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Hershey stories 38% rise in second-quarter revenue

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A Hershey’s chocolate bar is proven on this picture illustration in Encinitas, California January 29, 2015. Chocolate maker Hershey Co reported a lower-than-expected quarterly income as demand for bakery and meat snacks damage chocolate gross sales. REUTERS/Mike Blake/Recordsdata (UNITED STATES – Tags: BUSINESS LOGO)

(Reuters) – Chocolate maker Hershey Co (HSY.N) reported a 38% rise in quarterly revenue on Thursday, helped by worth hikes and decrease uncooked materials prices.

Internet revenue attributable to the corporate rose to $312.eight million, or $1.48 per share, within the second quarter ended June 30, from $226.9 million, or $1.08 per share, a 12 months earlier.

Gross sales rose about 1% to $1.77 billion, in keeping with the common analyst estimate, in response to Refinitiv knowledge.

Reporting by Soundarya J in Bengaluru; Enhancing by Arun Koyyur

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U.S., Mexico resume talks to avert tariffs as deadline approaches

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(Reuters) – U.S. and Mexican negotiators resumed migration talks on Friday to try to avert a potential trade war that could hurt both countries’ economies and rattle investors already nervous about Washington’s escalating battle with China.

FILE PHOTO: Trucks are seen arriving at a border customs control to cross into U.S. at the World Trade Bridge in Nuevo Laredo, Mexico June 5, 2019. REUTERS/Carlos Jasso

U.S. President Donald Trump shook global markets, Mexican officials and his fellow Republicans in Congress last week by threatening 5% tariffs on Mexican imports starting on Monday if Mexico did not do more to stem an increase in migrants heading for the U.S. southern border.

Here’s a snapshot of latest developments on Friday:

– President Donald Trump said in a tweet that there was a “good chance” the United States would be able to reach a deal with Mexico. But he added: “If we are unable to make the deal, Mexico will begin paying Tariffs at the 5% level on Monday!”

– Mexico’s peso, which has been battered by fears of a trade war with its biggest market, strengthened more than 0.5% against the dollar after the tweet.

– The White House said the United States is on track to implement the tariffs on Mexican goods on Monday. “Our position is still the same and we’re moving forward with the tariffs. They’ll go into effect on Monday,” , White House press secretary Sarah Sanders told reporters.

– Russian President Vladimir Putin accused the United States on Friday of “unbridled economic egoism” and said Washington’s tactics would lead to trade wars and “maybe not just trade wars.” Chinese President Xi Jinping, speaking at the same event, called on world powers to protect the global multilateral trade system.

– U.S. officials officially granted Chinese exporters two more weeks to get their products into the United States before increasing tariffs on those items, according to a U.S. government notice posted online on Friday.

– Global equities rose on the prospect that central banks, including the U.S. Federal Reserve, would loosen monetary policy to offset trade frictions and the threat of global recession, while news the United States would give China more time to avoid a tariff hike added to market optimism.

– Economists say the trade disputes could damage key supply lines and pinch consumers at a time when the global economic expansion that followed the 2008 financial crisis has started to sour and the risk of recession has risen.

Compiled by Susan Thomas; Editing by Howard Goller

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ADM considers ethanol spinoff as first-quarter profit falls on severe weather

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CHICAGO/BENGALURU (Reuters) – Archer Daniels Midland Co said on Friday it was considering spinning off its ethanol business after slim biofuel margins and Midwestern floods slammed the U.S. grains merchant’s profit, which tumbled 41 percent in the first quarter.

FILE PHOTO: The Archer Daniels Midland Co (ADM) logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid/File Photo

ADM said it was creating an ethanol subsidiary, which will include dry mills in Columbus, Nebraska; Cedar Rapids, Iowa; and Peoria, Illinois.

The ethanol subsidiary will report as an independent segment, the company said, allowing options “which may include, but are not limited to, a potential spin-off of the business to existing ADM shareholders.”

Results were hit by the “bomb cyclone” blizzards that devastated the Midwest and Great Plains this year, causing massive flooding across Nebraska, Iowa and Missouri, washing out rail lines and wreaking havoc in the moving and processing of corn, soybeans and wheat. One-sixth of U.S. ethanol production was halted.

In March, ADM warned Wall Street that flooding and severe winter weather in the U.S. Midwest would reduce its first-quarter operating profit by $50 million to $60 million.

“The first quarter proved more challenging than initially expected,” said Chairman and Chief Executive Officer Juan Luciano, with earnings down in its starches, sweeteners and bioproducts unit. Luciano said impacts of the severe weather ultimately “were on the high side of our initial estimates”.

Ongoing problems in the ethanol industry added to the problems and “limited margins and opportunities” for ADM, Luciano said.

The ethanol industry has been in the midst of a historic downswing due to the U.S.-China trade war, excess domestic supply and weak margins.

ADM, which had been an ethanol pioneer, signaled to Wall Street in 2016 that it was hunting for options and considering sales of its U.S. dry ethanol mills. Luciano told Reuters this year that offers ADM had received for the mills were too low.

In addition, ADM said it planned to repurpose its corn wet mill in Marshall, Minnesota, to produce higher volumes of food and industrial-grade starches.

Other major traders are alsy trying to distance themselves from struggling ethanol businesses. Louis Dreyfus Company BV spun off its Brazilian sugar and ethanol business Biosev in 2013. Rival Bunge sold its sugar book and has sought a buyer for its Brazilian mills since 2013.

ADM, which makes money trading, processing and transporting crops, such as corn, soybeans and wheat, has been looking to strengthen its core business. Last month it said it would seek voluntary early retirements of some North American employees and cut jobs as part of a restructuring effort.

The company expects to lower 2019 capital spending by 10 percent to between $800 million and $900 million.

Net earnings attributable to the company fell to $233 million, or 41 cents per share, in the three months ended March 31, from $393 million, or 70 cents per share, a year earlier.

Revenue fell to $15.30 billion from $15.53 billion. On an adjusted basis, the company earned 46 cents per share, while analysts on average had estimated 60 cents, according to IBES data from Refinitiv.

Reporting by Shradha Singh in Bengaluru; Editing by Shounak Dasgupta, Chizu Nomiyama and David Gregorio

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حذف الجيلبريك من الايفون بدون كمبيوتر وعمل ريستور نظيف على نفس الإصدار



هذا الموضوع جديد 2016 https://youtu.be/8y3-3AxPI4E حذف السيديا بدون كمبيوتر 9.3.3 اشترك في قناتي لكل جديد انتبه هذا الفيديو…

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