Net income – Evedirect http://evedirect.net/ Sun, 28 Nov 2021 06:06:05 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://evedirect.net/wp-content/uploads/2021/11/icon-27-120x120.png Net income – Evedirect http://evedirect.net/ 32 32 IMPACT Silver Reports Third Quarter 2021 Results, Positive Third Quarter Net Income, With Cash Flow From Operations To Date Of $ 2.8 Million https://evedirect.net/impact-silver-reports-third-quarter-2021-results-positive-third-quarter-net-income-with-cash-flow-from-operations-to-date-of-2-8-million/ Mon, 22 Nov 2021 13:35:29 +0000 https://evedirect.net/impact-silver-reports-third-quarter-2021-results-positive-third-quarter-net-income-with-cash-flow-from-operations-to-date-of-2-8-million/ Vancouver, British Columbia – (Newsfile Corp. – November 22, 2021) – IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (“IMPACT” or the “Company”) announces its financial and operating results for the third quarter ended September 30, 2021. The Company reported revenue of $ 13.7 million for the first three quarters of 2021, a 24% year-over-year […]]]>

Vancouver, British Columbia – (Newsfile Corp. – November 22, 2021) – IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (“IMPACT” or the “Company”) announces its financial and operating results for the third quarter ended September 30, 2021.

The Company reported revenue of $ 13.7 million for the first three quarters of 2021, a 24% year-over-year improvement over revenue of $ 11.0 million for the three first quarters of 2020. Since the start of the year, cash provided by operating activities improved to $ 2.8 million, EBITDA (earnings before interest, taxes, depreciation and amortization) remained strong to $ 1.9 million.

After investing $ 3.0 million in exploration spending and mining assets during the year, the cash position remained strong at $ 21.5 million with working capital of $ 22.1 million. $ 17.4 million, and working capital of $ 16.8 million as of September 30, 2020. The company has drilled more than 10,000 meters on the property in 2021.

Mine operating profit before depreciation and depletion for the current year improved 45% to $ 3.2 million from $ 2.2 million in 2020. Cost of sales increased over the course of the year. of the quarter to $ 3.6 million, compared to $ 3.1 million due to the company’s increased exploration and development at the Guadalupe mine, which is expected to have a positive impact on grade and tonnage by the first quarter of 2022.

Third Quarter 2021 Financial Overview

  • Third quarter 2021 revenue was $ 4.1 million down from $ 4.8 million in 2020 due to lower silver grades and tonnage this quarter as the Company focused on development work rather than production tonnage.
  • Net income for the quarter was $ 0.03 million, down from the third quarter of 2020 as silver grades fell due to increased processing of development cuttings and lower grades in higher sections. old Guadalupe Mine.
  • The Company’s net working capital as at September 30, 2021 was $ 22.1 million, compared to $ 16.8 million, an increase of 31.5% over the same period.
  • After investing $ 1.3 million in exploration and other capital during the quarter, cash flow remained strong at $ 21.5 million.
  • The Company has no long term debt.

Production overview for the third quarter of 2021

  • The plant’s throughput was 34,587 tonnes in the third quarter of 2021, which is a slight increase from the third quarter of 2020.
  • The mill’s average feed grade for silver was 156 grams per tonne (g / t) in Q3 2021, a decrease of 6% from 166 g / t in Q3 2020. Management expects grades to improve as the newly defined high grade zones begin to feed the mill in 2022. The third quarter of 2021 was marked by heavy rains which resulted in increased transportation and transportation costs. extraction. Mining at the high-grade Veta Negra open pit mine was halted during the quarter due to heavy rains.
  • Direct costs per tonne of production were $ 91.31 in the third quarter of 2021, as the Company ramped up exploration and development at the Guadalupe mine. The cumulative costs per tonne were $ 82.60.
  • Silver production in the third quarter of 2021 was 152,026 ounces (2020 – 158,992 ounces).

EXPLORATION AND DEVELOPMENT PLANS

In Guadalupe, work is underway to bring production capacity back to pre-pandemic levels as the pandemic supply chain and protocols come to an end. A major underground development program at Guadalupe continues, which includes a two-stage refurbishment of the Guadalupe mine shaft, as well as the reconstruction and extension of the extensive underground rail system on level 195 to access at the Pachuqueno section of the mine which recently reported high grade drilling intersections. This will provide considerably higher capacity with lower associated transportation costs. As development progresses, the Company anticipates a gradual increase in production towards the end of the year from the Guadalupe complex.

Regarding exploration news, a fourth drilling rig has been added to the Company-owned fleet and drilling plans have been extended to 20,000 meters through 2022. This will include monitoring recent successful drilling at Guadalupe and Pachuqueno, which included 2,186 g / t silver. over 3.38 meters. Drilling will also be underway this year at the San Ramon mine for additional areas beyond previous production areas.

CAPIRE – POTENTIAL RESTART OF OPEN-SKY PRODUCTION

Company engineers are examining the open-pit mine and processing plant at Capire for a possible restart of operations. Previous 43-101 studies on the Capire deposit were recalculated and confirmed by examination using previous test mining experience. Further studies are underway with respect to critical infrastructure to determine the optimum size of the plant for Capire operations. In addition, following successful laboratory-scale studies, a 1,400 kilogram bulk sample of material selected by the Company’s consultant from the Capire surface mine was shipped for testing at a Canadian laboratory using advanced X-ray transmission (“XRT”) pre-concentration processing technology. XRT technology is a process that recognizes and sorts rocks based on the specific atomic density of the material. XRT quickly sorts the grade material from the waste ore, reducing the amount of material to be processed during the crushing process, saving money. Preliminary results have been positive and further commercial scale testing is planned. The Company will assess the impact of XRT technology on capital and operating costs, recoveries and the final rate of mining and processing.

A recorded conference call reviewing financial and production results for the quarter ended September 30, 2021 will be available on the Company’s website on November 23, 2021 www.impactsilver.com/s/ConferenceCalls.asp.

The information contained in this press release should be read in conjunction with the unaudited interim condensed consolidated financial statements for Q3 / 2021 and the MD&A, available on the Company’s website at www.impactsilver.com and on SEDAR at www.sedar.com. All amounts are shown in Canadian dollars, unless otherwise indicated.

ABOUT IMPACT SILVER

IMPACT Silver Corp. is a successful silver explorer-producer where more than 90% of his income comes from silver, resulting in a stock price heavily dependent on the price of silver. The Company has two processing plants in adjacent districts within its 100% owned mining concessions covering 211 km2 in central Mexico with excellent infrastructure and manpower. Over the past 15 years, IMPACT has produced over 11.2 million ounces of silver, generating over $ 220 million in revenue, with no long-term debt. In the Royal Mines of the Zacualpan Silver District, three underground silver mines and one surface mine supply the Guadalupe central processing plant. To the south, in the district of Mamatla, the Capire project includes a 200 t / d pilot processing plant adjacent to a surface silver mine with a mineral resource of over 4.5 million ounces of silver. , 48 million pounds of zinc and 21 million pounds of lead (see IMPACT news release of January 18, 2016 for more details). Company engineers are reviewing Capire for a possible restart of operations in light of currently high silver prices. With 15 years of exploration success leading to production cash flow, IMPACT has shown that the Zacualpan Silver District has many zones of high grade silver and gold and has placed several zones into commercial production.

Additional information about IMPACT and its operations can be found on the company’s website at www.impactsilver.com Follow us on Twitter @IMPACT_Silver and LinkedIn at https://www.linkedin.com/company/impactsilver

Qualified Person and NI 43-101 Disclosure

George Gorzynski, P. Eng., Vice President and Director of IMPACT Silver Corp. and qualified person within the meaning of National Instrument 43-101, has approved the technical information contained in this press release.

On behalf of IMPACT Silver Corp.

“Frederick W. Davidson”
President and CEO

For more information please contact:
Jerry Huang
Chief Financial Officer | Investor Relations
(778) 887-6489 or This e-mail address is protected from spam. You need JavaScript enabled to view it.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements and cautions

This IMPACT press release may contain certain “forward-looking” statements and information relating to IMPACT that are based on the beliefs of IMPACT management, as well as assumptions made by and information currently available to IMPACT management. These statements reflect the current risks, uncertainties and assumptions relating to certain factors, but without limitation, without limitation, exploration and development risks, expenses and financing requirements, title matters, risks of ” mining, metal prices, political and economic factors, competitive factors, economic conditions, relationships with suppliers and strategic partners, government regulation and supervision, seasonality, technological changes, industry and one-off events. If one or more risks or uncertainties materialize or change, or if underlying assumptions prove to be incorrect, actual results and forward-looking statements may differ materially from those described in this document. IMPACT assumes no obligation to update any forward-looking statement, except as required by law.

The Company’s decision to bring a mine into production, to expand a mine, to make other production-related decisions or to otherwise carry out mining and processing operations, is largely based on Company data and internal non-public reports based on exploration, development and exploitation work by the Company’s geologists and engineers. The results of this work are evident in the discovery and construction of several mines for the Company and in the Company’s history of mineral production and financial performance since 2006. Under NI 43-101, the Company is required to disclose that it has not based its production decisions on NI 43-101 compliant mineral resource or reserve estimates, preliminary economic assessments or feasibility studies, and historically these projects have increased the uncertainty and the risk of failure.

303-543, rue Granville Telephone (604) 664-7707
Vancouver, British Columbia, Canada V6C 1X8
www.impactsilver.com
Twitter
LinkedIn


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AeroCentury Reports Q3 / 21 Net Income of $ 27.5 Million https://evedirect.net/aerocentury-reports-q3-21-net-income-of-27-5-million/ Mon, 22 Nov 2021 11:48:45 +0000 https://evedirect.net/aerocentury-reports-q3-21-net-income-of-27-5-million/ Aircraft lessor AeroCentury reported a net profit of $ 27.5 million in Q3 / 21, compared to a net loss of $ 4.1 million in Q3 / 20. The company also recorded $ 28.7 million in reorganization gains in Q3 / 21. In March, AeroCentury and its US subsidiaries filed voluntary requests for relief under […]]]>

Aircraft lessor AeroCentury reported a net profit of $ 27.5 million in Q3 / 21, compared to a net loss of $ 4.1 million in Q3 / 20. The company also recorded $ 28.7 million in reorganization gains in Q3 / 21.

In March, AeroCentury and its US subsidiaries filed voluntary requests for relief under Chapter 11 of the US Bankruptcy Code. On August 31, the US bankruptcy court upheld the company’s reorganization plan. On September 30, the company completed its Chapter 11 restructuring process and exited Chapter 11 bankruptcy. In Q3 / 21, the company adopted reporting adjustments for a fresh start following its exit from bankruptcy.

“We are very pleased to announce the company’s financial results for the third quarter of 2021, representing a new start for the business… both financially and strategically,” said Yucheng Hu, CEO of AeroCentury. “Following the completion of the company’s reorganization, we look forward to continuing to benefit from some of the growth and development of the company’s traditional aircraft leasing business through our majority stake in the subsidiary. wholly owned by the company, JetFleet Holding Corp., but we will also be opportunistic and seek additional growth investments in the future to diversify our revenue streams and high growth potential earnings for our shareholders. “

AeroCentury also reported that revenue and other income fell 54% to $ 1.6 million in Q3 / 21 from $ 3.5 million in Q3 / 20, mainly due to a decrease in rental income- operation and a reduction in the rent of two assets. Additionally, in Q3 / 21, the company had total operating expenses of $ 2.7 million, compared to $ 7 million in Q3 / 20.

As AeroCentury’s consolidated financial statements reflect fresh start adjustments following its exit from bankruptcy, the company cannot adequately compare the results of operations for the one-day period ended September 30 by compared to previous periods. As such, its Q3 / 21 results are based on the period July 1 to September 29.


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CAIXA’s net income reached BRL 14.1 billion in 9M21, up 87.4% from 9M20, and BRL 3.2 billion in 3Q21, up 69.7% from 3Q20 https://evedirect.net/caixas-net-income-reached-brl-14-1-billion-in-9m21-up-87-4-from-9m20-and-brl-3-2-billion-in-3q21-up-69-7-from-3q20/ Thu, 18 Nov 2021 09:30:00 +0000 https://evedirect.net/caixas-net-income-reached-brl-14-1-billion-in-9m21-up-87-4-from-9m20-and-brl-3-2-billion-in-3q21-up-69-7-from-3q20/ BRASÍLIA, Brazil, November 18, 2021 / PRNewswire / – FEDERAL CAIXA ECONMICA (“CAIXA”), the largest Brazilian bank by number of customers, credit, digital accounts and savings deposits, announces its consolidated result for the third quarter (3Q21). HIGHLIGHTS OF THE PERIOD: Net income of 3.2 billion reais in 3Q21, up 69.7% on the 3T20. Net income […]]]>

BRASÍLIA, Brazil, November 18, 2021 / PRNewswire / – FEDERAL CAIXA ECONMICA (“CAIXA”), the largest Brazilian bank by number of customers, credit, digital accounts and savings deposits, announces its consolidated result for the third quarter (3Q21).

HIGHLIGHTS OF THE PERIOD:

  • Net income of 3.2 billion reais in 3Q21, up 69.7% on the 3T20.
  • Net income of 14.1 billion reais in 9M21, up 87.4% more than 9M20.
  • In 9 months, CAIXA reached the 2nd best income in history, higher than all annual results, except for 2019.
  • Total balance 842.3 billion reais in the total loan portfolio, up 11.3% on the 3T20.
  • 104.2 billion reais mortgage loans, up 27.9% more than 9M20.
  • R $ 14.0 billion in mortgage loans (SBPE and FGTS funds) in AO / 21, the most volume for one month in the history of CAIXA.
  • Mortgage loans with SBPE funds increased 76.2% more than 9M20, totaling 61.6 billion reais.
  • The volume of Agro loans increased 80.1%, more than 9M20, with 10.3 billion reais contracted.
  • Loan balance for micro and small businesses increased 39.2% in 12 months, reaching 53.0 billion reais.
  • Total ROE 19.8%, through 5.6 pages YoY.
  • Total recurring ROE 11.8%, through 1.1 pages YoY.
  • Financial margin of 12.2 billion reais in 3Q21, up 27.8% on the 3T20.
  • Basel Ratio of 20.8% in 3Q21, with Tier 1 capital reaching 16.4%.
  • Savings balance reached 377.0 million reais during the 2019-2021 triennium, with the return of administrative 152 buildings until September 21.
  • Reduction projection of 251.8 million reais with renegotiation on rental values ​​until SEP / 21.
  • Adjusted to the Net Present Value (NPL), the restitution of properties and the renegotiation of rents represent savings of 10.4 billion reais, taking into account the durability of the contracts.
  • Return on properties adjusted to net present value represents savings of 6.0 billion reais, taking into account the durability of the contracts.
  • Renegotiations of rents adjusted to the Net Present Value represent savings of 4.4 billion reais, taking into account the durability of the contracts.

WEB BROADCAST OF 3Q21 RESULTS: November 18, 2021, 8h00 (US EDT)
https://webcastlite.mziq.com/cover.html?webcastId=d044aca2-5267-4b36-90ad-97aa2cc5fb51

3Q21 RESULT DOCUMENTS: publication of results, presentation and financial statements available at: www.caixa.gov.br/sobre-a-caixa/relacoes-com-investidores/

SOURCE Caixa Econômica Federal

Related links

https://www.caixa.gov.br


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Endeavor More Than Doubles Third Quarter Net Profit, Plans To Exceed 2021 Gold Production Forecast https://evedirect.net/endeavor-more-than-doubles-third-quarter-net-profit-plans-to-exceed-2021-gold-production-forecast/ Thu, 11 Nov 2021 17:43:00 +0000 https://evedirect.net/endeavor-more-than-doubles-third-quarter-net-profit-plans-to-exceed-2021-gold-production-forecast/ Editor’s Note: With such market volatility, stay on top of the daily news! In minutes, discover our quick summary of today’s must-see news and expert opinions. Register here ! (Kitco News) – Endeavor Mining (LSE, TSX: EDV) announced Thursday that the company produced 382 koz of gold in the third quarter of 2021, a 57% […]]]>

Editor’s Note: With such market volatility, stay on top of the daily news! In minutes, discover our quick summary of today’s must-see news and expert opinions. Register here !

(Kitco News) – Endeavor Mining (LSE, TSX: EDV) announced Thursday that the company produced 382 koz of gold in the third quarter of 2021, a 57% increase from the third quarter of 2020 (244 koz), in due to the full benefit of the consolidated production of Sabodala-Massawa and Wahgnion and the good operational performances in particular in Ity, Houndé and Boungou, while the AISC group has remained fairly stable.

The company said net income from continuing operations attributable to shareholders was $ 114 million in the third quarter of 2021, up 119% from $ 52 million in the third quarter of 2020, while adjusted net income attributable to shareholders was $ 153 million in the third quarter of 2021, an 89% increase from $ 81 million in the third quarter of 2020.

According to the company statement, strong year-to-date production of 1,138 koz at an AISC of $ 875 / oz positions the group well to beat the peak of its FY2021 production forecast of 1,365. at 1495 koz to an AISC within its forecast limits of $ 850. -900 / oz.

The company added that this outperformance is led by the Houndé, Ity, Sabodala-Massawa and Mana mines, where annual production is expected to be near or above the upper limit of their respective forecasts, while the other mines are in the forecast limits.

In addition, the company indicated that it benefited from the rapid and successful integration of the assets of Teranga Gold and the associated synergies.

President and CEO Sébastien de Montessus said: “After a strong performance in the third quarter, we are on track to achieve a record year. We are now well positioned to beat the top of our annual production target of 1.5 Moz at an AISC within the guided range. “

“Based on this strong performance, we expect to generate well over $ 1 billion in operating cash flow for the full year, which has already significantly improved the strength of our balance sheet and strengthened our ability to reward shareholders, ”he said.

Importantly, the company stressed that construction of Phase 1 of the Sabodala-Massawa expansion is scheduled to be completed by the end of the year, and that DFS is underway for the expansion. phase 2 of Sabodala-Massawa, the Fetekro and Kalana projects.

The company added that it is on track to discover more than 2.5 Moz of Indicated Resources in 2021 with resource updates expected to be released in Q4 2021, and that it aims to discover 15 to 20 Moz of indicated resources over the next 5 years.

Endeavor Mining is one of the world’s leading gold producers and the largest in West Africa, with operating assets in Senegal, Côte d’Ivoire and Burkina Faso and a portfolio of projects of advanced development and exploration assets in the very promising Birimian greenstone belt in West Africa. .

Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not a solicitation to effect an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.


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Aramco Doubles Third Quarter Net Profit Due to Rising Crude Prices https://evedirect.net/aramco-doubles-third-quarter-net-profit-due-to-rising-crude-prices/ Sun, 31 Oct 2021 08:49:06 +0000 https://evedirect.net/aramco-doubles-third-quarter-net-profit-due-to-rising-crude-prices/ Riyadh, Oct. 31 (EFE) .- Saudi state-owned oil company Aramco on Sunday announced its third quarter results, in which it recorded a 158% year-on-year increase in net profit compared to same period in 2020 thanks to higher oil prices and the amount of crude oil sold. “Aramco’s net profit was $ 30.4 billion in the […]]]>

Riyadh, Oct. 31 (EFE) .- Saudi state-owned oil company Aramco on Sunday announced its third quarter results, in which it recorded a 158% year-on-year increase in net profit compared to same period in 2020 thanks to higher oil prices and the amount of crude oil sold.

“Aramco’s net profit was $ 30.4 billion in the third quarter, compared to $ 11.8 billion in the third quarter of 2020. This 158% increase in year-over-year net profit mainly reflects the ‘impact of rising oil prices and volumes sold,’ Aramco explained in a statement.

This increase is produced thanks to “the recovery of global energy demand and increased economic activity in key markets,” said the note of the world’s largest oil company.

Aramco CEO Amin Nasser said in the statement that this was an “exceptional” result for the third quarter, although “there are headwinds for the global economy, in part. because of supply chain bottlenecks “. .

However, he said the state-owned company is “optimistic” that demand for energy will remain for the “foreseeable future.”

Aramco also announced in its third quarter 2021 results that its free cash flow rose to $ 28.7 billion from $ 12.4 billion the previous period, while the company will again pay its shareholders a dividend of 18, 8 billion, to be paid in the fourth quarter.

The rise in the price of crude oil continues without OPEC + producers planning to increase supply, despite the post-pandemic recovery continuing to pull demand. EFECOM

ijm / fc / sgb

(c) EFE Agency

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Tesla reports third quarter 2021 net profit of $ 1.62 billion as car sales rise https://evedirect.net/tesla-reports-third-quarter-2021-net-profit-of-1-62-billion-as-car-sales-rise/ Fri, 22 Oct 2021 04:45:41 +0000 https://evedirect.net/tesla-reports-third-quarter-2021-net-profit-of-1-62-billion-as-car-sales-rise/ Despite the continued shortage of chips, electric vehicle company Tesla reported net income of $ 1.62 billion in the third quarter of 2021, five times more than the same time last year. The company’s operating profit rose about 54 percent in the last quarter to $ 2 billion. “Operating income increased significantly year over year […]]]>

Despite the continued shortage of chips, electric vehicle company Tesla reported net income of $ 1.62 billion in the third quarter of 2021, five times more than the same time last year. The company’s operating profit rose about 54 percent in the last quarter to $ 2 billion.

“Operating income increased significantly year over year (year-over-year) primarily due to vehicle volume growth and cost reductions,” the company said in a statement.

“The positive impacts were partially offset by lower ASP, growth in operating expenses, lower regulatory credit revenue, additional supply chain costs, Bitcoin-related depreciation of $ 51 million. dollars and other items, ”he added.

In the third quarter, the company said it produced approximately 238,000 vehicles and delivered over 240,000 vehicles.

According to Engadget, company executives pointed to record Model 3 and Model Y sales for explosive profit growth, although only 9,289 Models X and S were shipped in the same period, a decrease by nearly 40% compared to the second rate for quarter 2021.

Overall, shipments increased 20% in the third quarter from the previous quarter and about 70% from the third quarter of 2020.

Also watch:

Tesla executives attribute the increase in Model Y production at the Shanghai Gigafactory to the increase in deliveries, according to the report.

Technologically, Tesla is continuing its beta deployment of FSD City Streets and plans to “continue to closely monitor fleet data to facilitate a smooth deployment.”

Read all the latest news, breaking news, and coronavirus news here. Follow us on Facebook, Twitter and Telegram.



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AutoNation Almost Doubles Third Quarter Net Profit to Acquire Priority 1 Automotive https://evedirect.net/autonation-almost-doubles-third-quarter-net-profit-to-acquire-priority-1-automotive/ Fri, 22 Oct 2021 02:05:44 +0000 https://evedirect.net/autonation-almost-doubles-third-quarter-net-profit-to-acquire-priority-1-automotive/ Automotive retail giant AutoNation Inc. has announced that it will acquire Priority 1 Automotive Group as it reported record third quarter results that saw its bottom line nearly double, supported by vehicle sales and revenues. used vehicles and a record gross profit per unit for new vehicles. The nation’s largest new vehicle retailer said Thursday […]]]>

Automotive retail giant AutoNation Inc. has announced that it will acquire Priority 1 Automotive Group as it reported record third quarter results that saw its bottom line nearly double, supported by vehicle sales and revenues. used vehicles and a record gross profit per unit for new vehicles.

The nation’s largest new vehicle retailer said Thursday it posted third-quarter net profit of $ 361.7 million, up 98% from the $ 182.6 million earned a year earlier. Revenue jumped 18 percent to $ 6.38 billion even as new vehicle sales fell 12 percent.

“Demand continues to exceed the supply of new vehicles,” AutoNation outgoing CEO Mike Jackson said in a statement. Former Fiat Chrysler Automobiles CEO Mike Manley is expected to take the helm of AutoNation on November 1.

AutoNation said the day supply of new vehicles was only 10 days at the end of September. A year earlier, he was 43.

“New vehicle sales are constrained by reduced production volume with low inventory levels,” Jackson said. “We expect this pent-up demand to support sales for the foreseeable future.”

AutoNation said it has signed a deal and hopes to complete the Priority 1 deal by the end of the fourth quarter, pending approvals from the manufacturer and others. The acquisition is expected to generate approximately $ 420 million in annual revenue.

At the end of September, AutoNation purchased 11 dealerships and an auto body shop from the Peacock Automotive Group under a deal originally announced in April. These stores are expected to generate $ 380 million in annual revenue.

The retailer opened a used-vehicle AutoNation USA store in Northglenn, Colo., Also in September, and this week opened one in Littleton, Colo., The third of five AutoNation USA outlets it plans to have. open this year. Additional sites are planned in Phoenix and Charlotte, North Carolina. The group wants to expand AutoNation USA to more than 130 sites by the end of 2026.

This week, the company said in a regulatory filing that it plans to sell 17 of its crash centers – about a quarter of its number – to Caliber Holdings in a deal expected to be reached by the end. of the year.

Meanwhile, during the third quarter, AutoNation spent $ 879 million to buy almost 11% of its own shares, while the board authorized $ 1 billion in buybacks.

AutoNation Actions rose 7.7 percent to close Thursday at $ 126.

Q3 turnover: $ 6.38 billion, up 18% from a year ago

Q3 net income: $ 361.7 million, up 98% from $ 182.6 million earned a year earlier

Vehicle sales in Q3: 135,830 combined sales of new and used vehicles, up 4%

Recordings: Gross profit per vehicle of the same store of $ 5,484 and gross financing and insurance margin of the same store per vehicle of $ 2,573

AutoNation, of Fort Lauderdale, Fla., Ranks # 1 on Automotive Newslist of the top 150 US-based dealer groups, retailing 249,654 new vehicles in 2020.


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JPMorgan Chase Reports Third Quarter Net Profit Increase of $ 11.7 Billion https://evedirect.net/jpmorgan-chase-reports-third-quarter-net-profit-increase-of-11-7-billion/ Wed, 13 Oct 2021 11:04:36 +0000 https://evedirect.net/jpmorgan-chase-reports-third-quarter-net-profit-increase-of-11-7-billion/ JPMorgan Chase & Co released its third quarter 2021 financial results on Wednesday and posted net income of $ 11.7 billion (£ 8.6 billion, € 10.1 billion), up 2, $ 2 billion, largely due to the release of credit reserves. Jamie Dimon, chief executive officer of the company, said in a statement that the company […]]]>

JPMorgan Chase & Co released its third quarter 2021 financial results on Wednesday and posted net income of $ 11.7 billion (£ 8.6 billion, € 10.1 billion), up 2, $ 2 billion, largely due to the release of credit reserves.

Jamie Dimon, chief executive officer of the company, said in a statement that the company released $ 2.1 billion in credit reserves, up from $ 569 million in credit reserves the previous year.

The current quarter also included a tax benefit of $ 566 million related to the finalization of the company’s 2020 U.S. federal income tax return, he said.

Improved economic outlook

“We released $ 2.1 billion in credit reserves as the economic outlook continues to improve and our scenarios have improved as a result. As we’ve said before, however, we don’t view these scenario-based exits as recurring or recurring benefits, ”Dimon said.

“These reserve calculations, while carried out with extreme diligence and caution, involve multiple hypothetical, multi-year, probability-adjusted scenarios, which may or may not occur, and which may continue to introduce quarterly volatility into the future. our reserves. Our revenues – not counting the release of the net reserve and a tax benefit – were $ 9.6 billion, ”he added.

The group also said net income stood at $ 30.4 billion, up 2% – and non-interest income at $ 17.3 billion, up 3% – which was mainly due to higher investment banking fees in corporate and investment banking (CIB) and management fees in assets. & Wealth Management (AWM), which were offset by net losses in corporate investment securities versus net gains in the previous year and a decline in home lending income, he said.

Future plans

“We are making significant investments, including complementary strategic acquisitions that will boost our company’s future prospects and position it to grow and prosper for decades to come. This quarter, we became the first bank to have branches in all 48 [US] States, allowing us to serve more households, businesses and communities across the country, ”Dimon said.

“We are at more than half of our plan to open 400 branches in new markets by the end of 2022, with around 30% of these branches in low to moderate income communities,” he said. he added in the release.

JPMorgan Chase said it is also expanding its retail presence internationally, having recently launched its digital retail bank in the UK. “We remain committed to using our resources to deliver inclusive solutions to support our employees, customers, customers and the communities we serve,” concluded Dimon.

Read more: Online Retailer CoolBlue Postpones IPO Due to Market Volatility

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Almarai third quarter net profit drops amid pandemic headwinds https://evedirect.net/almarai-third-quarter-net-profit-drops-amid-pandemic-headwinds/ Sun, 10 Oct 2021 06:27:29 +0000 https://evedirect.net/almarai-third-quarter-net-profit-drops-amid-pandemic-headwinds/ Almarai in Saudi Arabia, the largest dairy company in the Middle East, said third quarter net profit fell 34% per year due to lower margins and headwinds from Covid. Net profit attributable to shareholders of the company for the three-month period ending in late September fell to 409 million Saudi riyals ($ 109.1 million), compared […]]]>

Almarai in Saudi Arabia, the largest dairy company in the Middle East, said third quarter net profit fell 34% per year due to lower margins and headwinds from Covid.

Net profit attributable to shareholders of the company for the three-month period ending in late September fell to 409 million Saudi riyals ($ 109.1 million), compared to the same period a year earlier, Almarai said. in a statement released Sunday on the Tadawul Stock Exchange, where its shares are traded

Gross profit for the period decreased by approximately 16% to 1.27 billion riyals in the quarter, compared to the same period a year earlier. Overall third-quarter revenue, however, grew 2 percent annually to 3.94 billion riyals, the company said.

“Almarai faced a difficult quarter due to the base year effect of Covid-19 and rising raw material costs,” the company said. “Despite continued trade standardization after Covid-19 restrictions, commodity revenues fell 3% in GCC countries. “

The decrease in turnover was even more pronounced for food sales due to a one-time purchase made in this category last year.

“The decline in GCC revenues was partially offset by the growth in bakery sales due to the partial opening of educational establishments,” the company said.

The company said its gross margin had slipped mainly due to lower margins due to adjustments related to reduced subsidies, driven by “no subsidies in 2021 on corn and soybeans and without the benefit of the subsidy overlap. for poultry in 2020 “.

The decline was further exacerbated by rising feed costs as the company meets all of its alfalfa needs from imports and “the higher cost of commodities as the hedge cover in the first half of 2021 does not was not available in the third quarter of 2021, “Almarai said.

In terms of business categories, profits from the dairy and juice businesses fell 30 percent, while revenues from the company’s poultry division fell about 51 percent. However, the profit of the bakery division increased by 19%, mainly due to the partial opening of educational establishments in Saudi Arabia and other GCC countries.

Despite the challenges in the markets, “Almarai continued to exercise cost control across its entire supply chain to deliver value to its customers,” the company said.

Almarai said he was developing “several scenarios to manage these impacts and will roll out additional plans in the coming quarters.”

The company’s revenue from operations in Saudi Arabia fell by around 2%, while in other GCC countries it fell 5% in the third quarter. In markets beyond the Gulf, revenues increased by 32%,

The company’s net profit for the first nine months of the year fell about 22% to 1.28 billion riyals. During the same period, revenue fell 4% year-on-year in Saudi Arabia. It fell 6 percent in the other GCC market, while it rose about 39 percent in markets beyond the Gulf region.

Despite the headwinds in the market, Almari plans to invest 6.6 billion riyals to expand its poultry business in Saudi Arabia over the next five years.

The company’s board of directors has already approved the investment, which will help double its market share in the segment, he said in a May 3 statement.

The dairy company is also considering inorganic growth. In June, he announced that he was buying the Binghatti Beverages Manufacturing production complex in the United Arab Emirates for 215 million dirhams ($ 58.54 million).

In May, Almarai’s subsidiary, Western Bakeries, bought an additional stake in Riyadh-based snack maker Modern Food Industries for 150 million riyals, increasing its stake in the company to 75%.

Almarai also acquired Bakemart’s business in the United Arab Emirates and Bahrain for $ 25.47 million in March.

Updated: October 10, 2021, 8:08 AM


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What is net income? | Financial literacy https://evedirect.net/what-is-net-income-financial-literacy/ Thu, 30 Sep 2021 16:12:51 +0000 https://evedirect.net/what-is-net-income-financial-literacy/ There are a lot of parameters to pay attention to when it comes to financial reporting. Few are as significant or as important as a company’s bottom line. This is the total income earned during a period (for example, a fiscal year) after deducting all expenses incurred during the same period. It is a figure […]]]>

There are a lot of parameters to pay attention to when it comes to financial reporting. Few are as significant or as important as a company’s bottom line. This is the total income earned during a period (for example, a fiscal year) after deducting all expenses incurred during the same period. It is a figure reported on the company’s income statement and correlated to its profitability. Net income is most often referred to as the company’s bottom line or total profit.

Although it is presented as a static number in the company’s income statement, net profit is actually more useful as a rolling measure. Companies capable of making more money than they spend are profitable and therefore more efficient. The ability to increase bottom line and profitability over time signals a healthy business model. More importantly, this is a positive sign for investors looking for a lucrative place to park their capital.

How to calculate net income

Net income comes from subtracting the company’s total expenses from its total income. This includes expenses such as cost of goods sold (COGS), selling and administrative expenses, general expenses, operating expenses, depreciation of assets and other expenses. It also takes into account the cost of taxes. The formula for net income Is simple :

Net income = Total income – Total expenses

Simply put: net income is profit. It is the extent to which a business is able to exceed its expenses by generating income. The path to that profitability is evident on the company’s income statement, which shows the breakdown of numbers that attribute both income and expense to the equation.

Net earnings and earnings per share

Beyond a showcase of overall profitability, bottom line is an important variable in calculating a company’s earnings per share (EPS). Many investors use EPS as a measure of the company’s performance over the past period. Companies also tend to issue expected EPS: the amount that shareholders can expect stocks to appreciate over the coming period.

It is also important to consider Basic EPS vs diluted EPS. Diluted EPS is the measure of the company’s net income allocated among common shares, while taking into account dilutive events, including the exercise of employee stock options, warrants and convertible preferred shares. . Diluted EPS is almost always lower than basic EPS, but tends to give a more accurate picture of how the company’s bottom line benefits investors.

How businesses use net income

Net income is the money the business can use as it sees fit, since all business expenses are factored into its calculation. Depending on the financial health or stage of growth of the business, there are a number of things that it can choose to do with its profits:

  • Pay dividends. Public companies pay a dividend as a way to redistribute net income to shareholders. This dividend is used to pay out profits, which attracts more shareholders, bringing more investor capital to the company.
  • Retained earnings. Retained earnings are the earnings that the company chooses to keep after paying dividends, in order to increase its cash reserves. Many companies choose to keep profits when planning a known expense or when preparing financial reports, in order to strengthen the balance sheet.
  • Reinvest the profits. More often than not, companies choose to reinvest their net income in the business. This may include purchasing new equipment, expanding production facilities, adding new assets or making acquisitions.

How the business uses its profits can play an important role in how investors view it as an investment. The choice often comes down to the company’s forward-looking goals, its leadership philosophy and its upcoming financial obligations.

An example of net income at work

ABC Company recorded total sales of $ 2.5 million in 2020. The company recorded business expenses of $ 1.2 million and paid taxes of $ 300,000 during the same period. ABC Company’s net income in 2020 was $ 1 million.

ABC Company pays out $ 600,000 of this income as dividends to shareholders, resulting in $ 400,000 in retained earnings. Of these retained earnings, the company chooses to spend $ 100,000 on new production equipment and $ 150,000 on R&D initiatives for the coming year, putting the final $ 150,000 in the bank.

Investors looking at ABC Company’s financial data over the past three years will see net income growth: $ 900,000 in 2018, $ 1 million in 2019, and $ 1.2 million in 2020. This healthy growth, in addition to the way the company has managed its profits, indicates that ABC Company is a smart investment.

Important factors to consider

Like all financial measures, the net result is subject to a certain level of manipulation. It’s important for investors to look beyond the bottom line, to look at the factors that contribute to it. Do business expenses make sense? Does its turnover match the published sales figures? While financial reporting and auditing standards ensure a level of transparency in financial reporting, the burden of understanding them always falls on investors.

Businesses with Consistent Profits Succeed

Net income is synonymous with bottom line for a reason: because it is the ultimate goal of the company’s ability to make money. Companies that show constant net income from period to period will attract investors. Why? Because they continue to prove the effectiveness of their business model.

And these are the types of businesses you want to invest in when you retire. To learn more about smart investing and preparing for retirement, subscribe to Rich retirement e-letter below.

Companies that make money are able to return it to shareholders or reinvest it for even greater future profits. Whatever its use, the fact that the business is profitable matters above all.



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