>>> Molson Coors Brewing reports Q3 (Sep) results, misses on revs; reaffirms FY1

Molson Coors Brewing reports Q3 (Sep) results, misses on revs; reaffirms FY17 targets (80.87)
  • Reports Q3 (Sep) earnings of $1.34 per share, may not be comparable to the Capital IQ Consensus of $1.87; revenues (net sales) rose 204.3% year/year to $2.88 bln vs the $2.97 bln Capital IQ Consensus.
  • Worldwide brand volume of 25.5 million hectoliters increased 0.6 percent due to strong growth in Europe and International, partially as a result of adding the Miller global brands business and also from growth in some of our core brands.
  • Co reaffirmed the following FY17 targets: Underlying free cash flow: $1.2 billion, plus or minus 10 percent. Capital spending: approximately $650 million, plus or minus 5 percent. - Updated (formerly $750 million, plus or minus 10 percent).
  • ""In reviewing our performance in the quarter, as well as year to date, we are building traction against our strategic priorities, as indicated by delivering growth in global brand volume, net sales per hectoliter and underlying EBITDA margin. Despite challenging market conditions in North America, we remain on track to deliver our 2017 business and financial plans and exceed our original cost savings targets and cash flow goals, as well as maintain our investment-grade debt ratings."

>>> Pitney Bowes misses by $0.10, reports revs in-line; guides FY17 EPS below co

Pitney Bowes misses by $0.10, reports revs in-line; guides FY17 EPS below consensus (13.74)
  • Reports Q3 (Sep) earnings of $0.33 per share, excluding non-recurring items, $0.10 worse than the Capital IQ Consensus of $0.43; revenues rose 0.5% year/year to $842.82 mln vs the $837.6 mln Capital IQ Consensus.
  • Co issues downside guidance for FY17, sees EPS of $1.38-1.46 (Prior $1.70-1.78), excluding non-recurring items, vs. $1.70 Capital IQ Consensus Estimate. Revenue, on a constant currency basis, to be in the range of 3 percent to 5 percent growth, when compared to 2016. This has been updated from the previous range of flat to 1 percent as a result of the revenue expected from Newgistics in the fourth quarter.
  • Free cash flow to be in the range of $350 million to $380 million. This has been updated from the previous range of $400 million to $430 million

>>> Garmin beats by $0.09, beats on revs; raises FY17 guidance (56.61)

Garmin beats by $0.09, beats on revs; raises FY17 guidance (56.61)
  • Reports Q3 (Sep) earnings of $0.75 per share, $0.09 better than the Capital IQ Consensus of $0.66; revenues rose 2.9% year/year to $743 mln vs the $722 mln Capital IQ Consensus, with outdoor, aviation, marine and fitness collectively growing 9% over the prior year quarter and contributing 75% of total revenue Gross margin improved to 58.4% compared to 56.2% in the prior year quarter Operating margin improved to 22.8% compared to 22.1% in the prior year quarter Operating income was $170 million, growing 6% over the prior year quarter
  • Co issues upside guidance for FY17, sees EPS of ~$2.90 from $2.80 vs. $2.81 Capital IQ Consensus Estimate; sees FY17 revs ~$3.07 bln from $3.04 bln vs. $3.04 bln Capital IQ Consensus Estimate.

>>> Weatherford beats by $0.03, misses on revs --> no pre-market for now

Weatherford beats by $0.03, misses on revs (3.47)
  • Reports Q3 (Sep) loss of $0.22 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of ($0.25); revenues rose 7.1% year/year to $1.46 bln vs the $1.49 bln Capital IQ Consensus.
  • 'Our highest priority is free cash flow generation. To that end, we have initiated a substantial transformation program targeting improvements in our operating results of approximately $1 billion. We are driving this plan on a timeline to achieve these savings over the next 18-24 months. Specific actions to achieve $300 million in cost savings are already underway',
  • Target of break-even free cash flow excluding restructuring and legal settlements in the fourth quarter.

>>> Estee Lauder beats by $0.24, beats on revs; guides Q2 EPS below consensus, r

Estee Lauder beats by $0.24, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY18 EPS below consensus, revs above consensus (111.81)
  • Reports Q1 (Sep) earnings of $1.21 per share, excluding non-recurring items, $0.24 better than the Capital IQ Consensus of $0.97; revenues rose 14.3% year/year to $3.27 bln vs the $3.16 bln Capital IQ Consensus.
  • Co issues mixed guidance for Q2, sees EPS of $1.31-1.34, excluding non-recurring items, vs. $1.41 Capital IQ Consensus Estimate; sees Q2 revs of $3.7-3.77 bln vs. $3.54 bln Capital IQ Consensus Estimate.
  • Co issues mixed guidance for FY18, sees EPS of $3.88-3.96, excluding non-recurring items, vs. $3.98 Capital IQ Consensus Estimate; sees FY18 revs of $13.08-13.13 bln vs. $12.87 bln Capital IQ Consensus Estimate.
  • "We delivered an outstanding financial performance in our fiscal 2018 first quarter, demonstrating the power of our diverse brand portfolio to leverage our multiple engines of growth. Building on the global momentum of the last fiscal year, we benefitted from a continued acceleration in China, Hong Kong, travel retail and global online, strength in several developed and emerging markets in Europe, and incremental sales from Too Faced and BECCA.

WP : Airbus Says It Misled State Department on Arms Sales

The aircraft manufacturer Airbus said on Tuesday that it may have violated United States rules on arms exports, potentially expanding a corruption investigation that has already shaken the company in Europe.

Airbus, Boeing’s main rival in the passenger jet business, said that it had provided false information to the State Department about its compliance with rules on arms sales overseas.

Airbus provided few details except to say that the inaccuracies related to American regulations on fees and commissions paid to sales agents.

The disclosure raised the prospect that corruption investigations involving the company in Europe, to do with the use of middlemen to pay bribes, could spread to the United States, which typically imposes much higher fines and stiffer court judgments. In an industry that relies heavily on ties with government, Airbus could also be at a disadvantage competing for contracts, or even be frozen out altogether.

Airbus, based in Toulouse, France, is under investigation by the British and French authorities for possible use of intermediaries to pay bribes related to the sale of commercial aircraft. In addition, the German and Austrian authorities are investigating bribery allegations tied to the sale of Eurofighter jets to Austria in 2003. Airbus also has a unit in Columbus, Miss., that makes helicopters for civilian and military buyers.

In its quarterly financial report on Tuesday, Airbus warned that penalties from the European investigations could have a significant effect on its finances. The company said that net profit from July through September rose sevenfold to 348 million euros, or $405 million, mainly because of favorable currency exchange rates. Sales rose 2 percent to €14.2 billion.

The false information sent to the State Department was related to defense products or services, but the company did not say which kind. A company spokesman declined to comment on Tuesday.

Airbus said it discovered the false reporting during an internal review and volunteered the information to the State Department.

“Following a review of its U.S. regulatory compliance procedures,” the company said in a statement, “Airbus has discovered and subsequently informed relevant U.S. authorities of its findings concerning certain inaccuracies in filings made with the U.S. Department of State.”

The company said it was cooperating with the United States authorities.

A State Department spokesman declined to comment on the specifics on the Airbus disclosure.

Airbus shares rose 3.6 percent in trading in Paris on Tuesday. The French, German and Spanish governments own about 26 percent of the shares and the rest are traded publicly.

The Telegraph : End of the supermarket? Big brands sign up for high-tech service

End of the supermarket? Big brands sign up for high-tech service that could cut prices by a third

Britain's biggest food and household goods brands have signed up to a new shopping service which claims it can slash grocery bills by 30 per cent by cutting out supermarkets.
Manufacturing giants Unilever, Mars, and Reckitt Benckiser, have all signed agreements to say they intend to start selling items directly to consumers through a high-tech digital platform which is launching in the UK next year, it can be revealed.
It means hundreds of household favourites including Weetabix, Walls ice cream, Dettol, Durex condoms and Dolmio sauces could soon be available to buy at much lower prices.
The grocery service designed by tech company INS, is set to pilot in 2018 and is expected to be part of a new wave of shopping firms offering a radically different way for consumers to shop.
Unlike supermarkets, which negotiate prices of goods with manufacturers, the website will let brands decide their...
...

>>> Europe Pre Market indications

Pre Mkt Indications (MainFirst)

*DTE-Sprint,T-Mobile last ditch talks are on life support...........-1.5%
*ASMI-Q3 Net Sales 185m(180),OP 25.7m(27.47),Q4 Rev 190-210(178)....+1%
*NOKIAN-Q3 Net Sales 363.1m(351.9),OP 89.8m(83.2),raw mats down.....+3%
*BENATEAU-FY Rev 1.2b(1.2),Ebitda 152.9m(141),NI 59.7m(51)..........+2%
*EUROPRIS-Q3 Rev 1.28b(1.33),Adj Net 64.7m(75.4m),L-F-L +3.2%.......-2%
*NOVO NORDISK-Sees FY Ebit 0%/3%(-3/+1),Sales 0%/+1%(-2/0)..........-1%
*LUNDIN PET-Q3 Rev $517.2m(418.7),Ebitda 382.4m(359.3)..............+2%
*ELECTROLUX/WHIRLPOOL-Midea would be interested 2 lk at both........+2%
*SCHNEIDER-Said to lead bidding for L&T Elec Unit worth $2.3b.......U/C
*CTT-9m Ebitda 681.m(14% miss),Cuts guidance and Divi...............-5%
*STORA ENSO-To divest Puumerkki,will bk loss of 8m in Op Ebit in Q4.U/C
*PUMA-Kering hires Rothschild for Puma sale worth €5b own 85%.......+1.5%