Only Fools and Horses' John Challis' widow Carol makes heartbreaking Christmas discovery at his graveOn Tuesday, Embecta Corp EMBC posted the fourth-quarter adjusted EPS of 45 cents, beating the consensus of 36 cents and down from 59 cents reported a year ago. The company reported quarterly sales of $286.1 million, up 1.5% year over year, beating the consensus of $277 million . “We are pleased to report a strong fourth quarter and end to our fiscal year, as we once again delivered results that exceeded our expectations across key financial metrics...Additionally, the recent launch of our small-pack GLP-1 needles in Germany has gone well, and we are evaluating expanding into other markets,” said Devdatt (Dev) Kurdikar, Chief Executive Officer of Embecta. The Becton, Dickinson and Company BDX spin-off announced that it decided to discontinue its insulin patch pump program and plans to initiate a restructuring plan. In July, Embecta, a manufacturer of disposable insulin pen needles and syringes, said it is considering a potential sale following a significant drop in its share price since being spun off from health tech giant Becton, Dickinson . “We intend to concentrate our resources on our core business and to prioritize our free cash flow towards paying down debt, which we expect will give us the financial flexibility needed for future investments,” Kurdikar said. Embecta expects between $25 million and $30 million in pre-tax, cash charges for planned workforce reductions and other associated costs from the discontinuation of its patch pump program. In total, Embecta expects between $35 million and $45 million in pre-tax charges in 2025 related to its restructuring plan. It anticipates completing the restructuring in the first half of 2025. Embecta projects annual cost savings of $60 million to $65 million from this restructuring. Given the organizational restructuring plan, the company has postponed its Analyst & Investor Day to Spring 2025. Guidance: Embecta says that for the fiscal year 2025, excluding the Patch Pump program, revenues are expected to be $1.093 billion—$1.11 billion compared to a consensus of $1.12 billion, with an adjusted EPS of $2.70—$2.90 versus the consensus of $2.27. Price Action: EMBC stock is up 33.5% at $19.23 at last check Tuesday. Image via Unsplash Read Next: Why Is Exact Sciences Stock Trading Higher On Monday? © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Traffic citations against Dolphins' Tyreek Hill dismissed after officers no-show at hearingHOUSTON -- A federal judge in Texas rejected the auction sale of Alex Jones' Infowars to The Onion satirical news outlet, criticizing the bidding for the conspiracy theory platform as flawed as well as how much money families of the 2012 Sandy Hook Elementary shooting stood to receive. The decision late Tuesday night is a victory for Jones, whose Infowars site was put up for sale as part of his bankruptcy case in the wake of the nearly $1.5 billion that courts have ordered him to pay over falsely calling one of the deadliest school shootings in U.S. history a hoax. Families of the Sandy Hook victims had backed The Onion's bid. Following a two-day hearing in Houston, U.S. Bankruptcy Judge Christopher Lopez said he would not approve the sale, while citing concerns about transparency in the auction. That clears the way for Jones to keep - at least for now - Infowars, which is headquartered in Austin, Texas. The Onion had planned to kick Jones out and relaunch Infowars in January as a parody. "We are deeply disappointed in today's decision, but The Onion will continue to seek a resolution that helps the Sandy Hook families receive a positive outcome for the horror they endured," Ben Collins, CEO of The Onion's parent company, Global Tetrahedron, posted on social media late Tuesday. Lopez cited problems - but no wrongdoing - with the auction process. He said he said he did not think that those involved in the auction acted in bad faith and that everyone "put their best foot forward and tried to play within the rules." Still, Lopez said he said he did not want another auction and left it up to the trustee who oversaw the auction to determine the next steps. The Onion offered $1.75 million in cash and other incentives for Infowars' assets in the auction. First United American Companies, which runs a website in Jones' name that sells nutritional supplements, bid $3.5 million. The bids were a fraction of the money that Jones has been ordered to pay in defamation lawsuits in Connecticut and Texas filed by relatives of victims of the Sandy Hook shooting. Lopez said the auction outcome "left a lot of money on the table" for families. "You got to scratch and claw and get everything you can for them," Lopez said. Christopher Mattei, a lawyer for the Sandy Hook families who sued Jones in Connecticut, said they were disappointed in the judge's ruling. "These families, who have already persevered through countless delays and roadblocks, remain resilient and determined as ever to hold Alex Jones and his corrupt businesses accountable for the harm he has caused," Mattei said in a statement. "This decision doesn't change the fact that, soon, Alex Jones will begin to pay his debt to these families and he will continue doing so for as long as it takes." Jones, who did not attend the proceedings, went back on his program late Tuesday to celebrate the judge's ruling, calling the auction "ridiculous" and "fraudulent." Although The Onion's cash offer was lower than that of First United American, it also included a pledge by many of the Sandy Hook families to forgo $750,000 of the auction proceeds due to them and give it to other creditors, providing the other creditors more money than they would receive under First United American's bid. The sale of Infowars is part of Jones' personal bankruptcy case, which he filed in late 2022 after he was ordered to pay nearly $1.5 billion in defamation lawsuits in Connecticut and Texas filed by relatives of victims of the Sandy Hook shooting. Jones repeatedly called the shooting that killed 20 children and six educators a hoax staged by actors and aimed at increasing gun control. Parents and children of many of the victims testified in court that they were traumatized by Jones' conspiracies and threats from his followers. Jones has since acknowledged that the Connecticut school shooting happened. Most of the proceeds from the sale of Infowars, as well as many of Jones' personal assets, will go to the Sandy Hook families. Some proceeds will go to Jones' other creditors. Trustee Christopher Murray had defended The Onion's bid in court this week, testifying that he did not favor either bidder over the other and was not biased. He also revealed that First United American submitted a revised bid in recent days, but he said he could not accept it because the Sandy Hook families in the Connecticut lawsuit objected. The Onion valued its bid, with the Sandy Hook families' offer, at $7 million because that amount was equal to a purchase price that would provide the same amount of money to the other creditors. In a court filing last month, Murray's lawyers called First United American's request to disqualify The Onion's bid a "disappointed bidder's improper attempt to influence an otherwise fair and open election process." Jones' attorney, Ben Broocks, noted that the Sandy Hook lawsuit judgments could be overturned in pending appeals and got Murray to acknowledge that the Sandy Hook families' offer in The Onion bid could fall apart if that happens. That's because the percentage of the auction proceeds they would be entitled to could drop sharply and they wouldn't get the $750,000 from the sale to give to other creditors. Up for sale were all the equipment and other assets in the Infowars studio in Austin, as well as the rights to its social media accounts, websites, video archive and product trademarks. Jones uses the studio to broadcast his far-right, conspiracy theory-filled shows on the Infowars website, his account on the social platform X and radio stations. Many of Jones' personal assets also are being sold. Jones has set up another studio, websites and social media accounts in case The Onion wins approval to buy Infowars and kicks him out. Jones has said he could continue using the Infowars platforms if the auction winner is friendly to him. Jones is appealing the money has been ordered to pay in judgments citing free speech rights.
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NoneNominees for Trump's administration continue to make their rounds on Capitol Hill, where they've been holding meetings and courting favor for days. Kash Patel, President-elect Donald Trump's nominee to direct the FBI, was in meetings with lawmakers the same day that current Director Chris Wray announced he would resign at the end of President Biden's term. Patel met with Sen. Ron Johnson, a Republican from Wisconsin, on Wednesday. Before the meeting, he told reporters he was ready to begin work immediately if he's confirmed. Wray's departure may make Patel's path to confirmation easier. And some Republican Senators have told Scripps News they see no reason their colleagues would object to Patel's nomination during confirmation hearings. "I think this is a great development," Sen. Josh Hawley, R-MO, told reporters. "I think this is long overdue and much needed. I look forward to confirming his successor." "I don't know what the opposition to Kash Patel really is," Hawley said. "I understand he is a conservative, and I understand my liberal colleagues don't like that. But a conservative just won the election." RELATED STORY | FBI Director Christopher Wray says he will resign at the end of Biden's term Meanwhile, Pete Hegseth, Trump's nominee for secretary of defense, continues to meet with lawmakers. There is not as much discussion of potentially replacing Hegseth as the nominee as there was last week. Sen. Susan Collins told reporters on Wednesday that she had asked Hegseth numerous questions about allegations of sexual assault. His comments on Wednesday also suggested his stance on women serving in the military has shifted. Before he was nominated to be secretary of defense, Hegseth made comments on the Shawn Ryan Show Podcast that women do not belong in combat roles. “I’m straight up just saying we should not have women in combat roles. It hasn’t made us more effective. Hasn’t made us more lethal. Has made fighting more complicated,” he said at the time. On Wednesday, Hegseth told reporters "I look forward to being a leader for every single member of this Pentagon, men and women."
Trump brings back government by social media