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1.Honeywell reinstates guidance, expects 14% profit decline in
2020
MOSCOW (MRC) -- Honeywell's performance materials and technologies
unit reports third-quarter net profit of USD442 million, down 24.0% year on year
(YOY), on sales down 15.6% YOY, to USD2.2 billion, said the company.
Honeywell (HON) - Get Report on Friday posted third-quarter adjusted
earnings that beat analysts’ forecasts and sales ahead of predictions as
double-digit growth in its defense and space, warehouse automation and PPE
products and services offset a drop in aerospace revenue. The company also
reinstated guidance for its fourth quarter and full year amid expectations that
the worst effects of the pandemic are past. Honeywell posted net income of
USD781 million, or USD1.07 a share, vs. USD1.65 billion, or USD2.23 a share, in
the comparable year-ago period. On an adjusted basis, the company earned USD1.56
a share, above the USD1.49 a share expected by analysts polled by FactSet. Sales
came in at USD7.8 billion, down 14% from USD9.1 billion a year ago though above
analysts’ forecasts of USD7.7 billion. Aerospace sales, which includes parts for
commercial airplanes, fell 25% on a year-over-year basis, driven by reduced
flight hours and lower volumes among carriers due to the pandemic and drop-off
in travel.
http://www.mrcplast.com/news-news_open-378688.html
2.
US distillate inventories have fallen back within the five-year
range
MOSCOW (MRC) -- According to the US Energy Information
Administration’s Weekly Petroleum Status Report, for the week ending November
13, 2020, US distillate inventories fell to 143 million barrels, back within its
previous five-year (2015-19) range for the first time since May 8, reported
Hydrocarbonprocessing. US distillate inventories reached 180 million barrels in
late July, only 3% less than in December 1982, the largest US inventory in EIA’s
data, which go back to 1982. Distillate inventories started the year near the
bottom of the five-year range and briefly fell lower than the range in March and
April. Distillate inventories then increased rapidly as the US economy responded
to COVID-19, and from late May through mid-September, inventories remained
higher than 174 million barrels. Since mid-September, inventories have been
declining and are once again within the five-year range.
http://www.mrcplast.com/news-news_open-380160.html
3. Global
auto sales improve modestly again in October
MOSCOW (MRC) -- In North
America, according to Scotiabank’s latest Global Auto Report, Canadian auto
sales similarly continued to stabilize in October with a modest -0.6%
month-over-month (m/m) (sa) deceleration, sitting 2.5% down year-over-year, said
Canplastics. "October’s selling rate at 1.85 million saar units is
only 5% below 2019 annual sales, mirroring the broader economic recovery where
gains are largely moderating following impressive rebounds in the immediate
aftermath of lockdowns,” the report said. “Second waves across Canada will
likely moderate auto sales heading into the end of the year.” In fact,
preliminary figures for Ontario and, to a lesser extent Quebec, already showed
slowing auto sales in October as those economies entered second waves earlier
than other parts of the country, Scotiabank said. “But these are not expected to
destroy demand as much as dampen demand in the near term with some deferral in
sales into the new year," the report said.
http://www.mrcplast.com/news-news_open-380206.html
4.
Oil pulls back as OPEC punts on production cut extensions
MOSCOW (MRC) --
Oil futures settled lower Nov. 30 as OPEC delegates finished a first day of
negotiations without a deal on whether to extend crude production quotas into
the new year, reported S&P Global. NYMEX January WTI settled 19 cents lower
at USD45.34/b, and ICE January Brent finished the session down 59 cents at
USD47.59/b. The OPEC+ alliance at one point seemed close to a decision to
maintain its collective 7.7 million b/d in output cuts through at least March to
buttress oil prices against the impact of rising COVID-19 infections, but
fissures have emerged as fatigue among many countries to rein in so much of
their crude production has grown, and talks so far have failed to achieve a
watertight consensus.
http://www.mrcplast.com/news-news_open-380221.html
5.
Schneider Electric invests USD40 million to strengthen US supply
chain
MOSCOW (MRC) -- Schneider Electric, a leader in the digital
transformation of energy management and automation, announced an additional
USD40 million investment towards modernizing its US manufacturing plants in
Iowa, Kentucky, Nebraska, and Texas, according to Hydrocarbonprocessing. The
monies will go towards innovative technologies and new production lines that
will help increase Schneider Electric’s capacity of operations in the US for its
customers, as well as further develop its local workforce. COVID-19 placed a
spotlight on the critical vulnerabilities global manufacturing and supply chains
can face during unprecedented disruption. This additional stake in the US is
part of a larger, strategic approach to strengthen resilience, increase
flexibility, and safeguard its supply chain. The initiative will provide
Schneider Electric with greater control of its production processes that will
help them deliver quality products and services to its customers, while
introducing new learning opportunities to the workforce.
http://www.mrcplast.com/news-news_open-379204.html |
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