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Business & Economy Archives – Page 6 of 8 – Mirror Daily

Spain’s Acciona, recently posted an 8% decrease in their 9-month overall core profit due to new energy regulations being implemented that hampered the growth of the company’s infrastructure and water division. Overall profits at the company’s wind turbine plant, Gamesa, meanwhile increased after recent restructuring efforts.

Wind farms of Acciona have been hit particularly hard by new measures being implemented by the government of Spain in mending a gap between costs and regulated overall energy prices that include power generation taxes and also subsidy cuts, a gap amounting to multi-billion-euros.

Gamesa did overcome weakness results after a recent restructuring plan that helped overall net profit to double, reaching 64 M euros equivalent to $79M, returning the company back on track in meeting targets for this year.

The company earlier sold a third stake of its stake in their energy business abroad to KKR, a private equity group. This is to help Acciona’s finances and two other companies that are planning to declare a “yield co” of holding assets for next year.

Acciona’s 9-month overall earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to a total of 771M euros, which is equivalent to $957M, while the company’s overall net profit almost doubled to a total of  149M euros, because of 1 time gains coming from sales of assets.

Britain’s Morrisons reported another big decline in its quarterly sales as consumers preferred either to save from discount stores and chains or pay more for high-class treats; however, the company said its aim to respond towards the shifting industry trends is working.

Though wages are stationary, discounters are flourishing and nearly all Britain’s grocers have been responding by slicing prices, hitting profits. On Thursday, Sainsbury disclosed a new tactic in the playing field so as to regain thrifty shoppers, launching a discounted store with Netto, a Danish firm.

Some families are spending more in stores like the Aldi, Lidl, including Marks & Spencer, which reported its 20th straight rise in quarterly sales on Wednesday. Thus, such changes in spending habits have hurt mid-range stores the hardest.

A Conlumino analyst said Morrisons continually manifests battle scars, caused by structural changes in the ongoing grocery market.

On Thursday, the company posted a 6.3% drop in sales at Morrisons stores that are operating for more than a year, except fuel for the third quarter, steeper than the analysts’ estimates of 5.2%, while a 7.6% decline in the second quarter.

The company shares jumped 9.3%, despite the 42% decline last year. The company said the quantity shoppers are buying show improvement, thus, expressing confidence for its 2014-2015 profit outlook, along with a detailed progress in reducing its debt.

The King Digital Entertainment Plc, a mobile and social gaming company posted on Thursday its lower profit (non-GAAP) as the company’s sales on its “Candy Crush Saga” game shrink relentlessly.

Based on non-GAAP, the company posted its adjusted income for the third quarter, amounting to 56-cent per share, beating the analysts’ forecast of 47-cent per share, but lesser than the previous 70 cents the same period a year back.

Company shares jumped 4% during the after-hours trade, closing at 13.19 dollars on the NYSE. King also declared a 150 million-dollar share purchase project on Thursday.

Its Candy Crush game continues to decline towards the end of the second quarter, but began to normalize towards the latter half of the third quarter. Thus, sales from the game decline, said CEO Riccardo Zacconi.

In October, the sister game of Candy Crush Saga, the Candy Crush Soda Saga was launched on Facebook, and the mobile version of the said game might be released in the coming weeks. Zacconi stated the launch of Soda would strengthen the Saga’s franchise.

The company reported 514.4 million dollars as revenue during the third quarter, lower than the 621.2 million the previous year. However, the recent figures surpassed the analysts’ forecast of 495 million dollars.

Kate Spade & Co reported a 30% increase in their quarterly overall sales due to a significant increase in demand for the company’s fashion accessories and handbags in the North America region. The company also raised their 2014 forecast for same-store overall sales growth globally.

Overall shares of the company increase to 21% and were also ranked among the highest percentage gainers in New York‘s Stock Exchange last Thursday.

North America’s overall sales that account for a third of the company’s overall revenue, increased 36.4% during the year’s third quarter, which was driven by the increasing demand for the company’s high-end New York accessories and handbags.

Kate Spade & Co has been challenging slowly into Coach Incorporated’s overall share when it comes to the handbag market in the United States, leading young women to prefer Kate Spade trendier handbags over products of larger rivals.

Coach recently reported their sixth straight total quarterly decline in the North American region last week when it comes to same-store overall sales.

Kate Spade & Co increased their same-store overall sales global growth expectations for this year to 19 to 21% from the previous estimates of 15 to 17%.

Kate Spade’s overall gross margins increased to 62.8% during the year’s quarter compared to last year’s 61.4%.

One of the best mutual fund industries in Canada, the IGM Financial Inc., posted on Thursday its earnings for the third quarter, higher than before, meeting estimates, and indicated an increased quarterly dividend.

The company, based in Winnipeg, Manitoba said its net earnings for common shareholders was at 219.7 million Canadian dollars for the current quarter or 87-Canadian-cent per share, which is higher than the previous year.

IGM revenue was at 750.2 million Canadian dollars, higher than the 667.5 million the previous year. Meanwhile the average revenue forecast was expected at 755.1 million Canadian dollars and earnings at 87-Canadian-cent per share.

IGM is a Desmarais family division, with the Power Financial Corp as the umbrella, and operating mainly under the Mackenzie Investments, Invstors Group, and the Investment Planning Counsel brands.

As of Spetember 30, the company’s overall assets under management were at 140.6 billion Canadian dollars, higher than last year’s 126 billion. Under management, its mutual fund assets were at 125.2 billion Canadian dollars, higher than last year’s 111.2 billion.

The company board improved its dividend for the quarter of 2.5 cents, indicating a 56.25-cent a share for IMG’s common shares that are due on January 30, 2015 to its shareholders within the record as of December 31, 2014.

Fossil Group Incorporated, a leading retailer of fashion accessories, reported higher-than-expected overall profit and sales for the year’s third quarter because of recent strong demand when it comes to company’s jewelry and watches, sending Fossil’s shares increased by 18.5% during extended trading.

Fossil Group Incorporated, a seller of watches like Skagen and Fossil, also stated that their company has already authorized a $1B program aimed to repurchase shares that will end by Dec 2018.

The retailer based in Texas, stated that overall jewelry sales increased to 23% during this year’s quarter.

Fossil has been obtaining the many benefits of their move of revamping their jewelry line and shifted to “affordable luxury” that has led sales of handbags and watches to increase.

Overall watch sales increased to 12.4%, amounting to $696.3M during the year’s third quarter that ended October 4, contributing above 3 quarters of Fossil’s total revenue.

Because of these developments, Fossil has narrowed down their forecast for profit this year.

Thomson Reuters I/B/E/S stated that Fossil stated that they are now expecting to earn about $7.00 to $7.30 for every share this year, falling in expectations recorded by analysts, which is $7.15 for every share.

Fossil Group Incorporated earlier forecasted values from $6.95 to $7.35 for every share, and expects current overall quarter earnings amounting to $2.91 to $3.21 for every share. Overall sales growth, meanwhile, is expected to be 3% to 6%.

On Thursday, First Solar Inc’s Chief Executive Officer (CEO) said the company will not convert the solar power plants so as to turn it into separate and publicly-traded unit, which was done by some of the company’s competitors.

Solar’s shares slanted over 6% after its CEO Jim Hughes declared the decision to discuss the company’s third quarter income.

Some solar players like the NRG Energy and SunEdison have bundled up their solar assets and converted them into vehicles called as ‘yield cos’.

Such instruments operate and own solar assets, which have long-term agreements with utilities, assuring more stable cash flow as paid out dividends towards investors or will be re-invested in new solar plants by its parent company.

Hughes said they don’t assume they’re missing gross margin or market share, capture opportunities since the company does not have any ‘yield co’ currently.

The company is producing solar panels as well as creating solar power plants, most of which are sold to power suppliers. First Solar will also sustain its proprietorship of some projects, without any yield co according to Hughes.

Meanwhile, the Arizona-based company reported its 88.4 million dollars quarterly profit or 87-cent a share, compared to the previous year’s 195 million dollars or 1.94-cent a share.

The company earned 61-cent per share, setting aside one-time tax benefit. On the other hand, analysts’ forecast the earnings of 64-cent a share, except special items.

The revenue was posted at 889.3 million dollars, missing the forecast of 1.049 billion revenues. Shares traded at 52.77 dollars in extended trading, and closed at 56.41 dollars on the NASDAQ.

Embraer SA, a Brazilian plane maker said it might miss a target delivery of its bigger business jet orders this year, however, newer models as well as stronger demands in the United States and Europe will improve the company’s sales of private jets on 2015.

On Thursday, Frederico Curado, company CEO told analysts that Legacy 500’s strong interest will generate orders within the following months, and a buildup of prospects is manifesting throughout the recovery of developing economies.

In China and Brazil, there were reduction in business jets, but noticing an increased level of activities in Europe and the US, which should boost the company’s private jet sales.

On Thursday, the company reported an 11 million dollar net loss, hurt by weak sales of both executive and commercial jets, including the rise in the tax bill. The CEO emphasized a robust year-end delivery of orders that will help in hitting Embraer’s profit and revenue margin targets.

Quarterly profit dropped 53 million dollars, missing the average estimate of 49 million profits. Its defense segment jumped 28% of the company’s revenue during the quarter.

Curado stated that the company is not raising its 2015 target for defense revenue as forecast was released in March. The production of commercial jets remained stable, but with a chance to jump slightly.

Company shares jumped to its record high in the recent months as the BRBY, its local currency hit its weakest level since 2005.

On Thursday, the EDF, a French utility industry, said that a robust French nuclear output recompensed the negative effects of adverse weather in its first 9-month sales for the year.

The company sales jumped only 0.4% to 52.3B euros or 65B dollars. Its sales, based on like-for-like, merger activity adjustments, and currency impact, dropped 1.3%.

The company said its nuclear plants’ output expanded to 305.1 terawatt per hour, up 2.5% from the previous period, after plans on reducing outage duration. The company also confirmed its 2014 guidance, targeting the upper range.

Henri Proglio, company CEO said EDF showed off a robust Q3 performance, despite weather conditions and economic challenges, also confirming the company’s 2014 targets.

Jean-Bernard Levy will replace the current CEO by month-end. Levy is the leader of Thales, an aerospace and defense company.

EDF expects its 2014 group consolidated earnings before EBITDA, except its Edison unit to indicate a primary increase of 3% at least.

However, the firm confirmed its review of its target to generate positive cash flows after dividends, except its Linky smart meters investment by 2018. The investment will be installed in households from 2016 to 2020, expecting to cost 5B euros.

Company shares drifted after the government of France scrapped a 5% plan of tariff increase last August, and allowed only a 2.5% increase beginning November 1. Shares dropped 11% to date, and rated as the third poorest performer in the utilities index .SX6P.

On Thursday, the famous Walt Disney Co posted its quarterly revenue with a 7% increase, higher than expectations, and helped by its films “Maleficent” and the “Guardians of the Galaxy”.

In July, the “Guardians” was released, while the “Maleficent” film starred with Angelina Jolie, who portrayed the black-robed rogue, both movies drove the company’s growth in its film studio unit to nearly 18%.

Company shares dropped 1.8% at 90.35 dollars in the extended trading, and closed at 92 dollars on Thursday, a record high. Additionally, the studio unit similarly benefited from high “Frozen” DVD sales.

Its sports behemoth, the ESPN’s operating dropped because of more costly contract rates both for the Major League Baseball and National Football League games, dragging down Disney’s cable network unit by 1%.

The decline in Disney’s cable network unit’s operating income also drove Disney’s shares lower, according to Brett Harriss, analyst from Gabelli & Company, rating the cable networks as a bit weak.

However, ESPN is expected to compensate the programming costs in the coming quarters with higher charges from affiliates.

The company’s revenue in Media Networks jumped 5.5% because of higher broadcasting profits from certain shows.

Revenue in resorts and parks also jumped 7% because of more costly ticket prices and increased attendance in theme parks.

Company net income, attributed to Walt Disney, increased to 1.50 billion dollars or 86-cents a share in the fourth quarter.

Based on adjustments, earnings were at 89-cents a share, meeting the analysts’ forecast. Company revenue jumped to 12.39 billion dollars, surpassing the average forecast of 12.37 billion.

Up until Thursday’s close, the company stock has gained 20% this year.

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