Business Watch -- WSJ
September 23 2016 - 3:03AM
Dow Jones News
EDF
Utility Reduces Earnings Outlook
State-controlled power utility EDF cut its earnings outlook on
expectations of lower nuclear output from an increase of plant
outages.
EDF, which last week got the go-ahead from the British
government to build the GBP18 billion ($23.5 billion) Hinkley Point
nuclear plant in the U.K., said it expects earnings before
interest, taxes, depreciation and amortization of between EUR16.3
billion ($18.2 billion) and EUR16.6 billion.
It previously had forecast a range of EUR16.3 billion to EUR16.8
billion. The French company already had lowered its nuclear output
forecast in July, but had maintained its earnings target.
--Inti Landauro and William Horobin
RITE AID
Sales Fall Short of Expectations
Rite Aid Corp. said its sales came in below Wall Street
estimates in its second quarter as pharmacy reimbursement-rate
pressure and generic drugs cut into results.
Same-store sales decreased 2.5% in the quarter from a year ago
as a 0.1% increase in retail sales was offset by a 3.6% decrease in
pharmacy sales. The Camp Hill, Penn.-based company said new generic
drugs, which are generally cheaper and less profitable, were
responsible for much of the pharmacy decrease. The company also
cited a "challenging reimbursement-rate environment."
In all, Rite Aid reported a profit of $14.8 million, or 1 cent a
share, compared with a profit of $21.5 million, or 2 cents a share,
a year earlier. Excluding certain items, adjusted per-share
earnings fell to 3 cents from 6 cents a year earlier.
Revenue climbed 4.8% to $8.03 billion.
Analysts polled by Thomson Reuters had forecast adjusted
earnings of 2 cents on $8.17 billion in revenue.
--Austen Hufford
AUTOZONE
Store Openings Boost Revenue
AutoZone Inc. said profit grew 6.4% in the final quarter of its
fiscal year as the auto-parts retailer reported higher revenue,
boosted in part by new store openings.
Sales at domestic stores open at leastayear rose 1% for the
Memphis, Tenn., company, which has worked to increase inventory in
part by opening so-called mega-hub locations. In the latest period,
AutoZone opened 71 new stores and relocated two stores in the U.S.,
bringing its total to 5,297.
For its August quarter, AutoZone reported a profit of $426.8
million, or $14.30 a share, up from $401.1 million, or $12.75 a
share, a year earlier. Revenue climbed 3.3% to $3.4 billion.
Analysts polled by Thomson Reuters had projected profit of $14.25 a
share on $3.43 billion in sales.
--Anne Steele
(END) Dow Jones Newswires
September 23, 2016 02:48 ET (06:48 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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