Richards Packaging Income Fund announces 2024 Third Quarter Results
TORONTO, Oct. 31, 2024 /CNW/ – Richards Packaging Income Fund RPI (the “Fund”) announced today results for the quarter ended September 30, 2024.
“The third quarter financial performance was impacted by a $3 million decline in healthcare capital sales while the weakness in food and beverage packaging sales on the oversupply of inventory continued albeit at a slower pace of 3%. Lower capital revenue of 7% in healthcare was partially offset by 4% growth in consumables. Profit from operations was down on lower revenue as higher margins were offset by higher administration expenses.
Third quarter total revenue was down 4% with a $3 million contraction due to oversupply for food and beverage packaging and $1 million reduction in healthcare sales. Net income decreased $1 million, or 8¢ per Unit, mainly due to the $1 million loss on exchangeable shares and lower profit from operations offset by lower financial expenses.” commented Gerry Glynn, Director and Trustee.
Details of the Fund’s results are currently available on Richards Packaging’s website at www.richardspackaging.com and on SEDAR+ at www.sedarplus.ca.
About Richards Packaging Income Fund
The Fund owns Richards Packaging Inc. (“Richards Packaging”) which since 1912 has served a wide customer base throughout North America comprised of over 17,000 regional food, beverage, cosmetics, healthcare, and other enterprises.
SOURCE Richards Packaging Inc.
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NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND ANNOUNCES MONTHLY DISTRIBUTION
NEW YORK, Oct. 31, 2024 /PRNewswire/ — Neuberger Berman Next Generation Connectivity Fund Inc. NBXG (the “Fund”) has announced a distribution declaration of $0.10 per share of common stock. The distribution announced today is payable on November 29, 2024, has a record date of November 15, 2024, and has an ex-date of November 15, 2024.
Under its level distribution policy, the Fund anticipates that it will make regular monthly distributions, subject to market conditions, of $0.10 per share of common stock, unless further action is taken to determine another amount. The Fund’s ability to maintain its current distribution rate will depend on a number of factors, including the amount and stability of income received from its investments, availability of capital gains, and the level of other Fund fees and expenses. There is no assurance that the Fund will always be able to pay a distribution of any particular amount or that a distribution will consist of only net investment income.
Due to an effort to maintain a stable distribution amount, the distribution announced today, as well as future distributions, may consist of net investment income, net realized capital gains and return of capital. In compliance with Section 19 of the Investment Company Act of 1940, as amended, a notice would be provided for any distribution that does not consist solely of net investment income. The notice would be for informational purposes and not for tax reporting purposes, and would disclose, among other things, estimated portions of the distribution, if any, consisting of net investment income, capital gains and return of capital. The final determination of the source and tax characteristics of all distributions paid in 2024 will be made after the end of the year.
About Neuberger Berman
Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $509 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The PRI identified the firm as part of the Leader’s Group, a designation awarded to fewer than 1% of investment firms for excellence in environmental, social and governance practices. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last ten years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of September 30, 2024.
Statements made in this release that look forward in time involve risks and uncertainties. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund’s performance, a general downturn in the economy, competition from other closed end investment companies, changes in government policy or regulation, inability of the Fund’s investment adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.
Contact:
Neuberger Berman Investment Advisers LLC
Investor Information
(877) 461-1899
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SOURCE Neuberger Berman
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Intel Stock Climbs On Better-Than-Expected Q3 Results: Details (CORRECTED)
Editors Note: The EPS and estimate were corrected, as was the consensus revenue estimate; bullet points updated.
Intel Corp. INTC reported its third-quarter results after Thursday’s closing bell. Here’s a look at the details from the report.
The Details: Intel reported an EPS loss of 46 cents against an estimate of a loss of two cents. Quarterly revenue clocked in at $13.28 billion, which beat the consensus estimate of $13.02 billion.
“Our Q3 results underscore the solid progress we are making against the plan we outlined last quarter to reduce costs, simplify our portfolio and improve organizational efficiency. We delivered revenue above the midpoint of our guidance, and are acting with urgency to position the business for sustainable value creation moving forward,” said Pat Gelsinger, Intel CEO.
“The momentum we are building across our product portfolio to maximize the value of our x86 franchise, combined with the strong interest Intel 18A is attracting from foundry customers, reflects the impact of our actions and the opportunities ahead,” Gelsinger added.
The company recorded an impact of negative 63 cents to non-GAAP EPS attributable to Intel from $3.1 billion of impairment charges.
“Restructuring charges meaningfully impacted Q3 profitability as we took important steps toward our cost reduction goal,” said David Zinsner, Intel CFO. “The actions we took this quarter position us for improved profitability and enhanced liquidity as we continue to execute our strategy. We are encouraged by improved underlying trends, reflected in our Q4 guidance.”
Outlook: Intel expects fourth-quarter earnings of 12 cents per share and gross margin of 39.5%.
Read Next: Reddit ‘Remains A Favorite’ For Wall Street After ‘Emphatic Beat And Raise’ In Q3
INTC Price Action: According to Benzinga Pro, Intel shares are up 12.27% after-hours at $24.17 at the time of publication Thursday.
Read Also:
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Cannabis Stock Gainers And Losers From October 31, 2024
GAINERS:
LOSERS:
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Insider Decision: Robert Soderbery Offloads $2.09M Worth Of Western Digital Stock
Disclosed on October 30, Robert Soderbery, EVP & GM at Western Digital WDC, executed a substantial insider sell as per the latest SEC filing.
What Happened: Soderbery opted to sell 30,767 shares of Western Digital, according to a Form 4 filing with the U.S. Securities and Exchange Commission on Wednesday. The transaction’s total worth stands at $2,092,519.
In the Thursday’s morning session, Western Digital‘s shares are currently trading at $67.15, experiencing a down of 1.68%.
Discovering Western Digital: A Closer Look
Western Digital is a leading vertically integrated supplier of data storage solutions, spanning both hard disk drives and solid-state drives. In the HDD market it forms a practical duopoly with Seagate, and it is the largest global producer of NAND flash chips for SSDs in a joint venture with competitor Kioxia.
Western Digital: Delving into Financials
Revenue Growth: Western Digital’s revenue growth over a period of 3 months has been noteworthy. As of 30 September, 2024, the company achieved a revenue growth rate of approximately 8.79%. This indicates a substantial increase in the company’s top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Information Technology sector.
Profitability Metrics: Unlocking Value
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Gross Margin: The company issues a cost efficiency warning with a low gross margin of 37.88%, indicating potential difficulties in maintaining profitability compared to its peers.
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Earnings per Share (EPS): Western Digital’s EPS is significantly higher than the industry average. The company demonstrates a robust bottom-line performance with a current EPS of 1.4.
Debt Management: Western Digital’s debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 0.64.
Financial Valuation Breakdown:
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Price to Earnings (P/E) Ratio: Western Digital’s current Price to Earnings (P/E) ratio of 73.65 is higher than the industry average, indicating that the stock may be overvalued according to market sentiment.
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Price to Sales (P/S) Ratio: With a lower-than-average P/S ratio of 1.56, the stock presents an attractive valuation, potentially signaling a buying opportunity for investors interested in sales performance.
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EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation & Amortization): Indicated by a lower-than-industry-average EV/EBITDA ratio of 17.25, the company suggests a potential undervaluation, which might be advantageous for value-focused investors.
Market Capitalization Perspectives: The company’s market capitalization falls below industry averages, signaling a relatively smaller size compared to peers. This positioning may be influenced by factors such as perceived growth potential or operational scale.
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The Relevance of Insider Transactions
In the complex landscape of investment decisions, investors should approach insider transactions as part of a comprehensive analysis, considering various elements.
Within the legal framework, an “insider” is defined as any officer, director, or beneficial owner holding more than ten percent of a company’s equity securities as per Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and major hedge funds. These insiders are mandated to disclose their transactions through a Form 4 filing, to be submitted within two business days of the transaction.
The initiation of a new purchase by a company insider serves as a strong indication that they expect the stock to rise.
However, insider sells may not always signal a bearish view and can be influenced by various factors.
Breaking Down the Significance of Transaction Codes
In the domain of transactions, investors frequently turn their focus to those taking place in the open market, as meticulously outlined in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
Check Out The Full List Of Western Digital’s Insider Trades.
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Amazon Q3 Earnings Highlights: Revenue Beat, EPS Beat, Q4 Guidance, New Kindles 'Significantly Outperforming Our Expectations'
Amazon.com Inc AMZN reported third-quarter financial results after the market close Thursday.
Here are the key highlights.
What Happened: Amazon reported third-quarter net sales of $158.9 billion, up 11% year-over-year. The total beat a Street consensus estimate of $157.2 billion, according to data from Benzinga Pro.
The company reported third-quarter earnings per share of $1.43, which beat a Street consensus estimate of $1.14.
Sales for the third quarter were as follows:
North America: $95.5 billion, +9% year-over-year
International: $35.9 billion, +12% year-over-year
AWS: $27.5 billion, +19% year-over-year
Operating income was $17.4 billion in the third quarter, up from $11.2 billion in last year’s third quarter. AWS led the way on operating income with $10.4 billion, up from $7 billion in last year’s third quarter. Operating income was $5.7 billion and $1.3 billion in North America and International segments respectively, both up on a year-over-year basis.
Amazon highlighted the strength of its streaming segment with “The Lord of the Rings: The Rings of Power” season two launch and its distinction of becoming the most-watched returning season on Prime Video by hours watched.
The Sept. 26 “Thursday Night Football” matchup between the Dallas Cowboys and New York Giants had over 17 million viewers, ranking as the most streamed NFL regular season game ever, Amazon said.
Read Also: Amazon Q3 Earnings Preview: AWS, Prime Video, Streak Of Analyst Beats On Watch
What’s Next: Guidance from the company calls for fourth-quarter net sales to come in a range of $181.5 billion to $188.5 billion, up 7% to 11% year-over-year.
The company expects operating income to come in a range of $16 billion to $20 billion in the fourth quarter.
“We kicked off the holiday season with our biggest-ever Prime Big Deal Days and the launch of an all-new Kindle lineup that is significantly outperforming our expectations, and there’s so much more coming, from tens of millions of deals to our NFL Black Friday game and Election Day coverage,” Amazon CEO Andy Jassy said.
Jassy said Amazon will share more details on new cloud infrastructure and AI capabilities at re:Invent, which takes place the week after Thanksgiving.
AMZN Price Action: Amazon stock is up 3.93% to $193.50 in after-hours trading Thursday. versus a 52-week trading range of $133.86 to $201.20.
Read Next:
Photo courtesy of Amazon.
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October's Top 10 Celebrity Real Estate News: George Clooney, Tom Cruise, David and Victoria Beckham
George Clooney, Tom Cruise, David and Victoria Beckham made real estate news in October. Top 10 Celebrity Real Estate News is featured at TopTenRealEstateDeals.com.
POMPANO BEACH, Fla., Oct. 31, 2024 /PRNewswire/ — October’s Top 10 Celebrity Real Estate News
Where Real Estate Is Never Boring!
“Beckhams Buy Big In Miami Beach”
David and Victoria Beckham just purchased an $80 million home on Biscayne Bay in Miami Beach. The 12,500-square-foot home includes nine bathrooms and 13 baths, lots of marble and bronze, a theater, a pool and water features, an outdoor kitchen, and 124 feet of dock space to park their $20 million yacht. In addition to their new home, the Beckhams also own a $20 million luxury condo in Miami, a $40 million townhome in London, and a $15 million country home in southern England.
“George Clooney Sells Longtime LA Home”
Soon after George Clooney was hired to star in the TV drama “ER” in 1995, he bought a six-bedroom home in LA’s Fryman Canyon neighborhood for $2.2 million. George just sold it to Olivia Culpo and Christian McCaffrey for $14.5 million. Culpo, the 2012 Miss USA and Miss Universe winner, and McCaffrey, an NFL star, were married in June. The compound includes the 7,000-square-foot main home, several guest homes, a tennis court, and a pool.
“Rudy Ordered To Surrender Luxury New York Pad”
Rudy Giuliani has been ordered by a federal judge to turn over the keys to his luxury New York apartment to help settle a $148 million civil court judgement. Mr. Giuliani was sued over lies he spread about two Georgia election workers he accused of stuffing the ballot box following the 2020 presidential election. According to Realtor.com, the New York apartment is worth about $6 million. Giuliani may also lose his Palm Beach condo, which is worth about $3.5 million.
“Matthew Perry’s Home Sells One Year After Death”
Matthew Perry’s Pacific Palisades home has sold for $8.5 million. The sale comes one year after Perry died from the acute effects of ketamine, which led to his drowning. Perry bought the four-bedroom contemporary home in 2020 for $6 million.
“Billy Joel Lists Long Island Estate”
Billy Joel has relisted his 26-acre Long Island waterfront home for $49.9 million. Consisting of four properties: the Main House, Beach House, Guest House, and the Gate House, Billy bought the property in 2002 and then invested a few million dollars more on the compound. The 20,000-square-foot Main House includes 30-foot-tall cathedral ceilings, a ballroom and views of Long Island Sound.
“Helen Mirren Relists In LA For Much Less”
Actress Helen Mirren has listed her LA home for the third time in the last three years, but has now knocked nearly $4 million off her original ask of $18.5 million. The new listing at $14.995 million includes the main house, a two-bedroom guest home and a one-bedroom guest apartment on 6.5 acres.
“Tyler Perry’s Mansion, Rolls Royce & Ferrari”
Tyler Perry’s former home in Atlanta has come on the market at $3.9 million. The 17,899-square-foot home includes six bedrooms, a theater, gym, infinity pool, tennis court, and a pond. But that’s not all, it also includes a six-car garage with a 1973 Rolls Royce & a 1975 Ferrari.
“LA Mansion Sale May Set New Record”
The Pritzker Estate in Los Angeles has been listed at $195 million. The 16-bedroom home with about 50,000 square feet was built in 2011 for the billionaire couple Tony and Jeanne Pritzker, who are now going through a difficult divorce. If the home sells anywhere near the asking price, it will set a new record for the most expensive home ever sold in Los Angeles. The current record is the $165 million Amazon-founder Jeff Bezos paid in 2020 for the Warner Estate.
“Tom Cruise’s Florida Penthouse Spared”
The good fortune that Hurricane Milton weakened before it landed on Florida’s Gulf Coast was great news for Tom Cruise, who owns a luxury penthouse in Clearwater, Florida. The condo is located near the Church of Scientology’s international headquarters, of which Cruise is a longtime member.
“Jim Carrey Cuts LA Home Price”
The Los Angeles home that Jim Carrey once called his “magical sanctuary” is still for sale, but with a better price. Located in LA’s Brentwood neighborhood, Jim has relocated to his vacation property in Maui and put the Brentwood estate, where he had lived for years, up for sale. The 12,700-square-foot home with five bedrooms and six full baths is now listed at $26.5 million.
For more celebrity home news and celebrity home video tours, visit TopTenRealEstateDeals.com.
Media Contact
Terry Walsh, TopTenRealEstateDeals.com, 954-544-0526, terry@toptenrealestatedeals.com, https://toptenrealestatedeals.com/weekly-ten-best-home-deals
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Energy Recovery SVP Sold $116K In Company Stock
Disclosed on October 30, Rodney Clemente, SVP at Energy Recovery ERII, executed a substantial insider sell as per the latest SEC filing.
What Happened: After conducting a thorough analysis, Clemente sold 6,505 shares of Energy Recovery. This information was disclosed in a Form 4 filing with the U.S. Securities and Exchange Commission on Wednesday. The total transaction value is $116,946.
Monitoring the market, Energy Recovery‘s shares down by 0.0% at $17.58 during Thursday’s morning.
Delving into Energy Recovery’s Background
Energy Recovery Inc is an engineering-driven technology company. It is engaged in engineering, designing, manufacturing and supplying solutions that make industrial processes more efficient and sustainable. The company operates in three segments, Water, Emerging Technologies and Corporate. It offers energy recovery devices (ERDs) and pumps as well as related products and services to the global reverse osmosis desalination market. The company derives a majority of the revenue from the Water segment. Geographically, the company operates in the U.S. and other international countries.
Energy Recovery: A Financial Overview
Positive Revenue Trend: Examining Energy Recovery’s financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 31.25% as of 30 June, 2024, showcasing a substantial increase in top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Industrials sector.
Exploring Profitability:
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Gross Margin: The company sets a benchmark with a high gross margin of 64.58%, reflecting superior cost management and profitability compared to its peers.
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Earnings per Share (EPS): Energy Recovery’s EPS is below the industry average, signaling challenges in bottom-line performance with a current EPS of -0.01.
Debt Management: Energy Recovery’s debt-to-equity ratio is below the industry average. With a ratio of 0.06, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
Assessing Valuation Metrics:
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Price to Earnings (P/E) Ratio: With a higher-than-average P/E ratio of 50.97, Energy Recovery’s stock is perceived as being overvalued in the market.
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Price to Sales (P/S) Ratio: With a relatively high Price to Sales ratio of 7.78 as compared to the industry average, the stock might be considered overvalued based on sales performance.
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EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation & Amortization): A high EV/EBITDA ratio of 41.59 positions the company as being more valued compared to industry benchmarks.
Market Capitalization Analysis: The company exhibits a lower market capitalization profile, positioning itself below industry averages. This suggests a smaller scale relative to peers.
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Navigating the Impact of Insider Transactions on Investments
Insider transactions contribute to decision-making but should be supplemented by a comprehensive investment analysis.
Considering the legal perspective, an “insider” is defined as any officer, director, or beneficial owner holding more than ten percent of a company’s equity securities, according to Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and major hedge funds. These insiders are mandated to disclose their transactions through a Form 4 filing, to be submitted within two business days of the transaction.
Pointing towards optimism, a company insider’s new purchase signals their positive anticipation for the stock to rise.
Nevertheless, insider sells may not necessarily indicate a bearish view and can be influenced by various factors.
Breaking Down the Significance of Transaction Codes
In the domain of transactions, investors frequently turn their focus to those taking place in the open market, as meticulously outlined in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
Check Out The Full List Of Energy Recovery’s Insider Trades.
Insider Buying Alert: Profit from C-Suite Moves
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This article was generated by Benzinga’s automated content engine and reviewed by an editor.
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