Guidance Financial News

By Joseph White

Logitech International lifted its full-year guidance on Tuesday after the computer keyboard and webcam maker increased profit and slowed the rate of its sales downturn during its second quarter ended Sept. 30. The Swiss-American company, which experienced a strong pandemic as people stocked up on its equipment to work from home, added it was closer to finding a new CEO after Bracken Darrell left in June to take charge of Vans sneaker maker VF Corp.

The Inspector General’s Office (OIG) of the Federal Deposit Insurance Corporation (FDIC), the independent United States government body that provides deposit insurance to commercial and savings banks, has published an evaluation report on the corporation’s crypto asset risk strategy. A redacted version of the report has been released to the public. 

LTIMindtree reported a 2% on-year dip in net profit for the second quarter amidst a “challenging business environment” that was marked by wage hikes and muted growth. The company however retained its margin guidance led by strong in flow of cost optimization deals and cost optimisation program. Net profit for the three months ended September was Rs 1162.3 crore, compared with an estimated Rs 1,189 crore a year ago.

Adidas on Tuesday hiked its full-year guidance and posted stronger-than-expected third-quarter earnings, aided by sales of its Yeezy inventory.

Syngene Q2 results: Syngene International has cut its FY24 growth guidance to mid-teens on a constant currency basis compared to earlier guidance of high-teen growth. The share price of Syngene corrected more than 7%. The challenges are posed in the Discovery Sciences segment.

L&T Technology Services (LTTS) lost over 5 percent on Wednesday after the company lowered its revenue growth guidance for the current fiscal year despite in-line revenue for the quarter ended September 2023 (FY24). The stock shed as much as 5.5 percent to its day's low of ₹4,360.35. It has gained 29 percent in the last 1 year and 19 percent in 2023 YTD.

Syngene International Ltd saw its stock price slide more than 7% in the morning trades on Monday post the company cut its growth guidance for FY24 looking at the challenges ahead. investor confidence has remained strong in the company’s growth prospects which had led Syngene's share prices rise almost 40% in the last year. The cut in growth guidance thereby was bound to impact investor sentiments.

₹2,870.1 crore in the first quarter, up 11.95 per cent from ₹2,563.6 crore in the corresponding period last year. However, revenue only grew by 6 per cent YoY in the single digits. Let's take a look at what top brokerage firms expect from Wipro's Q2FY24 scorecard: (Exciting news! Mint is now on WhatsApp Channels.

Investing.com — United Airlines reported Tuesday third-quarter results that topped estimates, but Q4 guidance fell short of estimates as higher fuel costs and the suspension of Tel Aviv flights are expected to weigh. 

NetScout Systems (NTCT) shares plunged more than 19% after-hours today following the company’s announced preliminary results for Q2/24 and updated outlook for the full year.

Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed today: several Buy initiations at Instacart, and upgrades at Pfizer , Wayfair, Nice, and Nucor.

JPMorgan Chase & Co posted another quarter of record net interest income and boosted its forecast for the year as the company benefits from higher interest rates and its purchase of First Republic Bank.

COPENHAGEN (Reuters) -Novo Nordisk on Friday raised its outlook for its full-year sales and operating profit for the third time this year, reflecting strong demand for its weight-loss drug Wegovy and diabetes drug Ozempic in the United States.

Anand Rathi, Founder & Chairman, Anand Rathi Group and Rakesh Rawal, CEO, Anand Rathi Wealth in conversation with ET Now. Rathi says “the inflow in our equity mutual fund has increased. Now the equity mutual fund accounts for 50% of our AUM compared to 48% a year back. Even when the markets had outflow in mutual funds, we had positive inflows. We are expecting continuous inflow into mutual funds. ” You have managed to achieve your FY24 AUM guidance of Rs 47,000 crore in the first half itself. What are the underlying factors and what is the new target you are eyeing now? Rakesh Rawal: AUM is a combination of the new monies that we get, as well as the increase in the fund value on account of the market. In the first six months, the market was very positive which led to the numbers being achieved earlier. We have done exceptionally well in terms of gathering fresh funds as well. Having achieved this, obviously in the next six months, we expect to do more. And therefore our revised guidance for the end of the year is now Rs 51,000 crore. Mr Rathi, you have also managed to achieve over 50% of your revenue and profitability target. Would you be looking to revise this? Anand Rathi: Yes, we will. In fact, the last time we gave a profitability target of Rs 205 crore for the whole year. As you rightly said, we achieved more than 50%. And therefore, we are revising our target to Rs 220 crore for the whole year, increasing by Rs 15 crore profit PAT for the year.

The investing puzzle How many of us understand the right asset allocation to have in accordance with our risk profiles, time to the goal, liquidity needs and return expectations? India has more than 1,500 mutual fund schemes, over 400 portfolio management services (PMS) providers, 200-plus alternative investment funds (AIFs), more than 500 non-convertible debentures (NCDs) and bonds, over 100 fixed deposit options and thousands of other investment products. How does one decide which ones to invest in and which ones to avoid? The problem does not stop at deciding the right asset class or product category, but also zeroing in on specific funds, asset management companies and fund managers. For example, in the last three years, the worst-performing small cap fund gave 27.5% annualized return, but the best gave 47.7% annualized returns.

Mahantesh Sabarad, Independent Market Expert, says “I do not think guidance revision will lead to a massive derating in EPS estimates but potentially expectations from Infosys will get further delayed. Most of the analysts would roll forward their estimates and look at a better EPS and therefore with the lower multiple assigned, virtually retain the same target price. Something similar is likely to happen. I do not see any major upgrades coming in per se in terms of either EPS or target prices from analysts.” For Infosys. revenue has come in at 2.3% sequential growth. Margin has seen a 40 bps expansion at 21.2% and we are also looking at a TCV of around $7.7 billion. But, of course, the biggest headline is the guidance cut on the upper end. Your take. These results seem to be all right and 2.3% constant currency growth is a bit of a positive surprise and the deal wins are also very good. I am not too sure why the guidance has been tempered down. I guess like TCS, they are also facing a bit of execution issue ramp downs and late ramp-ups are likely to happen ahead. That seems to be the broader issue for the entire industry per se.

Investing.com -- U.S.-listed shares in Infosys (NYSE:INFY) fell in premarket trading on Thursday after the Indian software-services exporter slashed the upper end of its full-year revenue growth outlook.

After-Hours Stock Movers:

HCL Tech Q2 result preview: HCL Technologies will announce its July-September quarter results for fiscal 2023-24 (Q2FY24) on Thursday, October 12 along with its IT peer Infosys. D-Street analysts and domestic brokerages widely expect India's third largest IT services major to report softer growth in the September quarter and reduce its revenue guidance to 4-6 per cent from 6-8 per cent. According to domestic brokerage firm JM Financials, HCL Tech is likely to see a modest improvement in growth and margin expansion during the quarter-under-review.

The U.S. Treasury Department has issued fresh guidelines on Friday, outlining updated regulations that make it simpler for individuals to recover costs associated with electric vehicle purchases using the existing EV tax incentives.