Shares of Natuzzi, S.p.A (ADR) (NYSE:NTZ) ended Friday session in red amid volatile trading. The shares closed down -0.04 points or -2.48% at $1.53 with 5,650 shares getting traded. Post opening the session at $1.52, the shares hit an intraday low of $1.50 and an intraday high of $1.56 and the price vacillated in this range throughout the day. The company has a market cap of $81.58 million and the numbers of outstanding shares have been calculated to be 54.85 million shares.
Natuzzi, S.p.A (ADR) (NTZ) on July 30, 2016 announced the launch of a new structure in support of the Group’s growth strategy which on the one hand seeks to consolidate and boost the Natuzzi brand positioning globally, and on the other drive the growth of Softaly, the Group’s dedicated private label business division.
Nazzario Pozzi has been named the new Chief Officer of the Natuzzi business unit. Before joining the Natuzzi Group, Nazzario Pozzi developed extensive general management experience and led brand, growth strategy and retail businesses at international level at brands such as HUGO BOSS, Salvatore Ferragamo, DIESEL, Baccarat and DARTY.
Gianni Tucci, is assuming the role of new Chief Officer of the Softaly business unit. Previously, Tucci was EMEA Sales Director for the Natuzzi Group, having developed many years of experience in merchandising and sales within the “Key account” channel and with companies such as Renault, Nicoletti and LAM Kitchen.
Shares of Owens-Illinois Inc (NYSE:OI) ended Friday session in green amid volatile trading. The shares closed up +0.28 points or 1.57% at $18.06 with 733,460 shares getting traded. Post opening the session at $17.95, the shares hit an intraday low of $17.87 and an intraday high of $18.09 and the price vacillated in this range throughout the day. The company has a market cap of $2.97 billion and the numbers of outstanding shares have been calculated to be 162.08 million shares.
Owens-Illinois Inc (OI) on July 27, 2016 reported financial results for the second quarter ended June 30, 2016.
Second Quarter Highlights
- Earnings from continuing operations were $0.65 per share (diluted), which was on the high end of management`s guidance of $0.60 to $0.65 per share, despite continued economic pressures. This compares favorably with earnings from continuing operations in the second quarter of 2015 of $0.26 per share (diluted), and, on an adjusted basis, of $0.60 per share.
- Net sales were $1.8 billion, up 14 percent from the prior year second quarter, a clear benefit derived from the Company`s acquisition of Vitro`s food and beverage business (the “acquired business”). Excluding the acquired business, sales volumes were 1 percent above the prior year period, in line with management`s full year expectations.
- Earnings from continuing operations before income taxes were $141 million in the quarter, more than double prior year results. Segment operating profit of reportable segments1 was $233 million, a 25 percent increase compared with prior year, driven by stability and operational performance of the legacy business, as well as the impact of the acquired business. All regions except Asia Pacific posted higher segment operating profit compared with prior year.
- Strategic initiatives are on track to deliver 2016 targets.
Commenting on the Company`s second quarter results and outlook, CEO Andres Lopez stated, “We are very pleased with the solid progress on the execution of our strategy. Our meaningful performance improvement is the result of significant focus on improving our efficiency, stabilizing both revenue and operating performance, and continued success with the integration of the Mexico acquisition. In addition, we are gaining momentum by enhancing customer service, implementing a more robust end-to-end global supply chain and transforming our organization to deliver improved quality, agility, speed, flexibility and innovation – all at a competitive price. We have been delivering steady improvement, which has resulted in margin expansion and a year-over-year increase in earnings. Looking ahead, we remain committed to our earnings and cash flow guidance.”