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Embraer SA ERJ incurred second-quarter 2020 adjusted loss of $1.08 per American Depository Share (ADS), wider than the Zacks Consensus Estimate of a loss of 56 cents and the year-ago quarter loss of 8 cents.
Including one-time items, the company incurred a GAAP loss of $1.71 per share compared with a loss of 4 cents in the year-ago quarter.
Embraer’s second-quarter revenues came in at $537.2 million, plunging 61% year over year. The decline was due to lower revenues in each of the company’s segments during the quarter.
Embraer delivered a total of 17 jets in the reported quarter, down 66.7% year over year. The company delivered 4 commercial and 13 executive (9 light and 4 large) jets during the second quarter compared with 26 commercial and 25 executive (19 light and 6 large) jets in the second quarter of 2019.
Embraer’s backlog at the end of the quarter was $15.4 billion, down from $16.9 billion in the year-ago quarter.
In the second quarter, the company’s cost of sales and services totaled $520.8 million, down from $1,180.1 million in the prior-year quarter.
Also, Embraer’s gross profit slumped 91.7% year over year to $16.4 million.
Segment-wise, revenues in the Commercial Aviation segment were $108.6 million, which declined 82.8% on a year-over-year basis due to lower deliveries in the current quarter.
Revenues in the Executive Jets segment were $149.9 million, which declined 49.5% year over year on lower deliveries in the second quarter of
Duke Energy (DUK) – Get Report beat Wall Street’s adjusted second-quarter earnings forecast but came up short on revenue expectations.
Shares of the Charlotte-based utility were up $1.55 to $87.89 in premarket trading Monday.
The company said the second-quarter results “reflect the initial impacts of COVID-19 on our businesses and demonstrate our ability to adapt quickly to mitigate the effects of the economic downturn.”
Duke Energy reported a second-quarter loss of $802 million, or $1.13 a share, compared with earnings of $832 million, or $1.12 a share a year ago. Adjusted earnings came to $1.08 a share, beating the Zacks estimate of $1.04.
Revenue totaled $5.4 billion, down 7.7% from a year ago, and below Zack’s call for $5.8 billion.
The upcoming fiscal year’s earnings are expected to be between $5.05 and $5.45 a share.
During the quarter, the commercial renewables sector saw growth from new projects placed in-service, and gas utilities and infrastructure saw higher results from the Piedmont North Carolina rate case and lower operating and maintenance cost.
Last year, Duke said its subsidiary Piedmont Natural Gas reached an agreement with North Carolina consumer and industrial groups where all parties agreed to a 3% increase in rates, which is about one-third of the 9% increase Piedmont originally requested.
The company said the favorability was offset by lower results at electric utilities and infrastructure, driven by mild weather, lower volumes from commercial and industrial customers and higher depreciation on a growing asset base.
“Despite challenges the first
The bullish drumbeat continued to resonate through the gold and silver futures markets over the past week. Silver closed the week at over the $26 per ounce level, and gold was looking down at $2000. The falling dollar and the record level of government and central bank stimulus continue to pour fuel over a bullish fire in the two leading precious metals.
While gold passed the $2000 per ounce level, platinum was still looking up at $1000. The metal with the former nickname as “rich person’s gold” has been anything but precious. Platinum, a metal that routinely commanded a premium to gold before 2015, was trading at less than half the value.
The platinum futures market is far less liquid than gold and silver as daily volumes, and open interest is a fraction of the other two leading precious metals. The low level of liquidity could be one of the most bullish factors for platinum when investment demand returns to the market, and it decides to finally catch-up with its precious cousins. Markets with limited liquidity are susceptible to price gaps. Anyone looking for value in the precious metals arena needs to look seriously at the platinum market. The Aberdeen Standard Physical Platinum Shares ETF product (PPLT) and the GraniteShares Platinum Trust (PLTM) are the two platinum ETFs that hold 100% of their net assets in physical platinum bullion.
Good morning, it’s Monday, August 10. Here’s your daily coronavirus update.
There are over 19.8 million cases of the virus worldwide, with over 731,000 deaths.
According to Johns Hopkins, the U.S. has surpassed 5 million cases with over 160,200 deaths.
According to the COVID-19 Tracking Project, there were 51,291 new cases reported Sunday. 711,984 new tests were reported. And 616 deaths were reported yesterday.
U.S. officials froze a $765 million loan to Eastman Kodak amid allegations of wrongdoing and a reported investigation by the Securities and Exchange Commission.
The U.S. International Development Finance Corp., known as the DFC, said it will not proceed with the loan, which was granted last month to the photographic equipment-maker to help it transition to producing pharmaceuticals for the U.S. government, until ‘serious’ allegations of wrongdoing were addressed.
The loan would help Kodak make ingredients for drugs such as hydroxychloroquine–the drug that has been touted by President Donald Trump and other officials to help treat COVID-19. Scientific studies, however, have not back these claims and Dr. Anthony Fauci has said that the data shows that hydroxychloroquine is ineffective against COVID-19.
“Recent allegations of wrongdoing raise serious concerns,” the DFC said over the weekend. “We will not proceed any further unless these allegations are cleared.”
In recent days, Kodak has been soaring higher. But the surge in the stock prompted a second look at the loan details from the chair of the U.S. House Financial Services Committee, Maxine Waters, who also urged the Securities and
Intends to accept all notes validly tendered through the Early Tender Deadline
AT&T Inc. (NYSE: T) (“AT&T”) announced today that it intends to accept the aggregate principal amount of notes listed in the table below that were validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on August 7, 2020 (the “Early Tender Deadline”), in the Capped Tender Offers. AT&T also announced a further upsize of the Capped Tender Offers to permit the acceptance of such tendered notes. In connection with the upsizing and acceptance of notes, AT&T will waive the Financing Condition described in the Offer to Purchase and expects to use cash on hand to purchase the notes, including the further upsized amounts.
As a result of the upsize, the maximum aggregate principal amount of AT&T’s Floating Rate Global Notes due 2021 (July) that will be accepted in the Capped Tender Offers is $1,214,359,000, the maximum aggregate principal amount of AT&T’s Floating Rate Global Notes due 2024 that will be accepted in the Capped Tender Offers is $2,134,873,000, and the maximum aggregate principal amount of AT&T’s 3.400% Global Notes due 2025 that will be accepted in the Capped Tender Offers is $2,675,326,000.
The withdrawal deadline for the Capped Tender Offers occurred at 5:00 p.m., New York City time, on August 7, 2020. As a result, tendered notes may no longer be withdrawn, except in certain limited circumstances where additional withdrawal rights are required by law (as determined by AT&T). The pricing of the