Jeannette Neumann | (TNS) Bloomberg News The Nordstrom family is joining forces with a Mexican retailer to take its namesake department store private in an all-cash transaction valued at about $6.25 billion, including debt. Related Articles Business | New shoplifting data explains why they’re locking up the toothpaste Business | Netflix is airing 2 NFL games on Christmas Day. Here’s what to know Business | Biden will decide on US Steel acquisition after influential panel fails to reach consensus Business | For some FSA dollars, it’s use it or lose it at year’s end Business | American Airlines flights resume at Bradley International Airport after FAA halts them The founding family is betting that the century-old retail chain will be more successful without the scrutiny and demands of the public market after shares in Nordstrom Inc. plunged 40% in the last five years. During the same period, the S&P 500 rose 84%. As part of the transaction, which is expected to close in the first half of 2025, the family and Mexican department-store chain El Puerto de Liverpool SAB will acquire all of the outstanding common shares of Nordstrom. The Nordstrom family will have a majority ownership stake in the company of 50.1%, with Liverpool owning 49.9%. Nordstrom common shareholders will receive $24.25 in cash for each share of Nordstrom common stock they hold under the terms of the agreement, the company said Monday. That’s roughly in line with where shares were trading on Monday. Shares in Nordstrom fell as much as 1.3% on Monday in New York. The company’s stock was up 33% so far this year as of Friday’s close as reports of a take-private deal boosted the stock price. The board’s acceptance of the offer underscores Nordstrom’s decline from its peak and its subdued growth prospects. In 2018, the board rejected the family’s bid to take the company private at $50 per share as too low. Nordstrom’s annual revenue, including income from credit cards, peaked at $15.9 billion in the fiscal year ended February 2019. The company was hit hard by Covid-19 and has never returned to its pre-pandemic highs. Nordstrom is expected to report $14.9 billion in total revenue at the end of the current fiscal year, according to a Bloomberg survey of analysts. Other department-store chains in the U.S. have also struggled as shoppers pivot to online competitors such as Amazon.com Inc., or brand-specific stores such as Louis Vuitton. Executives at Macy’s Inc., for example, are shrinking the company’s store fleet to cut costs, while the owners of Saks Fifth Avenue bought Neiman Marcus Group earlier this year. During the past couple of years, investors had hoped that Nordstrom Rack, its off-price chain, could help buoy the company’s growth prospects and compensate for sluggish sales at the more upscale flagship chain. Shoppers flocked to competitors such as TJ Maxx, seeking deals as inflation soared post-pandemic. But Rack’s performance has been spotty. It stumbled when executives tweaked their strategy and stopped offering as many high-end fashion brands at a discount. Rack reversed course and sales have bounced back. Company executives have focused on opening more Rack stores in recent quarters, boosting revenue. In November, Nordstrom raised the lower end of its annual sales guidance after revenue was better than expected at Rack and the flagship chain. But the outlook is still weak, highlighting the attraction of going private: The company is forecasting that annual sales, including credit-card revenues, will be flat to up 1% versus last year. The take-private deal will be financed through a combination of rollover equity by the Nordstrom family and Liverpool, cash commitments by Liverpool, up to $450 million in borrowings under a new $1.2 billion ABL bank financing, and company cash on hand. The board also intends to pay a special dividend of up to 25 cents a share in cash contingent on the deal closing. The transaction must be approved by holders of two-thirds of the company’s common stock shareholders and the holders of a majority of the shares not owned by the Nordstrom family or Liverpool. Erik and Peter Nordstrom, who are members of the company’s board, recused themselves from the vote, which unanimously approved the transaction. “On behalf of my family, we look forward to working with our teams to ensure Nordstrom thrives long into the future,” said Erik Nordstrom, chief executive officer of Nordstrom. Liverpool, run by descendants of a French shareholder group that dates back more than a century, is one of Mexico’s most important department store chains, with an ornate flagship location in the capital’s historic center. The $7 billion publicly-traded company has ventured beyond Mexico in recent years, acquiring a stake in Latin American retail operator Unicomer in 2011 and attempting unsuccessfully to acquire control of Chile’s Ripley SA in 2015 before turning its eyes to the U.S. with the Nordstrom investment. Max David Michel, part of Liverpool’s founding family and one of the richest people in the country, retired as head of Liverpool’s board earlier this year. (Updates to include what stock is trading at versus the offer price.) ©2024 Bloomberg L.P. Visit bloomberg.com. Distributed by Tribune Content Agency, LLC.AILE Deadline Today: AILE Investors Have Opportunity to Lead iLearningEngines, Inc. Securities Fraud Lawsuit
DELAWARE, Ohio, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Greif, Inc. (NYSE: GEF, GEF.B), a world leader in industrial packaging products and services, today announced fourth quarter and fiscal 2024 results. Fiscal Fourth Quarter 2024 Financial Highlights: (all results compared to the fourth quarter 2023 unless otherwise noted) Net income decreased 6.5% to $63.4 million or $1.08 per diluted Class A share compared to net income of $67.8 million or $1.16 per diluted Class A share. Net income, excluding the impact of adjustments(1), decreased 46.4% to $49.6 million or $0.85 per diluted Class A share compared to net income, excluding the impact of adjustments, of $92.6 million or $1.59 per diluted Class A share. Adjusted EBITDA(2) decreased 2.0% to $197.6 million compared to Adjusted EBITDA of $201.6 million. Net cash provided by operating activities decreased by $16.3 million to $187.2 million. Adjusted free cash flow(3) increased by $8.5 million to $144.7 million. Fiscal Year Results Include: (all results compared to the fiscal year 2023 unless otherwise noted): Net income decreased 27.0% to $262.1 million or $4.52 per diluted Class A share compared to net income of $359.2 million or $6.15 per diluted Class A share. Net income, excluding the impact of adjustments, decreased 35.3% to $233.6 million or $4.03 per diluted Class A share compared to net income, excluding the impact of adjustments, of $361.2 million or $6.19 per diluted Class A share. Adjusted EBITDA decreased 15.6% to $694.2 million compared to Adjusted EBITDA of $822.2 million. Net cash provided by operating activities decreased by $293.5 million to $356.0 million. Adjusted free cash flow decreased by $291.4 million to $189.8 million. Total debt increased by $525.5 million to $2,740.6 million. Net debt(4) increased by $508.7 million to $2,542.9 million. The Company's leverage ratio(5) increased to 3.53x from 2.2x in the prior year quarter, and decreased from 3.64x sequentially. Strategic Actions and Announcements Hosting Investor Day on December 11, 2024, at Convene: 75 Rockefeller Plaza in New York City. Completed previously announced business model optimization project to fully leverage our core competitive advantages and facilitate accelerated growth. This operating model change will result in the following four new reportable segments beginning in the first quarter of 2025: Customized Polymer Solutions; Durable Metal Solutions; Sustainable Fiber Solutions; and Integrated Solutions. Related to our new segments, on Thursday, December 5, 2024, we will be releasing online the previous eight quarters of segment financial highlights to assist our investor community in modeling our new reportable segments. This information will be made available at our investor relations site https://investor.greif.com/ . Announcing targeted cost optimization effort to eliminate $100 million of structural costs from the business through a combination of SG&A rationalization, network optimization, and operating efficiency gains. More information on this effort will be provided at our upcoming Investor Day. Commentary from CEO Ole Rosgaard “I am pleased to report a solid fourth quarter and full year 2024 result, particularly in light of the continuation of this extended period of industrial contraction. While managing the business for the present, we also made significant strides under our Build to Last strategy towards the future, and our executive team and I look forward to sharing more information at our Investor Day next week. Our investors can expect an interactive and engaging half day session, and we highly encourage your in-person attendance as we look forward to 2025 and beyond.” Build to Last Mission Progress Recently completed our fourteenth wave NPS(6) survey, receiving feedback from nearly five thousand customers globally for a net score of 69, recognized as a world-class score within the manufacturing industry. At our upcoming Investor Day, we plan to further discuss the powerful correlation between NPS, an indicator of our Legendary Customer Service, and financial performance. We thank our customers for their continued feedback, which is critical in helping us achieve our vision to be the best performing customer service company in the world, and we are proud to continue to earn positive feedback from our customers throughout a difficult global operating environment. Note: A reconciliation of the differences between all non-GAAP financial measures used in this release with the most directly comparable GAAP financial measures is included in the financial schedules that are a part of this release. These non-GAAP financial measures are intended to supplement, and should be read together with, our financial results. They should not be considered an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of this financial information should not place undue reliance on these non-GAAP financial measures. Segment Results (all results compared to the fourth quarter of 2023 unless otherwise noted) Net sales are impacted mainly by the volume of primary products(7) sold, selling prices, product mix and the impact of changes in foreign currencies against the U.S. dollar. The table below shows the percentage impact of each of these items on net sales for our primary products for the fourth quarter of 2024 as compared to the prior year quarter for the business segments with manufacturing operations. Net sales from completed acquisitions of Reliance Products Ltd. (“Reliance”) and Ipackchem Group SAS ("Ipackchem") primary products are not included in the table below, but will be included in their respective segments starting in the fiscal first quarter of 2025 for Reliance and fiscal third quarter of 2025 for Ipackchem. Global Industrial Packaging Net sales increased by $65.9 million to $786.9 million primarily due to contributions from recent acquisitions and higher volumes. Gross profit increased by $12.6 million to $167.0 million due to the same factors that impacted net sales, partially offset by higher raw material, labor and manufacturing costs. Operating profit decreased by $0.1 million to $75.0 million primarily due to higher SG&A expenses from recent acquisitions, offset by the same factors that impacted gross profit. Adjusted EBITDA increased by $4.0 million to $109.4 million primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses from recent acquisitions. Paper Packaging & Services Net sales increased by $42.9 million to $624.5 million primarily due to higher average selling prices as a result of higher published containerboard and boxboard prices. Gross profit decreased by $0.1 million to $118.7 million primarily due to higher raw material and labor costs, offset by the same factors that impacted net sales. Operating profit increased by $13.4 million to $48.7 million primarily due to lower non-cash impairment charges and restructuring charges related to optimizing and rationalizing operations in the prior year, partially offset by the same factors that impacted gross profit and higher SG&A expenses related to higher health, medical, incentive and pension expenses. Adjusted EBITDA decreased by $8.4 million to $85.3 million primarily due to the same factors that impacted gross profit and higher SG&A expenses related to higher health, medical, incentive and pension expenses. Tax Summary During the fourth quarter, we recorded an income tax rate of 21.8 percent and a tax rate excluding the impact of adjustments of 39.6 percent. Note that the application of accounting for income taxes often causes fluctuations in our quarterly effective tax rates. For the full year, we recorded an income tax rate of 10.6 percent and a tax rate excluding the impact of adjustments of 12.8 percent. Dividend Summary On December 3, 2024, the Board of Directors declared quarterly cash dividends of $0.54 per share of Class A Common Stock and $0.80 per share of Class B Common Stock. Dividends are payable on January 1, 2025, to stockholders of record at the close of business on December 16, 2024. Company Outlook Our markets have now experienced a multi-year period of industrial contraction, and we have not identified any compelling demand inflection on the horizon, despite slightly improved year over year volumes. While we believe we are well positioned for an eventual recovery of the industrial economy, at this time we believe it is appropriate to provide only low-end guidance based on the continuation of demand trends reflected in the past year, current price/cost factors in Paper Packaging and Services, and other identifiable discrete items which we will discuss during our fourth quarter earnings release call. Call-in details are provided below. Note: Fiscal 2025 net income guidance, the most directly comparable GAAP financial measure to Adjusted EBITDA, is not provided in this release due to the potential for one or more of the following, the timing and magnitude of which we are unable to reliably forecast: gains or losses on the disposal of businesses or properties, plants and equipment, net; non-cash asset impairment charges due to unanticipated changes in the business; restructuring-related activities; acquisition and integration related costs; and ongoing initiatives under our Build to Last strategy. No reconciliation of the 2025 low-end guidance estimate of Adjusted EBITDA, a non-GAAP financial measure which excludes restructuring charges, acquisition and integration related costs, non-cash asset impairment charges, and (gain) loss on the disposal of properties, plants and equipment, (gain) loss on the disposal of businesses, net, and other costs, is included in this release because, due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible, we are unable to quantify certain amounts that would be required to be included in net income, the most directly comparable GAAP financial measure, without unreasonable efforts. A reconciliation of 2025 low-end guidance estimate of adjusted free cash flow to fiscal 2025 forecasted net cash provided by operating activities, the most directly comparable GAAP financial measure, is included in this release. Conference Call The Company will host a conference call to discuss the fourth quarter and fiscal 2024 results on December 5, 2024, at 8:30 a.m. Eastern Time (ET). Participants may access the call using the following online registration link: https://register.vevent.com/register/BId6a2105d615e45438d7c615c6b1ce4d5 . Registrants will receive a confirmation email containing dial in details and a unique conference call code for entry. Phone lines will open at 8:00 a.m. ET on December 5, 2024. A digital replay of the conference call will be available two hours following the call on the Company's web site at http://investor.greif.com . Investor Relations contact information Bill D’Onofrio, Vice President, Corporate Development & Investor Relations, 614-499-7233. Bill.Donofrio@greif.com About Greif Greif is a global leader in industrial packaging products and services and is pursuing its vision: to be the best performing customer service company in the world. The Company produces steel, plastic and fibre drums, intermediate bulk containers, reconditioned containers, jerrycans and other small plastics, containerboard, uncoated recycled paperboard, coated recycled paperboard, tubes and cores and a diverse mix of specialty products. The Company also manufactures packaging accessories and provides other services for a wide range of industries. In addition, the Company manages timber properties in the southeastern United States. The Company is strategically positioned in over 35 countries to serve global as well as regional customers. Additional information is on the Company's website at www.greif.com . Forward-Looking Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “aspiration,” “objective,” “project,” “believe,” “continue,” “on track” or “target” or the negative thereof and similar expressions, among others, identify forward-looking statements. All forward-looking statements are based on assumptions, expectations and other information currently available to management. Although the Company believes that the expectations reflected in forward-looking statements have a reasonable basis, the Company can give no assurance that these expectations will prove to be correct. Such forward-looking statements are subject to certain risks and uncertainties that could cause the Company’s actual results to differ materially from those forecasted, projected or anticipated, whether expressed or implied. Such risks and uncertainties that might cause a difference include, but are not limited to, the following: (i) historically, our business has been sensitive to changes in general economic or business conditions, (ii) our global operations subject us to political risks, instability and currency exchange that could adversely affect our results of operations, (iii) the current and future challenging global economy and disruption and volatility of the financial and credit markets may adversely affect our business, (iv) the continuing consolidation of our customer base and suppliers may intensify pricing pressure, (v) we operate in highly competitive industries, (vi) our business is sensitive to changes in industry demands and customer preferences, (vii) raw material shortages, price fluctuations, global supply chain disruptions and increased inflation may adversely impact our results of operations, (viii) energy and transportation price fluctuations and shortages may adversely impact our manufacturing operations and costs, (ix) we may encounter difficulties or liabilities arising from acquisitions or divestitures, (x) we may incur additional rationalization costs and there is no guarantee that our efforts to reduce costs will be successful, (xi) several operations are conducted by joint ventures that we cannot operate solely for our benefit, (xii) certain of the agreements that govern our joint ventures provide our partners with put or call options, (xiii) our ability to attract, develop and retain talented and qualified employees, managers and executives is critical to our success, (xiv) our business may be adversely impacted by work stoppages and other labor relations matters, (xv) we may be subject to losses that might not be covered in whole or in part by existing insurance reserves or insurance coverage and general insurance premium and deductible increases, (xvi) our business depends on the uninterrupted operations of our facilities, systems and business functions, including our information technology and other business systems, (xvii) a cyber-attack, security breach of customer, employee, supplier or Company information and data privacy risks and costs of compliance with new regulations may have a material adverse effect on our business, financial condition, results of operations and cash flows, (xviii) we could be subject to changes in our tax rates, the adoption of new U.S. or foreign tax legislation or exposure to additional tax liabilities, (xix) we have a significant amount of goodwill and long-lived assets which, if impaired in the future, would adversely impact our results of operations, (xx) changing climate, global climate change regulations and greenhouse gas effects may adversely affect our operations and financial performance, (xxi) we may be unable to achieve our greenhouse gas emission reduction target by 2030, (xxii) legislation/regulation related to environmental and health and safety matters could negatively impact our operations and financial performance, (xxiii) product liability claims and other legal proceedings could adversely affect our operations and financial performance, and (xxiv) we may incur fines or penalties, damage to our reputation or other adverse consequences if our employees, agents or business partners violate, or are alleged to have violated, anti-bribery, competition or other laws. The risks described above are not all-inclusive, and given these and other possible risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. For a detailed discussion of the most significant risks and uncertainties that could cause our actual results to differ materially from those forecasted, projected or anticipated, see “Risk Factors” in Part I, Item 1A of our most recently filed Form 10-K and our other filings with the Securities and Exchange Commission. All forward-looking statements made in this news release are expressly qualified in their entirety by reference to such risk factors. Except to the limited extent required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. (8) EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization. However, because the Company does not calculate net income by segment, this table calculates EBITDA by segment with reference to operating profit by segment, which, as demonstrated in the table of Consolidated EBITDA, is another method to achieve the same result. See the reconciliations in the table of Segment EBITDA. (9) Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, plus gain (loss) on disposal of properties, plants and equipment, (gain) loss on disposal of businesses, net, plus other costs. (10) Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, plus (gain) loss on disposal of properties, plants and equipment, plus (gain) loss on disposal of businesses, net, plus other costs. However, because the Company does not calculate net income by segment, this table calculates adjusted EBITDA by segment with reference to operating profit by segment, which, as demonstrated in the table of consolidated adjusted EBITDA, is another method to achieve the same result. (11)Adjusted free cash flow is defined as net cash provided by operating activities, less cash paid for purchases of properties, plants and equipment, plus cash paid for acquisition and integration related costs, net, plus cash paid for integration related ERP systems and equipment, plus cash paid for taxes related to Tama, Iowa mill divestment, plus cash paid for fiscal year-end change costs. (12) Cash paid for integration related ERP systems and equipment is defined as cash paid for ERP systems and equipment required to bring the acquired facilities to Greif’s standards. The impact of income tax (benefit) expense and noncontrolling interest on each adjustment is calculated based on tax rates and ownership percentages specific to each applicable entity. (13)Adjustments to EBITDA are specified by the 2022 Credit Agreement and include certain timberland gains, equity earnings of unconsolidated affiliates, net of tax, certain acquisition savings, deferred financing costs, capitalized interest, income and expense in connection with asset dispositions, and other items. (14)Adjustments to net debt are specified by the 2022 Credit Agreement and include the European accounts receivable program, letters of credit, and balances for swap contracts. (15) Leverage ratio is defined as Credit Agreement adjusted net debt divided by Credit Agreement adjusted EBITDA. The following table presents net sales by reportable segments and geographic operating segments, depreciation, depletion and amortization expenses by reportable segments, and capital expenditures by reportable segments for fiscal years 2024 and 2023. The following information is unaudited:
WALTHAM Mass., Dec. 06, 2024 (GLOBE NEWSWIRE) -- Apellis Pharmaceuticals , Inc. (Nasdaq: APLS), a global biopharmaceutical company and leader in complement, today announced that the company approved the grant of equity awards to four new employees with a grant date of December 2, 2024, as equity inducement awards outside of the company's 2017 Stock Incentive Plan (but under the terms of the 2020 Inducement Stock Incentive Plan) and material to the employees’ acceptance of employment with the company. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4). The employees received options to purchase 27,445 shares of Apellis’ common stock and 28,630 restricted stock units (RSUs). The options have an exercise price of $35.42, which is equal to the closing price of Apellis’ common stock on December 2, 2024, the grant date of the options. One-fourth of the shares underlying the employee options will vest on the one-year anniversary of the grant date and thereafter 1/48th of the shares underlying the employee options will vest monthly, such that the shares underlying the options granted to the employees will be fully vested on the fourth anniversary of the grant date, subject to the employees’ continued employment with Apellis on such vesting dates. Each RSU will vest as to 25% of the shares underlying the RSU award on the first anniversary of the grant date and as to an additional 25% of the shares underlying the RSU award annually thereafter, subject to each such employee's continued employment on each vesting date. About Apellis Apellis Pharmaceuticals, Inc. is a global biopharmaceutical company that combines courageous science and compassion to develop life-changing therapies for some of the most challenging diseases patients face. We ushered in the first new class of complement medicine in 15 years and now have two approved medicines targeting C3. These include the first-ever therapy for geographic atrophy, a leading cause of blindness around the world. We believe we have only begun to unlock the potential of targeting C3 across serious retinal, rare, and neurological diseases. For more information, please visit http://apellis.com or follow us on Twitter and LinkedIn . Apellis Forward-Looking Statement Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding plans to submit applications for regulatory approval for the treatment of patients with C3G and IC-MPGN. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including whether systemic pegcetacoplan will receive approval for those indications from the FDA or equivalent foreign regulatory agencies when expected or at all; and any other factors discussed in the “Risk Factors” section of Apellis’ Annual Report on Form 10-K with the Securities and Exchange Commission on February 27, 2024 and the risks described in other filings that Apellis may make with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Apellis specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Media Contact: Tracy Vineis media@apellis.com 617-420-4839 Investor Contact: Meredith Kaya meredith.kaya@apellis.com 617.599.8178None
PALM BEACH GARDENS, Fla. , Dec. 6, 2024 /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, announced today that its Board of Directors declared a quarterly dividend of $0.225 per outstanding share of Carrier common stock. The dividend will be payable on February 7, 2025 to shareowners of record at the close of business on December 20, 2024 . "Today's 18% dividend increase further demonstrates our commitment to disciplined capital allocation," said Carrier Chairman & CEO David Gitlin . "After successfully executing on our transformation, we remain laser-focused on delivering outsized value for our customers, employees, and shareowners." Carrier Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating solutions that matter for people and our planet for generations to come. From the beginning, we've led in inventing new technologies and entirely new industries. Today, we continue to lead because we have a world-class, diverse workforce that puts the customer at the center of everything we do. For more information, visit corporate.carrier.com or follow Carrier on social media at @Carrier . Cautionary Statement : This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for Carrier's future payment of a dividend, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax rates and other measures of financial performance or potential future plans, strategies or transactions of Carrier, Carrier's plans with respect to its indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Carrier's reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Carrier assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law. CARR-IR Contact: Media Inquiries Jason Shockley 561-542-0207 Jason.Shockley@carrier.com Investor Relations Michael Rednor 561-365-2020 Michael.Rednor@carrier.com View original content to download multimedia: https://www.prnewswire.com/news-releases/carrier-board-of-directors-announces-an-18-percent-increase-in-quarterly-dividend-to-0-225-per-share-302324348.html SOURCE Carrier Global CorporationWest Michigan middle school robotics team wins state championship
PHILADELPHIA (WPVI) -- It was an announcement that took the world by surprise: South Korea's president declaring a state of martial law. Within hours, he was forced to rescind that order, but not before chaos broke out. Among the people watching the drama unfold is a New Jersey lawmaker who has deep family ties to South Korea. READ MORE: South Korean state council passes resolution lifting martial law "My parents and me and my sister, we're the only part of our family that's in the United States. The rest of our family is back in Korea," said United States Senator-Elect Andy Kim (D - New Jersey). He received messages with headlines of the martial law declaration by South Korean President Yoon Suk Yeol. It was something that, at first, he couldn't believe. "I could not imagine that there was a martial law declaration," said Kim who is the son of Korean immigrants. He was just as surprised as anyone on Tuesday. "It was surreal," said Kim. "It was really sad honestly when I started to understand what happened." SEE ALSO: South Korean president faces calls to resign after martial law lifted The sudden declaration opened the floodgates of protest and sent members of parliament scrambling to barricade themselves against soldiers as they voted against martial law. It forced Yoon to reverse course and rescind the order only about six hours after it was issued. One day later, Kim says, from what he understands, things in South Korea are still tense. "It seems like the threat of that martial law has subsided," said Kim, "but now there are continued questions about what comes next." "It has shaken the people," he said. Opposition leaders say Yoon's motivation in declaring martial law was political. Yoon is very unpopular in South Korea, which is a key U.S. ally. "I'm in regular touch with the White House. With the State Department, with senior leadership there," said Kim who has also reached out to his constituents who have loved ones in South Korea. U.S. officials say they were blindsided by the martial law declaration. There are now calls for Yoon to resign or be impeached. Kim thinks that at the heart of it all is a message on democracy. "You should not ever be able to go outside the bounds of democracy unless there's an absolute national security crisis of the utmost importance," said Kim. "To do something like this was just crazy, honestly."
NEW YORK (AP) — A gunman killed UnitedHealthcare’s CEO on Wednesday in a “brazen, targeted attack” outside a Manhattan hotel where the health insurer was holding its investor conference, police said, setting off a massive search for the fleeing assailant hours before the annual Rockefeller Center Christmas tree lighting nearby. Brian Thompson, 50, was shot around 6:45 a.m. as he walked alone to the New York Hilton Midtown from a nearby hotel, police said. The shooter appeared to be “lying in wait for several minutes” before approaching Thompson from behind and opening fire , New York City Police Commissioner Jessica Tisch said. Police had not yet established a motive. “Many people passed the suspect, but he appeared to wait for his intended target,” Tisch said, adding that the shooting "does not appear to be a random act of violence.” Surveillance video reviewed by investigators shows someone emerging from behind a parked car, pointing a gun at Thompson’s back, then firing multiple times from several feet away. The gunman continues firing, interrupted by a brief gun jam, as Thompson stumbles forward and falls to the sidewalk. He then walks past Thompson and out of the frame. “From watching the video, it does seem that he’s proficient in the use of firearms as he was able to clear the malfunctions pretty quickly,” NYPD Chief of Detectives Joseph Kenny said. Thompson was shot at least once in the back and once in the calf, Tisch said. The shooter, who wore a jacket, face mask and large backpack, fled through Midtown on foot before pedaling an electric bike into Central Park a few blocks away, police said. The assailant remained at large Wednesday afternoon, sparking a search that included police drones, helicopters and dogs. “Brian was a highly respected colleague and friend to all who worked with him,” the insurer’s Minnetonka, Minnesota-based parent company, UnitedHealth Group Inc., said in a statement. "We are working closely with the New York Police Department and ask for your patience and understanding during this difficult time.” Police issued a poster showing a surveillance image of the man pointing what appeared to be a gun and another image that appeared to show the same person on a bicycle. Minutes before the shooting, he stopped at a nearby Starbucks, according to additional surveillance photos released by police on Wednesday afternoon. They offered a reward of up to $10,000 for information leading to an arrest and conviction. Thompson’s wife, Paulette Thompson, told NBC News that he told her “there were some people that had been threatening him.” She didn’t have details but suggested the threats may have involved issues with insurance coverage. Eric Werner, the police chief in the Minneapolis suburb where Thompson lived, said his department had not received any reports of threats against the executive. The killing shook a part of New York City that's normally quiet at that hour, happening about four blocks from where tens of thousands of people were set to gather for Wednesday night’s tree lighting. Police promised extra security for the event. The hotel is also a short walk from other tourist sites, including the Museum of Modern Art and Radio City Music Hall, and is often dense with office workers and visitors on weekday mornings. Many security cameras are nearby. “We’re encouraging New Yorkers to go about their daily lives and their daily business but to be alert,” NYPD Chief of Department Jeffrey Maddrey said. Investigators recovered several 9 mm shell casings from outside the hotel and a cellphone from the alleyway through which the shooter fled. They were also searching Thompson's hotel room, interviewing his UnitedHealthcare colleagues and reviewing his social media, Kenny said. Police initially said the shooter rode into Central Park on a bicycle from the city’s bike-share program, CitiBike. But a spokesperson for the program’s operator, Lyft, said police officials informed the company Wednesday afternoon that the bike was not from the CitiBike fleet. Health care giant UnitedHealth Group was holding its annual meeting with investors to update Wall Street on the company's direction and expectations for the coming year. The company ended the conference early in the wake of Thompson's death. “I’m afraid that we — some of you may know we’re dealing with a very serious medical situation with one of our team members,” a company official told attendees, according to a transcript. “And as a result, I’m afraid we’re going to have to bring to a close the event today. ... I’m sure you’ll understand.” Thompson, a father of two sons, had been with the company since 2004 and served as CEO for more than three years. UnitedHealthcare is the largest provider of Medicare Advantage plans in the U.S. and manages health insurance coverage for employers and state-and federally funded Medicaid programs. Minnesota Gov. Tim Walz posted on the social platform X that the state is “sending our prayers to Brian’s family and the UnitedHealthcare team.” “This is horrifying news and a terrible loss for the business and health care community in Minnesota,” the Democrat wrote. Associated Press writers Tom Murphy in Indianapolis, Steve Karnowski in St. Paul, Minnesota, and Anthony Izaguirre in Albany, New York, contributed to this story.
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Santa Claus has no need to worry about recent mystery drone sightings over New Jersey, a US Air Force general said Tuesday, as an annual tradition of "tracking" Saint Nick swung into action. General Gregory Guillot's reassurances came as the joint US-Canadian North American Aerospace Defense Command (NORAD) reported that Santa and his reindeer were making stops in Russia and Iran after visiting countries further east including Japan, North Korea and Indonesia. Santa's journey this year comes after weeks of mysterious sightings of alleged drones in the US state of New Jersey, sparking worldwide curiosity even as many of the reported incidents were debunked. "Of course we are concerned about drones and anything else in the air," NORAD commander Guillot told Fox News. "But I don't foresee any difficulty at all with drones for Santa this year." NORAD's Santa tracker dates to 1955, when a Colorado newspaper advertisement printed a phone number to connect children with Santa -- but mistakenly directed them to the hotline for the joint military nerve center. The director of operations at the time, Colonel Harry Shoup, answered the phone and quickly realized the child calling had the wrong number. "But (he) didn't want to upset him. So he started talking to the young child and passed along information" on Santa's location, Canadian Air Force Major-General William Radiff, NORAD's current director of operations, told AFP on Tuesday. "And then afterwards, he talked to the rest of the staff there and said, 'please, we're going to get phone calls today... Let's start doing this.'" More from this section The interest has gone global. Last year NORAD's modernized Santa tracker website noradsanta.org -- which includes a 3D map displaying Santa's movements in real time and a ticker showing how many presents have been delivered -- had 20.6 million visits, and more than 400,000 calls were made to the toll-free number, according to Radiff. "We get calls from all across the world and they really want to know where Santa is," he said. When not spreading holiday cheer, NORAD conducts aerospace and maritime control and warning operations -- including monitoring for missile launches from North Korea, something perhaps on Santa's mind as he guided his reindeer-hauled sleigh over Pyongyang. Radiff, embracing the Christmas spirit, said NORAD's infrared-capable satellites could monitor Santa's progress in part because "Rudolph's nose gives off the same signature, so we use that to track him around the world." NORAD "always does a fantastic job helping us keep tabs on Santa's navigational heading and bearing in the skies above," astronaut Buzz Aldrin, the second person to ever walk on the Moon, said on social media. Last Christmas, US President Joe Biden joined in the fun at NORAD, taking calls from children. As of midday Tuesday US time, some 2.5 billion presents had been delivered, according to NORAD. bur/nro
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WASHINGTON — The Supreme Court seemed likely Wednesday to uphold Tennessee's ban on gender-affirming care for minors. The justices' decision, not expected for several months, could affect similar laws enacted by another 25 states and a range of other efforts to regulate the lives of transgender people, including which sports competitions they can join and which restrooms they can use. The case is being weighed by a conservative-dominated court after a presidential election in which Donald Trump and his allies promised to roll back protections for transgender people. The Biden administration's top Supreme Court lawyer warned a decision favorable to Tennessee also could be used to justify nationwide restrictions on transgender health care for minors. Supporters of transgender rights rally Wednesday outside the Supreme Court in Washington. Jacquelyn Martin, Associated Press In arguments that lasted more than two hours, five of the six conservative justices voiced varying degrees of skepticism over arguments made by the administration and Chase Strangio, the ACLU lawyer for Tennessee families challenging the ban. People are also reading... Chief Justice John Roberts, who voted in the majority in a 2020 case in favor of transgender rights, questioned whether judges, rather than lawmakers, should weigh in on a question of regulating medical procedures, an area usually left to the states. "The Constitution leaves that question to the people's representatives, rather than to nine people, none of whom is a doctor," Roberts said in an exchange with Strangio. Justice Neil Gorsuch, who wrote the majority opinion in 2020, said nothing during the arguments. The court's three liberal justices seemed firmly on the side of the challengers, but it's not clear that any conservatives will go along. People attend a rally March 31, 2023, as part of a Transgender Day of Visibility, near the Capitol in Washington. Jacquelyn Martin, Associated Press Justice Sonia Sotomayor pushed back against the assertion that the democratic process would be the best way to address objections to the law. She cited a history of laws discriminating against others, noting that transgender people make up less than 1% of the U.S. population, according to studies. There are an estimated 1.3 million adults and 300,000 adolescents ages 13 to 17 who identify as transgender, according the UCLA law school's Williams Institute. "Blacks were a much larger part of the population and it didn't protect them. It didn't protect women for whole centuries," Sotomayor said in an exchange with Tennessee Solicitor General Matt Rice. Justice Ketanji Brown Jackson said she saw some troubling parallels between arguments made by Tennessee and those advanced by Virginia and rejected by a unanimous court, in the 1967 Loving decision that legalized interracial marriage nationwide. Listen now and subscribe: Apple Podcasts | Spotify | RSS Feed | SoundStack | All Of Our Podcasts Quoting from that decision, Jackson noted that Virginia argued then that "the scientific evidence is substantially in doubt and, consequently, the court should defer to the wisdom of the state legislature." ACLU lawyer Chase Strangio, left, and plaintiff Joaquin Carcano address reporters after a June 25, 2018, hearing in Winston-Salem, N.C., on their lawsuit challenging the law that replaced North Carolina's "bathroom bill." Jonathan Drew, Associated Press Justice Samuel Alito repeatedly pressed Strangio, the first openly transgender lawyer to argue at the nation's highest court, about whether transgender people should be legally designated as a group that's susceptible to discrimination. Strangio answered that being transgender does fit that legal definition, though he acknowledged under Alito's questioning there are a small number of people who de-transition. "So it's not an immutable characteristic, is it?" Alito said. Strangio did not retreat from his view, though he said the court did not have to decide the issue to resolve the case in his clients' favor. There were dueling rallies outside the court in the hours before the arguments. Speeches and music filled the air on the sidewalk below the court's marble steps. Advocates of the ban bore signs like "Champion God's Design" and "Kids Health Matters," while the other side proclaimed "Fight like a Mother for Trans Rights" and "Freedom to be Ourselves." Four years ago, the court ruled in favor of Aimee Stephens, who was fired by a Michigan funeral home after she informed its owner she was a transgender woman. The court held that transgender people, as well as gay and lesbian people, are protected by a landmark federal civil rights law that prohibits sex discrimination in the workplace. The Biden administration and the families and health care providers who challenged the Tennessee law urged the justices to apply the same sort of analysis that the majority, made up of liberal and conservative justices, embraced in the case four years ago when it found that "sex plays an unmistakable role" in employers' decisions to punish transgender people for traits and behavior they otherwise tolerate. Demonstrators against transgender rights protest Wednesday during a rally outside of the Supreme Court in Washington. Jose Luis Magana, Associated Press The issue in the Tennessee case is whether the law violates the equal protection clause of the 14th Amendment, which requires the government to treat similarly situated people the same. Tennessee's law bans puberty blockers and hormone treatments for transgender minors, but allows the same drugs to be used for other purposes. Solicitor General Elizabeth Prelogar, the administration's top Supreme Court lawyer, called the law sex-based line drawing to ban the use of drugs that have been safely prescribed for decades and said the state "decided to completely override the views of the patients, the parents, the doctors." She contrasted the Tennessee law with one enacted by West Virginia, which set conditions for the health care for transgender minors, but stopped short of an outright ban. Gender-affirming care for youth is supported by every major medical organization, including the American Medical Association, the American Academy of Pediatrics and the American Psychiatric Association. Get Government & Politics updates in your inbox!