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WHEELING, W.Va. , Nov. 25, 2024 /PRNewswire/ -- WesBanco, Inc. (Nasdaq: WSBC), a diversified, multi-state bank holding company, announced today the appointment of Jan Pattishall-Krupinski to the role of Senior Executive Vice President and Chief Administrative Officer, effective immediately. This strategic move underscores the organization's commitment to advancing its leadership structure to support sustainable long-term growth and align with evolving business and stakeholder needs. In her new role, Pattishall-Krupinski, a WesBanco veteran, reports directly to WesBanco President and Chief Executive Officer Jeff Jackson and oversees bank and loan operations, customer service, corporate strategy and project management. Her expanded structure and scope reflect WesBanco's focus on operational excellence and strategic alignment, which is designed to drive greater agility and accelerate the execution of organizational goals. "Jan's promotion to Chief Administrative Officer recognizes her exceptional leadership and strategic contributions over her past 13 years of service to our organization," said Jackson. "Her expertise has been instrumental in guiding transformative initiatives, including leadership roles in multiple acquisitions, our core banking system transformation and advancements in technology and operations. This new role elevates the importance of integrating business operations and strategy at the executive level, ensuring we continue to be positioned for success in a dynamic marketplace." Pattishall-Krupinski joined WesBanco in 2011, most recently serving as Executive Vice President and Director of Operations. "I am honored to step into the role of Chief Administrative Officer as WesBanco continues its growth and transformation. This opportunity is a testament to the collaboration and excellence of our teams, who have been instrumental in shaping our success. I look forward to building on this foundation to drive operational excellence, embrace innovation and enhance the customer experience in every interaction," said Pattishall-Krupinski. Pattishall-Krupinski has a Bachelor of Science in Marketing from Penn State University and graduated from the Advanced Management Program at Harvard Business School . She serves on the boards of Crittenton Services, Leadership West Virginia and The Junior League of Wheeling . She is based at WesBanco's corporate headquarters in Wheeling, West Virginia . About Wesbanco, Inc. With over 150 years as a community-focused, regional financial services partner, WesBanco Inc. (NASDAQ: WSBC) and its subsidiaries build lasting prosperity through relationships and solutions that empower our customers for success in their financial journeys. Customers across our eight-state footprint choose WesBanco for the comprehensive range and personalized delivery of our retail and commercial banking solutions, as well as trust, brokerage, wealth management and insurance services, all designed to advance their financial goals. Through the strength of our teams, we leverage large bank capabilities and local focus to help make every community we serve a better place for people and businesses to thrive. Headquartered in Wheeling, West Virginia , WesBanco has $18.5 billion in total assets, with our Trust and Investment Services holding $6.1 billion of assets under management and securities account values (including annuities) of $1.9 billion through our broker/dealer, as of September 30, 2024 . Learn more at www.wesbanco.com and follow @WesBanco on Facebook, LinkedIn and Instagram. View original content to download multimedia: https://www.prnewswire.com/news-releases/wesbanco-inc-names-jan-pattishall-krupinski-as-chief-administrative-officer-302315495.html SOURCE WesBanco, Inc.
FincenFetch Partners with Florida Society of Enrolled Agents to Offer Free CPE Course on Beneficial Ownership ReportingOnline Black Friday shopping shattered records in 2024, with spending up 10.2% this year compared to 2023, according to data provided by Adobe Analytics. Consumers spent a record $10.8 billion online on Friday, which is nearly double what was spent just seven years ago on Black Friday. How does Black Friday shopping compare to a typical day? Spending on toys was over seven times higher than a typical day, jewelry had over six times the spending, and electronics had more than four times the spending. RELATED STORY | Black Friday vs. Cyber Monday: When are the better deals? Adobe Analytics said popular toys helped drive a massive increase in toy spending. Top toys sold on Friday include Harry Potter LEGO sets, Wicked toys, card and board games, Disney Princess toys and dolls, and Cookeez Makery oven playset, Adobe Analytics said. “Crossing the $10 billion mark is a big e-commerce milestone for Black Friday, for a day that in the past was more anchored towards in-store shopping”, said Vivek Pandya, lead analyst, Adobe Digital Insights .“And with consumers getting more comfortable with everything from mobile shopping to chat bots, we have tailwinds that can prop up online growth for Black Friday moving forward.” Adobe Analytics expects Thanksgiving weekend spending to remain robust. An estimated $5.2 billion is expected to be spent by Americans on Saturday, and $5.6 billion is expected to be spent at online retailers on Sunday. Cyber Monday is expected to generate $13.2 billion, a 6.1% increase from last year. RELATED STORY | Best apps to manage your money as the holiday shopping season ramps up The National Retail Federation expects that 200 million Americans will shop this weekend, nearly 4 million more than a year ago. Online shopping is projected to generate more revenue than in-person. “The five-day period between Thanksgiving and Cyber Monday represents some of the busiest shopping days of the year and reflects the continued resilience of consumers and strength of the economy,” said NRF President and CEO Matthew Shay. “Shoppers exceeded our expectations with a robust turnout. Retailers large and small were prepared to deliver safe, convenient and affordable shopping experiences with the products and services consumers needed, and at great prices.”In the B2B world, where deal sizes can soar into the millions, financial relationships are anything but straightforward. This makes B2B payments acceptance a complex terrain of both challenges and opportunities. By 2030 , the B2B payments market size is projected to hit north of $170 trillion. But unlike their consumer-facing counterparts, B2B payments lack a standardized payment method. While credit cards dominate retail, B2B payments are a fragmented web of checks, wire transfers, ACH payments, digital payments and even cold hard cash. The sheer diversity of payment options is both a blessing and a curse. Each comes with unique costs, settlement times and risks, creating a labyrinth for organizations to navigate as they seek to best serve their B2B partners of all sizes and geographies. Businesses need to align their payment acceptance policies with their corporate goals, which can be a complex process. Despite the availability of various payment methods, many businesses still rely on traditional, comparatively inefficient processes like paper checks and manual reconciliation. This leads to delays, errors, increased costs and a lack of transparency. While challenges such as legacy systems, data security and supplier resistance remain, after talking to dozens of senior payments industry executives for PYMNTS’ B2B Payments: Outlook 2030 event, it’s increasingly clear that the opportunities presented by automation, artificial intelligence (AI) and strategic partnerships offer a compelling case for change. Read more: B2B Payments Aren’t Boring Anymore Why B2B Payment Acceptance Still Feels Like a Rubik’s Cube In an era where every dollar counts, rethinking how businesses accept payments isn’t just a technical upgrade — it’s a strategic imperative. The B2B payments landscape is undergoing a transformation , driven by technological advancements, evolving business needs and the increasing consumerization of business processes. This shift presents opportunities for innovation and growth, redefining how businesses interact financially. 21st century businesses have access to a wide range of modern payment tools. Among the innovations shared by experts in “ Outlook 2030: How Platforms and Networks Will Power the Future of Business Payments ,” a PYMNTS eBook, include B2B platforms meant to replicate the efficiency of consumer marketplaces by facilitating end-to-end transactions online, virtual cards and tokenization, real-time payments, embedded finance, digital wallets and even blockchain-based solutions like stablecoins. Many of these tools, like B2B platforms and real-time payments, allow for the automation of financial processes, improving efficiency and reducing manual work. Tools like virtual cards , real-time payments and embedded finance can give businesses quicker access to funds and help them manage their working capital more effectively. At the same time, technologies like tokenization and stablecoins, coupled with robust security protocols, can help to reduce fraud risks and improve security in B2B transactions. Digital platforms also can provide real-time data and insights into transactions, enabling better forecasting and strategic decision-making. However, it’s crucial to note that, especially with innovations like stablecoins, the use of certain technology in corporate finance can commonly attract regulatory attention, requiring companies to maintain robust compliance practices. Read more : The Great Paper Escape: Transforming Accounts Payable for the Digital Age Unlocking B2B Payment Acceptance: Challenges and Opportunities Integrating modern payment solutions with existing legacy systems can be complex and pose a significant challenge for businesses. Adopting new payment methods can often meet resistance from suppliers, who harbor misconceptions about the associated costs, complexity and benefits. This lack of understanding frequently creates friction in payment cycles and slows the adoption of innovative solutions. “The B2B money movement space has not yet benefited from some of the real innovations,” Seamus Smith , executive vice president group president at FIS , told PYMNTS, noting that checks still account for “nearly 40%” of B2B payment volume in the U.S., even though they are prone to fraud and reconciliation errors. Automation offers a clear path to addressing inefficiencies in accounts receivable processes. From invoicing to payment reconciliation, automated systems reduce errors, speed up payment cycles and free up resources for strategic initiatives. By eliminating manual tasks, businesses can focus on growth and innovation. Collaborating with FinTech companies and payment providers can help open the door to innovative solutions and a broader ecosystem of payment networks. Such partnerships can provide expertise and resources that amplify a company’s capabilities and competitiveness, although compliance and third-party risk management remain crucial. Separately, AI-powered tools are transforming B2B payment processes by automating tasks, detecting fraud and providing predictive insights. These advancements empower CFOs to shift from reactive number-crunching to proactive strategic planning, positioning finance as a driver of innovation, as well as helping smooth out onboarding and acceptance professes. In today’s evolving ecosystem, companies that prioritize innovation and adaptability will not only be positioned to overcome hurdles but also to unlock new growth avenues. By reimagining payment acceptance as a strategic enabler rather than a back-office function, businesses can stay ahead in a competitive world.
Kosovo arrests blast suspects, Serbia denies involvementA credit card user has revealed how she recouped hundreds of dollars from her credit card company. Posting on social media, nat.eberhart described how she called Capitol One to ask them to lower her interest rate. “This is your reminder that sometimes all you have to do is ask for things and you will get them,” she said in her TikTok video. Though her request for the credit card company to lower the rate was refused, the short phone call resulted in them refunding the last three months interest she had paid. “The call was literally four minutes long and I just got back hundreds of dollars,” she disclosed to her followers. The news was greeted enthusiastically by the channel’s users and there were 1, 286 comments on the post. Read more on credit cards “As someone who works in a call center, I will do sooo much more to the nice cutomers than the ones who scream at me,” wrote one respondent. Another confessed: I saw a TikTok about this 2 weeks ago. I immediately contacted my bank and have 0% interest on my credit card for 12 months.” Yet another commented: "I got a 5% decrease. Thanks friend." Responses to the video revealed that it’s not only Capital One that’s responding positively to its account holders. Most read in Money “Discover gave me 0% APR for a year, chatted with them right after I saw this. Thanks for posting!” said one TikTok user. Meanwhile another posted: “I just called discover and they lowered mine 6% - she said it was a standard interest lowering – took about 3 minutes – just be as polite as possible.” However it didn’t work for everybody. “I called all 3 of my CC companies and tried this and they all said NO,” posted one disappointed commenter. NEW YEAR, NEW START Christmas is an expensive time of year and with 2025 just around the corner now is the perfect time to take stock of your credit card finances. Americans were expected to spend up to $2,100 this festive season, according to CBS News , with many overspending and over-extending their budgets . With widespread deals and sales to tempt them, around 27% of US shoppers used debt for holiday purchases in 2023, according to data collected by Morning Consult Pro. FICO, the most widely known credit scoring system, and its rival VantageScore both use a range of 300-850 points. Below we list what's considered a good and bad credit score, according to both systems. FICO Poor: 300-579 Fair: 580-669 Good: 670-739 Very good: 740-799 Exceptional: 800 or above VantageScore Very poor: 300-499 Poor: 500-600 Fair: 601-660 Good: 661-780 Excellent: 781-850 What’s more, 30% of these were still paying off last year’s purchases this year. Author and financial expert Rachel Cruze advises consumers never to use the festive season as an excuse for going into debt. Writing for Fox News , Cruze said: “The problem starts with believing it’s not a big deal to go into debt or swipe a credit card for your holiday gifts. “The easiest way to break this habit we have as a society is to cut up your cards and decide you’ll only use the money that’s in your bank account.” She advises preparing now for next Christmas. “Once January 2025 hits, start saving a little bit every single month for your Christmas expenses,” she says. “Also, remember that lots of Black Friday sales start in mid-November. Planning ahead for Christmas 2025 will help you hop on those deals early.” Read More on The US Sun One couple ended up $20,000 in debt across multiple credit cards after spending on their home. And supermarket giant Walmart came under fire recently from one unhappy customer after holding money from her card.OMAHA, Neb. (AP) — Creighton point guard Steven Ashworth likely won't play Tuesday in the No. 21 Bluejays' game against San Diego State in the Players Era Festival in Las Vegas. Ashworth sprained his right ankle late in a loss to Nebraska on Friday, and coach Greg McDermott said he didn't know how long he would be out.
President-elect Donald Trump on Saturday defended the visa program that allows highly skilled foreign workers to immigrate to the US, marking his first comments on an issue that has divided his supporters this week. Trump said in an interview with The New York Post that he’s “a believer in H-1B,” referring to the visas granted to thousands of foreign workers who immigrate to the US to fill specialized jobs. In his first term, Trump restricted access to foreign worker visas, and he has previously criticized the program. But during the 2024 campaign, Trump signaled openness to giving some foreign-born workers legal status if they graduated from a US university. “I’ve always liked the visas, I have always been in favor of the visas. That’s why we have them,” Trump told The New York Post on Saturday. “I have many H-1B visas on my properties. I’ve been a believer in H-1B. I have used it many times. It’s a great program,” he added. Trump’s comments mark the first time he’s weighed in on the issue since entrepreneurs Elon Musk and Vivek Ramaswamy, whom Trump has tapped to lead the newly created Department of Government Efficiency , defended the foreign worker visa program, igniting sharp criticism from MAGA loyalists hoping to restrict immigration. Over several days this week, Musk has passionately defended H-1B visas in social media posts, arguing for their importance in allowing tech companies — including his own — to grow their businesses. In a post Friday, Musk said he will “go to war” to protect access to H-1B visas. “The reason I’m in America along with so many critical people who built SpaceX, Tesla and hundreds of other companies that made America strong is because of H1B,” the tech mogul wrote . “I will go to war on this issue the likes of which you cannot possibly comprehend.” Musk, who was born in South Africa and obtained Canadian citizenship through his mother, came to the US as a foreign student and later worked on an H-1B visa. Musk and Ramaswamy’s defense of foreign worker visas has been met with strong pushback from the anti-immigration supporters in Trump’s coalition. Former Trump aide Steve Bannon called H-1B visas a “scam” on an episode of his podcast Saturday, joining a vocal contingent of loyal Trump supporters that includes former Rep. Matt Gaetz and far-right provocateur Laura Loomer . The H-1B visa program allows 65,000 highly skilled workers to immigrate to the US each year to fill specific jobs and grants another 20,000 visas to such workers who have received an advanced degree in the US. Economists have argued the program allows US companies to maintain competitiveness and grow their business, creating more jobs in the US. Trump has previously opposed the H-1B visa program as part of his platform to encourage US companies to prioritize American labor over hiring foreign workers. During his 2016 campaign, Trump accused US companies of using H-1B visas “for the explicit purpose of substituting for American workers at lower pay.” In 2020, Trump restricted access to H-1B visas on several occasions, part of his administration’s effort to curb legal immigration while responding to the changing economic conditions brought on by the Covid-19 pandemic. Trump’s comments siding with Musk represent another instance of the president-elect growing closer to the tech mogul . On Friday, the president-elect posted on social media a private message apparently intended for Musk asking when he plans to pay another visit to Trump’s Mar-a-Lago estate in Florida.
The Observer view on the disturbing prevalence of child sexual abuse in the home | Observer editorialST. HELENA, Calif.--(BUSINESS WIRE)--Dec 5, 2024-- The Duckhorn Portfolio, Inc. (NYSE: NAPA) (the “Company”) today reported its financial results for the three months ended October 31, 2024. First Quarter 2025 Highlights Net sales were $122.9 million, an increase of $20.4 million, or 19.9%, versus the prior year period. Excluding Sonoma-Cutrer, net sales declined $8.4 million or 8.2%. Net sales were negatively impacted by one-time inventory transfers, as outgoing distributors in certain states transferred unsold inventory to the new distributors in those jurisdictions. Gross profit was $61.5 million, an increase of $7.6 million, or 14.2%, versus the prior year period. Gross profit margin was 50.0%, down 250 basis points versus the prior year period. Excluding Sonoma-Cutrer, gross profit declined $5.7 million or 10.6% and gross profit was 51.1%. Adjusted gross profit was $63.8 million, an increase of $10.6 million, or 19.8%. Adjusted gross profit margin was 51.9%, versus 52.0% in the prior year. Excluding Sonoma-Cutrer, adjusted gross profit declined $4.7 million or 8.9% and gross profit margin was 51.6%. Net income was $11.2 million, or $0.08 per diluted share, versus $15.5 million, or $0.13 per diluted share, in the prior year period. Adjusted net income was $23.8 million, or $0.16 per diluted share, versus $17.2 million, or $0.14 per diluted share, in the prior year period. Adjusted EBITDA was $48.6 million, an increase of $13.9 million, or 39.9%, and adjusted EBITDA margin was 39.5%, up 560 basis points versus the prior year period. Cash was $5.4 million as of October 31, 2024. The Company’s leverage ratio was 1.7x net debt (net of debt issuance costs) to trailing twelve months adjusted EBITDA. “We are pleased to begin fiscal 2025 with strong financial performance. Our growth continues to outpace the industry as our teams remain focused on advancing our strategic initiatives,” said Deirdre Mahlan, President, CEO and Chairperson. “We believe our distinctive brands, operational excellence and market-leading performance leave us well positioned to deliver long-term growth and profitability.” First Quarter 2025 Results Three months ended October 31, 2024 2023 Net sales growth (decline) 19.9 % (5.2 )% Volume contribution 24.7 % (3.4 )% Price / mix contribution (4.8 )% (1.8 )% Three months ended October 31, 2024 2023 Wholesale – Distributors 79.3 % 77.0 % Wholesale – California direct to trade 13.9 15.6 DTC 6.8 7.4 Net sales 100.0 % 100.0 % Net sales were $122.9 million, an increase of $20.4 million, or 19.9%, versus $102.5 million in the prior year period. The increase was driven primarily by the addition of Sonoma-Cutrer, partially offset by a lower price / mix contribution. Gross profit was $61.5 million, an increase of $7.6 million, or 14.2%, versus the prior year period. Gross profit margin was 50.0%, a decline of 250 basis points versus the prior year period. Adjusted gross profit was $63.8 million, an increase of $10.6 million or 19.8% versus the prior year period, reflecting higher net sales with the addition of Sonoma-Cutrer. Adjusted gross profit margin was 51.9% a decline of 10 basis points versus the prior year, as a result of an increase in cost of goods. Total selling, general and administrative expenses were $40.8 million, an increase of $10.3 million, or 33.8%, versus $30.5 million in the prior year period. Adjusted selling, general and administrative expenses were $23.9 million, an increase of $1.3 million, or 5.8%, versus $22.6 million in the prior year period, and a decrease of 260 basis points as a percentage of net sales. Net income was $11.2 million, or $0.08 per diluted share, versus $15.5 million, or $0.13 per diluted share, in the prior year period. Adjusted net income was $23.8 million, or $0.16 per diluted share, versus $17.2 million, or $0.14 per diluted share, in the prior year period. Adjusted EBITDA was $48.6 million, an increase of $13.9 million, or 39.9%, versus $34.7 million in the prior year period. This increase was driven primarily by an increase in net sales associated with the addition of Sonoma-Cutrer and ongoing operating cost controls that resulted in slower growth of adjusted selling, general and administrative expenses as a percentage of net sales. As a result, adjusted EBITDA margin improved 560 basis points versus the prior year period. Conference Call and Webcast The Company will no longer host its earnings conference call and webcast. About The Duckhorn Portfolio, Inc. The Duckhorn Portfolio is North America’s premier luxury wine company, with eleven wineries, ten state-of-the-art winemaking facilities, eight tasting rooms and over 2,200 coveted acres of vineyards spanning 38 Estate properties. Established in 1976, when vintners Dan and Margaret Duckhorn founded Napa Valley’s Duckhorn Vineyards, today, our portfolio features some of North America’s most revered wineries, including Duckhorn Vineyards, Decoy, Sonoma-Cutrer, Kosta Browne, Goldeneye, Paraduxx, Calera, Migration, Postmark, Canvasback and Greenwing. Sourcing grapes from our own Estate vineyards and fine growers in Napa Valley, Sonoma County, Anderson Valley, California’s North and Central coasts, Oregon and Washington State, we offer a curated and comprehensive portfolio of acclaimed luxury wines with price points ranging from $20 to $230 across more than 15 varietals. Our wines are available throughout the United States, on five continents, and in more than 50 countries around the world. To learn more, visit us at: https:// www.duckhornportfolio.com/ . Investors can access information on our investor relations website at: https://ir.duckhorn.com . Use of Non-GAAP Financial Information In addition to the Company’s results, which are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company believes the following non-GAAP measures presented in this press release and discussed on the related teleconference call are useful in evaluating its operating performance: adjusted gross profit, adjusted selling, general and administrative expenses, adjusted EBITDA, adjusted net income and adjusted EPS. Certain of these non-GAAP measures exclude depreciation and amortization, non-cash equity-based compensation expense, purchase accounting adjustments, casualty losses or gains, impairment losses, inventory write-downs, changes in the fair value of derivatives, and certain other items, net of the tax effects of all such adjustments, which are not related to the Company’s core operating performance. The Company believes that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. The Company’s management team uses these non-GAAP financial measures to evaluate business performance in comparison to budgets, forecasts and prior period financial results. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided herein for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Readers are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. Forward-Looking Statements This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including statements regarding the timing or nature of future operating or financial performance or other events. For example, all statements The Duckhorn Portfolio makes relating to its estimated and projected financial results or its plans and objectives for future operations, growth initiatives or strategies are forward-looking statements. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to manage the growth of its business; the Company’s reliance on its brand name, reputation and product quality; the effectiveness of the Company’s marketing and advertising programs, including the consumer reception of the launch and expansion of our product offerings; general competitive conditions, including actions the Company’s competitors may take to grow their businesses; overall decline in the health of the economy and the impact of inflation on consumer discretionary spending and consumer demand for wine; the occurrence of severe weather events (including fires, floods and earthquakes), catastrophic health events, natural or man-made disasters, social and political conditions, war or civil unrest; risks associated with disruptions in the Company’s supply chain for grapes and raw and processed materials, including corks, glass bottles, barrels, winemaking additives and agents, water and other supplies; risks associated with the disruption of the delivery of the Company’s wine to customers; disrupted or delayed service by the distributors and government agencies the Company relies on for the distribution of its wines outside of California; the Company’s ability to successfully execute its growth strategy; risks associated with our acquisition of Sonoma-Cutrer Vineyards, Inc.; decreases in the Company’s wine score ratings by wine rating organizations; quarterly and seasonal fluctuations in the Company’s operating results; the Company’s success in retaining or recruiting, or changes required in, its officers, key employees or directors; the Company’s ability to protect its trademarks and other intellectual property rights, including its brand and reputation; the Company’s ability to comply with laws and regulations affecting its business, including those relating to the manufacture, sale and distribution of wine; the risks associated with the legislative, judicial, accounting, regulatory, political and economic risks and conditions specific to both domestic and to international markets; claims, demands and lawsuits to which the Company is, and may in the future, be subject and the risk that its insurance or indemnities coverage may not be sufficient; the Company’s ability to operate, update or implement its IT systems; the Company’s ability to successfully pursue strategic acquisitions and integrate acquired businesses; the Company’s potential ability to obtain additional financing when and if needed; the Company’s substantial indebtedness and its ability to maintain compliance with restrictive covenants in the documents governing such indebtedness; the Company’s largest shareholders’ significant influence over the Company; the potential liquidity and trading of the Company’s securities; the future trading prices of the Company’s common stock and the impact of securities analysts’ reports on these prices; and the risks identified in the Company’s other filings with the SEC. The Company cautions investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read the Company’s filings with the SEC, available at www.sec.gov , for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. The Company’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except shares and per share data) October 31, 2024 July 31, 2024 ASSETS Current assets: Cash $ 5,407 $ 10,872 Accounts receivable trade, net 88,016 52,262 Due from related party 222 10,845 Inventories 530,293 448,967 Prepaid expenses and other current assets 11,040 14,594 Total current assets 634,978 537,540 Property and equipment, net 568,391 568,457 Operating lease right-of-use assets 26,369 27,130 Intangible assets, net 190,577 192,467 Goodwill 484,379 483,879 Other assets 7,470 7,555 Total assets $ 1,912,164 $ 1,817,028 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 66,357 $ 5,774 Accrued expenses 69,346 34,164 Accrued compensation 7,994 11,386 Deferred revenue 12,264 80 Current maturities of long-term debt 9,721 9,721 Due to related party 342 1,714 Other current liabilities 4,250 3,905 Total current liabilities 170,274 66,744 Revolving line of credit 83,000 101,000 Long-term debt, net of current maturities and debt issuance costs 198,263 200,734 Operating lease liabilities 23,579 24,286 Deferred income taxes 151,104 151,104 Other liabilities 694 705 Total liabilities 626,914 544,573 Stockholders’ equity: Common stock, $0.01 par value; 500,000,000 shares authorized; 147,200,572 and 147,073,614 issued and outstanding at October 31, 2024 and July 31, 2024, respectively 1,472 1,471 Additional paid-in capital 1,012,874 1,011,265 Retained earnings 270,299 259,135 Total The Duckhorn Portfolio, Inc. stockholders’ equity 1,284,645 1,271,871 Non-controlling interest 605 584 Total stockholders’ equity 1,285,250 1,272,455 Total liabilities and stockholders’ equity $ 1,912,164 $ 1,817,028 THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except shares and per share data) Three months ended October 31, 2024 2023 Sales $ 124,669 $ 103,903 Excise tax 1,727 1,394 Net sales 122,942 102,509 Cost of sales 61,442 48,656 Gross profit 61,500 53,853 Selling, general and administrative expenses 40,798 30,483 Income from operations 20,702 23,370 Interest expense 5,115 4,004 Other expense (income), net 117 (1,813 ) Total other expenses, net 5,232 2,191 Income before income taxes 15,470 21,179 Income tax expense 4,285 5,629 Net income 11,185 15,550 Net income attributable to non-controlling interest (21 ) (13 ) Net income attributable to The Duckhorn Portfolio, Inc. $ 11,164 $ 15,537 Earnings per share of common stock: Basic $ 0.08 $ 0.13 Diluted $ 0.08 $ 0.13 Weighted average shares of common stock outstanding: Basic 147,128,486 115,339,774 Diluted 147,186,767 115,451,719 THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Three months ended October 31, 2024 2023 Cash flows from operating activities Net income $ 11,185 $ 15,550 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 10,631 7,329 Gain on disposal of assets (61 ) (42 ) Change in fair value of derivatives 137 (1,889 ) Amortization of debt issuance costs 194 194 Equity-based compensation 2,254 1,150 Change in operating assets and liabilities; net of acquisition: Accounts receivable trade, net (35,754 ) (22,547 ) Due from related party 10,623 — Inventories (80,443 ) (66,115 ) Prepaid expenses and other current assets 3,550 1,781 Other assets (212 ) 283 Accounts payable 61,149 28,045 Accrued expenses 37,058 51,985 Accrued compensation (3,392 ) (7,808 ) Deferred revenue 12,184 11,132 Due to related party (1,372 ) — Other current and non-current liabilities (496 ) (982 ) Net cash provided by operating activities 27,235 18,066 Cash flows from investing activities Purchases of property and equipment, net of sales proceeds (11,556 ) (10,395 ) Net cash used in investing activities (11,556 ) (10,395 ) Cash flows from financing activities Payments under line of credit (18,000 ) (13,000 ) Borrowings under line of credit — 23,000 Payments of long-term debt (2,500 ) (2,500 ) Taxes paid related to net share settlement of equity awards (644 ) (342 ) Net cash (used in) provided by financing activities (21,144 ) 7,158 Net (decrease) increase in cash (5,465 ) 14,829 Cash - Beginning of period 10,872 6,353 Cash - End of period $ 5,407 $ 21,182 Supplemental cash flow information Interest paid, net of amount capitalized $ 4,585 $ 4,009 Income taxes paid $ — $ 11,607 Non-cash investing activities Property and equipment additions in accounts payable and accrued expenses $ 2,568 $ 3,300 THE DUCKHORN PORTFOLIO, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Adjusted gross profit, adjusted selling, general and administrative expenses, adjusted net income, adjusted EBITDA and adjusted EPS, collectively referred to as “Non-GAAP Financial Measures,” are commonly used in the Company’s industry and should not be construed as an alternative to net income or earnings per share as indicators of operating performance (as determined in accordance with GAAP). These Non-GAAP Financial Measures may not be comparable to similarly titled measures reported by other companies. The Company has included these Non-GAAP Financial Measures because it believes the measures provide management and investors with additional information to evaluate business performance in comparison to budgets, forecasts and prior year financial results. Non-GAAP Financial Measures are adjusted to exclude certain items that affect comparability. The adjustments are itemized in the tables below. You are encouraged to evaluate these adjustments and the reason the Company considers them appropriate for supplemental analysis. In evaluating adjustments, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments set forth below. The presentation of Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or recurring items. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that the Company calculates as net income before interest, taxes, depreciation and amortization, non-cash equity-based compensation expense, purchase accounting adjustments, transaction expenses, acquisition integration expenses, changes in the fair value of derivatives and certain other items which are not related to our core operating performance. Adjusted EBITDA is a key performance measure the Company uses in evaluating its operational results. The Company believes adjusted EBITDA is a helpful measure to provide investors an understanding of how management regularly monitors the Company’s core operating performance, as well as how management makes operational and strategic decisions in allocating resources. The Company believes adjusted EBITDA also provides management and investors consistency and comparability with the Company’s past financial performance and facilitates period to period comparisons of operations, as it eliminates the effects of certain variations unrelated to its overall performance. Adjusted EBITDA has certain limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Some of these limitations include: although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; adjusted EBITDA does not reflect changes in, or cash requirements for, the Company’s working capital needs; adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the Company’s debt; adjusted EBITDA does not reflect income tax payments that may represent a reduction in cash available to the Company; and other companies, including companies in the Company’s industry, may calculate adjusted EBITDA differently, which reduce their usefulness as comparative measures. Because of these limitations, you should consider adjusted EBITDA alongside other financial performance measures, including net income and the Company’s other GAAP results. In evaluating adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of adjusted EBITDA should not be construed as an inference that the Company’s future results will be unaffected by the types of items excluded from the calculation of adjusted EBITDA. Adjusted Gross Profit Adjusted gross profit is a non-GAAP financial measure that the Company calculates as gross profit excluding the impact of purchase accounting adjustments (including depreciation and amortization related to purchase accounting), non-cash equity-based compensation expense, and certain inventory charges. We believe adjusted gross profit is a useful measure to us and our investors to assist in evaluating our operating performance because it provides consistency and direct comparability with our past financial performance between fiscal periods, as the metric eliminates the effects of non-cash or other expenses unrelated to our core operating performance that would result in fluctuations in a given metric for reasons unrelated to overall continuing operating performance. Adjusted gross profit should not be considered a substitute for gross profit or any other measure of financial performance reported in accordance with GAAP. Adjusted Net Income and Adjusted Selling, General and Administrative Expenses Adjusted net income is a non-GAAP financial measure that the Company calculates as net income excluding the impact of non-cash equity-based compensation expense, purchase accounting adjustments, transaction expenses, acquisition integration expenses, changes in the fair value of derivatives and certain other items unrelated to core operating performance, as well as the estimated income tax impacts of all such adjustments included in this non-GAAP performance measure. We believe adjusted net income assists us and our investors in evaluating our performance period-over-period. In calculating adjusted net income, we also calculate the following non-GAAP financial measures which adjust each GAAP-based financial measure for the relevant portion of each adjustment to reach adjusted net income: Adjusted SG&A – calculated as selling, general, and administrative expenses excluding the impacts of purchase accounting, transaction expenses, acquisition integration expenses, equity-based compensation; and Adjusted income tax – calculated as the tax effect of all adjustments to reach adjusted net income based on the applicable blended statutory tax rate for the period. Adjusted net income should not be considered a substitute for net income or any other measure of financial performance reported in accordance with GAAP. Adjusted EPS Adjusted EPS is a non-GAAP financial measure that the Company calculates as adjusted net income divided by diluted share count for the applicable period. We believe adjusted EPS is useful to us and our investors because it improves the comparability of results of operations from period to period. Adjusted EPS should not be considered a substitute for net income per share or any other measure of financial performance reported in accordance with GAAP. THE DUCKHORN PORTFOLIO, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) Three months ended October 31, 2024 Net sales Gross profit SG&A Adjusted EBITDA Income tax Net income Diluted EPS GAAP results $ 122,942 $ 61,500 $ 40,798 $ 11,164 $ 4,285 $ 11,164 $ 0.08 Percentage of net sales 50.0 % 33.2 % 9.1 % Interest expense 5,115 Income tax expense 4,285 Depreciation and amortization expense 119 (1,903 ) 10,631 EBITDA $ 31,195 Purchase accounting adjustments 1,957 1,957 542 1,415 0.01 Transaction expenses (13,125 ) 13,125 3,636 9,489 0.06 Acquisition integration costs (152 ) 152 42 110 — Change in fair value of derivatives 137 38 99 — Equity-based compensation 266 (1,734 ) 2,000 504 1,496 0.01 Non-GAAP results $ 122,942 $ 63,842 $ 23,884 $ 48,566 $ 9,047 $ 23,773 $ 0.16 Percentage of net sales 51.9 % 19.4 % 39.5 % Three months ended October 31, 2023 Net sales Gross profit SG&A Adjusted EBITDA Income tax Net income Diluted EPS GAAP results $ 102,509 $ 53,853 $ 30,483 $ 15,537 $ 5,629 $ 15,537 $ 0.13 Percentage of net sales 52.5 % 29.7 % 15.2 % Interest expense 4,004 Income tax expense 5,629 Depreciation and amortization expense 124 (3,108 ) 7,329 EBITDA $ 32,499 Purchase accounting adjustments 25 25 7 18 — Transaction expenses (3,236 ) 3,236 861 2,375 0.02 Change in fair value of derivatives (1,889 ) (502 ) (1,387 ) (0.01 ) Equity-based compensation 206 (846 ) 1,052 272 780 0.01 Lease income, net (926 ) (926 ) (716 ) (210 ) (56 ) (154 ) — Non-GAAP results $ 101,583 $ 53,282 $ 22,577 $ 34,713 $ 6,211 $ 17,169 $ 0.14 Percentage of net sales 52.0 % 22.0 % 33.9 % Note: Sum of individual amounts may not recalculate due to rounding. View source version on businesswire.com : https://www.businesswire.com/news/home/20241205396304/en/ CONTACT: Investor Contact Ben Avenia-Tapper IR@duckhorn.com 707-339-9232Media Contact Jessica Liddell, ICR DuckhornPR@icrinc.com 203-682-8200 KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA OREGON INDUSTRY KEYWORD: RETAIL LUXURY WINE & SPIRITS AGRICULTURE NATURAL RESOURCES SPECIALTY FOOD/BEVERAGE SOURCE: The Duckhorn Portfolio, Inc. Copyright Business Wire 2024. PUB: 12/05/2024 04:05 PM/DISC: 12/05/2024 04:06 PM http://www.businesswire.com/news/home/20241205396304/enRays will play 19 of their first 22 games at home as MLB switches series to avoid summer rain
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AstroAI's TC3 Tire Inflator Debuts on Kickstarter After Months of R&DENERGIA ALL-IRELAND LEAGUE MEN’S DIVISION 2A – ROUND 8: As the recent break ends, we are gearing up for an exciting two weeks of action in the lead up to the festive period. Division 2A coughs up some exciting fixtures this weekend, the headline event being Cashel hosting Instonians. A first meeting between Cashel and Instonians in the Energia All-Ireland League is sure to make for an exciting clash to kick off the weekend’s action at 2 pm. Just a single point separates the two in the table as the competition for the top spot in 2A reaches boiling point. Fresh off their thrilling Energia Bateman Cup semi-final win at Garryowen, Instonians will aim to keep this momentum going into the early stages of next year, but defeating Cashel on their home patch will be a test. Cashel did however lose their last home game to Navan in early November, but it will be hard to call a winner as these two heavyweights lock horns this weekend. After their bruising battle with Galway Corinthians last time out, they are ready for whatever Instonians throw at them. Leaders Corinthians did suffer defeat last time out to Cashel, and away to Banbridge this weekend, they will hope to return to winning ways and hold onto top spot by Saturday evening. Missing many of their regulars last time out, Corinthians put in an impressive performance falling just short in the end as Cashel managed to turn things around. Banbridge did look impressive also in their recent win away to Navan. Jack Hart impressed off the tee and with his try scoring, he could be a handful for Corinthians. MU Barnhall have lost considerable ground to those three teams in recent weeks, off the back of consecutive defeats they will hope this weekend is more of a positive experience away to Old Crescent. Takumi Park however has not been a happy hunting ground for the Kildare men in the past. Losing each of their last three away trips, their last win at the previously named Rosbrien came in 2019. With just four points separating the two and many more teams waiting to take that fourth spot, Barnhall certainly need a result here. Crescent have been able to grind out results so far this season and showed that again with the win over Ballymena last time out. Ronan McKenna was impressive as ever from the tee, and could swing the difference for his side this weekend. The closest threat to snatching the fourth spot from Barnhall are Greystones. The Wicklow men sit just two points behind going into this weekend’s action. Danny Kenny’s charges have had a better start to this season than what transpired when they came up as 2B champions last term. One more win on the board going into this December block of games than 12 months ago, they did not grab that fourth win until February last. A win this weekend could well see them snatch fourth spot, however away at Eaton Park is a tough task and they fell to a one point defeat back in March. The scars from that defeat certainly remain and with a recent winning streak of two games under their belts, the hopes will certainly be high to continue their recent good run of form. Ballymena are yet to pick up a win on home soil this season, and will be hoping that streak ends on Saturday. After getting their first win of the season over Buccaneers two rounds ago, they fell to a five point defeat in Limerick last time out. Hopes will be high of bouncing back and with Navan taking on Buccs this weekend, they cannot afford to drop points to a side hoping to leapfrog them at the foot of the table. Navan occupy ninth spot and with just three points separating them from Ballymena, a win away to Buccaneers is of high importance to keep them not only breathing down the necks of Ballymena, but maybe to take that eight place should they suffer a defeat. Buccs sit bottom of the table with their only point so far arriving from a try scoring bonus point away to Banbridge. Double digit defeats have been an occurrence since the opening round and with just one more to go until we hit the midway point in the season, they need a win. Navan were unable to build on the win over Cashel from Round 6 last time out, but certainly will be poised to deliver a strong showing in Dubarry Park this weekend. ENERGIA ALL-IRELAND LEAGUE MEN’S DIVISION 2B – ROUND 8: With seven games of the season done and dusted, Wanderers have been the pace setters thus far. Two games to go until we hit the midway point in the season, will they be able to further that gap will be the question. The Chaps have rarely put a foot wrong so far this season, and have a home tie with Sligo this weekend to sink their teeth into. Skerries awaits next weekend and that gap of five points can quickly shrink if they fail to get a result this weekend. Aiming for a third win in succession and an unbeaten home record so far this season, the Merrion Road faithful will have confidence on their backs this weekend. Sligo are a tricky opponent, while their form this season is mixed, losing their last three games including an Energia Bateman Cup semi-final, they cannot be underestimated. Their last two trips to Merrion Road ended in wins. Second placed Dungannon travel to face UL Bohemian, for the first time since their Division 2A promotion/relegation play-off in 2023. Bohs won that tie by four points and this meeting for the two is all about getting up to 2A. UL Bohs lost their place in those play-offs with defeat away to Malone last time out. Two points separates them from Clogher Valley and with how tight this division is currently, they cannot afford to drop further points in this race. Dungannon sealed a dramatic comeback win over Galwegians, to keep them very much in the race for the title in round 7. Now they have an equally tough task against Bohs. The pair will meet again a few short weeks later, but this opening installment promises to be exciting. A game of the weekend contender is the tie between fourth and third, with Clogher Valley hosting Skerries, the first time these two will meet in the Energia All-Ireland League. What looks to be a mouth watering matchup the Valley men will fancy to take the points. With an attack that has brought more scores and an impressive defensive effort also, Clogher Valley have delivered a strong showing thus far in their debut season in 2B. Looking for their third win in succession, The Cran faithful will look to keep the foot on the gas against Skerries. The Goats meanwhile have had a much better season this time around than last, however consecutive defeats in Round 5 and 6, derailed their early season momentum challenging for the title with an unbeaten record. Skerries are well able to fight for results and with top scorer Ronan Mulcahy pulling the strings, they will be tough to beat. A big Ulster Derby in Gibson Park will see Malone and Rainey fighting it out for important points to push either team into the promotion hunt. Score difference is all that separates the two as five points is the gap currently to fourth spot. Malone had a rocky start to the season when it came to home games but have won their last two. Form for them has been mixed since dropping down from 2A this season, however they have been a strong performer throughout the season. Rainey have managed to get a win on the road this season and have delivered some inspired performances, in comparison to last season. With aspirations to fight for top four this season, a result here will go a long way in that chase. The bottom two meet in Crowley Park this weekend, can Galwegians end their losing run and heartbreak on home soil or will Malahide jump off the bottom step of the ladder with a result, all remains to be seen. Wegians four times this season have lost games by a single point, conceding a decisive score late on. Last time out it was looking good for them in Dungannon, until they coughed up two tries after the hour mark. It would be a real monkey off the back for Galwegians to get their first win on the board. Malahide have won both of their last visits to Crowley Park and will fancy their chances of extending that record of wins this weekend. Results have not gone the Dubliners favour either this season, no win in their last four games has kept them very much at the bottom of the table. A big occasion for the two to take points this weekend. ENERGIA ALL-IRELAND LEAGUE MEN’S DIVISION 2C – ROUND 8: Division 2C of the Energia All-Ireland League has been incredibly competitive this season and any dropped points for those challenging at the top of the table could lead to some lost ground over the Christmas break. For Midleton they go into this weekend as the only team currently beaten after the opening seven games, and on home soil welcome Clonmel for a Munster Derby. The Towns Park faithful have enjoyed a great season of performances so far, and are looking to increase their lead at the summit from the chasing pack. With the best defensive record in the Division, they have been a tough nut to crack. Clonmel are staring down the barrel of a third straight defeat this weekend, unless they can turn the tide and pick up their first win in six years at Town’s Park. Second placed Belfast Harlequins make the trip to bottom placed Tullamore this weekend, hoping to keep the pressure firmly applied to Midleton at the summit. Quins had a dramatic win away to Monkstown last time out, to stretch their recent winning streak to two games and will be looking for another win on the road this weekend. Certainly the Ulster side have looked impressive with Ben Power’s recent form off the tee another tool in their arsenal. Tullamore have yet to pick up a win so far this season, their dramatic 25-25 draw with Enniscorthy the only time they have avoided defeat this season, a win here for them would be vital for confidence and to not leave them in a scrap to stay up approaching seasons end. Sitting four points off the lead and one point behind Harlequins in third, Dolphin are very much still in the fight and have to get a result against Enniscorthy on the road to keep them in the hunt. The pair met just a few short months ago back in April, contrasting seasons saw Scorthy looking to go up to 2B, while Dolphin were hoping to hang onto their place. Now the focus for both is to head straight to 2B. Tested throughout their tie with Ballyclare at home last time out, Dolphin had to dig deep to secure a narrow one point win. Karl Waterman and Darragh Buckley brought threat on the wing to score tries that day, while Jordan Soli’s boot has been impressive this term. Scorthy have the home advantage and will be looking to use that to their full advantage. Having lost their opening four games, the Wexford men have turned their season around of late, with three impressive bonus point wins putting just five points between them and the top four. A win here would be another big statement of intent. Earlier on this year Ballyclare and Monkstown delivered a barn stormer of a final to secure promotion to the All Ireland League. Joel McBride’s last gap try sealed the win for the Ulster side and now a few short months later, they meet Monkstown again for what promises to be another exciting tie between these two. The new boys against the old guard who ensured a long wait to play in the league, judging on their history and recent games, this can go right to the wire. The pair are both hoping to return to winning ways after defeats last time out, the aforementioned McBride has been in great form this season and could again prove the difference here. Having picked up their first win of the season last time out away to Tullamore, Bruff are back on home soil looking for their first home win against Omagh Academicals. Sitting just outside the drop zone, the Limerick men are hopeful of pushing on now and putting a gap in place between themselves and the two teams beneath them in the table. Winning their last three ties on home soil against Accies, they will fancy their chances this weekend. Accies have lost their last two games coming into this one, but have picked up just one win all season. That came in the first round narrowly against Clonmel, and should they drop points to another side fighting at the foot of the table it would prove a tough task to claw back the deficit. Keep up to date with all the latest news in our dedicated website hub at www.irishrugby.ie/energiaail , and follow #EnergiaAIL on social media channels.
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(The Center Square) – The majority of Americans generally support the idea of cutting back on the federal government, polling finds. The Pew Research poll from this summer found that 56% of Americans say the government is “almost always wasteful and inefficient.” Gallup’s recent polling data shows that 55% of Americans say the government is doing “too much” while only 41% say it should do more. Americans are more evenly split how big the government should be, but increasing government efficiency has more broad support. “Gallup polling earlier this year showed that 58% of Americans are dissatisfied with the size and power of the federal government,” Gallup said. “A slight majority of Americans say the government has too much power. Seven in 10 Americans in 2019 agreed that businesses can do things more efficiently than the federal government.” The survey comes after President-elect Donald Trump won the White House and issued broad, sweeping plans to decrease the scope of the federal government. To accomplish this task, Trump appointed businessman Vivek Ramaswamy and billionaire Elon Musk to lead the new Department of Government Efficiency. “Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies – Essential to the ‘Save America’ Movement,’” Trump said in his announcement. Both Ramaswamy and Musk have publicly issued scathing remarks about the waste of federal resources currently occurring in Washington, D.C. Ramaswamy, for instance, has laid out a specific plan on how thousands of federal workers could be fired. The pair of businessmen have said publicly DOGE could cut $2 trillion in federal spending. Ramaswamy and Musk visited Capitol Hill on Thursday to meet with lawmakers to discuss the potential cuts, which could even include ideas as drastic as eliminating the Department of Education and returning that responsibility to the states. Trump's allies have also discussed cutting spending on diversity, equity and inclusion programs, which are seen by Trump's camp as taxpayer-funded investment in woke ideology. Whether such stark actions would be supported by Americans remains unclear, but for now the latest polling shows Americans want something to be done. On top of that, Americans’ desire for smaller government seems to be more than a momentary political phase. “Gallup has asked this question annually over the past 24 years. On average, 52% of Americans have said the government is doing too much, compared with 42% saying the government should do more...” Gallup said. “Only twice have more Americans chosen the ‘government should do more’ alternative over the ‘government doing too much’ alternative -- in 2001 after the 9/11 terrorist attacks and in 2020 after the outbreak of COVID-19.”
Franklin Resources Inc. raised its stake in G-III Apparel Group, Ltd. ( NASDAQ:GIII – Free Report ) by 7.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 55,131 shares of the textile maker’s stock after acquiring an additional 3,806 shares during the quarter. Franklin Resources Inc.’s holdings in G-III Apparel Group were worth $1,682,000 at the end of the most recent reporting period. Several other large investors have also recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of G-III Apparel Group during the second quarter worth approximately $42,000. Quarry LP bought a new position in shares of G-III Apparel Group during the third quarter worth approximately $63,000. Point72 DIFC Ltd bought a new position in shares of G-III Apparel Group during the second quarter worth approximately $78,000. CWM LLC increased its holdings in shares of G-III Apparel Group by 46.8% during the third quarter. CWM LLC now owns 2,777 shares of the textile maker’s stock worth $85,000 after purchasing an additional 885 shares during the period. Finally, Point72 Hong Kong Ltd bought a new position in shares of G-III Apparel Group during the third quarter worth approximately $152,000. 92.13% of the stock is owned by institutional investors. G-III Apparel Group Stock Performance Shares of G-III Apparel Group stock opened at $32.74 on Friday. G-III Apparel Group, Ltd. has a fifty-two week low of $20.66 and a fifty-two week high of $36.18. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.63 and a quick ratio of 1.80. The firm has a market capitalization of $1.44 billion, a P/E ratio of 8.59 and a beta of 2.14. The company’s 50 day moving average price is $31.60 and its two-hundred day moving average price is $29.13. Analysts Set New Price Targets Several brokerages have recently commented on GIII. Telsey Advisory Group reaffirmed a “market perform” rating and set a $38.00 target price on shares of G-III Apparel Group in a report on Wednesday, December 18th. Barclays increased their price target on shares of G-III Apparel Group from $27.00 to $29.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 11th. KeyCorp increased their price target on shares of G-III Apparel Group from $34.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Guggenheim increased their price target on shares of G-III Apparel Group from $36.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Finally, StockNews.com upgraded shares of G-III Apparel Group from a “hold” rating to a “buy” rating in a research report on Monday, December 2nd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, G-III Apparel Group presently has a consensus rating of “Hold” and an average target price of $33.17. Read Our Latest Stock Analysis on G-III Apparel Group About G-III Apparel Group ( Free Report ) G-III Apparel Group, Ltd. designs, sources, and markets women's and men's apparel in the United States and internationally. The company operates through two segments, Wholesale Operations and Retail Operations. Its products include outerwear, dresses, sportswear, swimwear, women's suits, and women's performance wear; and women's handbags, footwear, small leather goods, cold weather accessories, and luggage. Recommended Stories Want to see what other hedge funds are holding GIII? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for G-III Apparel Group, Ltd. ( NASDAQ:GIII – Free Report ). Receive News & Ratings for G-III Apparel Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for G-III Apparel Group and related companies with MarketBeat.com's FREE daily email newsletter .John McGinn reveals his family ticket ultimatum for Aston Villa v Celtic and predicts Hoops’ next clash with Club Brugge
Franklin Resources Inc. Has $1.46 Million Position in Hafnia Limited (NYSE:HAFN)