News
Goodyear Reports First Quarter 2024 Financial Results
First quarter Goodyear net loss of $57 million (20 cents per share); adjusted net income of $29 million (10 cents per share)
Segment operating income of $247 million, up $122 million compared to the first quarter of 2023
Americas segment operating income of $179 million, more than double prior year of $79 million; segment operating margin of ~7.0%
Segment operating margin in Asia Pacific of 10.0%, up 350 basis points
Goodyear Forward transformation initiatives delivered $72 million
AKRON, Ohio, May 6, 2024 /PRNewswire/ — The Goodyear Tire & Rubber Company (NASDAQ: GT) reported first quarter 2024 results and a strong start to the year.
The company will host an investor call tomorrow morning at 8:00 a.m. eastern time led by Mark Stewart, Goodyear’s recently appointed chief executive officer and president and Christina Zamarro, the company’s executive vice president and chief financial officer. The management team will share insights on first quarter performance and progress on the Goodyear Forward transformation plan, and Mark will share reflections after his first 90 days with the company.
Additional earnings materials have been posted to Goodyear’s investor relations website at http://investor.goodyear.com.
Goodyear’s first quarter 2024 sales were $4.5 billion with tire unit volumes totaling 40.4 million. First quarter 2024 Goodyear net loss was $57 million (20 cents per share) compared to a Goodyear net loss of $101 million (35 cents per share) a year ago. The year over year improvement was driven by increases in segment operating income. The 2024 period also included several significant items including, on a pre-tax basis, Goodyear Forward costs of $28 million and rationalization charges of $22 million, compared with pre-tax rationalization charges of $32 million in 2023. Goodyear Forward costs are comprised of advisory, legal and consulting fees and costs associated with planned asset sales.
First quarter 2024 adjusted net income was $29 million compared to adjusted net loss of $82 million in the prior year’s quarter. Adjusted earnings per share was $0.10, compared to a loss of $0.29 in the prior year’s quarter.
The company reported segment operating income of $247 million in the first quarter of 2024, up $122 million from a year ago. The increase in segment operating income reflects benefits of $127 million from price/mix versus raw materials and $72 million from the Goodyear Forward transformation plan. These were partly offset by the impact of net inflationary costs of $33 million and lower tire volume of $28 million.
Reconciliation of Non-GAAP Financial Measures
See “Non-GAAP Financial Measures” and “Financial Tables” for further explanation and reconciliation tables for historical Total Segment Operating Income and Margin; Adjusted Net Income (Loss); and Adjusted Diluted Earnings per Share, reflecting the impact of certain significant items on the 2024 and 2023 periods.
Business Segment Results
AMERICAS
First Quarter |
|||
(In millions) |
2024 |
2023 |
|
Tire Units |
19.0 |
20.5 |
|
Net Sales |
$2,588 |
$2,867 |
|
Segment Operating Income |
179 |
79 |
|
Segment Operating Margin |
6.9 % |
2.8 % |
|
Americas’ first quarter 2024 sales of $2.6 billion were down 9.7% driven by lower replacement volumes and unfavorable price/mix due to continuing industry weakness in commercial truck and contractual price adjustments. Tire unit volume decreased 7.4%. Replacement tire unit volume decreased 9.2% given industry member declines in the U.S. Industry non-members, generally representing low cost imported product, grew significantly in the quarter. Original equipment unit volumes were flat.
First quarter 2024 segment operating income of $179 million increased $100 million from the prior year’s quarter. The increase was driven by lower transportation costs, benefits from the execution of Goodyear Forward initiatives and favorable net price/mix versus raw material costs. These benefits were partly offset by inflationary costs and lower volume.
EMEA
First Quarter |
|||
(In millions) |
2024 |
2023 |
|
Tire Units |
12.5 |
13.2 |
|
Net Sales |
$1,347 |
$1,492 |
|
Segment Operating Income |
8 |
8 |
|
Segment Operating Margin |
0.6 % |
0.5 % |
EMEA’s first quarter 2024 sales of $1.3 billion were down 9.7% driven by lower replacement volumes and unfavorable price/mix due to a weak commercial truck industry and contractual price adjustments. Tire unit volume decreased 5.2%. Replacement tire unit volume decreased 7.1% given increased competition at the low end of the market driven by non-member imports and industry declines in commercial truck. Original equipment unit volumes were flat.
First quarter 2024 segment operating income of $8 million was flat compared to the prior year’s quarter. Segment operating income benefitted from favorable net price/mix versus raw material costs and the Goodyear Forward plan. These benefits were offset by inflationary costs, lower volume and the impact of the fire at our Debica, Poland facility in 2023.
ASIA PACIFIC
First Quarter |
|||
(In millions) |
2024 |
2023 |
|
Tire Units |
8.9 |
8.1 |
|
Net Sales |
$602 |
$582 |
|
Segment Operating Income |
60 |
38 |
|
Segment Operating Margin |
10.0 % |
6.5 % |
Asia Pacific’s first quarter 2024 sales increased 3.4% to $602 million, driven by higher original equipment volume. Tire unit volume increased 10.0%. Original equipment unit volume increased 26.7%, driven by EV fitments in China. Replacement tire unit volume decreased 1.6%, reflecting industry declines.
First quarter 2024 segment operating income of $60 million was up $22 million from prior year driven by favorable net price/mix versus raw material costs, higher volume and benefits from the Goodyear Forward plan. These factors were partly offset by higher inflation.
Conference Call
The Company will host an investor call on Tuesday, May 7 at 8:00 a.m. EDT. Please visit Goodyear’s investor relations website: http://investor.goodyear.com, for additional earnings materials.
Participating in the conference call will be Mark W. Stewart, chief executive officer and president; and Christina L. Zamarro, executive vice president and chief financial officer.
The investor call can be accessed on the website or via telephone by calling either (800) 343-4136 or (203) 518-9843 before 7:55 a.m. and providing the conference ID “Goodyear.” A replay will be available by calling (888) 566-0829 or (402) 220-0120. The replay will also be available on the website.
About Goodyear
Goodyear is one of the world’s largest tire companies. It employs about 71,000 people and manufactures its products in 55 facilities in 22 countries around the world. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate.
Forward-Looking Statements
Certain information contained in this news release constitutes forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our control, that affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: our ability to implement successfully the Goodyear Forward plan and our other strategic initiatives; actions and initiatives taken by both current and potential competitors; increases in the prices paid for raw materials and energy; inflationary cost pressures; delays or disruptions in our supply chain or the provision of services to us; a prolonged economic downturn or period of economic uncertainty; deteriorating economic conditions or an inability to access capital markets; a labor strike, work stoppage, labor shortage or other similar event; financial difficulties, work stoppages, labor shortages or supply disruptions at our suppliers or customers; the adequacy of our capital expenditures; changes in tariffs, trade agreements or trade restrictions; foreign currency translation and transaction risks; our failure to comply with a material covenant in our debt obligations; potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.
Non-GAAP Financial Measures (unaudited)
This news release presents non-GAAP financial measures, including Total Segment Operating Income and Margin, Adjusted Net Income (Loss), and Adjusted Diluted Earnings Per Share (EPS), which are important financial measures for the company but are not financial measures defined by U.S. GAAP, and should not be construed as alternatives to corresponding financial measures presented in accordance with U.S. GAAP.
Total Segment Operating Income is the sum of the individual strategic business units’ (SBUs’) Segment Operating Income as determined in accordance with U.S. GAAP. Total Segment Operating Margin is Total Segment Operating Income divided by Net Sales as determined in accordance with U.S. GAAP. Management believes that Total Segment Operating Income and Margin are useful because they represent the aggregate value of income created by the company’s SBUs and exclude items not directly related to the SBUs for performance evaluation purposes. The most directly comparable U.S. GAAP financial measures to Total Segment Operating Income and Margin are Goodyear Net Income (Loss) and Return on Net Sales (which is calculated by dividing Goodyear Net Income (Loss) by Net Sales).
Adjusted Net Income (Loss) is Goodyear Net Income (Loss) as determined in accordance with U.S. GAAP adjusted for certain significant items. Adjusted Diluted Earnings Per Share (EPS) is the company’s Adjusted Net Income (Loss) divided by Weighted Average Shares Outstanding-Diluted as determined in accordance with U.S. GAAP. Management believes that Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share (EPS) are useful because they represent how management reviews the operating results of the company excluding the impacts of rationalizations, asset write-offs, accelerated depreciation, asset sales and certain other significant items.
It should be noted that other companies may calculate similarly-titled non-GAAP financial measures differently and, as a result, the measures presented herein may not be comparable to such similarly-titled measures reported by other companies. See the following tables for reconciliations of historical Total Segment Operating Income and Margin, Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share to the most directly comparable U.S. GAAP financial measures.
The Goodyear Tire & Rubber Company and Subsidiaries
Financial Tables (Unaudited)
Table 1: Consolidated Statement of Operations |
|||||
Three Months Ended |
|||||
March 31, |
|||||
(In millions, except per share amounts) |
2024 |
2023 |
|||
Net Sales |
$ 4,537 |
$ 4,941 |
|||
Cost of Goods Sold |
3,715 |
4,193 |
|||
Selling, Administrative and General Expense |
696 |
664 |
|||
Rationalizations |
22 |
32 |
|||
Interest Expense |
126 |
127 |
|||
Other (Income) Expense |
30 |
25 |
|||
Loss before Income Taxes |
(52) |
(100) |
|||
United States and Foreign Tax Expense (Benefit) |
6 |
(1) |
|||
Net Loss |
(58) |
(99) |
|||
Less: Minority Shareholders’ Net Income (Loss) |
(1) |
2 |
|||
Goodyear Net Loss |
$ (57) |
$ (101) |
|||
Goodyear Net Loss — Per Share of Common Stock |
|||||
Basic |
$ (0.20) |
$ (0.35) |
|||
Weighted Average Shares Outstanding |
286 |
285 |
|||
Diluted |
$ (0.20) |
$ (0.35) |
|||
Weighted Average Shares Outstanding |
286 |
285 |
Table 2: Consolidated Balance Sheets |
|||
March 31, |
December 31, |
||
(In millions, except share data) |
2024 |
2023 |
|
Assets: |
|||
Current Assets: |
|||
Cash and Cash Equivalents |
$ 893 |
$ 902 |
|
Accounts Receivable, less Allowance — $96 ($102 in 2023) |
3,033 |
2,731 |
|
Inventories: |
|||
Raw Materials |
783 |
785 |
|
Work in Process |
209 |
206 |
|
Finished Products |
2,839 |
2,707 |
|
3,831 |
3,698 |
||
Prepaid Expenses and Other Current Assets |
305 |
319 |
|
Total Current Assets |
8,062 |
7,650 |
|
Goodwill |
780 |
781 |
|
Intangible Assets |
962 |
969 |
|
Deferred Income Taxes |
1,661 |
1,630 |
|
Other Assets |
1,094 |
1,075 |
|
Operating Lease Right-of-Use Assets |
993 |
985 |
|
Property, Plant and Equipment, less Accumulated Depreciation — $12,587 ($12,472 in 2023) |
8,439 |
8,492 |
|
Total Assets |
$ 21,991 |
$ 21,582 |
|
Liabilities: |
|||
Current Liabilities: |
|||
Accounts Payable — Trade |
$ 4,223 |
$ 4,326 |
|
Compensation and Benefits |
629 |
663 |
|
Other Current Liabilities |
1,185 |
1,165 |
|
Notes Payable and Overdrafts |
388 |
344 |
|
Operating Lease Liabilities due Within One Year |
200 |
200 |
|
Long Term Debt and Finance Leases due Within One Year |
395 |
449 |
|
Total Current Liabilities |
7,020 |
7,147 |
|
Operating Lease Liabilities |
841 |
825 |
|
Long Term Debt and Finance Leases |
7,483 |
6,831 |
|
Compensation and Benefits |
913 |
974 |
|
Deferred Income Taxes |
80 |
83 |
|
Other Long Term Liabilities |
856 |
885 |
|
Total Liabilities |
17,193 |
16,745 |
|
Commitments and Contingent Liabilities |
|||
Shareholders’ Equity: |
|||
Goodyear Shareholders’ Equity: |
|||
Common Stock, no par value: |
|||
Authorized, 450 million shares, Outstanding shares — 285 million in 2024 (284 million in 2023) |
285 |
284 |
|
Capital Surplus |
3,140 |
3,133 |
|
Retained Earnings |
5,029 |
5,086 |
|
Accumulated Other Comprehensive Loss |
(3,819) |
(3,835) |
|
Goodyear Shareholders’ Equity |
4,635 |
4,668 |
|
Minority Shareholders’ Equity — Nonredeemable |
163 |
169 |
|
Total Shareholders’ Equity |
4,798 |
4,837 |
|
Total Liabilities and Shareholders’ Equity |
$ 21,991 |
$ 21,582 |
Table 3: Consolidated Statements of Cash Flows |
|||
Three Months Ended |
|||
March 31, |
|||
(In millions) |
2024 |
2023 |
|
Cash Flows from Operating Activities: |
|||
Net Income (Loss) |
$ (58) |
$ (99) |
|
Adjustments to Reconcile Net Income (Loss) to Cash Flows from Operating Activities: |
|||
Depreciation and Amortization |
284 |
251 |
|
Amortization and Write-Off of Debt Issuance Costs |
3 |
2 |
|
Provision for Deferred Income Taxes |
(42) |
(60) |
|
Net Pension Curtailments and Settlements |
(5) |
— |
|
Net Rationalization Charges |
22 |
32 |
|
Rationalization Payments |
(55) |
(21) |
|
Net (Gains) Losses on Asset Sales |
2 |
(2) |
|
Operating Lease Expense |
85 |
74 |
|
Operating Lease Payments |
(69) |
(70) |
|
Pension Contributions and Direct Payments |
(16) |
(20) |
|
Changes in Operating Assets and Liabilities, Net of Asset Acquisitions and Dispositions: |
|||
Accounts Receivable |
(325) |
(603) |
|
Inventories |
(167) |
46 |
|
Accounts Payable — Trade |
(47) |
(302) |
|
Compensation and Benefits |
(38) |
(42) |
|
Other Current Liabilities |
(45) |
61 |
|
Other Assets and Liabilities |
20 |
(22) |
|
Total Cash Flows from Operating Activities |
(451) |
(775) |
|
Cash Flows from Investing Activities: |
|||
Capital Expenditures |
(318) |
(291) |
|
Asset Dispositions |
108 |
2 |
|
Short Term Securities Acquired |
— |
(82) |
|
Short Term Securities Redeemed |
— |
1 |
|
Notes Receivable |
(21) |
(76) |
|
Other Transactions |
— |
(10) |
|
Total Cash Flows from Investing Activities |
(231) |
(456) |
|
Cash Flows from Financing Activities: |
|||
Short Term Debt and Overdrafts Incurred |
282 |
294 |
|
Short Term Debt and Overdrafts Paid |
(230) |
(175) |
|
Long Term Debt Incurred |
3,964 |
2,840 |
|
Long Term Debt Paid |
(3,332) |
(1,883) |
|
Common Stock Issued |
(3) |
(1) |
|
Transactions with Minority Interests in Subsidiaries |
(2) |
— |
|
Debt Related Costs and Other Transactions |
(18) |
— |
|
Total Cash Flows from Financing Activities |
661 |
1,075 |
|
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash |
(10) |
8 |
|
Net Change in Cash, Cash Equivalents and Restricted Cash |
(31) |
(148) |
|
Cash, Cash Equivalents and Restricted Cash at Beginning of the Period |
985 |
1,311 |
|
Cash, Cash Equivalents and Restricted Cash at End of the Period |
$ 954 |
$ 1,163 |
Table 4: Reconciliation of Segment Operating Income & Margin |
||||
Three Months Ended |
||||
March 31, |
||||
(In millions) |
2024 |
2023 |
||
Total Segment Operating Income |
$ 247 |
$ 125 |
||
Less: |
||||
Rationalizations |
22 |
32 |
||
Interest Expense |
126 |
127 |
||
Other (Income) Expense |
30 |
25 |
||
Asset Write-Offs, Accelerated Depreciation, and Accelerated Lease Costs, Net |
51 |
2 |
||
Corporate Incentive Compensation Plans |
20 |
20 |
||
Retained Expenses of Divested Operations |
5 |
4 |
||
Other |
45 |
15 |
||
Loss before Income Taxes |
$ (52) |
$ (100) |
||
United States and Foreign Tax Expense (Benefit) |
6 |
(1) |
||
Less: Minority Shareholders’ Net Income (Loss) |
(1) |
2 |
||
Goodyear Net Loss |
$ (57) |
$ (101) |
||
Net Sales |
$ 4,537 |
$ 4,941 |
||
Return on Net Sales |
-1.3 % |
-2.0 % |
||
Total Segment Operating Margin |
5.4 % |
2.5 % |
Table 5: Reconciliation of Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share |
|||||||||||||||
First Quarter 2024 |
|||||||||||||||
(In millions, except |
As |
Rationalizations, |
Goodyear |
Debica Fire |
Asset and |
Indirect Tax |
Pension |
As |
|||||||
Net Sales |
$ 4,537 |
$ – |
$ – |
$ – |
$ – |
$ – |
$ – |
$ 4,537 |
|||||||
Cost of Goods Sold |
3,715 |
(43) |
– |
(14) |
– |
8 |
– |
3,666 |
|||||||
Gross Margin |
822 |
43 |
– |
14 |
– |
(8) |
– |
871 |
|||||||
SAG |
696 |
(8) |
(28) |
– |
– |
– |
– |
660 |
|||||||
Rationalizations |
22 |
(22) |
– |
– |
– |
– |
– |
– |
|||||||
Interest Expense |
126 |
– |
– |
– |
– |
– |
– |
126 |
|||||||
Other (Income) Expense |
30 |
– |
– |
– |
(10) |
2 |
5 |
27 |
|||||||
Pre-tax Income (Loss) |
(52) |
73 |
28 |
14 |
10 |
(10) |
(5) |
58 |
|||||||
Taxes |
6 |
8 |
7 |
2 |
3 |
(2) |
(1) |
23 |
|||||||
Minority Interest |
(1) |
6 |
– |
1 |
– |
– |
– |
6 |
|||||||
Goodyear Net Income (Loss) |
$ (57) |
$ 59 |
$ 21 |
$ 11 |
$ 7 |
$ (8) |
$ (4) |
$ 29 |
|||||||
EPS |
$ (0.20) |
$ 0.20 |
$ 0.07 |
$ 0.04 |
$ 0.02 |
$ (0.02) |
$ (0.01) |
$ 0.10 |
First Quarter 2023 |
|||||||||
(In millions, except |
As |
Rationalizations, |
Foreign Currency |
Other Legal |
As |
||||
Net Sales |
$ 4,941 |
$ – |
$ – |
$ – |
$ 4,941 |
||||
Cost of Goods Sold |
4,193 |
(12) |
– |
3 |
4,184 |
||||
Gross Margin |
748 |
12 |
– |
(3) |
757 |
||||
SAG |
664 |
10 |
– |
– |
674 |
||||
Rationalizations |
32 |
(32) |
– |
– |
– |
||||
Interest Expense |
127 |
– |
– |
– |
127 |
||||
Other (Income) Expense |
25 |
– |
5 |
– |
30 |
||||
Pre-tax Income (Loss) |
(100) |
34 |
(5) |
(3) |
(74) |
||||
Taxes |
(1) |
8 |
– |
(1) |
6 |
||||
Minority Interest |
2 |
– |
– |
– |
2 |
||||
Goodyear Net Income (Loss) |
$ (101) |
$ 26 |
$ (5) |
$ (2) |
$ (82) |
||||
EPS |
$ (0.35) |
$ 0.09 |
$ (0.02) |
$ (0.01) |
$ (0.29) |
SOURCE The Goodyear Tire & Rubber Company
News
Modiv Industrial to release Q2 2024 financial results on August 6
RENO, Nev., August 1, 2024–(BUSINESS THREAD)–Modiv Industrial, Inc. (“Modiv” or the “Company”) (NYSE:MDV), the only public REIT focused exclusively on the acquisition of industrial real estate properties, today announced that it will release second quarter 2024 financial results for the quarter ended June 30, 2024 before the market opens on Tuesday, August 6, 2024. Management will host a conference call the same day at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) to discuss the results.
Live conference call: 1-877-407-0789 or 1-201-689-8562 at 7:30 a.m. Pacific Time Tuesday, August 6.
Internet broadcast: To listen to the webcast, live or archived, use this link https://callme.viavid.com/viavid/?callme=true&passcode=13740174&h=true&info=company&r=true&B=6 or visit the investor relations page of the Modiv website at www.modiv.com.
About Modiv Industrial
Modiv Industrial, Inc. is an internally managed REIT focused on single-tenant net-leased industrial manufacturing real estate. The company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. For more information, visit: www.modiv.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731628803/en/
Contacts
Investor Inquiries:
management@modiv.com
News
Volta Finance Limited – Director/PDMR Shareholding
Volta Finance Limited
Volta Finance Limited (VTA/VTAS)
Notification of transactions by directors, persons exercising managerial functions
responsibilities and people closely associated with them
NOT FOR DISCLOSURE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN THE UNITED STATES
*****
Guernsey, 1 August 2024
Pursuant to announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors’ fees, Volta Finance Limited (the “Company” or “Volta”) purchased 3,380 no par value ordinary shares of the Company (“Ordinary Shares”) at an average price of €5.2 per share.
Each director receives 30% of his or her director’s fee for any year in the form of shares, which he or she is required to hold for a period of not less than one year from the respective date of issue.
The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“March“) are “people who exercise managerial responsibilities” (a “PDMR“).
-
Dagmar Kershaw, Chairman and MDMR for purposes of MAR, has acquired an additional 1,040 Common Shares in the Company. Following the settlement of this transaction, Ms. Kershaw will have an interest in 12,838 Common Shares, representing 0.03% of the Company’s issued shares;
-
Stephen Le Page, a Director and a PDMR for MAR purposes, has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Mr. Le Page will have an interest in 50,562 Ordinary Shares, representing 0.14% of the issued shares of the Company;
-
Yedau Ogoundele, Director and a PDMR for the purposes of MAR has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Ogoundele will have an interest in 6,862 Ordinary Shares, representing 0.02% of the issued shares of the Company; and
-
Joanne Peacegood, Director and PDMR for MAR purposes has acquired an additional 884 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Peacegood will have an interest in 3,505 Ordinary Shares, representing 0.01% of the issued shares of the Company;
The notifications below, made in accordance with the requirements of the MAR, provide further details in relation to the above transactions:
a) Dagmar Kershaw |
b) Stephen LePage |
c) Yedau Ogoundele |
e) Joanne Pazgood |
|||
a. Position/status |
Director |
|||||
b. Initial Notification/Amendment |
Initial notification |
|||||
|
||||||
a name |
Volta Finance Limited |
|||||
b. LAW |
2138004N6QDNAZ2V3W80 |
|||||
a. Description of the financial instrument, type of instrument |
Ordinary actions |
|||||
b. Identification code |
GG00B1GHHH78 |
|||||
c. Nature of the transaction |
Acquisition and Allocation of Common Shares in Relation to Partial Payment of Directors’ Fees for the Quarter Ended July 31, 2024 |
|||||
d. Price(s) |
€5.2 per share |
|||||
e. Volume(s) |
Total: 3380 |
|||||
f. Transaction date |
August 1, 2024 |
|||||
g. Location of transaction |
At the Market – London |
|||||
The) |
B) |
w) |
It is) |
|||
Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
CONTACTS
For the investment manager
AXA Investment Managers Paris
Francois Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22
Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30
Company Secretary and Administrator
BNP Paribas SA, Guernsey branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853
Corporate Broker
Cavendish Securities plc
Andre Worn Out
Daniel Balabanoff
+44 (0) 20 7397 8900
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ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the Main Market of the London Stock Exchange for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to the regulation and supervision of the AFM, which is the regulator of the financial markets in the Netherlands.
Volta’s investment objectives are to preserve its capital throughout the credit cycle and to provide a stable income stream to its shareholders through dividends that it expects to distribute quarterly. The company currently seeks to achieve its investment objectives by seeking exposure predominantly to CLOs and similar asset classes. A more diversified investment strategy in structured finance assets may be pursued opportunistically. The company has appointed AXA Investment Managers Paris, an investment management firm with a division specializing in structured credit, to manage the investment portfolio of all of its assets.
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ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-specialist asset management firm within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management at the end of December 2023.
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This press release is issued by AXA Investment Managers Paris (“AXA IM”) in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (“Volta Finance”), the portfolio of which is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to purchase shares of Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in violation of such limitations or restrictions. This document is not an offer to sell the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such an offering would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration under the Securities Act. Volta Finance does not intend to register any part of the offering of such securities in the United States or to conduct a public offering of such securities in the United States.
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This communication is being distributed to, and is directed only at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are available only to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be made only to, relevant persons. Any person who is not a relevant person should not act on or rely on this document or any of its contents. Past performance should not be relied upon as a guide to future performance.
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This press release contains statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “anticipates”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include statements about the level of the dividend, the current market environment and its impact on the long-term return on Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that such forward-looking statements are not guarantees of future performance. Actual results, portfolio composition and performance of Volta Finance may differ materially from the impression created by the forward-looking statements. AXA IM undertakes no obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events that may not materialize. Due to the uncertainty surrounding these future events, targets are not intended to be and should not be considered to be profits or earnings or any other type of forecast. There can be no assurance that any of these targets will be achieved. Furthermore, no assurance can be given that the investment objective will be achieved.
Figures provided which relate to past months or years and past performance cannot be considered as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of Volta Finance’s investment methodologies and philosophies as implemented by AXA IM. The historical success or AXA IM’s belief in the future success of any such trade or strategy is not indicative of, and has no bearing on, future results.
The valuation of financial assets may vary significantly from the prices that AXA IM could obtain if it sought to liquidate the positions on Volta Finance’s behalf due to market conditions and the general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be relied upon as such.
Publisher: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, with registered office at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
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News
Apple to report third-quarter earnings as Wall Street eyes China sales
Litter (AAPL) is set to report its fiscal third-quarter earnings after the market closes on Thursday, and unlike the rest of its tech peers, the main story won’t be about the rise of AI.
Instead, analysts and investors will be keeping a close eye on iPhone sales in China and whether Apple has managed to stem the tide of users switching to domestic rivals including Huawei.
For the quarter, analysts expect Apple to report earnings per share (EPS) of $1.35 on revenue of $84.4 billion, according to estimates compiled by Bloomberg. Apple saw EPS of $1.26 on revenue of $81.7 billion in the same period last year.
Apple shares are up about 18.6% year to date despite a rocky start to the year, thanks in part to the impact of the company’s Worldwide Developer Conference (WWDC) in May, where showed off its Apple Intelligence software.
But the big question on investors’ minds is whether iPhone sales have risen or fallen in China. Apple has struggled with slowing phone sales in the region, with the company noting an 8% decline in sales in the second quarter as local rivals including Huawei and Xiaomi gain market share.
Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC). (Photo by Justin Sullivan/Getty Images) (Justin Sullivan via Getty Images)
And while some analysts, such as JPMorgan’s Samik Chatterjee, believe sales in Greater China, which includes mainland China, Hong Kong, Singapore and Taiwan, rose in the third quarter, others, including David Vogt of UBS Global Research, say sales likely fell about 6%.
Analysts surveyed by Bloomberg say Apple will report revenue of $15.2 billion in Greater China, down 3.1% from the same quarter last year, when Apple reported revenue of $15.7 billion in China. Overall iPhone sales are expected to reach $38.9 billion, down 1.8% year over year from the $39.6 billion Apple saw in the third quarter of 2023.
But Apple is expected to make up for those declines in other areas, including Services and iPad sales. Services revenue is expected to reach $23.9 billion in the quarter, up from $21.2 billion in the third quarter of 2023, while iPad sales are expected to reach $6.6 billion, up from the $5.7 billion the segment brought in in the same period last year. Those iPad sales projections come after Apple launched its latest iPad models this year, including a new iPad Pro lineup powered by the company’s M4 chip.
Mac revenue is also expected to grow modestly in the quarter, versus a 7.3% decline last year. Sales of wearables, which include the Apple Watch and AirPods, however, are expected to decline 5.9% year over year.
In addition to Apple’s revenue numbers, analysts and investors will be listening closely for any commentary on the company’s software launches. Apple Intelligence beta for developers earlier this week.
The story continues
The software, which is powered by Apple’s generative AI technology, is expected to arrive on iPhones, iPads and Macs later this fall, though according to Bloomberg’s Marc GurmanIt won’t arrive alongside the new iPhone in September. Instead, it’s expected to arrive on Apple devices sometime in October.
Analysts are divided on the potential impact of Apple Intelligence on iPhone sales next year, with some saying the software will kick off a new iPhone sales supercycle and others offering more pessimistic expectations about the technology’s effect on Apple’s profits.
It’s important to note that Apple Intelligence is only compatible with the iPhone 15 Pro and newer phones, ensuring that all users desperate to get their hands on the tech will have to upgrade to a newer, more powerful phone as soon as it is available.
Either way, if Apple wants to make Apple Intelligence a success, it will need to ensure it has the features that will make customers excited to take advantage of the offering.
Subscribe to the Yahoo Finance Tech Newsletter. (Yahoo Finance)
Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.
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News
Number of Americans filing for unemployment benefits hits highest level in a year
The number of Americans filing for unemployment benefits hit its highest level in a year last week, even as the job market remains surprisingly healthy in an era of high interest rates.
Jobless claims for the week ending July 27 rose 14,000 to 249,000 from 235,000 the previous week, the Labor Department said Thursday. It’s the highest number since the first week of August last year and the 10th straight week that claims have been above 220,000. Before that period, claims had remained below that level in all but three weeks this year.
Weekly jobless claims are widely considered representative of layoffs, and while they have been slightly higher in recent months, they remain at historically healthy levels.
Strong consumer demand and a resilient labor market helped avert a recession that many economists predicted during the Federal Reserve’s prolonged wave of rate hikes that began in March 2022.
As inflation continues to declinethe Fed’s goal of a soft landing — reducing inflation without causing a recession and mass layoffs — appears to be within reach.
On Wednesday, the Fed left your reference rate aloneBut officials have strongly suggested a cut could come in September if the data stays on its recent trajectory. And recent labor market data suggests some weakening.
The unemployment rate rose to 4.1% in June, despite the fact that American employers added 206,000 jobs. U.S. job openings also fell slightly last month. Add that to the rise in layoffs, and the Fed could be poised to cut interest rates next month, as most analysts expect.
The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.
The total number of Americans receiving unemployment benefits in the week of July 20 jumped by 33,000 to 1.88 million. The four-week average for continuing claims rose to 1,857,000, the highest since December 2021.
Continuing claims have been rising in recent months, suggesting that some Americans receiving unemployment benefits are finding it harder to get jobs.
There have been job cuts across a range of sectors this year, from agricultural manufacturing Deerefor media such as CNNIt is in another place.
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