TESCO: BELOW EXPECTATIONS AGAIN
Tesco Corporation Reports Q1 2014 Results:
- Q1-2014 to Q1-2013: down from $ 127.1 M to $ 121.4 M, $ 5.7 M, 4.5%;
- Q1-2014 to Q4-2013: down from $ 136.9 M to $ 121.4 M, $ 15.5 M, 11.3%;
TOP DRIVES SEGMENT REVENUE:
- Q1-2014 to Q1–2013: down from $ 75.6 M to $ 64.7 M, $ 10.9 M, 14.4%;
- Q1-2014 to Q4-2013: down from $ 81.9 M to $ 64.7 M, $ 17.2 M, 21%;
- segment share down from 59.5% to 53.3%;
TOP DRIVES SALES:
- Q1-2014 to Q1–2013: down from $ 32.8 M to $ 25.3 M, $ 7.5 M, 22.9%;
- Q1-2014 to Q4-2013: down from $ 34.6 M to $ 25.3 M, $ 9.3 M, 26.9%;
- segment share down from 25.8% to 20.8%;
TOP DRIVES RENTAL SERVICES:
- Q1-2014 to Q1-2013: down from $ 29.7 M to $ 24.7 M, $ 5 M, 16.8%;
- Q1-2014 to Q4-2013: down from $ 32.0 M to $ 24.7 M, $ 7.3 M, 22.8%;
- segment share down from 23.4% to 20.3%;
- Q1-2014 to Q1 2013: down from $ 8.8 M to $ 3.0 M, $ 5.8 M, 65.9%;
- Q1-2014 to Q4-2013: down from $ 5.5 M to $ 3.0 M, $ 2.5 M, 45.5%;
EARNINGS PER SHARE:
- Q1-2014 to Q1 2013: down from $ 0.22 to $ 0.07, $ 0.15, 68.2%;
- Q1-2014 to Q4-2013: down from $ 0.14 to $ 0.07, $ 0.07, 50%;
- Q1-2014 to Q4 2013: down from $ 23.2 M to $ 22.0 M, $ 1.2 M, 5.2%;
- Q1-2014 to Q1-2013: down from $ 24.4 M to $ 22.0 M, $ 2.4 M, 9.8%.
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IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.
IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.
U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.
IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.