Georgia's president says only way out of crisis is new parliamentary elections
Stocks wavered on Wall Street in afternoon trading Thursday, as gains in tech companies and retailers helped temper losses elsewhere in the market. The S&P 500 was down less than 0.1% after drifting between small gains and losses. The benchmark index is coming off a three-day winning streak. The Dow Jones Industrial Average was up 6 points, or less than 0.1%, as of 1:52 p.m. Eastern time. The Nasdaq composite was down less than 0.1%. Trading volume was lighter than usual as U.S. markets reopened after the Christmas holiday. Chip company Broadcom rose 2.9%, Micron Technology was up 1% and Adobe gained 0.8%. While tech stocks overall were in the green, some heavyweights were a drag on the market. Semiconductor giant Nvidia, whose enormous valuation gives it an outsize influence on indexes, slipped 0.1%. Meta Platforms fell 0.7%, Amazon was down 0.6%, and Netflix gave up 1.1%. Tesla was among the biggest decliners in the S&P 500, down 1.9%. Health care stocks helped lift the market. CVS Health rose 1.7% and Walgreens Boots Alliance rose 3% for the biggest gain among S&P 500 stocks. Several retailers also gained ground. Target rose 2.8%, Best Buy was up 2.2% and Dollar Tree gained 2.7%. Retailers are hoping for a solid sales this holiday season, and the day after Christmas traditionally ranks among the top 10 biggest shopping days of the year, as consumers go online or rush to stores to cash in gift cards and raid bargain bins. U.S.-listed shares in Honda and Nissan rose 4% and 16%, respectively. The Japanese automakers announced earlier this week that the two companies are in talks to combine. Traders got a labor market update. U.S. applications for unemployment benefits held steady last week , though continuing claims rose to the highest level in three years, the Labor Department reported. Treasury yields turned mostly lower in the bond market. The yield on the 10-year Treasury fell to 4.57% from 4.59% late Tuesday. Major European markets were closed, as well as Hong Kong, Australia, New Zealand and Indonesia. Trading was expected to be subdued this week with a thin slate of economic data on the calendar. Still, U.S. markets have historically gotten a boost at year’s end despite lower trading volumes. The last five trading days of each year, plus the first two in the new year, have brought an average gain of 1.3% since 1950. So far this month, the U.S. stock market has lost some of its gains since President-elect Donald Trump’s win on Election Day, which raised hopes for faster economic growth and more lax regulations that would boost corporate profits. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation , a bigger U.S. government debt and difficulties for global trade. Even so, the U.S. market remains on pace to deliver strong returns for 2024. The benchmark S&P 500 is up roughly 26% so far this year and remains near its most recent all-time high it set earlier this month — its latest of 57 record highs this year. Wall Street has several economic reports to look forward to next week, including updates on pending home sales and home prices, a report on U.S. construction spending and snapshots of manufacturing activity. AP Business Writers Elaine Kurtenbach and Matt Ott contributed.Minister: UK courts would need to make decision on Netanyahu arrest warrant3 Killed, 30 Injured in Protest Against Mosque Survey in UP's Sambhal; Internet Suspended
SPRING, Texas--(BUSINESS WIRE)--Dec 23, 2024-- Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the second quarter and fiscal year-to-date period ended October 31, 2024. "Net sales for the third quarter were $41.6 million, a decrease of $4.1 million, as compared to the same quarter last year. Net income attributable to common stock of $2.5 million was an increase of $0.5 million, or 29%, compared to $1.9 million in the third quarter of 2023. For the nine months ended October 31, 2024, net sales of $113.4 million represent an increase of 3% compared to the nine months ended October 31, 2023. The net income attributable to common stock of $7.2 million was an increase of $5.4 million, or 294%, compared to net income attributable to common stock of $1.8 million in the nine months ended October 31, 2023,” noted President and CEO David Mansfield. “Backlog in the third quarter shows considerable growth and now stands at $114.2 million. This is the equivalent to approximately nine months revenue based upon prior years’ revenues. The continual strengthening of our backlog over the past two quarters is encouraging and provides a sense of optimism heading into next year. Additionally, backlog at the end of the third quarter represents the highest level since transitioning from MFRI to Perma-Pipe, which occurred in March 2017,” Mr. Mansfield continued. “Our third quarter and fiscal 2024 year-to-date results continue to reflect exceptional performance, which has remained consistent throughout the year. It is worth noting that our net income attributable to common stock for the nine months ended October 31, 2024, represents the highest level of earnings on a year-to-date basis since transitioning from MFRI to Perma-Pipe,” said Mr. Mansfield. “We are pleased with the level of business activity we have experienced and continue to see, as supported by the significant rise in backlog and share price. The increases in infrastructure spending in Saudi Arabia, India, and the U.A.E., represent key drivers of our overall improvement, for which the strength of our financial results further enables us to continue to execute on strategic initiatives,” concluded Mr. Mansfield. Third Quarter Fiscal 2024 Results Net sales were $41.6 million and $45.7 million in the three months ended October 31, 2024 and 2023, respectively. The decrease of $4.1 million, or 9%, was a result of the timing of project execution. Gross profit was $14.1 million, or 34% of net sales, and $13.2 million, or 29% of net sales, in the three months ended October 31, 2024 and 2023, respectively. The increase of $0.9 million, was driven primarily by better margins due to product mix. General and administrative expenses were $7.3 million and $5.7 million in the three months ended October 31, 2024 and 2023, respectively. The increase of $1.6 million, was due to higher payroll expenses and professional fees in the quarter. Selling expenses were $1.2 million and $1.5 million in the three months ended October 31, 2024 and 2023, respectively. The decrease of $0.3 million, was due to lower payroll expense in the quarter. Net interest expense remained consistent and was $0.5 million and $0.6 million in the three months ended October 31, 2024 and 2023, respectively. Other expense was $0.1 million and $0.5 million in the three months ended October 31, 2024 and 2023, respectively. The decrease of $0.4 million, was due primarily to exchange rate fluctuations in foreign currency transactions. The Company's ETR was 32% and 31% in the three months ended October 31, 2024 and 2023, respectively. The change in the ETR is due to the ability to recognize tax benefits on losses in the United States in the current year whereas the prior year had a full valuation allowance and changes to the mix of income and loss in various jurisdictions. Net income attributable to common stock was $2.5 million and $1.9 million in the three months ended October 31, 2024 and 2023, respectively. The increase of $0.6 million, was mainly due to better project execution in the quarter. Fiscal 2024 Year-to-Date Results Net sales were $113.4 million and $110.5 million in the nine months ended October 31, 2024 and 2023, respectively. The increase of $2.9 million, or 3%, was a result of increased sales volumes in the Middle East. Gross profit was $38.1 million, or 34% of net sales, and $29.4 million, or 27% of net sales, in the nine months ended October 31, 2024 and 2023, respectively. The increase of $8.7 million, was driven primarily by better margins due to product mix. General and administrative expenses were $19.5 million and $16.4 million in the nine months ended October 31, 2024 and 2023, respectively. The increase of $3.1 million, was due to higher payroll expenses and professional fees. Selling expenses were $3.8 million and $4.2 million in the nine months ended October 31, 2024 and 2023, respectively. The decrease of $0.4 million, was due to lower payroll expenses. Net interest expense was $1.5 million and $1.8 million in the nine months ended October 31, 2024 and 2023, respectively. The decrease of $0.3 million, was due primarily to declining interest rates on certain variable rate debt. Other expense was $0.2 million and $0.4 million in the nine months ended October 31, 2024 and 2023, respectively. The change was due primarily to exchange rate fluctuations in foreign currency transactions. The Company's ETR was 28% and 49% in the nine months ended October 31, 2024 and 2023, respectively. The change in the ETR is due to the ability to recognize tax benefits on losses in the United States in the current year whereas the prior year had a full valuation allowance and changes to the mix of income and loss in various jurisdictions. Net income attributable to common stock was $7.2 million and $1.8 million in the nine months ended October 31, 2024 and 2023, respectively. The increase of $5.4 million, was mainly due to better project execution during the year. Perma-Pipe International Holdings, Inc. Perma-Pipe International Holdings, Inc. (the “Company”) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at fourteen locations in six countries. Forward-Looking Statements Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) fluctuations in the price of oil and natural gas and its impact on customer order volume for the Company's products; (ii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (iii) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (vi) the Company's ability to collect a long-term account receivable related to a project in the Middle East; (vii) the Company’s ability to interpret changes in tax regulations and legislation; (viii) the Company's ability to use its net operating loss carryforwards; (ix) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s "over-time" revenue recognition; (x) the Company’s failure to establish and maintain effective internal control over financial reporting; (xi) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (xii) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xiii) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xiv) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xv) reductions or cancellations of orders included in the Company’s backlog; (xvi) risks and uncertainties specific to the Company's international business operations; (xvii) the Company’s ability to attract and retain senior management and key personnel; (xviii) the Company’s ability to achieve the expected benefits of its growth initiatives; (xix) the impact of pandemics and other public health crises on the Company and its operations; and (xx) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website ( http://investors.permapipe.com .) Additional information regarding the Company's financial results for the three months ended October 31, 2024, including management's discussion and analysis of the Company's financial condition and results of operations, is contained in the Company's Quarterly Report on Form 10-Q for the quarterly period ended October 31, 2024, which will be filed with the Securities and Exchange Commission on or about the date hereof and will be accessible at www.sec.gov and www.permapipe.com . For more information, visit the Company's website. PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) 2024 2023 2024 2023 $ 41,563 $ 45,690 $ 113,397 $ 110,489 14,086 13,184 38,077 29,424 8,500 7,145 23,214 20,618 5,586 6,039 14,863 8,806 468 640 1,489 1,788 (50 ) (502 ) (156 ) (350 ) 5,068 4,897 13,218 6,668 1,615 1,533 3,692 3,257 $ 3,453 $ 3,364 $ 9,526 $ 3,411 962 1,429 2,303 1,577 $ 2,491 $ 1,935 $ 7,223 $ 1,834 $ 0.31 $ 0.24 $ 0.91 $ 0.23 $ 0.31 $ 0.24 $ 0.90 $ 0.23 Note: Earnings per share calculations could be impacted by rounding. PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) $ 104,405 $ 98,818 56,344 56,893 $ 160,749 $ 155,711 $ 53,794 $ 57,742 26,792 25,991 80,586 83,733 8,952 6,266 71,211 65,712 $ 160,749 $ 155,711 View source version on businesswire.com : https://www.businesswire.com/news/home/20241223777874/en/ CONTACT: Perma-Pipe International Holdings, Inc. David Mansfield, President and CEO Perma-Pipe Investor Relations (847) 929-1200 investor@permapipe.com KEYWORD: TEXAS UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ENGINEERING CHEMICALS/PLASTICS OTHER ENERGY OIL/GAS MANUFACTURING ENERGY SOURCE: Perma-Pipe International Holdings, Inc. Copyright Business Wire 2024. PUB: 12/23/2024 12:43 PM/DISC: 12/23/2024 12:43 PM http://www.businesswire.com/news/home/20241223777874/en
In a letter to the Prime Minister, shadow foreign secretary Dame Priti Patel and shadow justice secretary Robert Jenrick claimed the decision by the International Criminal Court (ICC) had “no proper basis in international law”. They said the UK’s refusal to explicitly say whether or not the Israeli premier would be detained if he arrived in the country “opens the farcical spectre of your Government trying to sanction the arrest” of an ally to Britain. Criticising the ICC warrant, the shadow ministers said: “It is hard to escape the conclusion this is an activist decision, motivated by politics and not the law.” They argued the court was established to pursue cases in instances where countries do not have robust and independent judiciaries, which could not be said of Israel. “The UK Government’s response to the decision has been nonsensical,” they said. “On Friday, the Home Secretary refused to say whether Mr Netanyahu would be detained if he travelled to the UK. “This opens the farcical spectre of your Government trying to sanction the arrest on UK soil of the leader of an ally of the UK, while you continue a diplomatic charm offensive with the Chinese Communist Party leader Xi Jinping. “It falls to you to clarify the Government’s position – now. The Government must make clear that it does not support an arrest warrant being issued which has no proper basis in international law.” Downing Street on Friday indicated that Mr Netanyahu could face arrest if he entered the UK, refusing to comment on “hypotheticals” but saying Britain would always follow its “legal obligations”. The International Criminal Court Act 2001 states that a Secretary of State must, on receipt of a request for arrest from the ICC, “transmit the request and the documents accompanying it to an appropriate judicial officer”. Asked whether the UK would comply with requirements under the Act, Sir Keir’s spokesman said: “Yes, the Government would fulfil its obligations under the Act and indeed its legal obligations.” The ICC has issued a warrant for Mr Netanyahu and his former defence minister Yoav Gallant over alleged war crimes in Gaza. Number 10 previously said the domestic process linked to ICC arrest warrants has never been used to date by the UK because no-one wanted by the international court had visited the country. It added that Israel remained a “key partner across a range of areas”. The Prime Minister’s official spokesman said: “It is important that we have a dialogue with Israel at all levels to reach the ceasefire that we all want to see, to bring an end to the violence, to protect civilians and ensure the release of hostages.” The ICC also issued a warrant for Mohammed Deif, head of Hamas’s armed wing, over the October 7 2023 attacks that triggered Israel’s offensive in Gaza. A domestic court process would be required before Mr Netanyahu faced arrest if he set foot in the UK. The ICC said there are “reasonable grounds to believe” Mr Netanyahu and Mr Gallant were responsible for “the war crime of starvation as a method of warfare, and the crimes against humanity of murder, persecution and other inhumane acts”. The court’s pre-trial chamber also found “reasonable grounds to believe that Mr Netanyahu and Mr Gallant each bear criminal responsibility as civilian superiors for the war crime of intentionally directing an attack against the civilian population”. The impact of the warrants is likely to be limited since Israel and its major ally, the US, are not members of the ICC.When my officemate ‘unfriended’ me on FacebookNone
( MENAFN - GetNews) Liquid beverage filling machine s by Zhangjiagang Alps Machine Co., Ltd have emerged as a key component of accuracy and efficiency in the constantly changing production scene. These machines, leaders in the liquid packaging sector, serve a variety of goods and provide high-performance, safe, and energy-efficient equipment customized to meet the user's needs. Versatility Across Applications The versatility of liquid beverage filling machines is unmatched, serving a diverse range of industries with precision and reliability: Beverages and Drinks: These machines make sure that everything is packaged smoothly, whether it's coffee, juices, carbonated soft drinks, energy drinks, fruit vinegar, milk-based beverages, or drinking water. Alcoholic Drinks: These machines naturally adjust to the packaging requirements of both gas-infused and non-carbonated alcoholic beverages, ranging from beer and red wine to vodka, whiskey, champagne, and fruit wines. 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We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.S&P 500 futures were near the flatline Monday night after all three major averages kicked off the holiday-shortened trading week in the green. Futures linked to the broad market index traded just below the flatline, while Dow Jones Industrial Average futures were little changed. Nasdaq 100 futures slipped nearly 0.2%. > Philadelphia news 24/7: Watch NBC10 free wherever you are This comes amid what is expected to be a more toned-down week for trading activity. On Tuesday, the New York Stock Exchange closes early at 1 p.m. ET for Christmas Eve, while the bond market closes at 2 p.m. The market is also closed on Wednesday for Christmas Day. Monday was a relatively sparse day of trading, with the S&P 500 rising around 0.7% and the Nasdaq Composite closing about 1% higher. The 30-stock Dow also finished up nearly 0.2%. Tech names and semiconductor stocks were among the big winners of the day, lifting the S&P 500 and the Nasdaq. Meta Platforms jumped more than 2% and Broadcom advanced more than 5%, while Nvidia rose 3.7%. Elsewhere, Honda and Xerox each finished the session more than 12% higher. The Japanese automaker announced it has entered into official merger talks with fellow Japanese automaker Nissan. Xerox said it is going to buy printer maker Lexmark in a deal valued at $1.5 billion. That said, the day was still affected by weak economic data. The Conference Board's consumer confidence index fell to 104.7 in December. The reading missed the Dow Jones estimate of 113.0 and marked the index's lowest level since September's reading of 98.7. Additionally, orders for durable goods fell 1.1% in November , which is the largest month-over-month decline since June. With few trading days in store, some investors are hoping for a Santa Claus rally to conclude what has already been a strong year for the market. And that's not completely out of the ordinary. According to the Stock Trader's Almanac, the S&P 500 has gained 1.3% on average between the last five trading days of the year and the first two in January, dating back to 1969. But Jay Hatfield of Infrastructure Capital Advisors is calling for a bit of a stall in the market over the coming days. He is sticking with his year-end 2024 S&P 500 target of 6,000, which implies only a 0.4% increase for the broad market index from Monday's close. "We might get a Santa Claus rally, but those aren't that powerful [of] rallies," the firm's CEO told CNBC. "We're neutral on the market." Big retail ETF limps into the holiday season It's been a rocky December for the SPDR S&P Retail ETF (XRT) , which is off more than 3% this month alone. Notable losers in the ETF during the period include Signet Jewelers , down 19%, and Foot Locker , which is off more than 14% in December. Clothing company Guess is also off 13% this month. Not all constituents in the retail ETF are on pace for a losing month, however. The top performer of the bunch is Ollie's Bargain Outlet , up nearly 19% in December. Academy Sports and Outdoors and Five Below are each up 16% this month. — Jason Gewirtz, Darla Mercado Investors are 'too pessimistic about inflation,' Jay Hatfield says The inflationary pressures that could likely come as a result of President-elect Donald Trump's tariff plans may not be all that impactful, according to Infrastructure Capital Advisors' Jay Hatfield. The firm's CEO thinks investors may be missing the deflationary element present in the dollar's gains. His remarks come as the dollar index , which inched higher on Monday, has risen more than 6% year to date. "In general, investors are too optimistic about growth and too pessimistic about inflation," Hatfield said in an interview with CNBC. "It's kind of irrational for investors to fear inflation from tariffs, but yet the dollar has already wiped out all of the potential – or most of the potential – increase in prices." Late last month, Trump vowed to raise tariffs by an additional 10% on goods from China , as well as a 25% duty on goods from Mexico and Canada. During his campaign for president, Trump threatened imposing a tariff of 60% on Chinese goods. "If the Trump administration raises tariffs 10%, but the dollar is appreciated 10%, that shouldn't have any significant impact," Hatfield continued. — Sean Conlon Stock futures open little changed U.S. stock futures opened relatively unchanged Monday evening. S&P 500 futures, as well as Nasdaq 100 futures, traded just above the flatline. Futures tied to the Dow Jones Industrial Average gained 31 points, or about 0.1%. — Sean Conlon
