IMF says trade war will cut global growth to lowest since financial crisis a decade ago

The U.S.-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned on Tuesday, adding that the outlook could darken considerably if trade tensions remain unresolved. The IMF said its latest World Economic Outlook projections show 2019 GDP growth at 3.0%, down from 3.2% in a July forecast, largely due to increasing fallout from global trade friction. Qilai Shen | Bloomberg | Getty ImagesThe global crisis lender sai


The U.S.-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned on Tuesday, adding that the outlook could darken considerably if trade tensions remain unresolved. The IMF said its latest World Economic Outlook projections show 2019 GDP growth at 3.0%, down from 3.2% in a July forecast, largely due to increasing fallout from global trade friction. Qilai Shen | Bloomberg | Getty ImagesThe global crisis lender sai
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IMF says trade war will cut global growth to lowest since financial crisis a decade ago

The U.S.-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned on Tuesday, adding that the outlook could darken considerably if trade tensions remain unresolved. The IMF said its latest World Economic Outlook projections show 2019 GDP growth at 3.0%, down from 3.2% in a July forecast, largely due to increasing fallout from global trade friction. The forecasts set a gloomy backdrop for the IMF and World Bank annual meetings this week in Washington, where the Fund’s new managing director, Kristalina Georgieva, is inheriting a range of problems, from stagnating trade to political backlash in some emerging market countries struggling with IMF-mandated austerity programs. The World Economic Outlook report spells out in sharp detail the economic difficulties caused by the U.S.-China tariffs, including direct costs, market turmoil, reduced investment and lower productivity due to supply chain disruptions.

The Hapag-Lloyd AG Leverkusen Express sails out of the Yangshan Deepwater Port, operated by Shanghai International Port Group Co. (SIPG), in this aerial photograph taken in Shanghai, China, on Wednesday, Aug. 7, 2019. Qilai Shen | Bloomberg | Getty Images

The global crisis lender said that by 2020, announced tariffs would reduce global economic output by 0.8%. Georgieva said last week that this translates to a loss of $700 billion, or the equivalent of making Switzerland’s economy disappear. “The weakness in growth is driven by a sharp deterioration in manufacturing activity and global trade, with higher tariffs and prolonged trade policy uncertainty damaging investment and demand for capital goods,” IMF Chief Economist Gita Gopinath said in a statement. Services were still strong across much of the world, but there were some signs of softening in services in the United States and Europe, Gopinath said. For 2020, the Fund said global growth was set to pick up to 3.4% due to expectations of better performances in Brazil, Mexico, Russia, Saudi Arabia, and Turkey. But this forecast was a tenth of a point lower than in July and was vulnerable to downside risks, including worse trade tensions, Brexit-related disruptions and an abrupt aversion to risk in financial markets.

Investment, trade stall

The IMF said foreign direct investment abroad by advanced economies came to “a virtual standstill” in 2018 after increasing in earlier years to average more than 3% of global gross domestic product annually – or more than $1.8 trillion. The institution said the decline of some $1.5 trillion between 2017 and 2018 reflected purely financial operations by large multinational corporations, including in response to changes in U.S. tax law. Global vehicle purchases fell by 3% in 2018, reflecting a drop in demand in China after expiration of tax incentives and production adjustments after adoption of new emissions standards in Germany and other eurozone countries. Global trade growth reached just 1% in the first half of 2019, the weakest level since 2012, weighed down by higher tariffs and prolonged uncertainty about trade policies, as well as a slump in the automobile industry. After expanding by 3.6% in 2018, the IMF now projects global trade volume will increase just 1.1% in 2019, 1.4 percentage points less than it forecast in July and 2.3 percentage points less than forecast in April. Trade growth was expected to rebound to 3.2% in 2020, however risks remained “skewed to the downside,” the IMF said, with a significant drag on both the U.S. and Chinese economies. For a table showing IMF country and regional forecasts, see

Tariff, reshoring losses


Company: cnbc, Activity: cnbc, Date: 2019-10-15
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OPEC cuts oil demand growth forecast for a third consecutive month

The OPEC logo is seen at the Organization of the Petroleum Exporting Countries (OPEC) building in Vienna on June 20, 2018. OPEC trimmed its forecast for oil demand growth for the third month in a row on Thursday, citing weaker-than-expected data in the Asia Pacific region as well as advanced economies in the Americas. In a closely-watched monthly report, OPEC cut its forecast for global oil demand growth for the remainder of this year to 0.98 million barrels per day (b/d). It expects world oil d


The OPEC logo is seen at the Organization of the Petroleum Exporting Countries (OPEC) building in Vienna on June 20, 2018. OPEC trimmed its forecast for oil demand growth for the third month in a row on Thursday, citing weaker-than-expected data in the Asia Pacific region as well as advanced economies in the Americas. In a closely-watched monthly report, OPEC cut its forecast for global oil demand growth for the remainder of this year to 0.98 million barrels per day (b/d). It expects world oil d
OPEC cuts oil demand growth forecast for a third consecutive month Cached Page below :
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OPEC cuts oil demand growth forecast for a third consecutive month

The OPEC logo is seen at the Organization of the Petroleum Exporting Countries (OPEC) building in Vienna on June 20, 2018.

OPEC trimmed its forecast for oil demand growth for the third month in a row on Thursday, citing weaker-than-expected data in the Asia Pacific region as well as advanced economies in the Americas.

The move is likely to add to growing pressure on the Middle East-dominated group to impose a deeper round of production cuts at its December meeting.

In a closely-watched monthly report, OPEC cut its forecast for global oil demand growth for the remainder of this year to 0.98 million barrels per day (b/d). That’s down 40,000 b/d from its September estimate.

The group, which consists of some of the world’s most powerful oil-producing nations, kept its forecast for 2020 in line with last month’s projections. It expects world oil demand to grow by 1.08 million b/d next year.

The report comes as the U.S.-China trade war continues to cloud prospects for the global economy and fuel demand.

High-level negotiators from the world’s two largest economies will resume trade talks on Thursday, seeking to secure a breakthrough to end their long-running dispute.

However, China, the world’s largest importer of oil, has tempered expectations for a trade resolution.

President Donald Trump has said tariffs on Chinese imports will increase on October 15 if no progress is made in this week’s bilateral trade negotiations.


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: sam meredith
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Commerzbank cuts revenue forecast as board approves overhaul

Commerzbank no longer expects a rise in underlying revenue this year, the German lender warned on Thursday, as its supervisory board approved plans announced last week to cut thousands of staff and close a fifth of its branches. The bank, partly owned by the German government after a bailout, is undertaking the strategy overhaul after its attempt to merge with Deutsche Bank failed. It also said on Thursday that board member Bettina Orlopp would succeed Stephan Engels as chief financial officer,


Commerzbank no longer expects a rise in underlying revenue this year, the German lender warned on Thursday, as its supervisory board approved plans announced last week to cut thousands of staff and close a fifth of its branches. The bank, partly owned by the German government after a bailout, is undertaking the strategy overhaul after its attempt to merge with Deutsche Bank failed. It also said on Thursday that board member Bettina Orlopp would succeed Stephan Engels as chief financial officer,
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Commerzbank cuts revenue forecast as board approves overhaul

The Commerzbank AG logo sits on an illuminated sign outside a bank branch as the bank’s headquarters stand beyond at dusk in Frankfurt, Germany, on Monday, Feb. 5, 2017.

Commerzbank no longer expects a rise in underlying revenue this year, the German lender warned on Thursday, as its supervisory board approved plans announced last week to cut thousands of staff and close a fifth of its branches.

The bank, partly owned by the German government after a bailout, is undertaking the strategy overhaul after its attempt to merge with Deutsche Bank failed.

It also said on Thursday that board member Bettina Orlopp would succeed Stephan Engels as chief financial officer, while Sabine Schmittroth would become board member responsible for human resources.

“Over the course of 2019, the market environment has continued to deteriorate further. This has been particularly evident in the corporate clients business,” Commerzbank said, explaining the downgrade in its revenue expectations.

The supervisory board also approved plans to sell a stake in the bank’s Polish subsidiary mBank and absorb its Comdirect online brokerage unit.


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OPEC downgrades forecast for oil demand growth in 2019 and 2020, citing economic slowdown

VIENNA, AUSTRIA – 2018/06/20: OPEC logo is seen at the Organisation of Petroleum Exporting Countries (OPEC) building in Vienna. (Photo by Omar Marques/SOPA Images/LightRocket via Getty Images)OPEC downwardly revised its forecast for oil demand growth for the second consecutive month on Wednesday, building the case for another round of production cuts from the Middle East-dominated group of producers. In a closely-watched monthly report, OPEC cut its forecast for global oil demand growth for the


VIENNA, AUSTRIA – 2018/06/20: OPEC logo is seen at the Organisation of Petroleum Exporting Countries (OPEC) building in Vienna. (Photo by Omar Marques/SOPA Images/LightRocket via Getty Images)OPEC downwardly revised its forecast for oil demand growth for the second consecutive month on Wednesday, building the case for another round of production cuts from the Middle East-dominated group of producers. In a closely-watched monthly report, OPEC cut its forecast for global oil demand growth for the
OPEC downgrades forecast for oil demand growth in 2019 and 2020, citing economic slowdown Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: sam meredith
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OPEC downgrades forecast for oil demand growth in 2019 and 2020, citing economic slowdown

VIENNA, AUSTRIA – 2018/06/20: OPEC logo is seen at the Organisation of Petroleum Exporting Countries (OPEC) building in Vienna. The 174th OPEC meeting will be held on the 22th June 2018 in Vienna. (Photo by Omar Marques/SOPA Images/LightRocket via Getty Images)

OPEC downwardly revised its forecast for oil demand growth for the second consecutive month on Wednesday, building the case for another round of production cuts from the Middle East-dominated group of producers.

In a closely-watched monthly report, OPEC cut its forecast for global oil demand growth for the remainder of this year to 1.02 million barrels per day (b/d). That’s down 80,000 b/d from its August estimate.

The group, which consists of some of the world’s most powerful oil-producing nations, attributed the downgrade to weaker-than-expected economic data in the first-half of the year and deteriorating growth projections for the remainder of 2019.

In 2020, OPEC said it sees world oil demand increasing by 1.08 million b/d. This represents a downward adjustment of 60,000 b/d from the previous month’s assessment, “mainly to accommodate changes to the world economic outlook.”

The report comes as OPEC and allied non-OPEC partners, sometimes referred to as OPEC+, prepare to meet in Abu Dhabi on Thursday.

The meeting is likely to provide crucial clues about how far some of OPEC’s most powerful players are willing to go to get prices on a firmer footing.


Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: sam meredith
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GameStop shares tank after earnings miss, cuts sales forecast

Shares of GameStop fell more than 15% in extended trading Tuesday after the company reported second quarter earnings and sales that missed analysts’ expectations while significantly lowering its same-store sales forecast. Trends such as gaming on smartphones or on a computer have also grown in popularity, which are stealing sales from GameStop’s brick-and-mortar shops. It also said it plans to spend less on capital expenditures, lowering its forecast to a range of $90 million to $95 million comp


Shares of GameStop fell more than 15% in extended trading Tuesday after the company reported second quarter earnings and sales that missed analysts’ expectations while significantly lowering its same-store sales forecast. Trends such as gaming on smartphones or on a computer have also grown in popularity, which are stealing sales from GameStop’s brick-and-mortar shops. It also said it plans to spend less on capital expenditures, lowering its forecast to a range of $90 million to $95 million comp
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GameStop shares tank after earnings miss, cuts sales forecast

Shares of GameStop fell more than 15% in extended trading Tuesday after the company reported second quarter earnings and sales that missed analysts’ expectations while significantly lowering its same-store sales forecast.

The company has been struggling to grow sales as consumers increasingly turn to purchasing games and gaming consoles online, through e-commerce sites such as Amazon. Trends such as gaming on smartphones or on a computer have also grown in popularity, which are stealing sales from GameStop’s brick-and-mortar shops. It also has been a while since consumers have gotten excited about a new gaming system.

“While we experienced sales declines across a number of our categories during the quarter, these trends are consistent with what we have historically observed towards the end of a hardware cycle,” CFO Jim Bell said, in a written statement.

Here’s what the company reported compared with what Wall Street expected, based on a survey of analysts by Refinitiv:

Adjusted earnings per share: loss of 32 cents vs. 21 cent loss expected

Revenue: $1.29 billion vs. $1.34 billion expected

GameStop lowered its same-store sales forecast for the fiscal year. It said it now expects sales at stores open at least 12 months to fall in the low teens, compared with prior expectations of a decrease between 5% and 10%.

It also said it plans to spend less on capital expenditures, lowering its forecast to a range of $90 million to $95 million compared with a previous expectation of $100 million to $110 million.

“We will continue to manage the underlying businesses to produce meaningful cash returns, while maintaining a strong balance sheet and investing responsibly in our strategic initiatives,” Bell said.

GameStop said its net loss widened to $415.3 million, or $4.15 a share, from a loss of $24.9 million, or 24 cents a share, a year earlier. Excluding a $400.9 million impairment charge and other items, the company’s adjusted loss from continuing operations was 32 cents a share. Analysts expected a loss of 21 cents a share, according to a survey from Refinitiv.

It might be too soon to tell whether the earnings miss is a blow to Michael Burry’s thesis about GameStop. In August, the investor, who is most known for his calls on the subprime mortgage market that were featured in the book “The Big Short,” said he believed GameStop still had upside potential. Sony and Microsoft’s upcoming consoles will have physical optic drives, which will extend GameStop’s life significantly, he told Barron’s. He said the stock looks worse than it is. Shares of GameStop jumped more than 18% on that report.

Currently, the stock is trading at around $5 and has fallen almost 60% since January. The company has a market value of $521 million.


Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: jasmine wu
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Stocks making the biggest moves after hours: Wendy’s, Ford and more

The fast food restaurant chain said it plans to invest about $20 million in its U.S. locations ahead of the launch. Wendy’s said it now expects adjusted earnings per share to decline between 3.5% and 6.5% in 2019. Ford shares fell about 3% in extended trade after Moody’s downgraded the automaker’s debt rating to junk. Moody’s said Ford’s restructuring plans are “expected to extend for several years with $11 billion in charges, and a cash cost of approximately $7 billion.” Shares of Mosaic rose 1


The fast food restaurant chain said it plans to invest about $20 million in its U.S. locations ahead of the launch. Wendy’s said it now expects adjusted earnings per share to decline between 3.5% and 6.5% in 2019. Ford shares fell about 3% in extended trade after Moody’s downgraded the automaker’s debt rating to junk. Moody’s said Ford’s restructuring plans are “expected to extend for several years with $11 billion in charges, and a cash cost of approximately $7 billion.” Shares of Mosaic rose 1
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Stocks making the biggest moves after hours: Wendy's, Ford and more

Check out the companies making headlines after the bell:

Wendy’s shares fell about 4% after the company slashed its 2019 forecast as it announced plans to roll out breakfast nationwide next year. The fast food restaurant chain said it plans to invest about $20 million in its U.S. locations ahead of the launch. Wendy’s said it now expects adjusted earnings per share to decline between 3.5% and 6.5% in 2019. It previously had forecast adjusted earnings per share growth between 3.5% to 7%.

Ford shares fell about 3% in extended trade after Moody’s downgraded the automaker’s debt rating to junk. The credit rating agency cited Ford’s “considerable operating and market challenges.” Moody’s said Ford’s restructuring plans are “expected to extend for several years with $11 billion in charges, and a cash cost of approximately $7 billion.” Ford, however, “does have a sound balance sheet and liquidity position from which to operate,” said Bruce Clark, senior vice president with Moody’s.

Shares of Mosaic rose 1% after the fertilizer company announced a buyback of up to $250 million. Mosaic also said it will trim its Louisiana phosphate production in a move to speed up inventory reduction. The company said it expects strong fertilizer application in North America this fall as well as a “more balanced global supply-and-demand picture” next year.


Company: cnbc, Activity: cnbc, Date: 2019-09-09  Authors: christine wang
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Starbucks shares fall after weaker-than-expected 2020 forecast

Starbucks released Wednesday a weaker-than-expected forecast for its fiscal 2020 earnings. Starbucks said that it expects fiscal 2020 earnings per share to be below its “ongoing growth model of 10%.” The company released the outlook in a slideshow for a presentation by CFO Pat Grismer at Goldman Sachs’ Global Retailing Conference. Grismer said that one-time tax benefits realized in fiscal 2019 will be a significant headwind to earnings growth in fiscal 2020. He also said that Starbucks decided t


Starbucks released Wednesday a weaker-than-expected forecast for its fiscal 2020 earnings. Starbucks said that it expects fiscal 2020 earnings per share to be below its “ongoing growth model of 10%.” The company released the outlook in a slideshow for a presentation by CFO Pat Grismer at Goldman Sachs’ Global Retailing Conference. Grismer said that one-time tax benefits realized in fiscal 2019 will be a significant headwind to earnings growth in fiscal 2020. He also said that Starbucks decided t
Starbucks shares fall after weaker-than-expected 2020 forecast Cached Page below :
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Starbucks shares fall after weaker-than-expected 2020 forecast

Starbucks released Wednesday a weaker-than-expected forecast for its fiscal 2020 earnings.

Shares of the company slid more than 3% in premarket trading. The coffee chain’s stock, valued at $116 billion, is up 50% so far this year, as of Tuesday’s close.

Starbucks said that it expects fiscal 2020 earnings per share to be below its “ongoing growth model of 10%.”

The company released the outlook in a slideshow for a presentation by CFO Pat Grismer at Goldman Sachs’ Global Retailing Conference.

Grismer said that one-time tax benefits realized in fiscal 2019 will be a significant headwind to earnings growth in fiscal 2020. He also said that Starbucks decided to purchase about $2 billion worth of shares in fiscal 2019 instead of fiscal 2020.

“But again, I want to reinforce that our growth-at-scale agenda is delivering against our expectations,” Grismer said. “I would say that we’re firing on all cylinders from an operating performance perspective with the focus and discipline necessary to drive growth at scale for a company like Starbucks and our long-term double-digit EPS growth model is fully intact.”


Company: cnbc, Activity: cnbc, Date: 2019-09-04  Authors: amelia lucas
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New merchandise, revamped stores drive Dollar General forecast, shares up 8%

Dollar General raised its full-year forecasts for sales and profit on Thursday as the discount store chain benefits from a wider selection of merchandise and store renovations, sending it shares up 8% before the bell. The company said it expects fiscal 2019 same-store sales to grow low-to-mid 3% range, compared with its prior estimate of about 2.5% growth. It projected earnings of $6.36 per share to $6.51 per share, compared with its previous range of $6.30 to $6.50. Same-store sales rose 4% in


Dollar General raised its full-year forecasts for sales and profit on Thursday as the discount store chain benefits from a wider selection of merchandise and store renovations, sending it shares up 8% before the bell. The company said it expects fiscal 2019 same-store sales to grow low-to-mid 3% range, compared with its prior estimate of about 2.5% growth. It projected earnings of $6.36 per share to $6.51 per share, compared with its previous range of $6.30 to $6.50. Same-store sales rose 4% in
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New merchandise, revamped stores drive Dollar General forecast, shares up 8%

Dollar General raised its full-year forecasts for sales and profit on Thursday as the discount store chain benefits from a wider selection of merchandise and store renovations, sending it shares up 8% before the bell.

The outlook as well as a quarterly profit beat eased some concerns around the impact of the Trump administration’s latest tariffs on some Chinese imports, including holiday merchandise.

The company has been expanding its selection of products, including groceries and fresh food, to boost traffic and sales in stores as it battles with rival chain Dollar Tree and several other grocers.

“We made solid progress on each of our key initiatives and believe we are well positioned to drive continued growth as we move ahead,” said Todd Vasos, the company’s chief executive officer.

The company said it expects fiscal 2019 same-store sales to grow low-to-mid 3% range, compared with its prior estimate of about 2.5% growth.

It projected earnings of $6.36 per share to $6.51 per share, compared with its previous range of $6.30 to $6.50.

Same-store sales rose 4% in the second quarter ended Aug. 2, well above analysts’ average estimate of a 2.43% increase, according to IBES data from Refinitiv.

Excluding certain items, the company earned $1.74 per share, well above the estimate of $1.57.

Net income rose to $426.6 million, or $1.65 per share, from $407.2 million, or $1.52 per share, a year earlier.


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Salesforce shares rise on revenue beat and increased forecast

Salesforce shares climbed about 7% in extended trading on Thursday after the software company reported better-than-expected quarterly revenue and raised its forecast for the year. 66 cents per share, excluding certain items, vs. 47 cents per share as expected by analysts, according to Refinitiv. Revenue: $4 billion, vs. $3.95 billion as expected by analysts, according to Refinitiv. Sales Cloud, the company’s biggest product, generated $1.13 billion in revenue, up 13%, and Service Cloud, the seco


Salesforce shares climbed about 7% in extended trading on Thursday after the software company reported better-than-expected quarterly revenue and raised its forecast for the year. 66 cents per share, excluding certain items, vs. 47 cents per share as expected by analysts, according to Refinitiv. Revenue: $4 billion, vs. $3.95 billion as expected by analysts, according to Refinitiv. Sales Cloud, the company’s biggest product, generated $1.13 billion in revenue, up 13%, and Service Cloud, the seco
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Salesforce shares rise on revenue beat and increased forecast

Salesforce shares climbed about 7% in extended trading on Thursday after the software company reported better-than-expected quarterly revenue and raised its forecast for the year.

Here are the key numbers for the second quarter of fiscal 2020:

Earnings: 66 cents per share, excluding certain items, vs. 47 cents per share as expected by analysts, according to Refinitiv.

66 cents per share, excluding certain items, vs. 47 cents per share as expected by analysts, according to Refinitiv. Revenue: $4 billion, vs. $3.95 billion as expected by analysts, according to Refinitiv.

Revenue climbed 22% from a year earlier, the company said in a statement. Sales Cloud, the company’s biggest product, generated $1.13 billion in revenue, up 13%, and Service Cloud, the second-largest division, grew 22% to $1.09 billion.

While Salesforce is still generating organic growth as more large businesses move their applications to the cloud, the company has also been on a spending spree to move into new areas and open the door to new expansion opportunities. Earlier this month, Salesforce closed the $15.3 billion acquisition of Tableau, by far its biggest deal ever, pushing into data visualization tools.

That follows last year’s $6.5 billion purchase of MuleSoft, which put Salesforce into the business of data integration, more of a back-end technology.


Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: jordan novet ari levy, jordan novet, ari levy
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Funko stock pops on strong sales of ‘Avengers’ and ‘Fortnite’ collectibles, raised forecast

The company’s revenue rose 38% to $191.2 million, beating analyst expectations of around $170 million, according to data from Refinitiv. Funko said the increase was due to the number of licenses it had during the quarter, including “Avengers: Endgame,” “Fortnite” and “Toy Story 4,” as well as strong demand from customers. “Avengers” branded collectibles accounted for 6% of sales during the quarter, the company said. Collectible figures, including Pops, Viynl and Dorbz made up 84% of Funko’s sale


The company’s revenue rose 38% to $191.2 million, beating analyst expectations of around $170 million, according to data from Refinitiv. Funko said the increase was due to the number of licenses it had during the quarter, including “Avengers: Endgame,” “Fortnite” and “Toy Story 4,” as well as strong demand from customers. “Avengers” branded collectibles accounted for 6% of sales during the quarter, the company said. Collectible figures, including Pops, Viynl and Dorbz made up 84% of Funko’s sale
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Funko stock pops on strong sales of 'Avengers' and 'Fortnite' collectibles, raised forecast

Shares of pop culture collectible maker Funko jumped as much as 11% after the closing bell Thursday after the company posted a 38% increase in sales and raised its outlook for the rest of 2019.

“Funko once again delivered very strong results in the second quarter,” Brian Mariotti, Funko’s CEO, said in a statement “We believe these results and our continued opportunities for growth demonstrate that the world is increasingly viewing pop culture through the lens of Funko.”

In the quarter ended June 30, the company said that net income in the second quarter rose to $11.4 million, or 16 cents per share, from $300,000, breaking even on a per share basis.

Excluding items, the company earned 25 cents per share, beating analyst expectations of 13 cents per share.

The company’s revenue rose 38% to $191.2 million, beating analyst expectations of around $170 million, according to data from Refinitiv.

Funko said the increase was due to the number of licenses it had during the quarter, including “Avengers: Endgame,” “Fortnite” and “Toy Story 4,” as well as strong demand from customers.

“Avengers” branded collectibles accounted for 6% of sales during the quarter, the company said. In comparison, evergreen properties, ones not tied to a movie or game release, accounted for 46% of sales.

Collectible figures, including Pops, Viynl and Dorbz made up 84% of Funko’s sales, while its apparel, plush, cereal and games accounted for the remaining 16%.

“Our strong results in the first half of 2019 have allowed us to increase our guidance for the full year,” Mariotti said. “More importantly, the growing range of opportunities for revenue growth, international expansion and entry into new categories make us confident that our best days lie ahead, and that our fans, partners, employees and shareholders can look forward to the future.”

The company now expects its net sales to be between $840 million and $850 million for the full year, up from its previous range of $810 million to $825 million. It also expects earnings per share to fall in a range between $1.15 and $1.22 per share, up from the $1.05 to $1.15 per share it had forecast last quarter.

Funko’s stock was most recently trading up around 4%.

Funko doesn’t expect to be hit hard by tariffs proposed on Chinese products. The company said it would only take a small increase to offset the potential profit impact. However, the company does not currently have plans to raise prices.

At the end of 2018, 50% of Funko’s manufacturing was outside of China. By the end of this year, the percentage is expected to rise to 70%. Funko makes the majority of its goods in Vietnam.


Company: cnbc, Activity: cnbc, Date: 2019-08-08  Authors: sarah whitten
Keywords: news, cnbc, companies, collectibles, pops, share, million, funkos, forecast, sales, funko, range, raised, stock, avengers, strong, increase, results, company, fortnite, quarter


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