- KB Home shares up 14% as Q4 revenue misses estimates as Philips NV predicts 40% drop in profits
- TransUnion will help cryptocurrency lenders to check credit reports
- Immuron scores $6.2 million DoD contract
KB Home reports Q4 results
Shares of homebuilder KB Home (NYSE: KBH) were up 14% on Wednesday despite the company reporting fiscal Q4 revenue that missed estimates. The share price climbed in better than anticipated earnings attributed to solid demand that was offset by supply chain disruption.
The company’s earnings were $174.2 million, or $1.91 per share, compared to $106.1 million, or $1.11 per share, in the same quarter a year ago. The California-based firm achieved revenue of $1.68 billion, representing a 40% annualized increase.
Philips NV expects a 40% drop in profit in Q4
Koninklijke Philips NV (NYSE: PHG) shares tanked 20% after the health tech firm projected a 40% drop in its core profit for Q4. The company now forecasts $5.57 billion in comp sales in the fourth quarter of its fiscal year, down almost $0.40 billion from its previous forecast. The dovish forecast was attributed to supply difficulties by the Dutch multinational.
The company is calling for a 1% drop in comp sales to $19.6 billion for the entire year. Adjusted EBITDA is expected to be $2.39 billion, including $741 million in Q4. Philips expects to incur costs of approximately $479 million in the fourth quarter, up from $359 million in the previous quarter.
TransUnion to support crypto lenders with borrowers’ credit report
TransUnion (NYSE: TRU) is among the firms seeking to make it possible for cryptocurrency lenders to check credit reports. The US credit reporting company will allow borrowers to give access to personal credit information to blockchain firms through the ky0x Digital Passport offered by Spring Labs.
If they submit this information, borrowers will now manage to earn higher interest rates when borrowing from financial services organizations that use public blockchain platforms, such as Ethereum.
Immuron enters $6.2 million deal top study Travelan dosing regimens
Immuron Limited (NASDAQ: IMRN) shares gained 30% on Wednesday after the company revealed that the Department of Defense had awarded its $6.2 million to carry out a clinical study on a Travelan dosing regimen.
The new research deal with the Department of Defense seeks to establish and evaluate Travelan dosing regimens’ efficacy in a controlled human infection model (CHIM) clinical study employing enterotoxigenic Escherichia coli (ETEC) strain H10407. The planned development program is based on Travelan's past clinical and commercial trials.