COMPANY NEWS IN BRIEF

BHP sees iron ore output near upper end

BHP Group Ltd said on Wednesday it expects annual iron ore production at the upper end of its forecast, although bad weather and planned maintenance at its South Flank project sent third-quarter output nearly 2% lower.

The world's largest listed miner expects overall production of the steelmaking ingredient at the top end of its 245 million tonnes (Mt) to 255 Mt forecast range.

Demand from China, the world's top steel producer, remains robust as commodity-intensive stimulus measures targeted by Beijing to boost the pandemic recovery have been powering prices to multi-year highs.

Supply constraints from Brazil have also supported prices, benefiting major iron ore miners such as BHP, Rio Tinto and Fortescue Metals Group Ltd. On Tuesday, Rio Tinto said quarterly shipments rose 7%, although wet weather and labour shortages led its iron ore output lower.

Commissioning activities at BHP's US$3.4 billion South Flank replacement project in the state's Pilbara region are set to start in the June quarter, the company said. -Nampa/Reuters

Gucci rebound drives Kering's sales up

Sales at French luxury group Kering rose by 26% in the first quarter of 2021, led by a strong rebound for its star label Gucci, with growth in Asia and the United States more than offsetting new coronavirus lockdowns in much of Europe.

Gucci, which accounts for just under 60% of Kering's revenues and 80% of its profits, saw comparable revenues increase by 24.6%, ahead of an analyst consensus forecast for 19% growth.

Gucci had lagged behind rivals such as LVMH's Louis Vuitton and Hermes in 2020, fuelling investor concerns that it might be losing steam after five years of stellar growth.

Kering said the group's sales rose by 83% in the Asia Pacific region and by 46% in the United States. E-commerce was also up sharply - with online sales now accounting for 14% of the total. - Nampa/Reuters

Instagram addressing hate speech

Facebook Inc's Instagram is rolling out a feature to prevent users from viewing possibly abusive messages by filtering offensive words, phrases and emojis on the photo-sharing app.

The company said on Wednesday that along with the filter option for abusive direct messages, it will also make it harder for people blocked by users to circumvent and contact them through new accounts.

Instagram has been pushing on its efforts to tackle hate speech and online abuse on its platform, which is more popular than Facebook's main app among teens and young adults.

The filter, which can be activated on Instagram in privacy settings, can be customized by users to include words, phrases and emojis that they wish to block or avoid receiving in their message requests.

Users can use their discretion to report, delete or open messages, which will be sorted into a hidden requests folder, Instagram said.

The feature, which is only applicable to direct message requests and not the inbox itself, will roll out in some countries in the coming weeks, said Instagram. - Nampa/Reuters

Lithia Motors profit beats on strong demand

Lithia Motors Inc topped Wall Street estimates for first-quarter profit on Wednesday as the auto retailer benefited from strong demand and higher vehicle prices.

A global semiconductor chip shortage has created a supply crunch and forced automakers to raise prices, a move that is aiding earnings for the sector. Lithia said its total vehicle gross profit per vehicle rose 18.7% to US$4,392 in the quarter.

This results also come at a time when low-interest rates and a preference for private vehicles during the Covid-19 pandemic is also boosting sales.

The company said new vehicle retail sales jumped 59.7% in the quarter ended March 31, while used vehicle retail sales rose 54.6%.

Net income was US$156.2 million, or US$5.81 per share, in the quarter ended March 31, compared with US$46.2 million, or US$1.97 per share, a year earlier. Total revenue surged 55% to US$4.34 billion. Excluding items, the company earned US$5.89 per share, compared with a Refinitiv IBES estimate of US$4.76.- Nampa/Reuters

Halliburton profit rises

Halliburton Co on Wednesday reported a 6% rise in first-quarter adjusted profit from the previous three months, as a rebound in oil prices from pandemic lows fuelled drilling activity and demand for oilfield services.

Higher oil prices during the quarter boosted drilling, completion and production, which led to the rebound in demand for oilfield equipment and services from 2020 lows. Worldwide, rig count rose about 11.5% to 1,231 rigs in the quarter, according to Baker Hughes data.

"The first quarter marked an activity inflection for the international markets, while North America continued to stage a healthy recovery," Chief Executive Office Jeff Miller said.

"I expect international activity growth to accelerate, and the early positive momentum in North America gives me confidence in the activity cadence for the rest of the year."

Adjusted net income attributable to company rose to US$170 million, or 19 cents per share, in the quarter ended March 31, from the US$160 million, or 18 cents per share, in the fourth quarter.

Total revenue rose 6.6% to US$3.45 billion from the fourth quarter. Analysts' on average had estimated revenue of US$3.36 billion, according to Refinitiv IBES data. - Nampa/Reuters