European Economics Preview: Italy Industrial Output Data Due

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By Charles M. Blow

Opinion Columnist

Kinder Morgan, Inc. Q4 Profit Increases, beats estimates

Kinder Morgan, Inc. (KMI) announced a profit for its fourth quarter that increased from last year and beat the Street estimates.

The company’s bottom line totaled $637 million, or $0.28 per share. This compares with $607 million, or $0.27 per share, in last year’s fourth quarter.

Excluding items, Kinder Morgan, Inc. reported adjusted earnings of $609 million or $0.27 per share for the period.

Analysts on average had expected the company to earn $0.25 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 42.0% to $4.43 billion from $3.12 billion last year.

Kinder Morgan, Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $637 Mln. vs. $607 Mln. last year.
-EPS (Q4): $0.28 vs. $0.27 last year.
-Analyst Estimate: $0.25
-Revenue (Q4): $4.43 Bln vs. $3.12 Bln last year.

India’s oil production continues to decline

Output dropped 2% in December

India’s production of crude oil, which is refined to produce petrol and diesel, continued to decline in December, with lower output from the State-owned ONGC leading to an almost 2% drop, official data showed on Wednesday.

Oil production in December was 2.51 million tonnes, down from 2.55 million tonnes a year earlier and a target of 2.6 million tonnes. The output was, however, higher than 2.43 million tonnes produced in November 2021.

ONGC, India’s biggest producer, produced 3% less crude oil at 1.65 million tonnes in December due to delays in mobilising equipment at western offshore fields. Oil India Ltd. (OIL) produced 5.4% more crude oil at 2,54,360 tonnes.

India is 85% reliant on imports to meet its crude oil needs as domestic output is insufficient to meet the demand. Natural gas production, however, rose by almost a fifth to 2.89 billion cubic metre (bcm) in December 2021.

Ford Recalls 200K Cars To Fix Brake Lights Malfunction

Ford Motor Co. (F) is recalling nearly 200,000 cars in the U.S. to fix brake light malfunction issue.

Ford is recalling certain 2014-2015 Fusion, Lincoln MKZ, and 2015 Mustang vehicles. All the vehicles were sold or registered in Texas, Louisiana, Mississippi, Alabama, Florida, Georgia, South Carolina, North Carolina, Virginia and Hawaii.

According to the statement on NHTSA website, high temperatures and humidity can cause a rubber brake pedal part to disintegrate, keeping the lights on, confusing other drivers and increasing the risk of a crash. Drivers with automatic transmissions also can shift out of “park” gear without having their foot on the brake.

Dealers will replace brake and clutch pedal bumpers, free of charge. Owners will be notified by mail starting March 3.

The previous day, Ford announced in a statement that it has recorded a gain of $8.2 billion in the fourth quarter related to its equity investment in Rivian, following the electric vehicle maker’s November IPO.

Additionally, Ford will reclassify its about $900 million first-quarter 2021 non-cash gain on the Rivian investment as a special item, a step Ford said in October it would take after Rivian’s IPO.

Ford plans to release its fourth-quarter and full-year 2021 earnings report on Thursday, February 3.

Sterling Bancorp Q4 Profit Rises

Sterling Bancorp (STL) Wednesday reported fourth-quarter profit of $109.6 million or $0.57 per share, compared to $74.5 million or $0.38 per share last year.

Adjusted earnings for the quarter were $121.9 million or $0.64 per share, up from $94.3 million or $0.49 per share last year. Analysts polled by Thomson Reuters estimated earnings of $0.52 per share for the quarter.

Alcoa Corp. Q4 Loss Decreases, beats estimates

Alcoa Corp. (AA) revealed Loss for its fourth quarter that increased from last year and missed the Street estimates.

The company’s earnings came in at -$392 million, or -$2.11 per share. This compares with -$4 million, or -$0.02 per share, in last year’s fourth quarter.

Excluding items, Alcoa Corp. reported adjusted earnings of $475 million or $2.50 per share for the period.

Analysts on average had expected the company to earn $1.96 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 39.7% to $3.34 billion from $2.39 billion last year.

Alcoa Corp. earnings at a glance (GAAP) :

-Earnings (Q4): -$392 Mln. vs. -$4 Mln. last year.
-EPS (Q4): -$2.11 vs. -$0.02 last year.
-Analyst Estimate: $1.96
-Revenue (Q4): $3.34 Bln vs. $2.39 Bln last year.

European Economics Preview: Italy Industrial Output Data Due

Industrial production from Italy is due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, industrial output data for November is due from Turkey. Production had increased 8.5 percent in October.

At 3.00 am ET, the Czech Statistical Office is scheduled to issue retail sales data for November. Sales are forecast to grow 11.8 percent annually after rising 5.6 percent in October.

At 4.00 am ET, Italy’s Istat releases industrial production data for November. Economists expect industrial output to grow 0.5 percent on month, reversing a 0.6 percent fall in October.

In the meantime, economic bulletin is due from the European Central Bank.

At 4.30 am ET, the Bank of England is scheduled to issue Credit Conditions Survey results.

Half an hour later, consumer price data is due from Greece. Inflation is seen rising to 5.4 percent in December from 4.8 percent in November.