Oil Extends Losses Ahead Of OPEC+ Meeting
Bunzl Acquires 4 Businesses
Bunzl plc (BNZL), a specialist international distribution company, on Tuesday announced agreements it has entered into, to acquire four businesses. The company has announced six acquisitions year-to-date, with a total committed acquisition spend of more than 220 million pounds.
On 1 August, the group completed the acquisition of Containit, a distributor of warehouse storage solutions to the resources and defence sectors in Australia, that had generated a revenue of AUD 17 million (approx. 9 million pounds) in 2021.
In July, Bunzl entered into an agreement to acquire Corsul Group, a Brazil-based distributor of personal protective equipment, which generated revenue of BRL 260 million (approx. 35 million pounds) in 2021. Completion of the acquisition is however subject to competition authority clearance.
In the same month, Bunzl also completed the acquisition of AFL Groep, a distributor of logistics and warehouse related supplies to customers in the Benelux. In 2021, AFL had generated revenue of EUR 19 million (approx. 16 million pounds).
Bunzl’s acquisition of U.K.-based London Catering & Hygiene Solutions, a distributor of catering supplies and cleaning and hygiene products, which generated 5 million pounds of revenue in the 12 months to May 2022, was also completed in the month of July.
The company also announced the completion of acquisition of Hygi.de, an online distributor of cleaning and hygiene products in Germany.
Shares of Bunzl closed Monday’s trading at 3070 pence, down 1 pence or 0.03 percent from the previous close.
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By Trish Bendix
Coca-Cola Boost FY22 Organic Revenue Growth Outlook
While reporting financial results for the second quarter on Tuesday, beverages giant Coca-Cola Co. (KO) maintained its adjusted earnings guidance for the full-year 2022, while raising annual organic revenue growth outlook. The company also provided outlook for the third quarter.
For fiscal 2022, the company still projects comparable earnings to grow in a range of 5 to 6 percent from the $2.32 per share reported in 2021, with a 9 percent currency headwind.
It also now projects organic revenue growth of 12 to 13 percent, with a 6 percent currency headwind and 2 percent tailwind from acquisitions and divestitures. Previously, it expected organic revenue growth of 7 to 8 percent.
The Street is looking for earnings of $2.46 per share on revenue growth of 8.0 percent to $41.74 billion for the year.
For the third quarter, Coca-Cola projects comparable net revenues on an adjusted basis to be impacted by about 7 to 8 percent currency headwind based on the current rates and including the impact of hedged positions. Comparable earnings are expected to include an approximate 9 to 10 percent currency headwind.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Greggs PLC H1 Pretax Profit Rises; LFL Sales Up 22.4%
Greggs PLC (GRG.L) reported that its first half pre-tax profit increased to 55.8 million pounds from 55.5 million pounds, prior year. Earnings per share was 44.8 pence compared to 43.2 pence. Total sales were 694.5 million pounds compared to 546.2 million pounds, prior year.
The Board’s expectations for the full year outcome remain unchanged. In the four weeks to 30 July, like-for-like sales in company-managed shops were 13.1% above prior year.
The Board has declared an interim dividend of 15.0 pence per share. The interim dividend will be paid on 7 October 2022 to those shareholders on the register at the close of business on 9 September 2022.
The Board of Greggs plc has appointed Matthew Davies as an independent non-executive director and Chair Designate. He joins the Board with immediate effect, and will be appointed as Chair on 1st November 2022. Matt previously held CEO positions at Tesco UK & Ireland, Pets at Home, and Halfords. As a non-executive director, Matt chaired
N Brown Group plc between 2018 and 2021.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Gold Holds Steady As Geopolitical Tensions Mount
Gold prices held near four-week highs on Tuesday, as a weaker dollar and lower U.S. Treasury yields boosted demand for the safe-haven metal.
Spot gold edged up 0.1 percent to $1,774.76 per ounce, while U.S. gold futures were up 0.2 percent at $1,790.95.
The dollar was under pressure and U.S. Treasury yields slipped amid easing bets of aggressive Federal Reserve monetary action.
Intensifying geopolitical tensions also helped lift demand for gold.
Investors are worried that a trip by U.S. House Speaker Nancy Pelosi to Taiwan would raise tensions between the world’s two economic superpowers.
Chinese foreign ministry spokesman Zhao Lijian said that Pelosi’s visit would lead to “very serious developments and consequences”. The White House has warned China against turning her visit into a crisis.
Additionally, the United States accused Russia of using Ukraine’s biggest nuclear power plant as a “nuclear shield” by stationing troops there, preventing Ukrainian forces from returning fire and risking a terrible nuclear accident.
Oil Extends Losses Ahead Of OPEC+ Meeting
Oil prices fell on Tuesday to extend losses from the previous session on concerns about global oil demand.
Amid lingering concerns about supply shortages, traders also awaited the outcome of OPEC+ meeting this week for directional cues.
Brent crude futures for October delivery fell 0.6 percent to $99.41 a barrel as concerns over demand destruction outweighed supply constraint fears. WTI crude futures for September settlement were down half a percent at $93.47.
Global recession fears, returning oil supply from Libya and the resumption of Russian gas flows to Europe helped ease supply restraints.
Several countries reported weak manufacturing data on Monday, adding to concerns about the outlook for energy demand.
The OPEC+ group is meeting on Wednesday to discuss future supply. Despite pressure from the United States to increase output, the meeting is not likely to see a surprise outcome in terms of a production hike.