Streetbeat News

Revenues

PEV

Phoenix Motor shares are trading higher following the company's issuance of positive Q2 2024 revenue guidance.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:25 pm

PEV

Phoenix Motor anticipates its Q2 2024 revenue to be between $14M and $16M.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:24 pm

WLGS

Wang & Lee Group (WLGS) reported a fiscal year 2023 EPS of $(0.02), improving from $(0.05) YoY, with revenue rising to $6.83M from $4.17M. The company saw a significant increase in sales and gross profit, particularly in the second half of the year, following the resumption of a major construction project. Cost of revenues and general and administrative expenses also increased, reflecting the company's growth and listing-related costs. Despite these increases, WLGS managed to reduce its net loss to $0.33M for the fiscal year from a $0.60M loss in the previous year. Shareholders' equity significantly improved, turning from a deficit to $5.98M.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:20 pm

PPG

PPG Industries forecasts FY24 organic sales growth in the low single digits and maintains its adjusted EPS guidance at $8.34-$8.59, aligning with an estimate of $8.48. The company anticipates low single-digit sales volume growth in Q2, driven by its aerospace, protective and marine, and packaging coatings businesses, particularly in Mexico, China, and India.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:14 pm

INSG

Inseego Corp. has voluntarily paid off and terminated its asset-backed loan facility with Siena Lending Group to enhance capital structure flexibility and reduce financing costs. This move eliminates the monthly fees and interest expenses on a principal amount of $8.5 million, saving the company $1.9 million in 2023 alone. With improved liquidity and financial performance, Inseego believes it can meet its working capital needs more efficiently. The company also paid termination fees and an exit fee to South Ocean Funding, LLC and North Sound Ventures, LP, affiliates holding over 5% of Inseego's stock.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:12 pm

LGVN

Longeveron Inc. (NASDAQ:LGVN) successfully raised approximately $11.4 million in gross proceeds through a combination of a warrant exercise offering and a public offering. The funds are intended to support the clinical and regulatory development of Lomecel-B™, particularly for treating hypoplastic left heart syndrome (HLHS) and Alzheimer's disease. The warrant exercise offering generated about $6.2 million, while the public offering contributed approximately $5.2 million. H.C. Wainwright & Co. served as the exclusive placement agent for the offering.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:09 pm

PPG

PPG Industries (NYSE:PPG) reported Q1 adjusted earnings per share of $1.86, meeting analyst expectations but showing a modest 2.2% increase from last year. However, their quarterly sales of $4.31 billion fell short of the $4.43 billion estimate, marking a 1.58% decrease from the previous year.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:05 pm

FOSL

Kanen Wealth Management (KWM) has sent a critical letter to Fossil Group's board, expressing concern over the company's slow execution of its Transform and Grow (TAG) plan and its failure to return to profitability. Fossil's shares have dropped approximately 80% since the announcement of TAG in February 2023. Despite efforts like closing stores and reducing headcount, Fossil reported a loss for the year. KWM, owning just under 4% of Fossil's 7% debt due in 2026, suggests more rapid actions to reduce expenses and proposes buying back baby bonds at a discount to improve capital allocation.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 7:31 pm

AAPL

SPOT

Taylor Swift's new album, 'The Tortured Poets Department,' is set to release, potentially boosting revenues for Universal Music Group. Swift, who has already achieved billionaire status through her Eras Tour, could make $50-$100 million from this project. Her previous album 'Midnights' generated over $200 million for Universal, and Swift made more than $23 million from it. Swift's earnings also include significant contributions from streaming platforms like Apple Music and Spotify, with over $100 million earned from Spotify in 2023 alone.

Portfolio Pulse from Aaron Bry

April 18, 2024 | 7:04 pm

EXPE

A comprehensive analysis of 10 analyst recommendations for Expedia Group (NASDAQ:EXPE) reveals a mix of bullish and bearish sentiments, with the majority being indifferent. The average 12-month price target for EXPE has been raised to $150.2, indicating a positive outlook from analysts. Key financial indicators show Expedia with a positive revenue trend, exceeding industry growth rates, but with challenges in net margin and asset utilization. The company's prudent debt management is highlighted by a below-average debt-to-equity ratio.

Portfolio Pulse from Benzinga Insights

April 18, 2024 | 7:03 pm