Author: Nathan Gomes
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CarMax misses profit estimates; monitoring strikes at Detroit Three
By Nathan Gomes (Reuters) -CarMax on Thursday posted a lower-than-expected quarterly profit, hurt by weakening demand for preowned vehicles, sending the used-car retailer’s shares down nearly 10%. Preowned vehicles’ demand, which was strong during the pandemic, has fallen, as consumers opt for newer models with attractive financing deals and safety technology. However, an ongoing labor…
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Carvana shares surge on plans to cut debt load
By Nathan Gomes (Reuters) -Carvana shares soared as much as 43% on Wednesday after the troubled used-car retailer struck a deal with most of its term bondholders to cut its outstanding debt by more than $1 billion. The agreement, with a group including private-equity firm Apollo, eases some of Carvana’s liquidity issues as it struggles…
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Carvana shares surge 46% after upbeat second-quarter outlook
By Nathan Gomes and Sinéad Carew (Reuters) -Shares of used-car retailer Carvana Co were up 45.6% on Thursday with some help from traders covering their bearish bets after the company forecast second-quarter adjusted earnings above Wall Street expectations due to cost-cutting initiatives. Carvana shares rose as much as 51% during the session. They last traded…
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Hertz readies for strong summer demand after upbeat quarter
By Nathan Gomes (Reuters) -U.S. car rental company Hertz Global Holdings Inc said on Thursday it was preparing for strong summer travel demand and projected a 20% jump in second-quarter revenue from the first, driving its shares up as much as 4%. U.S. carriers including Southwest Airlines Co, Delta Air Lines Inc and United Airlines…
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Emerson Electric to buy National Instruments for $8.2 billion to deepen automation push
By Nathan Gomes, Anirban Sen and David Carnevali (Reuters) – U.S. industrial conglomerate Emerson Electric Co on Wednesday agreed to buy National Instruments Corp for $8.2 billion, capping a nearly yearlong pursuit of the measurement equipment maker. The $60-per-share cash offer represents a premium of nearly 50% to National Instruments’ closing price on Jan. 12,…
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Ford’s quarterly US auto sales jump 10.1% on pent-up demand, easing supply
By Nathan Gomes (Reuters) -Ford Motor Co posted a 10.1% rise in first-quarter U.S. auto sales on Tuesday, fueled by pent-up demand for electric vehicles, SUVs and trucks amid easing supply chain disruptions. The Detroit automaker joins other global rivals in reporting a rise in sales, as the industry was able to get more of…
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Honeywell forecasts weak first-quarter profit as supply chain snags hurt
By Nathan Gomes (Reuters) -Honeywell International Inc forecast first-quarter adjusted profit below estimates, signaling strong demand in its high-margin aerospace unit was not enough to beat the impact of supply chain disruptions and labor shortages. Shares of the industrial conglomerate, which counts Boeing Co and Airbus SE as customers, fell nearly 5% to $197.32 in…
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Northrop Grumman expects strong 2023 revenue as weapon demand surges
By Mike Stone and Nathan Gomes (Reuters) – U.S. defense contractor Northrop Grumman Corp on Thursday forecast full-year sales above Wall Street estimates, as it benefits from strong demand for weapons from countries ramping up their defense spend. The United States and its allies have been buying more arms and ammunitions and supporting Ukraine with…
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General Dynamics forecasts weak 2023 as supply, labor challenges persist
By Nathan Gomes (Reuters) – U.S. defense contractor General Dynamics Corp on Wednesday forecast lower-than-expected 2023 results, as the industry struggles with labor and supply shortages, though strong demand for weapons helped it beat quarterly estimates. An “abnormally high retirement” of workers has impacted General Dynamics’ electric boat unit, which assembles nuclear-powered submarines, company executives…
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GM reclaims U.S. auto sales crown from Toyota
By Nathan Gomes and Abhijith Ganapavaram (Reuters) -General Motors Co reclaimed the top spot in U.S. auto sales from rival Toyota Motor Corp in 2022 as it was able to better meet strong demand for cars and trucks despite industry-wide supply disruptions. Shares of GM rose 2.7% in afternoon trade on Wednesday to $34.75, after…