain matters discussed in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as "expect," "believe," "anticipate," "will," "forecast," "plan," "project," or similar words of futurity. All statements other than historical facts are forward-looking statements. These forward-looking statements are based on management's current beliefs, assumptions and expectations regarding future events, which, in turn, are based on information currently available to management. Such statements may relate to projections of the company's growth, performance and revenue and other financial, strategic and operational measures, including the company's liquidity, organizational structure, corporate initiatives and services, among other matters. We caution you not to place undue reliance on any such forward-looking statements. Forward-looking statements do not guarantee future performance and involve known and unknown risks, uncertainties and other factors.Several factors could cause actual results, performance or achievements of the company to differ materially from those expressed in or contemplated by the forward-looking statements. Such risks include, but are not limited to, changes to general, domestic and foreign economic conditions, including access to liquidity and capital; the company's ability to successfully integrate Radisson Hotels Americas' employees and operations; the ability to realize the anticipated benefits and synergies of the acquisition of Radisson Hotels Americas as rapidly or to the extent anticipated; changes in consumer demand and confidence; impairments or declines in the value of the company's assets; operating risks common in the travel, lodging or franchising industries; changes to the desirability of our brands as viewed by hotel operators and customers; our ability to keep pace with improvements in technology utilized for marketing and reservations systems and other operating systems; our ability to grow our franchise system; exposure to risks related to our hotel development, financing and ownership activities; exposures to risks associated with our investments in new businesses; fluctuations in the supply and demand for hotel rooms; our ability to realize anticipated benefits from acquired businesses; impairments or losses relating to acquired businesses; the level of acceptance of alternative growth strategies we may implement; the impact of inflation; and our ability to effectively manage our indebtedness, and secure our indebtedness, including additional indebtedness incurred as a result of the acquisition of Radisson Hotels Americas. These and other risk factors are discussed in detail in the company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and, as applicable, our Quarter Reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.© 2023 Choice Hotels International, Inc. All Rights ReservedCisionView original content to download multimedia:https://www.prnewswire.com/news-releases/choice-hotels-international-announces-executive-appointments-and-organizational-structure-evolution-301913264.htmlSOURCE Choice Hotels International, Inc.

PR Newswire

Choice Hotels International Announces Executive Appointments and Organizational Structure Evolution

https://finance.yahoo.com/news/choice-hotels-international-announces-executive-103000370.html

22d012ca-31e8-3d2d-bb7b-75ef4b75a013

CHH

It has been about a month since the last earnings report for Choice Hotels (CHH). Shares have lost about 3.1% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Choice Hotels due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.Choice Hotels Beats on Q2 Earnings Estimates, Raises ViewChoice Hotels delivered impressive second-quarter 2023 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. The upside was primarily driven by synergies through the Radisson Hotels Americas integration (ahead of schedule) and momentum in the conversion projects pipeline.Q2 Earnings and RevenuesIn the quarter under review, Choice Hotels reported adjusted earnings per share (EPS) of $1.75, surpassing the Zacks Consensus Estimate of $1.70. The company reported an adjusted EPS of $1.43 in the prior-year quarter.Quarterly revenues of $427.4 million surpassed the consensus mark of $423 million by 1.2%. The metric rose 16.2% from the year-ago quarter’s level.Franchising & RoyaltiesDuring the second quarter, domestic royalties increased 7% year over year to $125.1 million.During the quarter, domestic revenues per available room (RevPAR) came in at $60.32 compared with $60.04 reported in the prior year period. The upside was driven by a 2.8% rise in the average daily rate.During the quarter, the effective royalty rate increased 6 basis points year over year to 4.99%.Operating ResultsTotal operating expenses during second-quarter 2023 increased 42% year over year to $303 million.During the quarter, adjusted EBITDA rose 18.2% year over year to $153.1 million.Balance SheetAs of Jun 30, 2023, Choice Hotels had cash and cash equivalents of $36.2 million compared with $31.7 million as of Mar 31, 2023.Long-term debt at the end of the second quarter was $1,384.3 million compared with $1,374.8 million reported in the previous quarter.During the second quarter, Goodwill (as a percentage of total assets) came in at 10.5% (almost flat sequentially).Story continuesOutlookIn 2023, the company anticipates adjusted net income in the range of $298-$306 million, up from the previous expectation of $292-$302 million.  Adjusted EBITDA is expected to be between $530 million and $540 million, up from the previous expectation of $525-$540 million. The company expects adjusted EPS to be between $5.86 and $6.01 compared with the prior expectations of $5.70 and $5.90.Domestic RevPAR growth in 2023 is estimated at approximately 2% compared with 2022. In 2023, the company’s domestic effective royalty rate is anticipated to increase in the mid-single digits on a year-over-year basis.Other UpdatesThe domestic extended-stay pipeline reached 450 hotels as of Jun 30, 2023. At the end of second-quarter 2023, the number of domestic hotels and rooms increased 6.9% and 8.8%, respectively, year over year. The company’s pipeline for conversion hotels rose 14% year over year.As of Jun 30, 2023, domestic pipelines increased 9% year over year to 899 hotels. The company’s international pipeline rose 29% year over year to 61 hotels.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in estimates revision.VGM ScoresAt this time, Choice Hotels has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Choice Hotels has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportChoice Hotels International, Inc. (CHH) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Why Is Choice Hotels (CHH) Down 3.1% Since Last Earnings Report?

https://finance.yahoo.com/news/why-choice-hotels-chh-down-153050595.html

94dbe726-737c-365e-9835-bf714b4773d9

CHRD

The largest dividend-payers in the energy sector of the S&P 1500 include oil and gas producers and pipeline companies.Continue reading

Barrons.com

5 Energy Stocks With Juicy Dividends

https://finance.yahoo.com/m/786cf120-2ae7-3ee1-ace3-f0f784e6e6c8/5-energy-stocks-with-juicy.html

786cf120-2ae7-3ee1-ace3-f0f784e6e6c8

CHRD

Now might be a great time to look for the best oil stocks to buy. Expectations of rising Brent crude oil prices for the remainder of 2023 continuing into 2024 are making the search for oil stocks to buy worthwhile again. Brent crude oil comes from the North Sea but its price highly correlates to the oil that flows to the West. Higher price expectations set the stage for business expansion throughout the sector and, in turn, higher share prices. InvestorPlace - Stock Market News, Stock Advice & Trading TipsInvestors reaped strong returns in 2022 as the per barrel price hovered near $100. It is possible that prices rise to those levels again. Current expectations suggest prices should rise through mid-2024 so now is the time to consider which oil stocks to buy. Exxon Mobil (XOM) Exxon Mobil logo outside of a corporate buildingSource: Harry Green / Shutterstock.comIt’s reasonable to argue that Exxon Mobil (NYSE:XOM) and its stock are in as strong a position now as a year ago. Earnings have fallen across the sector as oil prices have fallen in 2023. However, the company is approaching the new energy paradigm while also preparing to take advantage of rising prices. Let’s address those thoughts in order. The energy sector is and will continue to face pressure to reduce carbon emissions. Exxon Mobil acquired Denbury (NYSE:DEN) in mid-July. Denbury provides carbon capture and storage solutions and thus complements Exxon Mobil as it pivots toward a future-forward outlook. Meanwhile, Exxon Mobil is preparing to take advantage of rising prices. Second quarter production reached record levels in the Permian basin and Guyana. That resulted in refinery throughput reaching its highest Q2 level in the last 15 years. What makes XOM one of the better oil stocks to buy is that it provides stability and income and the scale of the firm means it exercises power that it can use to shape markets. Chevron (CVX)CVX stockSource: tishomir / Shutterstock.comChevron (NYSE:CVX) is a comparable stock to XOM. Investors should buy both because they are simply very strong. Story continuesA Wall Street Journal article from a month ago reiterated one of the primary things that makes Chevron and Exxon Mobil oil stocks to buy. The companies continue to reward investors richly despite fluctuations in underlying commodity prices. Cash flows declined by a factor of 3.7 over the last year but shareholder payouts remained stable. Both firms performed incredibly well in 2022 and that will serve to stabilize each as an investment through 2023. Indications that oil prices may approach 2022 levels in 2024 suggest each form will continue to be very stable. Chevron is aggressively moving to capture greater volumes and acquired PDC Energy on Aug. 7. The purchase gives Chevron 275,000 additional acres of potential production in the Denver-Julesburg basin that abuts Chevron’s current operations. All of these factors make CVX shares an easy recommendation at least through mid-2024. Hess (HES)Hess (HES) logo on a phone screenSource: rafapress / Shutterstock.comHess (NYSE:HES) focuses on the exploration and production side of the oil industry. The stock represents the pursuit of low-cost, high-return energy sources. Thus, Hess benefits if rising prices coincide with successful exploration efforts that identify such energy sources, which is why it’s one of the more intriguing oil stocks to buy.The company has allocated more than 80% of its $3.7 billion 2023 exploratory budget to securing such sources in Guyana and the Bakken. That investment yielded increased production in those respective geographies. Second quarter production in Guyana increased from 67,000 barrels of oil equivalent per day to 110,000 boepd year over year. In the Bakken, production increased by 29% to 181,000 boepd. The company’s exploratory success led to increased production guidance and strongly suggests that the directed E&P investment was appropriate. Those efforts have put Hess in a position that should reward investors who establish a position now as we move into 2024. Diamondback Energy (FANG)diamondback energy logo on its website to represent oil stocksSource: Pavel Kapysh / Shutterstock.comDiamondback Energy (NASDAQ:FANG) is a smaller firm relative to the others discussed above. That said, its stock is every bit as interesting. The company is consolidating its assets in order to strengthen operations and increasingly reward investors. Diamondback Energy initiated a non-core asset sale that aimed to produce $1 billion in proceeds. In Q2, proceeds exceeded $1.1 billion, making it one of the more lucrative oil stocks to buy. In turn, the company has increased the base dividend by 5% while repurchasing $321 million worth of shares in the second quarter.Diamondback Energy is racing to bring as many wells online as it can. It drilled 156 wells in the first half of 2023 with 98 occurring in Q2. 140 of those wells were completed with 89 brought into production in the second quarter. The company is an excellent choice for investors focused on west Texas and Permian basin production and a shareholder value focus. Matador Resources (MTDR) Oil. 3D Illustration. Oil stocks are up.Source: Pavel Ignatov / Shutterstock.comMatador Resources (NYSE:MTDR) is one of the better oil stocks to buy at the moment. The E&P company is doing better than expected after acquiring Advance Energy Partners in April of this year. Matador Resources’ daily per barrel oil production was 3% higher than anticipated and a record quarter for the company overall in that regard. The firm attributes the excellent production to its acquisition of Advance Energy Partners. Further, Matador’s capital expenditures only reached $310 million which was far lower than the $358 million budgeted. The company is expecting production in the fourth quarter to reach 140,000 barrels of oil per day which would represent a 40% increase on a year-over-year basis. In short, Matador Resources is doing much better than it expected. That has allowed the firm to give guidance for continued increased production and lower costs. Meanwhile, the company is expanding its midstream operations after successfully piloting those midstream operations at 15 wells earlier. Chord Energy (CHRD)3D rendered two black oil barrels on digital financial chart screen with yellow numbers and rising, green, falling, red arrows on black background. Oil stocksSource: stockwars / Shutterstock.comChord Energy (NASDAQ:CHRD) might not be amongst the best-known oil stocks but it offers a lot to investors. Shares are very well regarded by Wall Street and possess high upside based on expectations. Beyond that, Chord Energy also includes a base-plus-variable dividend that yields more than 3% currently. It rises as Chord Energy’s results improve but yields a base payment regardless. One of the primary reasons to be optimistic about increasing dividends and overall prospects is the company’s guidance. Q2 production levels were at the high end of guidance and will result in improving business as oil prices continue to rise. The company is also doing what most other energy firms are doing. It is reducing non-core assets while also advancing sustainability initiatives. Investors should understand that Chord Energy’s oil volumes and natural gas liquids volume performance were both strong relative to Q2 guidance. That has allowed the company to increase guidance which could lead to quick returns quite soon.  Ovintiv (OVV)Ovintiv logo on a phone screen. OVV stock.Source: rafapress / ShutterstockOvintiv (NYSE:OVV) has invested heavily in production in anticipation of rising prices. Investments have yielded greater production which is a primary reason to consider OVV stock at the moment. The firm increased its capital expenditure from $511 million to $640 during the second quarter. The 25% increase in capital expenditures resulted in a 14.6% increase in total production in the second quarter. That’s probably not ideal. Neither is the fact that prices fell across the board in Q2 for the oil, NGL, and natural gas that Ovintiv sells. Yet Ovintiv is in a position to rise simply due to the anticipated increase in prices moving forward. That’s not to say that the company didn’t have bright spots in Q2 as prices declined. It did. Its costs declined substantially, especially in regard to production where per barrel costs fell from $2.58 to $1.43. Full-year production guidance has been increased and that, along with rising prices, puts OVV in the driver’s seat to reward investors. On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks. Having worked in several industries from e-commerce to translation to education and utilizing his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.More From InvestorPlaceMusk’s “Project Omega” May Be Set to Mint New Millionaires. Here’s How to Get In.ChatGPT IPO Could Shock the World, Make This Move Before the AnnouncementIt doesn’t matter if you have $500 or $5 million. Do this now.The post Top 7 Oil Stocks to Grab as Brent Crude Skyrockets Into 2024 appeared first on InvestorPlace.

InvestorPlace

Top 7 Oil Stocks to Grab as Brent Crude Skyrockets Into 2024

https://finance.yahoo.com/news/top-7-oil-stocks-grab-212101746.html

924f471f-a87a-3566-b711-496b7d62ecff

CHRW

C.H. Robinson Worldwide (CHRW) is benefiting from a decrease in operating expenses and shareholder-friendly initiatives adopted by the company.C.H. Robinson’s measures to reward shareholders through dividends and share buybacks are encouraging. In November 2022, the company hiked its dividend to 61 cents per share from 55 cents. CHRW is also active on the buyback front. C.H. Robinson rewarded its shareholders in 2022 through a combination of cash dividends ($285.32 million) and share repurchases ($1,488.28 million). Continuing the shareholder-friendly approach, in the second quarter of 2023, CHRW repurchased shares worth $33.4 million and paid $72.8 million in cash dividends.A decrease in operating expenses aids C.H. Robinson’s bottom-line results. Operating expenses declined 5.2% year over year to $532.9 million in the second quarter of 2023. Personnel expenses decreased 15.2% to $377.3 million, primarily due to cost optimization efforts and lower variable compensation.On the flip side, C.H. Robinson's second-quarter 2023 total revenues were unfavorably impacted by lower pricing in its ocean and truckload services. Quarterly results were impacted by soft freight markets globally. Overall, weak demand, high inventories and excess capacity led to a more competitive marketplace and subdued transportation rates.Adjusted gross profit fell 35.5% year over year to $665.5 million in the second quarter of 2023, owing to lower adjusted gross profit per transaction in truckload and ocean services. Adjusted operating margin of 19.9% declined 2,560 basis points.The company’s focus on making investments in technology, though aimed at long-term growth prospects, might weigh on C.H. Robinson’s bottom line in the near term. Capital expenditures for 2023 are anticipated to be between $90 million and $100 million.Zacks Rank and Stocks to ConsiderCurrently, C.H. Robinson carries a Zacks Rank #3 (Hold).Some better-ranked stocks from the Zacks Transportation sector are United Airlines (UAL) and SkyWest, Inc. (SKYW). United Airlines presently sports a Zacks Rank #1 (Strong Buy), while SkyWest carries a Zacks Rank #2 (Buy).  You can see the complete list of today’s Zacks #1 Rank stocks here.Story continuesUnited Airlines has an expected earnings growth rate of more than 100% for the current year. UAL delivered a trailing four-quarter earnings surprise of 21.44%, on average.The Zacks Consensus Estimate for UAL’s current-year earnings has improved 18.9% over the past 90 days. Shares of UAL have soared 34.5% year to date.SkyWest's fleet-modernization efforts are commendable.A fall in operating expenses is a tailwind for SkyWest. In second-quarter 2023, the metric dipped 2.4% to $693.8 million due to a fall in operating costs. Low operating expenses boost bottom-line results. Shares of SKYW have surged 144.6% year to date.SKYW delivered a trailing four-quarter earnings surprise of 31.51%, on average.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportUnited Airlines Holdings Inc (UAL) : Free Stock Analysis ReportC.H. Robinson Worldwide, Inc. (CHRW) : Free Stock Analysis ReportSkyWest, Inc. (SKYW) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

C.H. Robinson (CHRW) Gains From Dividends Amid Freight Woes

https://finance.yahoo.com/news/c-h-robinson-chrw-gains-165700636.html

a86f91c7-1ef5-3351-ab3c-a632e013ac52

CHRW

New CHRW CEO Dave Bozeman spoke to the TD Cowen Transportation conference. (Photo: Jim Allen/FreightWaves)With the fall season for investment conferences kicking off within the first days after Labor Day, it also means that new C.H. Robinson CEO Dave Bozeman is taking to the road to make his case about how to engineer a rebound at the country’s largest 3PL.At the TD Cowen conference in Boston Thursday, Bozeman returned to many of the same themes that he addressed during his first quarterly earnings call with analysts in August, though with another month of experience under his belt. Bozeman took the helm at C.H. Robinson June 26.And for a company that already has engaged in several rounds of layoffs, the message came back again that Bozeman will be looking at costs and head count while expecting technology gains to replace the lost production from workers when the freight market rebounds, which he does not foresee until 2024.“I put out a challenge to the entire company which I called the ‘impede your speed’ challenge,” Bozeman said. The CEO was looking for input from employees as to what aspects of C.H. Robinson was impeding their speed in delivering services to their customers. Bozeman said he expected to get about 350 responses and instead got 3,400 from 2,400 employees.“What does that say?” Bozeman said. “That this is a company that has people in it that want to win, that like to win and to have ideas to help.”Using AI will be part of that solution, Bozeman said. But another aspect of his approach will be to use the lean management process.According to the Institute for Leadership Excellence, “This model of improving the work process by those who do the work, by those who are on-the-spot, is the essence of lean management.” The work team is asked to “think, to experiment, and to learn from the data. It is management that is humble and not arrogant. It is management that observes, encourages, challenges, and learns.” The term “continuous improvement” also comes up repeatedly in describing lean management.Lean “reduces waste” and cuts down on “manual touches,” Bozeman said. “It’s a big opportunity for us going forward, especially at our scale.”Story continuesCombining that with the capabilities of a “large language” model like generative AI “is game changing for a company like Robinson and we’re leaning into that,” Bozeman said. The vast amount of information that comes into C.H. Robinson every day can be looked at by workers and with the help of AI “can make that clean data tomorrow.”So far at C.H. Robinson, Bozeman sees “leaders actually implementing [lean management] within their business lines. I’m pretty happy about it because it’s a direct learning, of understanding how to see waste.”Lean utilizes a tool called value stream mapping. The Institute for Leadership Excellence defined it as “diagraming every step involved in the material and information flows needed to bring a product from order to delivery. It is a fundamental tool used in continuous improvement to identify and eliminate waste.”And Bozeman, discussing the progress lean management is making at C.H. Robinson (NASDAQ: CHRW), said, “I’ve never seen anyone go through a value stream map and not come out with opportunities to reduce waste.”At the Cowen meeting, CFO Mike Zechmeister said the cost-cutting steps at C.H. Robinson were originally envisioned to result in annualized savings of $150 million if the company hit the run rate of the third quarter of 2022, when revenue was $4 billion with an operating ratio of 32.4%, compared to second-quarter 2023 figures of $3 billion and 19.9%.But instead, the cost cuts have resulted in savings that are on target to be at an annualized basis of $300 million, Zechmeister said. He reiterated what the company said on its second-quarter earnings call: that a goal of a 15% improvement in productivity in 2023 had already reached 12% through the first half of the year.“I think we’ve got a lot going on in taking touches out, making our system more efficient and really continuing that investment during the tough part of the market,” Zechmestier said, adding that despite the troubled freight market, C.H. Robinson continues to generate free cash flow “and get us in position to be stronger when we come out.”C.H. Robinson was making its appearance just about a week after a downgrade to its stock, as well as that of publicly traded 3PL RXO (NYSE: RXO), by Susquehanna Financial Group. Both companies had their outlook downgraded to negative, while Landstar (NASDAQ: LSTR), part 3PL, part asset company, saw its rating from Susquehanna hold at neutral.The C.H. Robinson stock is down about 5.2% since then.The core of the Susquehanna message was that freight demand is “seasonal at best, very little spot volume, contract rates pressured until spring bid season and truckload capacity stubbornly priced with spot rates below operating costs.”In its report, Susquehanna also said that C.H. Robinson’s business is about 20% based on LTL brokerage, where the pricing power continues to shift as a result of the closure of LTL carrier Yellow. That level of activity was called “moderate” by Susquehanna.Susquehanna referred to several signs that a bottom might be reached. Retail destocking “is near its end,” the analysis firm said, and there is data suggesting that truck transportation volume might be back at a seasonal norm.“But we believe it will take upside holiday sales to lift the cycle meaningfully into 2024,” Susquehanna said.Susqehanna also said routing guide depths remain at about 1.1 to 1.2 for C.H. Robinson, meaning shippers usually only need to go slightly past their contracted carriers in their routing guides to find capacity. That is a six-year low for Robinson.More articles by John KingstonWerner’s appeal of $100 million Texas verdict focuses on legal argumentsSentencing in Louisiana staged truck accident case now a December doubleheaderA first for Werner: Small group of workers votes to unionizeThe post Reducing waste, manual touches ‘big opportunity’ for C.H. Robinson appeared first on FreightWaves.

FreightWaves

Reducing waste, manual touches ‘big opportunity’ for C.H. Robinson

https://finance.yahoo.com/news/reducing-waste-manual-touches-big-195545134.html

bf615360-e007-3d36-9b81-faf31213c389

CHS

Chico's FAS, Inc. (NYSE:CHS) Q2 2023 Earnings Call Transcript August 29, 2023Chico's FAS, Inc. beats earnings expectations. Reported EPS is $0.49, expectations were $0.27.Operator: Welcome to Chico's FAS Second Quarter 2023 Conference Call and Webcast. All participants will be in listen-only mode. Please note that this call is being recorded. I would now like to turn the call over to the company's Head of Investor Relations, Julie MacMedan. Ms. MacMedan, please go ahead.Julie MacMedan: Good morning, and welcome to the Chico's FAS second quarter 2023 conference call and webcast. For reference, our earnings release can be found on our website at www.chicosfas.com under Press Releases on the Investor Relations page. Today's comments will include forward-looking statements regarding our current expectations, assumptions, plans, estimates, judgments and projections about our business and our industry, which speak only as of today's date. You should not unduly rely on these statements. Important factors that could cause actual results or events to differ materially from those projected or implied by our forward-looking statements are included in today's earnings release, our SEC filings and the comments made on this call.Andrea Meling/Shutterstock.comWe disclaim any obligation to update or revise any information discussed on this call, except as may be otherwise required by law. Certain non-GAAP measures may be referenced on today's call. A GAAP to non-GAAP reconciliation schedule is included in our earnings presentation posted this morning on the Chico's FAS Investor Relations page. Now I will turn the call over to our CEO and President, Molly Langenstein. Molly?Molly Langenstein: Thank you, Julie, and good morning, everyone. We delivered another quarter of strong operating income and earnings performance, consistent with our outlook. Total second quarter year-over-year sales were also in line with our outlook on top of 18.4% growth in the second quarter of last year. On a year-over-year basis, we delivered a net sales increase of 2.1% at Soma, a modest decline at Chico's, and a sequential improvement over last quarter at White House Black Market. For all three brands, full-price sales remain healthy, and we attracted new customers and gained market share. Total company average dollar spend and units per transaction increased. We expanded average unit retail at both Chico's and Soma as apparel customers continue to buy head-to-toe dressing and our intimates customers responded to innovative new products.Story continuesLet me provide some highlights for the quarter. We delivered adjusted earnings per diluted share of $0.28 and operating income of 8.5%. This performance was driven by solid gross margin and continued expense management. Our diverse brand portfolio delivered total sales of $545 million and a two-year stacked comparable sales increase of 16.5%. In fact, we were just recognized by NRF as the ninth fastest-growing retailer in 2022. Soma’s comparable sales were down 0.5% versus last year's second quarter. This marked a sequential comparable sales improvement over the last four consecutive quarters and an 870 basis point increase year-over-year. Product innovation and discipline drove year-over-year growth in AUR, spend per customer, gross margin, and profitability.New unlined and strapless bras, along with panties and sleepwear continued to outperform last year. Chico's posted a 2.5% comparable sales decline with a 27% two-year stacked growth. Customers continue to respond to innovation and our elevated product offering from casual to dressy styles and remain focused on head-to-toe dressing. Chico's gained sales momentum in the quarter, which has continued into August. White House Black Market comparable sales fell 5.7%, a 230 basis point improvement over last quarter and were up 26% on a two-year stacked basis. Customers continued to respond to our new fabric innovation and fashion offerings and also focused on complete outfits. As we mentioned last quarter, our fashion inventory levels were depleted due to high demand.The second quarter was a transition quarter and as we enter the fall season, our inventory levels are more in line with demand and should drive a back half trend change. Our brands continued to take market share during the quarter. According to Sircana, Chico's and White House Black Market took share for customers 45-plus with household income of over $100,000. Soma substantially outpaced the market and gained share with customers 35-plus with household income over $100,000. Our innovative product pipeline strategic marketing and valuable loyalty programs continue to drive more customers to our brands. Over the prior 12 months, multichannel customer count, total customer count, and spend per customer were up, indicating the long-term health and opportunity of each brand and demonstrating the quality and strength of our customer file.Our customers are more focused on fashion, elevated products, and newness rather than value and pricing. We ended the quarter with total inventory down 11% and on-hand inventory down 0.3%, appropriately positioned entering the second half of the year. We began the fall season with fresh inventory with new fall inventory up 12% and spring and summer inventory down 12% versus last year. We see customers responding to our trend-right product in August. We further strengthened our balance sheet, ending the quarter with $151 million in cash and total liquidity of $386 million with only $24 million of debt. Let me give you a brief update on each of our four strategic pillars. First, we are customer-led with each of our brands connecting with customers through three robust platforms; stores, digital and social.All three work in tandem to provide our customers the very best experiences, drive engagement, and propel long-term profitable sales growth. Our stores are community destinations that allow our stylists and bra experts to showcase our products and share their knowledge and enthusiasm, driving sales and brand loyalty. Stores are also key to enrolling customers in our important loyalty programs. Digital is the hub for all of our product offerings and often the first impression of our brand. Our skilled social stylists expertly connect customers to the brand and drive growth. Within both the store and digital channels, social stylists are gaining traction with sales for stylists growing month after month. We continue to attract new customers to each brand.In the second quarter versus last year, new Chico's FAS customers grew 7% with increases over 13% at Chico's, almost 6% at White House Black Market and 4% at Soma. This is important as our customers' tenure is long, almost 12 years at Chico's, nine years at White House Black Market, and six years at Soma. We have an active and engaged customer base. For the rolling 12-month period, total customer count grew 1% and spend per customer was up 3%. We continue to focus on growing multichannel customers who spend more than three times single-channel customers. And this group grew nearly 3% over the last 12 months. These metrics demonstrate the overall health and appeal of our brands. Next, we are product obsessed. At each brand, customers continue to respond to our elevated fashion and solution-oriented products, demonstrating that product enhancements and our constant pipeline of innovation are moving the brand forward.Customers are selective and they appreciate higher quality and are receptive to paying for value and our beautiful solutions. Chico's generated higher year-over-year AUR in the quarter, largely driven by elevated product offerings in casual to dressings, accessories and our popular franchises like our Travelers collection, no-iron shirt and solution bottom. Customers in Chico's continue to buy complete outfits and early fall selling indicates that customers are responding to our on-trend assortment like new wider leg proportions and bottoms. At White House Black Market, head-to-toe sales resulted in higher year-over-year ADS and UPTs in the quarter. Customers are continuing to respond to new fabrications introduced last season, and we experienced momentum in casual to career dressing with both coordinating jackets and bottoms growing year-over-year.These categories will be especially key in the fall season, and we are pleased with early fall fashion selling. At Soma, ADS, AUR and UPT rose during the quarter as customers responded to product innovation and launches, including newness in strapless and unlined bras, stretch lace panties and shapewear. Sleepwear was also strong for the quarter and will be even more important for the fall and holiday selling periods. We continue to be very disciplined on promotions with gross margins improving over last year and as we head into fall, inventories in Soma are appropriately balanced. We are digital first, leveraging technology to engage and deliver exceptional experiences to our customers across brands and channels. For the last 12 months, digital sales represented 41% of total company revenues.Each digital touch points, including our customized digital styling tools, MyCloset, Style Connect and our mobile app inspires the customer to find solutions and build for wardrobe across brands. We continue to offer more personalized digital experiences and leverage our digital tools to drive customer engagement, enhance our loyalty programs, and grow our multichannel customer base. The utilization of MyCloset grew 14% over last year and conversion is six times the site average. In addition, we are strategically leveraging the unique customer file in each of our brands to grow customers across brands. We experienced year-over-year growth with our shared customers expanding 5% over the quarter. Our apps have received over 1 million downloads.Our most loyal customers are using the app and convert at three times the site average. Our redesigned loyalty programs launched one year ago, continue to top our expectations and customer sentiment, redemption rates and shopping frequency. Nearly 90% of our apparel customers and nearly 80% of Soma customers are enrolled in the new programs. These customers generate the vast majority of our revenues and drive higher UPTs and AURs and the majority of new customers are enrolling in the programs as well. We are replatforming each of our websites, beginning with White House Black Market this fall, with the others to follow soon after. Improvements in site experience and conversion should generate future tailwinds for digital growth. We continue to make digital investments in marketing, attribution and search, personalization and order management allowing us to better target our marketing dollars.In addition, we are investing more in upper funnel marketing strategies to continue to fuel new customer growth. And lastly, we strive to be operationally excellent, diligently focusing on managing our inventory, cost of sales, expenses and real estate generating healthy cash flow and delivering a strong bottom line. And we continually work to drive efficiencies and reduce expenses in our sourcing, logistics, and operational areas. Now I'll turn the call over to Chief Financial Officer, David Oliver, to update you on our financial performance. David?David M. Oliver: Thank you, Molly and good morning, everyone. As a reminder, certain numbers I will discuss today are non-GAAP adjusted numbers. We delivered another profitable quarter with strong overall top line and gross margin performance and disciplined expense management. We also generated strong free cash flow while continuing to invest in our long-term growth strategies. For the quarter, we had generated adjusted diluted EPS of $0.28 compared to $0.34 in last year's second quarter. Total sales of $545 million were down 2.4% from last year and down 3% on a comparable sales basis. This performance was consistent with our outlook and is on top of a 19.5% comparable increase last year, representing two-year stacked growth of 16.5%.Overall, average dollar sale and units per transactions increased, offset by a decrease in transaction count. By brand, Soma was the lead performer for the quarter posting a 2.1% net sales increase and a 0.5% decline on a comparable basis, marking the brand's fourth consecutive quarter of sequential trend improvement. Comparable sales decreased 2.5% at Chico's and 5.7% of White House Black Market, both on top of a nearly 30% increase on a two-year stacked basis. Gross margin of 39.8% exceeded our outlook compared to last year's high rate of 41.4%. The current year rate is healthy, normalized margin indicative of steady inventory flow and normalized markdowns. SG&A expenses totaled $170 million or 31.3% of sales compared to $173 million or 31% in the prior year.We are disciplined and thoughtful in managing expenses, and we will remain lean while strategically investing in areas like marketing and store payroll to support customer growth, store productivity, and top line growth. The current year SG&A rate deleverage was primarily a function of sales. All three brands contributed to our consolidated operating income of $46.5 million or 8.5% of sales. We generated $55.5 million of EBITDA for the quarter or 10.2% of net sales, indicative of our ability to generate strong cash flow to support our strategic plan and ongoing investment in growth. Now let me turn to our balance sheet. Our cash position, total liquidity, and operating cash flow remained very strong providing us with flexibility to manage the business, make investments to further propel growth, and return excess cash to shareholders.We ended the quarter with $151 million of cash and total liquidity of 386 million, which includes capacity on our multiyear committed credit facility with only $24 million of debt, our debt-to-EBITDA ratio on a trailing 12-month basis was less than 0.2 times. At quarter end, inventory totaled $300 million compared to $339 million last year. The 11% decline primarily reflects a return to normalized supply chain conditions that resulted in significantly lower in-transit inventories. On-hand inventories were down 0.3%. Now let's shift our focus to real estate. We believe our fleet is well positioned to deliver incremental growth and profitability going forward and we are continually working to optimize our portfolio. This year, we have completed the upgrade of nearly 60 Chico's boutiques, which in the aggregate are meaningfully outperforming the remainder of the store base.For Soma, we expect to open a total of three stores this year and are actively looking for additional locations should the right opportunities develop. In the aggregate, the 27 Soma stores opened mostly in the third and fourth quarters of last year, continue to outperform and should provide a digital halo and be a boost to comparable sales this fall season. We closed net 11 stores in the first half of the year. Closing underperforming locations has been accretive to our P&L and due to our strengthened financial position, we have been able to negotiate longer-term new and renewed leases with more favorable terms in more desirable locations. We ended the second quarter with 1,258 boutiques. Now let me provide our updated outlook for fiscal 2023.On top of our 18% total company sales increase in fiscal 2022 and accounting for our first half performance, we are now planning for fiscal 2023 revenues to be flat to up in the low single-digit range compared to last year. This would imply two-year net sales growth of 18% to 20%. For the second half of the year, we expect improving trends over the second quarter for each of our brands as we are seeing customers respond to our fresh fall assortments. The third quarter will continue to be a transition period for White House Black Market, but we expect fourth quarter trends will rebound. We will continue to manage expenses and expect cash flow to remain strong as we invest in our long-term growth plan. We will also make prudent investments in our business that will drive traffic, conversion, customer growth and revenues across all channels for many years to come.Our planned capital expenditures for fiscal 2023 are expected to total between $75 million to $85 million, inclusive of cloud-based investment. As our cash flow and EBITDA remains very strong, we expect our financial position to continue to strengthen. In addition to funding strategic investments and reducing debt, cash flow will allow us to navigate the macro environment. So for the third quarter, we expect total sales of $505 million to $525 million. Gross margin rate in a 38.5% to 39% range, SG&A rate in the 35.1% to 35.6% range, an effective tax rate of approximately 29% and diluted EPS of $0.08 to $0.12. For the full year, which consists of 53 weeks, we now expect total sales of $2.145 billion to $2.175 billion, gross margin rate in the 38.5% to 38.8% range, SG&A rate in the 33% to 33.3% range an effective tax rate of approximately 26% and diluted EPS of $0.66 to $0.74.Looking ahead, we are optimistic about the green shoots we are seeing in August and are well positioned to adjust to react to this ever-changing environment. As always, we are focused on controlling what we can control, our inventory assortments, balance sheet, and expenses. We continue to make progress on our key strategic initiatives and investments in digital, technology, and stores to deliver long-term top and bottom line growth. Now I'll turn the call back over to the operator. Operator.See also Dow 30 Stocks List: Ranked By Hedge Fund Bullishness Index and Top 20 Wine Drinking Countries in the World.Q&A SessionOperator: [Operator Instructions]. Today's first question comes from Dana Telsey at Telsey Group. Please go ahead.Dana Telsey: Hi, good morning everyone. Molly, as you mentioned regarding inventory and prepared for trend change, can you expand on that, what that could mean for the fourth quarter by brand and could you talk a little bit about on the puts and takes of the gross margin, whether it's freight, whether it's raw material costs, how you're positioning as we go through the back half of the year? And just lastly, on the exit rate of the second quarter into the third, what changed versus the second quarter by brand, what are you seeing? Thank you.Molly Langenstein: Thank you, Dana. We did deliver another quarter of strong sales performance. Full price sales were healthy and each of our brand attracted new customers and gained market share. We believe we have compelling momentum as we enter the back half. In regards to inventory, we ended the quarter with total inventory down 11%, and our on-hand inventory was down 0.3%, which is appropriately positioned as we enter the back half of the year. What I mentioned on the call is the complexity of our inventory as we entered fall or is a fresh in terms of fall forward product. So Q2, our spring and summer inventories ended at down 12% for last year and our new fall fresh inventories were up 12%. So we have a very healthy position in terms of new regular price and no liability inventory as we enter the third quarter.We believe that our back half inventories are planned to fuel our outlook in terms of sales for the quarter. When I look at it by brand, I feel very well positioned in terms of the categories that the customer responded to. What we started to see in Chico's in particular, in the second quarter, is that she shifted into the proportion shift in sportswear very quickly, buying more wider leg bottoms, shorter length proportions in jackets and tops, and this is where we made our investments in the third quarter and in the back half. So we're very encouraged by that trend change in terms of silhouette and what we're seeing in early August. That also bodes well in terms of White House where we started to see that same proportion shift. And in particular, she was buying casual jackets and matching fabrication back to casual pants in that same proportion shift, which again is where our inventories are moving as we move into the back half of the year.And Soma has been continuing on the innovation in terms of bras and panties, and we're very encouraged by the selling that we're seeing and the shift in trend change that we started to see later in July and into August in terms of pajamas, which bodes well for the fourth quarter. So we feel well positioned in the categories that are trending and also the complexity of our inventory in terms of freshness. David?David M. Oliver: Sure, thanks Dana. With respect to the puts and takes on gross margin in the second quarter, the pluses -- on the plus side, we really had 30 basis points from corporate savings, minuses included 70 basis points associated with occupancy costs related to investments in our stores and extend their lease terms, which will pay dividends in the future. But we also had a net 40 basis points related to the supply chain and that reflected higher raw materials partially offset by lower freight. In addition, there was 70 basis points from a normalized semiannual sale at White House and those are really recaptured. But looking for the outlook for the balance of the year, this is the second part of your question, we did adjust our outlook to reflect the first half results.And for the year, we are now seeing flat to low single-digit top line growth and moderate gross margin contraction, along with some SG&A deleverage, but we have made tremendous strides in our operating performance, and we believe our path ahead is clear and our strategy is the right one.Dana Telsey: Thank you.Operator: Thank you. And our next question today comes from Jeff Lick with B. Riley Financial. Please go ahead.Jeff Lick: Hi guys. Could you give an update on the outlet trends, I know there was some softness as you exited Q1, curious how that progressed in Q2? And then also, Molly, could you talk -- I know you were pretty encouraged about the reactivation of customers. Could you give an update there, how that stands?Molly Langenstein: Absolutely, thank you, Jeff. In terms of outlet, yes, we definitely did see the outlet business, in particular, in stores, rebound in the second quarter. We did still see some softness in digital in the outlet business, but that's a much smaller penetration and encouraged that the footfall and conversion in the outlet centers was positive and a good trend change. In terms of loyalty and what we're seeing in the complexity of the consumers, the reactivation of customers and the active customers was reactivated in existing and new will change over time because we've been reactivating customers mostly lapsed since the pandemic. That is still a strong number. We've shifted a lot of our investments into upper funnel marketing to continue to fuel new and that really is the long-term health of continuing to make sure that we're fueling the [fire] (ph).So we're very encouraged by what we're seeing in responses to new customers with the new customer growth being up in all three brands and continuing to be able to drive that newness for consumers to be able to stay with us because once we get a new customer, they stay with us for a long tenure of time.Jeff Lick: Great. Could you -- and then on Soma you were pretty optimistic with some different internal stats underneath the surface, what you were seeing, I'm just curious how that evolved in Q2 as well.Molly Langenstein: Yes. In Soma, we are very encouraged. One, there is a tremendous growth in terms of the margin. We've been very controlled in how we've been managing the business for the last year and the fact that we took significant market share in this area bodes well for the strategy and how the customer is responding to our products. So we continue to see strength in bras and panties and we had a resurgence in the second quarter in our apparel categories and sleepwear and that big season is in front of us as we enter into Q4. So we feel we have a very balanced position in terms of what the customers responding to and also a very healthy balance in terms of promotion that will not only return sales, but also margin.Jeff Lick: And then just lastly, one quick, I'm just curious to get your point of view. You've been at this business for a while with the transition from first half to second half. I'm just wondering, this year, relative to others, are there any -- how do you see the fashion trends, are there any trends relative that will drive business more or less than a typical year, I'm just curious to your point of view there relative to your experience?Molly Langenstein: Yes. Any time you have a proportion change, it is always very good for business. So we put wider leg bottoms into our assortment. We tested it last year in the Q4 time period, we got a good response from consumers and started to have that trickle into our assortments in the latter half of Q2, but we went strong after these categories because consumers just haven't bought wide legs in a very, very long time. So we have many new fabrications that are in that wide leg proportion and that drives every other purchase to change. So she needs a smaller proportion top, she needs a less volume shirt and T-shirt. She needs a more controlled volume in terms of a jacket or a shorter proportion. She needs a different pair of shoes, her jewelry shifts to be more away from the neck and more to the ear.So all of that is very encouraged when there's a trend change. And if you go into our stores today, you'll see the assortments reflect that. And that gives us the compelling momentum as we enter into the back half of the year.Jeff Lick: Awesome, congratulations and look forward to catching up.Molly Langenstein: Thanks Jeff.Operator: Thank you. And our next question today comes from Marni Shapiro with Retail Tracker. Please go ahead.Marni Shapiro: Hey guys, congratulations. I'm blown away by how beautiful Chico's looks to start the fall season. So congratulations on that. If you wouldn't mind just diving in a little bit on Soma and White House on a couple of things. You've touched a little bit on Soma. I think, Molly, you just said that you saw resurgence in sleep in the second quarter, so I'm assuming that bodes very well for the back half of the year. Can you just dig into that a little bit and what should we expect in the back half of the year as that bill goes to holiday? And then the dress business at White House was a bit of an issue in the back half of last year. So I'm curious if you feel comfortable with the assortments today, what the balance looks like or are you still playing catch up there as we head to the back half of the year, I know you're still playing catch up on fashion there, does that include the dresses?Molly Langenstein: Thank you Marni, so to start with Soma, I feel very good about the sleepwear business. It is diversified in fabrication as we enter the back half of the year, which we have not had that sort of balance before. We tested some fabrications and you'll see not only our strong franchise of [indiscernible] continue, but also some other fabrications for different consumers for a more diversified approach. I also feel very good about the color expression and the print expression of the brand and anxious to get your point of view as we enter into that strong Q4. So I feel very good about the balance there between I think our bra assortment, in particular, between strapless, push-up bras, we have expanded sizes. We've added to the franchise of Votify, so there's many different profile bras in that franchise.And then there's also a new proportion changes actually happening in bras as well to a more natural shape, which you're finding in online. And then just to bring it all home, we have a very balanced panty franchise business. Two years ago, you couldn't find a thong in our assortment, and we have a very robust thong business today and a diversified assortment. So we feel very strong about the balance and the position for the back half of the year for Soma. As it relates to White House Black Market, we are in a very good position in terms of our suiting. So you can now come in and be assured that you will find your size and we have the assortment in terms of our pants and our jackets. So each one of our proven silhouettes and proven fabrications is in a great stock position.We are now complementing that with the fashion assortment. We are at the ratio that we wanted to be at now, meaning right now at the end of August, and I think that will continue to give us dividends as we go into the back half. As it relates specifically to dresses, the dress business overall in Chico's and in White House, we expect it to continue in Q2, and it softened. So not only dressy dresses, but casual dresses, she quickly moved to this new proportion in sportswear. And you see that in our head-to-toe dressing and how the consumer was putting ourselves together. So we don't have inventory carryover issues as we move into fall. And the good thing is that she bet on sportswear, and we have the sportswear inventory that she's looking for as we move into the back half.Marni Shapiro: That’s great and then can I just do one follow-up on this. I'm curious if you're seeing any change in the later year shoppers is purchasing. It seems like they're healthy across all metrics, as you've called out, is it different in the outlets versus your full-line stores or are you seeing your customer wait to purchase on sale at all or you really just choose more fashion sensitive than she is price sensitive right now?Molly Langenstein: I'd say right now, she's responding to loyalty in the most consistent way that when you look across our four tiers and you look at the behavior of our consumers, we are seeing consistency in our frequency. And quite honestly, a little overwhelmed by how amazing she is in terms of how often she comes back in her frequency. So the new loyalty program now one-year-old, launched a year ago, we believe is continuing to top our expectations and customer sentiment, redemption rate and frequency. And the fact that nearly 90% of our apparel customers and 80% of Soma are enrolled in these new programs, that was a big push for us to be able to get them into the new program because she had to enroll into the program, in addition to our store line people are doing a fantastic job of enrolling all of our new customers into these programs as well.So how I would look at that, Marni, is that what we're seeing from a consumer standpoint that the most important conversion is happening in stores because she is being able to put this new proportion together when she's helped by a consumer, and it is the easiest conversion point to be able to do that and so that she has someone to help us put ourselves together head-to-toe.Marni Shapiro: Great, thanks guys.Molly Langenstein: Thank you Marni.Operator: Thank you. And our next question today comes from Janet Kloppenburg with JJK. Please go ahead.Janet Kloppenburg: Hi, everybody. I signed on a little bit late, Molly. Can you talk a little bit about what's going on at White House Black Market, did it meet your expectations for the second quarter and if not, what does that look like as we move into the back half, I can hear you say that the repositioning will continue in the back half of the year, so I'd love to learn more about that? And I also wanted to hear about the promotional environment in the intimates business because I hear it's been pretty challenging, but it sounds like you guys are doing well, so maybe you could talk me through some of those metrics as well? Thank you.Molly Langenstein: Great, thank you Janet. As it relates to White House Black Market, we did see sales improve sequentially from Q1 with down 5.7% versus the 8% decrease in Q1 and that was on top of the 31.9% in terms of a two-year stack. We did see that stores outpace digital, and that really goes back to being able to put the consumer in White House had to sell together and be able to make sure that she's leaving with coordinating pieces, whether they be knits or blouses or some of our new yarns and sweaters put back to suiting and responding in terms of being able to put that together. Our inventory levels have been heavy in meaning as a percentage in basics, and we are at that proportion that we would like to be in ratio between fashion and basics now in August.So we're well positioned as we move into the back half of the year and we are pleased with the early fall selling that we are seeing in fashion in August in the White House brand. In terms of promotionality and the promotional environment, we continue to manage our overall business with hard markdowns versus POS across categories. We do not want to go back to the days where the entire brand was promoted at one time. We don't believe -- we believe in our product. We don't need to be able to do that consumers, but we continue to be able to look at strategic category promotions, whether it be a knit T-shirt or items that we have planned into the business. We did that for Q2, and we'll have that for the back half of the year as well, and they are planned into the business.So in terms of intimate specifically, the category on a macro standpoint is from what we are seeing from Circana [ph] data is a -- have a little less demand today and so we believe that having the right assortment and remaining less promotional and making sure that we are offering the consumer the right balanced assortment and talking to her regularly through our loyalty program is the best approach, and we're seeing that in our market share gains that we've had continually quarter-over-quarter and in particularly in the second quarter. So that's how we're going to continue to manage the Soma intimate business.Janet Kloppenburg: Would you say that overall for Chico's and White House that there was a trend. I heard you talk a lot about the silhouettes but is there a trend back towards casual after this sort of catch-up on dress up and where to work?Molly Langenstein: No. I'm not seeing it defined as casual or dressy. It's really the proportional change that's happening. So she's buying disproportion change both for dress up career as well as we're seeing embellished items and things that have three dimensions. So I'm not seeing it in a bucket of casual or career. It's really just a proportion shift, Janet, that we're seeing, which is great.Janet Kloppenburg: So do you think that balance of casual to dress up maybe you could give me sort of a historical outlook on that because we know that dress up got very strong last year and how do you see it this year compared to last year?Molly Langenstein: Yes. I think most important is the ability to be able to have versatility in the wardrobe. And I think a woman today wants all of her pieces to be able to be multi duty. And we try to show that expression in our marketing that here's a great new wide leg and here's how it looks with a fantastic booty. Here's how you can wear with a fantastic sneaker or here's what it looks like with a strappy heel and how that same item can translate into many multiple wearing occasions. And that to me is the most important to get that versatility across the consumers. And then it's not a one single-use item, but it is items that can be worn across. So if you want to dress it up, you can with accessories or heels. If you want to address it down, you can do the same thing by taking off some accessories or changing your shoes. So that's our focus to be able to make sure that we're taking care of all of her wearing occasions.Janet Kloppenburg: Okay, great. Thanks so much.Molly Langenstein: Thank you Janet.Operator: Thank you. This concludes our question-and-answer session. I will now turn the call back over to Molly Langenstein for closing remarks.Molly Langenstein: Thank you. And before I close, I'd like to thank our outstanding stores team for continuing to drive loyalty and create memorable experiences. I also want to thank our digital team and our technology teams for their incredible tenacity and dedication as they work to replatform each of our digital sites, which will position us for long-term growth. We continue to deliver strong results and generate meaningful cash flow. We believe we are well positioned for the fall season and are beginning to see a trend change in our business, our steadfast focus on our brand strategy, and our four strategic pillars give us confidence in achieving our long-term financial targets and further enhancing our operating performance, strengthening our balance sheet, and increasing shareholder value. Thank you for your interest and time. We look forward to speaking with you again during our third quarter conference call.Operator: Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

Insider Monkey

Chico’s FAS, Inc. (NYSE:CHS) Q2 2023 Earnings Call Transcript

https://finance.yahoo.com/news/chico-fas-inc-nyse-chs-133446771.html

4e1c9d9c-e86a-3784-9661-cf1e5e34dd17

CHS

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Chico's FAS (NYSE:CHS), it didn't seem to tick all of these boxes.What Is Return On Capital Employed (ROCE)?Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for Chico's FAS:Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)0.17 = US$140m ÷ (US$1.2b - US$424m) (Based on the trailing twelve months to July 2023).Therefore, Chico's FAS has an ROCE of 17%. In absolute terms, that's a satisfactory return, but compared to the Specialty Retail industry average of 13% it's much better. See our latest analysis for Chico's FAS roceAbove you can see how the current ROCE for Chico's FAS compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Chico's FAS here for free.The Trend Of ROCEOver the past five years, Chico's FAS' ROCE and capital employed have both remained mostly flat. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. So unless we see a substantial change at Chico's FAS in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger.What We Can Learn From Chico's FAS' ROCEIn summary, Chico's FAS isn't compounding its earnings but is generating stable returns on the same amount of capital employed. And in the last five years, the stock has given away 34% so the market doesn't look too hopeful on these trends strengthening any time soon. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.Story continuesOn a final note, we've found 1 warning sign for Chico's FAS that we think you should be aware of.While Chico's FAS may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Chico's FAS' (NYSE:CHS) Returns Have Hit A Wall

https://finance.yahoo.com/news/chicos-fas-nyse-chs-returns-124318913.html

271eb8df-06b7-3032-ada6-5468782e3941

CHTR

Christopher Winfrey is a veteran of US cable television, a business that over the last four decades has created some of the entertainment industry’s most colourful billionaires and biggest companies. The prompt for Winfrey’s soul-searching is a high-profile dispute with Walt Disney, which at the end of August pulled its TV channels from Connecticut-based Charter’s cable services after the two failed to agree a new contract. The impasse has left about 15mn US households without access to Disney channels, including sports network ESPN.Continue reading

Financial Times

Disney vs Charter: a dispute that leaves future of cable TV in doubt

https://finance.yahoo.com/m/fad224f8-1670-34df-a41c-94f9b721bc88/disney-vs-charter-a-dispute.html

fad224f8-1670-34df-a41c-94f9b721bc88

CHTR

The changing tide in the sports broadcasting industry signified by Charter Communications standing its ground against Disney and ESPN has media analyst Ben Thompson concerned about what it could mean for the NBA. Thompson spoke on "The Bill Simmons Podcast" and explained that the NBA will likely not get the raise it's targeting for its next media rights deal.Continue reading

TheStreet.com

Media analysts explains how the NBA could be a major loser of the Disney, Charter dispute

https://finance.yahoo.com/m/b75fc08c-37e9-3b5b-a71b-f7d4d355bf94/media-analysts-explains-how.html

b75fc08c-37e9-3b5b-a71b-f7d4d355bf94

CHUY

Brinker International, Inc. EAT is benefiting from improved menu pricing and a favorable menu item mix. Also, focus on various sales-building and expansion initiatives bodes well. However, rising restaurant labor and commodity costs continue to hurt the company.The Zacks Rank #3 (Hold) company’s earnings and sales in fiscal 2024 are likely to witness growth of 18.4% and 4.6% year over year, respectively. The company also has a long-term earnings growth rate of 8%.Let’s delve deeper.Growth DriversShares of EAT have increased 7.8% in the past year compared with the industry's 5.1% rise. Brinker remains steadfast in its goal to drive traffic and revenues through a range of sales-building initiatives such as streamlining its menu and its innovation, strengthening its value proposition, better food presentation and advertising campaigns.In third-quarter fiscal 2023, the company's 3 for Me TV campaign significantly narrowed the traffic gap and boosted Chili's market share growth. Following the strategy's success, the company plans to expand it from four weeks to 21 weeks on TV in fiscal 2024. The strategy will emphasize value and Core Four menu items. This approach will be complemented by offers, innovation, menu merchandising and digital strategy to increase brand awareness and drive revenues.The company is also developing a more advanced CRM program to boost customer frequency. In the fourth-quarter fiscal 2023, the company partnered with GALE, a renowned digital and CRM agency with a strong reputation in the restaurant industry. The collaboration aims to reduce CRM discounts and allocate those funds towards more efficient and sustainable communication, delivering targeted messaging to reduce the time between visits.The company wants to expand the brand in existing markets and enter new ones. Brinker is also gearing up for international expansion, especially in the faster-growing emerging markets. During the fourth quarter of fiscal 2023, the company opened seven new Chili's restaurants, bringing EAT's fiscal year openings to 14. These recent openings continue to strengthen Chili's brand, as three of them consecutively reported record new opening sales in this quarter.The company continues to focus on Chili’s international expansion through development agreements with new and existing franchise partners. As of June 28, 2023, the company has 18 active development arrangements. In fiscal 2023, it opened 18 new locations and entered into three additional arrangements, including existing and new franchise partners.For fiscal 2024, the company expects to open 12 company-owned restaurants and 19-25 franchise-operated restaurants.Story continuesZacks Investment ResearchImage Source: Zacks Investment ResearchHeadwindsA rise in food and beverage costs and restaurant labor costs, including wage rates, is likely to impact the company negatively. Higher repair and maintenance expenses, increased property tax, and utility expenses are added concerns. Total operating costs and expenses in the fiscal fourth quarter of 2023 were $1,016.2 million compared with $976.8 million reported in the year-ago quarter. For Fiscal 2024, our model predicts Total operating costs and expenses to increase 2.8% year over year to $4,102.2 million.Key PicksSome better-ranked stocks from the Zacks Retail-Wholesale sector are:BJ's Restaurants, Inc. BJRI sports a Zacks Rank #1 (Strong Buy). It has a trailing four-quarter earnings surprise of 121.2%, on average. Shares of BJRI have increased 5.7% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for BJRI’s 2023 sales and EPS indicates 5.6% and 435.3% growth, respectively, from the year-ago period’s levels.Arcos Dorados Holdings Inc. ARCO currently carries a Zacks Rank #2 (Buy). ARCO has a long-term earnings growth rate of 11.4%. The stock has gained 29.3% in the past year.The Zacks Consensus Estimate for Arcos Dorados’ 2023 sales and EPS suggests rises of 19.2% and 13%, respectively, from the year-ago period’s levels.Chuy's Holdings, Inc. CHUY holds a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 26.6%, on average. Shares of CHUY have surged 61% in the past year.The Zacks Consensus Estimate for CHUY’s 2023 sales and EPS implies increases of 9.5% and 32.9%, respectively, from the year-ago period’s levels.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportBJ's Restaurants, Inc. (BJRI) : Free Stock Analysis ReportBrinker International, Inc. (EAT) : Free Stock Analysis ReportChuy's Holdings, Inc. (CHUY) : Free Stock Analysis ReportArcos Dorados Holdings Inc. (ARCO) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Here's Why Investors Should Retain Brinker (EAT) Stock Now

https://finance.yahoo.com/news/heres-why-investors-retain-brinker-151800744.html

979047cd-d212-3794-a0e1-4ec9b4b875b9

CHUY

Dave & Buster's Entertainment, Inc. PLAY reported second-quarter fiscal 2023 results, with earnings came in line with the Zacks Consensus Estimate but revenues missed the same. However, both metrics increased on a year-over-year basis.Earnings & Revenues in DetailDuring the fiscal second quarter, the company reported adjusted earnings per share (EPS) of 94 cents, which came in line with the Zacks Consensus Estimate. In the year-ago quarter, it reported adjusted EPS of 85 cents.Quarterly revenues of $542.1 million lagged the consensus mark of $558 million. Yet, the metric rose 15.7% year over year.Food and Beverage revenues (33.4% of total revenues in the reported quarter) soared 15.5% year over year to $181.3 million. Entertainment revenues (66.6%) climbed 15.9% year over year to $360.8 million.Dave & Buster's Entertainment, Inc. Price, Consensus and EPS Surprise Dave & Buster's Entertainment, Inc. price-consensus-eps-surprise-chart | Dave & Buster's Entertainment, Inc. Quote Comps DetailsDuring the quarter under discussion, pro-forma comparable store sales (including Main Event branded stores) declined 6.3% year over year, but grew 5.8% from 2019 levels.Operating HighlightsDuring the quarter under discussion, operating income amounted to $77.1 million compared with $56.5 million reported in the prior-year quarter. The operating margin was 14.3% compared with 12.2% reported in the year-ago quarter.Adjusted EBITDA was $140.3 million compared with $115.7 million reported in the year-earlier quarter.Balance SheetAs of Jul 30, 2023, cash and cash equivalents were $82.6 million compared with $181.6 million as of Jan 29, 2023.During the fiscal second quarter, the company repurchased nearly 2.1 million shares for an aggregate cost of $74.5 million.At fiscal second-quarter end, net long-term debt totaled $1,278.7 million compared with $1,222.7 million at the end of fourth-quarter fiscal 2022.Story continuesZacks Rank & Key PicksDave & Buster’s currently carries a Zacks Rank #3 (Hold).Below we present some better-ranked stocks in the Zacks Retail-Wholesale sector.BJ's Restaurants, Inc. BJRI sports a Zacks Rank #1 (Strong Buy). It has a trailing four-quarter earnings surprise of 121.2%, on average. Shares of BJRI have increased 5.7% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for BJRI’s 2023 sales and EPS indicates 5.6% and 423.5% growth, respectively, from the year-ago period’s levels.Arcos Dorados Holdings Inc. ARCO currently carries a Zacks Rank #2 (Buy). ARCO has a long-term earnings growth rate of 9.5%. The stock has gained 29.3% in the past year.The Zacks Consensus Estimate for Arcos Dorados’ 2023 sales and EPS suggests rises of 19% and 11.6%, respectively, from the year-ago period’s levels.Chuy's Holdings, Inc. CHUY holds a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 26.6%, on average. Shares of CHUY have surged 61% in the past year.The Zacks Consensus Estimate for CHUY’s 2023 sales and EPS implies increases of 9.5% and 32.9%, respectively, from the year-ago period’s levels.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportBJ's Restaurants, Inc. (BJRI) : Free Stock Analysis ReportChuy's Holdings, Inc. (CHUY) : Free Stock Analysis ReportArcos Dorados Holdings Inc. (ARCO) : Free Stock Analysis ReportDave & Buster's Entertainment, Inc. (PLAY) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Dave & Buster's (PLAY) Q2 Earnings in Line, Revenues Miss

https://finance.yahoo.com/news/dave-busters-play-q2-earnings-180700974.html

eaaf8d48-71fb-32f3-8876-1b3fd9d45405

CHWY

There is a high correlation between revenue growth and a stock's return over many years. Two companies in the early stages of growth are Chewy (NYSE: CHWY) and Dutch Bros (NYSE: BROS). Investors looking for a stock that could rocket higher over the next decade should look no further than Chewy, a leading e-commerce pet care company.Continue reading

Motley Fool

2 Growth Stock Bargains You'll Regret Not Buying

https://finance.yahoo.com/m/9de7cad5-33b8-3dec-b414-e61b31d53792/2-growth-stock-bargains.html

9de7cad5-33b8-3dec-b414-e61b31d53792

CHWY

Using technical analysis of the charts of those stocks, and, when appropriate, recent actions and grades from TheStreet's Quant Ratings, we zero in on three names. While we will not be weighing in with fundamental analysis, we hope this piece will give investors interested in stocks on the way down a good starting point to do further homework on the names. Chewy Inc. recently was downgraded to Sell with a D+ rating by TheStreet's Quant Ratings.Continue reading

TheStreet.com

Bearish Bets: 3 Stocks You Definitely Should Think About Shorting This Week

https://finance.yahoo.com/m/73eb125c-9171-3578-baab-60da0e8d1bc9/bearish-bets-3-stocks-you.html

73eb125c-9171-3578-baab-60da0e8d1bc9

CI

ParticipantsGary Millerchip; Senior VP & CFO; The Kroger Co.Robinson C. Quast; Director of IR; The Kroger Co.William Rodney McMullen; Chairman of the Board & CEO; The Kroger Co.Dean Rosenblum; Research Analyst; Sanford C. Bernstein & Co., LLC., Research DivisionEdward Joseph Kelly; Senior Analyst; Wells Fargo Securities, LLC, Research DivisionJohn Edward Heinbockel; Analyst; Guggenheim Securities, LLC, Research DivisionKelly Ann Bania; Director & Senior Food Retailers Analyst; BMO Capital Markets Equity ResearchKenneth B. Goldman; Senior Analyst; JPMorgan Chase & Co, Research DivisionKrisztina Katai; Research Associate; Deutsche Bank AG, Research DivisionMichael Lasser; MD and Equity Research Analyst of Consumer Hardlines; UBS Investment Bank, Research DivisionMichael David Montani; MD; Evercore ISI Institutional Equities, Research DivisionRobert Frederick Ohmes; MD & Senior US Consumer Analyst; BofA Securities, Research DivisionRupesh Dhinoj Parikh; MD & Senior Analyst; Oppenheimer & Co. Inc., Research DivisionSimeon Ari Gutman; Executive Director; Morgan Stanley, Research DivisionPresentationOperatorGood morning, and welcome to The Kroger Co. Second Quarter 2023 Earnings Conference Call. Please note, this event is being recorded. I would now like to turn the conference over to Rob Quast, Senior Director of Investor Relations. Please go ahead.Robinson C. QuastGood morning. Thank you for joining us for Kroger's Second Quarter 2023 Earnings Call. I am joined today Kroger's Chairman and Chief Executive Officer, Rodney McMullen; and Chief Financial Officer, Gary Millerchip. I want to remind you that today's discussions will include forward-looking statements. We want to caution you that such statements are predictions and actual events or results can differ materially. A detailed discussion of the many factors that we believe may have a material effect on our business on an ongoing basis is contained in our SEC filings. The Kroger company assumes no obligation to update that information. After our prepared remarks, we look forward to taking your questions. Given the breadth of information that will be covered on the call and our divestiture announcement earlier this morning, we will extend our Q&A session if needed to ensure that we can cover a broad range of topics from as many of you as we can. (Operator Instructions) I will now turn the call over to Rodney.Story continuesWilliam Rodney McMullenThank you, Rob. Good morning, everyone, and thank you for joining us today. Before we begin, I'd like to take a moment to outline the framework for our discussion this morning given that we have several important topics to cover. I will begin by covering the consumer environment and how the strength of our value creation model is supporting earnings growth and generating strong free cash flow. Then Gary will cover our financial results and highlights as well as provide an update on our nationwide opioid settlement framework. Finally, I will conclude with some brief comments on the divestiture plan press release we issued earlier this morning. We are excited about sharing our plans for this important milestone, and we look forward to taking your questions during the Q&A segment of today's call. Now turning to our second quarter. Kroger continues to effectively navigate a challenged environment and delivered another quarter of consistent results. As economic uncertainty persists, the strength of our model is enabling us to deliver value for our customers, continue to invest in our associates and deliver consistent shareholder return. Revenue remains top of mind for many of our customers as they are balancing several factors that are impacting their food at home spending. The effect of sustained inflation, reduced government benefits including SNAP and higher interest rates have pressured customer spending, especially for those on a tight budget. To support our customers, we are delivering increased value through our robust Our Brands portfolio, personalized digital offers, fuel rewards and loyalty discounts, including weekly specials and yellow tag promotions. Economic instability continues to impact customer segments differently. We are seeing this in their shopping behaviors. Higher income households continue to engage more deeply with us, enjoying our customer experience with zero compromise on convenience, quality and value. These customers are especially valuable to our mix as they purchase bigger pack sizes, shop more Fresh categories and trade up to more premium Our Brands products. On the other hand, budget-conscious households are facing external spending pressures. These customers are buying smaller pack sizes and, at times, prioritizing the lowest shelf price. These customers are building smaller baskets and switching to lower-priced items to stretch their budgets. They are also exhibiting spending patterns that ebb and flow with payroll periods and SNAP benefit distributions. We expect these broader economic headwinds to continue pressuring customer spending in the second half of the year. While the environment is difficult we are never satisfied with sales and we are focused on driving more units in the back half of the year. Our teams are sharpening store execution, identifying basket add-ons and adapting to customers' evolving needs. We saw an improvement in our budget-conscious household trends since last quarter as we expanded our assortment of everyday staples at lower price points. And as an example, we introduced new in-store displays where every item is below $3. Additionally, we continue to improve price position relative to key competitors, demonstrating our long-term commitment to provide customers with exceptional value. We are creating more engagement with customers through personalization, offering more targeted and effective promotions and our seamless ecosystem is resonating with customer needs. And it allows us to drive increased loyalty. And customers are rewarding us for this work. The second quarter represented our ninth consecutive quarter of total household growth. And now I'll provide more detail on how our go-to-market strategy is delivering for our customers. We are reimagining our offerings throughout our portfolio of Our Brands. With more than 13,000 products available, customers can enjoy a wide range of high-quality alternatives to fit each customer's budget. Additionally, we are improving the profitability of Our Brands. Through our brand architect work, we are ensuring each brand plays a unique role on the shelf. Last year's introduction of our opening price point brand, Smart Way, provides a great option for those prioritizing the lowest price at the shelf, and it is resonating with our customers. Turning to Seamless, strong growth in our pickup and delivery businesses led to another excellent quarter in digital. This growth was underscored by a rise in both households and traffic. Our digital team's relentless pursuit of improving the customers' experience is driving our success. We scaled our hands-free technology across the company to improve speed and expanded pickup options with automated pods and lockers, improving productivity and providing customers with more flexibility. Our in-store associates are also playing a critical role in our success. This quarter, they reduced wait time, lowered cost to serve and improved fill rates. Pickup has had a positive incremental contribution for some time. In multiple divisions now, our pickup business today is now profitable on a fully loaded basis. And by continuing to scale our operations, we have a clear path to sustainable profitability and pickup. Next, on personalization. Personalization enables us to meet our customers' unique needs and deliver value beyond the product shelf price. Our best-in-class data science work powered by our loyalty data is driving strong digital engagement. So far this year, customers have clipped more than 2 billion digital offers. To me, that's just an amazing number when you think about 2 billion. We've also increased our digitally engaged households by 1.2 million compared to last year. This growth is important to our model as digitally engaged households are more loyal, spend nearly 3x more with us and help grow our alternative profit businesses like Kroger Precision Marketing. Now I'd like to share more about how our diversified business model continued to support earnings growth this quarter and gives us confidence in our ability to navigate the environment ahead. Starting with our alternative profit businesses. Alternative profits had an impressive second quarter led by strong growth in our retail media business, Kroger Precision Marketing. Our seamless ecosystem continues to drive and track data and traffic which benefits this business. KPM applies these insights in its data science to build custom audiences and precisely measure return on ad spend delivering significant value to clients. This quarter, KPM announced a new in-house advertising platform, which allows greater flexibility to serve clients and improve outcomes for brands. Kroger Health is another important component of our business that allows us to help customers live better lives and strengthen our model. The terminated agreement with ESI has freed up some capacity in our pharmacies, and our Kroger Health teams are doing a great job of utilizing that capacity. Our pharmacists are dedicating more time to patient care and delivering better patient experiences. We are also simplifying work for our teams and lowering costs by expanding our use of automation. We are improving patient communications through modernized tools, which is driving better patient adherence to care plans and supporting growth. We are encouraged by the momentum in our health and wellness business and believe this is an opportunity for further profitable growth over the next several years. Our amazing associates are providing customers a full fresh and friendly experience every day. We remain committed to supporting our associates through investment in wages. And over the last 5 years, we've raised wages by 30%. We are also committed to supporting our associates development. I often say that our focus is to make Kroger a place where associates can come for a job and discover a career. Kroger has made significant investments to support this culture, and our teams have done a tremendous job creating training programs to help develop our future leaders. Our work was recently recognized with 8 awards from the Brandon Hall Group, a leading human capital management firm. We are so proud of the work you are doing to help make Kroger an employer of choice. I'm inspired every day to see how our associates bring our purpose to feed the human spirit. Our Zero Hunger | Zero Waste impact plan is a vital part of how we live our purpose in the communities we serve. Upon launching the plan in 2017, Kroger committed to donate 3 billion meals by 2025. We are so excited to share that we reached this ambitious target in the first quarter of this year, more than 2 years ahead of our goal. This quarter, we announced plans to accelerate our commitment to hunger relief. Upon completion of the merger with Albertsons, the combined company will donate 10 billion meals by 2030 to feed people struggling with hunger. To put that in perspective, it is enough food to feed every person in the cities of Seattle, Denver, Chicago and Boston every meal, every day for nearly 2 years. This is one of many ways that this proposed merger will benefit the communities we serve. With that now, I will turn it over to Gary to take you through our financial results. Gary?Gary MillerchipThank you, Rodney, and good morning, everyone. Kroger's second quarter results demonstrate the resiliency of our value creation model. The investments we have made over recent years to strengthen and diversify our business are enabling us to deliver consistent results despite the difficult environment. And this was very much evident when you consider the key trends we saw in our business in quarter 2. While industry-wide disinflation continues to impact food at home sales, our team is doing an excellent job managing the effects of this trend on our business. Key highlights for the quarter include EPS growth despite a significant year-over-year headwind from fuel profitability and underlying operating results excluding fuel improved versus prior year due to strong gross margin management, tight cost controls and continued growth in alternative profit businesses. I'll now provide more detail on our results this quarter. Identical sales without fuel grew 1%. Underlying growth would have been 2.6% after adjusting for the effect of the previously communicated decision to terminate our agreement with Express Scripts. Similar to the first quarter, the terminated agreement with Express Scripts had a positive effect on our FIFO gross margin generated excluding fuel and the negative effect on the OG&A rate, excluding fuel and adjustment items. The overall effect on operating profit during the second quarter was slightly positive, and we would expect this to continue to be the case for the remainder of 2023. Our decision to terminate the agreement with Express Scripts reflects our commitment to making decisions that we believe are in the long-term best interest of our customers and shareholders. Turning back now to identical sales without fuel. In the second quarter, results were at the low end of our internal expectations as we saw food-at-home inflation decelerate at a faster-than-expected pace. Inflation ended the quarter approximately 350 basis points lower than the start of the quarter. Our sales growth was underpinned by strength in our digital business, which grew 12%. Our unique combination of assets, including stores and fulfillment centers, helped us achieve growth in both pickup and delivery channels. The growth in delivery was led by a continued ramp in volumes through our CFC network and Boost membership. Gross margin was 21.8% of sales. Our FIFO gross margin rate excluding fuel increased 35 basis points compared to the same quarter last year. Our team is doing a highly effective job balancing the impact of inflation, and the improvement in rate was primarily attributable to strong Our Brands performance, lower supply chain costs, sourcing benefits and the effect of our terminated agreement with Express Scripts. These tailwinds were partially offset by higher shrink and promotional price investments. Importantly, as Rodney shared earlier, this improvement in rate was achieved while also improving our price position relative to key competitors. Supply chain efficiency is one of many components of our strategy to expand margin over time while continuing to invest in greater value for our customers. This quarter, we achieved meaningful operational efficiencies in supply chain through improved transport capacity utilization and increased productivity in our warehouses and across our network. We continue to invest in our supply chain as we see significant opportunities to further lower costs while also improving freshness to customers by eliminating waste in our ecosystem. Shrink increased during quarter 2, primarily due to rising theft and organized retail crime. We are implementing initiatives to mitigate the financial impact including increased security and new technology solutions, but would expect shrink trends will continue to be a challenge for the remainder of the year. During the quarter, we recorded a LIFO charge of $4 million compared to a charge of $148 million for the same quarter last year. This $144 million year-over-year tailwind from LIFO partially offset the $192 million headwind we experienced in fuel operating profit during the quarter. The decrease in our LIFO charge was primarily attributable to a downwardly revised inflation outlook for the remainder of 2023. Kroger's OG&A rate was flat excluding fuel and adjustment items, Our team continues to do an excellent job controlling costs, and after adjusting for Express Scripts, we saw underlying improvement in our OG&A rate excluding fuel and adjustment items. Our cost-saving initiatives are focused on simplification and utilizing technology to enhance the associate experience without impacting the customer. For example, we are improving productivity in our stores by expanding shelf-ready packaging and introducing data-driven enhancements to associate mobile devices that optimize the restocking process. We remain on track to deliver our sixth consecutive year of $1 billion in cost savings. Fuel is an important part of our overall value proposition, and our fuel rewards program continued to drive customer engagement in the second quarter. The average retail fuel price was $3.65 this quarter compared to $4.62 last quarter. And our cents per gallon fuel margin was $0.45 this quarter compared to $0.62 last year. While fuel profitability was a significant headwind compared to prior year, we were cycling historically high results from 2022 and fuel margins remain very healthy relative to historical trends. I'd now like to provide a brief update on labor relations. During the second quarter, we ratified new labor agreements with the UFCW for Dallas Clarks, Southern Illinois Clarkson Meat and Smiths Utah Clarkson Meat, covering more than 30,000 associates. In the third quarter, we have also ratified a new labor agreement with the UFCW for Fry's Food and Drugstore associates. Turning now to liquidity and free cash flow. Kroger continues to generate strong free cash flow through consistent operating results and working capital improvements. At the end of the second quarter, Kroger's net total debt to adjusted EBITDA ratio was a record level of 1.31. This compares to our net total debt to adjusted EBITDA target range of 2.3 to 2.5. The company expects to continue to pay its quarterly dividends and expect this to increase over time, subject to Board approval. As a reminder, we have paused our share repurchase program to prioritize deleveraging following the proposed merger with Albertsons. We continue to be disciplined with our deployment of capital, prioritizing the highest return opportunities that support our growth strategy and TSR model. This discipline is reflected in our ROIC results, which have now improved in each of the last 3 years and is significantly above our cost of capital. This morning, Kroger announced a nationwide opioid settlement framework to settle substantially all opioid lawsuits and claims against Kroger. As a result, included in our financial results is a $1.4 billion charge related to the settlement resulting in a loss per share of $1.54 this quarter. This amount was excluded from our adjusted FIFO operating profit and our adjusted EPS results to reflect the unique and nonrecurring nature of the charge. Under this settlement, Kroger has agreed to pay up to approximately $1.4 billion or $1.1 billion after tax with approximately $1.2 billion to be paid over 11 years and approximately $177 million to be paid over 6 years, each in equal installments. Initial payments will begin in December 2023 and would total approximately $140 million per year pretax for the first 6 years and approximately $110 million per year pretax for the following 5 years. This settlement is not an admission of wrongdoing or liability by Kroger, and Kroger will continue to vigorously defend against any other claims and lawsuits relating to opioids that the final agreement does not resolve. We believe that resolving these claims is in the best interest of Kroger and its customers, associates and shareholders and all of those affected by the opioid crisis. Additionally, this settlement and the payment terms will not affect Kroger's ability to complete its proposed merger with Albertsons, and we remain on track to achieve a net total debt to adjusted EBITDA ratio of 2.5 within 18 to 24 months post close. In closing, I'd like to provide additional color on our outlook for the remainder of the year. As I shared earlier, this inflation is occurring at a greater rate in 2023 than we originally anticipated and our customers are continuing to feel the effects of macroeconomic conditions. For these reasons, we believe the remainder of the year will continue to present challenges to navigate, and we expect identical sales without fuel will now be at the low end of our full year guidance range of 1% to 2%. We would expect identical sales without fuel to be slightly negative in the second half of the year. As a reminder, this guidance reflects the effect of Express Scripts, which is reducing our reported identical sales without fuel by approximately 150 basis points in 2023. Despite slowing sales, as demonstrated in our year-to-date results, we believe we have the flexibility within our model to navigate the impact of this environment through effective cost management and growing alternative profits. We are maintaining our adjusted net earnings per diluted share and adjusted net operating profit guidance and would expect adjusted EPS to be in line with the prior year in the third quarter and slightly ahead of the prior year in the fourth quarter before including the approximately $0.15 benefit at the 53rd week. Kroger delivered another quarter of consistent results built on the foundation of record growth over the past 3 years. While macro uncertainties remain, we are confident the strength and resiliency of our value creation model will allow us to continue to deliver attractive and sustainable total shareholder returns. And now I'll turn it back to Rodney.William Rodney McMullenThank you, Gary. Before we open up the floor to your questions, let me provide a brief update on our pending merger with Albertsons Companies. This morning, Kroger and Albertsons Companies announced that they've entered into a definitive agreement with C&S Wholesale Grocers for the sale of 413 stores as well as banners, distribution centers, offices and private label brands in connection with our proposed merger. When we announced plans to merge with Albertsons last year, we committed to delivering a divestiture plan that would ensure the stores will remain open, frontline associates will remain employed and existing collected bargaining agreements will continue. A critical component of that plan was to identify a well-qualified buyer who would be able to operate as a fierce competitor. Since then, we've conducted a robust and thoughtful diligence process and reviewed dozens of buyers spanning from private to public to union to nonunion, domestic and international players. We are very proud today to announce the conclusion of that process, which has led us to C&S Wholesale Grocers, a well-qualified buyer that meets all the criteria necessary to complete our transaction. C&S is one of the largest private companies in America today and an industry leader in wholesale grocery supply and supply chain solutions with a strong track record as a successful grocery operator retailer. Operating for over 100 years, C&S' retail footprint includes more than 160 stores and the company services customers of all sizes, supplying more than 100,000 products to more than 7,500 independent supermarkets, retail chain stores and military bases. C&S service offerings include a full suite of retail service offerings, very similar to what Kroger provides in house including merchandising, e-commerce, accounting and store design, for example. The company is deeply invested in the communities where it operates. And this retail expansion will continue their long-standing mission to help feed communities. C&S is led by an experienced management team with the financial strength to complete this transaction and also invest in the business for future growth. The company's comprehensive operational infrastructure and purchasing efficiency positions them to successfully operate in today's competitive environment. The divestiture plan ensures no stores will close as a result of the merger and that all frontline associates will remain employed. C&S is also committed to honoring all collective bargaining agreements, which include industry-leading benefits and further investing for growth. Importantly, the company also brings experience with the merger process having been an FTC-approved divestiture buyer in prior grocery transactions with a strong record of successfully integrating union employees and collective bargaining agreements. To help support the immediate and long-term success of the divested business, the divestiture plan includes more than just a collection of stores but also a robust operational infrastructure. Included in the sale are centrally located distribution facilities, regional headquarters, and strong teams with deep industry expertise. In terms of consideration, the financial terms of this divestiture plan are in line with what we expected and allow us to reaffirm the compelling shareholder value creation opportunity this transaction creates. With the announcement today, we are confident that our plans fulfill all the commitments we set out in the original merger agreement. Our proposed merger with Albertsons creates meaningful and measurable benefits for America's consumers, Kroger and Albertsons associates and communities that both Albertsons and Kroger serve. This key step keeps us on track to close our proposed merger with Albertsons in early 2024. We encourage you to review the corresponding press release from this morning for further details. In terms of integration planning, we are progressing well, and it's been exciting to see the talent from both the Kroger and Albertsons teams work together to plan on how the combined company will deliver an even stronger omnichannel food retail experience post close. We are incredibly excited about the future together with Albertsons. As a reminder, given the breadth of information shared in today's call, our divestiture announcement earlier this morning, we will extend our Q&A session if needed to ensure we cover a broad range of topics. With that, Gary and I look forward to your questions.Question and Answer SessionOperator(Operator Instructions) Our first question is from Simeon Gutman from Morgan Stanley.Simeon Ari GutmanI'm going to ask one and a follow-up in case my phone gets cut off. My first is on disinflation. Wanted to talk about more specifically if there's a chance we get to deflation around the corner in '24 and then how it's changing how you run the business, whether it's pricing, and if you're seeing elasticity. And then a follow-up, a separate question. Was the review process for the merger waiting to begin until this divestiture was announced? Or has the FTC's process been ongoing, and that allows you to close on time?William Rodney McMullenThanks, Simeon. On the merger, there's been ongoing discussions with the FTC and the related teams throughout the process. And once we announce it this morning, we will share this information with the FTC and continue that active engagement and dialogue. So it's -- along the way, there's been ongoing conversations and there'll be continuing ongoing conversations, but now we have more specifics in terms of the next steps that we'll be able to share. On disinflation, I'll start and let Gary finish on it. If you look -- one of the things that Gary reminded me of is if you look in the last 50 years, I think we've had -- or 40 years, I don't remember which one that we had 2 years of deflation when you look at over the last several lifetime almost. One of the things about the Kroger model is that we've found and we're able to be successful operating in any environment both from a competitive standpoint and from an inflation standpoint. And we would expect it to be no different. We are beginning to see some volume improvements as inflation has slowed. We believe that there would continue to be a lag there. We're also finding CPGs, in many cases, are partnering in more aggressive ways on helping us move tonnage as well. With that, Gary, I'll let you finish for the -- any additional comments you want to make?Gary MillerchipYes. Thanks, Rodney. I think you covered it well. All I would say, Simeon, maybe is relative to our expectations. You may recall at the beginning of the year, we shared that we thought inflation might end in the year in sort of the 3% to 4% range. And certainly, as we've seen, trends continue to evolve throughout the year. As I mentioned in my prepared remarks, we would now expect it to be at a lower level than that, which is partly why we've guided to the low end of our sales range for the year. So we would expect inflation now to be in the low single digits, the 1% to 2% range would be our sort of base assumption for the end of the year. And we believe, as Rodney said, that certainly there's always a risk that the scenarios can turn out differently. And we'll continue to adapt our model if we needed to reflect that. But our base assumption would be that we'd expect to sort of return to more normalized very low single digit food inflation which, of course, is what our long-term model is based upon of that sort of 1% to 1.5% inflation rate.OperatorOur next question is from Krisztina Katai from Deutsche Bank.Krisztina KataiI have a strategic question regarding the Albertsons merger. So I guess, historically M&A hasn't added that much value. We look at the businesses now. Margins have remained higher post-COVID, but I think there's a natural question that as ID sales slow, maybe there will be a greater reinvestment needed into the business. So I'd be curious to get your views on the level of reinvestment versus your targeted synergies and if anything has changed regarding your approach versus the October view.William Rodney McMullenYes. If you look at the view today versus October, I would say the biggest positive is I've been incredibly impressed with the talent of the Albertsons team. It doesn't surprise me, but actually getting to know people and working with them and the excitement that there is for the merged company together. If you look at it from a shareholder standpoint, we would feel very comfortable with what things we shared in October of last year in terms of we would expect from a cash flow perspective that it would be 30% accretive by year 4, that the targeted net-to-EBITDA ratio that will maintain investment grade and be within those ranges within 18 to 24 months. If you look at the synergies, we still are comfortable with $1 billion. Obviously, we're going to work really hard to make sure and identify savings beyond that. And we've also committed -- and remember that those are net of investing in our associates and investing for the customer to lower prices. And that's always been part of the plan from day 1 and would expect to. So when you look at overall, we still remain confident in terms of the commitments that we outlined in October. And at this point, we just want to get started and start benefiting our associates, benefiting the customers and benefiting the communities.Gary MillerchipYes. Maybe, Rodney, just a couple of things to add, if I can. I would completely agree with your comments. And we -- obviously, we've had almost a year now since the announcement. And so while there's only certain conversations you can have as Kroger and Albertsons is talking about planning for the merger I would say we've only gained more confidence in the synergy expectations that we've had. So we have been able to continue to validate the assumptions that Rodney outlined a moment ago. I think the only other thing that I would mention is way back to when we announced the merger, we talked about this wasn't just about synergies. It was about essentially fueling the flywheel of the new combined company. And if you think about the results we've announced so far this year, the strength in our results in growing digital sales in our digital ecosystem, the strength in Our Brands performance, the growth in alternative profit streams, there the sort of the future value creation model for the company. And I think the combination of Albertsons and Kroger to combine really creating opportunities to significantly accelerate that flywheel effect across those elements of the model that we see is working very well now, and we think can work even better in the future when we combine the 2 companies.Krisztina KataiAnd just a quick follow-up. The sales transaction with C&S this morning acquiring 413 stores, what is the confidence level in that number? And I think there was a comment that they would be willing to buy up to 650. Can you just maybe talk about the likelihood that it could potentially be that high versus the 413 in today's release?Gary MillerchipSure. Yes, thanks for the question. So we feel very good about the plan. We think the plan is very well thought through. As Rodney shared in prepared comments, we spent almost 10 months now really working with different potential buyers and pulling together both the plan around how we make sure we find the right buyer that will be able to continue to grow those stores successfully in the future and putting an overall structure around the plan with the number of stores that provide that right concentration for a successful model going forward and providing all the infrastructure to support it.So we feel very good about the plan we've announced. We did include in the agreement, as you mentioned, you may recall when we announced the deal originally that our agreement with Albertsons has a sort of a break point, if you like, of where Kroger would have the option to not move forward with the transaction if we reach 650 stores as potential divestitures. So what you saw in the announcement today was that we essentially wanted to make sure we align the agreements between Albertsons and C&S and ourselves to make sure that there is a commitment there to be able to flex up if that was something that was needed. But we feel very good about the plan that we announced today.William Rodney McMullenAnd the announcement today also, no more work will be done in terms of the SpinCo. That's not something that's part of the solution going forward.OperatorOur next question comes from Michael Lasser from UBS.Michael LasserGiven the announcement with C&S today and the flexibility that it offers to divest the number of stores that would be consistent with your agreement with Albertsons, what other basis or push back could the regulators have to blessing this merger? And what actions or steps are you taking today to potentially address those potential concerns?William Rodney McMullenMichael, it's a great question. And obviously, we feel incredibly excited about C&S and what they bring to the table, and they'll be an incredibly fierce competitor. So if you look at the commitments that we made in October last year when we announced the transaction and if you look at selling the stores to C&S, we've been able to check off every one of those boxes. And we're also including 7 distribution centers, 2 regional offices, 5 private label brands in addition to the store. So this is going to be an amazing great business for C&S that we'll be able to operate and grow from an incredible base with incredible talented people. So for us, we think we've addressed all the things and questions the FTC would have. We also were able to accomplish all the commitments we made in October of last year and found a buyer that would recognize the labor contracts as well. So we feel like all those things that you would have a checkoff list, we've met all of those and exceeded it as well. I don't know, Gary, anything you want to add to that because you and Christine did majority of the work.Gary MillerchipNo, I think you said it well, Rodney. I mean this has been very well thought through. We've had great advisers that helped us on the journey, and we're excited now to talk to the FTC about the plan.Michael Lasser(inaudible) your an annual growth rate -- I'm here. Can you hear me? Can you hear me, Rodney?William Rodney McMullenYes. You cut out. So if you were asking a question -- we can hear you now, but you were cutting off so we couldn't hear what you said.Michael LasserAll right. Sorry about that. Sorry. My question is, if we look at your guidance, for IDs for the back half of the year, which imply slightly negative IDs, is that would translate to 4-year geometric stacks that are relatively consistent with what you experienced in the second quarter despite what is likely to be less of an inflation benefit in the third and the fourth quarter? So inherently, either your volume is going to have to pick up or your market share is going to need to improve, presumably both. So a, to what degree are you going to need to see an improvement in volumes in order for you to achieve the implied guidance? And b, how hard and how -- to what degree are you going to need to push the other parts of your P&L? How much price investment are you going to need to make in order to drive that volume improvement in those share gains?Gary MillerchipMichael, thanks for the question. I think as we mentioned in the prepared comments, we do expect inflation to continue to decelerate. But we are sort of coming through, we think, the largest part of that deceleration. If you look at the number that I mentioned for Q2, it's down 3.5% from the start of the quarter to the end of the quarter, And then my comment about we're expecting to be between the 1% and 2% by the end of the year, we would expect there to be a slowdown in the deceleration rate in inflation impacting our results. And then as you mentioned, if you look at our second quarter results, we saw a sort of a slight decline from being maybe slightly above the 1% that we achieved in Q2 in the first period to being slightly positive in the final period of the quarter. And I share that because the slowdown in growth in sales would have been less than the inflation decline, which is really pointing to your point that we are seeing an improvement in unit trends. And we expect that to continue by leaning into some of the things that are working really well for us around growing households, driving digital sales and then also continuing to execute our plan of delivering more promotions for customers and continuing to execute on the strategy to support that lower-income customer and a budget around accelerating Smart Way, private label products and continuing to deliver those merchandising strategies that connect with that customer in the store as well.OperatorOur next question comes from John Heinbockel from Guggenheim Partners.John Edward HeinbockelSo if we think about the old algo on comp, right, which is higher than where we are now, I'm curious, do you think 1% to 2% inflation, as we normalize to that, does that support, right, the algo that you had historically on comp? Or is math and some of the other headwinds, right, work against that? And then I think you said you saw improvement in budget-conscious comps which were negative, I think, 2% last quarter. So is that still negative? And are the higher income households still performing as they did before?William Rodney McMullenI'll start and let Gary talk about the longer-term stuff. But if you look at the higher income household, that growth continues. That customer is meaningfully more profitable because of buying a lot more fresh product and buying bigger-sized products and things. If you look at the budget-conscious shopper, the trends have improved but they would still be negative, but the trends have improved. In terms of relative to the long-term TSR model, Gary, I'll let you...Gary MillerchipSure. and John, I think your question maybe was leaving a little bit between the second half of the year and the long-term plan as well. So I would definitely think about it in those 2 buckets. I wouldn't say that we're changing our long-term growth algorithm view that we believe food-at-home will continue to grow in that sort of 2% to 3% a year over the long term and we will expect to grow top line between 2% and 4% and deliver earnings growth of 3% to 5% by both achieving growth in line with slightly ahead of the market and also continuing to expand margin through the different levers that we talked about during our various Investor Days. I think in the short term, when we think about the rest of the year, I would use the first half as a sort of decent sense of how we're thinking about the rest of the year. We would expect to continue to see some tailwinds in our gross margin rate around some of the areas that I mentioned in the prepared remarks on supply chain and Our Brands, sourcing benefits, et cetera. OG&A will continue to manage costs very closely given that the environment is, to your point, lower in terms of the headline growth rate than we would be expecting in our long term models. So we'll be managing costs accordingly. And obviously, we do continue to flex our model to make sure that we're adjusting our plans when we have those short-term adjustments to what we see in the upcoming environment.John Edward HeinbockelAnd then maybe as a quick follow-up. What is the update now on the Ocado process in terms of rollout and adoption? I mean, we've talked about it a bit and movement toward your profitability objective. Where are we on all of that relative to -- and you talked about pickup?William Rodney McMullenYes. If you look at the sheds, continued great progress on the growth in the sheds and the base operating model. Right now, all the energy is focused on the ones we have and making sure that those are where we want them to be, where they need to be and on a sustainable basis. The other thing that I think is incredibly important is if you look at the repurchase rate once somebody starts using the shed and the NPS scores, they remain very high. So I would say that a ton of work is being done. We're making progress, but we wouldn't be to the point where we would start focusing on additional sheds until we make sure that we have a clear path on the ones we have, and we are making meaningful progress but we still have a lot of work to do.OperatorOur next question is from Michael Montani from Evercore ISI.Michael David MontaniJust wanted to ask about ESI. So one question earlier was related to market share and why that might improve towards the end of the year, thinking that could be part of it. But I wanted to ask at a high level, would you be comfortable kind of going it alone if you can't seem to find a good partner? And then what could some of the longer-term benefits be to the business model, if that is the case?William Rodney McMullenYes. On ESI, first of all, I am incredibly proud of our pharmacy teams. They've done an amazing job on being able to retain a meaningful part of those customers, and it's a combination of doing direct contracting with some companies and also leveraging our discount card for patients. So -- when you look at overall, I think they've done an incredible job on minimizing the effect. Now with that said, it's still over -- about 1.5%, or I think this quarter, I think we shared 1.6%. We're very comfortable with where we are but we're always focused on trying to make sure we're taking care of the customers and taking care of patients. But we have to be able to do that in a way where we don't lose money on every prescription filled. So that's really what the focus is on, and we feel very comfortable with where we are. Gary, anything you want to add to that?Gary MillerchipNo, I think it's all good, thanks.Michael David MontaniJust wanted to follow up, if I could, quickly on the potential multiple implied by the transaction for the divested stores, have had some pushback. It seems to be around 2 to 2.5x, which was a little less than we thought. So I didn't know if you could discuss that potentially in the context of the ability to increase the stores divested if needed to close the deal vis-a-vis what the potential profitability might be of those locations.Gary MillerchipYes. Thanks for the question. I think maybe the confusion could be around the multiple and what we were assuming because the -- I think the only previous information that we've shared was relative to SpinCo, which was potentially a solution for a part of the overall divestiture plan. It wouldn't have been actually a solution for all geographies, but that was the 100 stores to 375 stores that were contemplated in the SpinCo structure. And we mentioned or shared in that agreement that the multiple could be 3x fall on EBITDA. So this multiple would be a little bit below that number. But that being said, as Rodney mentioned in the prepared comments, we haven't actually assumed in our modeling that the transaction would move forward with a different number than we actually announced today. And in actual fact, the number would be very much in line with what we were contemplating. We believe it's a good solution for our shareholders because, as Rodney mentioned, it actually solves for all the elements that are important to a divestiture plan. It will help us longer term in being able to simplify a transition services, to be able to manage the new combined company more effectively and drive future value for our shareholders. And we believe it's also a price that allows CNS to be able to be a successful operator in the future as well. So very much consistent with what we were thinking and would keep us on track with the commitments that we shared when we announced the deal back in October.OperatorOur next question is from Kenneth B. Goldman from JPMorgan.Kenneth B. GoldmanYou mentioned you're seeing volumes start to improve a little bit. It's kind of going the other way for a lot of your branded, I guess, center store packaged food vendors. You highlighted that your store brands are doing better. Maybe that explains much of the difference. But I'm also curious if you're seeing consumers change their behavior a little bit in terms of which departments they're shopping. And I guess the core question there is, has there been a boost that you're seeing to your perimeter maybe at the expense of the center store? Just wanted to get a little more color on where those volumes are getting, I don't know if less bad is the right phrase, or better?William Rodney McMullenYes. In terms of volume, there's a couple of things. One, if you look at like in the meat department, for an example, you're seeing people much more move to hamburger meat or we call it grinds, but I don't know that many people publicly would do that, or chicken and some of those things. So you are starting to see some improvement in tonnage relative to that. You are also seeing people moving to the entry price point in many cases. And obviously, that would be affecting the CPGs. And I mentioned in the prepared remarks, we are beginning to see some CPGs be more aggressive on partnering, on moving their tonnage as well. So all of those things are happening, but you're never satisfied with where you are. But the trends are starting to improve, and there's a ton of focus on making sure that we're supporting that customer on a budget as well.Kenneth B. GoldmanAnd then as a follow-up, I think what concerns some investors about disinflation and possible deflation is that even though deflation has been a rare thing, the last time it came around it did last for a fairly long time, a couple of years. It helped drive a competitive environment in which gross margins actually declined and your core operating income was down as well. So I guess what I'm curious about is, what gives you the confidence that -- in a world where consumers are struggling more, that your competitors will remain as rational as they are today? And to what extent does your guidance potentially factor the risk of them being a little bit less rational, I guess?William Rodney McMullenYes. We always -- when you look at our long-term model, we always assume the market will get more competitive than it is because that's been the case for the last 10 years, 20 years, 30 years, and customers get the benefit of that. The other thing that's built into our model that's different today is if you look at our diversified income streams, alternative businesses are well north of $1 billion. That business didn't even exist the last time when the economy was tough, as an example. If you look at from a seamless standpoint, the retail media which is obviously part of the alternative profit business, those margins are completely different than the supermarket margins. So all of those things are things that are part of the model and part of the long-term thinking. But the thing that I think is always important to remind people is even in the scenario you've outlined, we still were significantly above our cost of capital, significantly generating economic value for shareholders, the stock price didn't but if you look at the value of the company. And we continue to generate cash flow that we used to pay a dividend and buy back stock and balance our debt. So all of those things, I think, are important parts of it but it is a different market model today than it was the last time.OperatorOur next question is from Ed Kelly from Wells Fargo.Edward Joseph KellyGuys, can you hear me?William Rodney McMullenWe can now. Go ahead, Ed.Robinson C. QuastWe'll move on to the next question.OperatorOur next question is from Kelly Bania from BMO.Kelly Ann BaniaThis is Kelly Bania. I think I'm up. Thanks, Ed. I guess...William Rodney McMullenWe can hear you, Kelly.Kelly Ann BaniaGood. I wanted to ask about the divestiture package. I think the comment was made that the valuation for this is slightly below the 3x 4-wall EBITDA that the SpinCo was structured at. And so I guess, just can you comment on why that would be in Kroger's best interest to accept a lower valuation than what was available through SpinCo if that was a viable option? And are you willing to share the estimated EBITDA or EBITDA margin for these planned 413 stores?Gary MillerchipKelly, yes, thanks for the question. Essentially, when we think about the SpinCo option that we announced when we communicated the merger with Albertsons, just as a sort of a recap, SpinCo was an option that was always going to be a solution alongside other solutions. The package that would have been involved with SpinCo as a group of stores would have covered certain geographies, but it would not have covered the whole of the store footprint geographically that would need to be divested that we always sort of contemplated as part of the plan to take to the FTC. So we would always have had to have put together SpinCo with another buyer, which adds significant complexity both from the perspective of working with 2 different companies around their future plans to take forward to the FTC, but also the complexity around transition services agreement, technology solutions, sort of implementing, if you like, a period of time where the companies need to operate and separate effectively. So when we looked at the options that were available, I would say that from day 1, we always viewed SpinCo as a viable option. But if we believe we could find a single buyer that was able to do everything that C&S can do, which is bring a strong plan, a strong capable management team, a well-capitalized balance sheet, commitment to investing in the business in the future and then being able to put together a set of assets for them that will enable them to do that, we always believed that, that would likely be both a more effective solution to move forward with but also, longer term, a better solution for Kroger to be able to execute on a plan. So it's why -- I know we didn't go into specific details when we announced the transaction back in October. But when we assumed evaluation in our models with the commitments that we shared around being accretive to EPS in year 1 without onetime costs and improvement of $1 billion of synergy over 4 years, and all the other metrics that we shared, all of that was based on a valuation that's essentially in line with the valuation that we announced today with C&S. So very consistent with what we were assuming. But obviously, the only answer we could actually share when we announced the deal was SpinCo because we haven't had chance to talk to any buyers at that point. That was the only plan that was really fully baked through as part of the discussions with Albertsons.Kelly Ann BaniaOkay. That's very helpful. And would -- should we assume that the additional 200 potential stores would be under a similar or the same valuation? Just a quick question there. And then also, can you help us understand the financing structure and the commitment from C&S partner here with SoftBank to this transaction and the potential for the incremental 200 stores?Gary MillerchipYes. Thanks, Kelly. Well, first of all, in terms of the incremental stores, we certainly share more details on that if that was required. But as we shared earlier, we feel really good about the plan that we have. We believe it's a very strong package and it really does address all of the questions and feedback that we've sort of received and evaluated as we thought about the plan. So our focus is really on moving forward with that plan. But we did think it was important to build flexibility into the agreement so that if we have to flex, we're able to do that. I wouldn't be able to comment on C&S' financing strategy. That's obviously specific to them, and that will be something for them to comment on if they wanted to. I would just say that from our perspective, we got very comfortable with their financing strategy and feel they both have the financial strength to be able to complete the transaction but also the financial strength to be able to keep investing in the business going forward as well.OperatorOur next question is from Rupesh Parry from Oppenheimer.Rupesh Dhinoj ParikhSo I just wanted to touch on the promotional competitive backdrop. Just curious what you guys are seeing right now in the promotional environment. Any changes on the competitive front lately? And then just curious, as there is waning inflation out there and there is a clear desire for the industry to drive volumes, so just curious if you guys expect it to become more promotional in the coming months or quarters.William Rodney McMullenYes. If you look at overall, the promotional activity is getting close to where it was pre-COVID. So it's pretty consistent with where we expected it to be. And obviously during COVID, the supply chains were such a mess and it's really those are recovering. If you look at the conversations with CPGs, it's getting -- for the most part it's getting much more back to normal in terms of how do you grow units. And the CPGs, in some cases, raise their own margins and now they're starting to focus on tonnage again. So for us, we feel like it's a good healthy dialogue and it's one of the reasons, as you know, that we believe Our Brands is such an important part of our overall go-to-market equation for customers. Because if the CPGs are doing things that aren't justifiable, Our Brands always gain share because we have an amazing set of products. And when people try them, the repeat rate is incredibly strong as well.Rupesh Dhinoj ParikhGreat. And then maybe just 1 follow-up question. So as you look at the consumer backdrop for the balance of the year, is your team assuming it stays pretty similar to what you've seen recently? Or do you expect to get worse? And just -- I also wanted to just get a sense of how you think about student loan impacts on grocery.William Rodney McMullenYes, That's -- I was going to say if you hadn't added the last part, that's the one part where we do expect it will get -- from an environment standpoint, from a consumer standpoint, that it will be a little tougher is the student loan repayments. And you don't know for sure until it happens. We do believe that the impact on grocery would be less than other categories. So we've assumed that to be a headwind, but the specifics until it happens, you just don't know.Gary MillerchipAnd on that, Rupesh, when we talk to customers about it we know it's going to be a meaningful financial impact on their overall budget, which obviously creates some risk that we've factored into our thinking. What customers also say, though, is that one of the first places they go to adjust their budgets to pay for the incremental cost is to eat more food at home versus eating out. So it would be interesting to see if that turns out to be a trend that's helpful over time as well.OperatorOur next question is from Ed Kelly from Wells Fargo.Edward Joseph KellyGuys, can you hear me now?William Rodney McMullenWe can. It sounds like a commercial.Edward Joseph KellyAll right. I thought you were going to say you can't, so I'm happy to hear that you can. I wanted to ask about the sustainability of margin opportunity going forward. If we look at the back half of this year with, I guess, minimal comp, and it seems like maybe that's the environment for next year as well, you are getting benefit out of LIFO, gross margin, cost control is really good. But how do we think about the potential for continued improvement in those type of areas in '24 to offset what traditionally would be an environment where it's really difficult for grocers to actually get any earnings growth or even keep earnings flat?Gary MillerchipYes, Ed, it's a great question. What I would say is, as you know, we typically don't get into like forward guidance beyond the current year until later in the year. But what I would maybe comment on is if you look at the areas that we've called out as being tailwinds during the quarter that helped us on the gross margin rate, we think of those as more long-term drivers of our model versus sort of short-term, one-time benefit cycling prior activity in our business. And what I mean by that is if we look at Our Brands, Rodney mentioned it on the call earlier, but we've been doing a tremendous amount of work with our merchandising team in Our Brands really focusing on how do we continue to improve the portfolio both in terms of how we architect the products to get the maximum reach and value from each different product category across private selection, Simple Truth, Kroger brand and the Smart Way product range, how do we continue to innovate, how do we drive sourcing best practices. So really kind of taking almost a CPG type mindset to that approach to our products and saying, how do we maximize value. And I would say the team would probably tell you they're maybe 1/3 of the way through that work right now. So still a lot of opportunity, we believe, to continue to get stronger in Our Brands performance. From a supply chain perspective, I mentioned it in my comments, but we continue to invest significantly in the supply chain because the team is doing a great job identifying ways in which we believe we can continue to drive efficiency in our supply chain strategy by leveraging data more effectively and technology, continuing to optimize the routes that we're taking, the capacity that we're utilizing on those routes. And we believe there's still, again, a significant opportunity ahead of us there. Alternative profit, you've heard us talk about before as being we're still in the early innings of our mind about the potential for alternative profits can be, particularly as we keep growing digital and driving engagement through our Kroger Precision Marketing business. So I think, overall, we would say that we've been on a journey for a few years that we've talked to investors about how do we manage these levers to be able to continue to improve profitability over time. And I'd say we have a good degree of confidence that we see continued plans in those areas. Now all that being said, obviously, we're going to continue to invest in the customer and continue to deliver more value there to balance that model so that we're driving top line growth over time as well.Edward Joseph KellyAll right. And just a quick follow-up. I don't think Albertsons has had a large opioid settlement yet. Is that correct?William Rodney McMullenThat would be correct.OperatorOur next question is from Robert Ohmes from Bank of America Merrill Lynch.Robert Frederick OhmesCan you guys hear me okay?William Rodney McMullenYes, Robbie.Robert Frederick OhmesExcellent. You can hear me. Great. Two follow-up questions on the C&S deal. The first one, just the ADCs 2 headquarters -- regional headquarters, I guess, and the 5 private brands. Was that part of the original October outlined? Or is that sort of unique to this deal with C&S?William Rodney McMullenYes. It's actually part -- it was one of those things where we knew that it would be part of the consideration. But until you had a specific buyer, you wouldn't know the specifics. So we had always had in the back of our mind that, that was something that might be needed in order to find a buyer that would be able to day 1 hit the ground running. But it wasn't -- it was one of those things where we could have managed it either way, depending on what the particular needs of that particular buyer would have been.Gary MillerchipAnd the only thing I would add maybe, Rodney -- Robbie, would be that if you think about SpinCo, of course, SpinCo was going to be -- had to be set up as a full separate company. So it would have to be meaningful assets that would have moved with SpinCo for it to be a viable solution, not having any infrastructure other than what would have to move across from some of the Albertsons or Kroger business today. So that would have been probably more meaningful in terms of the impact that we sort of move forward with a buyer like C&S.Robert Frederick OhmesGot you. That's helpful. And then it looks like there's a fair amount of Kroger and Harris Teeter stores as part of the plan. Was that part of the October thinking or like I noticed the Harris Teeter stores, I guess, in Virginia, like was that part of the original thinking? Or is there a greater mix of Kroger banners as part of this?William Rodney McMullenIt was always part of the original thinking that some of the stores to be divested would be best for it to be Kroger stores. So that wasn't something that was new to the analysis that was done late last year.Robert Frederick OhmesGot it. And what's the total Kroger banner stores in the C&S announcement?William Rodney McMullenYes. There isn't a specific number yet. We're still in the middle of the dialogue with the FTC so there wouldn't be specifics. In the press release, it wouldn't show by state the number of stores and the banners, but not -- there wouldn't be specifics at this point.Robert Frederick OhmesGot you. And just last question, is there any difference in the expected dilution in year 1, whether you do 650 or 411?Gary MillerchipYes, As I mentioned earlier, Robbie, we're really focused on the 413 store plan because we have a high degree of confidence that, that addresses all the areas that we think are important to have a viable operator in the markets that we're divesting stores. And we believe the package is really effective in solving for that. So what we shared with the guidance back in October would still be very consistent now in our thinking based on the plans that we're moving forward with. And if obviously, if our plans were to change over time, we would share more details around that. But we feel we've got a really strong plan, and we feel the guidance that we've shared, nothing at this point would say that we have anything that would be a concern to move away from those guidances that we shared. And if anything, I would say, between the work that we've done now to identify the buy with C&S and some of the additional work we've been able to do in planning for the merger with -- in some respects with Albertsons, gives us a high degree of confidence that the plans that we shared are still very much the expectation.OperatorOur final question today comes from Dean Rosenblum from Bernstein.Dean RosenblumI have 2 questions regarding the divested stores. The first question is there's a big debate about whether you guys are going to allow the acquirer now known as C&S to operate the stores under the banners that they're currently operating on. And I guess it's 2-part question there. One is if you -- are you going to allow C&S to operate the stores under their existing banners, yes or no? And if not, do you have any idea what the plan is for C&S in terms of rebranding the stores? And then the second question is you mentioned 160 stores that C&S operates at retail. Can you share some detail on where those stores are actually located? Because there's very little geographic overlap between existing Piggly Wiggly stores and the locations where you've announced the divested stores to be.Gary MillerchipSure. Yes. Thanks for the question. So just to clarify on the bannering, what we shared this morning was that C&S will be provided with 3 banners that we'll be divesting as part of the plan, so Mariano's, QFC and Carrs are all banners that they will be essentially acquiring as part of the divestiture package. And they will also receive a license to operate under the Albertsons banner in 4 states, so that would be California, Colorado, Wyoming and...William Rodney McMullenArizona.Gary MillerchipArizona. Thanks, Rodney. So essentially, C&S, I won't speak for what their plans are. That's obviously their decision to move forward. But they will have the right to be able to use those banners and Albertsons in the 4 states I mentioned and the 3 other banners in any states they choose to use them and operate the stores. So that will be a decision they will make over time. But they would not keep -- if they ultimately buy stores that are different banners than those 4 today, they would need to rebanner those stores over a period of time.William Rodney McMullenAnd the stores they operate, Piggly Wiggly would be in the Midwest and the South, and the Grand Union would be in the Northeast.Gary MillerchipYes. We think that's a compelling part of the plan actually for C&S because it will introduce a new competitor in the markets where they have infrastructure and capability but are able to present a new competitor in that market as well.William Rodney McMullenYes. Thanks, Dean. And thanks, everyone, for all the questions. As always, I'd like to share a few comments directly with our associates listening in. As the back-to-school season gets underway, we want to wish all families good luck on the upcoming school year and acknowledge our own associates who continue their education through our Feed Your Future program. Feed Your Future is our continuing education benefit that provides up to $21,000 for each associate over the course of their career to cover continuing education. We are proud that since the program started in 2018, more than 16,000 associates have utilized this benefit with approximately 91% of these participants are being hourly associates. We're so thankful that you've chosen to grow your career with Kroger, and we're excited to see that number to continue to increase and we've committed to bringing this benefit to Albertsons once we merge as well. And then in closing, overall, Kroger is delivering consistent results, which reflect the strength of our business model that we've talked about in a challenged environment. By managing costs and growing alternative profit streams, we drove earnings growth and generated strong free cash flow again this quarter. We are proud of our ability to deliver these results while creating value for our customers. We are thankful for our incredible associates and their dedication to providing our customers a full, fresh and friendly experience. We are excited about the significant step Kroger has taken to fulfill our merger commitments through the divestiture plan, and we remain committed to fulfilling all the commitments we set out last year when we announced our proposed merger with Albertsons. Thanks again for everyone for joining us today. That concludes today's call.OperatorThis concludes today's call. You may now disconnect your lines.

Thomson Reuters StreetEvents

Q2 2023 Kroger Co Earnings Call

https://finance.yahoo.com/news/q2-2023-kroger-co-earnings-045440597.html

dd651ec7-a467-3235-a03c-2487be21ebc1

CI

What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think Cigna Group (NYSE:CI) has the makings of a multi-bagger going forward, but let's have a look at why that may be.Return On Capital Employed (ROCE): What Is It?For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Cigna Group, this is the formula:Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)0.078 = US$8.0b ÷ (US$150b - US$47b) (Based on the trailing twelve months to June 2023).Therefore, Cigna Group has an ROCE of 7.8%. On its own, that's a low figure but it's around the 9.5% average generated by the Healthcare industry. Check out our latest analysis for Cigna Group roceIn the above chart we have measured Cigna Group's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.How Are Returns Trending?On the surface, the trend of ROCE at Cigna Group doesn't inspire confidence. Around five years ago the returns on capital were 10%, but since then they've fallen to 7.8%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.Story continuesIn Conclusion...Bringing it all together, while we're somewhat encouraged by Cigna Group's reinvestment in its own business, we're aware that returns are shrinking. Although the market must be expecting these trends to improve because the stock has gained 51% over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.On a separate note, we've found 3 warning signs for Cigna Group you'll probably want to know about.While Cigna Group may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

There Are Reasons To Feel Uneasy About Cigna Group's (NYSE:CI) Returns On Capital

https://finance.yahoo.com/news/reasons-feel-uneasy-cigna-groups-120033456.html

c2653c7d-8fa2-35fe-b355-e47cd81f5210

CIB

Investors in Bancolombia S.A. CIB need to pay close attention to the stock based on moves in the options market lately. That is because the Jun 16, 2023 $15.00 Call had some of the highest implied volatility of all equity options today.What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.What do the Analysts Think?Clearly, options traders are pricing in a big move for Bancolombia shares, but what is the fundamental picture for the company? Currently, Bancolombia is a Zacks Rank #3 (Hold) in the Banks - Foreign industry that ranks in the Top 33% of our Zacks Industry Rank. Over the last 60 days, no analysts have increased their earnings estimates for the current quarter, while one has revised the estimates downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from $1.35 per share to $1.49 in that period.Given the way analysts feel about Bancolombia right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.Looking to Trade Options?Check out the simple yet high-powered approach that Zacks Executive VP Kevin Matras has used to close recent double and triple-digit winners. In addition to impressive profit potential, these trades can actually reduce your risk.Click to see the trades now >>Story continuesWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportBanColombia S.A. (CIB) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Are Options Traders Betting on a Big Move in Bancolombia (CIB) Stock?

https://finance.yahoo.com/news/options-traders-betting-big-move-124200271.html

5b401a8c-adef-3ce6-9d6f-7599cd414144

CIB

The stock market is full of opportunities for investors willing to find quality companies that aren’t on the radar of most analysts. There is tremendous upside potential in these , with advantages that can drive them higher over the long term. They are also relatively inexpensive and offer a great entry point for value-conscious investors. While a possible recession has created challenges for most stocks, well seasoned investors take this to mean that unknown millionaire-maker stocks are trading at a discount.These hidden gems often operate in niche areas with innovative products. With that in mind, let’s explore three such unknown millionaire-maker stocks:InvestorPlace - Stock Market News, Stock Advice & Trading TipsBancolombia (CIB)Man calculating finances on calculator. Finance. Finance stocks.Source: wutzkohphoto / ShutterstockBancolombia (NYSE:CIB) is a financial services company that I expect to surge in the coming weeks. The economic uncertainty in the past three years has hurt this stock considerably. Therefore, CIB currently changes hands at around $25 – A steal, compared to its price of $55 prior to Covid-19.Now, what’s the deal with the bank? Surely, there must be a massive caveat here for any company with growing financials to be trading at such a range — and there is! Investors are hesitant to invest in Colombia due to the country’s political instability and overall global market volatility. However, things have calmed down in recent months while share prices remain near periods of peak political instability.With the biggest risk factor priced in, there is significant upside potential going forward. The bank has stable financials with a low assets-to-equity ratio of 9.2 times, a loans-to-asset ratio of 73% and a loans-to-deposit ratio of 101%. The only bad metric here is the level of bad loans at 5.6%, but this is to be expected due to the region’s high poverty levels. Thankfully, the bank makes up for that with its 109% allowance for bad loans.Sun Country Airlines (SNCY)A Sun Country Airlines plane taking off.Source: natmac stock / Shutterstock.comStory continuesSun Country Airlines (NASDAQ:SNCY) is a hybrid low-cost carrier that operates scheduled passenger flights, charters and cargo services. This is a relatively obscure pick, as it has had only two Wall Street ratings this year. However, I think this business deserves much more attention due to the growth it has been delivering. Sun Country is profitable and has a top-line growth rate of around ~30% year-over-year (YOY) for the last three quarters. It is expected to end the year with 19.2% YOY growth and remain above double digits before reaccelerating again to 15.4% in 2025.Furthermore, the resurgence in travel has led to a boom in earnings per share this year, up 332.4%. The EPS growth is expected to remain solid through 2024 and 2025, with 24.2% and 28.9% growth, respectively. With all that growth, one could expect this stock to trade at a substantial premium.However, the forward price-to-earnings ratio here is just 10.74 times.If you hold for a multi-year timeframe, I believe there is massive upside potential here. The margins here are still strong and that growth will likely materialize into significant cash flow in the coming years.CareCloud (CCLD)Healthcare professional in green scrubs standing with arms crossed.Source: ShutterstockConversely, healthcare IT services provider CareCloud (NASDAQ:CCLD) does have some recognition on Wall Street, albeit by smaller firms. Analysts from B. Riley Financial and Maxim have hinted at a mammoth 188.5% upside potential here. EF Hutton also noted an $8.5 price target in May, implying a>170% upside. I believe similar gains are possible due to the tremendous value here.Sure, CareCloud has been battling headwinds with sales disappointing again by falling 15.1% (2.86% miss) and a less-than-rosy EPS miss of 15.1%. But the broader picture shows that this stock has very little downside left and is likely bottoming out soon. Even with the miss, the stock continues to trade sideways and it’s evident that the headwinds have been priced in.CareCloud is expected to put its nose above the water with a modest 2.64% this year and an EPS recovery of 4.5%. This growth will likely remain above double digits for the next two years on average and EPS could recover quickly. For 2024 and 2025, EPS growth is estimated at 39% and 66.7%, respectively. All that growth is yet to be priced in due to its price-to-sales ratio of just 0.36 times, lower than the 1.63 industry median. Thus, CCLD is among the top unknown millionaire-maker stocks to snap up before it gains more traction.On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.Read More: Penny Stocks — How to Profit Without Getting ScammedOn the date of publication, Omor Ibne Ehsan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.Omor Ibne Ehsan is a writer at InvestorPlace. He is a self-taught investor with a focus on growth and cyclical stocks that have strong fundamentals and long-term potential. He also has an interest in high-risk, high-reward investments such as cryptocurrencies and penny stocks. You can follow him on LinkedIn.More From InvestorPlaceBuy This $5 Stock BEFORE This Apple Project Goes LiveWall Street Titan: Here’s My #1 Stock for 2023The $1 Investment You MUST Take Advantage of Right NowIt doesn’t matter if you have $500 or $5 million. Do this now.The post 3 Stocks You Haven’t Heard of That Can Make You a Millionaire appeared first on InvestorPlace.

InvestorPlace

3 Stocks You Haven’t Heard of That Can Make You a Millionaire

https://finance.yahoo.com/news/3-stocks-haven-t-heard-110001929.html

48411f08-d711-3867-951b-69e8bcd54f51

CIEN

Diamond Hill Capital, an investment management company, released its “Mid Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio delivered positive results in the second quarter while modestly trailing the Russell Midcap Index. The healthcare holdings positively contributed to the relative performance while the information technology and materials holdings trailed benchmark peers. The fund returned 6.76% (net) in Q2 compared to 9.10% for the benchmark. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.Diamond Hill Capital Mid Cap Strategy highlighted stocks like Ciena Corporation (NYSE:CIEN) in the second quarter 2023 investor letter. Headquartered in Hanover, Maryland, Ciena Corporation (NYSE:CIEN) provides network and communication infrastructure. On September 6, 2023, Ciena Corporation (NYSE:CIEN) stock closed at $48.74 per share. One-month return of Ciena Corporation (NYSE:CIEN) was 16.99%, and its shares gained 11.10% of their value over the last 52 weeks. Ciena Corporation (NYSE:CIEN) has a market capitalization of $7.287 billion.Diamond Hill Capital Mid Cap Strategy made the following comment about Ciena Corporation (NYSE:CIEN) in its Q2 2023 investor letter:"Other bottom contributors included Ciena Corporation (NYSE:CIEN), Sensata Technologies and Post Holdings. Networking systems company Ciena has faced a significant orders backlog given ongoing supply chain constraints. With those now easing, Ciena has begun fulfilling orders, generating strong fundamentals. However, two of its largest segments — telecommunications and webscale — have begun pushing out orders, leading to concerns those orders could ultimately be cancelled and weighing on shares. However, our long-term fundamental outlook on the company remains favorable, and we anticipate it will work through these near-term issues."work safetySuwin/Shutterstock.comStory continuesCiena Corporation (NYSE:CIEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Ciena Corporation (NYSE:CIEN) at the end of second quarter which was 32 in the previous quarter.We discussed Ciena Corporation (NYSE:CIEN) in another article and shared Giverny Capital Asset Management's views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors. Suggested Articles:12 Best Healthcare ETFs To Buy25 Largest Dams In The WorldTop 25 Spice Producing Countries in the WorldDisclosure: None. This article is originally published at Insider Monkey.

Insider Monkey

Multiple Headwinds Dragged Ciena Corporation (CIEN) in Q2

https://finance.yahoo.com/news/multiple-headwinds-dragged-ciena-corporation-122949922.html

7052e78a-33bf-3cc9-aeaf-d0862e198fa5

CIEN

Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. So what are the best stocks to buy now or put on a watchlist?Continue reading

Investor's Business Daily

These Are The 5 Best Stocks To Buy And Watch Now

https://finance.yahoo.com/m/5f695c14-bc91-363c-995e-e994c1f0807e/these-are-the-5-best-stocks.html

5f695c14-bc91-363c-995e-e994c1f0807e

CIFR

Cipher Mining Inc.NEW YORK, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”), a leading developer and operator of bitcoin mining data centers, today announced that Chief Executive Officer Tyler Page will participate in a fireside chat at the upcoming Needham Virtual Crypto Conference on September 7th.Conference: 3rd Annual Needham Virtual Crypto ConferenceDate: Thursday, September 7, 2023 Presentation Time: 1:30pm Eastern TimeTo register to participate in the presentation, click here.About Cipher Cipher is an emerging technology company focused on the development and operation of bitcoin mining data centers. Cipher is dedicated to expanding and strengthening the Bitcoin network's critical infrastructure. Together with its diversely talented team and strategic partnerships, Cipher aims to be a market leader in bitcoin mining growth and innovation. To learn more about Cipher, please visit https://www.ciphermining.com/.Forward Looking Statements This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations regarding our future results of operations and financial position, business strategy, timing and likelihood of success, potential expansion of bitcoin mining data centers, expectations regarding the operations of mining centers, and management plans and objectives, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions). These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and our management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher's securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, variations in performance across competitors, changes in laws and regulations affecting Cipher's business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 14, 2023, and in Cipher's subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.Story continuesContacts: Investor Contact:Joshua KaneHead of Investor Relations at Cipher [email protected] Contact:Ryan Dicovitsky/Kendal TillDukas Linden Public [email protected]

GlobeNewswire

Cipher Mining Announces Participation in the 3rd Annual Needham Virtual Crypto Conference

https://finance.yahoo.com/news/cipher-mining-announces-participation-3rd-120000133.html

020048f3-6dbf-3d26-9834-4e22852e74dc

CIFR

Cipher Mining Inc.Cipher's Odessa Data CenterOdessa Data Center with recently deployed infrastructure in the foreground.NEW YORK, Sept. 01, 2023 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”) today released its unaudited production and operations update for August 2023.Key HighlightsKey MetricsAugust 2023*BTC Mined357Power Sales Equivalent BTC145BTC Sold355BTC Held519Deployed Mining Rigs68,000Month End Operating Hash Rate (EH/s)6.8*Approximate valuesManagement Commentary In August, Cipher continued to expand operations at its Odessa facility and finished the month with the potential to mine up to 16.1 bitcoin2 per day.“Our team delivered another solid month of production in August,” said Tyler Page, CEO of Cipher. “We saw temperatures and power demand in Texas continue to break records, resulting in the most significant monthly curtailment of the year from our power provider at Odessa. Our operations team continued to overcome challenges as they optimized the performance of our mining rigs in the heat. All rigs are now onsite, and we expect to energize them in early September, which will bring our total self-mining hash rate to 7.2 EH/s and complete the final phase of our Odessa build-out. As in previous months, we have also reported additional monthly power sales as a bitcoin equivalent figure in the table above."“On the corporate side, we also bolstered our treasury management platform this month by adding a $10mm term credit facility with Coinbase. This facility will be available for us to draw on as an additional tool in the future.”Our Odessa Data Center, with recently deployed infrastructure in the foregroundOur Odessa Data Center, with recently deployed infrastructure in the foregroundBitcoin Production and Operations Updates for August 2023Cipher continued to finalize the expansion of the infrastructure and installation of the new Canaan rigs at Odessa, bringing Cipher’s total deployed rig count to approximately 68,000. Cipher produced ~357 BTC in August, representing a ~15% decrease in production relative to the previous month. As part of its regular treasury management process, Cipher sold ~355 BTC in August, ending the month with a balance of ~519 BTC.Story continuesAbout CipherCipher is an emerging technology company focused on the development and operation of bitcoin mining data centers. Cipher is dedicated to expanding and strengthening the Bitcoin network's critical infrastructure. Together with its diversely talented team and strategic partnerships, Cipher aims to be a market leader in bitcoin mining growth and innovation. To learn more about Cipher, please visit https://www.ciphermining.com/Forward Looking StatementsThis press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations regarding our future results of operations and financial position, business strategy, timing and likelihood of success, potential expansion of bitcoin mining data centers, expectations regarding the operations of mining centers, and management plans and objectives, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and our management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 14, 2023, and in Cipher’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.Contacts:Investor Contact:Josh KaneHead of Investor Relations at Cipher [email protected] Contact:Ryan Dicovitsky / Kendal TillDukas Linden Public [email protected] Represents unaudited power sales estimates for the month of August (based on current meter data and nodal prices) divided by the bitcoin price as of August 31, 2023 of ~$25,9332 Assumes network hash rate of 386 EH/s and 920 bitcoins mined per dayA photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c252e951-d5c7-471c-b12a-9861f3862127

GlobeNewswire

Cipher Mining Announces August 2023 Operational Update

https://finance.yahoo.com/news/cipher-mining-announces-august-2023-200500363.html

0b2feb02-f90c-3b2b-b168-c91635f085b7

CINF

Cincinnati Financial Corporation CINF shares have gained 9.4% quarter to date (QTD) compared with the industry’s rally of 5.6%. The Finance sector has risen 2.3% and the Zacks S&P 500 index grown 1.9% in the said time frame. With a market capitalization of $16.7 billion, the average volume of shares traded in the last three months was 0.7 million.Higher level of insured exposures, rate increase, agent-focused business model, consistent cash flow and a solid capital position continue to drive this Zacks Rank #2 (Buy) insurer.The insurer’s earnings have grown 6.8% in the past five years. CINF has a solid surprise history, beating earnings estimates in three of the last four reported quarters, while missed in one, the average surprise being 25.25%.Cincinnati Financial has a VGM Score of B. This helps to identify stocks with the most attractive value, growth and momentum. The insurer targets average value creation ratio of 10% to 13% over the next five-year period. Zacks Investment ResearchImage Source: Zacks Investment Research Will the Bull Run Continue?The Zacks Consensus Estimate for Cincinnati Financial’s 2023 earnings is pegged at $5.00 per share, indicating a 17.9% increase from the year-ago reported figure on 12.2% higher revenues of $9 billion.  The consensus estimate for 2024 earnings is pegged at $5.88 per share, indicating a 17.7% increase from the year-ago reported figure on 3.9% higher revenues of $9.4 billion. The expected long-term earnings growth rate is 17.7%, better than the industry average of 12.1%. It has a Growth Score of B. We expect 2025 bottom line to witness a three-year CAGR of 4.5%.Premium growth initiatives, price increases, agent centric model and a higher level of insured exposures continue to drive net written premiums. We expect 2025 net earned premiums to witness a three-year CAGR of 7.3%.Also, Cincinnati Financial continues to grow its premiums through a disciplined expansion of Cincinnati Re while the division makes a nice contribution to the company’s overall earnings.Cincinnati Financial has been witnessing an increase in net investment income attributable to a rise in interest income from fixed-maturity securities and a decrease in equity portfolio dividends.  The Fed has already made three hikes in 2023, taking the tally to 11 since March 2022.Given its nature of business, the insurer is exposed to catastrophe losses. Yet, banking ion prudent underwriting it has a track of 34 years of favorable reserve development. It also has reinsurance program to limit insured loss.CINF has a solid capital management policy in place. The insurer boasts a track of 62 straight years of dividend rise. This reflects the company’s strong operating performance, the board's positive outlook and confidence in outstanding capital, liquidity and financial flexibility. Its dividend yield of 2.8% is better than the industry average of 0.3%, making the stock an attractive pick for yield-seeking investors. It has a Value Score of B. This style score helps find the most attractive value stocks. Back-tested results have shown that stocks with a Style Score of A or B in combination with a Zacks Rank #1 (Strong Buy) or 2 offer better returns.Story continuesOther Stocks to ConsiderSome other top-ranked stocks from the same space are Arch Capital Group ACGL, Axis Capital Holdings AXS and ProAssurance PRA, each currently sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.Arch Capital’s earnings surpassed estimates in all the last four quarters, the average beat being 26.83%. The stock has gained 2.9% QTD.The Zacks Consensus Estimate for ACGL’s 2023 and 2024 earnings indicates a 38.2% and 10.4% respective year-over-year increase. The expected long-term earnings growth is 10%. The consensus estimate for 2023 and 2024 moved 2.3% and 2.5% in the last 30 days.Axis Capital delivered a trailing four-quarter average earnings surprise of 9.75%. YTD, the stock has gained 3.7%.The Zacks Consensus Estimate for AXS’ 2023 and 2024 earnings indicates a 44.8% and 10.7% respective year-over-year increase. The expected long-term earnings growth is 5%. The consensus estimate for AXS’s 2023 and 2024 earnings has moved up 2.8% and 1.5%, respectively, in the past 30 days.ProAssurance’s earnings surpassed estimates in two of the last four quarters while missed in other two. YTD, the stock has gained 19.8%.The Zacks Consensus Estimate for PRA’s 2024 earnings implies a year-over-year rise of 143.5%. The consensus estimate for PRA’s 2023 and 2024 earnings has moved up 25.9% and 2.5%, respectively, in the past 30 days.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCincinnati Financial Corporation (CINF) : Free Stock Analysis ReportAxis Capital Holdings Limited (AXS) : Free Stock Analysis ReportProAssurance Corporation (PRA) : Free Stock Analysis ReportArch Capital Group Ltd. (ACGL) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Cincinnati Financial (CINF) Gains 9% QTD: Should You Buy It?

https://finance.yahoo.com/news/cincinnati-financial-cinf-gains-9-160500861.html

e43564f4-6d20-35d8-8a09-dc6ebf05e9fc

CINF

Readers hoping to buy Cincinnati Financial Corporation (NASDAQ:CINF) for its dividend will need to make their move shortly, as the stock is about to trade ex-dividend. The ex-dividend date is one business day before a company's record date, which is the date on which the company determines which shareholders are entitled to receive a dividend. The ex-dividend date is an important date to be aware of as any purchase of the stock made on or after this date might mean a late settlement that doesn't show on the record date. Therefore, if you purchase Cincinnati Financial's shares on or after the 15th of September, you won't be eligible to receive the dividend, when it is paid on the 16th of October.The company's next dividend payment will be US$0.75 per share, and in the last 12 months, the company paid a total of US$3.00 per share. Based on the last year's worth of payments, Cincinnati Financial stock has a trailing yield of around 2.9% on the current share price of $105. We love seeing companies pay a dividend, but it's also important to be sure that laying the golden eggs isn't going to kill our golden goose! So we need to investigate whether Cincinnati Financial can afford its dividend, and if the dividend could grow. View our latest analysis for Cincinnati Financial Dividends are typically paid from company earnings. If a company pays more in dividends than it earned in profit, then the dividend could be unsustainable. Cincinnati Financial paid out a comfortable 33% of its profit last year.Generally speaking, the lower a company's payout ratios, the more resilient its dividend usually is.Click here to see the company's payout ratio, plus analyst estimates of its future dividends.historic-dividendHave Earnings And Dividends Been Growing?Stocks in companies that generate sustainable earnings growth often make the best dividend prospects, as it is easier to lift the dividend when earnings are rising. Investors love dividends, so if earnings fall and the dividend is reduced, expect a stock to be sold off heavily at the same time. With that in mind, we're encouraged by the steady growth at Cincinnati Financial, with earnings per share up 6.3% on average over the last five years.Story continuesAnother key way to measure a company's dividend prospects is by measuring its historical rate of dividend growth. In the last 10 years, Cincinnati Financial has lifted its dividend by approximately 6.3% a year on average. It's encouraging to see the company lifting dividends while earnings are growing, suggesting at least some corporate interest in rewarding shareholders.Final TakeawayFrom a dividend perspective, should investors buy or avoid Cincinnati Financial? It has been growing its earnings per share somewhat in recent years, although it reinvests more than half its earnings in the business, which could suggest there are some growth projects that have not yet reached fruition. We think this is a pretty attractive combination, and would be interested in investigating Cincinnati Financial more closely.While it's tempting to invest in Cincinnati Financial for the dividends alone, you should always be mindful of the risks involved. To help with this, we've discovered 1 warning sign for Cincinnati Financial that you should be aware of before investing in their shares.If you're in the market for strong dividend payers, we recommend checking our selection of top dividend stocks.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Cincinnati Financial Corporation (NASDAQ:CINF) Looks Interesting, And It's About To Pay A Dividend

https://finance.yahoo.com/news/cincinnati-financial-corporation-nasdaq-cinf-121104783.html

a0585a29-3af5-329b-aed9-eff778550a54

CING

Cingulate Inc.Data Accepted as Finalist for First Annual Poster AwardsKANSAS CITY, Kan., Sept. 05, 2023 (GLOBE NEWSWIRE) -- Cingulate Inc. (NASDAQ: CING), a biopharmaceutical company utilizing its proprietary Precision Timed Release™ (PTR™) drug delivery platform technology to build and advance a pipeline of next-generation pharmaceutical products, announced the presentation of full results from the Phase 3 adult efficacy and safety trial of its lead candidate, CTx-1301 (dexmethylphenidate), for the treatment of attention deficit/hyperactivity disorder (ADHD) at the 36th Annual Psych Congress, taking place September 6-10, 2023 in Nashville, TN.The poster was accepted as a finalist for the first annual Psych Congress Poster Awards, which will be awarded onsite at the conference. Poster Awards will be on display on Saturday, September 9, from 6:45-8:15pm CT.“Through our ongoing research, we continue to build evidence on the ability of CTx-1301 to offer patients with ADHD a true, once-daily stimulant medication providing entire active-day efficacy with a rapid onset of action and excellent tolerability,” said Shane J. Schaffer, PharmD, Chairman and CEO, Cingulate. “We believe that the Psych Congress’ selection of our Phase 3 data as a finalist for its first-ever Poster Awards demonstrates the importance of our product’s ability to improve treatment for ADHD.”Ann Childress, M.D., President, Center for Psychiatry and Behavior Medicine, Inc., and lead investigator, will present the full results from the Phase 3 CTx-1301-022 trial.Presentation Details: Poster Title: A Phase 3, Dose-Optimized, Double-Blind, Placebo Controlled, Single-Center, Parallel Efficacy and Safety Laboratory Classroom Study in Adults with Attention Deficit/Hyperactivity Disorder (ADHD) Using CTx-1301 (dexmethylphenidate)Presenter Name: Ann Childress, M.D.Poster Number: 1596317Date/Time: September 9, 2023, from 6:45-8:00pm CTLocation: Nashville Music City Center in the Karl Dean Ballroom, section A2Story continuesCTx-1301 is a novel, investigational treatment being developed as a true, once-daily stimulant medication for ADHD, upon approval from the U.S. Food and Drug Administration (FDA).Last month Cingulate released top-line data from the Phase 3 CTx-1301-022 study (NCT05631626), which assessed efficacy and safety along with onset and duration of CTx-1301 in 21 adults (age range: 18-55 years) with ADHD in an adult laboratory classroom setting. The data demonstrated a trend towards significance in improving ADHD symptoms with a rapid onset of action and entire active-day duration.In addition to the Phase 3 adult dose-optimization study, Cingulate initiated its pivotal Phase 3 fixed-dose pediatric and adolescent study in July 2023, as well as a dose-optimization onset and duration study in pediatric patients in August 2023. Assuming positive clinical results from the Phase 3 trials, Cingulate plans to submit a New Drug Application (NDA) for CTx-1301 in the second half of 2024 under the Section 505(b)(2) pathway.About Attention Deficit/Hyperactivity Disorder (ADHD)ADHD is a chronic neurobiological and developmental disorder that affects millions of children and often continues into adulthood. The condition is marked by an ongoing pattern of inattention and/or hyperactivity-impulsivity that interferes with functioning or development. In the U.S., approximately 6.4 million children and adolescents (11 percent) aged under the age of 18 have been diagnosed with ADHD. Among this group, approximately 80 percent receive treatment, with 65-90 percent demonstrating clinical ADHD symptoms that persist into adulthood. Adult ADHD prevalence is estimated at approximately 11 million patients (4.4 percent), almost double the size of the child and adolescent segment combined, however, only an estimated 20 percent receive treatment.About the CTx-1301 Phase 3 Adult Dose-Optimization StudyThe first Phase 3 study (CTx-1301-022, NCT05631626) for CTx-1301 was a single-center, dose-optimized, double-blind, randomized, placebo-controlled, parallel efficacy and safety adult laboratory classroom (ALC) study of CTx-1301 in 21 adults (age range: 18-55 years) with ADHD. The study was comprised of a screening period, a dose-optimization phase, a double-blind randomized phase, and a seven-day safety follow-up period. Subjects underwent a screening visit prior to entering a five-week dose-optimization phase. During the dose-optimization phase, subjects had weekly visits and were titrated to doses ranging between 25 mg and 50 mg of CTx-1301. Cingulate utilized an ALC, which enabled it to facilitate repeated assessments over the course of a day to evaluate the onset and duration of efficacy provided by CTx-1301. Eligible subjects were randomized to their optimal dose or placebo in a 1:1 ratio after completing a practice visit with four Product Measure of Performance (PERMP) assessments. Subjects took their assigned/randomized dose over the following seven-day period. On the seventh day, subjects completed a full ALC visit. The duration of the full ALC visit was approximately 17 hours. Subjects had an in-clinic safety follow-up visit within seven days after the full ALC visit.The primary objective of CTx-1301-022 was to evaluate the efficacy of CTx-1301 compared to placebo in treating adults with ADHD in an ALC study. Secondary objectives included determination of the onset and duration of clinical effect of CTx-1301 in treating ADHD in adults in an ALC study and to determine safety and tolerability of CTx-1301 compared to placebo. The study also evaluated the quality and satisfaction of prior medication to CTx-1301. The Phase 3 clinical trial program for CTx-1301 is being conducted in the U.S. and is instrumental for the filing of the NDA to the FDA, expected in the second half of 2024.About CTx-1301Cingulate’s lead candidate, CTx-1301, utilizes Cingulate’s proprietary PTR drug delivery platform to create a breakthrough, multi-core formulation of the active pharmaceutical ingredient dexmethylphenidate, a compound approved by the FDA for the treatment of ADHD. Dexmethylphenidate is part of the stimulant class of medicines and increases norepinephrine and dopamine activity in the brain to affect attention and behavior. While stimulants are the gold-standard of ADHD treatment due to their efficacy and safety, the long-standing challenge remains, providing patients entire active-day duration of action. CTx-1301 is designed to precisely deliver three releases of medication at the predefined time, ratio, and style of release to optimize patient care in one tablet. The result is a rapid onset and entire active-day efficacy, with the third dose being released around the time when other extended-release stimulant products begin to wear off.About Precision Timed Release™ (PTR™) Platform TechnologyCingulate is developing ADHD and anxiety disorder product candidates capable of achieving true once-daily dosing using Cingulate’s innovative PTR drug delivery platform technology. It incorporates a proprietary Erosion Barrier Layer (EBL) providing control of drug release at precise, pre-defined times with no release of drug prior to the intended release. The EBL technology is enrobed around a drug-containing core to give a tablet-in-tablet dose form. It is designed to erode at a controlled rate until eventually the drug is released from the core tablet. The EBL formulation, Oralogik™, is licensed from BDD Pharma.Cingulate intends to utilize its PTR technology to expand and augment its clinical-stage pipeline by identifying and developing additional product candidates in other therapeutic areas in addition to Anxiety and ADHD where one or more active pharmaceutical ingredients need to be delivered several times a day at specific, predefined time intervals and released in a manner that would offer significant improvement over existing therapies. To see Cingulate’s PTR Platform click here.About Cingulate Inc.Cingulate Inc. (NASDAQ: CING), is a biopharmaceutical company utilizing its proprietary PTR drug delivery platform technology to build and advance a pipeline of next-generation pharmaceutical products, designed to improve the lives of patients suffering from frequently diagnosed conditions characterized by burdensome daily dosing regimens and suboptimal treatment outcomes. With an initial focus on the treatment of ADHD, Cingulate is identifying and evaluating additional therapeutic areas where PTR technology may be employed to develop future product candidates, including to treat anxiety disorders. Cingulate is headquartered in Kansas City. For more information visit Cingulate.com.Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include all statements, other than statements of historical fact, regarding our current views and assumptions with respect to future events regarding our business, including statements with respect to our plans, assumptions, expectations, beliefs and objectives with respect to product development, clinical studies, clinical and regulatory timelines, market opportunity, competitive position, business strategies, potential growth opportunities and other statements that are predictive in nature. These statements are generally identified by the use of such words as “may,” “could,” “should,” “would,” “believe,” “anticipate,” “forecast,” “estimate,” “expect,” “intend,” “plan,” “continue,” “outlook,” “will,” “potential” and similar statements of a future or forward-looking nature. Readers are cautioned that any forward-looking information provided by us or on our behalf is not a guarantee of future performance. Actual results may differ materially from those contained in these forward-looking statements as a result of various factors disclosed in our filings with the Securities and Exchange Commission (SEC), including the “Risk Factors” section of our Annual Report on Form 10-K filed with the SEC on March 10, 2023. All forward-looking statements speak only as of the date on which they are made, and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.Investor Relations:Thomas DaltonVice President, Investor & Public Relations, [email protected](913) 942-2301Matt KrepsDarrow [email protected] (214) 597-8200Media Relations:Melyssa WeibleElixir Health Public [email protected] (201) 723-5805CING-US-128-0924

GlobeNewswire

Cingulate Announces Presentation of Full Trial Results from Phase 3 Adult Efficacy and Safety Trial of CTx-1301 (dexmethylphenidate) for ADHD at Psych Congress 2023

https://finance.yahoo.com/news/cingulate-announces-presentation-full-trial-120000176.html

ae505e53-402e-32cb-8366-7000d10bb9dc

CING

Cingulate Inc.Conversion Follows $1.0 Million Capital Investment in August 2023KANSAS CITY, Kan., Sept. 08, 2023 (GLOBE NEWSWIRE) -- Cingulate Inc. (NASDAQ: CING) (Cingulate), a biopharmaceutical company utilizing its proprietary Precision Timed Release™ (PTR™) drug delivery platform technology to build and advance a pipeline of next-generation pharmaceutical products, announced today that Werth Family Investment Associates, LLC (“WFIA”), the manager of which is Peter J. Werth, a member of the Cingulate board of directors, has converted $5.8 million of debt and accrued interest into Cingulate equity, at a conversion price of $0.85 per share. The closing price of Cingulate’s common stock on Nasdaq on September 8, 2023 was $0.5776 per share. The debt conversion follows WFIA’s purchase of $1.0 million of Cingulate common stock in a private placement transaction in August 2023.  Cingulate, Cingulate Therapeutics LLC (CTx) and WFIA entered into a Note Conversion Agreement on September 8, 2023, pursuant to which WFIA agreed to convert $5.0 million of principal under its outstanding notes, plus all accrued interest thereon, or $5.8 million total, into pre-funded warrants (“Pre-Funded Warrants”) to purchase 6,838,235 shares of Cingulate’s common stock. The Pre-Funded Warrants have no expiration date and are exercisable immediately at an exercise price of $0.0001 per share, subject to a beneficial ownership blocker of 19.99%. Following the conversion, $3.0 million in principal plus $0.1 million in accrued interest remained outstanding under the WFIA note which matures in August 2025.The offer and sale of the securities described above are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants, have not been registered under the Act, or applicable state securities laws. Accordingly, the securities issued in the private placement and the shares of common stock underlying the warrants may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.Story continuesThis press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.About Attention Deficit/Hyperactivity Disorder (ADHD)ADHD is a chronic neurobiological and developmental disorder that affects millions of children and often continues into adulthood. The condition is marked by an ongoing pattern of inattention and/or hyperactivity-impulsivity that interferes with functioning or development. In the U.S., approximately 6.4 million children and adolescents (11 percent) aged under the age of 18 have been diagnosed with ADHD. Among this group, approximately 80 percent receive treatment, with 65-90 percent demonstrating clinical ADHD symptoms that persist into adulthood. Adult ADHD prevalence is estimated at approximately 11 million patients (4.4 percent), almost double the size of the child and adolescent segment combined, however, only an estimated 20 percent receive treatment.About CTx-1301Cingulate’s lead candidate, CTx-1301, utilizes Cingulate’s proprietary PTR drug delivery platform to create a breakthrough, multi-core formulation of the active pharmaceutical ingredient dexmethylphenidate, a compound approved by the FDA for the treatment of ADHD. Dexmethylphenidate is part of the stimulant class of medicines and increases norepinephrine and dopamine activity in the brain to affect attention and behavior. While stimulants are the gold-standard of ADHD treatment due to their efficacy and safety, the long-standing challenge remains, providing patients entire active-day duration of action. CTx-1301 is designed to precisely deliver three releases of medication at the predefined time, ratio, and style of release to optimize patient care in one tablet. The result is a rapid onset and entire active-day efficacy, with the third dose being released around the time when other extended-release stimulant products begin to wear off.About Precision Timed Release™ (PTR™) Platform TechnologyCingulate is developing ADHD and anxiety disorder product candidates capable of achieving true once-daily dosing using Cingulate’s innovative PTR drug delivery platform technology. It incorporates a proprietary Erosion Barrier Layer (EBL) providing control of drug release at precise, pre-defined times with no release of drug prior to the intended release. The EBL technology is enrobed around a drug-containing core to give a tablet-in-tablet dose form. It is designed to erode at a controlled rate until eventually the drug is released from the core tablet. The EBL formulation, Oralogik™, is licensed from BDD Pharma.Cingulate intends to utilize its PTR technology to expand and augment its clinical-stage pipeline by identifying and developing additional product candidates in other therapeutic areas in addition to Anxiety and ADHD where one or more active pharmaceutical ingredients need to be delivered several times a day at specific, predefined time intervals and released in a manner that would offer significant improvement over existing therapies. To see Cingulate’s PTR Platform click here.About Cingulate Inc.Cingulate Inc. (NASDAQ: CING), is a biopharmaceutical company utilizing its proprietary PTR drug delivery platform technology to build and advance a pipeline of next-generation pharmaceutical products, designed to improve the lives of patients suffering from frequently diagnosed conditions characterized by burdensome daily dosing regimens and suboptimal treatment outcomes. With an initial focus on the treatment of ADHD, Cingulate is identifying and evaluating additional therapeutic areas where PTR technology may be employed to develop future product candidates, including to treat anxiety disorders. Cingulate is headquartered in Kansas City. For more information visit Cingulate.com.Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include all statements, other than statements of historical fact, regarding our current views and assumptions with respect to future events regarding our business, including statements with respect to our plans, assumptions, expectations, beliefs and objectives with respect to product development, clinical studies, clinical and regulatory timelines, market opportunity, competitive position, business strategies, potential growth opportunities and other statements that are predictive in nature. These statements are generally identified by the use of such words as “may,” “could,” “should,” “would,” “believe,” “anticipate,” “forecast,” “estimate,” “expect,” “intend,” “plan,” “continue,” “outlook,” “will,” “potential” and similar statements of a future or forward-looking nature. Readers are cautioned that any forward-looking information provided by us or on our behalf is not a guarantee of future performance. Actual results may differ materially from those contained in these forward-looking statements as a result of various factors disclosed in our filings with the Securities and Exchange Commission (SEC), including the “Risk Factors” section of our Annual Report on Form 10-K filed with the SEC on March 10, 2023. All forward-looking statements speak only as of the date on which they are made, and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.Investor Relations: Media RelationsMatt KrepsThomas DaltonMelyssa WeibleDarrow AssociatesVice President, Investor & Public Relations, CingulateElixir Health Public [email protected]@[email protected](214) 597-8200(913) 942-2301(201) 723-5805   CING-US-128-0824

GlobeNewswire

Werth Family Investment Associates Converts $5.8 Million of Debt into Cingulate Equity at a Premium

https://finance.yahoo.com/news/werth-family-investment-associates-converts-203100195.html

35f9bde6-32a0-3a50-a0d7-ef967e4a8638

CION

Reports Another Solid Quarterly Performance, Out Earning the Distribution by 26% and Achieving a $0.20 per Share Increase in Net Asset ValueAnnounces Third Quarter 2023 Base Distribution of $0.34 per ShareAnnounces Total Supplemental Distribution of $0.10 per ShareNEW YORK, August 09, 2023--(BUSINESS WIRE)--CION Investment Corporation (NYSE: CION) ("CION" or the "Company") today reported financial results for the second quarter ended June 30, 2023 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.CION also announced that, on August 7, 2023, its co-chief executive officers declared (i) a third quarter 2023 regular distribution of $0.34 per share payable on September 15, 2023 to shareholders of record as of September 1, 2023 and (ii) a supplemental distribution of $0.05 per share for both the third and fourth quarters of 2023, payable on October 16, 2023 and January 15, 2024, respectively, to shareholders of record as of September 29, 2023 and December 29, 2023, respectively.SECOND QUARTER AND OTHER HIGHLIGHTSNet investment income and earnings per share for the quarter ended June 30, 2023 were $0.43 per share and $0.51 per share, respectively;Net asset value per share was $15.31 as of June 30, 2023 compared to $15.11 as of March 31, 2023, an increase of $0.20 per share, or 1.3%. The increase was primarily due to the Company out earning its distribution for the period and mark-to-market adjustments to the Company’s portfolio;As of June 30, 2023, the Company had $986 million of total principal amount of debt outstanding, of which 71% was comprised of senior secured bank debt and 29% was comprised of unsecured debt. The Company’s net debt-to-equity ratio was 1.04x as of June 30, 2023 compared to 1.02x as of March 31, 2023;As of June 30, 2023, the Company had total investments at fair value of $1,688 million in 112 portfolio companies across 24 industries. The investment portfolio was comprised of 89.3% senior secured loans, including 87.0% in first lien investments;1During the quarter, the Company funded new investment commitments of $62 million, funded previously unfunded commitments of $8 million, and had sales and repayments totaling $55 million, resulting in a net increase to the Company's funded portfolio of $15 million;As of June 30, 2023, investments on non-accrual status amounted to 1.7% and 4.8% of the total investment portfolio at fair value and amortized cost, respectively;During the quarter, the Company repurchased 328,628 shares of its common stock under its 10b5-1 trading plan at an average price of $9.81 per share for a total repurchase amount of $3.2 million. Through June 30, 2023, the Company repurchased a total of 2,325,622 shares of its common stock under its 10b5-1 trading plan at an average price of $9.57 per share for a total repurchase amount of $22.3 million and;During the quarter, the Company amended its senior secured credit facilities with JPMorgan Chase Bank, National Association and UBS AG to, among other things, extend the maturity from May 15, 2024 and November 19, 2023, respectively, to May 15, 2025 and November 19, 2024, respectively.Story continuesDISTRIBUTIONSFor the quarter ended June 30, 2023, the Company paid a regular quarterly distribution totaling $18.6 million, or $0.34 per share.Michael A. Reisner, co-Chief Executive Officer of CION, commented:"Our quarterly earnings showed continued strength, with NII of $0.43 per share, which once again outperformed our base distribution of $0.34 per share. Moreover, our NAV grew by over 1%, or approximately $0.20 per share.Our portfolio's credit quality is solid, with many softer credit positions from last quarter related to consumer-facing businesses already restructured. Looking forward, we expect non-accruals to align more closely with our historical average of below 1% on a pro-forma basis.Amid recent market uncertainties, our share buyback program has capitalized on attractive market price discounts to our NAV per share, supported by our strong balance sheet. Recognizing the significant undervaluation of our shares, we have already repurchased 666,657 shares in 2023, reaffirming our confidence in the company's future growth and potential.Given our continued strong financial performance, we have declared a supplemental distribution of $0.05/share for both Q3 and Q4."Looking ahead, CION is confidently positioned to deliver robust returns to shareholders."SELECTED FINANCIAL HIGHLIGHTSAs of(in thousands, except per share data)June 30, 2023March 31, 2023Investment portfolio, at fair value1$1,687,691$1,657,026Total debt outstanding2$985,712$1,010,712Net assets$836,364$830,310Net asset value per share$15.31$15.11Debt-to-equity1.18x1.22xNet debt-to-equity1.04x1.02xThree Months Ended(in thousands, except share and per share data)June 30, 2023March 31, 2023Total investment income$58,496$64,975Total operating expenses and income tax expense$35,080$35,117Net investment income after taxes$23,416$29,858Net realized losses$(18,928)$(4,525)Net unrealized gains (losses)$23,406$(56,378)Net increase (decrease) in net assets resulting from operations$27,894$(31,045)Net investment income per share$0.43$0.54Net realized and unrealized gains (losses) per share$0.08$(1.10)Earnings per share$0.51$(0.56)Weighted average shares outstanding54,788,74055,109,482Distributions declared per share$0.34$0.34Total investment income for the three months ended June 30, 2023 and March 31, 2023 was $58.5 million and $65.0 million, respectively. The decrease in investment income was primarily driven by a decrease in dividend income from certain investments and fees generated from investment activity, partially offset by an increase in SOFR and LIBOR rates, during the three months ended June 30, 2023 compared to the three months ended March 31, 2023.Operating expenses for the three months ended June 30, 2023 and March 31, 2023 were $35.1 million. During the quarter ended June 30, 2023, the Company incurred higher interest expense due to an increase in SOFR and LIBOR rates which was offset by lower advisory fees as compared to the quarter ended March 31, 2023.PORTFOLIO AND INVESTMENT ACTIVITY1A summary of the Company's investment activity for the three months ended June 30, 2023 is as follows:New Investment CommitmentsSales and RepaymentsInvestment Type$ in Thousands%of Total$ in Thousands%of TotalSenior secured first lien debt$62,77990%$54,498100%Senior secured second lien debt——5—Collateralized securities and structured products - equity——96—Unsecured debt4,2006%——Equity2,9064%——Total$69,885100%$54,599100%During the three months ended June 30, 2023, new investment commitments were made across 4 new and 8 existing portfolio companies. During the same period, the Company received the full repayment of a loan from one portfolio company. As a result, the number of portfolio companies increased from 109 as of March 31, 2023 to 112 as of June 30, 2023.PORTFOLIO SUMMARY1As of June 30, 2023, the Company’s investments consisted of the following:Investments at Fair ValueInvestment Type$ inThousands%of TotalSenior secured first lien debt$1,468,63087.0%Senior secured second lien debt39,5442.3%Collateralized securities and structured products - equity1,0460.1%Unsecured debt17,3011.0%Equity161,1709.6%Total$1,687,691100.0%The following table presents certain selected information regarding the Company’s investments:As ofJune 30, 2023March 31, 2023Number of portfolio companies112109Percentage of performing loans bearing a floating rate392.2 %92.8 %Percentage of performing loans bearing a fixed rate37.8 %7.2 %Yield on debt and other income producing investments at amortized cost412.38 %11.97 %Yield on performing loans at amortized cost413.10 %12.90 %Yield on total investments at amortized cost11.45 %11.18 %Weighted average leverage (net debt/EBITDA)54.83x5.11xWeighted average interest coverage52.00x2.07xMedian EBITDA6$35.0 million$35.0 millionAs of June 30, 2023, investments on non-accrual status represented 1.7% and 4.8% of the total investment portfolio at fair value and amortized cost, respectively. As of March 31, 2023, investments on non-accrual status represented 3.5% and 6.8% of the total investment portfolio at fair value and amortized cost, respectively.LIQUIDITY AND CAPITAL RESOURCESAs of June 30, 2023, the Company had $986 million of total principal amount of debt outstanding, comprised of $700 million of outstanding borrowings under its senior secured credit facilities and $286 million of unsecured notes and term loans. The combined weighted average interest rate on debt outstanding was 7.9% for the quarter ended June 30, 2023. As of June 30, 2023, the Company had $112 million in cash and short-term investments and $125 million available under its financing arrangements.2EARNING CONFERENCE CALLCION will host an earnings conference call on Wednesday, August 9, 2023 at 11:00 am Eastern Time to discuss its financial results for the second quarter ended June 30, 2023. Please visit the Investor Resources - Events and Presentations section of the Company’s website at www.cionbdc.com for a slide presentation that complements the earnings conference call.All interested parties are invited to participate via telephone or listen via the live webcast, which can be accessed by clicking the following link: CION Investment Corporation Second Quarter 2023 Financial Results Webcast. Domestic callers can access the conference call by dialing (877) 484-6065. International callers can access the conference call by dialing +1 (201) 689-8846. All callers are asked to dial in approximately 10 minutes prior to the call. An archived replay will be available on a webcast link located in the Investor Resources - Events and Presentations section of CION’s website.ENDNOTESThe discussion of the investment portfolio excludes short-term investments.Total debt outstanding excludes netting of debt issuance costs of $9.0 million and $8.3 million as of June 30, 2023 and March 31, 2023, respectively.The fixed versus floating composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, on non-accrual status.Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual status) at amortized cost. This calculation excludes exit fees that are receivable upon repayment of the investment.For a particular portfolio company, the Company calculates the level of contractual indebtedness net of cash ("net debt") owed by the portfolio company and compares that amount to measures of cash flow available to service the net debt. To calculate net debt, the Company includes debt that is both senior and pari passu to the tranche of debt owned by it but excludes debt that is legally and contractually subordinated in ranking to the debt owned by the Company. The Company believes this calculation method assists in describing the risk of its portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by the Company relative to other senior and junior creditors of a portfolio company. The Company typically calculates cash flow available for debt service at a portfolio company by taking EBITDA for the trailing twelve-month period. Weighted average net debt to EBITDA is weighted based on the fair value of the Company's performing debt investments and excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.For a particular portfolio company, the Company also calculates the level of contractual interest expense owed by the portfolio company and compares that amount to EBITDA ("interest coverage ratio"). The Company believe this calculation method assists in describing the risk of its portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of the Company's performing debt investments, excluding investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.Portfolio company statistics, including EBITDA, are derived from the financial statements most recently provided to the Company for each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by the Company and may reflect a normalized or adjusted amount.Median EBITDA is calculated based on the portfolio company's EBITDA as of the Company's initial investment.CION Investment CorporationConsolidated Balance Sheets(in thousands, except share and per share amounts)June 30, 2023March 31, 2023(unaudited)(unaudited)AssetsInvestments, at fair value:Non-controlled, non-affiliated investments (amortized cost of $1,583,865 and $1,576,870, respectively)$1,510,372$1,479,976Non-controlled, affiliated investments (amortized cost of $204,248 and $169,539, respectively)198,084162,785Controlled investments (amortized cost of $76,900)80,00680,591Total investments, at fair value (amortized cost of $1,823,309 and $1,803,609, respectively)1,788,4621,723,352Cash11,51596,016Interest receivable on investments33,20027,333Receivable due on investments sold and repaid9973,239Prepaid expenses and other assets6084,552Total assets$1,834,782$1,854,492Liabilities and Shareholders' EquityLiabilitiesFinancing arrangements (net of unamortized debt issuance costs of $8,976 and $8,316, respectively)$976,737$1,002,396Accounts payable and accrued expenses1,3441,075Interest payable8,1837,007Accrued management fees6,5466,676Accrued subordinated incentive fee on income4,9676,334Accrued administrative services expense574694Share repurchases payable67—Total liabilities998,4181,024,182Shareholders' EquityCommon stock, $0.001 par value; 500,000,000 shares authorized; 54,645,571 and 54,961,455 shares issued, and 54,632,827 and 54,961,455 shares outstanding, respectively5555Capital in excess of par value1,037,7291,040,955Accumulated distributable losses(201,420)(210,700)Total shareholders' equity836,364830,310Total liabilities and shareholders' equity$1,834,782$1,854,492Net asset value per share of common stock at end of period$15.31$15.11CION Investment CorporationConsolidated Statements of Operations(in thousands, except share and per share amounts)Three Months EndedJune 30,Six Months EndedJune 30,Year EndedDecember 31,20232022202320222022(unaudited)(unaudited)(unaudited)(unaudited)Investment incomeNon-controlled, non-affiliated investmentsInterest income$47,117$31,749$89,885$62,743$140,560Paid-in-kind interest income4,2974,6139,1289,21922,737Fee income1,1542,5542,2973,5039,019Dividend income———46103Non-controlled, affiliated investmentsInterest income1,7341,5454,2082,5685,865Dividend income52533,9335379Paid-in-kind interest income1,7518743,4822,3196,204Fee income477132,397506525Controlled investmentsDividend income——4,250—1,275Interest income1,9141,7423,8913,8696,049Paid-in-kind interest income—409—4092,482Total investment income58,49643,552123,47185,235194,898Operating expensesManagement fees6,5466,83913,22213,49427,361Administrative services expense9107811,7471,5013,348Subordinated incentive fee on income4,9654,09111,3008,22418,710General and administrative2,0741,7124,0293,9347,278Interest expense20,46710,84139,77619,30049,624Total operating expenses34,96224,26470,07446,453106,321Net investment income before taxes23,53419,28853,39738,78288,577Income tax expense, including excise tax118—12311372Net investment income after taxes23,41619,28853,27438,77188,205Realized and unrealized (losses) gainsNet realized (losses) gains on:Non-controlled, non-affiliated investments(18,928)180(23,453)208(11,217)Non-controlled, affiliated investments———(97)(21,530)Foreign currency————(3)Net realized (losses) gains(18,928)180(23,453)111(32,750)Net change in unrealized appreciation (depreciation) on:Non-controlled, non-affiliated investments23,396(17,482)(17,690)(24,977)(19,807)Non-controlled, affiliated investments595(1,577)(9,695)(5,357)13,523Controlled investments(585)(1,675)(5,587)(1,925)970Net change in unrealized appreciation (depreciation)23,406(20,734)(32,972)(32,259)(5,314)Net realized and unrealized gains (losses)4,478(20,554)(56,425)(32,148)(38,064)Net increase (decrease) in net assets resulting from operations$27,894$(1,266)$(3,151)$6,623$50,141Per share information—basic and dilutedNet increase (decrease) in net assets per share resulting from operations$0.51$(0.02)$(0.06)$0.12$0.89Net investment income per share$0.43$0.34$0.97$0.68$1.56Weighted average shares of common stock outstanding54,788,74056,958,44054,948,22556,958,44056,556,510ABOUT CION INVESTMENT CORPORATIONCION Investment Corporation is a leading publicly listed business development company that had approximately $1.8 billion in total assets as of June 30, 2023. CION seeks to generate current income and, to a lesser extent, capital appreciation for investors by focusing primarily on senior secured loans to U.S. middle-market companies. CION is advised by CION Investment Management, LLC, a registered investment adviser and an affiliate of CION. For more information, please visit www.cionbdc.com.FORWARD-LOOKING STATEMENTSThis press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "target," "estimate," "intend," "continue," or "believe" or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss CION’s plans, strategies, prospects and expectations concerning its business, operating results, financial condition and other similar matters. These statements represent CION’s belief regarding future events that, by their nature, are uncertain and outside of CION’s control. There are likely to be events in the future, however, that CION is not able to predict accurately or control. Any forward-looking statement made by CION in this press release speaks only as of the date on which it is made. Factors or events that could cause CION’s actual results to differ, possibly materially from its expectations, include, but are not limited to, the risks, uncertainties and other factors CION identifies in the sections entitled "Risk Factors" and "Forward-Looking Statements" in filings CION makes with the SEC, and it is not possible for CION to predict or identify all of them. CION undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.OTHER INFORMATIONThe information in this press release is summary information only and should be read in conjunction with CION’s Quarterly Report on Form 10-Q, which CION filed with the SEC on August 9, 2023, as well as CION’s other reports filed with the SEC. A copy of CION’s Quarterly Report on Form 10-Q and CION’s other reports filed with the SEC can be found on CION’s website at www.cionbdc.com and the SEC’s website at www.sec.gov.View source version on businesswire.com: https://www.businesswire.com/news/home/20230809867159/en/ContactsMedia Susan [email protected] Relations 1-800-343-3736Analysts and Institutional Investors James CarbonaraHayden IR(646)[email protected]

Business Wire

CION Investment Corporation Reports Second Quarter 2023 Financial Results

https://finance.yahoo.com/news/cion-investment-corporation-reports-second-120000240.html

dfbd0727-49c9-3036-a560-747e6386f94e

CION

NEW YORK, September 07, 2023--(BUSINESS WIRE)--CION Investment Corporation (NYSE: CION) ("CION") today announced a one-year extension to its existing $60 million share repurchase program through August 29, 2024, under which CION will continue to support the trading of its common shares and seek to drive long-term shareholder value.The share repurchase program authorizes CION to repurchase up to $60 million of its common shares, of which approximately $37.0 million remains available. CION had repurchased a total of approximately 2,325,622 of its common shares for an aggregate purchase price of approximately $22.0 million from the commencement of the share repurchase program on August 17, 2022 through June 30, 2023.Repurchases under CION's share repurchase program may be made either in the open market or through private transactions, including under CION’s Rule 10b5-1 trading plan, subject to market conditions and applicable legal requirements. CION has no obligation to repurchase shares, and the share repurchase program may be suspended or discontinued by CION at any time.ABOUT CION INVESTMENT CORPORATIONCION Investment Corporation is a leading publicly listed business development company that had approximately $1.8 billion in assets as of June 30, 2023. CION seeks to generate current income and, to a lesser extent, capital appreciation for investors by focusing primarily on senior secured loans to U.S. middle-market companies. CION is advised by CION Investment Management, LLC, a registered investment adviser and an affiliate of CION. For more information, please visit www.cionbdc.com.OTHER INFORMATIONThe information in this press release is summary information only and should be read in conjunction with CION’s Current Report on Form 8-K, which CION filed with the SEC on September 7, 2023, as well as CION’s other reports filed with the SEC. A copy of CION’s Current Report on Form 8-K and CION’s other reports filed with the SEC can be found on CION’s website at www.cionbdc.com and the SEC’s website at www.sec.gov.Story continuesView source version on businesswire.com: https://www.businesswire.com/news/home/20230907114870/en/ContactsMedia Susan [email protected] Investor Relations 1-800-343-3736Analysts and Institutional Investors James CarbonaraHayden IR(646)[email protected]

Business Wire

CION Investment Corporation Announces Extension of Existing $60 Million Share Repurchase Program

https://finance.yahoo.com/news/cion-investment-corporation-announces-extension-120000149.html

79cb4528-824d-3615-88b8-fa2c8baa81e1

CIVI

Report Highlights Company's Progress on Ambitious Sustainability CommitmentsDENVER, Aug. 7, 2023 /PRNewswire/ -- Civitas Resources, Inc. (NYSE: CIVI) released its second Corporate Sustainability Report, which highlights the progress made in 2022 related to environmental, social, and governance factors, and details how Civitas continues to build on its already robust sustainability approach and practices. The new report can be found on the company's sustainability page: Sustainability: Protecting Colorado's Environment | Civitas Resources2023 Sustainability Report"Two years ago, we set ambitious goals for Civitas Resources around our future performance and priorities as an industry leader," said Civitas President and CEO M. Chris Doyle. "This year, we continued to build on our commitment to safe operations, the environment, and the communities where we operate. As such, we continue to distinguish ourselves among exploration and production companies as a sustainability leader with bold actions."Some of Civitas' major sustainability milestones and initiatives captured in this year's report include the company's new commitment to reduce its scope 1 greenhouse gas emissions by 50 percent by 2027 against a 2021 baseline, enhanced data sourcing and management capabilities, a companywide retrofit of its natural gas pneumatic devices, the launch of the Civitas Community Foundation, and improvements in the diversity of the company's board.Some of the company's additional 2022 sustainability highlights include the following:Equipped more than 90 locations with over 100 real-time air monitoring stations, operating 24/7Committed to voluntarily plug 42 wells orphaned by previous operators – making up 10% of all Colorado orphan wells as of January 1, 2022Achieved zero routine flaring as of January 2022Maintained an annual Total Recordable Incident Rate (TRIR) of 0.26Contributed ~1.8MM to local social causes and humanitarian aidPublished Human Rights and Biodiversity policiesStory continuesThe publication of this report coincides with Civitas' evolution from being Colorado's largest pure-play operator to extending the Company's asset base into the Permian and Delaware basins. Civitas aspires to bring the same level of rigor in measurement and disclosure to these new assets as it has for all the Company's assets across its footprint to date.About Civitas Resources, Inc.Civitas Resources, Inc. is an independent, domestic oil and natural gas producer developing premier assets in the Denver-Julesburg (DJ) and Permian basins. The Company has a proven business model combining capital discipline, a strong balance sheet, sustainable cash flow generation, and peer-leading cash returns to shareholders. Civitas employs leading ESG practices and is Colorado's first carbon neutral oil and gas producer. For more information about Civitas, please visit www.civitasresources.com.Contact: Rich Coolidge [email protected] original content to download multimedia:https://www.prnewswire.com/news-releases/civitas-resources-releases-2023-corporate-sustainability-report-301894800.htmlSOURCE Civitas Resources, Inc.

PR Newswire

Civitas Resources Releases 2023 Corporate Sustainability Report

https://finance.yahoo.com/news/civitas-resources-releases-2023-corporate-180000295.html

50a68970-2e63-3b0f-bb9d-ab2ea73a1a15

CIVI

DENVER, August 08, 2023--(BUSINESS WIRE)--Civitas Resources, Inc. (NYSE: CIVI) ("Civitas" or the "Company") today announced the appointment of Jeff Kelly as Chief Transformation Officer, effective August 3, 2023.Chris Doyle, President and CEO, said, "On behalf of the Board of Directors and the Company, I am excited to welcome Jeff to the Civitas team. He is a proven leader and brings experience across all aspects of our business. He will lead our transformation to a diversified business of scale and bring a disciplined and strategic approach that will ensure Civitas continues to execute its business and capture the tremendous value we see in our equity today."Mr. Kelly will report to the CEO and lead the Company’s integration of its recent transformative acquisitions in the Permian Basin. He will be responsible for establishing a high-performance organization, inspiring innovation to improve efficiency and effectiveness, and aligning stakeholders to help achieve the Company’s strategic vision.Mr. Kelly most recently served as Managing Director, Asset Management at The Blackstone Group where he drove strategic initiatives and value creation within their Private Equity Energy portfolio. Prior to Blackstone, Mr. Kelly served in increasing roles of responsibility and various operational leadership positions within the upstream and midstream divisions at Anadarko Petroleum Corporation. Mr. Kelly graduated with a Bachelor of Science in Industrial Engineering and Management from Oklahoma State University.About Civitas Resources, Inc.Civitas Resources, Inc. is an independent, domestic oil and gas producer focused on development of its premier assets in the Denver-Julesburg (DJ) and Permian basins. The Company has a proven business model combining capital discipline, a strong balance sheet, cash flow generation and sustainable cash returns to shareholders. Civitas employs leading ESG practices throughout the Company and was Colorado’s first carbon neutral oil and gas producer. For more information about Civitas, please visit www.civitasresources.com.Story continuesView source version on businesswire.com: https://www.businesswire.com/news/home/20230808012778/en/ContactsInvestor Relations:John Wren, [email protected] Media:Rich Coolidge, [email protected]

Business Wire

Civitas Resources Appoints Jeff Kelly to Leadership Team

https://finance.yahoo.com/news/civitas-resources-appoints-jeff-kelly-211500330.html

cea278b8-4c2f-398b-8b9a-d0518c1ffa26

CIZN

PHILADELPHIA, Miss., July 27, 2023--(BUSINESS WIRE)--Citizens Holding Company (the "Company") (NASDAQ:CIZN) announced today results of operations for the three and six months ended June 30, 2023.(in thousands, except share and per share data)Net income for the three months ended June 30, 2023 was $300, or $0.05 per share-basic and diluted, a linked-quarter decrease of ($840), or (73.68%) from net income of $1,140, or $0.20 per share-basic and diluted. Net income also decreased ($2,241), or (88.19)% from net income of $2,541, or $0.45 per share-basic and diluted for the same quarter in 2022.Net income for the six months ended June 30, 2023 was $1,440, or $0.26 per share-basic and diluted, a decrease of ($3,137), or (68.54%) from net income of $4,577, or $0.82 per share-basic and diluted for the same period in 2022."A key contributor to the decline in net income for both the three and six months ended June 30, 2023, was net interest margin compression caused by increased funding costs. The Company’s funding costs for the three and six months ended June 30, 2023, were 147 bps and 145 bps, respectively, compared to 33 bps for the three and six months ended June 30, 2022. The funding costs for the three months ended March 31, 2023 was 136 bps", as quoted by Phillip Branch, Chief Financial Officer of the Company.Second Quarter HighlightsTotal revenues, or interest and non-interest income, for the three months ended June 30, 2023 totaled $13,422, an increase of $27, or 0.20% from the prior quarter. The increase in total revenue is primarily attributed to an increase of $206, or 2.81% in interest income on loans attributed to rising interest rates.Yields on earning assets increased 11 basis points ("bps") to 371 bps for the three months ended June 30, 2023 compared to 360 bps for the three months ended March 31, 2023 and increased 69 bps compared to 302 bps for the three months ended June 30, 2022.Loans held for investment ("LHFI") increased $7,494, or 1.32%, to $574,734 at June 30, 2023, compared to $567,240 at March 31, 2023. Loan demand continues to be moderately positive in the Company’s operating markets.Credit quality continues to remain solid with total non-performing assets ("NPA") to loans at 72 bps at June 30, 2023 compared to 84 bps at June 30, 2022. Total non-performing assets decreased $12, or (0.29%), to $4,165 at June 30, 2023, compared to $4,177 at March 31, 2023, and decreased $807, or (16.23%), compared to $4,972 at June 30, 2022.Allowance for credit losses ("ACL") to loans was 1.11% at June 30, 2023 compared to 1.06% in the prior quarter and 0.86% the same period a year ago.Story continuesChief Executive Officer ("CEO") CommentaryStacy Brantley, President and Chief Executive Officer of the Company, stated, "The Citizens Bank of Philadelphia (the "Bank"), the wholly-owned subsidiary of the Company, is committed to disciplined management in the face of this challenging operating environment. Rapidly rising interest rates and intense competition for deposits has resulted in an increased cost of funds and tightening net interest margin ("NIM"). While we expect deposit costs to continue to rise over the remainder of the year, we also anticipate loan yields will rise through the combination of new loan production and renewal of the loan portfolio.Deposit retention and credit quality have been highpoints in the first half of 2023. Our strong core deposit base with minimal uninsured deposits has proven stable over the prior twelve months. Total deposits have decreased slightly by (1.33%) as of June 30, 2023, over June 30, 2022. Past due loans and NPAs are down (67.11%) and (16.23%), respectively, over the same period in 2022.Internal restructurings of loan production and credit administration during the quarter are aimed at an improved customer experience. Investments in technology have been made to drive efficiency and improve delivery channels. Together, these efforts are focused on building our core banking franchise and delivering great service to our customers and communities."Financial Condition and Results of OperationsLoans and DepositsTotal loans outstanding, net of unearned income, as of June 30, 2023 totaled $574,734 compared to $567,240 at March 31, 2023 and $589,541 as of June 30, 2022.Total deposits as of June 30, 2023 were $1,103,072 compared to $1,115,826 at March 31, 2023 and $1,117,987 as of June 30, 2022. With the pressure throughout the banking system in regards to deposits, the Company has not experienced material outflows in deposits.Net Interest IncomeNet interest income for the three months ended June 30, 2023 was $7,414, a decrease of $264, or (3.44%), compared to $7,678 for the three months ended March 31, 2023, and a decrease of $1,349, or (15.39%), compared to $8,763 for the three months ended June 30, 2022. The NIM was 2.55% for the three months ended June 30, 2023 compared to 2.56% for the three months ended March 31, 2023 and 2.78% for the same period in 2022.The linked-quarter decrease in net interest income is primarily a result of the increase in funding cost of $391, or 11.65%, compared to the three months ended March 31, 2023 and an increase of $2,948, or 369.85%, when compared to the three months ended June 30, 2022. This increase in funding is partially offset by an increase in total interest income of $127, or 1.15%, compared to the prior quarter and an increase of $1,599, or 16.72%, when compared to the same period in 2022.Net interest income for the six months ended June 30, 2023 decreased $1,958, or (11.48%) to $15,092 from $17,050 for the same period in 2022. The year-to-date NIM was 2.54% as of June 30, 2023 compared to 2.56% at March 31, 2023 and 2.74% for the same period in 2022.Net interest income for the six months ended June 30, 2023 decreased compared to the prior year due to interest expense increasing $5,535, or 353.88%. This decrease is the direct result of the aggressive Federal Reserve Bank ("FRB") interest rate hikes causing increased deposit competition. This was partially offset as loans and investment securities repriced also. Total interest income increased by $3,577, or 19.22% compared to the same period in 2022. Management expects continued pressure on NIM given the current interest rate environment.Credit QualityThe Company’s NPAs decreased by $12, or (0.29%), to $4,165 at June 30, 2023 compared to $4,177 at March 31, 2023, and decreased $807, or (16.23%), compared to $4,972 at June 30, 2022. The primary cause of the decrease from year-over-year was due to the sale of several other real estate owned ("OREO") properties in 2023.Net charge-offs for the quarter were $9 with net recoveries of $63 for the six months ended June 30, 2023. Year-to-date net (recoveries)/charge-offs to average net loans were (0.01%) at June 30, 2023 compared to (0.07%) at June 30, 2022.The provision for credit losses ("PCL") for the three months ended June 30, 2023 was $459 compared to $6 for the linked quarter and $56 compared to June 30, 2022. The PCL was primarily driven by qualitative factor adjustments due to declining commercial real estate ("CRE") valuations on the national scale. The Company has not observed material deterioration in local CRE valuations. The ACL to LHFI was 1.11% and 0.86% at June 30, 2023 and 2022, respectively, and 1.06% at March 31, 2023, representing a level management considers commensurate with the risk in the loan portfolio.Liquidity and CapitalGiven the events within the banking industry over the past few months, investment securities portfolios, interest rate risk, liquidity and capital have become much more in focus for the Company’s management team and Board, regulators and investors. As a result of this, the Company is providing additional information on our liquidity and capital position as of June 30, 2023 to disclose the more traditional and stable nature of the Company’s banking model.The Company currently has limited reliance on the wholesale funding market. The Company had $4,000 in overnight Federal Funds borrowings at June 30, 2023 as compared to $-0- at March 31, 2023 and June 30, 2022. The Company currently has capacity to borrow $190,000 from the Federal Home Loan Bank of Dallas ("FHLB"), approximately $150,000 to $200,000 in brokered deposit availability and $50,000 in availability with our correspondent Fed Funds lines. Additionally, management has applied and been approved to utilize the Bank Term Funding Program of the FRB or the Company could provide additional collateral to the FHLB to increase the capacity there, should those avenues be needed.The Company and the Bank, remain in a strong capital position and well-capitalized. A comparison of the various regulatory ratios for the Company and the Bank are noted below:June 30, 2023March 31, 2023June 30, 2022Citizens Holding CompanyTier 1 leverage ratio8.17%8.01%7.72%Common Equity tier 1 capital ratio8.17%8.01%7.72%Tier 1 risk-based capital ratio13.50%13.57%12.71%Total risk-based capital ratio14.28%14.33%13.32%The Citizens BankTier 1 leverage ratio9.48%9.29%8.98%Common Equity tier 1 capital ratio9.48%9.29%8.98%Tier 1 risk-based capital ratio15.53%15.75%14.80%Total risk-based capital ratio16.30%16.50%15.40%Noninterest IncomeNoninterest income decreased for the three months ended June 30, 2023, by $100, or (4.25%) compared to the three months ended March 31, 2023, and decreased by $500 or (18.11%) compared to the same period in 2022.The decrease quarter-over-quarter is primarily due to other noninterest income decreasing $111, or (26.94%), primarily driven by a one-time $70 loan recovery on a fully written off loan relationship.The decrease from the same period in 2022 is primarily driven by a decrease in secondary market mortgage loan origination directly attributable to the rise in mortgage rates throughout late 2022 that have remained higher in 2023.Noninterest ExpenseNoninterest expense increased for the three months ended June 30, 2023 by $255, or 2.92%, compared to the three months ended March 31, 2023 and increased by $564, or 6.69%, compared to the same period in 2022.The linked quarter increase is primarily being driven by an overall rise in costs associated with the implementation of new technologies and the rising costs of technology-related vendor contracts as a whole.The increase from the same six months ended June 30, 2023 period in 2022 is attributable to an increase in salaries and employee benefits of $554, or 6.25%. This is being driven by the tight labor market environment coupled with several strategic hires during the year.Other noninterest expense for the six months ended June 30, 2023 period increased by $236, or 5.36%, due to the aforementioned overall rise in technology-related costs and costs associated with the Chief Executive Officer transition in January of 2023.DividendsThe Company paid aggregate cash dividends in the amount of $2,244 or $0.40 per share, during the six-month period ended June 30, 2023 compared to $2,688, or $0.48 per share, for the same period in 2022.The Company made the strategic decision to reduce the dividend for the second quarter of 2023 with the belief that this decision was the most prudent allocation of capital given the current economic environment. At $0.16 per share, the Company’s dividend yield is approximately 5% which reflects the Company’s continued commitment to returning shareholder value.Citizens Holding CompanyFinancial Highlights(amounts in thousands, except share and per share data)For the Three Months EndedFor the Six Months EndedJune 30,March 31,June 30,June 30,June 30,20232023202220232022INTEREST INCOMELoans, including fees$7,529$7,323$6,639$14,852$13,036Investment securities3,3343,3702,8846,7045,528Other interest296339376355011,15911,0329,56022,19118,614INTEREST EXPENSEDeposits2,4501,8205284,2701,084Other borrowed funds1,2941,5342692,8284803,7453,3547977,0991,564NET INTEREST INCOME7,4147,6788,76315,09217,050PCL459656465149NET INTEREST INCOME AFTER PCL6,9557,6728,70714,62716,901NONINTEREST INCOMEService charges on deposit accounts8909149671,8041,912Other service charges and fees1,0721,0371,0942,1092,119Other noninterest income3014127027131,2652,2632,3632,7634,6265,296NONINTEREST EXPENSESalaries and employee benefits4,7104,6954,4129,4058,851Occupancy expense1,8561,8451,7113,7013,486Other noninterest expense2,4312,2012,3094,6324,3968,9968,7418,43217,73716,733NET INCOME BEFORE TAXES2221,2943,0381,5165,464INCOME TAX EXPENSE(78)15449776887NET INCOME$300$1,140$2,541$1,440$4,577Earnings per share - basic$0.05$0.20$0.45$0.26$0.82Earnings per share - diluted$0.05$0.20$0.45$0.26$0.82Dividends paid$0.16$0.24$0.24$0.40$0.48Average shares outstanding - basic5,601,2135,595,3205,592,7825,598,2995,589,958Average shares outstanding - diluted5,601,2135,595,3205,592,7825,598,5015,589,958For the Period Ended,June 30,March 31,June 30,202320232022Period End Balance Sheet Data:Total assets$1,289,339$1,289,469$1,299,081Total earning assets1,165,4191,174,5751,182,127Loans, net of unearned income574,734567,240589,541Allowance for credit losses6,3976,0175,046Securities held-to maturity, at amortized cost396,931402,237-Securities available for sale, at fair value196,866201,740563,796Total deposits1,103,0721,115,8261,117,987Securities sold under agreement to repurchase109,52698,532124,162Short-term borrowings4,000--Long-term debt18,00018,00018,000Shareholders' equity40,14241,12425,926Book value per share7.177.354.64Period End Average Balance Sheet Data:Total assets1,320,1071,336,4801,343,566Total earning assets1,196,9711,218,4041,242,569Loans, net of unearned income574,005582,169584,959Securities held-to-maturity, at amortized cost402,341404,719-Securities available for sale, at fair value199,737201,328628,137Total deposits1,114,3841,114,4461,130,989Securities sold under agreement to repurchase129,521142,85394,915Short-term borrowings4,4428,0147,791Long-term debt18,00018,00018,000Shareholders' equity39,65939,69379,467Period End Non-performing Assets:Non-accrual loans2,9962,9933,580Loans 90+ days past due and accruing160564Other real estate owned1,0091,1791,328As ofJune 30,March 31,June 30,202320232022Year to Date Credit Performance Ratios:Non-performing assets to loans0.72%0.74%0.84%ACL to loans1.11%1.06%0.86%ACL to non-performing loans202.70%200.70%138.47%Net (recoveries)/charge-offs to average net loans-0.01%-0.01%-0.07%Year to Date Performance Ratios:Return on average assets(1)0.22%0.34%0.68%Return on average equity(1)7.26%11.49%11.52%Year to Date Net InterestMargin (tax equivalent)(1)2.54%2.56%2.74%(1) AnnualizedCitizens Holding Company is a one-bank holding company and the parent company of the Bank, both headquartered in Philadelphia, Mississippi. The Bank currently has twenty-seven banking locations in fourteen counties throughout the state of Mississippi. In addition to full service commercial banking, the Company offers mortgage loans, title insurance services through third party partnerships and a full range of Internet banking services including online banking, bill pay and cash management services for businesses. Internet services are available at the Bank web site, www.thecitizensbankphila.com. Citizens Holding Company stock is listed on the NASDAQ Global Market and is traded under the symbol CIZN. The Company's transfer agent is American Stock Transfer & Trust Company. Investor relations information may be obtained at the corporate website, https://www.thecitizensbankphila.com/investor-relations.This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this release regarding the Company’s financial position, results of operations, business strategies, plans, objectives and expectations for future operations, are forward looking statements. The Company can give no assurances that the assumptions upon which such forward-looking statements are based will prove to have been correct. Forward-looking statements speak only as of the date they are made. The Company does not undertake a duty to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions. The risks and uncertainties that may affect the operation, performance, development and results of the Company’s and the Bank’s business include, but are not limited to, the following: (a) the risk of adverse changes in business conditions in the banking industry generally and in the specific markets in which the Company operates; (b) our ability to mitigate our risk exposures; (c) changes in the legislative and regulatory environment that negatively impact the Company and Bank through increased operating expenses; (d) increased competition from other financial institutions; (e) the impact of technological advances; (f) expectations about the movement of interest rates, including actions that may be taken by the Federal Reserve Board in response to changing economic conditions; (g) changes in asset quality and loan demand; (h) expectations about overall economic strength and the performance of the economics in the Company’s market area; and (i) other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. Should one or more of these risks materialize or should any such underlying assumptions prove to be significantly different, actual results may vary significantly from those anticipated, estimated, projected or expected.View source version on businesswire.com: https://www.businesswire.com/news/home/20230727028737/en/ContactsCitizens Holding Company, PhiladelphiaPhillip R. Branch, 601/[email protected]

Business Wire

Citizens Holding Company Reports Earnings

https://finance.yahoo.com/news/citizens-holding-company-reports-earnings-201500567.html

fa764495-6e7e-3204-96e5-f154b081058b

CIZN

For many, the main point of investing is to generate higher returns than the overall market. But every investor is virtually certain to have both over-performing and under-performing stocks. At this point some shareholders may be questioning their investment in Citizens Holding Company (NASDAQ:CIZN), since the last five years saw the share price fall 56%. We also note that the stock has performed poorly over the last year, with the share price down 40%. Furthermore, it's down 16% in about a quarter. That's not much fun for holders. This could be related to the recent financial results - you can catch up on the most recent data by reading our company report.So let's have a look and see if the longer term performance of the company has been in line with the underlying business' progress. View our latest analysis for Citizens Holding To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).While the share price declined over five years, Citizens Holding actually managed to increase EPS by an average of 7.4% per year. So it doesn't seem like EPS is a great guide to understanding how the market is valuing the stock. Or possibly, the market was previously very optimistic, so the stock has disappointed, despite improving EPS.Due to the lack of correlation between the EPS growth and the falling share price, it's worth taking a look at other metrics to try to understand the share price movement.The steady dividend doesn't really explain why the share price is down. While it's not completely obvious why the share price is down, a closer look at the company's history might help explain it.You can see below how earnings and revenue have changed over time (discover the exact values by clicking on the image).Story continuesearnings-and-revenue-growthIt's good to see that there was some significant insider buying in the last three months. That's a positive. That said, we think earnings and revenue growth trends are even more important factors to consider. It might be well worthwhile taking a look at our free report on Citizens Holding's earnings, revenue and cash flow.What About Dividends?When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for Citizens Holding the TSR over the last 5 years was -44%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!A Different PerspectiveCitizens Holding shareholders are down 36% for the year (even including dividends), but the market itself is up 12%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 8% per year over five years. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. It's always interesting to track share price performance over the longer term. But to understand Citizens Holding better, we need to consider many other factors. Case in point: We've spotted 2 warning signs for Citizens Holding you should be aware of.Citizens Holding is not the only stock that insiders are buying. For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Shareholders in Citizens Holding (NASDAQ:CIZN) are in the red if they invested five years ago

https://finance.yahoo.com/news/shareholders-citizens-holding-nasdaq-cizn-122743217.html

ac7c6bfb-dc60-34b0-b916-9e62cd63f970

CL

Colgate-Palmolive Co (NYSE:CL) has recently seen a daily gain of 2.36%, despite a 3-month loss of -1.29%. With an Earnings Per Share (EPS) (EPS) of 1.8, the question arises: is the stock modestly undervalued? This article aims to answer this question through a comprehensive valuation analysis of Colgate-Palmolive Co (NYSE:CL). We invite you to read on for a deeper understanding of the company's value.Company OverviewWarning! GuruFocus has detected 5 Warning Signs with CL. Click here to check it out. CL 30-Year Financial DataThe intrinsic value of CLFounded in 1806, Colgate-Palmolive Co has evolved into a leading global consumer product company. Apart from its renowned oral care line, the firm also manufactures shampoos, shower gels, deodorants, and home care products that are sold in over 200 countries. Approximately 70% of its total sales base comes from international markets, with around 45% from emerging regions. Colgate-Palmolive Co also owns specialty pet food maker Hill's, which sells its products through veterinarians and specialty pet retailers.With a current stock price of $74.03, Colgate-Palmolive Co has a market cap of $61.20 billion. Our analysis suggests that the stock appears to be modestly undervalued, with a GF Value of $86.61.Colgate-Palmolive Co (CL): A Modestly Undervalued Stock with Strong ProfitabilityUnderstanding the GF ValueThe GF Value is a proprietary measure of a stock's intrinsic value, computed considering historical trading multiples, a GuruFocus adjustment factor based on past performance and growth, and future business performance estimates. The GF Value Line denotes the stock's ideal fair trading value.Our analysis suggests that Colgate-Palmolive Co (NYSE:CL) appears to be modestly undervalued. This implies that the long-term return of its stock is likely to be higher than its business growth.Colgate-Palmolive Co (CL): A Modestly Undervalued Stock with Strong ProfitabilityLink: These companies may deliver higher future returns at reduced risk.Financial Strength AnalysisCompanies with poor financial strength pose a high risk of permanent capital loss. To avoid this, investors must assess a company's financial strength before deciding to purchase shares. Colgate-Palmolive Co has a cash-to-debt ratio of 0.09, ranking it worse than 79.49% of 1794 companies in the Consumer Packaged Goods industry. The overall financial strength of Colgate-Palmolive Co is fair, with a score of 5 out of 10.Story continuesColgate-Palmolive Co (CL): A Modestly Undervalued Stock with Strong ProfitabilityProfitability and GrowthCompanies that have been consistently profitable over the long term offer less risk for investors. Colgate-Palmolive Co has been profitable 10 over the past 10 years. Over the past twelve months, the company had a revenue of $18.70 billion and Earnings Per Share (EPS) of $1.8. Its operating margin is 19.76%, which ranks better than 92.1% of 1810 companies in the Consumer Packaged Goods industry. Overall, the profitability of Colgate-Palmolive Co is ranked 8 out of 10, indicating strong profitability.Growth is a crucial factor in the valuation of a company. Colgate-Palmolive Co's 3-year average revenue growth rate is worse than 53.24% of 1713 companies in the Consumer Packaged Goods industry. Colgate-Palmolive Co's 3-year average EBITDA growth rate is -4.8%, which ranks worse than 68.71% of 1515 companies in the Consumer Packaged Goods industry.ROIC Vs WACCAnother way to assess the profitability of a company is to compare its return on invested capital (ROIC) and the weighted average cost of capital (WACC). For the past 12 months, Colgate-Palmolive Co's ROIC is 22.91, and its cost of capital is 6.04.Colgate-Palmolive Co (CL): A Modestly Undervalued Stock with Strong ProfitabilityConclusionIn conclusion, the stock of Colgate-Palmolive Co (NYSE:CL) appears to be modestly undervalued. The company's financial condition is fair, and its profitability is strong. However, its growth ranks worse than 68.71% of 1515 companies in the Consumer Packaged Goods industry. To learn more about Colgate-Palmolive Co stock, you can check out its 30-Year Financials here.To find high-quality companies that may deliver above-average returns, check out the GuruFocus High Quality Low Capex Screener.This article first appeared on GuruFocus.

GuruFocus.com

Colgate-Palmolive Co (CL): A Modestly Undervalued Stock with Strong Profitability

https://finance.yahoo.com/news/colgate-palmolive-co-cl-modestly-163257834.html

f5cb4ceb-43a7-323c-a2db-28e94502a983

CL

Investing.com - It’s Friday — time for oil traders to react excessively to what’s been jerking the market, and for now, it’s still the Saudi-led production cuts, resulting in another weekly gain for crude.Both New York-traded WTI, or West Texas Intermediate, crude and its London-based peer, Brent, reversed Thursday’s drop of close to 1% as the weekend approached.With two hours to Friday’s settlement, WTI hovered at $87.74 per barrel, versus Thursday’s close of $86.87. The U.S. crude benchmark hit a 10-month peak of $88.09 on Wednesday. With a net gain in three days versus two, WTI rose about 1% on the week, extending the prior week’s 7.2% rally.Brent hovered at $90.83 after settling Thursday at $89.22 for its first close beneath $90 since it got above that mark on Tuesday. For the week, the global oil benchmark rose 2.6%, extending the prior week’s 4.8% gain.Brent's rise to above $90 came with less than three weeks left for summer, the season Americans like driving the most. With the fall season of lower oil usage set to begin on Sept 23, crude prices would typically retreat a little, sometimes meaningfully, in the world’s largest consuming country.But that may not happen this time, not with the Saudi obsession of ultimately getting oil to $100 a barrel or beyond. The Arabs, who control much of the world’s oil exports, have been fixated on triple digit pricing since losing that advantage in August 2022, when Brent crude hovered above $105.Key to this is the 1.0-million-barrels-per day in additional cuts, on top of other existing production rationing, that the Saudis have been carrying out since July. By extending this till the year-end — and widening it with the help of Moscow which will cut 300,000 barrels per day of Russian production — the kingdom is hoping to create a different sort of market phenomenon for pricing.Fear of less oil for the market to play with was playing on traders’ minds, particularly with the approach of the weekend which tends to put the market on a hedging overdrive to attendant risks, said analysts.Story continues“Oil prices have consolidated a little as we’ve moved through the week but the trend remains very positive for crude, backed once again by the decision from Saudi Arabia and Russia to extend supply restrictions to the end of the year,” observed Craig Erlam, analyst at online trading platform OANDA.“A lot more oil [is] off the market at a time when it’s clearly quite tight, albeit with a global economic outlook that is highly uncertain. Demand may still wane but traders appear to be working on the assumption of soft landings and mild recessions at worst. China is another unknown with slow and steady growth, by its standards, looking like the path ahead.”Data on Thursday showed overall Chinese exports and imports fell in August, as sagging overseas demand and weak consumer spending squeezed businesses.However, even in times of lackluster economic activity, China tends to bolster its storage capacity, particularly with the availability of cheap Russian crude. Last month, Chinese crude imports rose nearly 31%.Meanwhile, questions remain about whether central banks in the United States and Europe will continue their aggressive interest rate hike campaigns to tame persistent inflation."Riyadh is acutely aware of the tightrope it walks between tightening the market and upsetting any up-and-until-now progress achieved by central banks in taming price-rise driven inflation," John Evans of oil broker PVM said in comments carried by Reuters.(Ambar Warrick contributed to this item)Related ArticlesOil up 2nd week in row as supply scare cows marketOil prices up 1% to 9-month high on worries about tight supplyUS says it disrupts illicit oil shipment by Iran's IRGC, seizes contraband crude

Investing.com

Oil up 2nd week in row as supply scare cows market

https://finance.yahoo.com/news/oil-prices-fall-further-supply-214026488.html

30d247dd-2355-30e8-afce-730af3d0abfe

CLF

Cleveland-Cliffs (CLF) closed at $14.95 in the latest trading session, marking a -1.39% move from the prior day. This change lagged the S&P 500's 0.7% loss on the day. Meanwhile, the Dow lost 0.57%, and the Nasdaq, a tech-heavy index, lost 1.06%.Coming into today, shares of the mining company had lost 4.77% in the past month. In that same time, the Basic Materials sector lost 1.13%, while the S&P 500 gained 0.58%.Cleveland-Cliffs will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $0.51, up 75.86% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.52 billion, down 2.43% from the year-ago period.Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $1.42 per share and revenue of $22.04 billion. These totals would mark changes of -53.44% and -4.14%, respectively, from last year.Investors might also notice recent changes to analyst estimates for Cleveland-Cliffs. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 3.62% lower within the past month. Cleveland-Cliffs is currently sporting a Zacks Rank of #3 (Hold).In terms of valuation, Cleveland-Cliffs is currently trading at a Forward P/E ratio of 10.68. For comparison, its industry has an average Forward P/E of 10.63, which means Cleveland-Cliffs is trading at a premium to the group.Story continuesThe Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 157, which puts it in the bottom 38% of all 250+ industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCleveland-Cliffs Inc. (CLF) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Cleveland-Cliffs (CLF) Dips More Than Broader Markets: What You Should Know

https://finance.yahoo.com/news/cleveland-cliffs-clf-dips-more-220020826.html

cc43ee9f-c5be-3fd4-92f3-7997fe11ac77

CLF

CLEVELAND, September 08, 2023--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) announced today that its employees represented by the United Steelworkers (USW) at its Northshore Mining operations in Minnesota ratified a new 3-year labor agreement. The agreement covers approximately 430 USW-represented employees at Cleveland-Cliffs Northshore.About Cleveland-Cliffs Inc.Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 27,000 people across its operations in the United States and Canada.View source version on businesswire.com: https://www.businesswire.com/news/home/20230908935598/en/ContactsMEDIA CONTACT: Patricia PersicoSenior Director, Corporate Communications(216) 694-5316INVESTOR CONTACT: James KerrManager, Investor Relations(216) 694-7719

Business Wire

Cleveland-Cliffs’ New Labor Contract with the United Steelworkers Ratified for its Northshore Mining Operations

https://finance.yahoo.com/news/cleveland-cliffs-labor-contract-united-110000172.html

4527b1cc-4d80-3ce9-8def-50fd3fb0ccb3

CLH

For Immediate ReleaseChicago, IL – September 1, 2023 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Aptiv APTV, Clean Harbors CLH, ABM Industries ABM and Publicis PUBGY.Here are highlights from Thursday’s Analyst Blog:4 Business Services Stocks to Buy for a Stronger PortfolioThe business services sector is a major beneficiary of the broader economy and manufacturing and non-manufacturing (service) activities. While service activities are currently in good shape, their positive impacts on the sector are being partially offset by contracting economic activity in the manufacturing sector.The Services PMI measured by the Institute for Supply Management has stayed above the 50% mark for the past seven consecutive months, indicating continued expansion. The manufacturing PMI stayed below the 50% mark for the past nine consecutive months.The broader economy is showing signs of revival. According to the "advance" estimate released by the Bureau of Economic Analysis, GDP grew at an annual rate of 2.4% in the second quarter of 2023 compared with the 2% growth in the first quarter.The global macroeconomic environment, strong demand for services, improving supply chains, a less-hawkish stance from the U.S. Federal Reserve, and strong digital adoption are currently some of the crucial drivers of the business services sector, which are decreasing the negative impacts of labor market constraints and higher operational expenses.Sector-specific factors acting as tailwinds are the essentiality of certain services like waste management, the rise in demand for risk mitigation and consulting services, increased expertise in improving operational efficiency and lower costs, successful work-from-home models and digital transformation.Story continuesThe pandemic has changed the way players have conducted business and delivered services. Currently, the key focus within the industry is on channelizing money and efforts toward more effective operational components, such as technology, digital transformation, data-driven decision-making and enhanced cybersecurity.The Current Backdrop Offers Some Great PicksGiven the promising developments in business services, investors may consider buying stocks that possess fundamental strength. Our research shows that stocks with a VGM Score of A or B, when combined with a Zacks Rank #1 (Strong Buy) or 2 (Buy), offer the best investment opportunities. You can see the complete list of today's Zacks #1 Rank stocks here.Aptiv: The provider of electrical, electronic and safety technology solutions for automotive and commercial vehicles carries a Zacks Rank #2 and a VGM Score of A.Earnings and revenues for 2023 are expected to grow 39% and 14.8%, respectively, year over year. The Zacks Consensus Estimate for Aptiv's 2023 EPS has increased 10.2% in the past 30 days to $4.74. Shares of the company have gained 15.4% in the past three months.Clean Harbors: The environmental and industrial services provider carries a Zacks Rank #2 and a VGM Score of B.Earnings for 2023 are expected to be in line with the year-ago quarter while revenues are anticipated to go up 5.3% year over year. The Zacks Consensus Estimate for Clean Harbors' 2023 EPS has increased 2% in the past 60 days to $7.14. Shares of the company have gained 20.6% in the past three months.ABM Industries: The provider of integrated facility, infrastructure and mobility solutions carries a Zacks Rank #2 and a VGM Score of B.The current Zacks Consensus Estimate for revenues indicates a 3.5% year-over-year increase. The Zacks Consensus Estimate for ABM's 2023 EPS has increased slightly in the past 60 days to $3.51. Shares of the company have gained 3.7% in the past three months.Publicis: The company is a provider of marketing, communications and digital business transformation services. It carries a Zacks Rank #2 and a VGM Score of A.The Zacks Consensus Estimate for the company's 2023 EPS has increased 6.1% to $1.92 over the past 60 days. Shares of Publicis have gained 6.4% in the past three months.Why Haven't You Looked at Zacks' Top Stocks? Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation.See Stocks Free >>Media ContactZacks Investment Research800-767-3771 ext. [email protected]                        https://www.zacks.comPast performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportPublicis Groupe SA (PUBGY) : Free Stock Analysis ReportABM Industries Incorporated (ABM) : Free Stock Analysis ReportClean Harbors, Inc. (CLH) : Free Stock Analysis ReportAptiv PLC (APTV) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

The Zacks Analyst Blog Highlights Aptiv, Clean Harbors, ABM Industries and Publicis

https://finance.yahoo.com/news/zacks-analyst-blog-highlights-aptiv-133200298.html

94cc254c-8431-339c-84fd-2e3308064a50

CLH

A month has gone by since the last earnings report for Clean Harbors (CLH). Shares have added about 1.2% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Clean Harbors due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.Clean Harbors' Q2 Earnings Surpass EstimatesClean Harbors, Inc. reported mixed second-quarter 2023 results, wherein earnings surpassed the Zacks Consensus Estimate while revenues missed the same.Adjusted earnings per share of $2.13 outpaced the Zacks Consensus Estimate by 1.9%, but declined from year-ago quarter’s figure by 12.7%. Total revenues of $1.4 billion missed the consensus estimate by 0.67% but grew 3.1% year over year.Let’s check out the numbers in detail.Revenues by SegmentEnvironmental Services’ (ES) revenues of $1.17 billion grew 7.3% year over year, surpassing our estimated $1.10 billion. The uptick was backed by higher volumes of high-value waste streams, pricing initiatives and strength in its Industrial Services businesses.Safety-Kleen Sustainability Solutions’ (SKSS) revenues of $225.75 million declined 15% year over year. Profitability PerformanceAdjusted EBITDA of $287.51 million decreased 7% year over year. The adjusted EBITDA margin declined to 20.6% from 22.8% in the year-ago quarter.Segment-wise, ES’ adjusted EBITDA was $305.6 million, up 13.5% year over year. SKSS’ adjusted EBITDA was $53.4 million, down 44.9% year over year.Balance Sheet & Cash FlowClean Harbors exited second-quarter 2023 with cash and cash equivalents of $238.8 million, compared with $304.3 million at the end of the prior quarter. Inventories and supplies were $325.9 million, compared with $322.4 million in the prior quarter. Long-term debt was $2.29 billion, lower than the prior quarter’s figure of $2.41 billion.Story continuesCLH generated $207.57 million of net cash from operating activities in the reported quarter. Capital expenditure was $122.6 million. Adjusted free cash flow was $86 million.GuidanceFor 2023, adjusted EBITDA is anticipated to be between $1.02 billion and $1.06 billion.Adjusted free cash flow for the current year is expected between $305 million and $345 million. Net cash from operating activities is projected in the range of $705-$765 million.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in fresh estimates.VGM ScoresCurrently, Clean Harbors has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Clean Harbors has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportClean Harbors, Inc. (CLH) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Why Is Clean Harbors (CLH) Up 1.2% Since Last Earnings Report?

https://finance.yahoo.com/news/why-clean-harbors-clh-1-153151549.html

9664a085-e705-39c4-9a2b-16a391789041

CLNE

For the quarter ended June 2023, Clean Energy Fuels (CLNE) reported revenue of $90.55 million, down 6.9% over the same period last year. EPS came in at $0.00, compared to $0.00 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $103.59 million, representing a surprise of -12.59%. The company delivered an EPS surprise of +100.00%, with the consensus EPS estimate being -$0.02.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.Here is how Clean Energy Fuels performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:RNG Deliveries - Fuel volume: 50 Mgal versus the two-analyst average estimate of 57.11 Mgal.Revenue- Service revenue: $11.37 million compared to the $12.69 million average estimate based on three analysts. The reported number represents a change of +20.4% year over year.Revenue- Product revenue: $85.85 million versus the three-analyst average estimate of $97.48 million. The reported number represents a year-over-year change of -1057.7%.View all Key Company Metrics for Clean Energy Fuels here>>>Shares of Clean Energy Fuels have returned -8.5% over the past month versus the Zacks S&P 500 composite's +2.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportClean Energy Fuels Corp. (CLNE) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Clean Energy Fuels (CLNE) Reports Q2 Earnings: What Key Metrics Have to Say

https://finance.yahoo.com/news/clean-energy-fuels-clne-reports-000010566.html

4e6d528e-17d5-3b30-9bd9-dcad786bb900

CLNE

The last three months have been tough on Clean Energy Technologies, Inc. (NASDAQ:CETY) shareholders, who have seen the share price decline a rather worrying 41%. But that doesn't change the fact that the returns over the last five years have been very strong. In fact, the share price is 138% higher today. To some, the recent pullback wouldn't be surprising after such a fast rise. Only time will tell if there is still too much optimism currently reflected in the share price.So let's assess the underlying fundamentals over the last 5 years and see if they've moved in lock-step with shareholder returns. View our latest analysis for Clean Energy Technologies Given that Clean Energy Technologies didn't make a profit in the last twelve months, we'll focus on revenue growth to form a quick view of its business development. Shareholders of unprofitable companies usually expect strong revenue growth. That's because fast revenue growth can be easily extrapolated to forecast profits, often of considerable size.In the last 5 years Clean Energy Technologies saw its revenue grow at 25% per year. That's well above most pre-profit companies. Meanwhile, its share price performance certainly reflects the strong growth, given the share price grew at 19% per year, compound, during the period. This suggests the market has well and truly recognized the progress the business has made. To our minds that makes Clean Energy Technologies worth investigating - it may have its best days ahead.You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).earnings-and-revenue-growthWe're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. Dive deeper into the earnings by checking this interactive graph of Clean Energy Technologies' earnings, revenue and cash flow.Story continuesA Different PerspectiveWhile the broader market gained around 4.1% in the last year, Clean Energy Technologies shareholders lost 17%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. On the bright side, long term shareholders have made money, with a gain of 19% per year over half a decade. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Case in point: We've spotted 4 warning signs for Clean Energy Technologies you should be aware of, and 1 of them is potentially serious.We will like Clean Energy Technologies better if we see some big insider buys. While we wait, check out this free list of growing companies with considerable, recent, insider buying.Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Those who invested in Clean Energy Technologies (NASDAQ:CETY) five years ago are up 138%

https://finance.yahoo.com/news/those-invested-clean-energy-technologies-122454440.html

ba2c0012-6df4-35de-a6fa-f4c6183117ef

CLNN

Clene Inc.19.3 month significant survival difference for CNM-Au8® treated participants versus placebo52% significant decreased risk of ALS clinical worsening events Over 475 years of CNM-Au8 treatment exposure without any identified safety signalsSALT LAKE CITY, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Clene Inc. (Nasdaq: CLNN) through its wholly owned subsidiary Clene Nanomedicine Inc., today announced the 24-month long-term data cut from the Phase 2 RESCUE-ALS ongoing open-label extension (OLE) as of July 2023, which showed a significant median survival benefit of 19.3 months using the rank-preserving structural failure time model (RPSFTM) and a significant 52% decreased risk of ALS clinical worsening events with CNM-Au8® treatment. RESCUE-ALS was a 36-week double-blind placebo-controlled Phase 2 trial that originally randomized 45 people living with ALS, who were an average of 16 months from symptom onset. Thirty-six participants entered the long-term open-label extension, which included 20 participants originally treated with CNM-Au8 during the blinded period and 16 placebo-treated participants who were subsequently switched to CNM-Au8 during the start of the OLE. Survival status was available for all 45 participants.Survival Improvement:Cross-over adjusted median survival (RPSFTM, all study participants, post hoc):19.3 month median survival benefit (CNM-Au8 median survival of 34.2 months, placebo-adjusted median survival of 14.9 months).75% decreased risk of long-term all-cause mortality in participants originally randomized to treatment with CNM-Au8 compared to those originally randomized to placebo after adjusting for benefit received by placebo after switching to CNM-Au8 (HR= 0.252, 95% CI: 0.106 to 0.597; bootstrap log-rank p<0.001).The RPSFTM analysis method estimates the survival gained by receiving active treatment using the data from all study participants and then subtracts the benefit from ex-placebo participants switched to CNM-Au8 during the OLE to provide a comparison of CNM-Au8 versus placebo across the entire study period. This well-recognized method has been used to estimate cross-over treatment effects in a recent ALS trial, and oncology and other rare disease trials.Story continuesUnadjusted median survival (without adjusting for the benefit received in ex-placebo participants; analyses include all study participants):10.1 month median survival benefit when not accounting for the improvement by ex-placebo treated participants who switched to CNM-Au8 at the start of the OLE (CNM-Au8 median survival of 34.2 months; placebo median survival of 24.1 months).46% decreased risk of all-cause mortality in participants originally randomized to treatment with CNM-Au8 compared to those originally randomized to placebo (HR: 0.54, 95% CI: 0.25-1.1, log-rank p=0.09).Observed survival versus ALS historical placebo controls:70% decreased risk of long-term mortality in participants originally randomized to treatment with CNM-Au8 compared to matched placebo participants derived from the PRO-ACT database (Cox adjusted HR= 0.300, 95% CI: 0.09 to 0.79; p=0.03).PRO-ACT contains approximately 12,000 ALS patient records from multiple completed clinical trials.“This new data include open label participants treated with CNM-Au8—42% of whom remain alive up to 3.5 years from randomization and up to 6.6 years from the onset of ALS symptoms, a profoundly meaningful milestone for people living with this devastating disease," said Benjamin Greenberg, M.D., Head of Medical at Clene. “A median survival improvement of 19.3 months provides people living with ALS, their families, and caregivers more time that is so invaluable, and adds to the totality of data we are seeing in our ALS clinical program.”Improved Time to Clinical Worsening (defined as the first occurrence of death, tracheostomy, assisted ventilation, or feeding tube placement):52% decreased risk of ALS clinical worsening events (HR: 0.48, 95% CI: 0.23-1.0, log-rank p=0.049) in the participants originally randomized to CNM-Au8 treatment versus original placebo.Safety:Over 475 collective years of exposure across ALS, multiple sclerosis (MS), and Parkinson’s disease participants in CNM-Au8 clinical trials and Expanded Access Protocol (compassionate use) programs without any observed safety signals.No serious adverse events have been assessed as related to CNM-Au8 treatment; adverse events observed with CNM-Au8 have been characterized as transient and predominantly mild-to-moderate in severity.“The data that continues to be received from the RESCUE-ALS open label extension study is truly impressive, and now shows consistently significant decreased risk of death greater than 70% using two different long-term analysis models,” said Professor Matthew Kiernan, PhD, DSc, Bushell Chair of Neurology, University of Sydney, and one of the trial’s clinical advisors. “The survival benefit across treatment arms is linked to less worsening of disease, as experienced by ALS patients. At the same time, the further safety data confirms that CNM-Au8 is well tolerated in ALS patients.”About CleneClene Inc. (Nasdaq: CLNN) (along with its subsidiaries, “Clene”) and its wholly owned subsidiary Clene Nanomedicine Inc., a late clinical-stage biopharmaceutical company focused on improving mitochondrial health and protecting neuronal function to treat neurodegenerative diseases, including amyotrophic lateral sclerosis, Parkinson’s disease, and multiple sclerosis. CNM-Au8® is a federally registered trademark of Clene Nanomedicine, Inc. The company is based in Salt Lake City, Utah, with R&D and manufacturing operations in Maryland. For more information, please visit www.clene.com or follow us on Twitter, LinkedIn and Facebook.Forward-Looking StatementsThis press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the “safe harbor” provisions created by those laws. Clene’s forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding our future operations. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “contemplate,” “continue,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements represent our views as of the date of this press release and involve a number of judgments, risks and uncertainties. We anticipate that subsequent events and developments will cause our views to change. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include our ability to demonstrate the efficacy and safety of our drug candidates; the clinical results for our drug candidates, which may not support further development or marketing approval; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials and marketing approval; our ability to achieve commercial success for our drug candidates, if approved; our limited operating history and our ability to obtain additional funding for operations and to complete the development and commercialization of our drug candidates; and other risks and uncertainties set forth in “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to rely unduly upon these statements. All information in this press release is as of the date of this press release. The information contained in any website referenced herein is not, and shall not be deemed to be, part of or incorporated into this press release.Media ContactInvestor ContactIgnacio Guerrero-Ros, Ph.D., or David SchullKevin GardnerRusso Partners, LLCLifeSci [email protected]@[email protected](858) 717-2310   

GlobeNewswire

Clene Reports Significantly Improved Survival Benefit of 19.3 Months and Significantly Delayed Clinical Worsening in Rescue-Als Open-Label Extension Two Year Follow-Up

https://finance.yahoo.com/news/clene-reports-significantly-improved-survival-110000964.html

d0581858-0b16-3168-bd89-6f0f908c00bb

CLNN

Clene Inc.SALT LAKE CITY, Aug. 30, 2023 (GLOBE NEWSWIRE) -- Clene Inc. (Nasdaq: CLNN) (along with its subsidiaries, “Clene”) and its wholly owned subsidiary Clene Nanomedicine Inc., a late clinical-stage biopharmaceutical company focused on improving mitochondrial health and protecting neuronal function to treat neurodegenerative diseases, including amyotrophic lateral sclerosis, Parkinson’s disease, and multiple sclerosis, today announced that it will participate in the following investor conferences in September.H.C. Wainwright 25th Annual Global Investment ConferenceDate: September 11-13, 2023Location: Lotte New York Palace Hotel, New York, NYDate and Time of Presentation: Available September 11, 2023, at 7:00 a.m. ETFormat: Corporate Presentation and 1x1 meetingsWebcast Link: https://journey.ct.events/view/3eb50cf4-1561-4363-8e78-ac2c56092fb6Cantor Fitzgerald Annual Global Healthcare ConferenceDates: September 26-28, 2023Location: InterContinental Barclay Hotel, New York, NYDate and Time of Panel Presentation: September 26, 2023, at 11:35 a.m. ETFormat: Panel Presentation and 1x1 meetingsA webcast of the presentations, if available, will be available on the “Events” section of the Clene website.About CleneClene Inc. (Nasdaq: CLNN) (along with its subsidiaries, “Clene”) and its wholly owned subsidiary Clene Nanomedicine Inc., a late clinical-stage biopharmaceutical company focused on improving mitochondrial health and protecting neuronal function to treat neurodegenerative diseases, including amyotrophic lateral sclerosis, Parkinson’s disease, and multiple sclerosis. CNM-Au8® is a federally registered trademark of Clene Nanomedicine, Inc. The company is based in Salt Lake City, Utah, with R&D and manufacturing operations in Maryland. For more information, please visit www.clene.com or follow us on Twitter, LinkedIn and Facebook.Contacts:Media ContactInvestor ContactIgnacio Guerrero-Ros, Ph.D., or David SchullKevin GardnerRusso Partners, LLCLifeSci [email protected]@[email protected]  

GlobeNewswire

Clene to Present at Upcoming September Conferences

https://finance.yahoo.com/news/clene-present-upcoming-september-conferences-122000373.html

e87e6116-9c7e-37ed-b3b7-fdb349673eb5

CLOE

Digital Ally, Inc.Transaction will provide Kustom Entertainment, Inc., a wholly-owned subsidiary of Digital Ally Inc. (NASDAQ: DGLY), the ability to be a stand-alone entity with a focus and mission to own and produce events, festivals, and entertainment alongside its evolving primary and secondary ticketing technologies.Kustom Entertainment, Inc. is a wholly owned subsidiary of Digital Ally, Inc. and is comprised of TicketSmarter and Kustom 440, both currently wholly owned subsidiaries The transaction is expected to create a publicly traded entity focused on live event and concert production to accompany TicketSmarter’s ability to offer primary and secondary ticketing optionsThe transaction contemplates an equity value of $125 million for Kustom Entertainment, Inc.Combined company to have an implied initial pro forma equity value of approximately $222.2 million, with the proposed business combination expected to provide approximately $18.1 million in gross proceeds from the cash held in trust by Clover Leaf Capital Corp., assuming no redemptions and an $11.14 share price based on the value per redeemable share held in trust as of the date of this announcementKANSAS CITY, KS and MIAMI, FL, June 02, 2023 (GLOBE NEWSWIRE) -- Digital Ally, Inc. (NASDAQ: DGLY) (“Digital Ally”) and Clover Leaf Capital Corp. (Nasdaq: CLOE) (“CLOE”), a publicly traded special purpose acquisition company (SPAC), today announced that Kustom Entertainment, Inc. (“Kustom Entertainment”), a wholly-owned subsidiary of Digital Ally focused on live events, concert production and ticketing, and CLOE have entered into a merger agreement. The transaction is expected to provide Kustom Entertainment with the ability to be a stand-alone entity with a focus and mission to own and produce events, festivals, and entertainment alongside its evolving primary and secondary ticketing technologies. Digital Ally will remain an independent public company following the merger.Kustom Entertainment is comprised of TicketSmarter and Kustom 440, both currently wholly owned subsidiaries. Both TicketSmarter and Kustom 440 will combine their management teams and focus on concerts, entertainment and garnering additional ticketing partnerships in 2023 and beyond. Kustom 440 and TicketSmarter will use their existing sponsorships and sports property partnerships to develop alternative entertainment options for consumers.Story continuesFelipe MacLean, CEO of CLOE, commented: “I am thrilled to announce the business combination of CLOE and Kustom Entertainment. I believe that the new publicly traded company has the capability to become a leading player in the live entertainment industry, providing ticketing, sponsorship, marketing, and event operation services for consumers in the United States. Kustom is well positioned to boost its growth through innovative marketing, production capabilities, and new technology. The Kustom team is an all-in-one event production group with passionate and experienced leadership, capable of forging great partnerships and capturing more events across the nation. We believe that together, CLOE and Kustom, can create a powerhouse in the live entertainment industry.”“We could not be more excited to be entering into this agreement,” said Stan Ross, current CEO of Digital Ally and future CEO of Kustom Entertainment. “The principals of CLOE understand our business, our objectives, and will make meaningful partners in our business, particularly the expansion of both our ticketing and entertainment platforms, specifically in Latin America.” Added Ross: “CLOE understands how we can implement Blockchain technologies to improve our business model and we are excited to begin working with them to implement these technologies into our offering.”The combined company will be known as Kustom Entertainment and will operate under the same management team as Kustom Entertainment, Inc. which is currently led by Stanton E. Ross, the current CEO of Digital Ally. The transaction contemplates an equity value of $125 million for Kustom Entertainment, Inc. The combined company is expected to have an implied initial pro forma equity value of approximately $222.2 million, with the proposed business combination expected to provide approximately $18.1 million in gross proceeds from the cash held in trust by CLOE, assuming no redemptions. Additionally, Digital Ally will distribute to its shareholders 15% of the shares obtained in Kustom Entertainment immediately following the closing of the merger and intends to distribute the balance of such shares following a six-month lock-up period.The transaction has been approved by the Boards of Directors of both Digital Ally and CLOE and is subject to approval by the stockholders of CLOE and other customary closing conditions. Digital Ally, as the sole holder of Kustom Entertainment common stock, has approved the transaction.Maxim Group LLC served as sole financial and capital markets advisor to Kustom Entertainment in connection with the merger agreement. Sullivan & Worcester LLP is serving as legal counsel to Kustom Entertainment and Ellenoff Grossman & Schole LLP is serving as legal counsel to CLOE.About Kustom Entertainment, Inc.Kustom Entertainment, Inc., a recently formed wholly-owned subsidiary of Digital Ally, will provide oversight to currently wholly-owned subsidiaries TicketSmarter and Kustom 440.TicketSmarter offers tickets to more than 125,000 live events ranging from concerts to sports and theatre shows. TicketSmarter is the official ticket resale partner of over 35 collegiate conferences, over 300 universities, and hundreds of events and venues nationally. TicketSmarter is a primary and secondary ticketing solution for events and high-profile venues across North America. For more information on TicketSmarter, visit www.Ticketsmarter.com.Established in late 2022, Kustom 440 is an entertainment division of Kustom Entertainment, Inc., whose mission it is to attract, manage and promote concerts, sports and private events. Kustom 440 is unique in that it brings a primary and secondary ticketing platform, in addition to its well-established relationships with artists, venues, and municipalities. For more information on Kustom 440, visit www.Kustom440.com.About Clover Leaf Capital Corp.Clover Leaf Capital Corp. is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.For more information, contact:Stanton E. Ross, [email protected]@cloverlcc.comForward-Looking StatementsThis press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1955. These forward-looking statements include, without limitation, CLOE’s and Kustom Entertainment’s expectations with respect to the proposed business combination between CLOE and Kustom Entertainment, including statements regarding the benefits of the transaction, the anticipated timing of the transaction, the implied valuation of Kustom Entertainment, the products offered by Kustom Entertainment and the markets in which it operates, and Kustom Entertainment’s projected future results. Words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions are intended to indentify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside CLOE’s and Kustom Entertainment’s control and are difficult to predict. Factors that may cause actual future events to differ materially from the expected results, include, but are not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of CLOE’s securities, (ii) the risk that the transaction may not be completed by CLOE’s business combination deadline, even if extended by its stockholders, (iii) and the potential failure to obtain an extension of the business combination deadline if sought by Clover Leaf; (iv) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the agreement and plan of merger (“Merger Agreement”) by the stockholders of CLOE, (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vi) the failure to obtain any applicable regulatory approvals required to consummate the business combination; (vii) the receipt of an unsolicited offer from another party for an alternative transaction that could interfere with the business combination, (viii) the effect of the announcement or pendency of the transaction on Kustom Entertainment’s business relationships, performance, and business generally, (ix) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of the post-combination company to grow and manage growth profitability and retain its key employees, (x) costs related to the business combination, (xi) the outcome of any legal proceedings that may be instituted against Kustom Entertainment or CLOE following the announcement of the proposed business combination, (xii) the ability to maintain the listing of CLOE’s securities on the Nasdaq prior to the business combination, (xiii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination, and identify and realize additional opportunities, (xiv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Kustom Entertainment operates, (xv) the risk that demand for Kustom Entertainment’s services may be decreased due to a decrease in the number of large-scale sporting events, concerts and theater shows, (xvi) the risk that any adverse changes in Kustom Entertainment’s relationships with buyer, sellers and distribution partners may adversely affect the business, financial condition and results of operations, (xvii) the risk that Changes in Internet search engine algorithms and dynamics, or search engine disintermediation, or changes in marketplace rules could have a negative impact on traffic for Kustom Entertainment’s sites and ultimately, its business and results of operations; (xviii) the risk that any decrease in the willingness of artists, teams and promoters to continue to support the secondary ticket market may result in decreased demand for Kustom Entertainment’s services; (xix) the risk that Kustom Entertainment is not able to maintain and enhance its brand and reputation in its marketplace, adversely affecting Kustom Entertainment’s business, financial condition and results of operations, (xx) the risk of the occurrence of extraordinary events, such as terrorist attacks, disease epidemics or pandemics, severe weather events and natural disasters, (xxi) the risk that because Kustom Entertainment’s operations are seasonal and its results of operations vary from quarter to quarter and year over year, its financial performance in certain financial quarters or years may not be indicative of, or comparable to, Kustom Entertainment’s financial performance in subsequent financial quarters or years; (xxii) the risk that periods of rapid growth and expansion could place a significant strain on Kustom Entertainment’s resources, including its employee base, which could negatively impact Kustom Entertainment’s operating results; (xxiii) the risk that Kustom Entertainment may never achieve or sustain profitability; (xxiv) the risk that Kustom Entertainment may need to raise additional capital to execute its business plan, which many not be available on acceptable terms or at all; (xxv) the risk that third-parties suppliers and manufacturers are not able to fully and timely meet their obligations, (xxvi) the risk that Kustom Entertainment is unable to secure or protect its intellectual property, (xxvii) the risk that the post-combination company’s securities will not be approved for listing on Nasdaq or if approved, maintain the listing and (xxviii) other risks and uncertainties indicated from time to time in the proxy statement and/or prospectus to be filed relating to the business combination, including those under the “Risk Factors” section therein and in CLOE’s other filings with the SEC. The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Kustom Entertainment and CLOE assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.Important Information and Where to Find ItIn connection with the transaction, CLOE intends to file a proxy statement and/or registration statement on Form S-4 (the “Proxy/Registration Statement”) with the SEC, which will include a preliminary proxy statement to be distributed to holders of CLOE’s common stock in connection with CLOE’s solicitation of proxies for the vote by CLOE’s stockholders with respect to the transaction and other matters as described in the Proxy/Registration Statement, as well as, if applicable, a prospectus relating to the offer of the securities to be issued to Kustom Entertainment’s stockholder in connection with the transaction. After the Proxy/Registration Statement has been approved by the SEC, CLOE will mail a definitive proxy statement, when available, to its stockholders. Before making any voting or investment decision, investors and security holders and other interested parties are urged to read the proxy statement and/or prospectus, any amendments thereto and any other documents filed with the SEC carefully and in their entirety when they become available because they will contain important information about CLOE, Kustom Entertainment and the transaction. Investors and security holders may obtain free copies of the preliminary proxy statement/prospectus and definitive proxy statement/prospectus (when available) and other documents filed with the U.S. Securities and Exchange Commission (the “SEC”) by CLOE through the website maintained by the SEC at http://www.sec.gov, or by directing a request to: 1450 Brickell Avenue, Suite 2520, Miami, FL 33131.Participants in SolicitationCLOE and Kustom Entertainment and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the transaction. Information about the directors and executive officers of CLOE is set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on April 14, 2023. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the proxy statement and/or prospectus and other relevant materials to be filed with the SEC regarding the transaction when they become available. Stockholders, potential investors and other interested persons should read the proxy statement and/or prospectus carefully when it becomes available before making any voting or investment decisions. When available, these documents can be obtained free of charge from the sources indicated above.No Offer or SolicitationThis press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended, or an exemption therefrom.

GlobeNewswire

Kustom Entertainment, Inc. Enters into Business Combination Agreement with Clover Leaf Capital Corp.

https://finance.yahoo.com/news/kustom-entertainment-inc-enters-business-125500204.html

5bcb58b4-1611-3f8a-97dd-d05203def957

CLOE

VANCOUVER, BC / ACCESSWIRE / August 18, 2023 / Clover Leaf Capital Corp. (TSX-V:CLVR.P) ("Clover Leaf" or the "Company") announces the Company and North Shore Energy Metals Ltd. ("North Shore Energy") have agreed to reduce the amount of the equity offering (the "Concurrent Equity Financing") of subscription receipts to be completed concurrently with the closing of its previously announced Qualifying Transaction (the "Transaction") from $5,000,000 to $2,200,000 on the same terms as described in the Company's press release dated December 23, 2022.Closing the Concurrent Equity Financing is a condition of completion of the Transaction with North Shore Energy (announced in the Company's press releases dated December 23, 2022, March 31, 2023 and June 30, 2023).North Shore Energy is a private mineral exploration company focused on uranium exploration at the eastern margin of the Athabasca Basin through its 55,700 hectare Falcon property and its 4,500 hectare West Bear property located 90 kilometers to the northeast.The Transaction remains subject to conditions, including but not limited to, TSX Venture Exchange ("TSXV") acceptance and, if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.Story continuesOn behalf of the Board of DirectorsTsend TserenChief Executive OfficerContact Information - For more information, please contact:Ben MeyerCorporate SecretaryTel: 604.536.2711Email: [email protected] TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.Cautionary Statement Regarding Forward-Looking InformationThis news release contains certain forward-looking statements, including statements relating to the Credit Facility, the Transaction and certain terms and conditions thereof, the ability of the parties to complete the Transaction, and any other statements that are not historical facts. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These risks and uncertainties include, but are not limited to geological risks, risks associated with the financial markets generally, the ability of the Company and North Shore Energy to complete the Concurrent Equity Financing and the Transaction or to obtain requisite TSXV acceptance and, if applicable, shareholder approvals. As a result, the Company cannot guarantee that the Transaction will be completed on the terms described herein or at all. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.SOURCE: Clover Leaf Capital Corp.View source version on accesswire.com: https://www.accesswire.com/775279/Clover-Leaf-Capital-Updates-Qualifying-Transaction-with-North-Shore-Energy-Metals

ACCESSWIRE

Clover Leaf Capital Updates Qualifying Transaction with North Shore Energy Metals

https://finance.yahoo.com/news/clover-leaf-capital-updates-qualifying-220000353.html

9249c0ca-3f9d-3bb5-86ab-5023063defe8

CLOV

Clover Health Investments, Corp.FRANKLIN, Tenn., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ: CLOV) (“Clover,” “Clover Health” or the “Company”), a physician enablement company committed to bringing access to great healthcare to everyone on Medicare, today announced that it has received formal notice from The Nasdaq Stock Market, LLC ("Nasdaq") stating that the Company has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1). As previously disclosed, the Company received a written notice from Nasdaq on April 20, 2023 notifying the Company that it had failed to meet the $1.00 per share minimum bid price requirement for continued inclusion on The Nasdaq Global Select Market.To regain compliance with the Listing Rule, the Company’s Class A Common Stock was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive business days, which was achieved on July 28, 2023. Nasdaq has stated that this matter is now closed.In light of this positive development, the Company will re-evaluate its options, including with respect to the reverse stock split and authorized share reduction proposal currently pending before the Company’s stockholders for approval at the special meeting of stockholders currently scheduled for 11:00 a.m. ET on Wednesday, August 30, 2023.Forward-Looking StatementsPlease note that this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding future events and Clover Health’s future results of operations, financial position, business strategy and future plans. Forward-looking statements are not guarantees of future performance, and you are cautioned not to place undue reliance on such statements. In some cases, you can identify forward looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “can,” “could,” “should,” “would,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “guidance,” “objective,” “plan,” “seek,” “grow,” “target,” “if,” “continue,” or the negative of these words or other similar terms or expressions that concern Clover Health’s expectations, strategy, priorities, plans or intentions. These statements are subject to known and unknown risks, uncertainties and other factors that may cause Clover Health’s actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this press release. Additional information concerning these and other risk factors is contained in Clover Health’s latest Annual Report on Form 10-K filed with the SEC on March 1, 2023 and Quarterly Report on Form 10-Q filed with the SEC on May 9, 2023, in each case, including the Risk Factors section therein, and in its other filings with the SEC. The forward-looking statements included in this press release are made as of the date hereof. Except as required by law, Clover Health undertakes no obligation to update any of these forward-looking statements after the date of this press release or to conform these statements to actual results or revised expectations.Story continuesAbout Clover Health:Clover Health (Nasdaq: CLOV) is a physician enablement company committed to bringing access to great healthcare to everyone on Medicare. This includes a health equity-based focus on seniors who have historically lacked access to affordable, high-quality healthcare. Our strategy is powered by our software platform, Clover Assistant, which is designed to aggregate patient data from across the healthcare ecosystem to support clinical decision-making and improve health outcomes through the early identification and management of chronic disease. We operate two distinct lines of business: Insurance and Non-Insurance. Through our Insurance line of business, we provide PPO and HMO Medicare Advantage plans in several states, with a differentiated focus on our flagship wide-network, high-choice PPO plans. Our Non-Insurance line of business similarly aims to reduce cost-of-care while enhancing the quality of care for patients enrolled in Original Medicare.Press Contact:Andrew [email protected] Relations Contact:Ryan [email protected]

GlobeNewswire

Clover Health Regains Compliance with NASDAQ Minimum Bid Price Requirement

https://finance.yahoo.com/news/clover-health-regains-compliance-nasdaq-201500941.html

434c86ba-2eba-3c5c-b779-5267591cbf85

CLOV

Clover Health Investments, Corp.Insurance revenue grew 17% compared to Q2'22, and second quarter Insurance MCR improved to 77.2%, bringing first half MCR to 81.9%Company reports Q2 Net Loss of $28.8 million, and Adjusted EBITDA profit of $10.0 millionImproved 2023 guidance includes Insurance MCR of 83% - 85%, and Adjusted EBITDA of ($70) million - ($120) millionFRANKLIN, Tenn., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ: CLOV) ("Clover," "Clover Health" or the "Company"), a physician enablement company committed to bringing access to great healthcare to everyone on Medicare, today reported financial results for the second quarter 2023. Management will host a conference call today at 5:00 p.m. ET to discuss its operating results and other business highlights.For the second quarter 2023, the Company reported revenue of $513.6 million and net loss of $28.8 million. Adjusted EBITDA in the second quarter 2023 improved to a gain of $10.0 million compared to the second quarter 2022 loss of $83.9 million. Compared to the second quarter 2022, Insurance revenue grew by 17% to $314.4 million, and MCR improved to 77.2% from 92.1%. As contemplated in the Company's previously disclosed strategic shift for the Non-Insurance segment, Non-Insurance revenue declined by 67% to $193.5 million, and MCR improved to 99.6% from 106.0%."We’re delighted to have delivered our first quarterly Adjusted EBITDA profit as a public company,” said Clover Health CEO Andrew Toy. “We have been strategically focused on demonstrating the strength of our model by maturing operations, driving efficiencies, and continuing to invest in Clover Assistant R&D and our home care capabilities. We have multiple exciting initiatives in each of these areas that we expect will allow us to maintain our momentum through the second half of the year and into 2024. We are reflecting that expectation via significantly improved full year 2023 guidance for the Insurance segment and on a consolidated basis."Story continues"Insurance MCR improved by more than 1,400 basis points and Non-Insurance MCR improved by more than 600 basis points, demonstrating the strength of our strategy and our ability to make strides towards sustainable profitability,” said Clover Health CFO Scott Leffler. “We are excited about our improved outlook for 2023, the favorable impact on our liquidity position, and are also increasingly confident in the Company’s potential to deliver profitability on an Adjusted EBITDA basis for full year 2024 without the necessity of raising additional capital."Key Company highlights are as follows:Dollars in Millions Q2'23 Q2'22Insurance revenue $314.4  $268.5 Non-Insurance revenue  193.5   577.4 Total revenue  513.6   846.7 Insurance MCR  77.2%  92.1%Non-Insurance MCR  99.6   106.0 Salaries and benefits plus General and administrative expenses ("SG&A")(1) $104.9  $117.5 Adjusted Salaries and benefits plus General and administrative expenses ("Adjusted SG&A") (non-GAAP)(1)(2)(3)(4)  66.7   71.8 Net loss  (28.8)  (104.4)Adjusted EBITDA (non-GAAP)(3)(4)  10.0   (83.9)(1) Salaries and benefits plus General and administrative expenses ("SG&A") is the sum of Salaries and benefits plus General and administrative expenses presented as the GAAP measure in the consolidated financial statements.(2) Beginning with the third quarter of 2022, we updated the name of our Adjusted Operating Expenses (non-GAAP) metric to Adjusted SG&A (non-GAAP). Please refer to footnote 4 for the updates to Adjusted SG&A (non-GAAP) beginning in the first quarter of 2023.(3) Adjusted SG&A (non-GAAP) and Adjusted EBITDA (non-GAAP) are non-GAAP financial measures. Reconciliations of Adjusted SG&A (non-GAAP) to SG&A and Adjusted EBITDA (non-GAAP) to Net loss, respectively, the most directly comparable GAAP measures, are provided in the tables immediately following the consolidated financial statements below. Additional information about the Company's non-GAAP financial measures can be found under the caption "About Non-GAAP Financial Measures" below and in Appendix A.(4) Beginning in the first quarter 2023, we updated our definition and presentation of Adjusted EBITDA (non-GAAP) and Adjusted SG&A (non-GAAP) to exclude restructuring costs and non-recurring legal expenses and settlements. Beginning in the second quarter 2023 restructuring costs will be presented separately in the consolidated statement of operations. Restructuring costs and non-recurring legal expenses and settlements are now being excluded because management believes that restructuring costs and non-recurring legal expenses and settlements do not reflect the Company's underlying fundamentals and operating expenses relating to its core businesses or its actual recurring cash expense. The prior period figure has been revised to conform to the updated definition and presentation. For additional information, see the definitions of "Adjusted EBITDA (non-GAAP)" and “Adjusted SG&A (non-GAAP)” in Appendix A.Financial OutlookFor full-year 2023, Clover Health is providing its guidance as follows:Insurance revenue is expected to be in the range of $1.20 billion to $1.23 billion in 2023, a growth rate of 11% - 13% as compared to full year 2022 Insurance revenue.Insurance MCR is expected to be in the range of 83% - 85% in 2023.Non-Insurance revenue is expected to be in the range of $0.75 billion to $0.80 billion in 2023.Non-Insurance MCR is expected to be in the range of 98% - 100% in 2023.Adjusted SG&A (non-GAAP)(1) is expected to be between $315 million and $325 million.Adjusted EBITDA (non-GAAP)(1) is expected to be between ($70 million) and ($120 million).(1) Reconciliations of projected Adjusted SG&A (non-GAAP) to projected SG&A, and projected Adjusted EBITDA (non-GAAP) to Net loss, the most directly comparable GAAP measures, are not provided because Stock-based compensation expense, which is excluded from Adjusted SG&A (non-GAAP) and Adjusted EBITDA (non-GAAP), cannot be reasonably calculated or predicted at this time without unreasonable efforts. Additional information about the Company's non-GAAP financial measures can be found under the caption "About Non-GAAP Financial Measures" below and in Appendix A.Lives under Clover Management  June 30, 2023   June 30, 2022 Insurance members 82,526   86,629 Non-Insurance beneficiaries 52,393   168,777 Earnings Conference Call DetailsClover Health's management will host a conference call to discuss its financial results on Tuesday, August 8, at 5:00 PM Eastern Time. A live webcast of the call, together with the related materials, can be accessed from Clover Health's Investor Relations website at investors.cloverhealth.com, and an on-demand replay will be available on the same website following the call.Upcoming Investor Events & ConferencesCanaccord Genuity 43rd Annual Growth Conference at 8:00 a.m. Eastern Time, August 9, 2023Wells Fargo 2023 Healthcare Conference at 10:15 a.m. Eastern Time, September 6, 2023Clover Assistant Showcase EventLive and archived webcasts and presentations associated with the conferences listed above may be accessed on Clover Health's Investor Relations website at: investors.cloverhealth.com/news-and-events/investor-events-presentationsForward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding future events and Clover Health's future results of operations, financial condition, market size and opportunity, business strategy and plans, and the factors affecting our performance and our objectives for future operations. Forward-looking statements are not guarantees of future performance and you are cautioned not to place undue reliance on such statements. In some cases, you can identify forward looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "can," "could," "should," "would," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "outlook," "forecast," "guidance," "objective," "plan," "seek," "grow," "if," "continue" or the negative of these words or other similar terms or expressions that concern Clover Health's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements under "Financial Outlook" and statements regarding expectations relating to potential improvements in Insurance MCR, Non-Insurance MCR, operating expenses, and the number of Clover Health's Insurance members, as well as the statements contained in the quotations of our executive officers, including expectations related to Clover Health's "strides towards sustainable profitability," future capital needs and other expectations as to future performance, operations and results (including our updated guidance for 2023). These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this press release. Such risk factors include, but are not limited to, those related to: Clover Health's ability to increase the lifetime value of enrollments and manage medical expenses; changes in CMS' risk adjustment payment system; challenges in expanding our member and beneficiary base or into new markets; Clover Health's exposure to unfavorable changes in local benefit costs, reimbursement rates, competition and economic conditions; the impact of litigation or investigations; changes or developments in Medicare or the health insurance system and laws and regulations governing the health insurance markets; the current and future impact of the COVID-19 pandemic and its variants on Clover Health’s business and industry; the adoption and usage of Clover Assistant; the timing and market acceptance of new releases and upgrades to Clover Assistant; and the successful development of our Non-Insurance operations and the degree to which our offerings gain market acceptance by physicians. Additional information concerning these and other risk factors is contained in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC"), including the Risk Factors section therein, and in our other filings with the SEC. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, Clover Health undertakes no obligation to update any of these forward-looking statements after the date of this press release or to conform these statements to actual results or revised expectations.About Non-GAAP Financial MeasuresWe use non-GAAP measures including Adjusted EBITDA, Adjusted SG&A, and Adjusted SG&A as a percentage of revenue. These non-GAAP financial measures are provided to enhance the reader's understanding of Clover Health's past financial performance and our prospects for the future. Clover Health's management team uses these non-GAAP financial measures in assessing Clover Health's performance, as well as in planning and forecasting future periods. These non-GAAP financial measures are not computed according to GAAP, and the methods we use to compute them may differ from the methods used by other companies. Non-GAAP financial measures are supplemental to and should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Readers are encouraged to review the reconciliations of these non-GAAP financial measures to the comparable GAAP measures, which are attached to this release, together with other important financial information, including our filings with the SEC, on the Investor Relations page of our website at investors.cloverhealth.com.For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see Appendix A: "Explanation of Non-GAAP Financial Measures and Other Items."The statements contained in this document are solely those of the authors and do not necessarily reflect the views or policies of CMS. The authors assume responsibility for the accuracy and completeness of the information contained in this document.About Clover Health:Clover Health (Nasdaq: CLOV) is a physician enablement company committed to bringing access to great healthcare to everyone on Medicare. This includes a health equity-based focus on seniors who have historically lacked access to affordable, high-quality healthcare. Our strategy is powered by our software platform, Clover Assistant, which is designed to aggregate patient data from across the healthcare ecosystem to support clinical decision-making and improve health outcomes through the early identification and management of chronic disease. We operate two distinct lines of business: Insurance and Non-Insurance. Through our Insurance line of business, we provide PPO and HMO Medicare Advantage plans in several states, with a differentiated focus on our flagship wide-network, high-choice PPO plans. Our Non-Insurance line of business similarly aims to reduce cost-of-care while enhancing the quality of care for patients enrolled in Original Medicare.Visit: www.cloverhealth.comInvestor Relations Contact:Ryan [email protected] Contact:Andrew [email protected] HEALTH INVESTMENTS, CORP. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS: SELECTED METRICS(in thousands)  June 30, 2023 December 31, 2022Selected Balance Sheet Data:   Cash, cash equivalents, restricted cash(1), and investments$689,819  $555,293 Total assets 1,257,997   808,620 Unpaid claims 117,622   141,947 Total liabilities 927,427   451,733 Total stockholders' equity 330,570   356,887 (1) Restricted cash relates to $82.7 million and $82.4 million held in escrow at June 30, 2023 and December 31, 2022, respectively, in compliance with a CMS guarantee arrangement in our Non-Insurance business. We expect to settle the related obligation during fiscal year 2023, after which we expect the associated guarantee arrangement to be released by CMS.CLOVER HEALTH INVESTMENTS, CORP. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(Dollars in thousands, except share amounts)  Three Months EndedJune 30, Six Months EndedJune 30,  2023   2022   2023   2022 Revenues:       Premiums earned, net (Net of ceded premiums of $113 and $119, for the three months ended June 30, 2023 and 2022, respectively)$314,383  $268,505  $631,469  $546,674 Non-Insurance revenue 193,490   577,370   399,273   1,172,268 Other income 5,755   825   10,661   2,137 Total revenues 513,628   846,700   1,041,403   1,721,079         Operating expenses:       Net medical claims incurred 436,954   858,786   909,444   1,720,508 Salaries and benefits 62,437   70,491   132,644   139,582 General and administrative expenses 42,433   47,040   99,841   104,737 Premium deficiency reserve benefit (5,138)  (27,476)  (6,948)  (54,952)Depreciation and amortization 999   586   1,278   1,412 Restructuring costs 4,750   —   6,557   — Total operating expenses 542,435   949,427   1,142,816   1,911,287 Loss from operations (28,807)  (102,727)  (101,413)  (190,208)        Interest expense 7   390   7   793 Gain on investment —   1,227   —   (11,167)Net loss$(28,814) $(104,362) $(101,420) $(179,852)Basic and diluted weighted average number of Class A and Class B common shares and common share equivalents outstanding 479,163,752   476,061,809   479,819,237   474,553,609 Operating Segments  Insurance Non-Insurance Corporate/Other Eliminations Consolidated TotalThree Months Ended June 30, 2023(in thousands)Premiums earned, net (Net of ceded premiums of $113)$314,383  $—  $—  $—  $314,383 Non-Insurance revenue —   193,490   —   —   193,490 Other income 2,015   1,316   12,459   (10,035)  5,755 Intersegment revenues —   —   45,654   (45,654)  — Net medical claims incurred 242,839   192,692   3,682   (2,259)  436,954 Gross profit (loss)$73,559  $2,114  $54,431  $(53,430) $76,674 CLOVER HEALTH INVESTMENTS, CORP. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL MEASURESADJUSTED EBITDA (NON-GAAP) RECONCILIATION(in thousands)(1)     Three Months EndedJune 30,  2023   2022 Net loss:$(28,814) $(104,362)Adjustments   Interest expense 7   390 Amortization of notes and securities discount —   18 Depreciation and amortization 999   586 Gain on investment —   1,227 Stock-based compensation expense 36,108   41,927 Premium deficiency reserve benefit (5,138)  (27,476)Restructuring costs 4,750   — Non-recurring legal expenses and settlements 2,108   3,591 Expenses attributable to Seek Insurance Services, Inc. —   224 Adjusted EBITDA (non-GAAP)$10,020  $(83,875)(1) The table above includes non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these non-GAAP measures, see Appendix A.CLOVER HEALTH INVESTMENTS, CORP. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL MEASURESADJUSTED SG&A (NON-GAAP) RECONCILIATION(in thousands)(1)   Three Months Ended June 30,  2023   2022 Salaries and benefits$62,437  $70,491 General and administrative expenses 42,433   47,040 Total SG&A 104,870   117,531 Adjustments   Stock-based compensation expense (36,108)  (41,927)Non-recurring legal expenses and settlements (2,108)  (3,591)Expenses attributable to Seek Insurance Services, Inc. —   (224)Adjusted SG&A (non-GAAP)$66,654  $71,789     Total revenues$513,628  $846,700 Adjusted SG&A (non-GAAP) as a percentage of revenue 13%  8%(1) The table above includes non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these non-GAAP measures, see Appendix A.CLOVER HEALTH INVESTMENTS, CORP. AND SUBSIDIARIESAppendix AExplanation of Non-GAAP Financial MeasuresNon-GAAP DefinitionsAdjusted EBITDA - A non-GAAP financial measure defined by us as net loss before interest expense, amortization of notes and securities discount, depreciation and amortization, gain on investment, stock-based compensation expense, premium deficiency reserve benefit, restructuring costs, non-recurring legal expenses and settlements, and expenses attributable to Seek. Adjusted EBITDA is a key measure used by our management team and the board of directors to understand and evaluate our operating performance and trends, to prepare and approve our annual budget and to develop short and long-term operating plans. In particular, we believe that the exclusion of the amounts eliminated in calculating Adjusted EBITDA provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Adjusted EBITDA provides investors and others useful information to understand and evaluate our operating results in the same manner as our management and our board of directors.Adjusted SG&A - A non-GAAP financial measure defined by us as total SG&A less Stock-based compensation expense, less non-recurring legal expenses and settlements, less expenses attributable to Seek Insurance Services, Inc. We believe that Adjusted SG&A provides management, investors, and others a useful view of our operating spend as it excludes non-cash, stock-based compensation and expenses related to investments that management believes do not reflect the Company's core operating expenses. We believe that Adjusted SG&A as a percentage of revenue is useful to management, investors, and others because it allows us to measure our operational leverage as revenue scales. Beginning with the third quarter of 2022, we updated the name of our Adjusted Operating Expenses (Non-GAAP) metric to Adjusted SG&A (Non-GAAP).

GlobeNewswire

Clover Health Reports Strong Second Quarter 2023 Results; Highlights Improved Financial Performance and Guidance Ranges

https://finance.yahoo.com/news/clover-health-reports-strong-second-200500082.html

00e5cfbf-1f38-39a3-8311-c0e839e1c241

CLPR

Shares of Clipper Realty Inc. (CLPR) have gained 0.7% over the past four weeks to close the last trading session at $6.11, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $10 indicates a potential upside of 63.7%.The mean estimate comprises three short-term price targets with a standard deviation of $1.73. While the lowest estimate of $8 indicates a 30.9% increase from the current price level, the most optimistic analyst expects the stock to surge 80% to reach $11. It's very important to note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.While the consensus price target is a much-coveted metric for investors, solely banking on this metric to make an investment decision may not be wise at all. That's because the ability and unbiasedness of analysts in setting price targets have long been questionable.But, for CLPR, an impressive average price target is not the only indicator of a potential upside. Strong agreement among analysts about the company's ability to report better earnings than they predicted earlier strengthens this view. While a positive trend in earnings estimate revisions doesn't gauge how much a stock could gain, it has proven to be powerful in predicting an upside.Here's What You Should Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?Story continuesThey usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.Here's Why There Could be Plenty of Upside Left in CLPRThere has been increasing optimism among analysts lately about the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher. And that could be a legitimate reason to expect an upside in the stock. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.Over the last 30 days, the Zacks Consensus Estimate for the current year has increased 15.7%, as one estimate has moved higher compared to no negative revision.Moreover, CLPR currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Therefore, while the consensus price target may not be a reliable indicator of how much CLPR could gain, the direction of price movement it implies does appear to be a good guide.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportClipper Realty Inc. (CLPR) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Wall Street Analysts Predict a 63.67% Upside in Clipper Realty Inc. (CLPR): Here's What You Should Know

https://finance.yahoo.com/news/wall-street-analysts-predict-63-174631388.html

593424d3-3b5e-3fe5-a2af-3ca702137e4b

CLPR

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.One company to watch right now is Brandywine Realty Trust (BDN). BDN is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A.Investors will also notice that BDN has a PEG ratio of 1.50. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. BDN's PEG compares to its industry's average PEG of 2.17. Over the past 52 weeks, BDN's PEG has been as high as 2.44 and as low as 1.15, with a median of 1.79.Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. BDN has a P/S ratio of 1.6. This compares to its industry's average P/S of 3.49.Finally, we should also recognize that BDN has a P/CF ratio of 3.67. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. BDN's current P/CF looks attractive when compared to its industry's average P/CF of 12.98. BDN's P/CF has been as high as 7.32 and as low as 2.60, with a median of 4.48, all within the past year.Story continuesClipper Realty (CLPR) may be another strong REIT and Equity Trust - Other stock to add to your shortlist. CLPR is a # 2 (Buy) stock with a Value grade of A.Clipper Realty sports a P/B ratio of 4.77 as well; this compares to its industry's price-to-book ratio of 1.59. In the past 52 weeks, CLPR's P/B has been as high as 5.49, as low as 2.22, with a median of 2.94.Value investors will likely look at more than just these metrics, but the above data helps show that Brandywine Realty Trust and Clipper Realty are likely undervalued currently. And when considering the strength of its earnings outlook, BDN and CLPR sticks out as one of the market's strongest value stocks.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportBrandywine Realty Trust (BDN) : Free Stock Analysis ReportClipper Realty Inc. (CLPR) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Is Brandywine Realty Trust (BDN) Stock Undervalued Right Now?

https://finance.yahoo.com/news/brandywine-realty-trust-bdn-stock-134010712.html

526a6d7d-54fd-3ed8-b622-8e7f9070d6e2

CLSD

Clearside Biomedical, Inc.ALPHARETTA, Ga., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Clearside Biomedical, Inc. (Nasdaq: CLSD), a biopharmaceutical company revolutionizing the delivery of therapies to the back of the eye through the suprachoroidal space (SCS®), announced that management will participate in the following investor conferences in August 2023:Chardan Virtual Ophthalmology SummitAge-Related Macular Degeneration and Diabetes-Related Eye Diseases SeriesFireside Chat (Available on Demand)BTIG Virtual Biotechnology ConferenceCorporate Presentation and One-on-One Investor MeetingsAugust 7, 2023 at 2:30 pm (Presentation)H.C. Wainwright 3rd Annual Ophthalmology Virtual ConferencePanel Discussion, Corporate Presentation and One-on-One Investor MeetingsAugust 16, 2023 at 11:00 am ET (Panel)A link to available live and archived webcasts may be accessed on the Clearside website under the Investors section: Events and Presentations.About Clearside Biomedical, Inc.Clearside Biomedical, Inc. is a biopharmaceutical company revolutionizing the delivery of therapies to the back of the eye through the suprachoroidal space (SCS®). Clearside’s SCS injection platform, utilizing the Company’s patented SCS Microinjector®, enables an in-office, repeatable, non-surgical procedure for the targeted and compartmentalized delivery of a wide variety of therapies to the macula, retina, or choroid to potentially preserve and improve vision in patients with sight-threatening eye diseases. Clearside is developing its own pipeline of small molecule product candidates for administration via its SCS Microinjector. The Company’s lead program, CLS-AX (axitinib injectable suspension), for the treatment of neovascular age-related macular degeneration (wet AMD), is in Phase 2b clinical testing. Clearside developed and gained approval for its first product, XIPERE® (triamcinolone acetonide injectable suspension) for suprachoroidal use, which is available in the U.S. through a commercial partner. Clearside also strategically partners its SCS injection platform with companies utilizing other ophthalmic therapeutic innovations. For more information, please visit clearsidebio.com.Story continuesSource: Clearside Biomedical, Inc.CONTACT: Investor and Media Contacts: Jenny Kobin Remy Bernarda [email protected] (678) 430-8206

GlobeNewswire

Clearside Biomedical to Participate in Upcoming Investor Conferences in August 2023

https://finance.yahoo.com/news/clearside-biomedical-participate-upcoming-investor-203000075.html

796a903a-3921-38ad-b6b0-74fea9a70b28

CLSD

Clearside Biomedical, Inc.- Phase 2b ODYSSEY Trial of CLS-AX in Wet AMD Progressing as Planned with Nearly 30 Sites Now Open -- Proprietary Suprachoroidal Injection Platform Featured in Peer-Reviewed Publication and at ARVO, ASRS and OIS Scientific Meetings -- Management to Host Webcast and Conference Call Today at 4:30 P.M. ET -ALPHARETTA, Ga., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Clearside Biomedical, Inc. (Nasdaq: CLSD), a biopharmaceutical company revolutionizing the delivery of therapies to the back of the eye through the suprachoroidal space (SCS®), today reported financial results for the second quarter ended June 30, 2023 and provided a corporate update.“The last several months have been very productive for Clearside with the initiation of ODYSSEY, our Phase 2b clinical trial with CLS-AX, which we believe has the potential to be up to a twice-a-year treatment for wet AMD,” said George Lasezkay, Pharm.D., J.D., Clearside’s President and Chief Executive Officer. “We are enrolling patients through a broad network of U.S. clinical sites, and we now have nearly all of our planned 30 sites currently open to enroll participants in the trial. We expect to report topline data in the third quarter of 2024. Our differentiated treatment approach utilizes our SCS Microinjector®, a proven, non-surgical, non-implant way to deliver our proprietary formulation of axitinib, the most potent tyrosine kinase inhibitor in development for patients with wet AMD.”“We continue to be encouraged by the acceptance of suprachoroidal administration as an innovative and safe form of ophthalmic drug delivery. With an approved product in the U.S., our Asia-Pacific partner’s recent NDA submission in Australia, the continued clinical progress by REGENXBIO/AbbVie and Aura Biosciences using our SCS Microinjector, and multiple presentations at prominent medical meetings, including ARVO and ASRS, Clearside is the leader in suprachoroidal delivery of therapeutic agents to the back of the eye,” concluded Dr. Lasezkay.Story continuesKey HighlightsEnrollment and dosing of participants is underway in ODYSSEY, Clearside’s randomized, multi-center Phase 2b clinical trial of CLS-AX (axitinib injectable suspension) using suprachoroidal delivery in neovascular age-related macular degeneration (wet AMD).Clearside’s Asia-Pacific partner, Arctic Vision, announced the acceptance in Australia of its New Drug Application for suprachoroidal use of Arcatus® (known as XIPERE® in the U.S.) for the treatment of uveitic macular edema.Clearside’s SCS Microinjector technology was featured in the peer-reviewed Nature portfolio journal, Experimental & Molecular Medicine, in an article titled Genome editing in the treatment of ocular diseases (Choi, E.H., et al., August 2023). The article highlighted suprachoroidal injection as a novel modality for delivering genome-editing tools to the retinal pigment epithelium and retina and concluded that it is reasonable that therapeutics for neovascular and non-neovascular AMD delivered to the SCS might reach the retinal-RPE interface more readily than those delivered via intravitreal injection. The full article is available on Clearside’s website.Safety and tolerability data from Clearside’s OASIS Phase 1/2a clinical trial of CLS-AX in wet AMD were presented at the American Society of Retina Specialists (ASRS) 41st Annual Scientific Meeting by Rahul N. Khurana, MD, FACRS, highlighting the excellent safety profile and potential benefits of CLS-AX, a proprietary suspension formulation of the tyrosine kinase inhibitor (TKI) axitinib, delivered via Clearside’s proprietary SCS Microinjector® to provide high potency pan-VEGF inhibition.Clinical data was presented at The Association for Research in Vision and Ophthalmology (ARVO) 2023 Annual Meeting, which highlighted that SCS delivery of small molecule suspensions offered targeted, compartmentalized, and durable drug delivery to the chorioretina. In addition, a poster presentation based on the OASIS Phase 1/2a trial data showed that CLS-AX had an excellent safety profile and that Extension Study participants with wet AMD maintained visual acuity while experiencing a meaningful reduction in treatment burden over 6 months.Partner presentations featuring clinical data from programs using Clearside’s proprietary SCS Microinjector technology were highlighted at the ASRS and ARVO meetings. In addition, Clearside’s commercial partner presented data on the adoption of XIPERE® (triamcinolone acetonide injectable suspension) for suprachoroidal use, which continues to garner broad acceptance by the retinal community.Clearside received the International Organization for Standardization (ISO) Certification EN ISO 13485:2016 for “The design, development, and manufacture of sterile piston syringes, needles, and associated accessories for the area of ophthalmology”.In June 2023, Clay B. Thorp, General Partner, Hatteras Venture Partners, was named Chair of Clearside’s Board of Directors. Mr. Thorp has served as a director of Clearside since 2012. He succeeds William D. Humphries, CEO, Alcami Corporation, who continues to serve as a director. Mr. Humphries has served as a director of Clearside since 2012 and served as Board Chair from 2018 to 2023.Clearside’s Scientific Advisory Board (SAB) was enhanced with the additions of Thomas A. Ciulla, M.D., M.B.A. as Chair, Arshad M. Khanani, M.D., M.A. and Lejla Vajzovic, M.D. The SAB is comprised of industry leading retinal physicians who provide medical and scientific expertise and input on the Company’s research and development programs.Second Quarter 2023 Financial ResultsLicense Revenue: License and other revenue for the second quarter of 2023 was $1.0 million, compared to $0.4 million for the second quarter of 2022.Cost of Goods Sold: Cost of Goods Sold for the second quarter of 2023 was $0.2 million, compared to $0 for the second quarter of 2022. The increase was related to sales of Clearside’s SCS Microinjector to licensees.Research and Development (R&D) Expenses: R&D expenses for the second quarter of 2023 were $4.9 million, compared to $5.4 million for the second quarter of 2022.General and Administrative (G&A) Expenses: G&A expenses for the second quarter of 2023 were $3.1 million, compared to $2.8 million for the second quarter of 2022.Other Income: Other income for the second quarter of 2023 was $0.5 million, compared to $24,000 for the second quarter of 2022. The increase was due to higher interest rates earned on cash and cash equivalents.Other Expense: Non-cash interest expense for the second quarter of 2023 was $2.3 million, compared to $0 in the second quarter of 2022. Non-cash interest expense was comprised of imputed interest on the liability related to the sales of future royalties and the amortization of the associated issuance costs.Net Loss: Net loss for the second quarter of 2023 was $9.1 million, or $0.15 per share of common stock, compared to net loss of $7.8 million, or $0.13 per share of common stock, for the second quarter of 2022.Cash Position: As of June 30, 2023, Clearside’s cash and cash equivalents totaled $35.0 million. The Company believes it will have sufficient resources to fund its planned operations into the third quarter of 2024.Conference Call & Webcast DetailsClearside’s management will host a webcast and conference call today at 4:30 p.m. Eastern Time to discuss the financial results and provide a corporate update. The live and archived webcast may be accessed on the Clearside website under the Investors section: Events and Presentations. The live call can be accessed by dialing (877) 545-0320 (U.S.) or 973-528-0002 (international) and entering conference code: 895559. The Company suggests participants join 15 minutes in advance of the event.About Clearside Biomedical, Inc.Clearside Biomedical, Inc. is a biopharmaceutical company revolutionizing the delivery of therapies to the back of the eye through the suprachoroidal space (SCS®). Clearside’s SCS injection platform, utilizing the Company’s proprietary SCS Microinjector®, enables an in-office, repeatable, non-surgical procedure for the targeted and compartmentalized delivery of a wide variety of therapies to the macula, retina or choroid to potentially preserve and improve vision in patients with sight-threatening eye diseases. Clearside is developing its own pipeline of small molecule product candidates for administration via its SCS Microinjector. The Company’s lead program, CLS-AX (axitinib injectable suspension), for the treatment of neovascular age-related macular degeneration (wet AMD), is in Phase 2 clinical testing. Clearside developed and gained approval for its first product, XIPERE® (triamcinolone acetonide injectable suspension) for suprachoroidal use, which is available in the U.S. through a commercial partner. Clearside also strategically partners its SCS injection platform with companies utilizing other ophthalmic therapeutic innovations. For more information, please visit www.clearsidebio.com.Cautionary Note Regarding Forward-Looking StatementsAny statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “believe”, “expect”, “may”, “plan”, “potential”, “will”, and similar expressions, and are based on Clearside’s current beliefs and expectations. These forward-looking statements include statements regarding the clinical development of CLS-AX, the expected timing of topline results from the ODYSSEY clinical trial, the potential for CLS-AX to be a twice-a-year treatment for wet AMD and other potential benefits of CLS-AX and other product candidates using Clearside’s SCS Microinjector® and Clearside’s ability to fund its operations into the third quarter of 2024. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Risks and uncertainties that may cause actual results to differ materially include uncertainties inherent in the conduct of clinical trials, Clearside’s reliance on third parties over which it may not always have full control and other risks and uncertainties that are described in Clearside’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission (SEC) on March 14, 2023 and Clearside’s other Periodic Reports filed with the SEC. Any forward-looking statements speak only as of the date of this press release and are based on information available to Clearside as of the date of this release, and Clearside assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.Investor and Media Contacts:Jenny Kobin Remy Bernarda [email protected](678) 430-8206-Financial Tables Follow-CLEARSIDE BIOMEDICAL, INC.̶Selected Financial Data (in thousands, except share and per share data)(unaudited)Statements of Operations DataThree Months Ended June 30,  Six Months Ended June 30, 2023  2022   2023  2022 License and other revenue$1,018  $384   $1,022  $731 Operating expenses:              Cost of goods sold 213   —    213   — Research and development 4,948   5,430    9,399   9,966 General and administrative 3,127   2,791    6,285   6,248 Total operating expenses 8,288   8,221    15,897   16,214 Loss from operations (7,270)  (7,837)   (14,875)  (15,483)Other income 458   24    950   26 Non-cash interest expense on liability related to the sales of future royalties (2,294)  —    (4,461)  — Net loss$(9,106) $(7,813)  $(18,386) $(15,457)Net loss per share of common stock — basic and diluted$(0.15) $(0.13)  $(0.30) $(0.26)Weighted average shares outstanding — basic and diluted 61,654,520   60,150,348    61,413,343   60,107,517 Balance Sheet DataJune 30,  December 31,  2023  2022         Cash and cash equivalents$35,005  $48,258 Accounts receivable 255   — Total assets 39,185   51,303 Liabilities related to the sales of future royalties, net 38,088   33,977 Total liabilities 44,158   40,696 Total stockholders’ (deficit) equity (4,973)  10,607 Source: Clearside Biomedical, Inc.

GlobeNewswire

Clearside Biomedical Announces Second Quarter 2023 Financial Results and Provides Corporate Update

https://finance.yahoo.com/news/clearside-biomedical-announces-second-quarter-200500109.html

77b6001a-47dd-3e8f-a0fe-4bd0b2a68b9a

CLSK

From what we can see, insiders were net buyers in CleanSpark, Inc.'s (NASDAQ:CLSK ) during the past 12 months. That is, insiders acquired the stock in greater numbers than they sold it.While insider transactions are not the most important thing when it comes to long-term investing, we would consider it foolish to ignore insider transactions altogether. Check out our latest analysis for CleanSpark CleanSpark Insider Transactions Over The Last YearWhile there weren't any large insider transactions in the last twelve months, it's still worth looking at the trading.You can see the insider transactions (by companies and individuals) over the last year depicted in the chart below. By clicking on the graph below, you can see the precise details of each insider transaction!insider-trading-volumeThere are always plenty of stocks that insiders are buying. So if that suits your style you could check each stock one by one or you could take a look at this free list of companies. (Hint: insiders have been buying them).Does CleanSpark Boast High Insider Ownership?I like to look at how many shares insiders own in a company, to help inform my view of how aligned they are with insiders. I reckon it's a good sign if insiders own a significant number of shares in the company. Insiders own 3.5% of CleanSpark shares, worth about US$32m. While this is a strong but not outstanding level of insider ownership, it's enough to indicate some alignment between management and smaller shareholders.What Might The Insider Transactions At CleanSpark Tell Us?There haven't been any insider transactions in the last three months -- that doesn't mean much. But insiders have shown more of an appetite for the stock, over the last year. Insiders do have a stake in CleanSpark and their transactions don't cause us concern. While we like knowing what's going on with the insider's ownership and transactions, we make sure to also consider what risks are facing a stock before making any investment decision. To that end, you should learn about the 3 warning signs we've spotted with CleanSpark (including 1 which makes us a bit uncomfortable).Story continuesIf you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

This CleanSpark Insider Increased Their Holding By 250% Last Year

https://finance.yahoo.com/news/cleanspark-insider-increased-holding-250-194351501.html

bf5e318f-ce5f-3fcf-9bfd-96518f90f63a

CLSK

Bitcoin holdings continue to grow, now at 1,677 BTC Monthly production among industry leaders at 659 bitcoin mined for AugustAchieves operating hashrate of 9.3 EH/sLAS VEGAS, Sept. 5, 2023 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK), America's Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for the month ending August 31, 2023.CleanSpark, Inc. Logo (PRNewsfoto/CleanSpark, Inc.)"August was another banner month for CleanSpark as the 50MW expansion in Washington saw its first full month at maximum operational hashrate, delivering some of our highest daily production ever," said CleanSpark CEO Zach Bradford. "What's more, we have carefully managed power to achieve substantially high levels of uptime in August, despite historically high levels of rain and very hot weather. That operational prowess has resulted in what we expect is among the best monthly bitcoin production rates of publicly traded miners in North America."August Bitcoin Mining Update (unaudited)Bitcoin mined in August: 659CY2023 bitcoin mined: 4,729Total BTC holdings as of August 31: 1,677Total BTC sold in August: 43Deployed fleet: 88,217Month-end fleet efficiency: 28.7Current hashrate: 9.3 EH/sThe Company sold 43 bitcoins in August 2023 at an average of approximately $28,200 per BTC. Sales of BTC equated to proceeds of approximately $1.2 million. August daily BTC mined averaged 21.26 and reached a high of 22.11.Operational updatesSandersville. Construction is underway at the Company's newest expansion in Sandersville, GA. Concrete has been poured for Building 1, and construction on subsequent buildings begins this week. Materials are arriving on site daily and all ten data centers are expected to be completed later this year. Once finished, the site will be home to 230MW of the most efficient bitcoin mining machines available, making it one of the largest bitcoin mining data centers in the southeastern United States. The expansion itself is 150MW and is expected to house 45,000 miners.Story continuesConcurrently, the Municipal Energy Authority of Georgia (MEAG) has been constructing a 200MW substation and related infrastructure that will power the Sandersville expansion. The utility has informed the Company that it expects to complete the substation in 2023, but the related power-line project that connects to the substation is expected to push into early 2024, after which time miners will be promptly energized to achieve CleanSpark's target of 16 EH/s of operational hashrate.Additional commentary about the Sandersville expansion, including recent photos, are available here and here.Fall Investor Conference Schedule3rd Annual Needham Virtual Crypto Conference, September 7, 2023CleanSpark Executive Chairman Matthew SchultzThe conference is open to clients of Needham & Company by invitation only.For more information, please call (212) 371-8300 or visit www.needhamco.com.H.C. Wainwright 25th Annual Global Investment Conference (New York), September 11 - 13, 2023Company Presentation: Executive Chairman Matthew Schultz and CFO Gary A. VecchiarelliPanel: CEO and President Zach BradfordInterested investors can access CleanSpark's presentation beginning September 15, 2023, by visiting the events page on CleanSpark's website at www.cleanspark.com.AIM Summit (Dubai), October 30 - 31, 2023Fireside Chat: CEO and President Zach BradfordFor more information, visit www.aimsummit.com.26th Annual Needham Growth Conference (New York), January 16 - 19, 2024Company Presentation: Executive Chairman Matthew Schultz and Chief Financial Officer Gary A. VecchiarelliNeedham & Company's flagship conference is one of the country's largest growth stock investing events, with over 375 companies participating in 2023.The 25th Annual Needham Growth Conference is open to clients of Needham & Company by invitation only.For more information, please call (212) 371-8300 or visit www.needhamco.com.About CleanSpark CleanSpark (Nasdaq: CLSK) is America's Bitcoin Miner™. We own and operate data centers that primarily run on low-carbon power. Our infrastructure responsibly supports Bitcoin, the world's most important digital commodity and an essential tool for financial independence and inclusion. We cultivate trust and transparency among our employees and the communities we operate in. Visit our website at www.cleanspark.com.Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations of realizing the benefits of 9.3 EH/s of operating hashrate, achievement and timing of reaching our target guidance of 16 EH/s, the expansion and timing of such expansion of the bitcoin mining facilities in Sandersville, Georgia, and the resulting anticipated benefits to CleanSpark (including as to anticipated additions to CleanSpark's hashrate and the timing thereof). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this press release may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this press release include, but are not limited to, statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the anticipated timing of the expansions; the risk that the electrical power available to our facilities does not increase as expected; the success of its digital currency mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate; increasing difficulty rates for bitcoin mining; bitcoin halving; new or additional governmental regulation; the anticipated delivery dates of new miners; the ability to successfully deploy new miners; the dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.Investor Relations Contact Matt [email protected] Contacts Isaac Holyoak [email protected] ConsultingNishant [email protected] original content to download multimedia:https://www.prnewswire.com/news-releases/cleanspark-releases-august-2023-bitcoin-mining-update-301917232.htmlSOURCE CleanSpark, Inc.

PR Newswire

CleanSpark Releases August 2023 Bitcoin Mining Update

https://finance.yahoo.com/news/cleanspark-releases-august-2023-bitcoin-130000381.html

f6594127-10f4-3b0f-bf6f-12076defbb9b

CLST

OPELOUSAS, La., Jan. 26, 2023 /PRNewswire/ -- Catalyst Bancorp, Inc. (Nasdaq: "CLST") (the "Company"), the parent company for Catalyst Bank (the "Bank") (www.catalystbank.com), reported financial results for the fourth quarter of 2022. For the quarter, the Company reported net income of $171,000, up $36,000, or 27%, from the third quarter of 2022.(PRNewsfoto/St. Landry Homestead Federal Savings Bank)"2022 was transformational for our company embodied by the new Catalyst Bank name," said Joe Zanco, President and Chief Executive Officer of the Company and the Bank. "Our mission is to serve as catalysts for economic growth in our communities by helping locally-owned businesses grow. Our team is fully committed to fueling local business and improving the lives of our neighbors."Share Repurchase PlanThe Company announced that its Board of Directors approved the Company's first share repurchase plan (the "2023 Repurchase Plan"). Under the 2023 Repurchase Plan, the Company may purchase up to 265,000 shares, or approximately 5% of the Company's outstanding common stock. Share repurchases under the 2023 Repurchase Plan are expected to commence during the first quarter of 2023 upon the completion of share repurchases to fund the 2022 Recognition and Retention Plan and Trust Agreement.Loans and Credit QualityLoans totaled $133.6 million at December 31, 2022, up $1.7 million, or 1%, from September 30, 2022. During the fourth quarter of 2022, loan growth was primarily driven by new originations of commercial and industrial loans and fundings on existing construction loans, which were partially offset by paydowns across other segments of the portfolio.The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.(Dollars in thousands)12/31/20229/30/2022Increase (Decrease)Real estate loansOne- to four-family residential$87,508$88,568$(1,060)(1)%Commercial real estate19,43721,073(1,636)(8)Construction and land6,1724,4501,72239Multi-family residential3,2003,252(52)(2)Total real estate loans116,317117,343(1,026)(1)Other loansCommercial and industrial13,84311,0872,75625Consumer3,4473,512(65)(2)Total other loans17,29014,5992,69118Total loans$133,607$131,942$1,6651% Story continuesNon-performing assets ("NPAs") totaled $2.0 million at December 31, 2022, up $85,000, or 4%, compared to September 30, 2022. The ratio of NPAs to total assets was 0.76% at December 31, 2022, compared to 0.68% at September 30, 2022. Non-performing loans ("NPLs") totaled $1.7 million, or 1.26% of total loans, at December 31, 2022 and $1.6 million, or 1.21% of total loans, at September 30, 2022. At December 31, 2022, approximately 94% of total NPLs were one- to four-family residential mortgage loans, compared to 88% at September 30, 2022.The allowance for loan losses totaled $1.8 million, or 1.35% of total loans, at December 31, 2022 and $1.8 million, or 1.37% of total loans, at September 30, 2022. The Company did not record a provision for or a reversal of loan losses during the fourth quarter of 2022.Net loan recoveries totaled $3,000 during the fourth quarter of 2022, compared to net loan charge-offs of $61,000 for the third quarter of 2022. The third quarter charge-offs were primarily related to two residential mortgage loans.Investment SecuritiesTotal investment securities were $93.1 million at December 31, 2022, up $1.0 million, or 1%, from September 30, 2022. At December 31 and September 30, 2022, 87% of total investment securities, based on amortized cost, were classified as available-for-sale. Net unrealized losses on securities available-for-sale totaled $11.5 million at December 31, 2022, compared to $12.6 million at September 30, 2022. For the fourth quarter of 2022, the average yield on the investment securities portfolio was 1.61%, up 13 basis points from the third quarter of 2022.DepositsTotal deposits were $165.1 million at December 31, 2022, down $19.1 million, or 10%, from September 30, 2022. The decrease in deposits was primarily due to net outflows from NOW accounts and a decrease in certificates of deposit.The following table sets forth the composition of the Bank's deposits as of the dates indicated.(Dollars in thousands)12/31/20229/30/2022Increase (Decrease)Non-interest-bearing demand deposits$33,657$31,988$1,6695%NOW36,99150,547(13,556)(27)Money market15,73417,129(1,395)(8)Savings26,20926,874(665)(2)Certificates of deposit52,50357,689(5,186)(9)Total deposits$165,094$184,227$(19,133)(10)% Net Interest IncomeNet interest margin for the fourth quarter of 2022 was 2.96%, up 21 basis points compared to the prior quarter. The average yield on interest-earning assets increased by 29 basis points to 3.28% for the fourth quarter of 2022, while the average rate on interest-bearing liabilities increased by 15 basis points to 0.55%, compared to the third quarter of 2022.Net interest income for the fourth quarter of 2022 was $1.9 million, up $30,000, or 2%, from the third quarter of 2022 primarily due to an increase in interest income from loans (up $77,000, or 5%) and investment securities (up $37,000, or 10%). These increases were partially offset by a decline in other interest income and an increase in interest expense on deposits. Lower average balances of cash and cash equivalents led to the decline in other interest income and the increase in interest expense on deposits was primarily the result of accounts re-pricing to higher rates during the fourth quarter of 2022.The following table sets forth, for the periods indicated, the Company's total dollar amount of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Taxable equivalent ("TE") yields have been calculated using a marginal tax rate of 21%. All average balances are based on daily balances. Three Months Ended 12/31/20229/30/2022(Dollars in thousands)Average BalanceInterestAverage Yield/ RateAverage BalanceInterestAverage Yield/ RateINTEREST-EARNING ASSETSLoans receivable(1)$133,102$1,5434.60%$131,827$1,4664.41%Investment securities(TE)(2)105,4884181.61104,4033811.48Other interest earning assets17,4431453.2834,5471852.12Total interest-earning assets(TE)$256,033$2,1063.28%$270,777$2,0322.99%INTEREST-BEARING LIABILITIESNOW, money market and savings accounts$84,157$370.18%$91,738$290.13%Certificates of deposit54,977930.6759,833640.43Total interest-bearing deposits139,1341300.37151,571930.24FHLB advances9,930763.079,126692.99Total interest-bearing liabilities$149,064$2060.55%$160,697$1620.40%Net interest-earning assets$106,969$110,080Net interest income; average interest rate spread(TE)$1,9002.73%$1,8702.59%Net interest margin(TE)(3)2.96%2.75%(1)Includes non-accrual loans during the respective periods. Calculated net of deferred fees and discounts and loans in-process.(2)Average investment securities does not include unrealized holding gains/losses on available-for-sale securities.(3)Equals net interest income divided by average interest-earning assets. Taxable equivalent yields are calculated using a marginal tax rate of 21%. Non-interest IncomeNon-interest income for the fourth quarter of 2022 was $301,000, up $5,000, or 2%, from the third quarter of 2022 primarily due to an increase in fee income recorded in other non-interest income.Non-interest ExpenseNon-interest expense for the fourth quarter of 2022 totaled $2.0 million, down $131,000, or 6%, compared to the third quarter of 2022.Data processing and communication expense totaled $175,000 for the fourth quarter of 2022, down $41,000, or 19%, from the prior quarter primarily due to a credit received from our core system provider during the fourth quarter of 2022.Professional fees totaled $66,000 for the fourth quarter of 2022, down $91,000, or 58%, from the prior quarter mainly due to continued improvement in the cost of legal and auditing services during the second half of 2022.The Company recorded a reversal of franchise and shares tax expense of $16,000 during the fourth quarter of 2022, compared to $15,000 in expense for the prior quarter. Shares tax due for 2022 was received during the fourth quarter of 2022 and the actual expense was less than our initial estimate.About Catalyst Bancorp, Inc.Catalyst Bancorp, Inc. (Nasdaq: CLST) is a Louisiana corporation and registered bank holding company for Catalyst Bank, its wholly-owned subsidiary, with $263.3 million in assets at December 31, 2022. Catalyst Bank, formerly St. Landry Homestead Federal Savings Bank, has been in operation in the Acadiana region of south-central Louisiana for over 100 years. With a focus on fueling business and improving lives throughout the region, Catalyst Bank offers commercial and retail banking products through our six full-service branches located in Carencro, Eunice, Lafayette, Opelousas, and Port Barre. To learn more about Catalyst Bank, visit www.catalystbank.com.Forward-looking StatementsThis press release contains certain forward-looking statements.  Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts.  They often include words like "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may."  Certain factors that could cause actual results to differ materially from expected results include changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of Catalyst Bancorp, Inc. and Catalyst Bank, and changes in the securities markets.  Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to reflect changes in belief, expectations or events. CATALYST BANCORP, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF FINANCIAL CONDITION(Unaudited)(Dollars in thousands)12/31/20229/30/202212/31/2021ASSETSNon-interest-bearing cash$5,092$4,558$4,933Interest-bearing cash and due from banks8,38031,63935,951

PR Newswire

Catalyst Bancorp, Inc. Announces 2022 Fourth Quarter Results and Approval of Share Repurchase Plan

https://finance.yahoo.com/news/catalyst-bancorp-inc-announces-2022-120000486.html

2c069230-b686-3e72-b2cf-6f1d64ed5ae8

CLST

OPELOUSAS, La., April 27, 2023 /PRNewswire/ -- Catalyst Bancorp, Inc. (Nasdaq: "CLST") (the "Company"), the parent company for Catalyst Bank (the "Bank") (www.catalystbank.com), reported financial results for the first quarter of 2023. For the quarter, the Company reported net income of $73,000 compared to $171,000 for the fourth quarter of 2022.(PRNewsfoto/St. Landry Homestead Federal Savings Bank)"As our nation's economic angst rises, our capital strength positions us to grow and thrive through whatever challenges the economy offers," said Joe Zanco, President and Chief Executive Officer of the Company and the Bank. "Our focus remains on helping locally-owned businesses grow so that, together, we can increase employment across our communities."Capital and Share RepurchasesThe Bank continues to maintain an exceptional capital position with a total risk-based capital ratio of 57.69% and 57.42% at March 31, 2023 and December 31, 2022, respectively. At March 31, 2023 and December 31, 2022, consolidated shareholders' equity totaled $86.1 million, or 31.2% of total assets, and $88.5 million, or 33.6% of total assets, respectively.The Company announced that its Board of Directors approved the Company's second share repurchase plan (the "April 2023 Repurchase Plan"). Under the April 2023 Repurchase Plan, the Company may purchase up to 252,000 shares, or approximately 5% of the Company's outstanding shares of common stock. Share repurchases under the April 2023 Repurchase Plan are expected to commence during the second quarter of 2023.The Company announced its first share repurchase plan (the "January 2023 Repurchase Plan") on January 26, 2023, and completed repurchases under the January 2023 Repurchase Plan in April 2023. Under the January 2023 Repurchase Plan, the Company repurchased 265,000 shares of its common stock at an average cost per share of $12.62.Loans and Credit QualityLoans totaled $132.7 million at March 31, 2023, down $917,000, or less than 1%, from December 31, 2022. During the first quarter of 2023, fundings on existing construction loans and new originations of commercial and industrial loans were offset by paydowns across other segments of the portfolio.Story continuesThe majority of the Company's loan portfolio consists of real estate loans secured by properties in our local market area, the Acadiana region of south Louisiana. Loans secured by one- to four-family residential properties totaled $86.5 million, or 65% of total loans, and commercial real estate loans totaled $19.3 million, or 15% of total loans, at March 31, 2023. Our commercial real estate loans are generally secured by retail and industrial use buildings, hotels, strip shopping centers and other properties used for commercial purposes in our market area. Approximately 66% of our real estate loans have adjustable rates and, of these adjustable-rate real estate loans, approximately $47.0 million are scheduled to re-price during the next 12 months. Our non-real estate loans primarily consist of commercial and industrial loans of $14.1 million, or 11% of total loans, at March 31, 2023. The commercial and industrial portfolio mainly consists of direct loans to small and mid-sized businesses located in our market area. Since March 31, 2022, the Company has grown this segment of the portfolio by $4.0 million, which was largely driven by loans to local businesses involved in industrial manufacturing and equipment, communications, and professional services. Approximately 39% of our commercial and industrial loans have adjustable rates and, of these adjustable-rate commercial and industrial loans, approximately $5.5 million are scheduled to re-price during the next 12 months.The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.(Dollars in thousands)3/31/202312/31/2022Increase (Decrease)Real estate loansOne- to four-family residential$86,464$87,508$(1,044)(1)%Commercial real estate19,30319,437(134)(1)Construction and land6,5366,1723646Multi-family residential3,1463,200(54)(2)Total real estate loans115,449116,317(868)(1)Other loansCommercial and industrial14,10913,8432662Consumer3,1323,447(315)(9)Total other loans17,24117,290(49)-Total loans$132,690$133,607$(917)(1)%At both March 31, 2023 and December 31, 2022, non-performing assets ("NPAs") totaled $2.0 million and the ratio of NPAs to total assets was 0.73% and 0.76%, respectively. Non-performing loans ("NPLs") totaled $1.7 million, or 1.27% of total loans, at March 31, 2023 and $1.7 million, or 1.26% of total loans, at December 31, 2022. At March 31, 2023 and December 31, 2022, approximately 94% of total NPLs were one- to four-family residential mortgage loans.Net loan recoveries totaled $54,000 during the first quarter of 2023, compared to net loan recoveries of $3,000 for the fourth quarter of 2022. During the first quarter of 2023, the Company recovered $41,000 of principal from a previously charged-off residential mortgage loan. In addition to the recovery of principal, the Company recovered $29,000 of interest income related to the same loan during the first quarter of 2023.CECL Adoption and Allowance for Credit LossesAs of January 1, 2023, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced a new framework known as CECL. The adoption of CECL resulted in a $209,000, or 12%, increase in the allowance for loan losses, and a $216,000 increase in other liabilities due to the allowance for credit losses on unfunded commitments. At adoption, we also recorded a corresponding $335,000 after-tax decrease in retained earnings. The increase in the total allowance for credit losses, which is inclusive of the reserve for unfunded commitments, was primarily due to the addition of forecasted credit losses.At January 1, 2023, the allowance for loan losses totaled $2.0 million, or 1.51% of total loans, compared to $1.8 million, or 1.35% of total loans, at December 31, 2022. At March 31, 2023, the allowance for loan losses totaled $2.1 million, or 1.56% of total loans, and the allowance for credit losses on unfunded commitments totaled $216,000, unchanged from the date of adoption. The Company did not record a provision for or a reversal of loan losses during the first quarter of 2023.Investment SecuritiesTotal investment securities were $92.4 million at March 31, 2023, down $669,000, or 1%, from December 31, 2022. At March 31, 2023 and December 31, 2022, 87% of total investment securities, based on amortized cost, were classified as available-for-sale. Net unrealized losses on securities available-for-sale totaled $10.1 million at March 31, 2023, compared to $11.5 million at December 31, 2022. For the first quarter of 2023, the average yield on the investment securities portfolio was 1.66%, up five basis points from the fourth quarter of 2022.The following table summarizes the amortized cost and fair value of our investment securities portfolio as of March 31, 2023.March 31, 2023 (Dollars in thousands) Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueSecurities available-for-saleMortgage-backed securities$72,032$24$(8,818)$63,238U.S. Government and agency obligations10,981(905)10,076Municipal obligations6,04812(437)5,623Total available-for-sale$89,061$36$(10,160)$78,937Securities held-to-maturityU.S. Government and agency obligations$13,005$-$(2,327)$10,678Municipal obligations466-(25)441Total held-to-maturity$13,471$-$(2,352)$11,119Deposits and LiquidityTotal deposits were $179.7 million at March 31, 2023, up $14.6 million, or 9%, from December 31, 2022. The increase in deposits was primarily due to an increase in the balance of public funds. Our public funds consist primarily of non-interest bearing and NOW account deposits from municipalities within our market. At March 31, 2023, total public fund deposits amounted to $40.1 million, or 22% of total deposits.Our total uninsured deposits (that is deposits in excess of the FDIC's insurance limit), inclusive of public funds, were approximately $59.7 million at March 31, 2023. Total uninsured non-public funds deposits were approximately $24.6 million at March 31, 2023. The full amount of our public funds deposits in excess of the FDIC's insurance limit are secured by pledging investment securities or by allocating available portions of a letter of credit from the FHLB to collateralize the balances. At March 31, 2023, the amortized cost and fair value of investment securities pledged to secure public fund deposits totaled $36.9 million and $31.6 million, respectively.The following table sets forth the composition of the Bank's deposits as of the dates indicated.(Dollars in thousands)3/31/202312/31/2022Increase (Decrease)Non-interest-bearing demand deposits$35,483$33,657$1,8265%NOW49,25236,99112,26133Money market16,15315,7344193Savings28,20026,2091,9918Certificates of deposit50,62452,503(1,879)(4)Total deposits$179,712$165,094$14,6189%The ratio of the Company's total loans to total deposits was 73% and 80% as of March 31, 2023 and December 31, 2022, respectively. In addition to our deposit base, our secondary sources of liquidity include borrowings from the FHLB and a line of credit from our primary correspondent bank. At March 31, 2023, we had available capacity to borrow $34.3 million from the FHLB and an additional $17.8 million on a line of credit with our primary correspondent bank.Net Interest IncomeNet interest margin for the first quarter of 2023 was 3.10%, up 14 basis points compared to the prior quarter. The average yield on interest-earning assets increased by 29 basis points to 3.57% for the first quarter of 2023, while the average rate on interest-bearing liabilities increased by 25 basis points to 0.80%, compared to the fourth quarter of 2022.Net interest income for the first quarter of 2023 was $2.0 million, up $66,000, or 3%, from the fourth quarter of 2022 primarily due to an increase in interest income from loans (up $86,000, or 6%) and other interest income (up $66,000, or 46%). These increases were partially offset by an increase in interest expense on deposits (up $103,000, or 79%). The Company's interest-earning asset yield continues to benefit from rising interest rates due to increasing yields on our adjustable-rate loan portfolio and our interest-earning cash, which is included in other interest-earning assets. However, rising interest rates have also increased competition for deposits and have led us to offer higher rates on our deposit accounts.The following table sets forth, for the periods indicated, the Company's total dollar amount of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Taxable equivalent ("TE") yields have been calculated using a marginal tax rate of 21%. All average balances are based on daily balances.Three Months Ended 3/31/202312/31/2022(Dollars in thousands)Average BalanceInterestAverage Yield/ RateAverage BalanceInterestAverage Yield/ RateINTEREST-EARNING ASSETSLoans receivable(1)$133,781$1,6294.94%$133,102$1,5434.60%Investment securities(TE)(2)103,7394271.66105,4884181.61Other interest earning assets19,8202114.3317,4431453.29Total interest-earning assets(TE)$257,340$2,2673.57%$256,033$2,1063.28%INTEREST-BEARING LIABILITIESNOW, money market and savings accounts$90,972$810.36%$84,157$370.18%Certificates of deposit51,5281521.2054,977930.67Total interest-bearing deposits142,5002330.66139,1341300.37FHLB advances9,216682.969,930763.07Total interest-bearing liabilities$151,716$3010.80%$149,064$2060.55%Net interest-earning assets$105,624$106,969Net interest income; average interest rate spread(TE)$1,9662.77%$1,9002.73%Net interest margin(TE)(3)3.10%2.96%(1)Includes non-accrual loans during the respective periods. Calculated net of deferred fees and discounts and loans in-process.(2)Average investment securities does not include unrealized holding gains/losses on available-for-sale securities.(3)Equals net interest income divided by average interest-earning assets. Taxable equivalent yields are calculated using a marginal tax rate of 21%.Non-interest IncomeNon-interest income for the first quarter of 2023 was $294,000, down $7,000, or 2%, from the fourth quarter of 2022 primarily due to a decrease in debit card and ATM transaction fees included in service charges on deposit accounts.Non-interest ExpenseNon-interest expense for the first quarter of 2023 totaled $2.2 million, up $183,000, or 9%, compared to the fourth quarter of 2022.Data processing and communication expense totaled $227,000 for the first quarter of 2023, up $52,000, or 30%, from the prior quarter. During the fourth quarter of 2022, the Company received a credit from our core system provider, which lowered data processing and communication expense by $26,000 for the fourth quarter. The remaining increase in data processing and communication expense was primarily due to annual rate increases by our core system provider.Professional fees totaled $129,000 for the first quarter of 2023, up $63,000, or 95%, from the prior quarter primarily due to increases in expenses related to audit and consulting services and 2022 annual reporting.Franchise and shares tax expense increased $43,000, compared to the fourth quarter of 2022. During the fourth quarter of 2022, the Company recorded a reversal of franchise and shares tax expense of $16,000. Shares tax due for 2022 was received during the fourth quarter of 2022 and the actual expense was less than our initial estimate.About Catalyst Bancorp, Inc.Catalyst Bancorp, Inc. (Nasdaq: CLST) is a Louisiana corporation and registered bank holding company for Catalyst Bank, its wholly-owned subsidiary, with $275.8 million in assets at March 31, 2023. Catalyst Bank, formerly St. Landry Homestead Federal Savings Bank, has been in operation in the Acadiana region of south-central Louisiana for over 100 years. With a focus on fueling business and improving lives throughout the region, Catalyst Bank offers commercial and retail banking products through our six full-service branches located in Carencro, Eunice, Lafayette, Opelousas, and Port Barre. To learn more about Catalyst Bank, visit www.catalystbank.com.Forward-looking StatementsThis press release contains certain forward-looking statements.  Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts.  They often include words like "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may."  Certain factors that could cause actual results to differ materially from expected results include changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of Catalyst Bancorp, Inc. and Catalyst Bank, and changes in the securities markets.  Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to reflect changes in belief, expectations or events. CATALYST BANCORP, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF FINANCIAL CONDITION(Unaudited)(Unaudited)(Dollars in thousands)3/31/202312/31/20223/31/2022ASSETSNon-interest-bearing cash$3,531$5,092$511Interest-bearing cash and due from banks23,9968,38039,585Total cash and cash equivalents27,52713,47240,096Investment securities:Securities available-for-sale, at fair value78,93779,60284,649Securities held-to-maturity13,47113,47513,492Loans receivable, net of unearned income132,690133,607132,252Allowance for loan losses(2,070)(1,807)(2,173)Loans receivable, net 130,620131,800130,079Accrued interest receivable675673536Foreclosed assets320320320Premises and equipment, net6,2026,3036,475Stock in correspondent banks, at cost1,8231,8081,794Bank-owned life insurance13,71413,6178,824Other assets2,5392,2541,204TOTAL ASSETS$275,828$263,324$287,469LIABILITIESDeposits:Non-interest-bearing$35,483$33,657$33,056Interest-bearing144,229131,437150,028Total deposits179,712165,094183,084Federal Home Loan Bank advances9,2439,1989,063Other liabilities747558663TOTAL LIABILITIES189,702174,850192,810SHAREHOLDERS' EQUITYCommon stock515353Additional paid-in capital48,25951,06250,821Unallocated common stock held by benefit plans(6,664)(6,307)(4,126)Retained earnings52,47852,74052,419Accumulated other comprehensive income (loss)(7,998)(9,074)(4,508)TOTAL SHAREHOLDERS' EQUITY86,12688,47494,659TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$275,828$263,324$287,469 CATALYST BANCORP, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF INCOME(Unaudited)Three Months Ended (Dollars in thousands)3/31/202312/31/20223/31/2022INTEREST INCOMELoans receivable, including fees$1,629$1,543$1,563Investment securities427418329Other21114519Total interest income2,2672,1061,911INTEREST EXPENSEDeposits23313092Advances from Federal Home Loan Bank687668Total interest expense301206160Net interest income1,9661,9001,751Provision for (reversal of) credit losses--(71)Net interest income after provision for (reversal of) loan losses1,9661,9001,822NON-INTEREST INCOMEService charges on deposit accounts183189168Bank-owned life insurance979821Other14148Total non-interest income294301197NON-INTEREST EXPENSESalaries and employee benefits1,2031,1751,261Occupancy and equipment213193210Data processing and communication227175208Professional fees12966140Directors' fees11511755ATM and debit card586149Foreclosed assets, net25(4)Advertising and marketing305342Franchise and shares tax27(16)58Other181173182Total non-interest expense2,1852,0022,201Income (loss) before income tax expense75199(182)Income tax expense (benefit)228(41)NET INCOME (LOSS)$73$171$(141)Earnings (loss) per share:Basic$0.02$0.04$(0.03)Diluted0.020.04N/A CATALYST BANCORP, INC. AND SUBSIDIARYSELECTED FINANCIAL DATAThree Months Ended (Dollars in thousands)3/31/202312/31/20223/31/2022EARNINGS DATATotal interest income$2,267$2,106$1,911Total interest expense301206160Net interest income1,9661,9001,751Provision for (reversal of) credit losses--(71)Total non-interest income294301197Total non-interest expense2,1852,0022,201Income tax expense (benefit)228(41)Net income (loss)$73$171$(141)AVERAGE BALANCE SHEET DATATotal assets$271,910$270,121$286,955Total interest-earning assets257,340256,033274,249Total loans133,781133,102131,009Total interest-bearing deposits142,500139,134147,824Total interest-bearing liabilities151,716149,064156,858Total deposits174,597170,952179,615Total shareholders' equity87,35088,55897,366SELECTED RATIOSReturn on average assets0.11%0.25%(0.20)%Return on average equity0.340.76(0.59)Efficiency ratio96.6890.99112.98Net interest margin(TE)3.102.962.59Average equity to average assets32.1232.7833.93Common equity Tier 1 capital ratio(1)56.4356.1757.98Tier 1 leverage capital ratio(1)30.1130.3728.39Total risk-based capital ratio(1)57.6957.4259.24ALLOWANCE FOR LOANS LOSSESBeginning balance$1,807$1,804$2,276CECL adoption impact209--Provision for (reversal of) credit losses--(71)Charge-offs(7)(19)(63)Recoveries612231Net (charge-offs) recoveries543(32)Ending balance$2,070$1,807$2,173CREDIT QUALITYNon-accruing loans$1,618$1,494$1,269Accruing loans 90 days or more past due69191-Total non-performing loans1,6871,6851,269Foreclosed assets320320320Total non-performing assets$2,007$2,005$1,589Total non-performing loans to total loans1.27%1.26%0.96%Total non-performing assets to total assets0.730.760.55(1)Capital ratios are preliminary end-of-period ratios for the Bank only and are subject to change.For more information:Joe Zanco, President and CEO(337) 948-3033 CisionView original content to download multimedia:https://www.prnewswire.com/news-releases/catalyst-bancorp-inc-announces-2023-first-quarter-results-and-approval-of-new-share-repurchase-plan-301809248.htmlSOURCE Catalyst Bancorp, Inc.

PR Newswire

Catalyst Bancorp, Inc. Announces 2023 First Quarter Results and Approval of New Share Repurchase Plan

https://finance.yahoo.com/news/catalyst-bancorp-inc-announces-2023-110000280.html

0a034bfe-ed24-351b-8919-708e37572c5e

CLW

Clearwater Paper Corporation (NYSE:CLW) Q2 2023 Earnings Call Transcript August 1, 2023Clearwater Paper Corporation misses on earnings expectations. Reported EPS is $1.11 EPS, expectations were $1.18.Operator: Thank you for standing by. My name is Dina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Clearwater Paper’s Second Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] I would like to turn the call over now to Sloan Bohlen, Investor Relations. Sloan, please go ahead.Sloan Bohlen: Thank you, Dina. Good afternoon, and thank you for joining Clearwater Paper’s second quarter 2023 earnings conference call. Joining me on the call today are Arsen Kitch, President and Chief Executive Officer; and Becky Barckley, Corporate Controller and Interim Chief Financial Officer. Financial results for the second quarter of 2023 were released shortly after today’s market close, along with the filing of our 10-Q. You will find a presentation of supplemental information, including a slide providing the company’s current outlook posted in the Investor Relations page on our website at clearwaterpaper.com. Additionally, we will be providing certain non-GAAP information in this afternoon’s discussion. A reconciliation of the non-GAAP information to comparable GAAP information is included in the press release and in the supplemental information provided on our website.Please note Slide 2 of the supplemental information covering the forward-looking statements rather than reread this slide, we are going to incorporate it by reference into our prepared remarks. And with that, let me turn the call over to Arsen.Arsen Kitch: Good afternoon and thank you for joining us today. As you saw in our press release, we had a great second quarter, which was better than we expected, driven by strong operational execution, lower input costs and improved tissue margins. Slide 3 of our supplementals provides a summary of our consolidated results. We reported net sales of $525 million and adjusted EBITDA of $71 million, which is $8 million higher than the second quarter of last year. Our tissue business drove the improvement by more than doubling its adjusted EBITDA from $19 million in the second quarter of last year to $40 million this year. Let me share a few more highlights with you. Prices increased in both paperboard and tissue as compared to the second quarter of 2022.Story continuesLower input costs benefited both of our business as compared to the first quarter of 2023, particularly in fiber, energy and transportation. Operational performance was strong, and we balanced supply and demand to manage our inventories. Tissue private branded share reached an all-time high as consumers continue to look for ways to offset inflation. Our tissue demand remained strong, and we delivered outstanding customer service while improving our supply chain costs. Paperboard demand remained soft as customers reduced their inventories due to slowed consumer spending. And finally, we reduced our net debt by $25 million and repurchased 8 million of shares during the quarter, with $15 million remaining on our buyback authorization. With that overview, let me turn to each of our segments and provide some additional details.Let’s begin with our paperboard business on Slide 4. As we noted last year, demand began slowing late in the fourth quarter of last year with that trend continuing through the second quarter of this year. We believe that this was caused by a slowdown in consumer spending and high inventory levels across the value chain. Industry data reflected these trends with a 7.1% decrease in operating rates and a 12.6% decrease in shipments year-to-date 2023 versus year-to-date 2022 based on AF&PA data. As further evidence of this trend, RISI reported a $20 per ton decrease in folding carton prices in July, the first decrease in more than three years. Approximately 35% to 40% of our volume is now indexed to RISI, and it typically takes us up to two quarters for price changes under these contracts to be reflected in our financials.While demand remains soft at the beginning of the third quarter, we’re expecting an improvement in our volumes in the second half. As I mentioned during our first quarter earnings call, we reduced production in the second quarter to manage our inventories, which resulted in approximately 10% of plant capacity downtime in the second quarter. Our intent is to continue to balance supply and demand for the remainder of the year to get to our targeted inventory levels. While the industry is experiencing a slowdown in demand, we continue to believe that paperboard is economically resilient given the end use of the products. Our portfolio, in particular, skews more heavily towards consumer necessities such as food packaging, pharmaceuticals and cosmetics.We also expect the shift to paper-based products to accelerate with consumers seeking more sustainable packaging and food service products. We believe that this should provide us with more opportunities for growth in the long run. Please turn to Slide 5 for additional comments on tissue. The performance of our business was very strong with significant improvements in margin driven by higher pricing, higher volume and lower input costs. Adjusted EBITDA more than doubled year-over-year and sequentially to $40 million. Input costs eased between the first and second quarter of this year, particularly in pulp, energy and transportation. Revenue improved by 9% year-over-year, driven by higher pricing and higher retail shipments. Operating performance was also solid, leading to great customer service results with an on-time performance rate of over 95% and a fill rate of over 99%.The team delivered these results while maintaining inventories at targeted levels and lowering our overall supply chain costs. Let’s turn to some broader market data. Private branded tissue share reached an all-time high of 36.3% in June based on Circana panel data. We believe that consumers are continuing to look for better values and their daily purchases to offset inflation and economic uncertainty. Based on RISI data for May, tissue capacity utilization rose to 94.2%, which we believe to be a healthy level. We expect continued strength in our tissue business in the coming quarters as we benefit from strong consumer demand, lower input costs and continued benefits from previously announced price increases. Pulp costs have been on a downward trajectory since the first quarter of this year, with RISI forecasting a continued decline through the rest of the year and relative stability in 2024.As a reminder, it takes approximately three months for changes in pulp prices to be fully reflected in our financials. Transportation availability and costs have also improved greatly since last year, with lower line haul rates positively impacting our financials. With that overview, let me introduce our Corporate Controller and Interim CFO, Becky Barckley. Becky is a key leader in our finance team and has long tenured experience in the forest products industry. Thank you, Becky, for supporting us during this transition. With that introduction, I will now ask Becky to discuss our second quarter results in more detail.Pixabay/Public DomainBecky Barckley: Thank you, Arsen. Please turn to Slide 6. The consolidated summary income statement shows results for the second quarter of 2023 and 2022. In the second quarter of 2023, we recorded net income of $29.7 million, net income per diluted share of $1.75 and adjusted net income per diluted share of $1.74. The corresponding segment results are on Slide 7. The key takeaway is that on a consolidated basis, the business performed well with lower cost, stronger operating performance driving a healthy improvement in profitability. Adjusted EBITDA margin rose to 13.6% in the quarter as compared to 12% last year. Slide 8 is a year-over-year comparison of the segment income and adjusted EBITDA for our paperboard business. On a year-over-year basis higher pricing offset higher cost while lower production volumes impacted cost absorption and our overall cost structure.Slide 14 in the appendix shows the sequential comparison of the second quarter to the first quarter of this year. It reflects a lower sales mix, lower production volumes with flattening costs. Slide 9 is a year-over-year comparison of segment income and adjusted EBITDA for our tissue business. As Arsen discussed, we are benefiting from previously announced price increases, higher volume and lower input costs. It is important to note that significant pulp price increases in 2022 did not impact our financials until the second half of the year, leading to a relatively flat cost comparison between the second quarter of this year to last year. Slide 15 in the appendix shows the sequential comparison of the second quarter to the first quarter of this year.It reflects the significant benefits that we are seeing from lower input costs particularly in pulp, energy and transportation. Slide 10 outlines our capital structure. Our balance sheet remains very strong, and our liquidity improved quarter-over-quarter, now totaling $313 million. During the quarter, we generated $33 million in free cash flow and reduced net debt by $25 million versus the first quarter. On a year-to-date basis, we generated $3 million in free cash flow. As a reminder, we had negative cash flows during the first quarter due to a higher-than-normal trade payables balance from the fourth quarter of 2022 as well as typical first quarter outflows. Our net debt-to-EBITDA ratio was at 2.1 times at the end of the quarter. We used free cash flow to repurchase $8 million of our stock during the quarter.That translates into over 260,000 shares repurchased an average price of $31.70 per share. We have roughly $15 million left on our share repurchase authorization. Let’s now move to Slide 11 for an outlook on the third quarter of 2023, as well as some updates to our full year expectations. Based on the continued momentum in tissue and moderating input costs, we expect adjusted EBITDA in the range of $73 million to $83 million for the quarter. In terms of our full year assumptions, we expect that operating results will be favorable relative to 2022 by $42 million due to fewer major maintenance outages and better operating performance. Additionally, we now expect a benefit of $15 million to $25 million due to the impact of previously announced price increases and lower input costs.Lastly, our other key assumptions for the full year remain unchanged. Interest expense should be in the $27 million to $25 million range, depreciation and amortization expense should be $98 million to $101 million, capital expenditures should be between $70 million and $80 million, which includes approximately $9 million on our Lewiston recovery boiler tube replacement project and $11 million on the precipitator replacement in Arkansas. As a reminder, the recovery boiler project will require approximately $40 million in total spend, while the precipitator is projected to require $45 million. And finally, our tax rate should be in the mid-20% range. Let me turn the call back over to Arsen.Arsen Kitch: Thanks, Becky. I’d like to conclude the call with a brief overview of how we are prioritizing our capital allocation to create shareholder value. Slide 12 is a framework to our approach. Our top priority is sustaining the competitiveness of our assets. We believe that this requires an average of $60 million to $70 million annually, excluding large projects such as the recovery boiler work in Lewiston and the precipitator replacement in Arkansas. Second, we intend to maintain a balance sheet that provides us with financial flexibility. We now have a much stronger balance sheet than we did a few years ago, and we intend to continue to maintain and improve our position. A strong balance sheet provides us with the capacity to take advantage of investment opportunities, including in the potential down cycle.And finally, we will look at various opportunities to create value through return-generating investments, opportunistic acquisitions and returning capital to shareholders. You saw us do that in the second quarter by repurchasing $8 million worth of our shares. We’re going to continue to be disciplined allocators of capital, and we’ll seek the right opportunities to create value across both of our businesses. The team delivered a strong second quarter, and we’re optimistic about our business in the second half of this year. Let me close by thanking our people for all that they do to keep our operations running safely and efficiently. I would also like to thank our customers for placing their trust in us and our shareholders for their continued support.With that, we will end our prepared remarks and take your questions.See also 25 Most Popular Whiskey Brands in the World and 10 Most Cushioned Walking Shoes for Work.To continue reading the Q&A session, please click here.

Insider Monkey

Clearwater Paper Corporation (NYSE:CLW) Q2 2023 Earnings Call Transcript

https://finance.yahoo.com/news/clearwater-paper-corporation-nyse-clw-184439261.html

1b96345b-ddea-3f83-a906-516f5f0a0ad5

CLW

SPOKANE, Wash., August 08, 2023--(BUSINESS WIRE)--Clearwater Paper Corporation (NYSE: CLW) today announced the appointment of Sherri Baker as senior vice president and chief financial officer, effective August 14, 2023, to oversee the company’s finance and strategy.Arsen Kitch, president and chief executive officer, said, "On behalf of the board and our leadership team, I am pleased to welcome Sherri Baker to Clearwater Paper. Sherri is a proven leader with more than 25 years of experience building and leading finance teams. Her background in strategic, financial, and operational decision making will help us deliver on our key priorities. We look forward to Sherri being an integral part of our leadership team as we continue to create near and long-term shareholder value."Ms. Baker joins Clearwater Paper with extensive finance and executive leadership experience. In her last two roles she served as CFO, first at PGT Innovations and then at Hyliion Holdings. Both are NYSE listed companies. Previously, Ms. Baker worked at Dean Foods from 2010 to 2019, where she held roles of increasing leadership responsibility in commercial finance, supply chain, investor relations, and corporate strategy. From 1997 to 2010 she worked at Frito-Lay where she progressed through finance roles covering accounting, tax, and procurement. Ms. Baker began her career at Ernst & Young in audit. She earned both a Bachelor of Science and a Master of Science in accounting from the University of North Texas."I am thrilled to join the team at Clearwater Paper, a values-driven company focused on delivering operational excellence," said Sherri Baker. "I see meaningful opportunity for value creation as we build upon the company’s strong operational and financial foundation."ABOUT CLEARWATER PAPERClearwater Paper is a premier supplier of private brand tissue to major retailers, including grocery, club, mass merchants, and discount stores. In addition, the company produces bleached paperboard used by quality-conscious printers and packaging converters, and offers services that include custom sheeting, slitting, and cutting. Clearwater Paper's employees build shareholder value by developing strong relationships through quality and service.Story continuesFORWARD-LOOKING STATEMENTSThis press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the expected contributions and benefits of the new officer, and the company’s operating and financial performance, strategies and shareholder value. These forward-looking statements are based on current expectations that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include those risks and uncertainties described from time to time in the company's public filings with the Securities and Exchange Commission. The company does not undertake to update any forward-looking statements based on new developments or changes to the company’s expectations.For additional information on Clearwater Paper, please visit our website at www.clearwaterpaper.com.View source version on businesswire.com: https://www.businesswire.com/news/home/20230808472902/en/ContactsInvestor contact: Sloan BohlenSolebury Strategic [email protected] contact: Julia JoyClearwater Paper Corporation509.344. [email protected]

Business Wire

Clearwater Paper Appoints Sherri Baker as Chief Financial Officer

https://finance.yahoo.com/news/clearwater-paper-appoints-sherri-baker-213000389.html

7cfeed90-eb08-370b-8df0-25bbab92e657

CLX

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors.Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.Why This 1 Growth Stock Should Be On Your WatchlistGrowth investors build their portfolios around companies that are financially strong and have a bright future, and the Growth Style Score helps take projected and historical earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.Clorox (CLX)Headquartered in Oakland, CA, The Clorox Company is engaged in the production, marketing and sale of consumer products in the U.S. and international markets. The company sells its products primarily through mass merchandisers, grocery stores and other retail outlets. Clorox markets some of the most trusted and recognized brands, including its namesake bleach and cleaning products, Green Works natural cleaners and laundry products, Poett and Mistolin cleaning products, Armor All and STP auto-care products, Fresh Step and Scoop Away cat litter, Kingsford charcoal, Hidden Valley and K C Masterpiece dressings and sauces, Brita water-filtration systems, Glad bags, wraps and containers, and Burt’s Bees natural personal care products. The company manufactures products in over 24 countries and markets them in more than 100 countries.CLX sits at a Zacks Rank #3 (Hold), holds a Growth Style Score of A, and has a VGM Score of B. Earnings and sales are forecasted to increase 15.3% and 1.4% year-over-year, respectively.Six analysts revised their earnings estimate higher in the last 60 days for fiscal 2024, while the Zacks Consensus Estimate has increased $0.17 to $5.87 per share. CLX also boasts an average earnings surprise of 36.1%.Story continuesOn a historic basis, Clorox has generated cash flow growth of 5.8%, and is expected to report cash flow expansion of 79.4% this year.Investors should take the time to consider CLX for their portfolios due to its solid Zacks Rank rating, notable growth metrics, and impressive Growth and VGM Style Scores.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportThe Clorox Company (CLX) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Why Clorox (CLX) is a Top Growth Stock for the Long-Term

https://finance.yahoo.com/news/why-clorox-clx-top-growth-134506220.html

d652176d-aeaf-35a3-8d4a-29439448bb19

CLX

Earnings are arguably the most important single number on a company's quarterly financial report. Wall Street clearly dives into all of the other metrics and management's input, but the EPS figure helps cut through all the noise.We know earnings results are vital, but how a company performs compared to bottom line expectations can be even more important when it comes to stock prices, especially in the near-term. This means that investors might want to take advantage of these earnings surprises.2 Stocks to Add to Your WatchlistThe Zacks Expected Surprise Prediction, or ESP, works by locking in on the most up-to-date analyst earnings revisions because they can be more accurate than estimates from weeks or even months before the actual release date. The thinking is pretty straightforward: analysts who provide earnings estimates closer to the report are likely to have more information. With this in mind, the Expected Surprise Prediction compares the Most Accurate Estimate (being the most recent) against the overall Zacks Consensus Estimate. The percentage difference provides the ESP figure.The final step today is to look at a stock that meets our ESP qualifications. Constellation Brands (STZ) earns a Zacks Rank #3 27 days from its next quarterly earnings release on October 5, 2023, and its Most Accurate Estimate comes in at $3.42 a share.STZ has an Earnings ESP figure of 1.85%, which, as explained above, is calculated by taking the percentage difference between the $3.42 Most Accurate Estimate and the Zacks Consensus Estimate of $3.36.STZ is just one of a large group of Consumer Staples stocks with a positive ESP figure. Clorox (CLX) is another qualifying stock you may want to consider.Slated to report earnings on November 7, 2023, Clorox holds a #3 (Hold) ranking on the Zacks Rank, and it's Most Accurate Estimate is $1.40 a share 60 days from its next quarterly update.For Clorox, the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $1.36 is 3.02%.Story continuesSTZ and CLX's positive ESP figures tell us that both stocks have a good chance at beating analyst expectations in their next earnings report.Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportConstellation Brands Inc (STZ) : Free Stock Analysis ReportThe Clorox Company (CLX) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

How to Boost Your Portfolio with Top Consumer Staples Stocks Set to Beat Earnings

https://finance.yahoo.com/news/boost-portfolio-top-consumer-staples-130002864.html

54095280-5033-3b9e-a3d1-cb3bd50acd32

CMA

Long-established in the Banks industry, Comerica Inc (NYSE:CMA) has enjoyed a stellar reputation. However, it has recently witnessed a decline of 3.27%, juxtaposed with a three-month change of 10.59%. Fresh insights from the GuruFocus Score Rating hint at potential headwinds. Notably, its diminished rankings in financial strength, growth, and valuation suggest that the company might not live up to its historical performance. Join us as we dive deep into these pivotal metrics to unravel the evolving narrative of Comerica Inc.Warning! GuruFocus has detected 7 Warning Signs with FSLR. Click here to check it out. CMA 30-Year Financial DataThe intrinsic value of CMAComerica Inc (CMA): A Deep Dive into Its Financial Health and Future ProspectsUnderstanding the GF ScoreThe GF Score is a stock performance ranking system developed by GuruFocus using five aspects of valuation, which has been found to be closely correlated to the long-term performances of stocks by backtesting from 2006 to 2021. The stocks with a higher GF Score generally generate higher returns than those with a lower GF Score. Therefore, when picking stocks, investors should invest in companies with high GF Scores. The GF Score ranges from 0 to 100, with 100 as the highest rank.1. Financial strength rank: 4/102. Profitability rank: 5/103. Growth rank: 3/104. GF Value rank: 4/105. Momentum rank: 2/10Based on the above method, GuruFocus assigned Comerica Inc the GF Score of 60 out of 100, which signals poor future outperformance potential.Comerica Inc: A Snapshot of Its BusinessComerica Inc is a financial services company headquartered in Dallas, primarily focused on relationship-based commercial banking. With a market cap of $6.18 billion and sales of $3.92 billion, its primary geographies are Texas, California, and Michigan, with locations also in Arizona and Florida and select businesses operating in several other states as well as Canada. However, the company's operating margin stands at 0, indicating potential challenges in profitability.Story continuesComerica Inc (CMA): A Deep Dive into Its Financial Health and Future ProspectsFinancial Strength AnalysisComerica Inc's financial strength indicators present some concerning insights about the company's balance sheet health. The company's low cash-to-debt ratio at 0.62 indicates a struggle in handling existing debt levels. Its debt-to-equity ratio is 2.95, which is worse than 91.5% of 1330 companies in the Banks industry, suggesting over-reliance on borrowing and vulnerability to market fluctuations. Furthermore, the company's debt-to-Ebitda ratio is 4.22, above Joel Tillinghast's warning level of 4 and worse than 75.42% of 1310 companies in the Banks industry, indicating potential financial distress.Profitability AnalysisComerica Inc's low Profitability rank can also raise warning signals. The company's Net Margin has declined over the past five years (-12.23%), as shown by the following data: 2018: 37.11; 2019: 35.96; 2020: 17.07; 2021: 39.37; 2022: 32.57.Growth ProspectsA lack of significant growth is another area where Comerica Inc seems to falter, as evidenced by the company's low Growth rank. Lastly, Comerica Inc's predictability rank is just one star out of five, adding to investor uncertainty regarding revenue and earnings consistency.Comerica Inc (CMA): A Deep Dive into Its Financial Health and Future ProspectsConclusionGiven Comerica Inc's financial strength, profitability, and growth metrics, the GuruFocus Score Rating highlights the firm's unparalleled position for potential underperformance. While the company has a rich history and a broad geographical presence, its financial health and growth prospects raise concerns about its ability to outperform in the future. Therefore, investors should exercise caution and conduct thorough research before making investment decisions.GuruFocus Premium members can find more companies with strong GF Scores using the following screener link: GF Score ScreenThis article first appeared on GuruFocus.

GuruFocus.com

Comerica Inc (CMA): A Deep Dive into Its Financial Health and Future Prospects

https://finance.yahoo.com/news/comerica-inc-cma-deep-dive-160639177.html

0db6bb95-fdc8-3b7f-ad04-db89f6e875ed

CMA

Comerica Incorporated CMA is one solid dividend-yielding stock that investors may consider in adding to their portfolios amid looming recession fears.Headquartered in Dallas, TX, Comerica delivers financial services in three primary geographic markets — Texas, California and Michigan — as well as Arizona and Florida.CMA has been paying quarterly dividends on a regular basis. In the past five years, it increased dividends four times, with an annualized dividend growth rate of 2.06%. The last hike of 4.4% to 71 cents per share was announced in February 2023.Considering last day’s closing price of $45.22 per share, the company’s current dividend yield is 6.28%. This is impressive compared with the industry’s average of 4.37% and attractive for investors as it represents a steady income stream.Comerica Incorporated Dividend Yield (TTM) Comerica Incorporated Dividend Yield (TTM)Comerica Incorporated dividend-yield-ttm | Comerica Incorporated Quote Is the CMA stock worth a look to earn a high dividend yield? Let’s check the company's financials to understand the risks and rewards.Apart from regular quarterly dividend payouts, CMA has a steady share repurchase program in place. In April 2021, the board approved additional share-buyback authorization of 10 million shares. Though buybacks were paused in the second quarter of 2023, it repurchased 31,000 shares at an average price of $72.78 during first-quarter 2023. As of Jun 30, 2023, approximately 5 million shares remained under the current authorization.We remain optimistic about Comerica’s income-generation capability, given its loan growth. The metric witnessed a five-year compound annual growth rate (CAGR) of 0.9% (ended 2022), with the momentum continuing in the first half of 2023. Given the strength in its loan pipeline, a similar trend is expected to continue in the near term.Supported by steady loan demand and higher rates improvement, Comerica’s net interest income (NII) over the years has supported top-line growth. The metric witnessed a three-year CAGR of 13.6% (ended 2022), with the rising trend persisting in the first half of 2023. The company is projecting NII to rise 1-2% in 2023.Story continuesAs of Jun 30, 2023, the company’s total debt (comprising of short-term borrowings, and medium and long-term debt) was pegged at $16.52 billion. Out of this, $9.56 billion were near-term borrowings. Its cash and cash equivalents as well as interest-bearing deposits with banks of $10.22 billion indicate decent cash levels. Given the company's decent earnings strength, it is expected to continue meeting debt obligations in the near term, even if the economic situation worsens.Despite near-term headwinds that include rising expenses and substantial exposure to commercial and commercial mortgage loans, CMA stock is fundamentally solid.In the past three months, shares of this Zacks Rank #3 (Hold) company have gained 8.2% against the industry's fall of 2.6%.Zacks Investment ResearchImage Source: Zacks Investment ResearchYou can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Therefore, income investors should keep this stock on their radar as this will help generate robust returns over time.Bank Stocks With Attractive Dividend YieldsBanking stocks like The PNC Financial Services Group, Inc. PNC and Citigroup C are worth a look as these too have robust dividend yields.Considering the last day’s closing price, PNC’s dividend yield is currently pegged at 5.36%. In the past three months, shares of PNC have declined 10.2%.Based on the last day’s closing price, Citigroup’s dividend yield is currently pinned at 5.2%. In the past three months, shares of C have declined 15.7%.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCitigroup Inc. (C) : Free Stock Analysis ReportThe PNC Financial Services Group, Inc (PNC) : Free Stock Analysis ReportComerica Incorporated (CMA) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Should You Consider Comerica (CMA) for Its Dividend Yield?

https://finance.yahoo.com/news/consider-comerica-cma-dividend-yield-162600617.html

cbf55d85-2287-32f8-bbc6-b9754085f80e

CMC

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.One stock to keep an eye on is Commercial Metals (CMC). CMC is currently sporting a Zacks Rank of #2 (Buy) and an A for Value.Another valuation metric that we should highlight is CMC's P/B ratio of 1.67. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 1.85. Over the past year, CMC's P/B has been as high as 1.87 and as low as 1.24, with a median of 1.58.Finally, our model also underscores that CMC has a P/CF ratio of 5.83. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. CMC's current P/CF looks attractive when compared to its industry's average P/CF of 11.43. Over the past year, CMC's P/CF has been as high as 5.85 and as low as 3.07, with a median of 4.40.Another great Steel - Producers stock you could consider is POSCO (PKX), which is a # 2 (Buy) stock with a Value Score of A.Story continuesPOSCO is trading at a forward earnings multiple of 9.43 at the moment, with a PEG ratio of 0.52. This compares to its industry's average P/E of 8.81 and average PEG ratio of 0.60.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCommercial Metals Company (CMC) : Free Stock Analysis ReportPOSCO (PKX) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Should Value Investors Buy Commercial Metals (CMC) Stock?

https://finance.yahoo.com/news/value-investors-buy-commercial-metals-134010055.html

1a7a459a-165d-370d-98a4-4647abecec1e

CMC

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher."Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead of their future growth potential. In such a situation, investors find themselves loaded up on expensive shares with limited to no upside or even a downside. So, going all-in on momentum could be risky at times.It could be safer to invest in bargain stocks that have been witnessing price momentum recently. While the Zacks Momentum Style Score (part of the Zacks Style Scores system), which pays close attention to trends in a stock's price or earnings, is pretty useful in identifying great momentum stocks, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced.There are several stocks that currently pass through the screen and Commercial Metals (CMC) is one of them. Here are the key reasons why this stock is a great candidate.A dash of recent price momentum reflects growing interest of investors in a stock. With a four-week price change of 0.2%, the stock of this manufacturer and recycler of steel and metal products is certainly well-positioned in this regard.While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. CMC meets this criterion too, as the stock gained 18.2% over the past 12 weeks.Moreover, the momentum for CMC is fast paced, as the stock currently has a beta of 1.32. This indicates that the stock moves 32% higher than the market in either direction.Story continuesGiven this price performance, it is no surprise that CMC has a Momentum Score of A, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success.In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped CMC earn a Zacks Rank #2 (Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That's because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Most importantly, despite possessing fast-paced momentum features, CMC is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. CMC is currently trading at 0.73 times its sales. In other words, investors need to pay only 73 cents for each dollar of sales.So, CMC appears to have plenty of room to run, and that too at a fast pace.In addition to CMC, there are several other stocks that currently pass through our 'Fast-Paced Momentum at a Bargain' screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.This is not the only screen that could help you find your next winning stock pick. Based on your personal investing style, you may choose from over 45 Zacks Premium Screens that are strategically created to beat the market.However, keep in mind that the key to a successful stock-picking strategy is to ensure that it produced profitable results in the past. You could easily do that with the help of the Zacks Research Wizard. In addition to allowing you to backtest the effectiveness of your strategy, the program comes loaded with some of our most successful stock-picking strategies.Click here to sign up for a free trial to the Research Wizard today.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCommercial Metals Company (CMC) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Commercial Metals (CMC) Is Attractively Priced Despite Fast-paced Momentum

https://finance.yahoo.com/news/commercial-metals-cmc-attractively-priced-125004818.html

db8e0fe6-3f82-3f85-af18-988c8ee4f0d0

CMCSA

One of the significant changes within the wireless industry over the past few years has been the push by cable companies like Comcast and Charter to offer inexpensive wireless services to their customers. On the surface, this appears to be a major risk to telecom giants like AT&T (NYSE: T). Comcast's Xfinity Mobile offers a $15 per month plan that comes with 1 GB of data, as well as a $30 per month unlimited plan.Continue reading

Motley Fool

AT&T Isn't Worried About Competition From Cable Companies

https://finance.yahoo.com/m/69a8c2b8-c610-38b5-8b87-5311a11826c9/at-t-isn-t-worried-about.html

69a8c2b8-c610-38b5-8b87-5311a11826c9

CMCSA

Pairing up the two platforms creates a product that consumers don't need, and don't necessarily even want.Continue reading

Motley Fool

Disney's Streaming Business Needs Help. Owning All of Hulu Probably Won't Provide It.

https://finance.yahoo.com/m/6c2d488b-05f1-3e94-80a1-86591bcdcfba/disney-s-streaming-business.html

6c2d488b-05f1-3e94-80a1-86591bcdcfba

CME

CHICAGO, Sept. 7, 2023 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced that trading in its suite of WTI weekly options, the company's fastest growing energy products, reached record average daily volume in August of 12,291 contracts. All of the top five record months for Weekly WTI Crude Oil options have occurred this year."As global crude oil market participants continue to navigate a number of supply and demand factors, they are turning to our suite of weekly WTI options in record numbers," said Peter Keavey, Global Head of Energy and Environmental Products at CME Group. "Year to date, average daily volume for Friday Weekly WTI options reached a record 9,285 contracts, up 74%, while total combined volume for Monday and Wednesday expirations has already surpassed 100,000 contracts since launching just over a month ago."WTI is the only global crude oil benchmark with highly liquid short-term options. The company expanded its WTI Crude Oil options to include Monday and Wednesday expiries on July 31, which have already been widely utilized by the industry:Single day volume record of a combined 14,241 contracts traded on September 1, 2023.Over 930 unique trading users since launch, with participation from corporate, hedge fund and bank clients.Friday expiries also continue to grow as market participants turn to shorter dated options to manage risk:Single day volume record of 28,029 contracts traded on September 1, 2023.The number of firms trading Friday expiries is up 17% from 2022, with over 6,100 unique trading users year-to-date.34% of volume originates outside of the U.S.Weekly WTI Crude Oil options are listed by and subject to the rules of NYMEX. For more information on CME Group's Weekly WTI options products, please visit here.As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.Story continuesCME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec and EBS are trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.CME-GCisionView original content:https://www.prnewswire.com/news-releases/cme-group-announces-record-volume-across-suite-of-short-term-wti-options-301920407.htmlSOURCE CME Group

PR Newswire

CME Group Announces Record Volume Across Suite of Short-Term WTI Options

https://finance.yahoo.com/news/cme-group-announces-record-volume-123000259.html

6e4af849-c5ae-30ac-ae8d-696119724af7

CME

In this article, we discuss 13 best stocks to invest in, according to AI. If you want to skip our detailed discussion on how valuable AI can prove to be in the financial and stock trading industry, head directly to 5 Best Stocks To Invest In According to AI.The abundance of posts claiming that ChatGPT, an AI-powered chatbot, has beaten the stock market highlights the significant variation in its responses based on input. It's important to appreciate and leverage the diverse possibilities AI offers. For instance, when Bloomberg asked ChatGPT to create an ETF to outperform the US stock market, it simply reiterated the standard disclaimer that past performance doesn't guarantee future results and that beating the market due to its high volatility is improbable.However, experts have managed to coax ChatGPT into providing lists of stocks by posing as expert stock advisors. Investors have explored using AI to gain an edge in the market, with some researchers claiming high success rates for short-term predictions using machine learning models based on trading data. A group of stocks chosen by ChatGPT has shown significantly better performance than some of the most popular investment funds in the UK.Finder.com, a financial comparison site, tasked ChatGPT with constructing a stock portfolio aimed at surpassing some of the United Kingdom's most favored funds, including Fundsmith, Vanguard LifeStrategy 100% Equity A Acc, Vanguard LifeStrategy 80% Equity A Acc, and Vanguard FTSE Glb All Cp Idx £ Acc, among others. Over an eight-week period, the ChatGPT-generated portfolio of 38 stocks gained 4.9% during the initial 11 weeks since its creation on March 6, 2023, while ten leading investment funds in the UK experienced an average loss of 0.8%, according to CNN. This performance notably outpaced the performance of the top 10 most popular UK funds, which experienced a decline of 0.12% over the same period. For the purposes of this article, we have chosen 12 stocks from ChatGPT's portfolio that garnered the highest interest from hedge fund investors.Story continuesAI's influence on stock markets has become substantial, leading to comparisons with the surges witnessed in cryptocurrency and the dot-com era. Companies increasingly use buzzwords like "generative AI," "large language models," and "artificial intelligence" during earnings calls and meetings, resulting in a substantial 85% increase in the use of the term "artificial intelligence" during such events. This heightened focus on AI often drives up stock prices when companies announce plans to integrate AI into their operations, even among non-tech firms like Wendy's, which experienced stock price gains after revealing AI-driven cost-cutting plans.Although traditional investment funds have been using AI for years, ChatGPT makes this technology accessible to the general public, potentially influencing retail investors' decisions. A survey by Finder.com found that 8% of UK adults had already used ChatGPT for financial advice, and 19% were considering doing so.However, 35% of respondents indicated that they would not consider using the chatbot for financial decisions. Douglas Boneparth, a certified financial planner and the president and founder of Bone Fide Wealth, explains to CNBC Make It that ChatGPT is certainly not a tool that can help you outperform the stock market in any way. While AI can process vast amounts of data and make some accurate stock picks, its long-term performance remains uncertain. Additionally, the limitations of AI, such as outdated knowledge and an inability to understand individual preferences, make it unsuitable for replacing human financial advisors.Despite its potential, experts advise caution and recommend conducting individual research or consulting a qualified financial adviser when making investment decisions, as it may be too early to fully trust AI with financial matters. Instead, ChatGPT and similar AI tools can be valuable for looking up financial terms and gathering data during research. For emotionally-driven financial decisions or those involving personal preferences, human financial advisors are better equipped to provide tailored guidance and empathetic support, areas where AI currently falls short. Nonetheless, the democratization of AI is seen as a disruptive force in the financial industry.The current market performance and the hype created by AI technology can be a motivator for investors to consider the best investments according to AI. Ergo, investors looking to diversify their portfolios by investing in these stocks can check our list, which includes Microsoft Corporation (NASDAQ:MSFT), Meta Platforms Inc. (NASDAQ:META), and Alphabet Inc. (NASDAQ:GOOG).Our MethodologyWe selected the best stocks to invest in according to AI based consensus picks from credible sources. We have calculated the performance of each stock from the day its source was published, to date. We also assessed the hedge fund sentiment from Insider Monkey’s database of 910 elite hedge funds tracked as of the end of the second quarter of 2023. The list is arranged in ascending order of the number of hedge fund investors in each firm.13 Best Stocks To Invest In According To AIPhoto by lucas law on UnsplashBest Stocks To Invest In According to AI13. Parsons Corporation (NYSE:PSN)Number of Hedge Fund Holders: 15Share price performance from August 17 to September 7: 2.81% Parsons Corporation (NYSE:PSN) delivers integrated solutions and services within the defense, intelligence, and critical infrastructure sectors across North America, the Middle East, and worldwide. The company operates through two divisions: Federal Solutions and Critical Infrastructure. On August 02, Parsons Corporation (NYSE:PSN) reported a Q2 GAAP EPS of $0.38, beating Wall Street estimates by $0.10. The revenue of $1.36 billion increased 34% year-on-year, surpassing market estimates by $230 million.The share price for Parsons Corporation (NYSE:PSN) has increased by 2.81% since August 17, hinting that this can be a good investment option this year. According to Insider Monkey’s second quarter database, 15 hedge funds were bullish on Parsons Corporation (NYSE:PSN), compared to 12 in the previous quarter. Ken Griffin’s Citadel Investment Group is the top stakeholder of the firm, with 565,006 shares, valued at approximately $27.2 million.Like Microsoft Corporation (NASDAQ:MSFT), Meta Platforms Inc. (NASDAQ:META), and Alphabet Inc. (NASDAQ:GOOG), Parsons Corporation (NYSE:PSN) is one of the best AI stocks to monitor.12. ChampionX Corporation (NASDAQ:CHX)Number of Hedge Fund Holders: 24Share price performance from August 17 to September 7: 7.02%ChampionX Corporation (NASDAQ:CHX) offers chemical solutions and specialized equipment and technologies to global oil and gas firms. The company is organized into four divisions: Production Chemical Technologies, Production & Automation Technologies, Drilling Technologies, and Reservoir Chemical Technologies. On July 24, ChampionX Corporation (NASDAQ:CHX) reported a Q2 non-GAAP EPS of $0.49, beating Wall Street estimated by $0.05. The revenue of $926.6 million decreased by 0.6%, missing market estimates by $54.91 million.AI has picked this stock as one of the best stocks to invest in, according to a source published on August 17. Since then to date, the stock has seen an increase of almost 7% in its value.According to Insider Monkey’s second quarter database, 24 hedge funds were bullish on ChampionX Corporation (NASDAQ:CHX), one down from the last quarter. Jeffrey Gates’ Gates Capital Management is the top stakeholder of the firm, with 4.17 million shares, valued at approximately $129 million.Alger Small Cap Focus Fund made the following comment about ChampionX Corporation (NASDAQ:CHX) in its Q4 2022 investor letter:“ChampionX Corporation (NASDAQ:CHX) provides equipment and services that assist in the drilling. completion and production phases of well drilling. The company also provides production and reservoir chemicals, along with highly engineered equipment and technologies, such as artificial lift and drill bit inserts, for the oil and gas industry. Notably, ChampionX has a global footprint and favorable product mix, where its chemicals and artificial lift businesses are tied to the production phase of the life of a well. We believe this produces lower earnings variability and potentially stronger operating results. Shares outperformed during the quarter as the company reported strong fiscal third quarter results and gave better-than-expected fourth quarter guidance. Moreover, the company expanded its capital return program by committing to return 60% of its free cash flow (FCF) to shareholders through opportunistic buybacks. Management also raised its share buyback authorization program from $250m to $750m over next 2 to 3 years. We believe the company is well positioned to deliver strong revenue growth, driven by their production focused Performance Chemicals business, which may lead to margin improvement and FCF generation.”11. Chart Industries (NYSE:GTLS)Number of Hedge Fund Holders: 37Share price performance from August 2 to September 7: 4.84%Chart Industries (NYSE:GTLS) produces and markets specialized cryogenic equipment for both the industrial gas and clean energy sectors, serving customers in the United States and around the world. The company is structured into four distinct divisions: Cryo Tank Solutions, Heat Transfer Systems, Specialty Products, and Repair, Service & Leasing. On February 24, Chart Industries (NYSE:GTLS) reported a Q4 non-GAAP EPS of $1.67, missing Wall Street estimates by $0.03. The revenue of $441.4 million increased 16.5% year-over-year, missing market estimates by $49.48 million.As of August 02, Chart Industries (NYSE:GTLS) has seen a 4.84% increase in stock price. According to Insider Monkey’s second quarter database, 37 hedge funds were bullish on Chart Industries (NYSE:GTLS), as compared to 43 in the prior quarter. Franklin Parlamis’s Aequim Alternative Investments is the top stakeholder of the firm, with 740,000 shares, valued at approximately $48.2 million.Aristotle Atlantic Large Cap Growth Strategy made the following comment about Chart Industries, Inc. (NYSE:GTLS) in its Q1 2023 investor letter:“Chart Industries, Inc. (NYSE:GTLS) is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the Energy and Industrial Gas markets. Its unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair. Being at the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 Capture amongst other applications. Chart’s customers are mainly large, multinational producers and distributors of hydrocarbon and industrial gases. The company generates about half its sales in North America.We see Chart Industries as a leading manufacturer of highly engineered cryogenic solutions that are used for the production and storage of industrial gases. With the exposure to energy end markets including liquified natural gas (LNG), compressed natural gas (CNG) and hydrogen, the company has the technology to ship gas from oversupplied markets to markets that do not have access to enough energy resources. Hydrogen is gaining traction as a renewable fuel due to the focus on climate change. The recent acquisition of Howden is complementary to Chart’s existing product and service offerings.10. Waste Management (NYSE:WM)Number of Hedge Fund Holders: 39Share price performance from August 17 to September 7: -1.59%Waste Management (NYSE:WM) and its subsidiary companies specialize in delivering environmental solutions to customers in the residential, commercial, industrial, and municipal sectors across the United States and Canada. On August 21, Waste Management (NYSE:WM) declared a quarterly dividend of $0.70 per share, in line with previous. The dividend will be distributed on September 22, to shareholders of record on September 08.As of August 17, Waste Management (NYSE:WM) has seen a decline of 1.59% in stock performance, indicating that AI stock picks might not always be the best ones to invest in. According to Insider Monkey’s second quarter database, 39 hedge funds were bullish on Waste Management (NYSE:WM), as compared to 43 in the prior quarter. Michael Larson’s Bill & Melinda Gates Foundation Trust is the top stakeholder of the firm, with 35.2 million shares, valued at approximately $6.11 billion.9. Trex Company Inc. (NYSE:TREX)Number of Hedge Fund Holders: 43Share price performance from August 17 to September 7: 2.70%Trex Company Inc. (NYSE:TREX) produces and markets composite decking, railing, and outdoor living items and accessories designed for both residential and commercial markets within the United States. The company is divided into two segments: Trex Residential and Trex Commercial. On July 31, Trex Company Inc. (NYSE:TREX) reported a Q2 GAAP EPS of $0.71, beating market estimates by $0.17. The revenue of $357 million dropped 7.6% year-over-year, surpassing market estimates by $38.11 million.As of August 17, the share price performance of Waste Management (NYSE:WM) has seen a rise of 2.70%, hinting at the probability of this stock being a good investment option. According to Insider Monkey’s second quarter database, 43 hedge funds were bullish on Trex Company Inc. (NYSE:TREX), as compared to 30 in the prior quarter. Steve Cohen’s Point72 Asset Management is the top stakeholder of the firm, with 1.34 million shares, valued at approximately $88 million.​​Conestoga Smid Strategy made the following comment about Trex Company, Inc. (NYSE:TREX) in its second quarter 2023 investor letter:“Trex Company, Inc. (NYSE:TREX): TREX is a market share leader in the manufacturing and distribution of composite decking that is sold in the residential market. TREX reported solid results in 1Q23 with better margins and with guidance for 2Q23 that was higher than street expectations. The stock rallied during the quarter given the solid results, a normalization of inventory in the channel, and the recent introduction of several exciting new products.”8. CME Group Inc. (NASDAQ:CME) Number of Hedge Fund Holders: 55Share price performance from August 17 to September 7: -0.18%Based in Chicago, CME Group Inc. (NASDAQ:CME) manages financial derivatives exchanges such as the Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, and The Commodity Exchange. Additionally, the company holds a 27% ownership stake in S&P Dow Jones Indices. On July 26, CME Group Inc. (NASDAQ:CME) reported a Q2 non-GAAP EPS of $2.30, beating Wall Street estimates by $0.11. The revenue of $1.36 billion increased 9.9% year-over-year, surpassing market estimates by $20 million.As of August 17, the share price performance of CME Group Inc. (NASDAQ:CME) has seen a drop of 0.18%. This drop is not significant enough to label the stock as a poor investment choice, and the almost 10% revenue growth year-over-year backs that assessment. According to Insider Monkey’s second quarter database, 55 hedge funds were bullish on CME Group Inc. (NASDAQ:CME), same as the last quarter. Guardian Capital’s GuardCap Asset Management is the top stakeholder of the firm, with 4.24 million shares, valued at approximately $785 million.VGI Partners made the following comment about CME Group Inc. (NASDAQ:CME) in its second quarter 2023 investor letter:“CME Group Inc. (NASDAQ:CME) operates futures and derivatives exchanges, including the Chicago Mercantile Exchange, the New York Mercantile Exchange, the Chicago Board of Trade, and the Dow Jones Index Services. On top of this, CME also owns other key assets related to foreign exchange trading & infrastructure and a strategic shareholding in Standard & Poor’s (S&P) Index business.The key driver of trading activity for CME is in its interest rate derivatives products, where it has an effective monopoly in the exchange trading of interest rate derivatives in the United States, through its benchmark products across the entirety of the interest rate curve. Demand for interest rate derivatives is driven by volatility in interest rate markets, whose effect is compounded by the number of bonds held by those looking to manage interest rate risk and, by extension, market liquidity. The below chart of average daily volumes of interest rate derivatives and US Federal debt held by the public illustrates the extremely strong relationship between the size of the US Treasury market and volumes growth, although there are deviations around this primarily around Fed intervention (for example, at the start of the pandemic, volumes were suppressed by an enormous amount of Quantitative Easing (QE) and effectively zero interest rates which reduced the demand for hedging products). We expect the growth in the size of the US Treasury market, particularly in relation to privately held US treasuries as the Fed undergoes a balance sheet unwind, to remain a powerful underpinning of CME’s interest rate derivatives business…” (Click here to read the full text)7. Exxon Mobil Corporation (NYSE:XOM)Number of Hedge Fund Holders: 71Share price performance from August 17 to September 7: 5.64%Exxon Mobil Corporation (NYSE:XOM) is involved in the exploration and extraction of crude oil and natural gas, both domestically in the United States and on a global scale. The company's operations are categorized into four segments: Upstream, Energy Products, Chemical Products, and Specialty Products. On July 28, Exxon Mobil Corporation (NYSE:XOM) reported a Q2 non-GAAP EPS of $1.94 missing b Wall Street estimates by $0.08. The revenue of $82.91 billion decreased 28.3% year-over-year, missing market estimates by $7.41 million.As of August 17, the share price performance of Exxon Mobil Corporation (NYSE:XOM) has seen a rise of 5.64%, indicating that this might be a good stock to invest in within the current stock market landscape. According to Insider Monkey’s second quarter database, 71 hedge funds were bullish on Exxon Mobil Corporation (NYSE:XOM), two less than the previous quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the top stakeholder of the firm, with 13.33 million shares, worth approximately $1.43 billion. 6. Micron Technology, Inc. (NASDAQ:MU)Number of Hedge Fund Holders: 86Share price performance from August 2 to September 7: 3.29%Micron Technology, Inc. (NASDAQ:MU) is a global company specializing in the design, creation, production, and sale of memory and storage solutions. The company is structured into four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit, each catering to distinct markets and needs. On June 28, Micron Technology, Inc. (NASDAQ:MU) reported a Q3 non-GAAP EPS of -$1.43, beating Wall Street estimates of $0.14. The revenue of $3.75 billion dropped by a whopping 56.6% year-over-year, surpassing market estimates by $70 million.As of August 2, the share price performance of Micron Technology, Inc. (NASDAQ:MU) has seen a hike of 3.29%, indicating that this might be a good stock to invest in within the current stock market landscape. According to Insider Monkey’s second quarter database, 86 hedge funds were bullish on Micron Technology, Inc. (NASDAQ:MU), as compared to 73 in the previous quarter. Ken Griffin’s Citadel Investment Group is the top stakeholder of the firm, with 6.73 million shares, worth approximately $424.6 million.In addition to Microsoft Corporation (NASDAQ:MSFT), Meta Platforms Inc. (NASDAQ:META), and Alphabet Inc. (NASDAQ:GOOG), Micron Technology, Inc. (NASDAQ:MU) is one of the top AI stocks to watch.Here is what Claret Asset Management has to say about Micron Technology, Inc. (NASDAQ:MU) in its Q3 2022 investor letter:“Inflation is still higher than interest rates… not an incentive to save for most people. Either inflation must come down or interest rates have to go up further. Or both. And probably both. Now that they are taking the punch bowl away and the party is over, what happens next? For whatever reason, the stock market seems to always precede the economic reality: Micron reached a high of $98.45 on January 5th, 2022 and is trading at $50.00 today.”   Click to continue reading and see 5 Best Stocks To Invest In According to AI. Suggested articles:10 Biotech Stocks with Biggest UpsideiOS vs Android Market Share by Country: Top 30 Countries Using iPhones20 Most Popular Dating Apps In The US Disclosure: None. 13 Best Stocks To Invest In According to AI is originally published on Insider Monkey.

Insider Monkey

13 Best Stocks To Invest In According to AI

https://finance.yahoo.com/news/13-best-stocks-invest-according-142817979.html

fcec758b-51f7-30f8-a22f-2f9cca0d90fd

CMG

Cracker Barrel Old Country Store, Inc. CBRL is scheduled to report fourth-quarter fiscal 2023 results on Sep 13. In the last reported quarter, CBRL reported a negative earnings surprise of 9%.The Trend in Estimate RevisionThe Zacks Consensus Estimate for the fiscal fourth-quarter earnings per share (EPS) is pegged at $1.68, indicating growth of 7% from $1.57 reported in the year-ago quarter.For revenues, the consensus mark is pegged at $842.6 million. The projection suggests an increase of 1.5% from the year-ago quarter’s reported figure.Cracker Barrel Old Country Store, Inc. Price and EPS Surprise Cracker Barrel Old Country Store, Inc. Price and EPS SurpriseCracker Barrel Old Country Store, Inc. price-eps-surprise | Cracker Barrel Old Country Store, Inc. Quote Let’s check out the factors likely to have influenced CBRL’s performance in the quarter to be reported.Factors at PlayCracker Barrel's fiscal fourth-quarter topline will likely benefit from its off-premise business model, Catering business and menu innovations (comprising of new flavor profiles). This and the emphasis on pricing strategy, loyalty program development (featuring retail and fun gaming elements) and new store openings will likely have aided the company’s performance in the to-be-reported quarter. The company expects fourth-quarter revenues to grow 1-3% on a year-over-year basis.Per our model, restaurant and retail sales (including MSBC) are expected to rise 1.9% and 3.4% year over year to $674.2 million and $174.2 million, respectively.Emphasis on business optimizations (via fine-tuning labor model) and technological investments will likely have aided the company’s performance in the fiscal fourth quarter. Our model predicts the fiscal fourth quarter adjusted operating margin at 5%.Softer restaurant traffic and reductions in retail purchases (driven by macroeconomic pressures) will likely impact the company’s performance in the to-be-reported quarter. In the fourth quarter of fiscal 2023, the company anticipates commodity inflation to be flat (with continued inflationary pressures in categories such as produce, eggs, dairy, and grains) and wage inflation to be approximately 5% year over year.For fourth-quarter fiscal 2023, our model predicts the cost of goods sold to rise 0.8% year over year to $275.6 million. Also, we expect adjusted store operating expenses to increase 1.1% year over year to $769.4 million.Story continuesWhat Our Model SaysOur proven model does not conclusively predict an earnings beat for Cracker Barrel this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that's not the case here.Earnings ESP: Cracker Barrel has an Earnings ESP of -4.88%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.Zacks Rank: The company has a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.Peer ReleasesRestaurant Brands International, Inc. QSR reported impressive second-quarter 2023 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. The upside was primarily driven by strong global comparable sales, unit growth and a healthy balance of traffic and check.During the quarter, QSR reported adjusted EPS of 85 cents, surpassing the Zacks Consensus Estimate of 76 cents. The bottom line increased 3.7% from an adjusted EPS of 82 cents reported in the prior-year quarter. Quarterly net revenues of $1,775 million surpassed the consensus mark of $1,746 million. The top line increased 8.3% on a year-over-year basis. The upside was driven by a rise in system-wide sales at Tim Hortons, Burger King, Popeyes and Firehouse Subs. However, this was partially offset by unfavorable FX movements.The Cheesecake Factory Incorporated CAKE reported mixed second-quarter fiscal 2023 results, with earnings beating the Zacks Consensus Estimate and revenues missing the same. The bottom and the top lines increased year over year. An increase in comparable restaurant sales backed by improving consumer demand and new restaurant openings drove the company’s performance.During the quarter, CAKE reported adjusted EPS of 88 cents, beating the Zacks Consensus Estimate of 81 cents by 8.6%. The reported figure suggested a 69.2% year-over-year increase. Total revenues of $866.2 million missed the consensus estimate of $881 million by 1.7%. However, the top line increased by 4% on a year-over-year basis.Chipotle Mexican Grill, Inc. CMG released mixed second-quarter fiscal 2023 results, with earnings beating the Zacks Consensus Estimate and revenues missing the same. The top and the bottom line increased on a year-over-year basis.During the quarter, Chipotle reported adjusted EPS of $12.65, beating the Zacks Consensus Estimate of $12.25. The bottom line increased 36% from the $9.30 reported in the year-ago quarter. Quarterly revenues of $2,514.8 million missed the consensus mark of $2,524 million. The top line increased 13.6% on a year-over-year basis. The upside can primarily be attributed to strong comparable restaurant sales growth and new restaurant openings.Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCracker Barrel Old Country Store, Inc. (CBRL) : Free Stock Analysis ReportChipotle Mexican Grill, Inc. (CMG) : Free Stock Analysis ReportThe Cheesecake Factory Incorporated (CAKE) : Free Stock Analysis ReportRestaurant Brands International Inc. (QSR) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Cracker Barrel (CBRL) to Post Q4 Earnings: What's in Store?

https://finance.yahoo.com/news/cracker-barrel-cbrl-post-q4-160200010.html

2cb3b9e3-4b48-3f06-8eb9-b51c866ef261

CMG

Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. So what are the best stocks to buy now or put on a watchlist?Continue reading

Investor's Business Daily

These Are The 5 Best Stocks To Buy And Watch Now

https://finance.yahoo.com/m/5f695c14-bc91-363c-995e-e994c1f0807e/these-are-the-5-best-stocks.html

5f695c14-bc91-363c-995e-e994c1f0807e

CMI

In a video and blog post on LinkedIn, a media pitch and in overdue federal filings, TuSimple Holdings talks up its patent portfolio in autonomous trucking. The intellectual property hoard is impressive, but the timing is strange. Could this be a marketing push to attract interest in the U.S. business for which it is “exploring strategic alternatives”?The San Diego-based company has amassed 591 patents in autonomous trucking, including 72 granted globally since the beginning of the year. In a blog post on LinkedIn, the 8-year-old startup says it is focusing on practical solutions to the complex challenges required to bring autonomous semi trucks to market.A news release Thursday highlighting fourth-quarter financial results and the filing of its Securities and Exchange Commission 10-K for 2022, prominently mentions TuSimple’s core technology patents and intellectual property:ADS onboard software: perception, tracking and fusion; prediction and planning; and control modules.Core AI and data: data collection, deep learning and machine learning capabilities.ADS hardware solutions: sensors, actuators, communications and ADC.Offboard toolchain: map production, simulation and regeneration.AV operations: oversight, commercial operations, safety and integration.In a video and blog post, this chart breaks down how those patents are allocated.TuSimple’s 591 patents are spread across its autonomous trucking efforts. (Image:TuSimple)‘Something we have long promoted’The company offered an interview with Paul Liu, global head of intellectual property, but reneged when I asked whether the IP portfolio would be part of a possible sale of the U.S. business and related questions.“TuSimple’s patent portfolio is something we have long promoted,” a spokesperson said in an email. “We have some of the most talented employees in the industry and their continued development of our autonomous driving system is something to be celebrated regardless of whether TuSimple is exploring strategic alternatives for its US operations.”TuSimple’s patent for a launch-and-land facility for autonomous trucks. (Image: TuSimple)What about the other guys?An apples-to-apples comparison of autonomous patents awarded and pending, trademarks, copyrights and trade secrets would be hard to compile. Based on the number of patents awarded and pending in autonomous trucking, here’s how a few leading companies responded:Story continuesAurora Innovation has 1,510 awarded and pending patents comprising homegrown inventions and innovations obtained through strategic acquisitions. It contains older patents from Aurora’s focus on light vehicle ride-hailing products. Newer filings reflect recent advancements.Kodiak Robotics has 100 patents filed that are under review. Plus has 438 awarded and pending patents worldwide. Torc Robotics does not disclose patent information and Waymo did not respond to an emailed inquiry.Cummins CEO Jennifer Rumsey discusses battery cell partnershipWednesday’s announcement of a planned joint venture by Cummins Inc., Daimler Truck and Paccar Inc. to make lithium iron phosphate (LFP) batteries in the U.S. broke some new ground in the trucking industry’s approach to its supply chain.Working with a lesser-known Chinese battery technology company has advantages. The know-how could help create a local supply chain that should be easier to manage. And it should reduce worries about  whether China will lock down exports of rare earth materials like cobalt and nickel.Jennifer Rumsey, Cummins chair and CEO, and I talked about the potential for the partnership. The Q&A is edited for clarity and length.Truck Tech: Who came up with the idea of a joint venture?Rumsey: Paccar, Daimler Truck and Cummins all saw this opportunity and had an interest in coming together on this particular chemistry, LFP, to create a plan and share that investment because together we think we can create scale for a cell that will be uniquely suited for commercial vehicles. Paccar and Daimler can use that cell and the packs that they create for their trucks and Cummins can sell to other customers in commercial vehicle and industrial applications.Truck Tech: When do you expect your production site to be announced and where would you expect that to be?Rumsey: It’s going to take some time for us to hire the team and build the plant. Our plan is to start production in 2027 and scale up between the 2027 and 2030 time frame to that 21-gigawatt hour number.Truck Tech: This is not a small amount of electricity. My math shows 21GWh is enough to power 16 million homes for a year. Rumsey: We believe it’s something like 80,000 medium-duty trucks. Of course it depends on your exact range, design, but just an order of magnitude of what’s 21 gigawatt hours.Truck Tech: How important is the onshoring of battery components given geopolitical considerations and the uncertainty at home? Rumsey: The reality is a lot of the battery technology and manufacturing know-how today is outside the U.S. LFP in particular. A lot of that is in China. We believe we have a strong technology partner that has the technology and manufacturing know-how and we’re going to bring that to the U.S. Create a plant here in the U.S. Create jobs in the U.S. and, over time, localize the supply chain to support this battery cell plant here in the U.S. That ensures our industry has the cell that will meet our needs as we electrify and also ensure that we have security of supply over time.Truck Tech: How much of a factor are the incentives from the IRA and the CHIPS and Science Act in deciding to go forward with this?Rumsey: Cummins has been pretty active in advocating for regulation and incentives. We think [they] are necessary to really drive innovation and scale these technologies. Today, they’re more expensive. Our customers need to know that the solutions that they are purchasing are going to allow them to continue to be successful. And that there’ll be an infrastructure to support them. The value of regulation and these incentives, in particular the IRA, is [that] it helps to offset some of the higher cost. It creates certainty for investment in these new technologies.Truck Tech: Some think incentives are tantamount to the beginnings of an industrial policy. Do you subscribe to this?Rumsey: As you go into these new technologies, we need policies and complementary measures that can help to decarbonize from wells to wheels. Incentives help drive the economics of who’s going to pay for this and how you drive innovation and scale up and bring cost down. Without [incentives], decarbonization will struggle.Cummins Chair and CEO Jennifer Rumsey talked about the new joint venture to bring battery cell production to the U.S. (Photo: Cummins)Cummins Chair and CEO Jennifer Rumsey talked about the new joint venture to bring battery cell production to the U.S. (Photo: Cummins)Briefly noted …Peterbilt marked the production of the 100,000th Model 389 long-hood Class 8 tractor at its plant in Denton, Texas.TuSimple (above) filed its overdue financials for the fourth quarter and full year of 2022, losing $138.4 million or 61 cents a share including layoff costs.ZF has developed a new electric motor that eliminates the need for rare earth magnets used in traditional electric drive motors.The Oman Investment Authority is betting on Michigan LFP battery startup Our Next Energy (ONE) with an undisclosed investment.The Volvo Trucks Customer Center has completed structural upgrades to the facility’s customer experience track in Dublin, Virginia, tripling the size of the 3-mile custom-designed course.Volvo Trucks North America has tripled the size of its customer experience center track in Dublin, Virginia. (Photo: Volvo Trucks North America)That’s it for this week. Thanks for reading. Click here to receive Truck Tech by email on Fridays. And catch up with the latest episodes of Truck Tech on Wednesdays at 4 p.m. EDT on the FreightWaves YouTube channel. Next week’s guest will be Salim Youssefzadeh, CEO of truck-as-a-service and infrastructure startup WattEV.The post Is TuSimple’s patent promo intended to find a buyer? appeared first on FreightWaves.

FreightWaves

Is TuSimple’s patent promo intended to find a buyer?

https://finance.yahoo.com/news/tusimple-patent-promo-intended-buyer-160545275.html

f1c421dc-2626-32b1-9e2d-57f2b2226b87

CMI

Cummins (CMI) closed at $234.87 in the latest trading session, marking a +1% move from the prior day. This change outpaced the S&P 500's 0.14% gain on the day. Meanwhile, the Dow gained 0.22%, and the Nasdaq, a tech-heavy index, added 0.09%.Coming into today, shares of the engine maker had lost 1.97% in the past month. In that same time, the Auto-Tires-Trucks sector lost 2.7%, while the S&P 500 lost 1.27%.Wall Street will be looking for positivity from Cummins as it approaches its next earnings report date. On that day, Cummins is projected to report earnings of $4.78 per share, which would represent year-over-year growth of 48.91%. Our most recent consensus estimate is calling for quarterly revenue of $8.24 billion, up 12.41% from the year-ago period.CMI's full-year Zacks Consensus Estimates are calling for earnings of $19.76 per share and revenue of $33.23 billion. These results would represent year-over-year changes of +30.69% and +18.38%, respectively.Investors might also notice recent changes to analyst estimates for Cummins. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 0.11% lower within the past month. Cummins currently has a Zacks Rank of #3 (Hold).Investors should also note Cummins's current valuation metrics, including its Forward P/E ratio of 11.77. Its industry sports an average Forward P/E of 11.77, so we one might conclude that Cummins is trading at a no noticeable deviation comparatively.Story continuesIt is also worth noting that CMI currently has a PEG ratio of 1.16. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Automotive - Internal Combustion Engines industry currently had an average PEG ratio of 1.16 as of yesterday's close.The Automotive - Internal Combustion Engines industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 103, which puts it in the top 41% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.To follow CMI in the coming trading sessions, be sure to utilize Zacks.com.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCummins Inc. (CMI) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Cummins (CMI) Outpaces Stock Market Gains: What You Should Know

https://finance.yahoo.com/news/cummins-cmi-outpaces-stock-market-221520697.html

cf5d07e0-acb1-3de7-bdc4-6f33450e43b7

CMLS

Cumulus Media Inc.Newest Collaboration, What The Football with Suzy Shuster and Amy Trask, Launches September 12 on the Cumulus Podcast NetworkNEW YORK, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Cumulus Media (NASDAQ: CMLS) today announced a new deal with Emmy- and Marconi-nominated host Rich Eisen for the Cumulus Podcast Network to distribute, market, and monetize all existing and forthcoming podcasts with the newly formed Rich Eisen Podcast Network.Eisen’s latest production, What The Football with Suzy Shuster and Amy Trask, drops its first episode, Tuesday, September 12th on the Cumulus Podcast Network. What the Football with Suzy Shuster and Amy Trask is a unique blend of witty banter, offbeat conversations, and expert sports commentary, hosted by Emmy Award-winning broadcaster Suzy Shuster alongside the first female CEO in the NFL, the “Princess of Darkness” herself, Amy Trask.  This lively, often hilarious podcast gives listeners an exclusive look into the world of NFL football.  From the sidelines to the locker rooms, and all the way up to the front office, nothing is off limits as Suzy and Amy interview the biggest names and personalities in football, sports, and entertainment while sharing their personal insights from the weekend's gridiron action. What The Football with Suzy Shuster and Amy Trask drops weekly on Tuesdays throughout the NFL Season.Most recently, Eisen launched Overreaction Monday on September 4th to make for a big week in football from the growing Rich Eisen Podcast Network. Overreaction Monday expands the most popular segment of his flagship podcast, The Rich Eisen Show, into its own weekly podcast with Eisen and co-host Chris Brockman reflecting on the biggest fan- and hysterical media-driven overreactions from the previous weekend’s professional and college football games. Watch the first episode on You Tube here.Eisen also anchors his flagship podcast, The Rich Eisen Show, which blends sports, pop culture, humor, and interviews, discussing topical issues not commonly addressed by sportscasters.Story continuesTo support his growing podcast network, Eisen has built an expanded studio and team in El Segundo, California with state-of-the-art recording equipment and set design.“Since joining the Cumulus family, they have shown unwavering support for my vision in growing my brand,” said Eisen. “As I have expanded my suite of services, they were the only ones I wanted to do business with, and I couldn’t think of a better place for my voice and productions to be heard over the coming years.”In addition to his podcast network, Eisen hosts the pregame and halftime shows for Westwood One’s syndicated Monday Night Football coverage and anchors “The Rich Eisen Show,” also syndicated by Westwood One for national radio.About Rich EisenRich reaches sports fans in top markets across the U.S. including New York, Boston, and Phoenix. He is one of the only talents who has built a cross-platform empire originating from his radio show. Rich's content starts with his radio show and is produced for other distribution platforms including satellite radio, podcasting, and TV. And his 2M followers on social media drive viral moments that are often covered by the biggest media outlets in the country. Rich has interviewed top-tier guests like NFL MVP Patrick Mahomes; reported breaking news live such as when Damar Hamlin suffered cardiac arrest; and addressed painful issues like the Uvalde shooting and Kyrie Irving’s antisemitic behavior, explaining why it was hurtful and damaging given the power athletes hold in popular culture.  Rich Eisen is also host of the Pregame and Halftime Shows for Westwood One’s broadcasts of Monday Night Football.A graduate of the University of Michigan, Eisen earned a Master of Science degree in Broadcast Journalism from Northwestern University’s Medill School of Journalism in 1994. Rich was a mainstay on ESPN’s SportsCenter from 1996-2003 before becoming the first on-air talent added at the NFL Network in June 2003, five months before the network’s launch in November of 2003. As a four-time Emmy nominee for “Outstanding Studio Host,” Eisen can also be seen Sunday mornings throughout the NFL season hosting the network’s Emmy-nominated NFL GameDay Morning. As the signature host of the NFL Network, Eisen also serves as the emcee of the Pro Football Hall of Fame Induction Ceremony in Canton, Ohio, and anchors the network’s special on location coverage of the NFL Draft, NFL Scouting Combine and Super Bowl.Philanthropically, Eisen created the annual “Run Rich Run” 40-yard dash as a charitable effort to benefit St. Jude’s and has used his radio platform to activate his audience to donate, raising more than $5 million over the past eight years.  Rich resides in Los Angeles with his wife, Suzy Shuster. Together they have three children and two rescue dogs.About Cumulus Media Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 403 owned-and-operated radio stations across 85 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,400 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.Contact: Karen Glover | Westwood One | [email protected]

GlobeNewswire

Cumulus Media Announces Expanded Partnership With Rich Eisen

https://finance.yahoo.com/news/cumulus-media-announces-expanded-partnership-140000026.html

ae8cf532-dcc6-36a7-bdea-efd20d1716ab

CMLS

Cumulus Media Inc.Westwood One’s NFL Primetime Game Broadcasts Available to Fans on Westwoodonesports.com, Affiliated Stations’ Primary Digital Platforms, NFL+ and the NFL AppCoverage Kicks Off September 7 when the Super Bowl Champion Kansas City Chiefs host the Detroit LionsNEW YORK, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Cumulus Media’s (NASDAQ: CMLS) Westwood One, the largest audio network in the U.S., will provide exclusive play-by-play coverage of the National Football League’s entire primetime regular season as well as every postseason game, marking the 37th consecutive season that Westwood One is the exclusive network radio partner of the NFL. This will be the 51st time that the network will broadcast the Super Bowl to a national audience.Westwood One Sports will provide play-by-play coverage of the NFL’s 2023 national regular season primetime games including Monday Night Football, Thursday Night Football, and Sunday Night Football plus Thanksgiving Day, Black Friday, Christmas Day, NFL International Games, and the entire postseason including the Wild Card and Divisional Playoffs and the AFC and NFC Conference Championship Games. Westwood One’s coverage will culminate on Sunday, February 11 with Super Bowl LVIII, live from Las Vegas.The 2023 NFL regular season kicks off September 7 when the Super Bowl Champion Kansas City Chiefs host the Detroit Lions. The weekly Sunday night schedule begins September 10 when the New York Giants host the Dallas Cowboys. Monday Night Football starts September 11 when Aaron Rodgers and the Jets host Josh Allen and the Buffalo Bills. Thursday Night Football debuts September 14 when the Minnesota Vikings meet the defending NFC Champion Philadelphia Eagles. Coverage kicks off at 7:30 p.m. each night.Kevin Harlan, two-time NSMA Sportscaster of the Year, and Hall of Fame Quarterback and NFL Network analyst Kurt Warner will once again be the lead broadcast crew, calling the KickOff Game, Monday Night Football and Super Bowl LVIII for the network. This will be Harlan’s 14th full season behind the Westwood One microphone and Warner’s 10th season as an analyst for the network.Story continuesRyan Radtke and Mike Golic will be the primary announcers for Sunday Night Football, while Ian Eagle returns as the main play-by-play voice for Thursday Night Football. Kevin Kugler will broadcast select Thursday night games as well. Analysts for Thursday Night Football this season will include recently retired defensive backs Jason and Devin McCourty, plus Hall of Fame offensive linemen Tony Boselli and Joe Thomas. Tom McCarthy, John Sadak, Spero Dedes, JP Shadrick, Mike Watts, and Bill Rosinski will also serve as play-by-play announcers. Other game analysts this season will include Hall of Famer James Lofton, as well as former NFL players Ross Tucker, Mike Mayock, Ryan Harris, Ryan Leaf, and Derek Rackley.NFL Network’s Rich Eisen returns to anchor the pregame and halftime shows of Monday Night Football. Scott Graham will once again host the remaining games in the national radio package.In addition to live game coverage, Westwood One Sports will also offer the weekly features NFL Insider, NFL Preview, and NFL Fantasy Forecast.Where to ListenMillions of passionate listeners and football fans will be able to hear Westwood One Sports’ NFL broadcasts this season on approximately 500 terrestrial radio stations nationwide, streamed on westwoodonesports.com and affiliated stations’ primary digital platforms outside of the Club’s immediate 100-mile proximity, and via the NFL App. Coverage will also be available on SiriusXM and NFL+.For more information on Westwood One Sports’ NFL programming, contact Ryan Maguire at [email protected] or (212) 824-2994.About Westwood One SportsWestwood One Sports is home to some of the most exciting sports broadcasts in audio. In addition to being the exclusive network radio partner to the NFL since 1987 – featuring regular and post-season NFL football, including the playoffs and the Super Bowl – its other extensive properties include NCAA Basketball, including the NCAA® Men’s and Women’s Tournaments and the Final Four®; The Masters; NCAA Football; and other marquee sports events. Westwood One also distributes and represents CBS Sports Radio. On social media, join the Westwood One Sports community on Facebook and Instagram at @westwoodonesports and on Twitter at @westwood1sports. For more information, visit www.westwoodonesports.com.About Cumulus Media Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 403 owned-and-operated radio stations across 85 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,400 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.Contact: Karen Glover | Westwood One | [email protected]

GlobeNewswire

Cumulus Media’s Westwood One Launches 37th Consecutive Season As the Exclusive Primetime Network Radio Partner of the NFL

https://finance.yahoo.com/news/cumulus-media-westwood-one-launches-190300129.html

5d649a45-4643-3cad-bad5-1dac817ea134

CMRX

Chimerix, Inc.Patients Treated with ONC201 Demonstrated Median Overall Survival (mOS) of 21.7 Months in the Front-Line Setting, Post Radiation, Versus 12 Months mOS Historical Control ONC201 Treatment Disrupts Key Metabolic and Epigenetic PathwaysDURHAM, N.C., Aug. 16, 2023 (GLOBE NEWSWIRE) -- Chimerix (NASDAQ:CMRX), a biopharmaceutical company whose mission it is to develop medicines that meaningfully improve and extend the lives of patients facing deadly diseases, today announced the publication of data in support of the Company’s first-in-class small molecule imipridone, ONC201, as a treatment for H3 K27M-mutant diffuse midline gliomas (H3K27M-DMG) in the peer-reviewed journal, Cancer Discovery, a journal of the American Association for Cancer Research.The manuscript titled, “Clinical efficacy of ONC201 in H3K27M-mutant diffuse midline gliomas is driven by disruption of integrated metabolic and epigenetic pathways,” reports survival analyses of 71 patients with H3 K27M-DMG treated with ONC201 which demonstrated promising results in a patient population with a poor prognosis and few treatment options. In addition to assessing clinical outcomes, the study corroborated mechanistic findings from laboratory models in samples from treated patients that demonstrated the ability of ONC201 to disrupt metabolic pathways and reverse the epigenetic consequence (H3K27me3-loss) of the H3 K27M mutation.“The survival analyses published today in Cancer Discovery reported that ONC201 frontline treatment, administered post radiation therapy, demonstrated a statistically significant increase in mOS from diagnosis versus historical controls (21.7 months mOS vs. 12 months mOS, p<0.0001). These data are particularly relevant given that enrollment in the ongoing ACTION study occurs in a similar population. Additionally, these data further elucidate the underlying novel mechanism of action for ONC201 in a patient population which has very limited treatment options,” said Mike Andriole, Chief Executive Officer of Chimerix. “While these results require validation in prospectively designed studies, such as the Phase 3 ACTION study, they nevertheless provide ongoing confidence and rationale for ONC201’s monotherapy treatment effect and offer hope to the patients, families and caregivers facing this challenging and life-threatening cancer.”Story continues“H3K27M-DMG represents one of the most difficult tumors to treat,” said Carl Koschmann, M.D., Associate Professor of Pediatric Neuro-Oncology and Clinical Scientific Director of the Chad Carr Pediatric Brain Tumor Center at Michigan Medicine. “Prior to this study, there have been more than 250 clinical trials that have not been able to improve outcomes. These results are potentially a major crack in the armor.”The complete publication can be accessed here.About the Phase 3 ACTION StudyThe Phase 3 ACTION trial is actively recruiting patients in 11 countries across North America, Europe, the UK, Israel and Asia. The trial enrolls patients shortly after completion of front-line radiation therapy that is the standard of care. The study is designed to enroll 450 patients randomized 1:1:1 to receive ONC201 at one of two dosing frequencies or placebo. Participants are randomized to receive 625mg of ONC201 once per week (the Phase 2 dosing regimen), 625mg twice per week on two consecutive days or placebo. The dose will be scaled by body weight for patients <52.5kg. OS will be assessed for efficacy at three alpha-allocated timepoints: two interim assessments by the Independent Data Monitoring Committee (IDMC) at 164 events and 246 events, respectively, and a final assessment at 327 events. The final progression-free survival (PFS) analysis will be performed after 286 events, with progression assessed using RANO HGG criteria by blinded independent central review (BICR). Secondary endpoints include corticosteroid response, performance status response, change from baseline in quality of life (QoL) assessments and change from baseline in neurologic function as assessed by the Neurologic Assessment in Neuro-Oncology (NANO) scale. For more information, please visit clinicaltrials.gov.About Chimerix Chimerix is a biopharmaceutical company with a mission to develop medicines that meaningfully improve and extend the lives of patients facing deadly diseases. The Company’s most advanced clinical-stage development program, ONC201, is in development for H3 K27M-mutant glioma.Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include those relating to, among other things, the relevance of the published survival analyses to the Phase 3 ACTION study, and the confidence and rationale in ONC201’s treatment effect. Among the factors and risks that could cause actual results to differ materially from those indicated in the forward-looking statements are risks related to the timing, completion and outcome of the Phase 3 ACTION study of ONC201; risks associated with repeating positive results obtained in prior preclinical or clinical studies in future studies; and additional risks set forth in the Company's filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.CONTACTS:        Michelle LaSpaluto919 [email protected] O’ConnorStern Investor [email protected]

GlobeNewswire

Chimerix Announces Data Highlighting Clinical Efficacy and Molecular Mechanisms of Response to ONC201 Treatment of H3 K27M-Mutant Diffuse Midline Gliomas Published in "Cancer Discovery"

https://finance.yahoo.com/news/chimerix-announces-data-highlighting-clinical-140500480.html

6c984d4b-6515-316e-9672-737ec3929fc8

CMRX

Chimerix, Inc.DURHAM, N.C., Sept. 05, 2023 (GLOBE NEWSWIRE) -- Chimerix (NASDAQ:CMRX), a biopharmaceutical company whose mission is to develop medicines that meaningfully improve and extend the lives of patients facing deadly diseases, today announced that management will participate in two upcoming investor conferences:H.C. Wainwright 25th Annual Global Investment Conference in New York City. Mike Andriole, Chief Executive Officer, will present a corporate overview on September 12, 2023 at 9:00 a.m. ET. A live audio webcast of the presentation can be accessed here and on the Investor Relations section of Chimerix’s website at ir.chimerix.com where it will be archived for approximately 90 days.Baird 2023 Global Healthcare Conference on September 13, 2023 in New York City, where management will participate in 1x1 meetings.About ChimerixChimerix is a biopharmaceutical company with a mission to develop medicines that meaningfully improve and extend the lives of patients facing deadly diseases. The Company’s most advanced clinical-stage development program, ONC201, is in development for H3 K27M-mutant glioma.CONTACTS:Michelle LaSpaluto919 [email protected] O’ConnorStern Investor [email protected]

GlobeNewswire

Chimerix to Participate in Upcoming Investor Conferences

https://finance.yahoo.com/news/chimerix-participate-upcoming-investor-conferences-110000161.html

59a993b7-88c3-39e1-ab44-6d6878d6433e

CMS

Heating Homes and Businesses More Safely and Reliably While Protecting the PlanetJACKSON, Mich., Aug. 30, 2023 /PRNewswire/ -- Consumers Energy announced today it has reduced methane emissions from its 30,000-mile natural gas system by 20 percent since 2012, an important step in its plan to neutralize the impact of the greenhouse gas – which is more potent than carbon dioxide – from its operations by the end of the decade.Consumers Energy Logo (PRNewsFoto/Consumers Energy)"Consumers Energy is committed to protecting the planet as we heat nearly 2 million Michigan homes and businesses safely and affordably this autumn and winter," said Christopher Fultz, Consumers Energy's vice president of natural gas operations. "We are taking actions every day to strengthen our system across our state and to achieve net-zero methane emissions by 2030."Consumers Energy received approval from the Michigan Public Service Commission today for a settlement agreement allowing a $95 million rate adjustment, which will enable the work to continue reducing leaks and making its natural gas system more safe, reliable, affordable and clean. The improvements are part of the company's Natural Gas Delivery Plan, a 10-year, $12 billion blueprint to modernize the system of pipelines and storage that delivers natural gas to homes and businesses.Consumers Energy's efforts to reduce methane emissions in the last decade are equivalent to removing 18,000 vehicles from the road for a year.Consumers Energy also has replaced more than 600 miles of pipeline that dates back as far as the 1940s. Over one-third of that is made of cast iron, which is more susceptible to leaks than modern technology.Other major components of Consumers Energy's plan include:Replacing thousands of the lines that connect the main arteries of Consumers Energy's natural gas system to homes and businesses.Replacing hundreds of miles of the pipeline "expressway" that powers the natural gas system. Last year, we completed construction of the South Oakland Macomb Network and started work on the Mid-Michigan Pipeline this spring.Rehabilitating or retiring outdated infrastructure, including transforming our natural gas compression fleet technology to modern, efficient and clean-running equipment. That includes the Freedom Compressor Station in Washtenaw County, which was upgraded last year.Story continues"Our customers look to Consumers Energy for natural gas, and we take that responsibility seriously in our cold-weather state," Fultz said. "We want people to know we're making our system stronger, safer and cleaner, and we can do that while keeping bills affordable for people who count on us."Changes to customer bills will take effect in October. The price Consumers Energy residential customers pay for natural gas will continue to be less than the national average this winter.Consumers Energy is Michigan's largest energy provider, providing natural gas and/or electricity to 6.7 million of the state's 10 million residents in all 68 Lower Peninsula counties.For more information about Consumers Energy, go to ConsumersEnergy.com.Check out Consumers Energy on Social MediaFacebook: https://www.facebook.com/consumersenergymichiganTwitter: https://twitter.com/consumersenergyLinkedIn: https://linkedin.com/company/consumersenergy  Instagram: https://www.instagram.com/consumersenergyCisionView original content to download multimedia:https://www.prnewswire.com/news-releases/consumers-energy-reduces-methane-emissions-from-michigan-natural-gas-system-by-20-percent-301914065.htmlSOURCE Consumers Energy

PR Newswire

Consumers Energy Reduces Methane Emissions from Michigan Natural Gas System by 20 Percent

https://finance.yahoo.com/news/consumers-energy-reduces-methane-emissions-180500002.html

f100f3a5-886d-30d9-9ea6-c571f9cf69b2

CMS

DANSVILLE, Mich., Sept. 7, 2023 /PRNewswire/ -- Consumers Energy released 56 turtle hatchlings today back into natural wetland habitats after the juveniles were rescued as eggs along the path of the Mid-Michigan Pipeline Project. The turtles came from eggs of adult females that were safely removed from the pipeline path throughout the course of the summer and were incubated and nurtured by Herpetological Resource and Management (HRM).Consumers Energy Logo (PRNewsFoto/Consumers Energy)"At Consumers Energy we believe in leaving our communities better than we found them, and that is why years of careful planning with environmental partners at the local, state and federal levels went into the execution of the first phase of this pipeline project," said Chris Fultz, Consumers Energy's vice president of gas operations. "This work is not just about following the permit requirements, it is about doing what is best for the wildlife in the area, and we continue to be grateful for partners that help us do that."During the summer, HRM rescued and incubated Eastern Snapping, Midland Painted and Blanding's turtle eggs. Thursday's release included 39 Eastern Snapping turtles, 12 Midland Painted juveniles, and five Blanding's turtles. As a protected species in Michigan and one being considered for federal protection, several Blanding's hatchlings that were rescued and incubated will continue to be cared for and monitored over the course of the winter at the HRM facility before being released next spring, significantly increasing the chances of survival and future reproduction. This process is known as headstarting and can help rare species that are in decline increase populations for the future."HRM is proud to collaborate with Consumers Energy helping to ensure the next generation of turtles in Michigan," said Dave Mifsud, owner and manager of HRM. "Through their efforts of rescuing turtles and headstarting hatchlings we are helping support the protection and conservation of these imperiled species."Story continuesSince 2009 Consumers Energy has worked with HRM to protect and manage wetland wildlife along the path of its construction projects. Over the course of two years on the Saginaw Trail Pipeline, Consumers Energy and HRM saved more than 30 Blanding's Turtle eggs before returning mature juveniles to the habitat after construction was completed and rescued/relocated nearly 30,000 amphibians and reptiles out of the construction pathway.The regular rescue and release of turtles is one of many steps Consumers Energy has voluntarily taken to protect the environment while investing in the critical infrastructure upgrades necessary to continue delivering the service customers need and deserve.A video of the release can be found here.Consumers Energy is the principal subsidiary of CMS Energy (NYSE: CMS), providing natural gas and/or electricity to 6.7 million of the state's 10 million residents in all 68 Lower Peninsula counties.Media Contacts: Tracy Wimmer, 517-539-4465, or Brian Wheeler, 517-740-1545For more information about Consumers Energy, go to ConsumersEnergy.com.Check out Consumers Energy on Social Media Facebook: https://www.facebook.com/consumersenergymichiganTwitter: https://twitter.com/consumersenergyLinkedIn: https://linkedin.com/company/consumersenergyInstagram: https://www.instagram.com/consumersenergyCisionView original content to download multimedia:https://www.prnewswire.com/news-releases/consumers-energy-releases-56-turtles-rescued-during-pipeline-project-into-native-habitat-301921323.htmlSOURCE Consumers Energy

PR Newswire

Consumers Energy Releases 56 Turtles Rescued During Pipeline Project into Native Habitat

https://finance.yahoo.com/news/consumers-energy-releases-56-turtles-201500338.html

e4d3cb13-038a-3bf4-9a56-76f7203fe507

CMU

SADDLE BROOK, N.J., Aug. 28, 2023 (GLOBE NEWSWIRE) -- Special Opportunities Fund (NYSE: SPE), High Income Securities Fund (NYSE: PCF), and Bulldog Investors, LLP (“Bulldog”) (together, the “Shareholders”) are pleased to announce that they have reached a settlement agreement with two closed-end municipal bond funds managed by MFS Investment Management® (MFS®). The MFS-managed funds are MFS High Yield Municipal Trust (NYSE: CMU), and MFS Investment Grade Municipal Trust (NYSE: CXH).Pursuant to the settlement agreement, each MFS-managed fund will conduct a cash tender offer, which is expected to commence on or before October 6, 2023, for up to 10% of its outstanding common shares at a price per share equal to 98% of its net asset value (“NAV”) per share. In addition, the Board of each of the MFS-managed funds has agreed to propose that shareholders approve a proposal for a liquidity event at the 2025 annual meeting, unless the average trading discount of its shares is equal to or less than 7.50% for any consecutive 30 calendar day period between the expiration date of the tender offer and July 15, 2025.As part of the settlement agreement, the Shareholders have agreed to certain standstill conditions.Andrew Dakos, a managing partner of Bulldog, commented: “We are pleased to have reached this agreement with the Board, which is the result of ongoing constructive engagement with MFS.”About Bulldog InvestorsBulldog Investors LLP is an SEC-registered investment adviser that manages Special Opportunities Fund, Inc., a registered closed-end investment company, and separately managed accounts. High Income Securities Fund is an internally managed registered closed-end investment company.Contact: InvestorComJohn Glenn Grau, (203) 972-9300 ext. [email protected]

GlobeNewswire

Special Opportunities Fund, High Income Securities Fund, and Bulldog Investors Reach Settlement Agreement with Two MFS Municipal Bond Funds

https://finance.yahoo.com/news/special-opportunities-fund-high-income-134900125.html

981a1c19-31e7-3856-b01a-936fc849f2ba

CMU

BOSTON, September 01, 2023--(BUSINESS WIRE)--MFS Investment Management® (MFS®) announced today monthly distributions of the following closed-end funds, all with declaration dates of September 1, 2023, ex-dividend dates of September 12, 2023, record dates of September 13, 2023, and payable dates of September 29, 2023:Fund (ticker)Income/ShareOther Sources/Share*Total Amount/ShareMFS® Charter Income Trust(NYSE: MCR)^$0.0000$0.044670$0.044670MFS® Government Markets Income Trust(NYSE: MGF)^$0.0000$0.020230$0.020230MFS® High Income Municipal Trust(NYSE: CXE)$0.01250$0.0000$0.01250MFS® High Yield Municipal Trust(NYSE: CMU)$0.0110$0.0000$0.0110MFS® Intermediate High Income Fund(NYSE: CIF)^$0.0000$0.01430$0.01430MFS® Intermediate Income Trust(NYSE: MIN)^$0.0000$0.020510$0.020510MFS® Investment Grade Municipal Trust(NYSE: CXH)$0.0220$0.0000$0.0220MFS® Multimarket Income Trust(NYSE: MMT)^$0.0000$0.032630$0.032630MFS® Municipal Income Trust(NYSE: MFM)$0.01750$0.0000$0.01750MFS® Special Value Trust(NYSE: MFV)^$0.0000$0.036320$0.036320^The fund has adopted a managed distribution plan. Under a managed distribution plan, to the extent that sufficient investment income is not available on a monthly basis, the fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution level. You should not draw any conclusions about the fund’s investment performance from the amount of the fund’s distributions or from the terms of the fund’s managed distribution plan. The Board of the fund may amend the terms of the plan or terminate the plan at any time without prior notice to the fund's shareholders. The amendment or termination of a plan could have an adverse effect on the market price of the fund’s common shares. The plan will be subject to periodic review by the Board. With each distribution that does not consist solely of net investment income, the fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the fund’s investment experience during its full fiscal year and may be subject to changes based on tax regulations. The fund will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes. The fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that shareholders invested in the fund is paid back to them. A return of capital does not necessarily reflect a fund’s investment performance and should not be confused with ‘yield’ or ‘income’. Any such returns of capital will decrease the fund's total assets and, therefore, could have the effect of increasing the fund's expense ratio. In addition, in order to make the level of distributions called for under its plan, the fund may have to sell portfolio securities at a less than opportune time. For estimated source information for distributions paid in prior periods, please see MFS.com and click on the following links: Products & Strategies, Closed-End Funds, Dividend Source Information.Story continues*Distribution from "Other Sources" may contain sources of income other than ordinary income, such as short term capital gains, long term capital gains, or return of capital, which can not be determined until the close of the fund's fiscal year end. Distributions that are treated for federal income tax purposes as a return of capital will reduce a shareholder's tax basis in his or her shares and, to the extent the distribution exceeds a shareholder's adjusted tax basis, will be treated as a gain to the shareholder from a sale of shares. Please see the fund's most recent dividend source information available from payable date at MFS.com for the breakdown of the distribution.Investors who want to make changes to their accounts should contact their financial advisor, brokerage firm, or other nominee with whom the shares are registered. If shares are registered with the funds’ transfer agent, Computershare, the transfer agent may be contacted directly at 800-637-2304, or www.computershare.com.About MFS Investment Management In 1924, MFS launched the first US open-end mutual fund, opening the door to the markets for millions of everyday investors. Today, as a full-service global investment manager serving financial advisors, intermediaries and institutional clients, MFS still serves a single purpose: to create long-term value for clients by allocating capital responsibly. That takes our powerful investment approach combining collective expertise, thoughtful risk management and long-term discipline. Supported by our culture of shared values and collaboration, our teams of diverse thinkers actively debate ideas and assess material risks to uncover what we believe are the best investment opportunities in the market. As of July 31, 2023, MFS manages US$598.6 billion in assets on behalf of individual and institutional investors worldwide. Please visit mfs.com for more information.The funds are closed-end investment products. Common shares of the funds are only available for purchase/sale on the NYSE at the current market price. Shares may trade at a discount to NAV.MFS Investment Management111 Huntington Ave, Boston, MA 0219915812.174View source version on businesswire.com: https://www.businesswire.com/news/home/20230901555795/en/ContactsMFS Shareholders or Advisors (investment product information): Jeffrey Schwarz, 800-343-2829, ext. 55872Media Only: Dan Flaherty, 617-954-4256

Business Wire

MFS Announces Closed-End Fund Distributions

https://finance.yahoo.com/news/mfs-announces-closed-end-fund-201500924.html

fa4b7c0e-f8ec-3409-b722-2058c1a92b95

CNC

Investment will support a new health and wellness center, as well as a workforce innovation hubATLANTA, Sept. 7, 2023 /PRNewswire/ -- Peach State Health Plan, a care management organization that helps Georgians live healthier lives through innovative healthcare solutions, and the Centene Foundation, the philanthropic arm of Centene Corporation (NYSE: CNC) focused on investing in economically challenged communities, announced today a $1.5 million commitment to City of Refuge, an Atlanta-based nonprofit that seeks to bring light, hope, and transformation to local individuals and families. The investment will support the development of a community health and wellness center as well as an innovation hub that supports unemployed members seeking employment.Peach State Health Plan employees volunteer quarterly with City of Refuge. Recently, nearly 50 Peach State Health Plan team members set up the rooms and accommodations in City of Refuge’s new affordable housing community that will support unhoused military veterans, citizens returning from incarceration and young men up to age 24."Peach State Health Plan and the Centene Foundation are proud to partner with City of Refuge to help break down barriers of inequality and provide supportive services to drive critical change and positive impact in one of Atlanta's most at-risk neighborhoods," said Peach State Health Plan President and CEO, Wade Rakes. "City of Refuge has served Atlanta's westside for more than 25 years and, together, we will continue with this vital work of creating the next phase of social transformation where it is needed most."The commitment from Peach State Health Plan and the Centene Foundation will support two components:Health and Wellness Center – This partnership seeks to build out a quality health and wellness center at City of Refuge's forthcoming 36,000-square-foot Transformation Center. The Health and Wellness Center, which includes a 24/7 medical and mental health clinic, will serve survivors of trafficking and domestic violence.Workforce Innovation Hub – The Workforce Innovation Hub prepares unemployed and underemployed individuals to find meaningful employment. The commitment from Peach State Health Plan and the Centene Foundation will increase capacity at the Workforce Innovation Hub to provide more job training and readiness opportunities, including resume writing and interview assistance.Story continues"Together with Peach State Health Plan and the Centene Foundation, City of Refuge is laying the groundwork for expanded health and wellness services to support the wellbeing of all who seek us out for help – from local veterans to those returning from incarceration to women escaping crisis," said City of Refuge founder and CEO, Bruce Deel. "The new clinic at the Transformation Center will be the physical manifestation of our goal to provide 24/7, high-quality care in our 30314 neighborhood for those coming out of domestic violence and trafficking. We look forward to breaking ground on the next phase of our campus with the Transformation Center."Peach State Health Plan employees also volunteer quarterly with City of Refuge. In March, nearly 50 Peach State Health Plan team members set up the rooms and accommodations in City of Refuge's new affordable housing community that will support unhoused military veterans, citizens returning from incarceration and young men up to age 24. Peach State Health Plan will be on site again in September and December to support on going efforts.For more information about Peach State Health Plan and the Centene Foundation's commitment to City of Refuge, visit https://www.centene.com/who-we-are/centene-foundation.html.About Centene FoundationThe Centene Foundation, a private nonprofit focused on investing in economically challenged communities, is the philanthropic arm of Centene Corporation ("Centene").  The Foundation supports projects and initiatives strategically aligned with Centene's purpose-driven culture and enhances the work Centene is doing to remove the barriers to wellness underserved and low-income populations face. The Foundation is committed to addressing social determinants of health and improving health equity in three distinct areas of focus:  Healthcare Access, Social Services and Education.About Peach State Health PlanPeach State Health Plan is a Care Management Organization that serves the needs of Georgians through a range of health insurance solutions. Peach State Health Plan serves the Medicaid and PeachCare for Kids® population in partnership with Georgia Families. The organization also focuses on under-insured and uninsured individuals through its federal insurance marketplace plan, Ambetter, and its Medicare Advantage and Medicare Prescription Drug Plans (PDP) through Wellcare. Peach State Health Plan is a wholly owned subsidiary of Centene Corporation, a leading healthcare enterprise committed to helping people live healthier lives. For more information visit www.pshp.com.About City of RefugeCity of Refuge was founded in 1997 with the mission to transform the lives of individuals and communities in Atlanta and beyond. Today the organization resides in a warehouse that was graciously donated in the 30314 neighborhood, one of the poorest and most crime-ridden areas in the nation. Since inhabiting the "Where Good Works" center, City of Refuge has helped over 20,000 people across the country and internationally. The organization has created several programs designed to provide an impact in areas such as: housing, youth development, health & wellness, and vocation. City of Refuge is a leader in the business of social transformation and continuously works to empower and equip individuals with the tools to succeed. To learn more about City of Refuge, visit cityofrefugeatl.org or follow the organization on Facebook, Instagram and Twitter.The Centene Foundation and Peach State Health Plan are proud to support City of Refuge's development of a Health and Wellness Center and Workforce Innovation Hub to the Transformation Center in one of Atlanta’s most underserved communities.Peach State Health Plan | Centene Foundation LogoCisionView original content to download multimedia:https://www.prnewswire.com/news-releases/peach-state-health-plan-and-the-centene-foundation-announce-a-1-5-million-commitment-to-city-of-refuge-supporting-the-atlanta-campus-expansion-301921238.htmlSOURCE Peach State Health Plan

PR Newswire

Peach State Health Plan and the Centene Foundation Announce a $1.5 Million Commitment to City of Refuge, Supporting the Atlanta Campus Expansion

https://finance.yahoo.com/news/peach-state-health-plan-centene-201500616.html

f7c4a86b-55fc-3d2f-81f6-cfd4e153ebb1

CNC

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.While you may have an investing style you rely on, finding great stocks is made easier with the Zacks Style Scores. These are complementary indicators that rate stocks based on value, growth, and/or momentum characteristics.Is This 1 Momentum Stock a Screaming Buy Right Now?Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.Centene (CNC)Centene Corporation is a well-diversified healthcare company that primarily provides a set of services to the government sponsored healthcare programs. The company serves the under-insured and uninsured individuals through member-focused services. It is also engaged in providing education and outreach programs to inform and assist members in accessing quality, appropriate healthcare services.CNC is a Zacks Rank #3 (Hold) stock, with a Momentum Style Score of B and VGM Score of A. Shares are up 7.8% over the past one week and up 1.1% over the past four weeks. CNC has lost 27.2% in the last one-year period as well. Looking at trading volume, an average of 3,010,040.75 shares exchanged hands over the last 20 trading days.A company's earnings performance is important for momentum investors as well. For fiscal 2023, six analysts revised their earnings estimate higher in the last 60 days for CNC, while the Zacks Consensus Estimate has increased $0.03 to $6.47 per share. CNC also boasts an average earnings surprise of 0.6%.Investors should take the time to consider CNC for their portfolios due to its solid Zacks Ranks, notable earnings metrics, and impressive Momentum and VGM Style Scores.Story continuesWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCentene Corporation (CNC) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Are You a Momentum Investor? This 1 Stock Could Be the Perfect Pick

https://finance.yahoo.com/news/momentum-investor-1-stock-could-135007372.html

28110821-5162-356c-b83d-e6a9891cb45f

CNET

ZW Data Action Technologies Inc.BEIJING, May 22, 2023 (GLOBE NEWSWIRE) -- ZW Data Action Technologies Inc. (Nasdaq: CNET) (the "Company"), an integrated online advertising, precision marketing, data analytics and other value-added services provider serving enterprise clients, today announced its unaudited financial results for the three months ended March 31, 2023.First Quarter 2023 Financial ResultsRevenuesFor the first quarter of 2023, revenues decreased by approximately $1.34 million, or 17.5%, to $6.32 million from $7.65 million for the same period last year. The decrease in revenues was primarily attributable to the decrease in revenues from our Internet advertising and related data services business category, as a result of the peak infection of COVID-19 in China during the first fiscal quarter of 2023, which affected business of most of our small medium enterprises (“SMEs”) clients.Cost of revenuesTotal cost of revenues decreased by approximately $0.89 million, or 11.8%, to $6.63 million for the first quarter of 2023 from $7.52 million for the same period last year. The decrease in cost was primarily due to the decrease in cost related to providing Internet advertising and related data services on our ad portals, which was in line with the decrease in the related revenues.Gross profit (loss) and gross profit (loss) marginGross loss was approximately $0.31 million for the first quarter of 2023, compared to a gross profit of $0.13 million for the same period last year. Overall gross loss margin rate was 5% for the first quarter of 2023, compared to a gross profit margin of 2% for the same period last year.Operating expensesSales and marketing expenses was approximately $0.05 million for the first quarter of 2023, compared to $0.07 million for the same period last year. The decrease in sales and marketing expenses was mainly attributable to the peak infection of COVID-19 in China from November 2022 through February 2023, which affected a significant number of our workforce employed in our operations, and thus adversely affected our normal business activities during the first fiscal quarter of 2023.Story continuesGeneral and administrative expenses decreased by approximately $0.62 million, or 39.8%, to $0.93 million for the first quarter of 2023 from $1.55 million for the same period last year. The decrease in general and administrative expenses was mainly attributable to the decrease in amortization of administrative assets of approximately $0.45 million and the decrease in general administrative expenses of approximately $0.47 million, as a result of the cost reduction plan executed by management and the adverse impact on our normal business activities of the peak infection of COVID-19 during the first fiscal quarter of 2023, which was partially offset by increase in allowance for expected credit losses of approximately $0.30 million.Research and development expenses was approximately $0.02 million for the first quarter of 2023, compared to $0.07 million for the same period last year. The decrease in research and development expenses was primarily due to a reduction in headcount in our research and development department.Operating lossLoss from operations was approximately $1.31 million for the first quarter of 2023, compared to $1.55 million for the same period last year. Operating loss margin was 21% for the first quarter of 2023, compared to 20% for the same period last year.Other income, netTotal other income, net was approximately $0.17 million for the first quarter of 2023, compared to $0.83 million for the same period last year. The decrease was primarily attributable to the decrease in gain from change in fair value of warrant liabilities.Net loss attributable to CNET and loss per shareNet loss attributable to CNET was approximately $1.14 million, or loss per share of $0.16, for the first quarter of 2023. This was compared to $0.72 million, or loss per share of $0.10**, for the same period last year.Financial ConditionAs of March 31, 2023, the Company had cash and cash equivalents of approximately $1.59 million, compared to $4.39 million as of December 31, 2022. Accounts receivable, net was approximately $1.57 million as of March 31, 2023, compared to $1.75 million as of December 31, 2022. Working capital was approximately $5.55 million as of March 31, 2023, compared to $6.61 million as of December 31, 2022.Net cash used in operating activities was approximately $0.92 million for the first quarter of 2023, compared to $0.89 million for the same period last year. Net cash used in investing activities was approximately $1.88 million for the first quarter of 2023, compared to $1.46 million for the same period last year.About ZW Data Action Technologies Inc.Established in 2003 and headquartered in Beijing, China, ZW Data Action Technologies Inc. (the “Company”) offers online advertising, precision marketing, data analytics and other value-added services for enterprise clients. Leveraging its fully integrated services platform, proprietary database, and cutting-edge algorithms, the Company delivers customized, result-driven business solutions for small and medium-sized enterprise clients in China. The Company also develops blockchain enabled web/mobile applications and software solutions for clients. More information about the Company can be found at: http://www.zdat.com/.Safe Harbor StatementThis release contains certain "forward-looking statements" relating to the business of ZW Data Action Technologies Inc., which can be identified by the use of forward-looking terminology such as "believes," "expects," "anticipates," "estimates" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including business uncertainties relating market demand, future capital requirements, and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on ZW Data Action Technologies Inc.’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting ZW Data Action Technologies Inc. will be those anticipated by ZW Data Action Technologies Inc. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. ZW Data Action Technologies Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.For more information, please contact:Sherry Zheng        Weitian Group LLCEmail: [email protected]: +1 718-213-7386ZW DATA ACTION TECHNOLOGIES INC.CONSOLIDATED BALANCE SHEETS(In thousands, except for number of shares and per share data)    March 31,2023 December 31,2022   (US $) (US $)   (Unaudited)  Assets     Current assets:     Cash and cash equivalents  $1,592 $4,391Accounts receivable, net of allowance for credit loss of $4,070 and $3,760, respectively   1,567  1,745Prepayment and deposit to suppliers   4,390  4,567Other current assets, net   3,327  1,610Total current assets   10,876  12,313      Long-term investments   1,604  1,596Operating lease right-of-use assets   1,680  1,761Property and equipment, net   225  249Intangible assets, net   2,964  3,264Long-term deposits and prepayments   69  69Deferred tax assets, net   413  406Total Assets  $17,831 $19,658      Liabilities and Equity     Current liabilities:     Accounts payable *  $218 $205Advances from customers *   720  739Accrued payroll and other accruals *   266  438Taxes payable *   3,280  3,248Operating lease liabilities *   310  347Lease payment liabilities related to short-term leases *   103  101Other current liabilities *   341  437Warrant liabilities   84  185Total current liabilities   5,322  5,700Long-term liabilities:      Operating lease liabilities-Non current   1,500   1,535  Long-term borrowing from a related party   127   126  Total Liabilities   6,949   7,361         Commitments and contingencies             Equity:      ZW Data Action Technologies Inc.’s stockholders’ equity      Common stock (US$0.001 par value; authorized 20,000,000 shares; issued and outstanding 7,174,506 shares at March 31, 2023 and December 31, 2022)   7  7** Additional paid-in capital   62,017  62,017** Statutory reserves   2,598   2,598  Accumulated deficit   (54,859)  (53,525) Accumulated other comprehensive income   1,119   1,200  Total stockholders’ equity   10,882   12,297         Total Liabilities and Equity  $17,831  $19,658  * Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets.ZW DATA ACTION TECHNOLOGIES INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except for number of shares and per share data)       Three Months Ended March 31,  2023   2022   (US $) (US $)  (Unaudited) (Unaudited)     Revenues $6,316  $7,652 Cost of revenues  6,630   7,518 Gross (loss)/profit  (314)  134      Operating expenses    Sales and marketing expenses  48   69 General and administrative expenses  932   1,548 Research and development expenses  18   68 Total operating expenses  998   1,685      Loss from operations  (1,312)  (1,551)     Other income/(expenses)    Interest income  72   46 Other expenses, net  (5)  (9)Change in fair value of warrant liabilities  101   795 Total other income  168   832      Loss before income tax benefit  (1,144)  (719)Income tax benefit  1   2 Net loss $(1,143) $(717)          Net loss $(1,143) $(717)Foreign currency translation loss  (81)  (22)Comprehensive loss $(1,224) $(739)     Loss per share    Loss per common share         Basic and diluted** $(0.16) $(0.10)     Weighted average number of common shares outstanding:         Basic and diluted**  7,174,506   7,079,962 ZW DATA ACTION TECHNOLOGIES INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)   Three Months Ended March 31,  2023   2022  (US $)(US $) (Unaudited)(Unaudited)Cash flows from operating activities  Net loss$(1,143) $(717)Adjustments to reconcile net loss to net cash used in operating activities  Depreciation and amortization 322   554 Amortization of operating lease right-of-use assets 106   60 Share-based compensation expenses 35   56 Provision for allowance for credit losses 301   - Deferred taxes (1)  (2)Disposal of fixed assets 3   - Change in fair value of warrant liabilities (101)  (795)Other non-operating income (72)  (45)Changes in operating assets and liabilities  Accounts receivable (56)  (159)Prepayment and deposit to suppliers 171   914 Other current assets (1)  13 Accounts payable 10   (373)Advances from customers (27)  (203)Accrued payroll and other accruals (174)  (66)Other current liabilities (184)  (36)Taxes payable (8)  7 Lease payment liability related to short-term leases -   (42)Operating lease liabilities (97)  (56)Net cash used in operating activities (916)  (890)   Cash flows from investing activities  Repayment of short-term loans from ownership investee entities -   13 Short-term loan to unrelated parties (2,000)  (2,500)Repayment of short-term loans and interest income from unrelated parties 123   1,029 Net cash used in investing activities (1,877)  (1,458)Cash flows from financing activities       Net cash provided by/(used in) financing activities -   -     Effect of exchange rate fluctuation on cash and cash equivalents (6)  (1)    Net decrease in cash and cash equivalents (2,799)  (2,349)    Cash and cash equivalents at beginning of the period 4,391   7,173 Cash and cash equivalents at end of the period$1,592  $4,824     **Retrospectively restated for effect of the 1-for-5 reverse stock split effective on January 18, 2023.

GlobeNewswire

ZW Data Action Technologies Reports First Quarter 2023 Unaudited Financial Results

https://finance.yahoo.com/news/zw-data-action-technologies-reports-203000076.html

5760e81d-9b74-3635-a9e3-35982d74b5e2

CNET

ZW Data Action Technologies Inc.BEIJING, Aug. 21, 2023 (GLOBE NEWSWIRE) -- ZW Data Action Technologies Inc. (Nasdaq: CNET) (the "Company"), an integrated online advertising, precision marketing, data analytics and other value-added services provider serving enterprise clients, today announced its unaudited financial results for the three and six months ended June 30, 2023.Second Quarter 2023 Financial ResultsRevenuesFor the second quarter of 2023, revenues increased by approximately $2.88 million, or 41.4%, to $9.82 million from $6.95 million for the same period last year. The increase in revenues was primarily attributable to the increase in our main stream service revenues, i.e. distribution of the right to use search engine marketing services as a result of the end of the peak infection wave of COVID-19 in the first fiscal quarter of 2023 where business activities and performance are gradually getting back to normal in the second fiscal quarter; and a portion of our clients’ ad consumption shifts from using our ad portal placement services to using our search engine marketing service.Cost of revenuesTotal cost of revenues increased by approximately $2.91 million, or 41.3%, to $9.93 million for the second quarter of 2023 from $7.03 million for the same period last year. The increase in cost was related to cost associated with distribution of the right to use search engine marketing service we purchased from key search engines, which was in line with the increase in the related revenues.Gross loss and gross loss marginGross loss was approximately $0.11 million for the second quarter of 2023, compared to $0.08 million for the same period last year. Overall gross loss margin rate was 1% for both the second quarter of 2023 and 2022.Operating expensesSales and marketing expenses was approximately $0.05 million for the second quarter of 2023, compared to $0.08 million for the same period last year. The decrease in sales and marketing expenses was mainly attributable to the gradual downsize of the sales team in our Hubei office during the period, as part of management’s cost reduction plan in fiscal 2023.Story continuesGeneral and administrative expenses decreased by approximately $1.32 million, or 52.8%, to $1.18 million for the second quarter of 2023 from $2.50 million for the same period last year. The decrease in general and administrative expenses was mainly attributable to the decrease in allowance for expected credit losses of approximately $0.79 million; the decrease in amortization of administrative assets of approximately $0.44 million, primarily due to impairment loss recognized against intangible assets by the end of fiscal 2022; and the decrease in other administrative expenses of approximately 0.09 million, as a result of the cost reduction plan executed by management.Operating lossLoss from operations was approximately $1.34 million for the second quarter of 2023, compared to $2.71 million for the same period last year. Operating loss margin was 14% for the second quarter of 2023, compared to 39% for the same period last year.Other income/(expenses), netTotal other expenses, net was approximately $0.07 million for the second quarter of 2023, compared to total other income, net of $1.00 million for the same period last year. The decrease was primarily attributable to the decrease in gain of the change in fair value of warrant liabilities.Net loss and loss per shareNet loss was approximately $1.40 million, or loss per share of $0.19, for the second quarter of 2023. This was compared to a net loss of $1.71 million, or loss per share of $0.24, for the same period last year.First Half 2023 Financial ResultsRevenuesFor the first half of 2023, revenues increased by approximately $1.54 million, or 10.5%, to $16.14 million from $14.60 million for the same period last year. The increase in revenues was primarily attributable to the increase in our main stream service revenues, i.e., distribution of the right to use search engine marketing services.Cost of revenuesTotal cost of revenues increased by approximately $2.02 million, or 13.9%, to $16.56 million for the first half of 2023 from $14.54 million for the same period last year. The increase in cost of revenues was primary attributable to the increase in costs associated with distribution of the right to use search engine marketing service we purchased from key search engines during the period, which was in line with the increase in the related revenues.Gross profit/(loss) and gross profit/(loss) marginGross loss was approximately $0.43 million for the first half of 2023, compared to a gross profit of $0.05 million for the same period last year. Overall gross loss margin was 2.6% for the first half of 2023, compared to a gross profit margin of 0.4% for the same period last year.Operating expensesSales and marketing expenses decreased by approximately $0.06 million, or 36.7%, to $0.09 million for the first half of 2023, compared to $0.15 million for the same period last year. The decrease in sales and marketing expenses was mainly attributable to the gradual downsize of the sales team in our Hubei office during the period, as part of management’s cost reduction plan in fiscal 2023.General and administrative expenses decreased by approximately $1.93 million, or 47.8%, to $2.11 million for the first half of 2023 from $4.05 million for the same period last year. The decrease in general and administrative expenses was mainly attributable to the decrease in allowance for expected credit losses of approximately $0.49 million; the decrease in amortization of administrative assets of approximately $0.89 million, primarily due to impairment loss recognized against intangible assets by the end of fiscal 2022; and the decrease in other administrative expenses of approximately $0.55 million, as a result of the cost reduction plan executed by management.Operating lossLoss from operations was approximately $2.65 million for the first half of 2023, compared to $4.26 million for the same period last year. Operating loss margin was 16% for the second quarter of 2023, compared to 29% for the same period last year.Other income, netTotal other income, net decreased to approximately $0.10 million for the first half of 2023 from $1.83 million for the same period last year. The decrease was primarily attributable to the decrease in gain of the change in fair value of warrant liabilities.Net loss and loss per shareNet loss was approximately $2.55 million, or loss per share of $0.35, for the first half of 2023. This was compared to a net loss of $2.43 million, or loss per share of $0.34, for the same period last year.Financial ConditionAs of June 30, 2023, the Company had cash and cash equivalents of approximately $2.00 million, compared to $4.39 million as of December 31, 2022. Accounts receivable, net was approximately $1.05 million as of June 30, 2023, compared to $1.75 million as of December 31, 2022. Working capital was approximately $5.47 million as of June 30, 2023, compared to $6.61 million as of December 31, 2022.Net cash used in operating activities was approximately $0.86 million for the first half of 2023, compared to $2.14 million for the same period last year. Net cash used in investing activities was approximately $1.46 million for the first half of 2023, compared to $0.48 million for the same period last year.About ZW Data Action Technologies Inc.Established in 2003 and headquartered in Beijing, China, ZW Data Action Technologies Inc. (the “Company”) offers online advertising, precision marketing, data analytics and other value-added services for enterprise clients. Leveraging its fully integrated services platform, proprietary database, and cutting-edge algorithms, the Company delivers customized, result-driven business solutions for small and medium-sized enterprise clients in China. The Company also develops blockchain enabled web/mobile applications and software solutions for clients. More information about the Company can be found at: http://www.zdat.com/.Safe Harbor StatementThis release contains certain "forward-looking statements" relating to the business of ZW Data Action Technologies Inc., which can be identified by the use of forward-looking terminology such as "believes," "expects," "anticipates," "estimates" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including business uncertainties relating to government regulation of our industry, market demand, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on ZW Data Action Technologies Inc.’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting ZW Data Action Technologies Inc. will be those anticipated by ZW Data Action Technologies Inc. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. ZW Data Action Technologies Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.For more information, please contact:Sherry ZhengWeitian Group LLCEmail: [email protected]: +1 718-213-7386ZW DATA ACTION TECHNOLOGIES INC.CONSOLIDATED BALANCE SHEETS(In thousands, except for number of shares and per share data)  June 30,2023 December 31,2022  (US $) (US $)  (Unaudited)  Assets    Current assets:    Cash and cash equivalents $2,000 $4,391Accounts receivable, net of allowance for credit loss of $3,715 and $3,760, respectively  1,045  1,745Prepayment and deposit to suppliers  4,346  4,567Other current assets, net  3,043  1,610Total current assets  10,434  12,313     Long-term investments  1,000  1,596Operating lease right-of-use assets  1,498  1,761Property and equipment, net  191  249Intangible assets, net  2,665  3,264Long-term deposits and prepayments  65  69Deferred tax assets, net  393  406Total Assets $16,246 $19,658     Liabilities and Equity    Current liabilities:    Accounts payable * $204 $205Advance from customers *  912  739Accrued payroll and other accruals *  132  438Taxes payable *  3,131  3,248Operating lease liabilities *  255  347Lease payment liability related to short-term leases *  97  101Other current liabilities *  223  437Warrant liabilities  13  185Total current liabilities  4,967  5,700      Long-term liabilities:    Operating lease liabilities-Non current *  1,371   1,535 Long-term borrowing from a related party  121   126 Total Liabilities  6,459   7,361      Commitments and contingencies         Equity:    ZW Data Action Technologies Inc.’s stockholders’ equity    Common stock (US$0.001 par value; authorized 20,000,000 shares; issued and outstanding 7,204,506 shares and 7,174,506 shares at June 30, 2023 and December 31, 2022, respectively)  7  7**Additional paid-in capital  62,042  62,017**Statutory reserves  2,598   2,598 Accumulated deficit  (56,262)  (53,525)Accumulated other comprehensive income  1,402   1,200 Total stockholders’ equity  9,787   12,297      Total Liabilities and Equity $16,246  $19,658 * Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets.**Retrospectively restated for effect of the 1-for-5 reverse stock split on January 18, 2023.ZW DATA ACTION TECHNOLOGIES INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except for number of shares and per share data)       Six Months Ended June 30, Three Months Ended June 30,   2023   2022   2023   2022   (US $) (US $) (US $) (US $)  (Unaudited) (Unaudited) (Unaudited) (Unaudited)         Revenues $16,136  $14,597  $9,820  $6,945 Cost of revenues  16,561   14,544   9,931   7,026 Gross (loss)/profit  (425)  53   (111)  (81)         Operating expenses        Sales and marketing expenses  93   147   45   78 General and administrative expenses  2,112   4,046   1,180   2,498 Research and development expenses  18   124   -   56 Total operating expenses  2,223   4,317   1,225   2,632          Loss from operations  (2,648)  (4,264)  (1,336)  (2,713)         Other income/(expenses)        Interest income  151   75   79   29 Other expenses, net  (14)  (28)  (9)  (19)Impairment on long-term investments  (209)  -   (209)  - Change in fair value of warrant liabilities  172   1,782   71   987 Total other income/(expenses)  100   1,829   (68)  997          Loss before income tax benefit  (2,548)  (2,435)  (1,404)  (1,716)Income tax benefit  2   4   1   2 Net loss $(2,546)  (2,431) $(1,403) $(1,714)         Net loss  (2,546) $(2,431)  (1,403) $(1,714)Foreign currency translation gain/(loss)  202   (17)  283   5 Comprehensive loss $(2,344) $(2,448) $(1,120) $(1,709)         Loss per share        Loss per common share        Basic and diluted** $(0.35) $(0.34) $(0.19) $(0.24)         Weighted average number of common shares outstanding:                 Basic and diluted**  7,185,114   7,097,440   7,195,605   7,114,726 **Retrospectively restated for effect of the 1-for-5 reverse stock split on January 18, 2023.ZW DATA ACTION TECHNOLOGIES INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)     Six Months Ended June 30,   2023   2022   (US $) (US $)  (Unaudited) (Unaudited)Cash flows from operating activities    Net loss $(2,546) $(2,431)Adjustments to reconcile net loss to net cash used in operating activities    Depreciation and amortization  645   1,108 Amortization of operating lease right-of-use assets  208 - 134 Share-based compensation expenses  83   84 Provision for allowances for credit losses  455   947 Impairment on long-term investments  209   - Change in fair value of warrant liabilities  (172)  (1,782)Disposal of fixed assets  3   - Deferred taxes  (2)  (4)Other non-operating income  (150)  (72)Changes in operating assets and liabilities    Accounts receivable  588   (290)Prepayment and deposit to suppliers  86   1,100 Due from related parties  -   60 Other current assets  -   29 Long-term deposits and prepayments  -   (51)Accounts payable  6   (513)Advance from customers  208   (402)Accrued payroll and other accruals  (303)  (220)Other current liabilities  23   311 Taxes payable  (7)  8 Lease payment liability related to short-term leases  -   (41)Operating lease liabilities  (196)  (119)Net cash used in operating activities  (862)  (2,144)     Cash flows from investing activities    Investment and advance to ownership investee entities  (43)  - Proceeds from disposal of long-term investments  433   - Repayment of short-term loans from ownership investee entities  -   12 Short-term loans to unrelated parties  (2,000)  (2,600)Repayment of short-term loans and interest income from unrelated parties  148   2,109 Net cash used in investing activities  (1,462)  (479)    Cash flows from financing activities         Net cash provided by/(used in) financing activities  -   -      Effect of exchange rate fluctuation on cash and cash equivalents  (67)  (96)     Net decrease in cash and cash equivalents  (2,391)  (2,719)     Cash and cash equivalents at beginning of the period  4,391   7,173 Cash and cash equivalents at end of the period $2,000  $4,454      **Retrospectively restated for effect of the 1-for-5 reverse stock split on January 18, 2023.

GlobeNewswire

ZW Data Action Technologies Reports Second Quarter and First Half 2023 Unaudited Financial Results

https://finance.yahoo.com/news/zw-data-action-technologies-reports-203000168.html

2ed369fb-5f88-33a2-90e4-5124a76fb1fd

CNI

Canadian National Railway CompanyMONTREAL, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Ghislain Houle, Executive Vice-President and Chief Financial Officer of CN (TSX: CNR) (NYSE: CNI), will address the Morgan Stanley’s 11th Annual Laguna Conference on September 13, 2023, starting at 11:10 a.m. Eastern Time.CN will provide a live webcast via the Investors section of its website at www.cn.ca/investors. A replay of the webcast will be available following the event.About CNCN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. CN’s network connects Canada’s Eastern and Western coasts with the U.S. South through a 18,600-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.Contacts:MediaInvestment CommunityJonathan AbecassisStacy AldersonSenior ManagerAssistant Vice-PresidentMedia RelationsInvestor Relations(438) 455-3692(514) [email protected]@cn.ca

GlobeNewswire

Ghislain Houle, Executive Vice-President and Chief Financial Officer to Address Morgan Stanley’s 11th Annual Laguna Conference on September 13

https://finance.yahoo.com/news/ghislain-houle-executive-vice-president-130000183.html

a49a033f-4ce8-3160-8702-59ee1bc33ff9

CNI

Canadian grain produers chat with FreightWaves about rail service expectations. (Photo: Jim Allen/FreightWaves)Canadian grain producers generally expect rail service in the 2023-2024 harvest year to meet market needs, but they’re keeping an eye on other factors that could affect rail service in the coming years, such as grain export capacity at the Port of Vancouver.Grain shippers are also waiting for the supply chain to completely recover from a July labor strike at the ports of Vancouver and Prince Rupert.“It’s always the same story this time of year when it comes to rail service and rail capacity. We never really know for sure how it is going to go,” Wade Sobkowich, executive director for the Western Grain Elevator Association, told FreightWaves when asked about expectations for Canadian Class I railways CN and Canadian Pacific Kansas City.“Are CN and CP both going to be ready for when the crop comes off, or will they take some time to gear up? Then, will they dedicate enough resources to grain service for the fall and winter period? What is on the horizon for railway job action? What’s the weather going to be like and will we be facing washouts, flooding, cold weather, high snowfall levels?” Wade said.“Aside from these variables, I’d say the grain companies are cautiously optimistic about rail service levels for the fall and winter. We have seen good rail service in recent months, which hopefully carries into harvest.”Crop levels for Canada’s 2023-2024 crop year, which runs from Aug. 1 to July 31, are expected to be down from 2022-2023, but changes in precipitation and heat in the late summer and early fall can affect those estimates.During second-quarter 2023 earnings calls in July, CPKC (NYSE: CP) said it expects its grain segment in Canada to be around 65 million metric tons (MMT) of grain and roughly equal to last year’s volumes. CN (NYSE: CNI) expects the 2023-2024 crop volumes to be in the mid-60 MMT range, below the low-to-mid-70 MMT range of last year.Canadian grain producers will seek to move as much product as possible in the fall and winter, and shippers expect extended interswitching to have a positive impact on service and capacity, according to Sobkowich. The Canadian government recently expanded the distance for where interswitching might occur at an interchange from 30 km to 160 km (18.6 miles to 99.4 miles). Those new provisions go into effect on Sept. 20, according to Sobkowich and news reports. Interswitching involves a shipper on one railway seeking service on another railway, with that switch in providers happening at an interchange.Story continues“It’s going to be an interesting year because we’ve had some really difficult conditions as far as drought in a lot of pockets in western Canada. Similar to last year, where some of the forecasts — around when the crops are going to come off, when harvest is going to happen, how big the crops are going to be —  I think are in a little bit of flux,” said Greg Northey, vice president of corporate affairs for Pulse Canada.“From a service perspective, that always becomes a bit of a problem for the railways to react to, because they have their sort of set [idea of] how they’re going to handle their capacity and what capacity they’re going to make available. So, we may see pockets where we don’t get much of a crop and other places where we get a lot of crop. So, there’ll be a lot of variation I think throughout the corridors for both CN and CP, including when it needs to come off and when we’ll need rail service.”Since pulse producers move 50% of pulse exports via containers and the other 50% via bulk, ensuring that the Canadian supply chain can move containers efficiently is a long-term hope for Northey. Pulses are edible seeds such as dry beans, chickpeas and lentils.Intermodal container availability is “something we’re very conscious of as a sector … so one of our biggest focuses for transport is how do we start to make sure we get the right investments in that [container] supply chain — having the appropriate gateway strategy,” Northey said. “That’s really what our long-term focus is: How do you ensure Canada is a good place to invest for those who move containers, and frankly, for shipping lines so that they can continue to provide service. It’s all about honing our ability to move containers, stuff containers and connect the end-to-end supply chain.”Indeed, Sobkowich said he is watching how the Vancouver Fraser Port Authority and Transport Canada’s efforts to regulate vessel management will affect grain movements.The Canadian government has been seeking to increase Canadian agricultural exports to $85 billion by 2025, and to do that, it has been investing in infrastructure to facilitate an increase in the flow of goods, according to Sobkowch. This includes infrastructure investments at the Port of Vancouver.But seeking to increase the flow of goods across Canadian ports also increases the level of vessel activity — and that has prompted some local residents, particularly in the Southern Gulf Islands, to push back and attempt to reduce the number of anchorages or the amount of time that vessels use designated anchorages, according to Sobkowich. That’s why Transport Canada has implemented a pilot program on top of an existing vessel management system that would restrict when vessels anchor.“The assumption appears to be that time at anchor can solely be addressed at the vessel end of the supply chain. This is erroneous, and any solutions based on this premise will be ineffective without other measures to improve the accuracy and timeliness of rail deliveries to the port,” Sobkowich said. “Grain handlers and exporters already pay demurrage and penalties when they keep vessels waiting.“The incentive already exists in the supply chain to have these vessels move in and out as efficiently as possible. It simply doesn’t work to have the conflicting objectives of growing exports while reducing the presence of vessels to move product. Depending on how the regulated scheme rolls out, it could and likely will have the impact of creating another choke point in the supply chain.”For their part, both Canadian railways have said they are in constant contact with their grain customers ahead of and during the fall peak harvest season and into winter.“CPKC expects to supply the capacity required to transport more than 33 MMT of Canadian grain and grain products throughout the crop year, subject to market demand. This performance target is contingent on all elements of the supply chain, including grain customer terminals, ports and vessels, operating with maximum efficiency, reliability, predictability and balance throughout the duration of the crop year,” CPKC said in its July report to the government on how it expects to manage rail service for grain volumes during the 2023-2024 crop year. Both CPKC and CN are required to submit these reports prior to the start of the upcoming crop year.“The railway is only one part of a complex, integrated grain supply chain. The supply chain is only as strong as its weakest link. Maximizing capacity and volume throughput requires all elements of the supply chain to operate with coordination, synchronization, efficiency and balance,” CPKC said in the executive summary for the report.CPKC also said it added 4,537 high-capacity grain hopper cars to the combined CPKC fleet and that it now operates approximately 18,000 modern hopper cars, delivering significant capacity gains for Canada’s grain supply chain.“The key to success is for supply chain partners to avoid working in isolation and to collaborate across sectors to support long‑term demand. In other words, we need to look at the entire system of interconnected supply chains to support economic growth. For example, locomotives, crew base, and rail infrastructure are resources shared across all rail traffic moving on CN’s network — not just grain,” CN said in 2023-2024 grain plan.“For this reason, demand for the movement of grain and processed grain products cannot be considered in isolation. This is also why it is so critical to have accurate demand forecasts across all business segments to ensure effective long‑term resource planning. Recognizing that capacity is not infinite, rail traffic increases associated with sudden demand shocks in any one sector due to significant global events or sharp changes in market conditions are not easily absorbed.”CN also said it expects the delivery of 750 new high-efficiency grain hopper cars in 2024 and anticipates the expansion of CN’s locomotive modernization program to upgrade older direct current locomotives to newer alternating current technology. The railway expects its capacity to handle grain via carloads to be at about 36 MMT.Subscribe to FreightWaves’ e-newsletters and get the latest insights on freight right in your inbox.Click here for more FreightWaves articles by Joanna Marsh.Related links:Port-bound rail volumes approach prestrike levels in CanadaCPKC using ‘self-help’ strategies to recover $80M lost in Canadian ports strikeCN doesn’t expect return of ‘more normalized’ demand in 2023Canada’s dockworkers strike impacts freight rail operationsThe post Canadian grain shippers hopeful about rail service in current crop year appeared first on FreightWaves.

FreightWaves

Canadian grain shippers hopeful about rail service in current crop year

https://finance.yahoo.com/news/canadian-grain-shippers-hopeful-rail-192507406.html

a25d8f8a-b808-3499-8f76-bf6319a05300

CNM

Core & Main, Inc. (NYSE:CNM) Q2 2023 Earnings Call Transcript September 6, 2023Core & Main, Inc. beats earnings expectations. Reported EPS is $0.75, expectations were $0.65.Operator: Hello, everyone, and welcome to the Core & Main Second Quarter 2023 Earnings Call. My name is Bruno, and I'll be operating your call today. [Operator Instructions] I will now hand over to your host, Robyn Bradbury. Please go ahead.Robyn Bradbury: Thank you. Good morning, everyone. This is Robyn Bradbury, Vice President of Finance and Investor Relations for Core & Main. We are thrilled to have you join us this morning for our second quarter earnings call. I am joined today by Steve LeClair, our Chief Executive Officer, and Mark Witkowski, our Chief Financial Officer. Steve will lead today's call with a business update, followed by an overview of our recent acquisitions. Mark will then discuss our second quarter financial results and full year outlook followed by a Q&A session. We will conclude the call with Steve's closing remarks. We issued our second quarter earnings press release this morning and posted a presentation to the Investor Relations section of our website.Copyright: forplayday / 123RF Stock PhotoAs a reminder, our press release, presentation and the statements made during this call include forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ from our expectations and projections. Such risks and uncertainties include the factors set forth in our earnings press release and in our filings with the Securities and Exchange Commission. We will also discuss certain non-GAAP financial measures, which we believe are useful in assessing the operating results of our business. A reconciliation of these measures can be found in our earnings press release and in the appendix of our investor presentation. Thank you for your interest in Core & Main. I will now turn the call over to Chief Executive Officer, Steve LeClair.Story continuesSteve LeClair: Thanks, Robyn. Good morning, everyone. Thank you for joining us today. If you're following along with our second quarter investor presentation, we'll begin on page 5 with a brief business update. Core & Main delivered another quarter of solid results as we maintain our focus on driving operational excellence across the business. Sales of $1.9 billion were equal to last year's record high, and up 43% from the second quarter of fiscal 2021. End market demand has largely performed as expected through the first half of the year. Municipal repair and replacement demand has been resilient, supported by healthy municipal budgets, and increased water and wastewater utility rates. Residential construction has been soft compared to last year's strong performance.We are optimistic for the second half of the year, as there continues to be a limited supply of developed lots, and builders look to invest in lot developments for continued demand from homebuyers. The non-residential market was probably flat through the second quarter. However, we are beginning to see pockets of softness for new project starts in select markets. Despite the potential for near-term softness in non-residential starts, our broad exposure to various project types within this market generally provide stability as demand for these projects can happen on different cycles. The need for more robust water management solutions remains highly relevant due to the increasing effect of extreme weather events and water scarcity. Core & Main is well positioned to capitalize on these trends over the long term due to our size, scale, and technical expertise across the water sector.We delivered strong adjusted EBITDA margins of 14.5% for the second quarter through our disciplined pricing and gross margin execution. Prices have sustained through the first half of the year, in part due to the non-discretionary nature of demand in our industry, coupled with the fact that most of our products are either highly specified or made specific for our sector, which provides a resilient pricing framework in our industry. Overall, we expect a slightly positive impact from pricing for the full year as we continue to anniversary the prior year price increases. Gross margins exceeded expectations yet again as we execute on our gross margin initiatives and continue to benefit from our prior inventory investments. We expect gross margins to continue normalizing in the second half of the year, as our inventory costs catch up with market prices.We generated robust cash flow in the second quarter from our inventory optimization efforts, creating balance sheet capacity to reinvest in the business, pursue strategic M&A, and return capital to shareholders. To that end, we executed a $141 million share repurchase from our majority shareholder during the second quarter, reducing diluted share count by 5 million shares. This marks our second share repurchase transaction this year, having deployed over $470 million of capital and retiring 20 million shares. Turning to our recent acquisitions on page 6, we added two high performing businesses to our family during the quarter, generating annual net sales of approximately $100 million on a combined basis. Foster Supply is a leading producer, installer, and distributor of specialty precast concrete products, storm drainage, and other erosion control solutions, operating out of seven locations across Kentucky, Tennessee, and West Virginia.Since 1981, The team at Foster Supply has been the partner of choice for contractors and municipalities, seeking innovative solutions for unique worksite and infrastructure challenges. Bringing that team to Core & Main will allow us to combine our collective expertise and differentiated product and service offerings to meet the needs of our shared waterworks and geosynthetics customers. Dangelo was a leading provider of fire protection and waterworks products with three locations in Southern California. Since 1987, the team at Dangelo has provided underground and fire protection contractors with an extensive product and service offering. including water, sewer, storm drainage, and other related products. The breadth of knowledge, dedication to outstanding customer service, and complimentary product offering gained through this acquisition will greatly enhance our presence and service capabilities in Southern California.Both of these businesses offer an expansion into new geographies, enhance our product lines, connect key talent, while aligning with our strategy of advancing reliable infrastructure. We are committed to driving sustainable growth through M&A. And we look forward to adding more high-quality businesses like these to the Core & Main family moving forward. Turning to page 7. I'll now discuss how we are well positioned to win in our industry. We play a critical role to supply chain by connecting a large and diverse set of suppliers with a highly fragmented customer base. Our customers benefit from our technical expertise, customer service, purchasing capabilities, product [prep], and availability, and the convenience of our branch locations which allows us to provide consistent and timely delivery.Combined, these capabilities provide advantages relative to smaller local competitors, and allow us to attract business from large multi-regional contractors and municipalities with more complex projects. Our suppliers recognize our value proposition to customers, and we believe they increasingly view us as an integral partner given our ability to extend their sales and geographic reach with deep technical knowledge of local specifications. This enables us to benefit from favorable supplier agreements and product availability as well as opportunities for product line exclusivity and restrictive distribution arrangements. These exclusive and restrictive distribution rights limit new entrants into our industry and provide a significant and sustainable competitive advantage.At the local level, our branches carry a range of product lines, brands, and inventory levels tailored to local specification to effectively respond to our customer's project needs. Our associates are specifically trained in project scoping and planning, often performing digital takeoffs by curating a product list and custom solution, leveraging our regional and national network of product specialists to develop a solution tailored to our customer's needs. We complement this knowledge and sales expertise with our proprietary technology platforms that incorporate decades worth of experience and insights into customer's planning and sourcing needs. Our proprietary bidding platform and online customer portals build customer loyalty by facilitating a more seamless bidding, planning, materials management, and delivery experience.We also prioritize investments in the development and well-being of our people. Our award-winning training programs enable us to accelerate development of our top talent to drive profitable growth while maintaining a supportive and mission-driven culture. Our dedication to developing industry leaders allows us to track and retain the most qualified and motivated individuals in our industry. In addition, we provide attractive career growth opportunities to our associates while utilizing their knowledge and local expertise. The role of the specialized distributor within the value chain is becoming increasingly important as our fragmented customer base demands higher levels of availability across a broad set of products, which are procured from a large number of suppliers.As our industry becomes more complex with new regulations and product specifications, our scalable competitive advantages position us to win over our smaller local competitors. Before I turn the call over to Mark, I'd also like to announce that we're hosting our inaugural Investor Day in New York City on October 4th. The event will be hosted both in-person and virtually, and we plan to present our business strategy, growth drivers, and financial objectives. If you have any questions about the event, please reach out to us through our Investor Relations team. With that, I will now turn it over to Mark to discuss our financial results and full year outlook. Go ahead, Mark.Mark Witkowski: Thanks, Steve. I'll begin on page 9 with highlights of our second quarter results. We reported net sales of roughly $1.9 billion for the quarter which was in line with the prior year period and consistent with our expectations. This follows very strong comparative performance in the prior year, when net sales grew 43% compared with the first quarter of fiscal 2021. In aggregate, price contributed low single-digit sales growth, while organic volumes were down mid-single digits. Acquisitions are performing well and contributed approximately 3% to net sales on a year-over-year basis. Gross margin of 26.9% was consistent with the prior year period and our performance reflects the execution of our margin enhancement initiatives and the benefit of accretive acquisitions, offset by selling higher cost inventory compared with the prior year.As we have discussed in prior quarters, we expect gross margin to normalize in 2023 as our inventory costs catch up with market prices, and we have already seen a sequential gross margin reduction from last quarter. Selling, general and administrative expenses increased 4% to $238 million for the second quarter. The increase in SG&A reflects the impact of cost inflation and acquisitions. SG&A as a percentage of net sales increased 40 basis points 12.8%. Interest expense was $22 million for the second quarter compared with $17 million in the prior year period. The increase was due to higher variable interest rates on the unhedged portion of our senior term loan. We recorded income tax expense of $40 million for the second quarter compared with $38 million in the prior year period, reflecting effective tax rates of 19.6% and 17.3% respectively.The increase in the effective tax rate was due to a decrease in partnership interests of Core & Main holdings held by non-controlling interest holders. We recorded $164 million of net income in the second quarter compared with $182 million in the prior year period. The decrease was due to SG&A, higher interest expense and higher income taxes. Diluted earnings per share in the second quarter was $0.66, down 2% compared with the prior year period. The decrease in earnings per share was due to lower net income, partially offset by lower share counts following the repurchase of 20 million shares. Adjusted EBITDA decreased 3% to $270 million and adjusted EBITDA margin decreased 40 basis points to 14.5%. The decrease in adjusted EBITDA margin was due to an increase in SG&A.Turning to page 10. We delivered robust operating cash flow in the second quarter of $282 million, reflecting over 100% conversion from adjusted EBITDA. We continue to benefit from the inventory optimization we started in the middle of last year, generating $150 million of cash from inventory this quarter. On a year-over-year basis, net inventory was down about 23% for the quarter, even with higher product costs, inventory acquired through acquisitions and new inventory to support our greenfields. We have generated over $700 million of operating cash flow over the last four quarters and we continue strong cash generation in the second half of the year as we continue to optimize inventory levels and experience normal seasonality. Net debt leverage at the end of the quarter was 1.7 times and our available liquidity stands at more than $1.1 billion following the capital allocation actions we took during the quarter.The $141,000,000 share repurchase we executed in June was done concurrently with a public secondary offering of 14 million shares by our majority shareholder. As a result of these transactions, we reduced our diluted share count by 5 million shares while increasing our public float. We maintain ample liquidity and capacity to continue investing in the business, and we expect to be a consistent participant in share repurchases from our majority shareholder as opportunities arise. Before we head to Q&A, I’d like to update you on the outlook for the remainder of fiscal 2023 on page 11. Our results through the second quarter played out as expected with resilient demand and stable pricing. In terms of volume growth, municipal repair and replacement demand is expected to remain steady through the end of the year.Residential demand is expected to be stronger in the second half than the first half as builder sentiment continues to improve and we face easier year-over-year comparisons. As Steve mentioned earlier, we are now beginning to see pockets of softness for new non-residential project starts in select markets. Based on our backlog, bidding activity and order pace, we expect the non-residential market to be down low single-digits for the year. Pricing in the second quarter was stable sequentially from the first quarter and we expect it to remain resilient in the second half of the year, resulting in a price contribution and net sales that is slightly positive for the full year. Our margin initiatives and synergies from M&A continue to drive structural gains for our gross margins.However, we expect gross margins to continue normalizing in the third and fourth quarters as we have sold through most of our low-cost inventory. Taken all together, we are narrowing our annual outlook based on results to date. We expect net sales to be in the range of $6.6 billion to $6.8 billion and we are narrowing our expectation for adjusted EBITDA to be in the range of $850 million to $880 million due to our strong gross margin performance in the second quarter. We're also raising our expectation for operating cash flow conversion to be in the range of 90% to 110% of adjusted EBITDA due to our accelerated inventory optimization efforts. As always, our focus will be on areas within our control, including customer service, technical expertise, productivity, and pricing execution.We will continue to deploy capital on initiatives that we expect will result in accelerated growth, including executing on our M&A pipeline and delivering on our organic growth initiatives. We are well positioned to outperform the market in this complex demand environment, creating value for our stakeholders. We look forward to helping our customers build more reliable infrastructure as we enter a key part of the construction season. At this time, I'd like to open it up for questions.See also 15 Stocks to Buy with Steady Dividends and 20 Most Popular Roblox Games in 2023.Q&A SessionOperator: [Operator Instructions] Our first question comes from Matthew Bouley from Barclays. Matthew, your line is now open. Please go ahead.Matthew Bouley: Hey, good morning, everyone. Thanks for taking the questions. Maybe just one on non-resi since you called it out a few times seeing some pockets of softness. Just curious if you can elaborate on that a little bit. What exactly are you seeing across different verticals and regions? I think a decline of low single-digits for the year is perhaps a little more sanguine than we might be seeing in other areas. So just kind of curious what are some of the puts and takes around that decline of low single-digit expectations there in non-resi. Thank you.Steve LeClair: Yeah. Thanks for the question, Matthew. Yes, as we mentioned in the comments, we really saw -- it was pretty much flat and broad across the entire second quarter, but we started to see some pockets of softness. Geographically, it's been in different pockets around the country. So we've certainly seen it out west, seen in pockets in the Northeast as well for non-res. And it's possible that some of these projects are softening due to tightening lending standards. And just keep in mind that we're really on the front edge of a lot of these things. So what we'll be watching closely is how this shapes up with our bidding activities as we get into the back half of the year. But overall, what I would say that we've got pretty broad exposure to various project types, everything from commercial construction to horizontal construction with roads and bridges.And so it generally provides stability for us, and we'll see how these demand for these projects can happen sometimes in different cycles.Matthew Bouley: Got it. Okay. Thank you for that. And then secondly, kind of zooming into the gross margin expectation. Just curious, you're calling out the expectation for normalization going forward. Any color on sort of the cadence of that, Q3 versus Q4? Are we already kind of fully normalized by Q3? And then maybe if you could just kind of step back and sort of talk through some of the success you've been having with your structural gross margin initiatives. Thank you.Mark Witkowski: Yeah. Thanks, Matthew, for the question. In terms of the cadence of gross margins, we've been pretty consistent with indicating we're looking at about 100 basis points to 150 basis points of gross margin normalization and that was off the full year '22 number. So you did see in the second quarter sequentially, we were down about 100 basis points off of a really strong Q1 that we had. So we're really now based on what we're seeing as we finished Q2, more confident that we're going to see some of that normalization really start to happen in Q3 into Q4, probably kind of the trough at that point, maybe lingering a little bit into Q1 at '24 and then building back off of that base as we progress through '24. So that's kind of how we're thinking about it right now based on what we're seeing and continued really good progress on a lot of our initiatives, in particular, private label continues to accelerate.We did see continued benefit in this quarter and expect that to continue through the balance of the year and into 2024 based on the products that we expect to continue to have available there for that particular initiative. I'd say still pretty early innings on a lot of our pricing initiatives. I do expect we'll start seeing some benefits from those later this year and into '24. That's -- those are really the key items at this point.Matthew Bouley: Great. Thanks, Mark. Thanks, Steve. Good luck, guys.Steve LeClair: Thanks, Matthew.Operator: Our next question comes from David Manthey from Baird. David, your line is now open. Please proceed.David Manthey: Thank you. Good morning, everyone. First off, to clarify, Mark, I believe you just said that you're expecting 100 to 150 basis points of gross margin retrenchment up to 27% annual level last year, the level closer to 28% in the first quarter here, notwithstanding. So you're implying that gross margin on a quarterly basis should trough hopefully, by the fourth quarter of this year in that 25.5% to 26% range and then build from there. Is that your expectation?Mark Witkowski: Yeah, Dave, that's fair. That's how to think about it and do expect that to really kick in, in Q3 into Q4. And depending on the progress we make on more of these initiatives, hopefully building off that base as we get into early 2024.David Manthey: Okay. And then second, if you could talk about the status of the [IIJ] (ph) dollars moving into state revolving funds. Are the most nimble of your municipalities already accessing those dollars? And -- how should we think about fiscal year end with the federal in September, certain municipalities are June or December, I mean, could you talk about how those dollars are flowing, how you expect them to build up from here?Steve LeClair: Yes, Dave, this is Steve. So we really haven't seen much through second quarter. We started to see some signs in the first quarter of a couple of projects, treatment plant projects and some lead service line replacements, a handful of them, and really didn't see much at all evolve from there in the second quarter. So we do think this is going to be a tailwind. It's hard to tell how this stuff is going to fall into a lot of these bigger municipalities. What I would tell you is that we're certainly seeing that the current administration is really trying to build some urgency on this to get these dollars out to projects and see that start flowing. So we'll see kind of how it plays out. But as of right now, it just -- it has been slow to come, and we just haven't seen it trickle through the way we would have anticipated for the back half of the year.David Manthey: Thank you very much.Steve LeClair: Thanks, Dave.Operator: Our next question comes from Kathryn Thompson from Thompson Research. Kathryn, your line is now open. Please proceed.Brian Biros: Hey, good morning. This is actually Brian Biros on for Kathryn. Thank you for taking my questions. On the non-res outlook, can you just touch more on the type of projects that you're seeing softness in, if it's light versus heavy non-res or if it's office or something else? Just any additional color on the types of projects would be helpful.Steve LeClair: Yeah, Brian. What we're seeing is certainly the multifamily projects, which we categorize into the non-res has been where we've seen a lot of softening happen. Manufacturing continues to move forward. We're seeing some early signs right now of large data centers that are being scoped out. So we do think that there's certainly some things on the horizon that are coming. But obviously, the multifamily piece has been an area that's really softened in this last quarter.Brian Biros: Okay. Makes sense. And I guess touching on the other ones you mentioned, the manufacturing, data centers, kind of maybe fits into the mega project category that seems to be a trend going forward for a long time. Where can Core & Main kind of grow in that mega project trend when there's more than just the non-res, but there's also just kind of all the stuff going around the project, if it's infrastructure, even residential built out for that. How does Core & Main see growing in the mega project trend going forward? Thank you.Steve LeClair: Yeah. There's a number of pockets where we participate in. Certainly, the most obvious is when we get into these mega projects and the fire protection systems, the commercial construction that goes up, the underground work that goes in there. And then also, there is an immense amount of storm drainage activity that goes into preparing a lot of these commercial lots and facilities. So a lot of the regulatory changes that have come in place about retaining and detaining storm water from preventing it from a quick release into the systems, that product category has been really big for us and the ability to provide that product and train a lot of our contractors on how to install that has been instrumental. So we definitely participate in a lot of those areas in addition to the project and the surrounding areas as well.And then eventually, what you see as that commercial construction and residential continues to grow is the enhancement and expansion of water treatment and wastewater treatment plants as well.Brian Biros: Thank you.Operator: Our next question comes from Mike Dahl from RBC Capital. Mike, your line is now open. Please go ahead.Mike Dahl: Good morning. Thanks for taking my questions. I'm going to stick with non-res. So I think just to clarify, Steve, based on those prior comments, I think a lot of the concerns out there around non-res are kind of in the broader core non-res, commercial construction verticals. It seems like you're potentially just calling out that the weakness is in multifamily, which some people may categorize kind of separate from non-res. So if you think about kind of stripping out multifamily, is your expectation that non-res ex-multifamily would still be flatter for the year? Or how would you characterize that?Steve LeClair: Yeah. Flatter, but we would also see that warehousing is another area that I think we've seen a decline as well, too. That's been really strong over the last 12 to 18 months, for sure, for fire protection products. So that 1 has been an area that we've seen in decline as well.Mike Dahl: Okay. Got it. And then as a follow-up, down low single-digits for the year in non-res. It seems like the first half. I know 2Q was stable. I think 1Q might have even been up a little or stable. So it probably implies that the second half is down mid-single digits-ish. When we think about the cadence, are you already starting to see that hit in 3Q or should we expect that 3Q is kind of somewhat weaker and then kind of a sharper decline as some of this manifests in 4Q? Any comments on kind of cadence to the second half on that non-res piece specifically, please.Mark Witkowski: Yeah, Mike, I think as you think about non-resi, also keep in mind, I mean, we're fairly balanced between starts and completions. So we're I'd say we're still seeing strength on the completion side. That shows up a lot in our fire protection business. What we're seeing is the beginnings of softness on the start side, in particular, in multifamily, little bit in commercial. And as Steve mentioned, the warehousing. So I would expect from a cadence standpoint, in Q3, we'll still see some volume pressure. But overall, I think that's still a relatively stable end market for us just given the overall mix. So we'll see how the starts plays out, could be temporary, but it was definitely something we started seeing here recently that we wanted to call out.I'd say from a -- the other factor there is as we get into the second half of the year, we do start to run into much easier comps on the residential side, still expect a little pressure in Q3, but we really saw that start to drop-off through the second half of last year. So we think the residential optimism and then just the year-over-year trends there provide some offset to some of that volume pressure. So we should see, I'd say, probably more of the pressure in Q3 and then given some of those offsets should be in a little better position from a volume perspective in Q4.Mike Dahl: Okay. That’s very helpful. Thanks, Mark. Thanks, Steve.Mark Witkowski: Yeah. Thanks.Operator: Our next question comes from Joe Ritchie from Goldman Sachs. Joe, your line is now open. Please go ahead.Vivek Srivastava: Hi, this is Vivek Srivastava on for Joe Ritchie. My first question is on just the fire protection sales decline this quarter and basically the pricing dynamics at play between the different product segments. Fire protection sales was down 9%. I think pricing was an attribute there. But in the other product segments, pricing was actually up. So can you provide some color on what's happening between the different pricing across these products and how to think about it in second half and next year?Mark Witkowski: Yeah, sure, Vivek. Thanks for the question. I guess, first on the fire protection side. That's a product line that we do carry steel pipe products that are used for that particular product line. That is one of the more, I'd say, commodity type products that we have, smaller diameter, steel pipe, that's used across various industries. And we've seen, I'd say, pretty significant pricing declines on that particular product line. So that's really a majority of what you're seeing with the fire protection product line being down 9% to 10% quarter-over-quarter. The other product categories, I'd say, price has either been stable or up as a whole and been pretty consistent there. So really, the big difference with the fire protection is that steel pipe category that makes up a lot of that revenue.Vivek Srivastava: Thanks. And maybe just shifting gear a bit more longer term, the $55 billion water bill, I think previously you guys highlighted about $13 billion to $14 billion opportunity from this bill. And just doing some back-of-the-envelope math on it, you have about 17% market share, suggests around over $2 billion opportunity for you guys specifically from a sales perspective. Is that a fair way to think about this $13 billion, $14 billion opportunity. And just could we start seeing some of this as early as next year or maybe this will take a bit longer?Steve LeClair: Well, we would anticipate that we're going to start seeing those funds flow here. Up to this point, it has been hard to get it in through the state revolving funds. Most of that has been distributed, and now the municipalities are starting to draw down on that or we'll be scoping projects for that. So our anticipation is that this should have a good tailwind effect for us, certainly in 2024 and '25 and beyond.Vivek Srivastava: Great. Thanks.Steve LeClair: Thank you.Operator: Our next question comes from Patrick Baumann from JPMorgan. Patrick, your line is now open. Please go ahead.Patrick Baumann: Hi, good morning. First one on operating costs, SG&A. Could you just talk about your ability to manage those expenses in the current environment? And I imagine you're still seeing some inflation with respect to people costs as well as facility costs. I'm just curious how you think about that bucket of cost. Maybe if you want to talk about fixed versus variable or however you think is relevant, the performance in the quarter as well as your expectation to be able to manage it over the next -- for the rest of the year, I guess?Mark Witkowski: Yeah. Thanks, Patrick, for the question. Operating costs for us is highly variable. But we -- as you mentioned, we have experienced labor cost inflation, definitely inflation across a lot of our other facility and distribution costs. And some of that has even lagged our ability to get some of that price into the market. So we're seeing more of that pressure show up. But we've also invested and continue to invest in a lot of our growth initiatives, greenfields. As an example, we highlighted for the quarter, and we continue to find new opportunities there to invest in growth. I'd say as we experience some of the margin normalization that we're anticipating in the back half. We have a lot of cost that comes out relatively quickly given our variable cost structure with our incentive comp plans.So that cost comes out very quickly as we experience some of that normalization. So that becomes a way to get that operating cost in line fairly quickly. So that's -- those are some of the easy levers. Obviously, we'll continue to look market by market and see where some of the softness materializes. And if we need to make adjustments there, we typically do that on a market-by-market basis.Patrick Baumann: Helpful. And then maybe just one on the balance sheet and capital allocation. So the leverage, I think, is 1.7 times as of this quarter. Just remind us what the target financial leverage is for the company and how to think about your priorities for capital allocation, especially kind of just wondering if you can update us on the pipeline from an M&A perspective? Thank you.Mark Witkowski: Yeah. Thanks, Patrick. Yeah, you're right. We finished the quarter at about 1.7 times net debt leverage. That's definitely an area that we're comfortable operating in. We've said before, we'd be willing to go up to 2 to 3 times leverage for the right opportunities. Our allocation -- capital allocation priorities remain our organic growth initiatives that we have. This is a fairly light capital-intensive business from that perspective. M&A continues to be our next priority. Pipeline there is very strong, very active. You've seen what we've completed this year. We've got several other opportunities that we're looking at currently and in the pipeline. So that continues to be a priority. And then obviously, we've reinvested in the share repurchases that we completed during the quarter that will also continue to be a priority as opportunities arise.And then a little longer down the road, we'll continue to evaluate dividends as another potential opportunity just given the amount of excess capital that we expect to be able to generate and complete those growth initiatives and potential share repurchases.Patrick Baumann: Thanks. Sorry, just one follow-up there, just more related to cash. On inventory, how much inventory still opportunity is there from a normalization perspective?Mark Witkowski: Yeah. I would say we've made a lot of good progress here throughout 2023 and pretty significant progress in Q2. I do expect we'll continue to see inventory rightsizing throughout Q3. And then remember, Q4, typically, we're seasonally lowering inventory -- so you'd expect, I would say, even more inventory rightsizing in Q4 just to align with the seasonal nature of the business. And hard to say yet if we'll get all the way where we want to be throughout 2023. But that could lead us to potentially some more in 2024, but we've been really pleased with the work that we've done here through the first half of this year.Patrick Baumann: Great. Thanks so much. Best of luck.Operator: [Operator Instructions] Our next question comes from Anthony Pettinari from Citi. Anthony, your line is now open. Please go ahead.Anthony Pettinari: Good morning. On the '23 net sales guidance, I guess, down 1% to positive 2%, is it possible to, I don't know, put any finer point between price and volume in terms of the underlying assumptions there? And then I think in the past, I mean, you talked about kind of a growth algorithm of maybe sort of low single-digit market growth and then Core & Main be outgrowing that. Do you still -- do you see that as still kind of intact as we think about sort of 2024 and beyond? Just wondering kind of the long-term view there.Mark Witkowski: Yeah. Thanks, Anthony. Yeah, on the sales guidance, down 1% to positive 2% for the full year. I'd say, first, one piece of that is acquisitions. We expect that to contribute 3 to 4 points for the full year. And then from an organic standpoint, we do and have seen pricing very stable and expect that to be stable here through the second half of the year. So overall, price contributing in the low single-digit range for the full year. And then from a volume perspective, [that leaves in the] (ph) down mid-single-digit range for the full year. And again, that's primarily due to the significant softness we've seen with resi in the first half. And then as we mentioned, some beginnings of some of the softening we're seeing on the non-resi side.In terms of the above-market growth, we're very confident in our initiatives that we've got there across a lot of different product categories that long-term target of 2 to 3 basis points of above-market growth, I would say, is intact. We continue to believe we've got that opportunity to continue to pick up share in that way.Anthony Pettinari: Okay. That's very helpful. And then just following up on an earlier question, is there a way to think about sort of normalized SG&A margin or target SG&A margin as we think about the long term.Mark Witkowski: Yeah, Anthony, I think as we think about the SG&A margin, we've been pretty consistent to say as we grow sales, we expect to be able to leverage that sales growth, either through gross margin enhancement or SG&A productivity at a rate of about 1.3 times to 1.5 times that sales growth. So obviously, with some of the gross margin normalization and bouncing around, it makes that operating leverage target a little trickier to look at. But overall, I'd say we expect as we grow this business to be able to leverage our SG&A and that fixed cost portion of it. So that can equate to, call it, 20 to 30 basis points a year of improvement at that SG&A rate standpoint. So I think as you look at our SG&A rate from last year and then where we're tracking this year, as we see that, we'll continue to leverage as we can grow the business.Anthony Pettinari: Okay. That’s very helpful. I’ll turn it over.Mark Witkowski: All right. Thank you.Operator: Our next question comes from Andrew Obin from Bank of America. Andrew, your line is now open. Please go ahead.David Ridley-Lane: Hi, this is David Ridley-Lane on for Andrew Obin. Just wanted to ask if you could bridge the change in the adjusted EBITDA guidance. I think it was up about $15 million at the midpoint. How much of that was 2Q outperformance versus the additional acquisitions versus any change in the outlook for the back half of the year?Mark Witkowski: Yeah. Thanks, David. Yeah, you're right. At the midpoint, we raised it from $850 million to $865 million. I'd say a good portion of it was due to the better-than-expected gross margin rate that we achieved in the second quarter. I'd say from a -- I'd say, from a pricing standpoint, we narrowed kind of the guidance because we're more confident in the stability of pricing in the sector. And then as an offset, obviously, we've talked about the non-resi softness there really was a primary factor in terms of why we didn't increase the top end of that range as we kind of watch that end market in particular. But I'd say more of that increase at the midpoint was related to the gross margin beat for the quarter.David Ridley-Lane: Got it. And just maybe more for background, but when you have your pricing or notifications from suppliers, I mean, I would imagine you have a pretty good handle on sort of what the pricing for the back half would be, but I just wanted to ask how much variability could there be in sort of your pricing expectations here over the next, call it, a couple of months?Steve LeClair: Thanks, David. We've seen the pricing remain really firm, and that's why we have some confidence that will continue through the second half. There may be some puts and takes on a couple of different product categories. But for the most part, just given the level of -- from each of these suppliers, many of them are totally dedicated to the sector. So the supply/demand characteristics kind of hold true in that area and help carry a more resilient pricing mechanism. So we're pretty confident that we're going to see sustained pricing through the second half.David Ridley-Lane: Thank you very much.Steve LeClair: Thank you, David.Operator: We currently have no further questions. So I would like to hand over back to Steve LeClair for closing remarks. Steve, please go ahead.Steve LeClair: Thank you all again for joining us today. It was a pleasure to have you on the call. Our consistently strong performance quarter after quarter is a result of the hard work of our branches and functional support teams, our focus on operational excellence and the diversity of our products and end markets. Our growth platform provides for significant value creation opportunity as our strategy is grounded in agility, innovation and execution. We have a tremendous amount of opportunity ahead of us, and we look forward to providing a deeper look during our Investor Day next month. Thank you for your interest in Core & Main. Operator, that concludes our call.Operator: Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines. Thank you.

Insider Monkey

Core & Main, Inc. (NYSE:CNM) Q2 2023 Earnings Call Transcript

https://finance.yahoo.com/news/core-main-inc-nyse-cnm-123442322.html

7948fb85-b496-3287-a36c-6f9defbc600a

CNM

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Speaking of which, we noticed some great changes in Core & Main's (NYSE:CNM) returns on capital, so let's have a look.Return On Capital Employed (ROCE): What Is It?For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Core & Main, this is the formula:Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)0.18 = US$765m ÷ (US$5.0b - US$842m) (Based on the trailing twelve months to July 2023).So, Core & Main has an ROCE of 18%. In absolute terms, that's a satisfactory return, but compared to the Trade Distributors industry average of 14% it's much better. See our latest analysis for Core & Main roceIn the above chart we have measured Core & Main's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.What The Trend Of ROCE Can Tell UsWe like the trends that we're seeing from Core & Main. The numbers show that in the last three years, the returns generated on capital employed have grown considerably to 18%. The amount of capital employed has increased too, by 36%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.The Key TakeawayIn summary, it's great to see that Core & Main can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. And with a respectable 22% awarded to those who held the stock over the last year, you could argue that these developments are starting to get the attention they deserve. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.Story continuesOne more thing to note, we've identified 1 warning sign with Core & Main and understanding it should be part of your investment process.For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Core & Main (NYSE:CNM) Might Have The Makings Of A Multi-Bagger

https://finance.yahoo.com/news/core-main-nyse-cnm-might-125158518.html

07ec3033-175f-306f-917c-255ceb14c103

CNOB

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:BASF SE BASFY is a chemical company. The Zacks Consensus Estimate for its current year earnings has been revised 9.4% downward over the last 60 days.Columbia Banking System, Inc. COLB is a holding company of Umpqua Bank. The Zacks Consensus Estimate for its current year earnings has been revised 11% downward over the last 60 days.ConnectOne Bancorp, Inc. CNOB is a holding company for ConnectOne Bank. The Zacks Consensus Estimate for its current year earnings has been revised 7.6% downward over the last 60 days.View the entire Zacks Rank #5 List.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportBASF SE (BASFY) : Free Stock Analysis ReportColumbia Banking System, Inc. (COLB) : Free Stock Analysis ReportConnectOne Bancorp, Inc. (CNOB) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

New Strong Sell Stocks for August 23rd

https://finance.yahoo.com/news/strong-sell-stocks-august-23rd-095300081.html

a6d8de73-c991-30c2-a0db-a240b8c77a80

CNOB

There is still fallout from the regional bank debacle that occurred earlier this year with the collapse of First Republic Bank, Signature and Silicon Valley Bank. Many regional banks have not returned to 52-week highs and appear to be undervalued. One of these is ConnectOne Bancorp Inc. (NASDAQ:CNOB), the holding company for ConnectOne Bank that operates in the New York and New Jersey metropolitan areas.Warning! GuruFocus has detected 1 Warning Sign with CNOB. Click here to check it out. CNOB 30-Year Financial DataThe intrinsic value of CNOBThe bank provides traditional services, such as personal and business checking, money market, savings accounts and internet and mobile banking. It is also a major lender, providing consumer and commercial business loans, including lines of credit, commercial and residential mortgages, home equity, commercial loans and equipment financing.It also offers real estate loans, including commercial properties, multi-family properties, refinance properties and residential mortgages.The company also owns BoeFly, which is a financial technology company it acquired in May 2019. BoeFlys online business lending marketplace helps connect small and medium-sized businesses, primarily franchisors and franchisees, with professional loan brokers and lenders across the United States. BoeFly operates as an independent brand and subsidiary of the bank.The company, which was formerly known as Center Bancorp, changed its name to ConnectOne in July 2014. It is headquartered in Englewood Cliffs, New Jersey and the current market capitalization is $743 million.Financial resultsOn July 27, the company reported second-quarter results that showed a slight decrease in operating results. Net income available to common stockholders was $19.9 million, compared with $23.4 million for the first quarter of 2023 and $30.8 million for the prior-year quarter. Earnings per share were 51 cents, down from 59 cents in the first quarter and 78 cents a year ago.Story continuesThe decrease in net income and earnings per share from the first quarter was primarily due to a decrease in net interest income of $3.2 million and an increase in provision for credit losses of $2 million.Total assets were $9.7 billion as of June 30, an increase of $79 million from Dec. 31, 2022. The increase in total assets was primarily due to increased cash balances, which were $264 million, an increase of $57 million over the same period. Loans receivable were $8.1 billion, an increase of $49 million from the end of 2022. Total deposits were $7.5 billion, an increase of $182 million.Total stockholders equity was $1.2 billion as of the end of the second quarter, an increase of $21 million from Dec. 31. The increase in retained earnings of $31 million was the primary reason for the overall increase in stockholders equity. The companys tangible common equity ratio was 9.19% and the tangible book value per share was $22.34. As of Dec. 31, the tangible common equity ratio and tangible book value per share were 9.04% and $21.71, respectively. Total goodwill and other intangible assets were $214.9 million.ConnectOnes Chairman and CEO Frank Sorrentino said, ConnectOnes operating performance remains strong and stable during this challenging economic environment, reflecting our core values which include a client-first focus and executing with a sense of urgency. Results include, most importantly, increased client deposits, fortification of liquidity sources and a reduction in brokered deposits and uninsured deposit liabilities. Our loan portfolio remained essentially flat, while our net interest margin, although compressing sequentially by 19 basis points, stabilized during the quarter at the approximate 2.80% level. Similarly, noninterest-bearing demand deposits, although down sequentially, remained relatively stable at their current level over the course of the second quarter. Meanwhile, our tangible common equity ratio increased to 9.19%, which is well above peer averages, and our tangible book value per share increased for the 13th consecutive quarter to $22.34. We also took advantage of market conditions during the quarter and repurchased 270,000 shares at an attractive average price of $15.32."ValuationTangible book value per share was $22.34 as of June 30, which puts the stock selling below tangible book value at 0.85 times. GAAP book value is $27.84. The sector average is approximately 1 times book value.Consensus analyst earnings per share estimates for 2023 are $2.08 and $2.07 for 2024. The current price-earnings ratio based on 2023 estimates is 9.1 compared to a sector median of approximately 10.There are three Wall Street analysts that cover the company with an average price target of $24, including a high target of $26 and a low target of $23.The company pays an annualized dividend of 64 cents, which equates to a 3.62% dividend yield. This is roughly in line with industry averages.Guru tradesGurus who have added to their ConnectOne positions include Hotchkis & Wiley and Paul Tudor Jones (Trades, Portfolio). An investor who has reduced or sold out of its position is Jim Simons (Trades, Portfolio)' Renaissance Technologies.SummaryThe company appears to be undervalue relative to peers, yet is well capitalized and posting strong return on equity and return on assets.Sorrentino summarized it best when he said, Looking ahead, we remain well-positioned for the future. We have strong capital and liquidity levels, our credit performance continues to be strong, and we remain sharply focused on taking advantage of growth opportunities as they arise. By leveraging our results-oriented client-centric culture, continuing to invest in our valuable franchise and maintaining our long-standing financial discipline, we believe that ConnectOne is poised for continued long-term profitability.This article first appeared on GuruFocus.

GuruFocus.com

ConnectOne: An Undervalued Regional Bank

https://finance.yahoo.com/news/connectone-undervalued-regional-bank-195516828.html

d939aaf2-a6ce-32fb-ab13-02007dd7c7f6

CNP

Earl Cummings succeeds Martin H. Nesbitt, who held the independent board chair title since CenterPoint changed up its board leadership and governance structure in July 2021.Continue reading

American City Business Journals

CenterPoint Energy names new board chair 2 years after changing board structure

https://finance.yahoo.com/m/92ca0c85-b685-3752-853a-d69453c353ab/centerpoint-energy-names-new.html

92ca0c85-b685-3752-853a-d69453c353ab

CNP

Long-established in the Utilities - Regulated industry, CenterPoint Energy Inc (NYSE:CNP) has enjoyed a stellar reputation. It has recently witnessed a surge of 2.05%, juxtaposed with a three-month change of -2.92%. However, fresh insights from the GuruFocus Score Rating hint at potential headwinds. Notably, its diminished rankings in financial strength, growth, and valuation suggest that the company might not live up to its historical performance. Join us as we dive deep into these pivotal metrics to unravel the evolving narrative of CenterPoint Energy Inc.Warning! GuruFocus has detected 6 Warning Signs with CNP. Click here to check it out. CNP 30-Year Financial DataThe intrinsic value of CNPCenterPoint Energy Inc (CNP): A Deep Dive into Its Performance PotentialUnderstanding the GF ScoreThe GF Score is a stock performance ranking system developed by GuruFocus using five aspects of valuation, which has been found to be closely correlated to the long-term performances of stocks by backtesting from 2006 to 2021. The stocks with a higher GF Score generally generate higher returns than those with a lower GF Score. Therefore, when picking stocks, investors should invest in companies with high GF Scores. The GF Score ranges from 0 to 100, with 100 as the highest rank.1. Financial strength rank: 3/102. Profitability rank: 6/103. Growth rank: 3/104. GF Value rank: 5/105. Momentum rank: 7/10Based on the above method, GuruFocus assigned CenterPoint Energy Inc the GF Score of 69 out of 100, which signals poor future outperformance potential.CenterPoint Energy Inc: A SnapshotCenterPoint Energy Inc, with a market cap of $17.62 billion and sales of $9.27 billion, operates in the Utilities - Regulated industry. The company provides transmission and distribution services to more than 2.5 million customers in the Houston area, southern Indiana, and west central Ohio. It also has natural gas distribution systems in six states serving approximately 4 million customers. The company's operating margin stands at 17.9%.Story continuesCenterPoint Energy Inc (CNP): A Deep Dive into Its Performance PotentialFinancial Strength AnalysisCenterPoint Energy Inc's financial strength indicators present some concerning insights about the company's balance sheet health. The company's interest coverage ratio of 2.89 positions it worse than 61.74% of 426 companies in the Utilities - Regulated industry. This ratio highlights potential challenges the company might face when handling its interest expenses on outstanding debt. The company's Altman Z-Score is just 0.78, which is below the distress zone of 1.81. This suggests that the company may face financial distress over the next few years. Additionally, the company's low cash-to-debt ratio at 0.04 indicates a struggle in handling existing debt levels. Furthermore, the company's debt-to-Ebitda ratio is 5.76, which is above Joel Tillinghast's warning level of 4 and is worse than 69.72% of 436 companies in the Utilities - Regulated industry.Growth ProspectsA lack of significant growth is another area where CenterPoint Energy Inc seems to falter, as evidenced by the company's low Growth rank. The company's revenue has declined by -0.5 per year over the past three years, which underperforms worse than 83.75% of 480 companies in the Utilities - Regulated industry. Stagnating revenues may pose concerns in a fast-evolving market. Lastly, CenterPoint Energy Inc predictability rank is just one star out of five, adding to investor uncertainty regarding revenue and earnings consistency.CenterPoint Energy Inc (CNP): A Deep Dive into Its Performance PotentialConclusionGiven the company's financial strength, profitability, and growth metrics, the GuruFocus Score Rating highlights the firm's unparalleled position for potential underperformance. While CenterPoint Energy Inc has a strong reputation in the Utilities - Regulated industry, its current financial and growth indicators suggest that it may struggle to maintain its historical performance. Therefore, investors should exercise caution when considering this stock.GuruFocus Premium members can find more companies with strong GF Scores using the following screener link: GF Score ScreenThis article first appeared on GuruFocus.

GuruFocus.com

CenterPoint Energy Inc (CNP): A Deep Dive into Its Performance Potential

https://finance.yahoo.com/news/centerpoint-energy-inc-cnp-deep-170308493.html

bad15d4d-23c3-32e0-9b3a-647d834a152b

CNQ

Key InsightsInstitutions' substantial holdings in Canadian Natural Resources implies that they have significant influence over the company's share price51% of the business is held by the top 12 shareholders Insiders have been selling lately If you want to know who really controls Canadian Natural Resources Limited (TSE:CNQ), then you'll have to look at the makeup of its share registry. With 78% stake, institutions possess the maximum shares in the company. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn).And things are looking up for institutional investors after the company gained CA$6.0b in market cap last week. The gains from last week would have further boosted the one-year return to shareholders which currently stand at 28%.Let's delve deeper into each type of owner of Canadian Natural Resources, beginning with the chart below. View our latest analysis for Canadian Natural Resources ownership-breakdownWhat Does The Institutional Ownership Tell Us About Canadian Natural Resources?Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing.As you can see, institutional investors have a fair amount of stake in Canadian Natural Resources. This suggests some credibility amongst professional investors. But we can't rely on that fact alone since institutions make bad investments sometimes, just like everyone does. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Canadian Natural Resources' historic earnings and revenue below, but keep in mind there's always more to the story.Story continuesearnings-and-revenue-growthInstitutional investors own over 50% of the company, so together than can probably strongly influence board decisions. Canadian Natural Resources is not owned by hedge funds. Our data shows that Capital Research and Management Company is the largest shareholder with 23% of shares outstanding. For context, the second largest shareholder holds about 4.4% of the shares outstanding, followed by an ownership of 3.9% by the third-largest shareholder.A closer look at our ownership figures suggests that the top 12 shareholders have a combined ownership of 51% implying that no single shareholder has a majority.Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. There are a reasonable number of analysts covering the stock, so it might be useful to find out their aggregate view on the future.Insider Ownership Of Canadian Natural ResourcesThe definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.Shareholders would probably be interested to learn that insiders own shares in Canadian Natural Resources Limited. Insiders own CA$2.2b worth of shares (at current prices). we sometimes take an interest in whether they have been buying or selling. General Public OwnershipThe general public-- including retail investors -- own 19% stake in the company, and hence can't easily be ignored. This size of ownership, while considerable, may not be enough to change company policy if the decision is not in sync with other large shareholders.Next Steps:While it is well worth considering the different groups that own a company, there are other factors that are even more important. Consider for instance, the ever-present spectre of investment risk. We've identified 1 warning sign with Canadian Natural Resources , and understanding them should be part of your investment process.Ultimately the future is most important. You can access this free report on analyst forecasts for the company.NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Institutional investors control 78% of Canadian Natural Resources Limited (TSE:CNQ) and were rewarded last week after stock increased 6.7%

https://finance.yahoo.com/news/institutional-investors-control-78-canadian-142758173.html

d6feffb5-7993-3e22-9c52-18f679234e61

CNQ

By Nia Williams(Reuters) - Canadian Natural Resources Ltd, a major shipper on the Trans Mountain oil pipeline expansion (TMX), expects the project will be delayed until at least the second quarter of 2024, the company said in a letter to Canadian regulators on Thursday.Trans Mountain Corp (TMC), the Canadian government-owned corporation building the long-delayed project, has said the expanded pipeline will start shipping oil late in the first quarter of next year.Canadian Natural said it expected the pipeline's start date to be delayed because TMC is asking regulators for a route deviation on a 1.3-km (0.8 mile) section just south of Kamloops, British Columbia."Although Canadian Natural hopes for an earlier Commencement Date, unfortunately, it is probable that the Commencement Date will be delayed into Q2 or later in 2024," the letter to the Canada Energy Regulator (CER) said.TMC did not immediately respond to a request for comment.TMX will treble the flow of oil sands crude from Alberta to Canada's Pacific Coast to 890,000 barrels per day, but the expansion has been dogged by years of regulatory delays and environmental opposition.It was bought by the Canadian government in 2018 to ensure it got built, but has seen costs quadruple to C$30.9 billion. TMC is currently locked in a dispute with oil shippers over higher-than-expected tolls.Canadian Natural's submission to the CER was one of a number of letters from TMX shippers, including Cenovus Energy and Suncor Energy, filed on Thursday.The companies argued TMX's proposed interim tolls are excessive and called for a review of why the cost of the pipeline escalated so much during construction.(Reporting by Nia Williams; editing by Jonathan Oatis)

Reuters

Canadian Natural expects Trans Mountain expansion project to be delayed -letter

https://finance.yahoo.com/news/canadian-natural-expects-trans-mountain-235148303.html

fc66e0b5-758e-31ba-9681-da4a9b4d0d47

CNSP

Live webcast presentation on Wednesday, September 13th at 10:30 AM ETHOUSTON, TX / ACCESSWIRE / September 5, 2023 / CNS Pharmaceuticals, Inc. (NASDAQ:CNSP) ("CNS" or the "Company"), a biopharmaceutical company specializing in the development of novel treatments for primary and metastatic cancers in the brain and central nervous system, today announced that John Climaco, CEO of CNS Pharmaceuticals, will present at the H.C. Wainwright 25th Annual Global Investment Conference being held in New York, NY on Wednesday, September 13, 2023 at 10:30 AM ET.In addition to the presentation, management will be available to participate in in-person and virtual one-on-one meetings with qualified members of the investor community who are registered to attend the conference. For more information about the conference, please visit the conference website.A live webcast of the presentation will be accessible on the IR Calendar page in the Investors section of the Company's website (cnspharma.com). The webcast replay will be archived for 90 days following the event.About CNS Pharmaceuticals, Inc.CNS Pharmaceuticals is a clinical-stage pharmaceutical company developing a pipeline of anti-cancer drug candidates for the treatment of primary and metastatic cancers of the brain and central nervous system. The Company's lead drug candidate, Berubicin, is a novel anthracycline and the first anthracycline to appear to cross the blood-brain barrier. Berubicin is currently in development for the treatment of a number of serious brain and CNS oncology indications including glioblastoma multiforme (GBM), an aggressive and incurable form of brain cancer.For more information, please visit www.CNSPharma.com, and connect with the Company on Twitter, Facebook, and LinkedIn.CONTACTS:Investor Relations ContactJTC Team, LLCJenene [email protected]: CNS Pharmaceuticals, Inc.View source version on accesswire.com: https://www.accesswire.com/779709/cns-pharmaceuticals-nasdaq-cnsp-to-present-at-the-hc-wainwright-25th-annual-global-investment-conference

ACCESSWIRE

CNS Pharmaceuticals (NASDAQ: CNSP) to Present at the H.C. Wainwright 25th Annual Global Investment Conference

https://finance.yahoo.com/news/cns-pharmaceuticals-nasdaq-cnsp-present-124500929.html

0bc19ece-345d-305b-93d9-0d3cd34ece94

CNSP

Completion of enrollment of study on track by end of 2023Topline data results from interim analysis also on track to announce by end of 2023HOUSTON, TX / ACCESSWIRE / September 7, 2023 / CNS Pharmaceuticals, Inc. (NASDAQ:CNSP) ("CNS" or the "Company"), a biopharmaceutical company specializing in the development of novel treatments for primary and metastatic cancers in the brain and central nervous system, today announced that 200 of the expected 243 patients have now been enrolled in the Company's ongoing potentially pivotal study evaluating Berubicin for the treatment of recurrent GBM, an aggressive and incurable form of brain cancer.This potentially pivotal, global study of Berubicin is an adaptive, multicenter, open-label, randomized controlled study in adult patients with recurrent GBM (WHO Grade IV) after failure of standard first-line therapy and compared to Lomustine as the standard of care (SOC). The primary endpoint of the study is Overall Survival (OS), a rigorous endpoint that the FDA has recognized as the basis for approval of oncology drugs when a statistically significant improvement can be shown relative to a randomized control arm. The Company has opened 46 clinical trial sites of the approximately 60 sites selected across the U.S., Italy, France, Spain, and Switzerland."As we have noted previously, patient volunteers and their treating clinicians are the backbone of our Berubicin development program. We are deeply sensitive to the fact that these brave patients are facing the battle of their lives and we are forever in their debt for the trust and confidence they and their treating clinicians have in Berubicin and the Company. That 200 such individuals have joined our trial helps to create the robust sample set we have desired from the beginning as we seek to conclusively demonstrate Berubicin's potential. All of us at the Company acknowledge that we simply cannot bring this exciting drug candidate forward without these remarkable patients. Furthermore, we believe the rapid and consistent pace of enrollment is not just remarkable in itself but continues to represent the extraordinarily high level of interest and enthusiasm among our investigators and patients. Addressing this devastating disease continues to be the driving force for our team and we are pleased to achieve this landmark milestone. Importantly, this takes us one step closer to bringing the study across the finish line and potentially offering an effective treatment in GBM that is safe and well tolerated," commented John Climaco, CEO of CNS Pharmaceuticals.Story continuesAs previously announced, CNS Pharmaceuticals has reached the criteria required by the study protocol to conduct a pre-planned, non-binding futility analysis, which an independent Data Safety Monitoring Board (DSMB) will review to determine whether to recommend continuing the study as planned or modifying the study based on Berubicin showing potential value as a second-line treatment for patients with glioblastoma. CNS Pharmaceuticals previously reported that the Company would conduct this analysis after at least 50% of the patients in the population to be analyzed for the interim analysis (30-50% of the total number of patients for this trial) had reached the primary efficacy endpoint, as provided for in the study protocol. The DSMB will review the number of deaths in each arm to ensure that the overall survival of patients receiving Berubicin shows at least a statistically significant comparability to those receiving Lomustine. Additional analyses will include comparisons of secondary endpoints, including progression-free survival (PFS), response rates, and safety assessments. The Company is confident it will announce the results from the interim analysis publicly before the year end. Enrollment will continue during the interim analysis.For more information about this trial, visit clinicaltrials.gov and reference identifier NCT04762069.The FDA has granted CNS Pharmaceuticals Fast Track Designation for Berubicin which enables more frequent interactions with the agency for guidance on expediting the development and review process. Additionally, the Company has received Orphan Drug Designation from the FDA, which may provide seven years of marketing exclusivity upon approval of an NDA.About BerubicinBerubicin is an anthracycline, a class of anticancer agents that are among the most powerful chemotherapy drugs and effective against more types of cancer than any other class of chemotherapeutic agents. Anthracyclines are designed to utilize natural processes to induce deoxyribonucleic acid (DNA) damage in targeted cancer cells by interfering with the action of topoisomerase II, a critical enzyme enabling cell proliferation. Berubicin treatment of brain cancer patients appeared to demonstrate positive responses that include one durable complete response in a Phase 1 human clinical trial conducted by Reata Pharmaceuticals, Inc. Berubicin, was developed by Dr. Waldemar Priebe, Professor of Medicinal Chemistry at The University of Texas MD Anderson Cancer Center.About CNS Pharmaceuticals, Inc.CNS Pharmaceuticals is a clinical-stage pharmaceutical company developing a pipeline of anti-cancer drug candidates for the treatment of primary and metastatic cancers of the brain and central nervous system. The Company's lead drug candidate, Berubicin, is a novel anthracycline and the first anthracycline to appear to cross the blood-brain barrier. Berubicin is currently in development for the treatment of a number of serious brain and CNS oncology indications including glioblastoma multiforme (GBM), an aggressive and incurable form of brain cancer.For more information, please visit www.CNSPharma.com, and connect with the Company on Twitter, Facebook, and LinkedIn.Forward Looking StatementsSome of the statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the Company's completion of enrollment of the study and the timing of the interim analysis each to occur before year end, the ability to continue to open additional clinical trial sites on a timely basis, and whether the FDA will recognize the Company's primary endpoint as a basis for approval. These statements relate to future events, future expectations, plans and prospects. Although CNS believes the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. CNS has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including those discussed under Item 1A. "Risk Factors" in CNS's most recently filed Form 10-K filed with the Securities and Exchange Commission ("SEC") and updated from time to time in its Form 10-Q filings and in its other public filings with the SEC. Any forward-looking statements contained in this press release speak only as of its date. CNS undertakes no obligation to update any forward-looking statements contained in this press release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.CONTACTS:Investor Relations ContactJTC Team, LLCJenene [email protected]: CNS Pharmaceuticals, Inc.View source version on accesswire.com: https://www.accesswire.com/781455/cns-pharmaceuticals-nasdaq-cnsp-reaches-milestone-with-enrollment-of-200-patients-in-ongoing-potentially-pivotal-study-of-berubicin-with-the-treatment-of-glioblastoma-multiforme-gbm

ACCESSWIRE

CNS Pharmaceuticals (NASDAQ: CNSP) Reaches Milestone with Enrollment of 200 Patients in Ongoing Potentially Pivotal Study of Berubicin with the Treatment of Glioblastoma Multiforme (GBM)

https://finance.yahoo.com/news/cns-pharmaceuticals-nasdaq-cnsp-reaches-124500641.html

e5e04c28-d5e1-3154-8804-ebb92df7aca6