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$KMB plans to cut costs by $1.5Bil over the next four years, including slashing 5,000 to 5,500 jobs (about 12% of its workforce) and closing 10 facilities. This comes as the company reported a 22% YoY increase in profit for 4Q17, but only a slight uptick in sales. Excluding certain items, earnings were $1.57 per share, up 8% from a year ago.
$LKSD's BoD declared a regular quarterly dividend of $0.26 per common share. This dividend is a 4% increase from the level paid quarterly since October 2016. The dividend is payable on March 2, 2018 to stockholders of record as of the close of business on Feb. 15, 2018.
$PARR said a wholly-owned subsidiary of Par Petroleum LLC has agreed to acquire 33 Cenex Zip Trip convenience stores from CHS Inc. for approx. $70MM plus the agreed value of inventory at closing. $PARR expects adjusted EBITDA from the acquired stores to be about $7-7.5MM in the first full year of operations. The deal is expected to close in 1Q18.
$LC said on Jan. 2, 2018, its BoD received a letter from IEG Holdings Corporation, stating its intention to acquire up to 4.99% of the outstanding common stock of $LC on the basis of 13 shares of IEG common stock for each share of $LC common stock. On Jan. 5, IEG commenced its proposed exchange offer, which $LC’s BoD urges stockholders to ignore.
$AOBC now sees 3Q18 net sales of $170-180MM generating a GAAP EPS of $0.01-0.04 and adjusted EPS of $0.07-0.10. For FY18, the firearm maker expects net sales of $650-675MM generating a GAAP EPS of $0.33-0.43 and adjusted EPS of $0.57-0.67.
With wholesaler and retailer orders slumping, iconic Smith & Wesson firearm maker $AOBC saw quarterly net sales slump 36% to $148.4MM in 2Q18. Net income reduced to a measly $3.2MM or $0.06 per diluted share, about one-tenth f om last year's $32.5MM or $0.57 per diluted share.
$BEL has appointed Daniel Ruff as SVP, Head of Global Operations. Most recently, Ruff served as President and Managing Director, EMEA, of Wyndham Hotel. Earlier, he held various positions at Starwood Hotels and Resorts in the EMEA leadership team. Meanwhile, the company will divide the existing COO position into two newly created positions.
$LKSD, a provider of media solutions, has acquired logistics firm The Clark Group. The transaction marks the company's second acquisition in the logistics field this year. It is complementary to LSC's initiatives to build its distribution capabilities for print and non-print materials. The financial terms of the deal have not been disclosed.
$HPQ reported a 29% growth in profit for 4Q17 as the PC and printer company continues to see growth from both of its businesses. HPQ posted a double-digit top line growth, while its sister company $HPE managed a single-digit growth. To note, HPQ posted strong results for the last few quarters after it spun-off from HPE.
$HPE said it is currently targeting overall operating margins in the range of 11-12% for fiscal 2018. While the margins will be low in the first quarter due to seasonal factors, they will improve significantly in the second half of the year supported by estimated cost savings of about $250MM.
$HPE said in the coming quarters, headwinds from competitive pricing and commodities will partially offset the benefits of the improving IT spend environment. The company expects free cash flow of $1Bil for fiscal 2018, when a total of $2.5Bil will be returned to shareholders - in the form of $2Bil of share buybacks and $500MM of dividends.
$HPE CEO Meg Whitman said she will step down by the end of first quarter. She will be succeeded by President Antonio Neri, who will assume the additional charge of CEO. Meg will continue as a Director on the company’s BoD. She said all the recent acquisitions have been highly complementary to the core business of Hewlett Packard Enterprise.
$HPE said it expects to report GAAP earnings in the range of $0.01 per share to $0.05 per share for the first quarter of fiscal 2018. Non-GAAP earnings, excluding special items, are estimated to be between $0.20 per share and $0.24 per share.
$HPE, the market leader in computing servers, reported a 5% growth in 4Q17 revenues to $7.7Bil, on the back of impressive performance by the Financial Services segment. The strong top line growth resulted in a 74% annual increase in earnings to $524MM or $0.32 per share. Non-GAAP earnings were $0.31 per share, down 49% compared to last year.