Target Q3 Earnings: Supply Chain Chaos Hits Bottomline, Slashes Annual Profit Outlook, Stock Tanks
Target Corporation TGT shares are trading lower in the premarket session on Wednesday.
The company reported third-quarter adjusted earnings per share of $1.85, missing the street view of $2.30. Quarterly total revenue of $25.67 billion (+1.1% year over year) missed the analyst consensus estimate of $25.90 billion.
“We encountered some unique challenges and cost pressures that impacted our bottom-line performance,” said Brian Cornell, chair and chief executive officer of Target.
The third-quarter gross margin rate decreased by 0.2 percentage points to 27.2%. This was primarily due to higher digital fulfillment and supply chain costs, driven by increased inventory levels, higher digital sales volume, and new supply chain facilities coming online. Operating income of $1.2 billion was 11.2% lower than last year.
Target’s third-quarter comparable sales increased by 0.3%, driven by traffic and digital performance.
Guest traffic grew by 2.4% compared to the prior year. Digital comparable sales rose by 10.8%, reflecting nearly 20% growth in same-day delivery powered by Target Circle 360 and double-digit growth in Drive Up services.
Beauty comparable sales grew by more than 6%, while the Food & Beverage and Essentials categories saw low-single-digit growth compared to the previous year.
Target exited the quarter with cash and equivalents worth $3.433 billion and inventory worth $15.165 billion. The company’s long-term debt and other borrowings as of quarter end was $14.346 billion.
Outlook Lowered: For FY24, the company now forecasts adjusted EPS between $8.30 and $8.90, down from the previous guidance of $9.00 to $9.70. The revised FY24 EPS outlook is also below the consensus estimate of $9.55.
Target expects its fourth-quarter adjusted EPS to range between $1.85 and $2.45, below the consensus estimate of $2.66.
Price Action: TGT shares are trading lower by 16.9% at $129.95 in the premarket session on Wednesday.
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Microplate Reader Market Set to Surge at 7.0% CAGR, to Reach USD 843.4 million by 2031 | Transparency Market Research, Inc.
Wilmington, Delaware, United States, Transparency Market Research Inc. -, Nov. 20, 2024 (GLOBE NEWSWIRE) — The global microplate reader market (마이크로플레이트 리더 시장) was projected to attain US$ 461.3 million in 2022. It is anticipated to garner a 7.0% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 843.4 million by 2031.
Microplate readers have evolved because of technological breakthroughs, which have improved their features and broadened their range of applications. Modern technology integration has been essential in increasing the versatility and effectiveness of these instruments.
Advancements in microplate readers nowadays include multi-mode detection capabilities that enable the measurement of absorbance, fluorescence, and luminescence all at once. Furthermore, increased sensitivity and signal-to-noise ratios are made possible by sophisticated detectors, better light sources, and precise optics, all of which present profitable prospects for market growth.
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Key Findings of the Market Report
- It is anticipated that the market for clinical trials would grow at a pace of 10% annually, creating a substantial need for advanced laboratory equipment.
- In 2022, the single-mode readers segment dominated the market.
- Microplate readers with a single mode are made for particular detection modes, such luminescence, fluorescence, or absorbance.
- Dedicated instruments are desirable for applications requiring specialized measurements, including enzyme assays, cell viability tests, or the detection of certain biomolecules, due to their precision and accuracy.
- Measurements with higher sensitivity and specificity are possible thanks to single-mode readers, which are frequently tailored for a specific detection technique.
Global Microplate Reader Market: Key Players
In order to bolster their positions, major companies in the industry are concentrating on tactics such as partnerships, collaborations, mergers, and the introduction of new products.
Organizations are adhering to the most recent developments in the microplate reader industry in order to seize profitable prospects. The following companies are well-known participants in the global microplate reader market:
- Bio-Rad Laboratories, Inc.
- Merck KgaA
- Thermo Fisher Scientific
- Dynex Technologies Inc.
- Grifols, S.A.
- Tecan Group Ltd.
- Monobind
- Transasia Bio-Medicals
- MeCan Medical Equipment
- CTK Biotech
Market Trends for Microplate Readers
- According to the microplate reader market data, the pharmaceutical & biotechnology firms & CROs category held a sizable part of the end-user market in 2022. Large-scale HTS campaigns are frequently conducted by pharmaceutical and biotechnology businesses.
- CROs frequently assist several clientele with various research requirements. Microplate readers’ adaptability, particularly that of multi-mode detection models, enables CROs to effectively accommodate a range of test needs.
- In 2022, the drug discovery sector held a dominant position in the global microplate reader market. Since they enable high-throughput screening (HTS) and facilitate a variety of experiments to find prospective drug candidates, microplate readers are essential tools in the drug development process.
- In HTS campaigns, which screen vast libraries of chemicals for biological activity, microplate readers are essential. They make it possible for researchers to quickly and simultaneously measure a number of samples, which enables them to find the chemicals that have the necessary pharmacological effects.
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Global Market for Microplate Reader: Regional Outlook
- In 2022, North America led the global industry. The region’s market dynamics are being driven by the presence of major companies and improved infrastructure in research laboratories. Two key drivers of the market are the rise in the number of clinical trials and the sizable government funding of current R&D projects.
- North America is home to a state-of-the-art and firmly established healthcare system that includes prestigious hospitals, research centers, and biotechnology businesses. The need for advanced laboratory equipment, such as microplate readers, is fueled by this infrastructure.
- The pharmaceutical and biotechnology industries are centered mostly in the United States. The need for microplate readers is driven by these industries’ ongoing innovation and expansion, which is important for a variety of uses, including drug research and screening.
Global Microplate Reader Market Segmentation
Product Type
- Fluorescence Microplate Readers
- Absorbance Microplate Readers
- Luminescence Microplate Readers
- Filter-based Microplate Readers
- Monochromator-based Microplate Readers
- Hybrid Microplate Readers
Application
- Drug Discovery
- Genomics & Proteomics Research
- Clinical Diagnostics
- Others
End User
- Pharmaceutical & Biotechnology Companies & CROs
- Academic & Research Institutions
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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Wishpond Reports Q3-2024 Financial Results with a 79% Year-over-Year Improvement in Adjusted EBITDA
- Wishpond achieved Adjusted EBITDA(1) of $0.6 million in Q3-2024, an increase of 79% compared to Q3-2023 and the best Adjusted EBITDA level since 2022.
- Wishpond is pleased to report it achieved an Adjusted EBITDA margin of 11% in Q3-2024 as a result of cost optimizations and restructuring of its sales team.
VANCOUVER, BC, Nov. 20, 2024 /PRNewswire/ – Wishpond Technologies Ltd. WISH WPNDF (the “Company” or “Wishpond“), a provider of marketing-focused online business solutions, announces it has filed its interim consolidated financial statements (the “Interim Financial Statements“) and management’s discussion and analysis (the “MD&A“) for Q3-2024, representing the three and nine months ended September 30, 2024. Copies of the Interim Financial Statements and MD&A are available on the Company’s profile on SEDAR+ at www.sedarplus.ca.
Ali Tajskandar, Wishpond’s Founder and CEO commented, “I am pleased to report that Wishpond has achieved Adjusted EBITDA of $571,228 and an Adjusted EBITDA margin of over 11% in Q3-2024, marking the Company’s most profitable quarter since 2022. Achieving double-digit EBITDA margin is a rare accomplishment for a software company of our size, and I am incredibly proud of our team for reaching this significant milestone. Our dedication to reducing costs and driving greater efficiencies throughout our business has led to substantial improvements in both profitability and cash flow. Further to this, I am excited to share that Wishpond generated cash flows from operations of positive $0.2 million during Q3-2024. Improving our Adjusted EBITDA and cash flow generation has been a core focus for the Company in 2024 and we reiterate this commitment and mandate as we head into 2025.”
Ali Tajskandar further adds, “Wishpond is making exciting strides with its new flagship product, SalesCloser AI (“SalesCloser“), a revolutionary virtual sales agent which leverages artificial intelligence to conduct sales calls and product demos. We are actively exploring new sales outreach programs and potential channel partnerships to expand SalesCloser’s reach, unlock new customer opportunities, and drive broader adoption of the platform. Recently, we announced a collaboration with Roomvu Technologies Inc. (“Roomvu“), a leading real estate marketing platform used by over 220,000 real estate agents, to leverage SalesCloser in enhancing lead follow-up and boosting sales conversions. Collaborations like these are an excellent example of how a partner can provide us with greater and more efficient access to a potential customer base. Furthermore, we are seeing a steady increase in bookings for SalesCloser demos each day. As we broaden the platform’s rollout, we anticipate that SalesCloser will be a key contributor in driving new growth to our business in 2025.”
Adrian Lim, Wishpond’s Chief Financial Officer commented, “Despite a decline in quarterly revenue, Wishpond was able to achieve very strong margins and cash flows in Q3-2024. Wishpond’s revenue decline in Q3-2024 was attributable to the transition of its sales team driven by cost optimization efforts and the integration of SalesCloser into its sales processes. In the long term, we anticipate using SalesCloser to grow the Company’s own internal sales capacity, reduce hiring costs, and further increase margins and profitability. In addition, revenue was negatively impacted due to a decrease in spending from Wishpond’s legacy customer for email delivery services. While this customer contributed to Wishpond’s revenue, these sales were not as profitable compared to the newer business generated through our Propel IQ platform (“Propel IQ“). As a result, this offset of less profitable revenue enabled Wishpond to achieve its most profitable quarter in two years, growing Adjusted EBITDA margin to 11% and improving the Company’s gross margin to 69%. Looking ahead, we expect our gross margins to continue trending upwards as adoption of Propel IQ grows, and we begin ramping up sales of our new SalesCloser solution.”
Third Quarter 2024 Financial Highlights:
- Wishpond achieved quarterly revenue of $5,055,738 during Q3-2024 (Q3-2023: $5,763,847).
- Revenue was impacted by a decline in revenue from the Company’s legacy customer of email delivery services which reduced its spending from $338,359 in Q3-2023 to $48,969 in Q3-2024.
- Wishpond achieved a gross profit of $3,490,107 in Q3-2024 (Q3-2023: $3,825,821).
- Wishpond achieved a gross margin percentage of 69% during Q3-2024 (Q3-2023: 66%).
- During Q3-2024, Wishpond achieved positive Adjusted EBITDA(1) of $571,228 (Q3-2023: $319,001), representing an Adjusted EBITDA margin of 11%, and an increase of 79% from Q3-2023.
- As at September 30, 2024, Wishpond had $1,084,978 in cash and had drawn down $1,300,535 from its credit facility (December 31, 2023: cash of $1,424,585 and $994,658 credit facility balance outstanding). The reduction in net cash was caused in part by earnout payments for businesses acquired in 2022, investment in SalesCloser marketing activities, and changes in working capital.
Third Quarter 2024 Business Highlights:
- On July 8, 2024, the Company announced the appointment of Adrian Lim as Chief Financial Officer (CFO). Mr. Lim has responsibility for all finance, accounting, financial reporting, audit, tax and capital planning functions.
- On July 10, 2024, the Company announced that the renewal of its Notice of an Intention it filed to make a Normal Course Issuer Bid (“NCIB“) was approved by the TSX Venture Exchange. Under the renewed NCIB, the Company may, during the 12-month period commencing July 15, 2024, and ending July 14, 2025, purchase up to 2,707,931 Shares in total, being 5% of the total number of 54,158,620 Shares outstanding as at June 26, 2024.
- On August 1, 2024, the Company successfully renewed its credit facility with a major Canadian bank. The renewed credit facility maintains the secured revolving operating line with a borrowing capacity of up to $6,000,000.
- On August 8, 2024, the Company announced the launch of a new rewards distribution program through its Viral Loops product platform. The new program launched with successful integrations with the Stripe App Marketplace, Tremendous, and Sendoso allowing Viral Loops customers to use their referral rewards on any of these platforms, which the Company believes will increase Average Order Value(1) and Customer Lifetime Value(1). The program is expected to drive increased customer engagement and strengthen Wishpond’s overall market position and capabilities in the referral marketing space.
- On August 19, 2024, the Company announced the launch of a new Integrations Marketplace for its AI-powered virtual sales agent, SalesCloser AI. The Integrations Marketplace is designed to seamlessly integrate SalesCloser with a wide range of tools, including CRM systems, email marketing platforms, and task management software, enhancing efficiency and sales effectiveness through advanced workflow automation.
Business Highlights Subsequent to September 30, 2024:
- On October 23, 2024, the Company entered into a collaboration agreement with Roomvu, a leading real estate marketing platform used by over 220,000 real estate agents, to utilize SalesCloser to enhance lead follow-up and sales conversion for Roomvu. This collaboration is anticipated to empower real estate agents to significantly improve the efficiency of managing leads, with aims to ultimately drive sales higher at the same time as improving the client experience.
Outlook:
For 2025, Wishpond’s focus is on profitable growth. The Company expects to improve upon the Adjusted EBITDA levels achieved in 2024. The Company is also expanding the utilization of its SalesCloser virtual sales agent in its sales processes in order to drive new sales of Wishpond products. SalesCloser will be used to help grow Wishpond’s own internal sales capacity, reduce hiring costs, and further increase margins and profitability. In addition to using SalesCloser to sell Wispond’s own products, the Company is also ramping up its SalesCloser revenue generated from external customers.
Management is pleased to introduce the Company’s key goals for 2025:
- Accelerate organic revenue growth and increase Monthly Recurring Revenue (MRR)(1).
- Achieve positive Adjusted EBITDA in each quarter in 2025.
- Increase utilization of SalesCloser in internal sales processes to drive sales of Wishpond’s own products.
- Accelerate revenue growth of SalesCloser to external customers.
- Improve margins, decrease churn and increase long-term customer value.
Webinar Conference Call Details:
As previously announced, Wishpond will be hosting a webinar conference call to discuss its Q3-2024 financial results today at 10:00 AM (PT) / 1:00 PM (ET).
To register for the webinar, please visit the following URL: https://bit.ly/wp_q3
Date: November 20, 2024
Time: 10:00 AM PT (1:00 PM ET)
Dial-in: +1 778 907 2071 (Vancouver local)
+1 647 374 4685 (Toronto local)
Meeting ID #: 886 0009 0567
Please connect 5 minutes prior to the conference call to ensure time for any software download that may be required.
Selected Financial Highlights:
The tables below set out selected financial information relating to Wishpond and should be read in conjunction with Wishpond’s Interim Financial Statements and MD&A.
|
Three-months September 30, |
Three-months September 30, |
Nine-months September 30, |
Nine-months September 30, |
|
|
Revenue |
5,055,738 |
5,763,847 |
16,934,710 |
17,027,081 |
|
Gross profit |
3,490,107 |
3,825,821 |
11,561,777 |
11,195,550 |
|
Gross margin |
69 % |
66 % |
68 % |
66 % |
|
Adjusted EBITDA(1) |
571,228 |
319,001 |
1,403,142 |
744,000 |
|
Credit facility – end of period |
(1,300,535) |
– |
(1,300,535) |
– |
|
Cash – end of the period |
1,084,978 |
909,796 |
1,084,978 |
909,796 |
|
Net decrease in cash during the |
(68,609) |
(188,489) |
(645,484) |
(1,782,848) |
Reconciliation to Adjusted EBITDA
|
Three-months September 30, |
Three-months September 30, |
Nine-months September 30, |
Nine-months September 30, |
|
|
Income (Loss) before income |
86,180 |
329,154 |
(505,046) |
(1,106,096) |
|
Depreciation and amortization |
411,504 |
390,353 |
1,228,151 |
1,139,504 |
|
Interest income |
– |
– |
– |
(2,728) |
|
Interest expense |
36,557 |
8,990 |
115,276 |
8,990 |
|
Remeasurement of contingent |
– |
– |
– |
(22,232) |
|
Other expenses |
107,019 |
111,764 |
259,601 |
376,009 |
|
Stock based compensation |
(70,032) |
(521,260) |
305,160 |
350,553 |
|
Adjusted EBITDA |
571,228 |
319,001 |
1,403,142 |
744,000 |
|
Footnotes: |
|
|
(1) |
Adjusted EBITDA, MRR, Annualized Revenue Run-Rate(1), Average Order Value, Customer Churn Rate(1) and LTV are not financial measures recognized by International Financial Reporting Standards (“IFRS“), do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other entities. See “Cautionary Statements – Non-GAAP Financial Measures” for more information and definitions of each non-GAAP term used in this press release. |
On Behalf of the Board of Wishpond
“Ali Tajskandar“
Chairman and Chief Executive Officer
About Wishpond Technologies Ltd.
Based out of Vancouver, British Columbia, Wishpond is a provider of marketing-focused online business solutions. Wishpond is a leading provider of digital marketing solutions that empower entrepreneurs to achieve success online. The Company’s Propel IQ platform offers an “all-in-one” marketing suite that provides companies with marketing, promotion, lead generation, ad management, referral marketing, sales conversion and outbound sales automation capabilities in one integrated platform. Wishpond replaces disparate marketing solutions with an easy-to-use product, for a fraction of the cost. Wishpond serves over 4,000 customers who are primarily small and medium-sized businesses (SMBs) in a wide variety of industries. The Company has developed cutting-edge marketing technology solutions, including an AI powered website builder, an AI email automation tool, an AI Sales Agent and continues to add new AI enabled features and applications. The Company employs a Software-as-a-Service (SaaS) business model where most of the Company’s revenue is subscription-based recurring revenue which provides excellent revenue predictability and cash flow visibility. Wishpond is listed on the TSX Venture Exchange under the ticker “WISH”, and on the OTCQX Best Market under the ticker “WPNDF”. For further information, visit: www.wishpond.com.
Cautionary Statements, Summary Information
Information presented in this press release is only a summary and does not purport to be a full representation of all figures, notes and discussions provided for in the Interim Financial Statements and MD&A. Readers are cautioned to read the entirety of the Interim Financial Statements and MD&A, and not to rely only on the information presented in this press release. In the event of conflict between the information in this press release on the one hand, and the Interim Financial Statements and MD&A on the other hand, the information in the Interim Financial Statements and MD&A shall govern.
Non-GAAP Financial Measures
In this press release, Wishpond has used the following terms (“Non-GAAP Financial Measures”) that are not defined by IFRS, but are used by management to evaluate the performance of Wishpond and its business, including: Adjusted EBITDA, MRR, Annualized Revenue Run-Rate, Average Order Value, Customer Churn Rate, LTV, gross profit, and gross margin. These measures may also be used by investors, financial institutions and credit rating agencies to assess Wishpond’s performance and ability to service debt. Non-GAAP Financial Measures do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Securities regulations require that Non-GAAP Financial Measures are clearly defined, qualified and reconciled to their most comparable IFRS financial measures. Except as otherwise indicated, these Non-GAAP Financial Measures are calculated and disclosed on a consistent basis from period to period. Specific items may only be relevant in certain periods. See the disclosure under the heading “Additional GAAP and Non-GAAP Measures” in Wishpond’s MD&A for a discussion of Non-GAAP Financial Measures and certain reconciliations to GAAP financial measures. The intent of Non-GAAP Financial Measures is to provide additional useful information to investors and analysts, and the measures do not have any standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used as a substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Non-GAAP Financial Measures differently. Non-GAAP Financial Measures are identified and defined as follows:
- Adjusted EBITDA: Adjusted EBITDA should not be construed as an alternative to net earnings, cash flow from operating activities or other measures of financial results determined in accordance with GAAP as an indicator of the Company’s performance. The Company defines “Adjusted EBITDA” as Income or Loss before income taxes less interest, depreciation and amortization, remeasurement of contingent consideration liability, filing fees, credit facility setup and renewal fees, earn-out remuneration, foreign currency losses (gains), acquisition related expenses, net other expenditures (income), and stock-based compensation. The Company believes that Adjusted EBITDA is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives.
- Average Order Value: The Company defines Average Order Value, or AOV, as the aggregate dollar amount of all customer orders over a period of time divided by the aggregate number of orders during that same period. Management believes AOV to be a useful financial measure because it helps to track the impact of sales initiatives and product offerings on customer spending patterns
- Monthly Recurring Revenue: The Company uses Monthly Recurring Revenue, or MRR, as a directional indicator of subscription revenue going forward assuming customers maintain their subscription plan the following month. MRR is the total of all monthly subscription plan fees paid by customers in effect on the last day of that period. If customers pay for more than one month upfront, the amount is divided by the number of months in the subscription period. Discounts are deducted prior to the calculation and one-time payments and metered based charges are excluded.
- Annualized Revenue Run-Rate: The Company uses Annualized Revenue Run-Rate as an indicator of financial performance that takes the current revenue in the quarter and converts it to an annual figure to get the full-year equivalent.
- Customer churn rate: The Company defines Customer Churn Rate as the percentage of customers who have canceled their subscriptions over time. Management believes Customer Churn Rate to be a useful financial measure because it provides further insight as to what products have the ability to generate continuous customer engagement and revenue.
- Customer Lifetime Value: The Company defines Customer Lifetime Value, or LTV, as the average revenue that a customer generates before they churn. Management believes LTV is useful as a forward looking estimate of the average revenue that a customer will generate throughout its lifespan as a customer with Wishpond.
Forward-Looking Statements
Statements that are not reported financial results or other historical information are forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking statements“). This press release includes forward-looking statements regarding the Company, its subsidiaries and the industries in which they operate, including statements about, among other things, all information contained under the heading “Outlook” herein, references to expected results from future operations, future growth of the Company’s products and platforms, the future development and increased use of products incorporating artificial intelligence, including SalesCloser, improvement in the Company’s cash position and increased revenue generation, references to the growth of the Company’s product portfolio and future profitability, including whether additional products or features may be developed in the future, and the functionality and timing of such products, financial results or operational activities that may be undertaken by the Company, the results of the Company’s cost-savings, research and development and other initiatives, any future acquisitions or other activities done to grow the Company both organically or inorganically, expectations, beliefs, plans, future operations, the impact of broader economic factors including inflation and other general economic risks on the Company, business and acquisition strategies, opportunities, objectives, prospects, assumptions, including those related to trends and prospects, and future events and performance. Sentences and phrases containing or modified by words such as “expect”, “anticipate”, “plan”, “continue”, “estimate”, “intend”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targets”, “projects”, “is designed to”, “strategy”, “should”, “believe”, “contemplate” and similar expressions, and the negative of such expressions, are not historical facts and are intended to identify forward-looking statements. Readers are cautioned to not place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by forward-looking statements. Although the Company believes that the expectations reflected in forward-looking statements in this press release are reasonable and are based on, among other things, the expectations and analysis of current market trends and opportunities of management of the Company, such forward-looking statements have been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company’s control, including, but not limited to, risks associated with changes to Propel IQ and SalesCloser’s revenue and profitability, changes to customer preferences, competition, use cases for Propel IQ and SalesCloser, economic uncertainty and instability as a result of the ongoing inflation and supply chain issues, higher interest rate climate, tightening of credit availability and recessionary risks, pandemic related risks, wars, instability in global commodity and securities markets, shifts in consumer and institutional spending and marketing strategies, risks related to data breaches and privacy, the changing global market and competition for the products and services supplied by the Company, and the additional risk factors discussed in the continuous disclosure materials of the Company which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Wishpond Technologies Ltd.
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Uber Launches 'XXL' Rides With Extra Trunk Space To Tackle Thanksgiving Travel Surge At Over 60 Airports
As the Thanksgiving travel season approaches, Uber Technologies Inc. UBER has unveiled its new “XXL” rides service. This initiative is designed to accommodate the expected increase in travel demand, particularly at airports.
What Happened: The XXL service, offering additional trunk space, is now available at more than 60 airports globally, including 40 in the United States and Canada. This launch is part of Uber’s strategy to enhance its ride-hailing business amid ongoing economic challenges, Reuters reported on Wednesday.
Uber has also introduced new reservation features, allowing users to enter flight details to receive suggested departure times for airport arrivals. The company will track flights to notify customers of delays and provide options to adjust drop-off times.
Uber CEO Dara Khosrowshahi highlighted the company’s focus on capturing suburban markets in the U.S. by improving reservation and waiting features. In 2023, trips related to airports made up 15% of Uber’s mobility gross bookings.
Travel group AAA forecasts nearly 80 million Americans will travel over the Thanksgiving period, setting a new record. Uber aims to leverage this surge in demand, as stated by John Nickels, Uber’s senior director of product management.
Why It Matters: The launch of Uber’s XXL rides comes at a crucial time as the company faces increased competition in the autonomous vehicle sector. Recently, Uber’s stock experienced a significant drop due to concerns over competition, following reports that President-elect Donald Trump plans to ease restrictions on self-driving vehicles. This could potentially accelerate the adoption of autonomous technology, benefiting companies like Tesla Inc. TSLA with its Cybercab robotaxi plans. Uber, which has been involved in autonomous driving through various partnerships, may face intensified competition in this evolving market.
Meanwhile, other companies are also gearing up for the holiday season. Walmart Inc. WMT has introduced initiatives like an inflation-free Thanksgiving meal and a “buy one, give one” donation feature to enhance customer convenience during the holidays.
Price Action: At the time of writing on Wednesday, Uber was up by 0.48% during pre-market hours after previously closing at $69.13, as per Benzinga Pro.
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Motorcycle Filter Market Size is Projected to Reach US$ 6.36 Billion with 5.1% CAGR by 2034 | Fact.MR Report
Rockville, MD, Nov. 20, 2024 (GLOBE NEWSWIRE) — According to a revised industry report released by Fact.MR, a market research and competitive intelligence provider, the global motorcycle filter market turnover is estimated at US$ 3.86 billion in 2024 and has been projected to rise at 5.1% CAGR over the next ten years. Technological developments in material science and design are making motorcycle filters stronger and more effective.
Filters are now able to gather more dangerous particles and pollutants due to recent technological advancements in filtration media, multi-layered filters, and sealing technologies. This protects the engine and enhances performance. The longer the filters’ lifespan, the less regularly they need to be replaced and repaired. As a result, maintenance is less expensive and easier. More consumers desire high-quality products that last a long time and thereby are choosing these high-tech filters over traditional ones.
The market in East Asia is expanding continuously and holds a significant revenue share due to the rising demand for high-performance motorcycles. Motorcycle touring is becoming more popular in Western Europe as the region has some of the world’s most breathtaking scenery and scenic routes. An increasing proportion of motorcyclists in Western European countries including Germany, France, and the United Kingdom are also driving motorcycle filter sales.
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Key Takeaways from Market Study:
- The global market for motorcycle filters is projected to reach a value of US$ 6.36 billion by 2034.
- East Asia is estimated to hold 38.4% of the global market share by the end of 2034.
- In 2024, the United States is projected to account for 73.5% market share of the North American region.
- The market in South Korea is forecasted to advance at a 6.2% CAGR from 2024 to 2034.
- The market in Canada is estimated to generate revenue worth US$ 173.1 million in 2024.
- Based on filter type, the fuel filters segment is forecasted to generate revenue of US$ 3.08 billion by 2034.
- In North America, revenue from motorcycle filters is analyzed to reach US$ 1.85 billion by 2034-end.
“Prominent players in the motorcycle filter market are focusing on introducing new products to increase their market share globally as well as at regional level,” says a Fact.MR analyst
Leading Players Driving Innovation in the Motorcycle Filter Market:
NAPA Filters; SIMOTA; Sunpro; Mann+Hummel; Pipercross Performance Filters; K & N Engineering Inc.; BMC Srl; Uni Filter Inc.; Roki Co. Ltd.; DNA Filters; Solat International Trading Co. Ltd.; MAHLE GmbH; Filtrak Brandt GmbH.
High Demand for Fuel Motorcycle Filters Than Other Available Options:
In comparison with oil and intake air filters, the demand for fuel motorcycle filters is increasing at a faster pace and holds a significant portion of the market share. Fuel filters are crucial because they protect the engine from debris and pollutants, which are more prevalent and harmful in fuel than in oil or air. Because of the large variations in fuel quality, especially among suppliers and different locales, regular changes in gasoline filters are necessary. Fuel filters have a shorter lifespan, which means that to maintain optimal engine performance and fuel efficiency, they need to be changed more regularly. Because of this, their demand is also high in the aftermarket.
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Motorcycle Filter Industry News:
- Australian auto and motorcycle filter manufacturer Uni Filter announced the launch of new air filters in January 2023. Better filtration and airflow are offered by the recently released O2Rush single-stage performance air filter.
- The well-known American vehicle repair company FRAM announced the release of its new synthetic oil filter in April 2023. In the US, FRAM synthetic oil filters are only sold at Walmart retail locations.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the motorcycle filter market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on filter type (fuel, oil, intake air), filter media (cellulose, synthetic), and sales channel (OEMs, OESs, IAMs), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Check out More Related Studies Published by Fact.MR:
Aerospace Filter Market: The global aerospace filter market is expected to be valued at US$ 1.45 billion in 2024 and further expand at a CAGR of 4.3% to reach US$ 2.21 billion by the end of 2034.
Automotive Filter Market: The global automotive filter market reached a valuation of US$ 17.0 Billion, and is likely to register a year on year growth rate of 4.0% in 2022, closing at US$ 17.77 Billion.
Car Air Filter Market: The global car air filter market is estimated at USD 9.9 Billion in 2022 and is forecast to surpass USD 13.8 Billion by 2032, growing at a CAGR of 3.4% from 2022 to 2032.
Car Fuel Filter Market: Revenue from the global car fuel filter market size is projected to increase from US$ 1.74 billion in 2024 to US$ 3.05 billion by the end of 2034. According to this updated study released by Fact.MR, worldwide sales of car fuel filters are forecasted to rise at 5.8% CAGR from 2024 to 2034.
Car Oil Filter Market: The global market for car oil filters has reached a size of US$ 2.32 billion in 2023 and is forecasted to climb to US$ 3.47 billion by the end of 2033, increasing at a steady CAGR of 4.1% over the next ten years, as per this detailed industry research by Fact.MR, a market research and competitive intelligence provider.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.
With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay competitive.
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Asia Mixed, Europe Markets Gain; Gold Slips And Dollar Gains Against Yen – Global Markets Today While US Slept
On Tuesday, November 19th, U.S. markets ended mixed. Nasdaq rose over 1%, and the S&P 500 closed higher, driven by technology gains as Nvidia surged 4.9% ahead of earnings. Walmart climbed after raising forecasts. Losses eased after Moscow downplayed nuclear tensions. The Dow ended lower.
According to economic data, U.S. housing starts fell 3.1% to 1.311 million in October, down from 1.353 million in September, while building permits dropped 0.6% to an annual rate of 1.416 million.
The majority of S&P 500 sectors rose, led by energy, communication services, and consumer discretionary, while industrials lagged and closed lower.
The Dow Jones Industrial Average was down 0.28% and closed at 43,268.94, the S&P 500 gained 0.40% to 5,917.00, and the Nasdaq Composite rose 1.04% to finish at 18,987.47.
Asia Markets Today
On Wednesday, Japan’s Nikkei 225 declined 0.08% and ended the session at 38,373.50, led by losses in the Paper & Pulp, Gas & Water, and Transport sectors.
Australia’s S&P/ASX 200 fell 0.57% and ended the day at 8,326.30, led by losses in the Telecoms Services, Industrials, and Consumer Discretionary sectors.
India Markets closed for Assembly Elections in Maharashtra state.
China’s Shanghai Composite gained 0.66% to close at 3,367.99, and the Shenzhen CSI 300 rose 0.22%, finishing the day at 3,985.77.
Hong Kong’s Hang Seng gained 0.21% and closed the session at 19,705.01.
Eurozone at 05:30 AM ET
- The European STOXX 50 index was up 0.47%.
- Germany’s DAX rose 0.47%.
- France’s CAC gained 0.34%.
- FTSE 100 index traded higher by 0.22%
Commodities at 05:30 AM ET
- Crude Oil WTI was trading higher by 0.38% at $69.47/bbl, and Brent was up 0.26% at $73.51/bbl.
- Natural Gas rose 2.00% to $3.058.
- Gold was trading lower by 0.14% at $2,627.60, Silver fell 0.98% to $30.957, and Copper rose 0.31% to $4.1550.
U.S. Futures at 05:30 AM ET
Dow futures gained 0.15%, S&P 500 futures were up 0.06% and Nasdaq 100 futures fell 0.01%.
Forex at 05:30 AM ET
- The U.S. dollar index gained 0.40% to 106.63, the USD/JPY rose 0.74% to 155.80, and the USD/AUD rose 0.40% to 1.5370.
- The U.S. dollar rebounded from a one-week low as safety-haven demand eased, while the yen fell to a three-month low, raising speculation about BOJ intervention.
Photo by Pavel Bobrovskiy via Shutterstock
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Willis Sustainable Fuels (UK) Limited Enters into Master Services Agreement with McDermott
COCONUT CREEK, Fla., Nov. 20, 2024 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation WLFC (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and provider of global aviation service operations, today announces its subsidiary, Willis Sustainable Fuels (UK) Limited (“WSFL”), has entered into a master services agreement (MSA) with McDermott for early engineering, procurement and construction (EPC) related services for its SAF initiative. The agreement commences with WSFL’s first planned SAF facility, supported by the UK Government’s Advanced Fuels Fund, with a capacity of producing 50,000 litres per day of SAF in Teesside, with the parties intending to enter into a sole-source negotiation of the EPC scope in 2025. WSFL intends to deploy technology which produces next-generation SAF, either Biogas-to-Liquid (BtL) or Power-to-Liquid (PtL), depending on the feedstock.
“Our partnership with McDermott on one of the UK’s most advanced sustainable aviation fuel projects represents a key milestone in our ongoing efforts to be a leader in aviation decarbonization. This collaboration underscores our commitment to working with industry leaders who share our vision for a cleaner, more sustainable future,” said Amy Ruddock, Senior Vice President, Sustainable Aviation & Corporate Development of Willis Lease Finance Corporation, WSFL’s parent company.
“This agreement is testament to McDermott’s expertise in integrating design, fabrication and installation, and our capabilities across low carbon solutions,” said Rob Shaul, McDermott’s Senior Vice President, Low Carbon Solutions business. “We are well positioned to offer WSFL a self-perform EPC model via our strategic relationship with Bilfinger UK, which is expected to further reduce risk and drive cost optimizations.”
For more information on Willis Lease Finance Corporation and the Company’s comprehensive aviation services, visit www.wlfc.global.
About Willis Lease Finance Corporation
Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.
Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission.
About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.
About Bilfinger
Bilfinger is an international industrial services provider. The aim of the Group’s activities is to increase the efficiency and sustainability of customers in the process industry and to establish itself as the number one partner in the market for this purpose. Bilfinger’s comprehensive portfolio covers the entire value chain from consulting, engineering, manufacturing, assembly, maintenance and plant expansion to turnarounds and digital applications.
The company delivers its services in two service lines: Engineering & Maintenance and Technologies. Bilfinger is primarily active in Europe, North America and the Middle East. Process industry customers come from sectors that include energy, chemicals & petrochemicals, pharma & biopharma and oil & gas. With its ~30,000 employees, Bilfinger upholds the highest standards of safety and quality and generated revenue of €4.5 billion in financial year 2023. To achieve its goals, Bilfinger has identified two strategic thrusts: repositioning itself as a leader in increasing efficiency and sustainability and driving operational excellence to improve the organizational performance.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
LuxUrban Hotels Inc. Reports Third Quarter 2024 Financial Results
MIAMI, Nov. 20, 2024 (GLOBE NEWSWIRE) — LuxUrban Hotels Inc. LUXH, a hospitality company that leases entire hotels on a long-term basis, manages these hotels, and rents out rooms to guests in the properties it leases, today announced its financial results for the third quarter ended September 30, 2024 (“Q3 2024”). The Company filed its quarterly report on Form 10-Q for Q3 2024 with the U.S. Securities and Exchange Commission on November 19, 2024.
Q3 2024 Financial Overview:
- Net Rental Revenue: $13.1 million, compared to $31.2 million in Q3 2023.
- Gross (Loss) Profit: $(16.8) million, compared to a profit of $7.8 million in Q3 2023, impacted by [brief explanation of factors affecting performance]. We have streamlined our hotel portfolio to exclude underperforming properties and now manage eight (8) hotels with a total of 996 rooms.
- Total Operating Expenses: $12.1 million, compared to $2.7 million in Q3 2023, reflecting $9.7 million reserve for litigation with landlords.
- Net Loss: $30.7 million, compared to a net income of $4.9 million in Q3 2023.
Rob Arigo, LuxUrban Hotels CEO, commented: “As we close out 2024 and enter 2025, we are excited to build on our LuxUrban 2.0 initiative. This strategy not only focuses on the elimination of non-performing hotel properties but also reinforces our commitment to enhancing operational efficiency. We have strengthened our management team by bringing on talented directors and officers with deep expertise in the hospitality and financial sectors. While challenges remain as we continue to transition from, and address obligations related to, legacy operations, we believe that the transformative changes we are implementing will enhance our financial stability and set a solid foundation for future growth. We look forward to updating our shareholders as we advance on this path and capitalize on the opportunities ahead.”
Recent Highlights:
- Signed Non-Binding Letter of Intent for Proposed Joint Venture: LuxUrban Hotels recently signed a non-binding letter of intent for a proposed joint venture with Lockwood Development Partners LLC and The Bright Hospitality. If consummated, this strategic initiative will provide LuxUrban with a $7 million initial capital infusion and leverage advanced technology integration intended to streamline operations, elevate service offerings, and deliver an enhanced guest experience.
- Key Operational Initiatives: With the onboarding of new management, the company has made material changes to increase operational efficiency. LuxUrban is addressing legacy pre-sold rooms that were negotiated at reduced rates during prior periods. The company estimates that 95% of this inventory will be utilized by the end of 2024. New rates will be available in the first quarter of 2025, transitioning to standard higher average daily rates (ADRs). Changes implemented during Q3 2024 were aimed at enhancing revenue optimization, increasing expense reduction, and supporting rebranding initiatives, with a focus on long-term master lease agreements to eliminate traditional fees. Additionally, LuxUrban has implemented the following changes:
- Shifted sales strategy from a discounted advanced purchase model to a dynamic, competitive-based pricing model.
- Strengthened OTA partnerships and negotiated reduced commission rates for preferred member programs.
- Expanded the sales mix by incorporating wholesale and consortia/corporate accounts while boosting the share of direct reservations.
- Enhanced Digital Infrastructure: LuxUrban Hotels has partnered with FLYR to focus on enhancing revenue performance through advanced data insights and optimized pricing strategies. The FLYR RMS tool integrates with Lighthouse and STR data for real-time dynamic pricing adjustments based on market conditions.
- Refinement of Hotel Portfolio: LuxUrban Hotels has refined its hotel portfolio to focus its geographic operations within New York City. This provides the company with stronger access to hotel operations and management. The company exited the Lafayette Hotel in New Orleans, a historical property with 77 room keys, which struggled during off-peak seasons and required renovations that negatively impacted profitability. LuxUrban is now operating eight (8) properties in New York, with a total of 996 units available.
- Cost Management Initiatives: In Q3 2024, the company took action to reduce operational expenses, including the strategic alignment of hotel properties with preferred vendors to optimize profitability. Additionally, expense budgets were streamlined across all hotels to ensure that new vendor expenses align with industry standards.
- New Adjacent Hotel Entertainment: LuxUrban’s Hotel 57 and Tuscany Hotel both have significant entertainment operations opening adjacent to the hotels. Hotel 57 will feature Aura 57, providing a vibrant karaoke bar and lounge, while the Tuscany Hotel will neighbor the Bukhara Grill, a beloved staple of Murray Hill that is reopening. Both establishments will enhance visibility for the hotels and improve the guest experience.
- Strengthening the Company with Industry Expertise: The company has added over 60 years of relevant industry and public company experience at both the executive and Board levels. This includes the appointment of:
- Margarita Garcia – Senior Vice President of Operations
- Chris Gennardo – Senior Vice President of Sales, Marketing, & Revenue Management
- Tess Guzik – Corporate Director of Revenue Strategy
- Anjanie Narain – Director of Communications, Training, and Transitions
Outlook:
LuxUrban is enthusiastic about the launch of Lux 2.0 and the potential of the recently signed non-binding letter of intent for a joint venture with Lockwood Development Partners LLC and The Bright Hospitality. If signed, this partnership is set to introduce advanced technology that will enhance operational efficiency and elevate the guest experience. The company’s strategic focus on key operational initiatives has led to material improvements in revenue optimization and expense reduction, along with a commitment to long-term Master Lease Agreements to streamline costs. By consolidating its hotel portfolio in New York City, LuxUrban is well-positioned to capitalize on significant growth opportunities in this key market. As the Company closes out 2024, LuxUrban is excited to embark on 2025 with a strong management team and a clear vision for the future.
For access to all applicable financial statements, please see the company’s quarterly report on Form 10-Q at the following link:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001893311/000182912624007692/luxurbanhotels_10q.htm
LuxUrban Hotels Inc.
LuxUrban Hotels Inc. secures long-term operating rights for entire hotels through Master Lease Agreements (MLA) and rents out, on a short-term basis, hotel rooms to business and vacation travelers. The Company is strategically building a portfolio of hotel properties in destination cities by capitalizing on the dislocation in commercial real estate markets and the large amount of debt maturity obligations on those assets coming due with a lack of available options for owners of those assets. LuxUrban’s MLA allows owners to hold onto their assets and retain their equity value while LuxUrban operates and owns the cash flows of the operating business for the life of the MLA.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). The statements contained in this release that are not purely historical are forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Generally, the words “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “possible,” “potential,” “predicts,” “projects,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this release may include, for example, statements with respect to the Company’s ability to successfully finalize definitive documentation relating to the JV, ability to timely obtain all necessary consents to the JV, its ability to successfully launch the JV, the economic benefits to the Company with respect to the JV, both in its pilot form and any expanded form, its ability to improve its working capital and cash flow profiles, enhance its balance sheet and deliver organic revenue growth, scheduled property openings, expected closing of noted lease transactions, the Company’s ability to continue closing on additional leases for properties in the Company’s pipeline, as well the Company’s anticipated ability to commercialize efficiently and profitably the properties it leases and will lease in the future. The forward-looking statements contained in this release are based on current expectations and belief concerning future developments and their potential effect on the Company. There can be no assurance the JV will be consummated as currently planned or at all or that other future developments will be those that have been anticipated. These forward-looking statements are subject to a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results of performance to be materially different from those expressed or implied by these forward-looking statements, including those set forth under the caption “Risk Factors” in our public filings with the SEC, including in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on April 15, 2024, and any updates to those factors as set forth in subsequent Quarterly Reports on Form 10-Q or other public filings with the SEC, the base prospectus comprising part of the Registration Statement and when filed, the prospectus supplement filed with respect thereto. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
For more information, contact:
Investor Relations:
Jeff Ramson, PCG Advisory
Email: Jramson@pcgadvisory.com
Corporate:
Robert Arigo, CEO
Email: rob@luxurbanhotels.com
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