Community Bank Q2 Profit Rises, Tops Estimates – Quick Facts

Biotech Stocks Facing FDA Decision In August 2023

As July draws to a close, let’s take a look at the some of the regulatory news stories that made headlines in the month. Additionally, we’ll delve into the promising prospects related to FDA approval that lie on the horizon.

Drug overdose is a significant public health concern in the United States. On July 28, the FDA approved RiVive, developed by Harm Reduction Therapeutics, for the emergency treatment of known or suspected opioid overdose. This marks the second over-the-counter naloxone nasal spray product to receive regulatory approval in the U.S. The first one, Emergent BioSolutions’ NARCAN nasal spray, obtained approval in March of this year.

A new drug by the name Beyfortus, developed by AstraZeneca, for the prevention of respiratory syncytial virus lower respiratory tract disease in babies and toddlers, was approved by the FDA on July 17. According to the American Academy of Pediatrics, around 1% to 3% of children below 12 months old in the United States require hospitalization annually due to RSV (Respiratory Syncytial Virus).

On July 13, the FDA approved Perrigo’s Opill, the first nonprescription daily oral contraceptive. The approval of this progestin-only oral contraceptive pill offers consumers the choice to buy oral contraceptive medication without a prescription from various retail outlets, including drug stores, convenience stores, grocery stores, and online platforms.

Let’s take a look at the biotech stocks awaiting FDA decision in August.

Mitsubishi Electric Q1 Results Climb; Backs FY24 Outlook

Mitsubishi Electric Corp. (MIELF.PK,MIELY.PK), a Japanese electrical and electronic equipment maker, reported Monday that its first-quarter net profit attributable to stockholders increased 73 percent to 57.8 billion yen from last year’s 33.4 billion yen.

Operating profit of 61.0 billion yen grew 80 percent year-on-year, mainly due to increases in the Life, Business Platform and Semiconductor & Device segments, partly offset by drop in the Infrastructure and Industry & Mobility segments.

Revenue was 1.22 trillion yen, up 14 percent from prior year’s 1.07 trillion yen, primarily to the weaker yen.

Looking ahead for fiscal 2024, the company continues to expect attributable net profit to grow 22 percent year-on-year to 260.0 billion yen, operating profit to increase 26 percent to 330.0 billion yen and revenues to increase 4 percent to 5.20 trillion yen.

In Japan, Mitsubishi Electric shares were trading at 2,051 yen, up 0.37 percent.

Marshalls Sees Weak Profit, Higher Sales In H1; Cuts Outlook For H2, FY23; Stock Dips

British landscaping products maker Marshalls plc (MSLH.L) Monday said it expects first-half adjusted profit before tax to be around 33 million pounds, compared to 45 million pounds for the same period last year.

In its trading update, the company projects revenue to be two percent higher at 354 million, compared to 348 million pounds in the corresponding period. On a like-for-like basis, revenue fell 13 percent.

As per the company, the results have been delivered in an environment of challenging market conditions like high levels of inflation, increasing interest rates and weak consumer confidence with persistent weakness in new build housing and private housing RMI.

Looking ahead, the company’s Board anticipates lower-than-expected performance in the second half as well as in the full year.

According to the firm, an improvement in the second half performance is unlikely given the macroeconomic conditions. It believes the second half will be markedly weaker than the first half.

The company will publish its first-half results on August 16.

In London, Marshalls shares were losing around 10 percent to trade at 251.20 pence.

Panasonic Holdings Q1 Net Profit Rises; Net Sales Up 2.8%

Panasonic Holdings Corp. (PCRFY.PK,PCRFF.PK) reported first quarter net profit to company of 200.9 billion yen, an increase of 310.5% from last year. Earnings per share was 86.06 yen compared to 20.97 yen.

First quarter net sales 2.03 trillion yen, an increase of 2.8% from last year. This was due to increased sales in Automotive, Connect, and automotive batteries as well as the effect of currency translation, despite decreased sales in Industry, the company said.

For fiscal 2024, Panasonic Holdings Corp. projects: net profit to company of 460 billion yen; basic earnings per share of 197.08 yen; and net sales of 8.5 trillion yen.

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Alliance Resource Partners LP Announces Climb In Q2 Income, Beats estimates

Alliance Resource Partners LP (ARLP) released earnings for its second quarter that increased from last year and beat the Street estimates.

The company’s bottom line totaled $169.79 million, or $1.30 per share. This compares with $161.48 million, or $1.23 per share, in last year’s second quarter.

Analysts on average had expected the company to earn $1.29 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 3.5% to $641.84 million from $619.88 million last year.

Alliance Resource Partners LP earnings at a glance (GAAP) :

-Earnings (Q2): $169.79 Mln. vs. $161.48 Mln. last year.
-EPS (Q2): $1.30 vs. $1.23 last year.
-Analyst Estimate: $1.29
-Revenue (Q2): $641.84 Mln vs. $619.88 Mln last year.

Community Bank Q2 Profit Rises, Tops Estimates – Quick Facts

Community Bank System, Inc. (CBU) reported Monday that its second-quarter net income was $48.29 million or $0.89 per share, up from $39.81 million or $0.73 per share a year ago.

Operating net income was $49.1 million or $0.91 per share, compared to $0.79 a year ago.

Adjusted net earnings per share were $0.95, compared to $0.89 in the second quarter of 2022.

On average, eight analysts polled by Thomson Reuters expected earnings of $0.85 per share for the quarter. Analysts’ estimates typically exclude special items.

Total revenues grew 4.8 percent from last year to $175.26 million, up from $167.24 million a year ago. Operating revenues across all lines of business remained strong in the quarter, with noninterest revenues contributing 37.6 percent of the revenue.

Analysts expected revenues of $176.66 million for the quarter.

Total interest income grew to $131.62 million, up from $106.18 million last year.

Net interest income was $109.3 million, up 6 percent. Net interest margin was stable.

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