Germany-based energy supplier E.ON said on Thursday it exceeded its profit forecasts for 2023. According to preliminary figures, earnings before interest, taxes, depreciation and amortisation (EBITDA) adjusted for special effects rose by almost 17% to €9.4 billion ($10.21 billion) in 2023. Adjusted group EBITDA had been forecast at around €8.6 billion. Earnings in the Energy Networks segment exceeded expectations in the fourth quarter, "primarily due to operating effects in almost all countries,
The department store also raised the top end of its full-year revenue and adjusted profit forecasts. Overall sales fell 7% to $4.86 billion, with sales at traditional stores and online sales both down 7%. Macy's same-store sales declined 7.6%, while Bloomingdale's same-store sales fell 3.2%.
(Reuters) -Coca-Cola HBC maintained its annual profit and sales forecasts on Tuesday as strong demand for the bottler's energy and coffee drinks offsets the impact of foreign exchange losses in key markets Nigeria and Egypt. The company said it expects foreign exchange losses of 50 million-60 million euros ($52.99 million-$63.59 million) to weigh on full-year comparable operating profit. In Nigeria, the company had done some currency hedging to protect against the impact of the naira's devaluation for the near term, Chief Finance Officer Ben Almanzar told Reuters in an interview.
Shares were down 4% in extended trading after VF Corp also reported a lower-than-expected second-quarter profit. An uncertain consumer spending environment has also forced several retailers including Foot Locker and Macy's to take a cautious stance going into the holiday season. VF Corp's margins have taken a hit from excessive discounts and promotions it has offered to attract shoppers as well as clear surplus inventory.
industry generally is having a really good time at this moment. it s like they are printing cash! but i say that in jest. i was talking to my friends at iata just last week, and i was kind ofjoking and bemoaning these extravagant airfares and they said, well, hang on, the profit margin for the airlines on average is still only about 1.2%. i m like, how can that be so low given such high airfares? its flips very quickly in this industry and that s one of the great challenges. iata a very good at publishing their profit forecasts for the airline industry but our data shows that about 760 different airlines flying around the world, no more than 20 or 30 that are considered insta ntly profita ble. the us big carriers where we ve seen market consolidation. in europe where we ve seen consolidation of sorts,