The two leading oil companies in the world, Chevron and Exxon, have reported that they experienced an increase in profits for the third quarter of the year with positive performances from their processing plants which make up for the weak outcomes at their production businesses.
Not a lot of people expected that the two companies will meet their targets that are now seen on the charts. This is mainly because there were only a few who believed in what the huge refineries are able to give to the major players in the oil industry.
Now with what Chevron and Exxon showed for their third quarter profits, there is already a solid proof that refinery profits will go up if there is a major decline in oil retail prices.
The largest listed oil company in the world, Exxon, has reported $8.07 billion of net income for the first three months until the 30th of September. This net income shows that there’s been an increase of 3% in the company’s profits as compared to the same period of last year.
Meanwhile, Chevron has reported a net income of $5.6 billion which is 12% higher than what it earned in 2013.
In spite of the boost in third quarter revenues, Chevron and Exxon still reported that they are having a difficult time in keeping the numbers higher to meet their fourth quarter targets. The two made an assurance though that they will continue to extend extra efforts to make sure that there would be no big turmoil in the market.
The earnings of AMMB Holdings Bhd, a banking group jumped RM445.82mil during the second quarter ending September 30, compared to last year’s RM440.85mil, mainly helped by lower expenses and higher operating income.
On Wednesday, the company said revenues slid to RM2.21bil compared to last year’s RM2.38bil. Company earnings for every share were at 14.81 sen, and announced a 12 sen a share for dividend.
The company’s second quarter results showed a decrease in its insurance commission and claims, while some operating income jumped to RM268.87mil. AMMB’s operating profit has been recorded higher than last year, reporting an RM633.06mil total operating profit. Other company expenses decreased to RM491.22mil.
Company earnings jumped to RM982.76mil for the last 6 months ending September 30, while its revenue increased to RM4.793bil. The company’s existing savings account composition remained steady at 20%, reporting 3.6% growth.
Ashok Ramamurthy, AMMB managing director, said the company’s performance in the year’s first half is a reflection of current transformation initiatives. The company’s recent, and newly-implemented combined wholesale banking model is gaining motion in preferred segments and sectors.
The director also said that the company is restructuring its loan portfolio, aiming for stronger growth within targeted segments. AMMB net loans increased 1.4% as a reflection of the company’s careful credit risk efforts in selected retail segments, including the restructuring of its coverage by sector and segment in non-retail loans.
The company reported RM621.2mil pre-tax revenue during the second quarter ending September 30, lower than the previous quarter profit of RM725.8mil ending June 30.
The company stated that the results were largely attributed to some lower operating income, deficiencies on monetary investments, including contingencies and commitments provisions.
The largest US-based luxury homebuilder, the Toll Brothers Inc., posted a 29% increase in its quarterly revenue, selling more homes with higher prices, while the housing demands rockets.
Toll’s shares jumped 1.5% to 32.69 dollars in the premarket trading, saying its orders increased both in dollars and units, a first-time within 4 quarters.
Company CEO Douglas Yearley stated the corporation is pleased with its strong finish towards the fiscal year, and having optimism towards the coming year as improvement in housing demands during the fourth quarter is seen.
During the year’s first 8 months, the housing industry began to struggle due to continuous increase in home prices as well as interest rates. But, the latest data from the Commerce Department indicate the recovery of the housing market, with a 6.3% increase in new home yearly pace in September compared to the 14.4% drop in August.
The company said it was able to finish more homes with a 22% rise to 1,807 during the quarter, and the average selling price increased 6.3% to 747,000 dollars the previous year.
Also, new contracts were made with a 10% increase to 1,282 houses, while the contract value rose 16% to 970.2 million dollars.
Toll’s overall revenue jumped to 1.35 billion dollars from 1.04 billion. Company shares closed at 32.22 dollars on Friday in the NYSE. Up until its closure on Friday, the stock rose about 1% within the past year.
The Molson Coors Brewing Co posted its quarterly profits, lower than estimates, which was hurt by a decline in Canada’s beer sales along with higher expenditures on marketing.
Early this year, the company flogged the rights of Grupo Modelo’s brands’ distribution in Canada to the Anheuser-Busch InBev company. In 2012, the latter firm purchased Mexico’s Grupo.
Meanwhile, Molson Coors posted a 34.4 million dollar net loss, attributed to the company, equivalent to 19-cent per share during the quarter ended September 30. Last year, the company reported a 134.3 million dollars net profit or 73-cent per share.
Except special items, the profit was at 1.46 dollars per share, while the average estimates of analysts were at 1.48 dollars per share.
Including the Cobra beer and Coors Light brands, Molson Coors’ net sales dropped to 1.17 billion dollars, in proportion to the average estimates of analysts.
The core pretax income dropped 8.9% to 132.5 million dollars from Canada alone, while the pretax income from the same location rose just one-time in the recent 11 quarters.
On the other hand, the Miller Coors LLC, SABMiller Plc’s and Molson Coors’ operations in the United States, posted an 8% rise in its net profit for the quarter, driven by robust sales of its most expensive beer brands.
The company owns 42%, while SABMiller the remainder, whose superior brands include Blue Moon Belgian White and Leinenkugel’s Summer Shandy.
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%.
The largest US-based homebuilder, D.R. Horton Inc, posted its quarterly revenue better than the estimates, driven by a 38% increase in orders and suggested an uptick throughout the housing demand.
Horton said its sold homes went up by 25% to 8,612 during the quarter that ended on September 30. During the year’s first 8 months, home prices along with interest rates went soaring, but Horton customers have returned after that.
Based on the Commerce Department’s data, the housing industry is showing recovery with a rise of 6.3% in September following the 14.4% drop in August.
On Monday, the Toll Brothers Inc., a luxury homebuilder, said orders from their company increased both in dollars and units, a first-time in 4 quarters.
Meanwhile, Horton’s revenue when it comes to its home sales, excluding land sales increased 33% to 2.4 billion dollars, exceeding the average estimate of analysts amounting to 2.38 billion dollars.
The company net income jumped to 166.3 million dollars or 45-cent per share, compared to the 139.5 million dollars or 40-cent per share the previous year. However, the company earnings overlooked the average estimate of analysts of 48-cent per share because costs increased to almost 35%.
Company shares dropped to less than 1% at 23.25 dollars in the premarket trading. Stock, on the other hand, rose 38% within the year up to Monday’s close.
Oshkosh Corporation takes no excuses and continues with a good performance as shown in its third quarter ratings.
The meltdown experienced by other businesses in the same field is not an excuse for Oshkosh Corporation to do great in its ratings. They have recorded a relatively higher increase for their cement products.
The increase that was tallied was at 6.2 percent. In dollars, this is already worth 47.69. This is way too much beyond the expectations considering that the market for this industry is not doing well as of the moment.
Their sales for tactical vehicles were the primary movers for the change in the numbers. They were able to record $77.8 million in their total. This is an increase of 93 cents per share for the company. This is way too high compared to the 40 cent per share made by the others.
Oshkosh Corporation is not contented with the increase. They have released their agenda for the coming year and it clearly shows that they are out for more. They are expecting movements in the revenue such as a 100-million dollar increase in their net income. This could really be a challenge for the company since a single error could lead to a lot of financial problems.