Market Update
January Retail Sales Jumped 3.0%
Brian Turner
15 Feb, 2023
New York City
Seasonally adjusted retail and food services sales in January not adjusted for price increased 3.0% from December and jumped 6.4% from a year ago.
Total sales for the November 2022 through January 2023 period were up 6.1% from the same period a year ago.
The November and December sales were unrevised at -1.1%, according to the report released by the U.S. Census Bureau in its preliminary report Wednesday.
Retail trade sales were up 2.3% from December and 3.9% from last year and food services and drinking places sales soared 25.2% and general merchandise sales increased 4.5% from the previous year.
Inflation Cooled In January But Not Enough to Calm Nervous Investors
Barry Adams
14 Feb, 2023
New York City
Stocks lacked direction after a closely watched inflation report failed to quell market anxieties and energy prices closed mixed.
Consumer price inflation eased in January, but stayed far above the level preferred by the Federal Reserve, after the shelter price index contributed half of inflation in the month followed by increases in food and energy prices.
The stubbornly high inflation lifted bond yields and 6-month Treasury bond yields jumped above 5% for the first time since July 2007.
The inflation moderated from the previous month but the elevated level suggested that the Federal Reserve is more likely to continue with its rate-increase plan.
Despite the eight interest rate hikes in the last twelve months, inflation has cooled from the peak of 9.1% in June 2022 but still well above the Fed's preferred target range of 25.
Investors are also looking ahead to quarterly results from Kraft Heinz, DoorDash, Boston Beer and Airbnb.
After the regular trading hours, Airbnb Inc said 2022 revenue surged 40% to $8.4 billion.
Net income was $1.9 billion, making 2022 the company's first profitable full year on a GAAP basis after demand was strong throughout the year and guests returned to cities on Airbnb.
Retail Inflation Moderated in January
The Consumer Price index increased 0.5% in January from the previous month and rose 6.4% from a year ago.
Core inflation, excluding food and energy, rose 0.4% from the previous month and advanced 5.6% over the year ending in January.
Energy Prices Closed Mixed
Crude oil declined $1.39 to $78.83 a barrel and natural gas futures rose 20 cents to $2.60 a thermal unit.
U.S. Market Indexes and Yields
The S&P 500 index closed down 1.16 to 4,136.13 and the Nasdaq Composite index increased 0.6% to 11,960.15.
The yield on 2-year Treasury notes rose 4.62%, 10-year Treasury notes increased to 3.75% and 30-year Treasury bonds inched lower to 3.78%.
U.S. Stock Movers
The Coca-Cola Company decreased 1.4% to $59.77 after the global beverage company reported a rise in sales despite the strong dollar.
Coca-Cola said revenue in the fourth quarter increased 7% to $10.1 billion and net income fell 16% to $2.0 billion from $2.5 billion and diluted EPS declined to 47 cents from 56 cents a year ago.
In 2022, net revenue rose 11% to $43 billion and net income fell 2% to $9.5 billion or $2.19 a share.
The company increased its capital spending in 2022 by 9% to $1.5 billion and paid dividends of $7.5 billion.
In 2022, the company issued $0.8 billion of shares in connection with the exercise of stock options by employees, and the company purchased $1.4 billion of shares, net share repurchases were $0.6 billion.
The company’s remaining share repurchase authorization is approximately $8 billion.
Coca-Cola guided 2023 organic revenue to increase between 7% and 8%.
Marriott International Inc increased 3.2% to $179.58 after the hotel operator reported strong quarterly results on the back of a rebound in travel.
Marriott said revenue in the fourth quarter increased 33% to $5.9 billion and net income rose 44% to $673 million from $468 million and diluted earnings per share increased to $2.12 from $1.42 a year ago.
The company added 145 properties with 22,589 rooms to its worldwide lodging portfolio during the fourth quarter, including nearly 6,900 rooms converted from competitor brands and approximately 16,700 rooms in international markets.
At the end of the year, Marriott’s global lodging system totaled nearly 8,300 hotel and resorts properties, with over 1.525 million rooms.
European Markets Closed at One-year Highs
European markets advanced in lackluster trading and investors reacted to domestic earnings in the backdrop of rate worries.
Benchmark indexes in Germany and France traded at one-year highs and the UK index extended gains over the year.
The Euro Area GDP growth was reaffirmed for the fourth quarter and France's jobless rate dropped to the level not seen in more than a decade.
Germany's wholesale inflation declined to 10.6% in December, a 21-month low after rising at 12.8% in November, the Federal Statistics Office said Tuesday.
Euro Area GDP Growth Reaffirmed
The Euro Area GDP increased 0.1% in the fourth quarter, confirming its previous estimate released by the statistical office Eurostat Tuesday.
However, the pace of economic growth slowed from 0.9% in the second quarter and 0.2% in the third quarter.
The statistical office left its annual growth unrevised at 1.9% in the fourth quarter, following 2.3% in the previous quarter.
On Monday, the European Commission said in its Winter Interim forecast that the currency block is set to avoid a technical recession this year and revised higher its estimate to 0.9% growth from the previous estimate of 0.3% increase.
France's Jobless Rate Dropped to 14-year Low
France's jobless rate dropped in the fourth quarter to the lowest level since first quarter 2008, excluding the sharp decline in the second quarter 2020, the statistical office INSEE reported Tuesday.
The ILO jobless rate declined to 7.2% in the fourth quarter, down from 7.2% in the third quarter, after unemployment decreased 45,000 from the previous quarter to 2.2 million.
Employment rate of people aged 15 and 64 rose to 68.3%, a record high since the statistical office INSEE began collecting data.
Full-time employment rate in the fourth quarter increased to 57.2%, a record high since 2003 when the statistical office INSEE started collecting data on a quarterly basis.
European Markets
The DAX index decreased 16.78 points to 15,380.56, the CAC-40 index increased 5.22 points to 7,213.81 and the FTSE 100 index added 6.25 points to 7,953.85.
The euro edged higher to $1.073, the British pound traded at $1.217 and the Swiss franc closed at 92.14 U.S. cents.
The yield on 10-year German Bunds increased to 2.44%, French bonds to 2.88%, the UK Gilts to 3.52% and Italian bonds to 4.23%.
Brent crude oil decreased 82 cents to $ 85.79 a barrel and the Dutch TTF natural gas spot price traded up 1.3% to Є52.39 per MWh.
Europe Movers
TUI AG increased 1.7% to 173.70 pence after the holiday tour operator said pre-bookings for summer and winter travels are ahead of pre-pandemic levels.
Revenue in the fiscal year 2023 first quarter ending in December increased to €3.8 billion compared to €2.4 billion a year ago.
The number of customers increased to 3.3 million, an increase of 1.0 million from the previous year and 93% of the corresponding period in 2019.
Operating loss in the quarter shrank to €153.0 million from €273.6 million a year ago.
With 8.7 million bookings for the winter and summer travels, booking volume in the last four weeks are 5% higher for winter and 10% for summer travel compared to pre-pandemic levels.
At the end of the quarter, net debt increased to €5.2 billion from €5.0 billion a year ago.
ThyssenKrupp AG declined 10.8% to €6.31 after the German company said operating profit fell by nearly one third in the fiscal first quarter.
Sales in the first quarter matched the previous quarter of €9 billion and new orders declined to €9.2 billion from €10.4 billion in the corresponding period a year ago.
Adjusted operating earnings or adjusted EBIT declined to €254 million, below the prior-year level of €378 million on higher raw materials costs.
The company reiterated its fiscal year 2023 outlook.
"Automotive Technology improved order intake by 27% to €1.4 billion and sales by 18% to €1.3 billion.
Strong customer demand was especially evident in the automotive original equipment business, but the supply of semiconductors remained limited," the company added in its earnings statement.
Overall net income declined to €98 million in the fiscal first quarter from €122 million a year ago.
After deducting minority interest, net income declined to €75 million from €106 million and earnings per share dropped to €0.12 from €0.17 a year ago.
Coca-Cola HBC increased 5.1% to 2,040.29 pence after the beverage company said comparable net income in the year 2022 rose 8.1% from a year ago.
Unit sales increased 12.4% to 2.7 million cases from 2.4 million and net sales increased 28.3% to €9.2 billion from €7.2 billion a year ago.
Net income in the year declined 24.1% to €415 million from €547.2 million but comparable profit increased 8.1% to €624.9 million from €578.1 million a year ago.
Coca-Cola volumes grew 9.1%, led by ongoing strong performance from Coke Zero, while Fanta grew 3.8% and Sprite 4.7%, outside of Russia and Ukraine.
Asian Markets Advanced On Inflation Hopes
Asian markets advanced on the hopes that the U.S. inflation will show a moderation.
Market indexes in Tokyo advanced after GDP in the fourth quarter increased less than expected and the formal announcement of the Bank of Japan governor.
Prime Minister Fumio Kishida formally announced the nomination of academic Kazuo Ueda as the next Bank of Japan governor.
Japan's Fourth Quarter GDP Expanded
Fourth quarter GDP expanded 0.3% from the previous quarter and rose 0.6% from a year ago, the data from the Cabinet Office showed Tuesday.
The third quarter GDP contraction was downwardly revised to 0.3% from the previous estimate of 0.2% and annual increase was lowered to 1.0% from the previous estimate of 0.8% contraction.
Seasonally adjusted nominal GDP expanded at 5.2% annual rate in the fourth quarter compared to 0.7% increase in the corresponding period a year ago.
In calendar year 2022, seasonally adjusted GDP growth slowed to 1.1% after expanding at 2.1% in 2021 and contracting 4.3% in 2020.
Japan's Industrial Products Advanced Second Month In a Row
Japan's industrial production advanced for the second month in a row, a final report from the Ministry of Economy, Trade and Industry showed Tuesday.
Seasonally adjusted industrial production increased 0.3% in December from November, revised from 0.1% decline estimated on January 30.
Industrial production advanced 0.2% in November.
On an annual basis, industrial production contraction was revised to 2.4% in the final estimate from the 2.4% decline in the preliminary estimate.
The Nikkei 225 index increased 0.6% to 27,602.77 and the yen weakened to 133.09 against the U.S. dollar.
China Stocks Rebounded
Stocks in Mainland China and Hong Kong advanced and crude oil traded lower following the announcement of more release of oil from the U.S. Strategic Petroleum Reserve.
Tensions between the U.S. and China simmered down after reports suggested that the U.S. Secretary of State is considering to meeting China's top diplomat Wang Yi at the Munich Security Conference this week.
The Shanghai Composite index increased 0.3% to 3,293.28 and the Hang Seng index fell 0.3% to 21,113.76.
India Indexes Jumped Following New York Gains
Stocks in Mumbai rebounded following the overnight advance in New York and ahead of the wholesale inflation report.
The Sensex index soared 1% or 600.42 and the Nifty index increased 0.9% or 158.95 points to 17,929.85.
The Indian rupee edged lower to 82.92 against the U.S. dollar after India's retail inflation accelerated in January.
India's wholesale inflation slowed to 4.73% in January from 4.95% in December, Ministry of Commerce and Industry said in a preliminary report.
Europe Movers: Coca Cola HBC, ThyssenKrupp, TUI
Bridgette Randall
14 Feb, 2023
Frankfurt
TUI AG increased 1.7% to 173.70 pence after the holiday tour operator said pre-bookings for summer and winter travels are ahead of pre-pandemic levels.
Revenue in the fiscal year 2023 first quarter ending in December increased to €3.8 billion compared to €2.4 billion a year ago.
The number of customers increased to 3.3 million, an increase of 1.0 million from the previous year and 93% of the corresponding period in 2019.
Operating loss in the quarter shrank to €153.0 million from €273.6 million a year ago.
With 8.7 million bookings for the winter and summer travels, booking volume in the last four weeks are 5% higher for winter and 10% for summer travel compared to pre-pandemic levels.
At the end of the quarter, net debt increased to €5.2 billion from €5.0 billion a year ago.
ThyssenKrupp AG declined 10.8% to €6.31 after the German company said operating profit fell by nearly one third in the fiscal first quarter.
Sales in the first quarter matched the previous quarter of €9 billion and new orders declined to €9.2 billion from €10.4 billion in the corresponding period a year ago.
Adjusted operating earnings or adjusted EBIT declined to €254 million, below the prior-year level of €378 million on higher raw materials costs.
The company reiterated its fiscal year 2023 outlook.
"Automotive Technology improved order intake by 27% to €1.4 billion and sales by 18% to €1.3 billion.
Strong customer demand was especially evident in the automotive original equipment business, but the supply of semiconductors remained limited," the company added in its earnings statement.
Overall net income declined to €98 million in the fiscal first quarter from €122 million a year ago.
After deducting minority interest, net income declined to €75 million from €106 million and earnings per share dropped to €0.12 from €0.17 a year ago.
Coca-Cola HBC increased 5.1% to 2,040.29 pence after the beverage company said comparable net income in the year 2022 rose 8.1% from a year ago.
Unit sales increased 12.4% to 2.7 million cases from 2.4 million and net sales increased 28.3% to €9.2 billion from €7.2 billion a year ago.
Net income in the year declined 24.1% to €415 million from €547.2 million but comparable profit increased 8.1% to €624.9 million from €578.1 million a year ago.
Coca-Cola volumes grew 9.1%, led by ongoing strong performance from Coke Zero, while Fanta grew 3.8% and Sprite 4.7%, outside of Russia and Ukraine.
European Indexes Closed at One-year Highs, French Jobless Rate Dropped to 14-year Low
Bridgette Randall
14 Feb, 2023
Frankfurt
European markets advanced in lackluster trading and investors reacted to domestic earnings in the backdrop of rate worries.
Benchmark indexes in Germany and France traded at one-year highs and the UK index extended gains over the year.
The Euro Area GDP growth was reaffirmed for the fourth quarter and France's jobless rate dropped to the level not seen in more than a decade.
Germany's wholesale inflation declined to 10.6% in December, a 21-month low after rising at 12.8% in November, the Federal Statistics Office said Tuesday.
Euro Area GDP Growth Reaffirmed
The Euro Area GDP increased 0.1% in the fourth quarter, confirming its previous estimate released by the statistical office Eurostat Tuesday.
However, the pace of economic growth slowed from 0.9% in the second quarter and 0.2% in the third quarter.
The statistical office left its annual growth unrevised at 1.9% in the fourth quarter, following 2.3% in the previous quarter.
On Monday, the European Commission said in its Winter Interim forecast that the currency block is set to avoid a technical recession this year and revised higher its estimate to 0.9% growth from the previous estimate of 0.3% increase.
France's Jobless Rate Dropped to 14-year Low
France's jobless rate dropped in the fourth quarter to the lowest level since first quarter 2008, excluding the sharp decline in the second quarter 2020, the statistical office INSEE reported Tuesday.
The ILO jobless rate declined to 7.2% in the fourth quarter, down from 7.2% in the third quarter, after unemployment decreased 45,000 from the previous quarter to 2.2 million.
Employment rate of people aged 15 and 64 rose to 68.3%, a record high since the statistical office INSEE began collecting data.
Full-time employment rate in the fourth quarter increased to 57.2%, a record high since 2003 when the statistical office INSEE started collecting data on a quarterly basis.
European Markets
The DAX index decreased 16.78 points to 15,380.56, the CAC-40 index increased 5.22 points to 7,213.81 and the FTSE 100 index added 6.25 points to 7,953.85.
The euro edged higher to $1.073, the British pound traded at $1.217 and the Swiss franc closed at 92.14 U.S. cents.
The yield on 10-year German Bunds increased to 2.44%, French bonds to 2.88%, the UK Gilts to 3.52% and Italian bonds to 4.23%.
Brent crude oil decreased 82 cents to $ 85.79 a barrel and the Dutch TTF natural gas spot price traded up 1.3% to Є52.39 per MWh.
Europe Movers
TUI AG increased 1.7% to 173.70 pence after the holiday tour operator said pre-bookings for summer and winter travels are ahead of pre-pandemic levels.
Revenue in the fiscal year 2023 first quarter ending in December increased to €3.8 billion compared to €2.4 billion a year ago.
The number of customers increased to 3.3 million, an increase of 1.0 million from the previous year and 93% of the corresponding period in 2019.
Operating loss in the quarter shrank to €153.0 million from €273.6 million a year ago.
With 8.7 million bookings for the winter and summer travels, booking volume in the last four weeks are 5% higher for winter and 10% for summer travel compared to pre-pandemic levels.
At the end of the quarter, net debt increased to €5.2 billion from €5.0 billion a year ago.
ThyssenKrupp AG declined 10.8% to €6.31 after the German company said operating profit fell by nearly one third in the fiscal first quarter.
Sales in the first quarter matched the previous quarter of €9 billion and new orders declined to €9.2 billion from €10.4 billion in the corresponding period a year ago.
Adjusted operating earnings or adjusted EBIT declined to €254 million, below the prior-year level of €378 million on higher raw materials costs.
The company reiterated its fiscal year 2023 outlook.
"Automotive Technology improved order intake by 27% to €1.4 billion and sales by 18% to €1.3 billion.
Strong customer demand was especially evident in the automotive original equipment business, but the supply of semiconductors remained limited," the company added in its earnings statement.
Overall net income declined to €98 million in the fiscal first quarter from €122 million a year ago.
After deducting minority interest, net income declined to €75 million from €106 million and earnings per share dropped to €0.12 from €0.17 a year ago.
Coca-Cola HBC increased 5.1% to 2,040.29 pence after the beverage company said comparable net income in the year 2022 rose 8.1% from a year ago.
Unit sales increased 12.4% to 2.7 million cases from 2.4 million and net sales increased 28.3% to €9.2 billion from €7.2 billion a year ago.
Net income in the year declined 24.1% to €415 million from €547.2 million but comparable profit increased 8.1% to €624.9 million from €578.1 million a year ago.
Coca-Cola volumes grew 9.1%, led by ongoing strong performance from Coke Zero, while Fanta grew 3.8% and Sprite 4.7%, outside of Russia and Ukraine.
Japan's GDP Growth Slowed In 2022, India's Wholesale Inflation Eased
Arjun Pandit
14 Feb, 2023
Mumbai
Asian markets advanced on the hopes that the U.S. inflation will show a moderation.
Market indexes in Tokyo advanced after GDP in the fourth quarter increased less than expected and the formal announcement of the Bank of Japan governor.
Prime Minister Fumio Kishida formally announced the nomination of academic Kazuo Ueda as the next Bank of Japan governor.
Japan's Fourth Quarter GDP Expanded
Fourth quarter GDP expanded 0.3% from the previous quarter and rose 0.6% from a year ago, the data from the Cabinet Office showed Tuesday.
The third quarter GDP contraction was downwardly revised to 0.3% from the previous estimate of 0.2% and annual increase was lowered to 1.0% from the previous estimate of 0.8% contraction.
Seasonally adjusted nominal GDP expanded at 5.2% annual rate in the fourth quarter compared to 0.7% increase in the corresponding period a year ago.
In calendar year 2022, seasonally adjusted GDP growth slowed to 1.1% after expanding at 2.1% in 2021 and contracting 4.3% in 2020.
Japan's Industrial Products Advanced Second Month In a Row
Japan's industrial production advanced for the second month in a row, a final report from the Ministry of Economy, Trade and Industry showed Tuesday.
Seasonally adjusted industrial production increased 0.3% in December from November, revised from 0.1% decline estimated on January 30.
Industrial production advanced 0.2% in November.
On an annual basis, industrial production contraction was revised to 2.4% in the final estimate from the 2.4% decline in the preliminary estimate.
The Nikkei 225 index increased 0.6% to 27,602.77 and the yen weakened to 133.09 against the U.S. dollar.
China Stocks Rebounded
Stocks in Mainland China and Hong Kong advanced and crude oil traded lower following the announcement of more release of oil from the U.S. Strategic Petroleum Reserve.
Tensions between the U.S. and China simmered down after reports suggested that the U.S. Secretary of State is considering to meeting China's top diplomat Wang Yi at the Munich Security Conference this week.
The Shanghai Composite index increased 0.3% to 3,293.28 and the Hang Seng index fell 0.3% to 21,113.76.
India Indexes Jumped Following New York Gains
Stocks in Mumbai rebounded following the overnight advance in New York and ahead of the wholesale inflation report.
The Sensex index soared 1% or 600.42 and the Nifty index increased 0.9% or 158.95 points to 17,929.85.
The Indian rupee edged lower to 82.92 against the U.S. dollar after India's retail inflation accelerated in January.
India's wholesale inflation slowed to 4.73% in January from 4.95% in December, Ministry of Commerce and Industry said in a preliminary report.
Movers: Amkor, Check Point, Coca-Cola, IAC, Lattice, Marriott, PerkinElmer, Treehouse Foods
Scott Peters
14 Feb, 2023
New York City
Amkor Technology , Inc rose 1.3% to $27.64 after the company reported weaker-than-anticipated earnings but revenues were ahead of expectations.
Amkor said fourth quarter revenue increased 11% to $1.91 billion and net income fell 46% to $164 million from $306 million and diluted EPS declined to 67 cents from $1.24 a year ago.
In 2022, revenue rose to $7.1 billion and net income rose to $766 million or $3.11 from $2.62 a year ago.
Avis Budget Group increased 6.9% to $235.69 after the rental car company reported a sharp in revenue and earnings.
Avis Budget Group said revenue in the fourth quarter increased 8% to $2.77 billion and net income rose 11% to $424 million from $383 million or diluted earnings per share jumped to $10.10 from $6.63 a year ago.
Cadence Design Systems Inc increased 7.0% to $198.99 after the company reported better-than-expected quarterly results.
Cadence said fourth quarter revenue increased 16.4% to $899.8 million from $773 million. Net income in the quarter increased to $240.4 million from $176.5 million and diluted earnings per share rose to 88 cents from 66 cents a year ago.
Check Point Software Technologies Ltd declined 2.1% to $125.50 after the reported a decline in earnings in its latest quarter.
Check Point said revenue in the fourth quarter increased 7% to $638 million and net income rose to $269.9 million from $259.7 million and diluted EPS rose to $2.20 from $1.98 a year ago.
In 2022, revenue increased 10% to $2.3 billion and net income fell 2% to 796.9 million or $6.37 a share.
The Coca-Cola Company decreased 1.4% to $59.77 after the global beverage company reported a rise in sales despite the strong dollar.
Coca-Cola said revenue in the fourth quarter increased 7% to $10.1 billion and net income fell 16% to $2.0 billion from $2.5 billion and diluted EPS declined to 47 cents from 56 cents a year ago.
In 2022, net revenue rose 11% to $43 billion and net income fell 2% to $9.5 billion or $2.19 a share.
The company increased its capital spending in 2022 by 9% to $1.5 billion and paid dividends of $7.5 billion.
In 2022, the company issued $0.8 billion of shares in connection with the exercise of stock options by employees, and the company purchased $1.4 billion of shares, net share repurchases were $0.6 billion.
The company’s remaining share repurchase authorization is approximately $8 billion.
Coca-Cola guided 2023 organic revenue to increase between 7% and 8%.
IAC Inc rose 7.5% to $55.08 after the online platforms operator reported stronger-than-expected quarterly results.
IAC said fourth quarter revenue increased 8% to $1.25 billion and the company swung to a net loss of $1.4 million from a profit of $13.0 million and diluted EPS was ($0.02) from a profit of 14 cents a year ago.
IAC holds 64.7 million shares of MGM Resorts International and EPS reflects decreases or increases in MGM’s share price as unrealized losses and gains.
IAC’s stake in MGM was purchased for $1.3 billion in 2020 and 2022 and is worth $2.8 billion as of February 10, 2023.
Lattice Semiconductor Corp increased 7.7% to $89.10 after the company reported a rise in revenue and earnings in its latest quarter.
Lattice said revenue in the fourth quarter increased 24% to $175.9 million and net income rose 82% to $51.9 million from $28.5 million and diluted EPS rose to 37 cents from 20 cents a year ago.
In 2022, revenue increased 28% to $660.4 million and net income rose 87% to $179 million or $1.27 a share.
Marriott International Inc increased 3.2% to $179.58 after the hotel operator reported strong quarterly results on the back of a rebound in travel.
Marriott said revenue in the fourth quarter increased 33% to $5.9 billion and net income rose 44% to $673 million from $468 million and diluted earnings per share increased to $2.12 from $1.42 a year ago.
The company added 145 properties with 22,589 rooms to its worldwide lodging portfolio during the fourth quarter, including nearly 6,900 rooms converted from competitor brands and approximately 16,700 rooms in international markets.
At the end of the year, Marriott’s global lodging system totaled nearly 8,300 hotel and resorts properties, with over 1.525 million rooms.
PerkinElmer, Inc declined 0.8% to $137.66 after the diversified instruments and diagnostics equipment maker reported mixed quarterly results.
PerkinElmer said revenue in the fourth quarter declined to $741 million and net income dropped to $137.6 million from $190.1 million and diluted EPS fell to $1.09 from $1.50 a year ago.
In 2022, revenue fell to $3.3 million and net income fell to $579 million or $4.58 a share.
Treehouse Foods Inc declined 0.5% to $48.09 after the private label food products maker said quarterly loss declined.
Treehouse Foods said revenue in the fourth quarter rose 22% $996 million and net loss shrank to $23.4 million from $24.9 million and diluted loss per share fell to 41 cents from 52 cents a year ago.
In 2022, revenue increased to $3.4 billion and net loss increased to $146.3 million from $12.5 million.