Bottomline
NEW YORK:
Tesla’s second-quarter revenue should grow by more than $1 billion as it delivered more Model 3 electric cars. But analysts predict it won’t be enough to stop the company’s net loss from rising dramatically when the Palo Alto, California, company reports earnings after the bell Wednesday.
Tesla’s second-quarter revenue should grow by more than $1 billion as it delivered more Model 3 electric cars. But analysts predict it won’t be enough to stop the company’s net loss from rising dramatically when the Palo Alto, California, company reports earnings after the bell Wednesday.
Analysts polled by FactSet expect a net loss of $629.9 million, 87 percent worse than the same quarter a year ago. Revenue should rise 43 percent to $3.99 billion. (AP)
OAKVILLE, Ontario:
Restaurant Brands International (QSR) on Wednesday reported second-quarter net income of $167.6 million.
On a per-share basis, the Oakville, Ontario-based company said it had net income of 66 cents.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 64 cents per share. (AP)
NEW YORK:
The price war among mutual fund companies is hitting a new frontier, to the further benefit of investors.
Fidelity says it will soon offer a pair of mutual funds that charge zero in expenses.
The new index funds are part of a suite of changes Fidelity is making to lower expenses and make investing easier, even for investors with smaller amounts to put into the market.
Mutual fund companies have been battling to attract customers, who have become increasingly aware of how much high fees can limit returns. Vanguard, the largest mutual fund provider, said last month it will stop charging commissions for online trades of most ETFs, for example. (AP)
MELVILLE:
A deal giving full ownership of Newsday to its majority owner is pulling the plug on Long Island cable subscribers’ free access to the newspaper’s website.
Newsday reported Wednesday that television journalist and executive Patrick Dolan had reached an agreement to acquire the remaining stake from a cable company.
Dolan has owned a 75 percent share of Newsday since July 2016. He purchased it from Altice USA, which acquired the newspaper in its takeover of Cablevision.
Cablevision was founded by Dolan’s father, Charles. (AP)
FRANKFURT:
Volkswagen said its earnings rose in the second quarter on record sales and fatter profit margins, but warned that “growing protectionism” is a threat to the globally connected car industry.
The automaker based in Wolfsburg, Germany, said Wednesday that profit increased 6.8 percent to 3.31 billion ($3.85 billion) euros, despite a charge of 1.6 billion euros for the company’s lingering diesel emissions scandal.
Revenues rose 3.4 percent to 61.14 billion euros and the operating profit margin rose to 9.1 percent from 7.7
percent. (AP)
PARIS:
A wave of strikes battered earnings at Air France-KLM in the second quarter, but higher passenger numbers meant the group stayed in the black, it said Wednesday.
The Franco-Dutch company estimated the cost of the 15 days of strikes between February and June at 335 million euros ($391 million).
In just the second quarter, the impact of the strikes was estimated at around 260 million euros. (AFP)
MILAN:
Italian bank Intesa SanPaolo Wednesday that its second-quarter profit rose by nearly 11 percent as the bank pushed into wealth management and further cut costs.
Italy’s second-largest bank by assets reported net income was 927 million ($1 billion) in the three months through June, compared with 837 million euros a year earlier.
Earnings were boosted by a 35-percent increase in trading profit to 472 million euros, as management trimmed 5 percent from operating costs to 2.3 billion euros, led by steep cuts in administrative expenses. (AP)
LONDON:
Lloyds Banking Group on Wednesday revealed that first-half profits surged 40 percent, buoyed by a sharp drop in claims for mis-sold credit insurance.
Net profits totalled £2.2 billion ($2.9 billion, 2.5 billion euros) in the first six months of 2018 compared with £1.6 billion in the same portion of 2017, LBG said in a results statement.
Underlying pre-tax profit grew seven percent to £4.2 billion. (AFP)
PARIS:
Rising prices and sales boosted profits at the world’s top steelmaker ArcelorMittal, which said Wednesday that it sees global demand continuing to rise despite a spate of tariffs.
Second quarter net profit shot up 41 percent compared to the same period last year to $1.9 billion (1.6 billion euros), while sales climbed 16 percent to $20 billion.
The results — sales, net profit, operating profit — all beat the consensus expectation of analysts surveyed by Bloomberg. (AFP)
SYDNEY:
Mining giant Rio Tinto on Wednesday reported a 33 percent jump in first-half net profit thanks to strong commodity prices, and rewarded shareholders with a record interim dividend and a further stock buy-back.
The Anglo-Australian firm’s net profit in the six months to June 30 was US$4.38 billion. Underlying profit, its preferred measure which excludes impairments and exchange rate losses, jumped 12 percent to $4.42 billion.
“We have reported another strong set of results,” said chief executive Jean-Sebastien Jacques. (AFP)
HONG KONG:
State-owned China Tower — the world’s largest operator of telecommunications towers — has raised $6.9 billion after pricing its initial public offering at the low end of the expected range, Bloomberg News reported Wednesday.
The Chinese company sold 43.1 billion shares at HK$1.26 ($0.16) apiece, the report said.
China Tower last month set a price range of HK$1.26-1.58, according to a previous filing. (AFP)