All posts tagged: profits

Profits surge at Avon Technologies

Profits surge at Avon Technologies

Published by skeptic

Avon Technologies, the Melksham-based manufacturer of military helmets, gas masks and respiratory protection for fire, military and law enforcement, closed the year with a record $225.2 million order book, a 64.3 per cent increase on last year. This strong order intake was predominantly driven by growth in Team Wendy’s Next Generation Integrated Head Protection System and second generation Advanced Combat Helmet (ACH GEN II) orders from the US Department of Defense and accessory sales. It also saw the order book at Avon Protection double this year with orders from the UK’s Ministry of Defence alongside the US Department of Defence and orders from Australia, Germany and New Zealand. Jos Sclater, Chief Executive Officer, said: “It is now 18 months since we launched the STAR strategy and we are making good progress. This is demonstrated by our much stronger financial performance, improving operating metrics and a fast-growing order book.   “I am however most excited by the ability of the organisation to change and translate strategy into action.  We have built a culture where improving processes is …

Your food is more expensive – are US corporate profits to blame? | Inflation

Your food is more expensive – are US corporate profits to blame? | Inflation

Published by skeptic

As inflation shot to its peak around mid-2022, Chipotle’s prices also rose, pushing up what customers paid for burritos and bowls by as much as several dollars. Since then, the fast casual restaurant’s costs have broadly fallen. Prices have not. Chipotle’s decision to maintain high prices helped boost profits 110% in recent years, while its executives boasted to investors that they raised prices higher than inflationary costs. Chipotle’s sparkling financials are representative of much of the food industry, according to a Guardian analysis of financial documents and earning calls transcripts from 36 top US food corporations. It reveals that while you may be feeling the pain from high prices at restaurants and supermarkets, many companies making and selling the products are doing remarkably well. Most have seen their profits jump as they continue raising prices on customers, the analysis found. Some companies say they have no choice but to pass inflationary pain on to consumers. Others, however, acknowledge they are exploiting the inflationary atmosphere to raise prices, or to shrink product sizes, a strategy dubbed …

‘Perilous for democracy, good for profits’: is big business ready to love Trump again? | Business

‘Perilous for democracy, good for profits’: is big business ready to love Trump again? | Business

Published by skeptic

Chief executives of some of America’s largest companies will meet privately with Donald Trump later on Thursday, and many CEOs who were once critical of his unprecedented conduct appear increasingly open to the former president’s return to office, a Guardian analysis has found. The private audience with the former president will take place at the quarterly gathering of the Business Roundtable, a powerful Washington lobbying group that advocates for the interests of chief executives of big US firms. Joe Biden was also invited; his chief of staff will attend while the US president is abroad, a Business Roundtable spokesperson said. The meeting comes less than five months before the election and less than four years after CEOs raised the alarm about political polarization and threats to democracy when Trump refused to accept the results of the 2020 presidential election and incited an insurrection at the US Capitol. Back then, the Business Roundtable – whose members include Apple’s Tim Cook, General Motors’ Mary Barra and JP Morgan’s Jamie Dimon – led a chorus of condemnation from …

Google Execs Say Employees Will Be Rewarded for Huge Profits With Fewer Layoffs

Google Execs Say Employees Will Be Rewarded for Huge Profits With Fewer Layoffs

Published by skeptic

Lots of techspeak with very few answers here. Questioning Power Google employees have been pretty down as of late amid massive layoffs — but according to the company’s C-suite, the beatings won’t continue. As CNBC reports, an all-hands meeting at Google’s parent company Alphabet got contentious last week when staffers began asking executives why morale was so low despite record earnings that pushed the company’s market cap past $2 trillion. “We’ve noticed a significant decline in morale, increased distrust, and a disconnect between leadership and the workforce,” read one employee comment from an employee on the all-hands forum. “How does leadership plan to address these concerns and regain the trust, morale, and cohesion that have been foundational to our company’s success?” In another question, an employee asked why, “despite the company’s stellar performance and record earnings, many Googlers have not received meaningful compensation increases.” “When will employee compensation fairly reflect the company’s success,” the employee asked, “and is there a conscious decision to keep wages lower due to a cooling employment market?” With her feet to …

British Airways owner International Airlines Group sees profits soar | Business News

British Airways owner International Airlines Group sees profits soar | Business News

Published by skeptic

The owner of British Airways has reported a sharp rise in profits amid soaring demand for trips and a fall in the cost of fuel. International Airlines Group (IAG) said its operating profit for the first three months of the year was €68m (£58.5m) – above expectations and up from €9m (£7.7m) during the same period in 2023. The company, which also owns Aer Lingus, Iberia and Vueling, said earnings had soared thanks to strong demand, particularly over the Easter holidays. It said fuel costs had also dropped almost 5% – compared to the same period last year – due to lower prices and “more efficient” aircraft deliveries. IAG said British Airways (BA) and its other airlines had reported a noticeable uptick in ticket sales for flights between major European cities, especially for leisure trips. Chief executive Luis Gallego said the group’s airlines had already secured more than 80% of projected bookings for the second quarter and over 40% for the third quarter. Read more from business news:UK no longer in recessionInterest rate cut is …

UK farmers consider quitting after extreme wet weather and low profits | Farming

UK farmers consider quitting after extreme wet weather and low profits | Farming

Published by skeptic

British farmers are considering walking away from their farms as the recent record run of wet weather has left the sector “on the brink”, rural bodies have warned. The Agriculture and Horticulture Development Board (AHDB) and the Soil Association raised concerns over the perilous situations facing many in their industry, with profits being squeezed and extreme weather driven by the climate crisis putting financial and mental strain on farm owners. Helen Browning, the chief executive of the Soil Association, said: “A lot of farmers are really considering their options, and thinking about walking away from their farms, as they could make far more money doing something else.” Browning, who runs a livestock and arable farm in Wiltshire, added: “If you were economically rational, you wouldn’t farm.” The trade bodies’ comments came during a briefing on Thursday run by the Energy and Climate Intelligence Unit (ECIU) thinktank ahead of the second annual Farm to Fork summit being hosted by Rishi Sunak at No 10 next week. The summit is expected to discuss the UK’s future food …

EU reaches tentative deal on Ukraine aid coming from profits of frozen Russian assets

EU reaches tentative deal on Ukraine aid coming from profits of frozen Russian assets

Published by skeptic

BRUSSELS —  European Union nations reached a tentative breakthrough deal to provide Ukraine with billions in additional funds for arms and ammunition coming from the profits raised from frozen Russian central bank assets held in the bloc. The agreement among the 27 EU ambassadors was announced by Belgium, which holds most of the frozen assets in the bloc. It came after weeks of tough negotiations among member states, which were made more complicated by the stringent financial limits on using such funds. The deal should free up to $3.2 billion a year for Kyiv, of which 90% could be spent on ammunition and other military equipment. Officials said a first installment of the funds could reach Kyiv in July. The EU is holding around $225 billion in Russian central bank assets, most of it frozen in Belgium, in retaliation for Moscow’s war against Ukraine. Kyiv has long been urging that those funds be used to get vital military supplies as it struggles to stave off renewed Russian attacks. A small group of member states, especially …

BP right to hold steady on climate targets despite below forecast profits | Nils Pratley

BP right to hold steady on climate targets despite below forecast profits | Nils Pratley

Published by skeptic

The market’s guessing game at BP is waiting for Murray Auchincloss, the chief executive who has been in post permanently only since January, to blink. That is to say, waiting for him to tone down climate targets and decide to pump more oil and gas than planned. Tuesday was not the day. BP’s first-quarter numbers were slightly weaker than the market had expected – profits of $2.7bn versus City forecasts of $2.9bn – but there wasn’t a twitch on the strategic tiller. Auchincloss trotted out his refrain about going from “IOC to IEC” – from international oil company to integrated energy company. The only fresh news was the promise of $2bn of cost savings over the next couple of years, but that’s the sort of thing energy firms announce routinely. Naturally, none of this did anything for a share price that is rated at a discount to London’s other oil major, Shell, a company itself grumbling about its own discount to American rivals Chevron and Exxon. BP, in other words, is rated towards the bottom …

Coinbase profits soar over billion from a year amid Bitcoin ETF boom

Coinbase profits soar over $1 billion from a year amid Bitcoin ETF boom

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Coinbase, one of the world’s largest cryptocurrency exchanges, reported a remarkable turnaround in its first-quarter financial results on Thursday (May 2). The company swung to a staggering $1.2 billion profit, or $4.84 per share, for the three months ended March 31, a stark contrast to the $79 million loss, or $0.34 per share, it posted a year earlier. This dramatic shift in fortunes came on the heels of surging cryptocurrency trading volumes, fueled by the launch of the first U.S.-listed exchange-traded funds (ETFs) tracking Bitcoin in January. Coinbase profits rise with the launch of Bitcoin ETFs The SEC’s approval of several spot bitcoin ETFs ignited a frenzy in the crypto markets. Coinbase, serving as the custodian for multiple spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust, reaped the benefits of this renewed investor enthusiasm. Bitcoin prices skyrocketed to a new all-time high above $72,000 in March, driving trading volumes on Coinbase’s platform to $312 billion, more than doubling from $145 billion a year prior. CEO Brian Armstrong attributed the company’s success to its focus on …