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ARLINGTON, Va., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a global market leader delivering intelligent energy storage, operational services, and asset optimization software, today announced its results for the three months and full fiscal year ended September 30, 2024. Fiscal Year 2024 Financial Highlights Record revenue for fiscal year 2024 of approximately $2.7 billion and revenue for the fourth quarter of approximately $1.2 billion, representing an increase of approximately 22% from fiscal year 2023 and an increase of approximately 82% from the same quarter last year, respectively. GAAP gross profit margin improved to approximately 12.6% and 12.8% for fiscal year 2024 and the fourth quarter, respectively, compared to approximately 6.4% and 11.3% for fiscal year 2023 and the same quarter last year, respectively, reflecting the Company's continued focus on ongoing profit improvement strategies. Net income of approximately $30.4 million and $67.7 million for fiscal year 2024 and the fourth quarter, respectively, improved from a net loss of approximately $104.8 million and net income of approximately $4.8 million, for fiscal year 2023 and the same quarter last year, respectively. Adjusted EBITDA 1 of approximately $78.1 million and $86.9 million for fiscal year 2024 and the fourth quarter, respectively, improved from approximately negative $61.4 million and $19.8 million for fiscal year 2023 and the same quarter last year, respectively. Quarterly order intake of approximately $1.2 billion, compared to approximately $737 million for the same quarter last year. Backlog 2 increased to approximately $4.5 billion as of September 30, 2024, compared to approximately $2.9 billion as of September 30, 2023. Financial Position Total Cash 3 of approximately $518.7 million as of September 30, 2024, representing an increase of approximately $56.0 million from September 30, 2023. Net cash provided by operating activities was approximately $79.7 million, compared to approximately negative $111.9 million for fiscal year 2023. Free cash flow 1 was approximately $71.6 million, compared to approximately negative $114.9 million for fiscal year 2023. Fiscal Year 2025 Outlook The Company is initiating fiscal year 2025 guidance as follows: Revenue of approximately $3.6 billion to $4.4 billion with a midpoint of $4.0 billion. Presently, approximately 65% of the midpoint of the Company's revenue guidance is covered by the Company's current backlog, in line with our fiscal 2024 revenue coverage at the same time period last year. Adjusted EBITDA 4 of approximately $160 million to $200 million with a midpoint of $180 million. Annual recurring revenue ("ARR") of about $145 million by the end of fiscal year 2025. The foregoing Fiscal Year 2025 Outlook statements represent management's current best estimate as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this release. Management does not assume any obligation to update these estimates. "Our record financial results for 2024 are a testament to our team's dedication, operational efficiency, and commitment to delivering value to our stakeholders as we achieved our highest ever revenue and profitability, marking a significant milestone in the Company's growth trajectory. Furthermore, we had our second consecutive quarter of signing more than $1 billion of new orders, which brought our backlog to $4.5 billion, underscoring the market's strong confidence in our energy storage solutions," said Julian Nebreda, the Company’s President and Chief Executive Officer. "As we look forward, we see unprecedented demand for battery energy storage solutions across the world, driven principally by the U.S. market. We believe we are well positioned to continue capturing this market with our best-in-class domestic content offering which utilizes U.S. manufactured battery cells." "We are pleased with our strong fiscal year-end performance, achieving record revenue growth, robust margin expansion and free cash flow. We also generated positive net income for the first time," said Ahmed Pasha, Chief Financial Officer. "With backlog and development pipeline at record levels, we enter fiscal 2025 poised for sustained profitable growth." Share Count The shares of the Company’s common stock as of September 30, 2024 are presented below: Conference Call Information The Company will conduct a teleconference starting at 8:30 a.m. EST on Tuesday, November 26, 2024, to discuss the fourth quarter and full fiscal year 2024 financial results. To participate, analysts are required to register by clicking Fluence Energy Inc. Q4 Earnings Call Registration Link . Once registered, analysts will be issued a unique PIN number and dial-in number. Analysts are encouraged to register at least 15 minutes before the scheduled start time. General audience participants, and non-analysts are encouraged to join the teleconference in a listen-only mode at: Fluence Energy Inc. Q4 Listen Only - Webcast , or on http://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Supplemental materials that may be referenced during the teleconference will be available at: http://fluenceenergy.com, by selecting Investors, News & Events, and Events & Presentations. A replay of the conference call will be available after 1:00 p.m. EST on Tuesday, November 26, 2024. The replay will be available on the Company’s website at http://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Non-GAAP Financial Measures We present our operating results in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We believe certain financial measures, such as Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Profit Margin, and Free Cash Flow, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with GAAP. These measures have limitations as analytical tools, including that other companies, including companies in our industry, may calculate these measures differently, reducing their usefulness as comparative measures. Adjusted EBITDA is calculated from the consolidated statements of operations using net income (loss) adjusted for (i) interest income, net, (ii) income taxes, (iii) depreciation and amortization, (iv) stock-based compensation, and (v) other non-recurring income or expenses. Adjusted EBITDA also includes amounts impacting net income related to estimated payments due to related parties pursuant to the Tax Receivable Agreement, dated October 27, 2021, by and among Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc. and AES Grid Stability, LLC (the “Tax Receivable Agreement”). Adjusted Gross Profit is calculated using gross profit, adjusted to exclude (i) stock-based compensation expenses, (ii) amortization, and (iii) other non-recurring income or expenses. Adjusted Gross Profit Margin is calculated using Adjusted Gross Profit divided by total revenue. Free Cash Flow is calculated from the consolidated statements of cash flows and is defined as net cash provided by (used in) operating activities, less purchase of property and equipment made in the period. We expect our Free Cash Flow to fluctuate in future periods as we invest in our business to support our plans for growth. Limitations on the use of Free Cash Flow include (i) it should not be inferred that the entire Free Cash Flow amount is available for discretionary expenditures (for example, cash is still required to satisfy other working capital needs, including short-term investment policy, restricted cash, and intangible assets); (ii) Free Cash Flow has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by operating activities; and (iii) this metric does not reflect our future contractual commitments. Please refer to the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures included in this press release and the accompanying tables contained at the end of this release. The Company is not able to provide a quantitative reconciliation of full fiscal year 2025 Adjusted EBITDA to GAAP Net Income (Loss) on a forward-looking basis within this press release because of the uncertainty around certain items that may impact Adjusted EBITDA, including stock compensation and restructuring expenses, that are not within our control or cannot be reasonably predicted without unreasonable effort. About Fluence Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader delivering intelligent energy storage and optimization software for renewables and storage. The Company's solutions and operational services are helping to create a more resilient grid and unlock the full potential of renewable portfolios. With gigawatts of projects successfully contracted, deployed and under management across nearly 50 markets, the Company is transforming the way we power our world for a more sustainable future. For more information, visit our website, or follow us on LinkedIn or X. To stay up to date on the latest industry insights, sign up for Fluence's Full Potential Blog. Cautionary Note Regarding Forward-Looking Statements The statements contained in this press release and statements that are made on our earnings call that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements set forth above under “Fiscal Year 2025 Outlook,” and other statements regarding the Company's future financial and operational performance, future market and industry growth and related opportunities for the Company, anticipated Company growth and business strategy, including future incremental working capital and capital opportunities, liquidity and access to capital and cash flows, demand for electricity and impact to energy storage, demand for the Company's energy storage solutions, services, and digital applications offerings, our positioning to capture market share with domestic content offering and future offerings, expected impact and benefits from the Inflation Reduction Act of 2022 and U.S. Treasury domestic content guidelines on us and on our customers, anticipated timeline of U.S. battery module production and timing of our domestic content offering, expectations relating to our contracting manufacturing capacity, potential impact to tariffs, related policies, and regulations from the change in political administration, new products and solutions and product innovation, relationships with new and existing customers and suppliers, expectations relating to backlog, pipeline, and contracted backlog, future revenue recognition, future results of operations, future capital expenditures and debt service obligations, and projected costs, beliefs, assumptions, prospects, plans and objectives of management. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “may,” “possible,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” "commits", “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions and variations thereof and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments, as well as a number of assumptions concerning future events, and their potential effects on our business. These forward-looking statements are not guarantees of performance, and there can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, our relatively limited operating and revenue history as an independent entity and the nascent clean energy industry; anticipated increasing expenses in the future and our ability to maintain prolonged profitability; fluctuations of our order intake and results of operations across fiscal periods; potential difficulties in maintaining manufacturing capacity and establishing expected mass manufacturing capacity in the future; risks relating to delays, disruptions, and quality control problems in our manufacturing operations; risks relating to quality and quantity of components provided by suppliers; risks relating to our status as a relatively low-volume purchaser as well as from supplier concentration and limited supplier capacity; risks relating to operating as a global company with a global supply chain; changes in the global trade environment; changes in the cost and availability of raw materials and underlying components; failure by manufacturers, vendors, and suppliers to use ethical business practices and comply with applicable laws and regulations; significant reduction in pricing or order volume or loss of one or more of our significant customers or their inability to perform under their contracts; risks relating to competition for our offerings and our ability to attract new customers and retain existing customers; ability to maintain and enhance our reputation and brand recognition; ability to effectively manage our recent and future growth and expansion of our business and operations; our growth depends in part on the success of our relationships with third parties; ability to attract and retain highly qualified personnel; risks associated with engineering and construction, utility interconnection, commissioning and installation of our energy storage solutions and products, cost overruns, and delays; risks relating to lengthy sales and installation cycle for our energy storage solutions; risks related to defects, errors, vulnerabilities and/or bugs in our products and technology; risks relating to estimation uncertainty related to our product warranties; fluctuations in currency exchange rates; risks related to our current and planned foreign operations; amounts included in our pipeline and contracted backlog may not result in actual revenue or translate into profits; risks related to acquisitions we have made or that we may pursue; events and incidents relating to storage, delivery, installation, operation, maintenance and shutdowns of our products; risks relating to our impacts to our customer relationships due to events and incidents during the project lifecycle of an energy storage solution; actual or threatened health epidemics, pandemics or similar public health threats; ability to obtain financial assurances for our projects; risks relating to whether renewable energy technologies are suitable for widespread adoption or if sufficient demand for our offerings do not develop or takes longer to develop than we anticipate; estimates on size of our total addressable market; risks relating to the cost of electricity available from alternative sources; macroeconomic uncertainty and market conditions; risk relating to interest rates or a reduction in the availability of tax equity or project debt capital in the global financial markets and corresponding effects on customers’ ability to finance energy storage systems and demand for our energy storage solutions; decline in public acceptance of renewable energy, or delay, prevent, or increase in the cost of customer projects; severe weather events; increased attention to ESG matters; restrictions set forth in our current credit agreement and future debt agreements; uncertain ability to raise additional capital to execute on business opportunities; ability to obtain, maintain and enforce proper protection for our intellectual property, including our technology; threat of lawsuits by third parties alleging intellectual property violations; adequate protection for our trademarks and trade names; ability to enforce our intellectual property rights; risks relating to our patent portfolio; ability to effectively protect data integrity of our technology infrastructure and other business systems; use of open-source software; failure to comply with third party license or technology agreements; inability to license rights to use technologies on reasonable terms; risks relating to compromises, interruptions, or shutdowns of our systems; barriers arising from current electric utility industry policies and regulations and any subsequent changes; reduction, elimination, or expiration of government incentives or regulations regarding renewable energy; potential changes in tax laws or regulations; risks relating to environmental, health, and safety laws and potential obligations, liabilities and costs thereunder; failure to comply with data privacy and data security laws, regulations and industry standards; risks relating to potential future legal proceedings, regulatory disputes, and governmental inquiries; risks related to ownership of our Class A common stock; risks related to us being a “controlled company” within the meaning of the NASDAQ rules; risks relating to the terms of our amended and restated certificate of incorporation and amended and restated bylaws; risks relating to our relationship with our Founders and Continuing Equity Owners; risks relating to conflicts of interest by our officers and directors due to positions with Continuing Equity Owners; risks related to short-seller activists; we depend on distributions from Fluence Energy, LLC to pay our taxes and expenses and Fluence Energy, LLC’s ability to make such distributions may be limited or restricted in certain scenarios; risks arising out of the Tax Receivable Agreement; unanticipated changes in effective tax rates or adverse outcomes resulting from examination of tax returns; risks relating to improper and ineffective internal control over reporting to comply with Sarbanes-Oxley Act; risks relating to changes in accounting principles or their applicability to us; risks relating to estimates or judgments relating to our critical accounting policies; and other factors set forth under Item 1A.“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, to be filed with the Securities and Exchange Commission (“SEC”), and in other filings we make with the SEC from time to time. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Accounts payable with related parties of $2.5 million and Accruals with related parties of $3.7 million as of September 30, 2023, were reclassified from Deferred revenue and payables with related parties to Accounts payable and Accruals and provisions, respectively, on the consolidated balance sheet. The reclassification had no impact on the total current liabilities for any period presented. Corresponding reclassifications were also reflected on the consolidated statement of cash flows for the fiscal year ended September 30, 2023 and 2022. The reclassifications had no impact on cash provided by (used in) operations for the period presented. Provision on loss contracts, net of $6.1 million and $30.0 million for the fiscal years ended September 30, 2023 and 2022, respectively, was reclassified to current accruals and provisions on the consolidated statement of cash flows. The reclassification had no impact on cash provided by (used in) operations for the period presented. The following tables present our key operating metrics for the fiscal years ended September 30, 2024 and 2023. The tables below present the metrics in either Gigawatts (GW) or Gigawatt hours (GWh). Our key operating metrics focus on project milestones to measure our performance and designate each project as either “deployed”, “assets under management”, “contracted backlog”, or “pipeline”. The following table presents our order intake for the three months and fiscal years ended September 30, 2024 and 2023. The table is presented in Gigawatts (GW): Deployed Deployed represents cumulative energy storage products and solutions that have achieved substantial completion and are not decommissioned. Deployed is monitored by management to measure our performance towards achieving project milestones. Assets Under Management Assets under management for service contracts represents our long-term service contracts with customers associated with our completed energy storage system products and solutions. We start providing maintenance, monitoring, or other operational services after the storage product projects are completed. In some cases, services may be commenced for energy storage solutions prior to achievement of substantial completion. This is not limited to energy storage solutions delivered by Fluence. Assets under management for digital software represents contracts signed and active (post go live). Assets under management serves as an indicator of expected revenue from our customers and assists management in forecasting our expected financial performance. Contracted Backlog For our energy storage products and solutions contracts, contracted backlog includes signed customer orders or contracts under execution prior to when substantial completion is achieved. For service contracts, contracted backlog includes signed service agreements associated with our storage product projects that have not been completed and the associated service has not started. For digital applications contracts, contracted backlog includes signed agreements where the associated subscription has not started. We cannot guarantee that our contracted backlog will result in actual revenue in the originally anticipated period or at all. Contracted backlog may not generate margins equal to our historical operating results. We have only recently begun to track our contracted backlog on a consistent basis as performance measures, and as a result, we do not have significant experience in determining the level of realization that we will achieve on these contracts. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our contracted backlog fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity. Contracted/Order Intake Contracted, which we use interchangeably with “order intake”, represents new energy storage product and solutions contracts, new service contracts and new digital contracts signed during each period presented. We define “Contracted” as a firm and binding purchase order, letter of award, change order or other signed contract (in each case an “Order”) from the customer that is received and accepted by Fluence. Our order intake is intended to convey the dollar amount and gigawatts (operating measure) contracted in the period presented. We believe that order intake provides useful information to investors and management because the order intake provides visibility into future revenue and enables evaluation of the effectiveness of the Company’s sales activity and the attractiveness of its offerings in the market. Pipeline Pipeline represents our uncontracted, potential revenue from energy storage products and solutions, service, and digital software contracts, which have a reasonable likelihood of contract execution within 24 months. Pipeline is an internal management metric that we construct from market information reported by our global sales force. Pipeline is monitored by management to understand the anticipated growth of our Company and our estimated future revenue related to customer contracts for our battery-based energy storage products and solutions, services and digital software. We cannot guarantee that our pipeline will result in actual revenue in the originally anticipated period or at all. Pipeline may not generate margins equal to our historical operating results. We have only recently begun to track our pipeline on a consistent basis as performance measures, and as a result, we do not have significant experience in determining the level of realization that we will achieve on these contracts. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our pipeline fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity. Annual Recurring Revenue (ARR) ARR represents the net annualized contracted value including software subscriptions including initial trial, licensing, long term service agreements, and extended warranty agreements as of the reporting period. ARR excludes one-time fees, revenue share or other revenue that is non-recurring and variable. The Company believes ARR is an important operating metric as it provides visibility to future revenue. It is important to management to increase this visibility as we continue to expand. ARR is not a forecast of future revenue and should be viewed independently of revenue and deferred revenue as ARR is an operating metric and is not intended to replace these items. The following tables present our non-GAAP measures for the periods indicated. ____________________________ 1 Non-GAAP Financial Metric. See the section below titled “Non-GAAP Financial Measures” for more information regarding the Company's use of non-GAAP financial measures, as well as a reconciliation to the most directly comparable financials measure stated in accordance with GAAP. 2 Backlog represents the unrecognized revenue value of our contractual commitments, which include deferred revenue and amounts that will be billed and recognized as revenue in future periods. The Company’s backlog may vary significantly each reporting period based on the timing of major new contractual commitments and the backlog may fluctuate with currency movements. In addition, under certain circumstances, the Company’s customers have the right to terminate contracts or defer the timing of its services and their payments to the Company. 3 Total cash includes Cash and cash equivalents + Restricted Cash + Short term investments.F1 expands grid, adds Cadillac brand and new American team for '26
ORLANDO, Fla. — The 40-story-high Orlando drop tower on which Tyre Sampson perished has been dismantled. New laws are in place to ensure amusement ride safety. Now, finally, the family of the 14-year-old whose death horrified the world and changed an industry will get its day in court. Jury selection began Thursday in the family’s wrongful death lawsuit over Sampson’s 2022 plunge from the Orlando FreeFall, a ride he was allowed to board despite exceeding its weight restrictions. The FreeFall — considered at the time the world’s tallest drop tower ride at 430 feet — had an overhead seat harness but no seatbelt, unlike most other such rides. That caused Tyre, who stood over six feet tall and weighed 380 pounds, to fall more than 70 feet to his death after slipping off the ride when it suddenly braked following its rapid descent. The lawsuit names Funtime, the FreeFall’s Austrian-based manufacturer, and German company Gerstlauer Amusement Rides, which according to court filings was responsible for designing and inspecting the ride’s seats and harnesses. The companies are accused of neglecting to advise the ride’s owner, Orlando Eagle Drop Slingshot, to post height and weight restrictions and failing to install “appropriate restraint systems” on the ride. The complaint further accuses ADP & Associates Professional Inspections of not properly inspecting the ride before Tyre rode it. The lawsuit was brought by Tyre’s parents, Nekia Dodd and Yarnell Sampson, with trial expected to last several days. The trial comes 33 months after Tyre’s fateful ride on the FreeFall, which was dismantled following public outcry sparked by his death and subsequent state reports that found no evidence of “physical or mechanical failure” on the ride. Rather, investigators determined harnesses on specific seats were manually altered to allow them to open to “almost double the range,” allowing Tyre to board the ride despite not being properly secured in the seat. In February 2023, Orlando Eagle Drop Slingshot paid $250,000 to the Florida Department of Agriculture as part of a settlement that further forbade the company to operate the FreeFall again and ordered it to “not apply or re-apply for a permit to do so” in the future. A month later, the ride owner and ICON Park — where the FreeFall was located next to another ride operated by the company — agreed to an undisclosed settlement , and were dropped as defendants in the wrongful death lawsuit. The settlement was announced as construction crews worked to dismantle the FreeFall. “The ride is coming down, I’m thankful for that. But, you know, my son isn’t coming back,” Dodd told reporters at the time. At the time of the tragedy, Tyre was staying with a family friend on a visit to Central Florida from St. Louis, Missouri, where he was an honor roll student and talented football player. Disturbing video of the fall and its aftermath went viral on social media, attracting national headlines. An autopsy report said he died of blunt force trauma. The incident and subsequent reports on safety failings by ride operators led to the Tyre Sampson Act, a pair of bills unanimously approved by the Florida Legislature in 2023 that closed gaps in ride safety laws. Filed by state Sen. Geraldine Thompson, D-Orlando, the law prevents attraction operators from making unauthorized adjustments to a ride’s restraint system and requires them to submit more detailed safety and operational documentation to the state. Additionally, the act broadened the state agriculture department’s oversight, giving it authority to establish minimum training standards and conduct unannounced ride inspections to identify potential hazards. The law applies to Florida attractions with fewer than 1,000 employees but specifically exempts Walt Disney World, Universal and SeaWorld — allowing them to conduct their own inspections. Ironically, companion legislation shields records in an active investigation into a ride from public disclosure, contending that “the premature release of such records,” like those that surfaced during the probe of Tyre’s death, “could frustrate or thwart” the inquiry. Thompson said at the time that delaying release of those records, while they sparked immediate action after Tyre’s death, “is just to make sure that we’ve left no stone unturned before we present to the public.” While the family lauded the safety measures in the law, Michael Haggard, the lawyer who at one point represented Dodd, blasted the records legislation after its passage. “If a tragedy happens like this again, what a shame that the media isn’t going to be able to cover it, get those documents, so that the public knows whether these things are dangerous or not,” Haggard said in a May 2023 interview. ©2024 Orlando Sentinel. Visit orlandosentinel.com . Distributed by Tribune Content Agency, LLC.Key Tronic Corporation Announces New Credit Facilities
NEW YORK , Nov. 21, 2024 /PRNewswire/ -- BGC Group, Inc. (Nasdaq: BGC) ("BGC") Chairman and Chief Executive Officer Howard W. Lutnick provided the following statement: "I am deeply honored to have been nominated by President Donald J. Trump to serve as the 41st U.S. Secretary of Commerce. I look forward to this new chapter in my life, working for President Trump to promote economic growth, drive innovation, and strengthen our nation's financial security. Upon U.S. Senate confirmation, I will step down from my positions at Cantor, BGC, and Newmark. I intend to divest my interests in these companies to comply with U.S. government ethics rules and do not expect any arrangement which involves selling shares on the open market. I have full confidence in my exceptional management team at BGC. I have met with the Board of Directors and informed them that I expect to recommend that John Abularrage , Jean-Pierre Aubin , and Sean Windeatt be named Co-CEOs of BGC effective upon my confirmation. I am certain they will continue to drive our success, upholding the best interests of our clients, investors, and employees." BGC expects no changes to its existing corporate structure and expects to disclose further details at a later date. About BGC Group, Inc. BGC Group, Inc. (Nasdaq: BGC) is a leading global marketplace, data, and financial technology services company for a broad range of products, including fixed income, foreign exchange, energy, commodities, shipping, equities, and now includes the FMX Futures Exchange. BGC's clients are many of the world's largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms. BGC and leading global investment banks and market making firms have partnered to create FMX, part of the BGC Group of companies, which includes a U.S. interest rate futures exchange, spot foreign exchange platform and the world's fastest growing U.S. cash treasuries platform. For more information about BGC, please visit www.bgcg.com . Discussion of Forward-Looking Statements about BGC Statements in this document regarding BGC that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC's Securities and Exchange Commission ("SEC") filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K. View original content to download multimedia: https://www.prnewswire.com/news-releases/bgcs-howard-w-lutnick-nominated-for-us-secretary-of-commerce-302313558.html SOURCE BGC Group, Inc.
Larson Financial Group LLC reduced its position in shares of Truist Financial Co. ( NYSE:TFC – Free Report ) by 39.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 1,483 shares of the insurance provider’s stock after selling 971 shares during the quarter. Larson Financial Group LLC’s holdings in Truist Financial were worth $63,000 at the end of the most recent quarter. A number of other institutional investors also recently bought and sold shares of TFC. Sompo Asset Management Co. Ltd. increased its holdings in shares of Truist Financial by 72.7% during the 3rd quarter. Sompo Asset Management Co. Ltd. now owns 64,190 shares of the insurance provider’s stock worth $2,745,000 after buying an additional 27,020 shares during the last quarter. StoneX Group Inc. increased its stake in Truist Financial by 4.6% during the third quarter. StoneX Group Inc. now owns 65,265 shares of the insurance provider’s stock worth $2,791,000 after acquiring an additional 2,881 shares during the last quarter. Kingsview Wealth Management LLC raised its position in Truist Financial by 2.3% in the third quarter. Kingsview Wealth Management LLC now owns 154,342 shares of the insurance provider’s stock valued at $6,601,000 after purchasing an additional 3,491 shares during the period. Cerity Partners LLC lifted its stake in shares of Truist Financial by 0.8% in the 3rd quarter. Cerity Partners LLC now owns 543,110 shares of the insurance provider’s stock valued at $23,229,000 after purchasing an additional 4,088 shares during the last quarter. Finally, Certified Advisory Corp grew its holdings in shares of Truist Financial by 6.7% during the 3rd quarter. Certified Advisory Corp now owns 23,742 shares of the insurance provider’s stock worth $1,015,000 after purchasing an additional 1,487 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors. Truist Financial Stock Performance Shares of NYSE:TFC opened at $47.68 on Friday. Truist Financial Co. has a 12 month low of $31.96 and a 12 month high of $49.06. The business has a 50-day moving average of $44.23 and a two-hundred day moving average of $41.81. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market capitalization of $63.30 billion, a PE ratio of -33.34, a P/E/G ratio of 1.96 and a beta of 1.05. Truist Financial Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.36%. Truist Financial’s dividend payout ratio is currently -145.45%. Wall Street Analyst Weigh In TFC has been the topic of a number of recent analyst reports. UBS Group upped their target price on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, October 18th. The Goldman Sachs Group upped their price objective on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday. Royal Bank of Canada lifted their target price on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Citigroup raised their price target on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. Finally, JPMorgan Chase & Co. boosted their price objective on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Twelve equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $47.17. View Our Latest Report on Truist Financial Insider Activity at Truist Financial In other Truist Financial news, CEO William H. Rogers, Jr. purchased 34,180 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was bought at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the purchase, the chief executive officer now owns 691,451 shares in the company, valued at $33,576,860.56. This trade represents a 5.20 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link . Insiders own 0.17% of the company’s stock. Truist Financial Company Profile ( Free Report ) Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts. Featured Stories Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Co. ( NYSE:TFC – Free Report ). Receive News & Ratings for Truist Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Truist Financial and related companies with MarketBeat.com's FREE daily email newsletter .ANN ARBOR, Mich. — Michigan's defense of the national championship has fallen woefully short. The Wolverines started the season ranked No. 9 in the AP Top 25, making them the third college football team since 1991 to be ranked worse than seventh in the preseason poll after winning a national title. Michigan (6-5, 4-4 Big Ten) failed to meet those modest expectations, barely becoming eligible to play in a bowl and putting the program in danger of losing six or seven games for the first time since the Brady Hoke era ended a decade ago. The Wolverines potentially can ease some of the pain with a win against rival and second-ranked Ohio State (10-1, 7-1, No. 2 CFP) on Saturday in the Horseshoe, but that would be a stunning upset. Ohio State is a 21 1/2-point favorite, according to the BetMGM Sportsbook, and that marks just the third time this century that there has been a spread of at least 20 1/2 points in what is known as "The Game." Michigan coach Sherrone Moore doesn't sound like someone who is motivating players with an underdog mentality. "I don't think none of that matters in this game," Moore said Monday. "It doesn't matter the records. It doesn't matter anything. The spread, that doesn't matter." How did Michigan end up with a relative mess of a season on the field, coming off its first national title since 1997? Winning it all with a coach and star player contemplating being in the NFL for the 2024 season seemed to have unintended consequences for the current squad. The Wolverines closed the College Football Playoff with a win over Washington on Jan. 8; several days later quarterback J.J. McCarthy announced he was skipping his senior season; and it took more than another week for Jim Harbaugh to bolt to coach the Los Angeles Chargers. In the meantime, most quality quarterbacks wanting to transfer had already enrolled at other schools and Moore was left with lackluster options. Davis Warren beat out Alex Orji to be the team's quarterback for the opener and later lost the job to Orji only to get it back again. No matter who was under center, however, would've likely struggled this year behind an offensive line that sent six players to the NFL. The Wolverines lost one of their top players on defense, safety Rod Moore, to a season-ending injury last spring and another one, preseason All-America cornerback Will Johnson, hasn't played in more than a month because of an injury. The Buckeyes are not planning to show any mercy after losing three straight in the series. "We're going to attack them," Ohio State defensive end Jack Sawyer said. "We know they're going to come in here swinging, too, and they've still got a good team even though the record doesn't indicate it. This game, it never matters what the records are." While a win would not suddenly make the Wolverines' season a success, it could help Moore build some momentum a week after top-rated freshman quarterback Bryce Underwood flipped his commitment from LSU to Michigan. "You come to Michigan to beat Ohio," said defensive back Quinten Johnson, intentionally leaving the word State out when referring to the rival. "That's one of the pillars of the Michigan football program. "It doesn't necessarily change the fact of where we are in the season, but it definitely is one of the defining moments of your career here at Michigan." AP Sports Writer Mitch Stacy in Columbus, Ohio, contributed to this report. Be the first to know Get local news delivered to your inbox!
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49ers' Brock Purdy won't face Packers, status for Bills game 'up in the air'A search for a convicted murderer in a California town has put residents on edge, with schools closing and Christmas events being postponed Cesar Hernandez, who was sentenced in 2019 to 80 years to life with the possibility of parole for first-degree murder, escaped Monday morning shortly after arriving at the Kern County courthouse in Delano, a city of around 50,000 in central California. As of Thursday, he had still not been found. He was being transported to appear in court after pleading no contest to manufacturing a weapon and possessing alcohol or drugs in prison when he evaded staff and jumped out of the van, officials said. “Hernandez is considered dangerous,” Delano police said in a social media post. “If you see him, do not approach.” Cesar Guzmán, 32, was only blocks away at his barber shop from the intersection where Hernandez escaped. It’s been the “number one topic at the shop” since. “Everyday we talk about it,” Guzmán said. “The clients are, they’re scared because they haven’t found him. We’re really close to where it happened.” Delano has been inundated with a heavy law enforcement presence since Hernandez’s escape, with police knocking on doors and helicopters whirring overhead. Guzmán said it’s the first time something like this has happened in the town, where he has lived his whole life. Several local schools locked down Monday, and they remained closed through Thursday as the search continued, local school districts posted on Facebook. The city postponed its tree-lighting ceremony originally scheduled for Wednesday, and the Delano Chamber of Commerce delayed its annual Christmas parade scheduled for Thursday night. Hernandez remaining at large puts a damper on the festivities, which Guzmán and his family have attended every year. “Honestly, now we’re kind of like, ‘How can he get away from them? What the heck happened?’" Guzmán said. Hernandez, 34, was convicted of shooting a man after leaving a bar in south Los Angeles, according to appellate court filings. He had gotten into a “heated argument” with his girlfriend at the bar earlier that night and was looking for her after she left. The victim was at the bar but did not have contact with either Hernandez or his girlfriend, the filings said. As the man drove away from the bar in his pickup truck, Hernandez was seen following him in his car before getting out to shoot him. It's unclear from the filings what motivated the shooting. Hernandez was last seen wearing an orange top and pants. He is 5 feet, 5 inches tall, weighs about 160 pounds, and has brown eyes and black hair. He was transferred from Los Angeles County in June 2019. Anyone who sees Hernandez or has knowledge of his location is asked to contact law enforcement or call 911. On the other side of the country, another search was underway for the man who gunned down United Healthcare CEO Brian Thompson in New York on Monday. Police were following tips related to his whereabouts, including searching two hostels where the man may have stayed. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get local news delivered to your inbox!
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“Hunter was singled out only because he is my son,” Joe Biden said on Sunday, when he issued a pardon that saved Hunter Biden from serving time for his gun and tax crimes. That much was accurate, but not in the way the president meant. Naked nepotism allowed Hunter Biden to avoid the consequences of a criminal justice system that punishes people for conduct that violates no one’s rights and compounds that punishment when they demand the trial to which they are entitled under the Sixth Amendment. While the pardon was undeniably hypocritical, those injustices are real, and they affect many people who lack the political connections to escape them. Last June, a federal jury convicted Hunter Biden of three felonies based on his 2018 purchase of a revolver, which was illegal because he was a crack cocaine user. The case sits at the intersection of two policies that punish people for actions that are not inherently criminal. As the philosopher Douglas Husak has observed, drug and gun possession laws forbid “inchoate offenses,” which involve conduct that is not necessarily harmful. They “do not proscribe harm itself,” Husak notes, “but rather the possibility of harm — a possibility that need not (and typically does not) materialize when the offense is committed.” Since Hunter Biden’s possession of a revolver harmed no one, his father argues, a prison sentence was not justified for that offense. Although the president is right about that, his position is blatantly inconsistent with his support for gun laws that authorize such penalties. The Biden administration has vigorously defended the arbitrary, constitutionally dubious gun law that Hunter Biden violated, insisting that cannabis consumers are so untrustworthy and dangerous that the government is justified in threatening them with prison if they dare to exercise their Second Amendment rights. And in 2022, the president signed a law that increased the maximum penalty for drug users who possess firearms while creating an additional potential charge against them. Joe Biden also complains that prosecutors threw the book at his son after a proposed plea deal fell apart under judicial scrutiny last year. But that is par for the course when defendants insist on exercising their constitutional right to trial by jury. In the gun case, a single felony charge that Special Counsel David Weiss was initially prepared to drop after Hunter Biden completed a pretrial diversion program became three felony charges, all based on the same transaction. As a result, Biden faced up to 25 years in prison, quite a jump from zero time behind bars under the nixed diversion agreement. In the tax case, two misdemeanors became three felonies and six misdemeanors, all of which were covered by a guilty plea that Biden entered in September. That increased the maximum penalty to 17 years in a case where Weiss initially was prepared to recommend probation. The dramatic escalation in potential punishment vividly illustrated the “trial penalty” that prosecutors routinely impose on defendants who make the government prove its case. That threat helps explain why 97% of federal felony convictions are based on guilty pleas, a reality that transforms trial by jury from a promise to a fantasy. Related Articles Opinion Columnists | California politicians suddenly discover inflation in aftermath of election Opinion Columnists | How California ranks as the most active political state Opinion Columnists | Donald Trump must replace Pete Hegseth with Ron DeSantis Opinion Columnists | Larry Elder: Biden breaks his promise and pardons his son Opinion Columnists | California’s unaccountable homeless industrial complex A president cannot unilaterally change the laws that authorize draconian punishments for inchoate offenses and give prosecutors enormous power to coerce guilty pleas. But they can ameliorate the resulting injustices by exercising his clemency powers, which Joe Biden so far has largely failed to do. During his 2020 campaign, Biden promised that he would “use the president’s clemency power to secure the release of individuals facing unduly long sentences for certain non-violent and drug crimes.” But as of this week, he had received more than 10,500 petitions for commutations and granted just 132, or about 1%. That is roughly the same as Donald Trump’s rate and one-fifth Barack Obama’s. But Biden still has a few weeks to show that his mercy extends beyond his own kin. Jacob Sullum is a senior editor at Reason magazine. Follow him on Twitter: @jacobsullum.House vote to determine fate of ethics report into Matt Gaetz after committee stalls action
Los Angeles Chargers head coach Jim Harbaugh and Baltimore Ravens head coach John Harbaugh are brothers (if you didn't know that, ), and on Monday, Jim's Chargers play John's Ravens. As you can probably guess, it's a massive showdown for several reasons, and the pair will likely have family in the stands to see them go head-to-head at SoFi Stadium. However, some very important people to both coaches won't be there: Jack and Jackie Harbaugh, their parents. , Jack and Jackie are in Florida with their daughter Joani and son-in-law Tom Crean (plus two grandkiddos) to celebrate 63 years of marriage. How sweet! Jackie and Jack Harbaugh will not be attending tonight’s Ravens-Chargers game in Los Angeles. Instead, they will be with their daughter Joani, son-in-law Tom Crean, and their two grandchildren in Florida, celebrating their 63rd anniversary. “Back in 1957 in that biology class, I... — Adam Schefter (@AdamSchefter)US coach Emma Hayes admits to anthem uncertainty ahead of England stalemateThe Titans have issues to fix and hope to keep slim playoff hopes alive when they host the Jags
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