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Destra Multi-Alternative Fund Announces the Release of Annual Report and New Distribution Policy

Destra Multi-Alternative Fund Announces the Release of Annual Report and New Distribution Policy

BOZEMAN, Mont.–(BUSINESS WIRE)–
Destra Multi-Alternative Fund (the “Fund” or “DMA”), is pleased to announce the release of its annual report for the fiscal year ended March 31, 2023 (the “Annual Report”). The Annual Report provides insights into the performance and strategic outlook of the Fund, along with commentary from the Fund’s sub-adviser, Validus Growth Investors, LLC (“Validus”).

The commentary from Validus included in the Annual Report provides a comprehensive analysis of the investment landscape and the Fund’s performance during the fiscal year ended March 31, 2023. The commentary from Validus also looks at key market trends, discusses potential opportunities, and provides Validus’ outlook for the Fund. “Despite the challenging market environment, we remain optimistic about the opportunities ahead and will continue to leverage our deep expertise and disciplined approach in an effort to achieve strong, relative results for our shareholders,” said Mark Scalzo, Chief Investment Officer of Validus and Portfolio Manager for the Fund.

Additionally, the Fund is announcing that its Board of Trustees has approved a change in the Fund’s distribution policy. Following the regular monthly June 2023 distribution, the Fund will shift to an annual distribution policy. The change in distribution policy will go into effect after the quarter ending June 30, 2023. Distributions paid in April, May and June of 2023 will reflect the previous policy, which distributed 1/2% of net asset value at the end of each month. Beginning with the start of the Fund’s second fiscal quarter on July 1, 2023, distributions will be paid annually.

Destra Capital Advisors LLC, based in Bozeman, MT, serves as Investment Adviser and Secondary Market Servicing agent to the Fund. Validus Growth Investors, LLC serves as the Investment Sub-Adviser to the Fund.

Shares of the Fund can be purchased on the New York Stock Exchange through any securities broker under the symbol DMA.

The Annual Report is now available on the Funds’ website: http://www.destracapital.com/strategies/closed-end-funds/destra-multi-alternative-fund.

Investors and industry professionals are encouraged to explore the Annual Report to gain valuable insights into the Fund’s performance and strategic direction.

Destra Capital Advisors LLC

[email protected]

(877) 855-3434

KEYWORDS: Montana United States North America

INDUSTRY KEYWORDS: Asset Management Professional Services Finance

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Mastercard to Participate in Upcoming Investor Conference

Mastercard to Participate in Upcoming Investor Conference

PURCHASE, N.Y.–(BUSINESS WIRE)–
Mastercard Incorporated (NYSE: MA) today announced its participation in the following investor conference:

On Tuesday, June 13, Raj Seshadri, president, data and services, will present at the RBC Financial Technology Conference in New York. The discussion will begin at 11:15 a.m. Eastern Time and last for approximately 45 minutes.

There will be a live audio webcast of the discussion and replay will be archived for 30 days at investor.mastercard.com.

About Mastercard Incorporated (NYSE: MA), www.mastercard.com

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

Investor Relations: Jud Staniar, [email protected], 914-249-4565

Communications: Seth Eisen, [email protected], 914-249-3153

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Professional Services Payments Technology Finance Networks Fintech Banking

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Mirion to Present at the Jefferies Healthcare Conference

Mirion to Present at the Jefferies Healthcare Conference

ATLANTA–(BUSINESS WIRE)–
Mirion (NYSE: MIR) announced today that Chief Executive Officer, Thomas Logan, will present at the Jefferies Healthcare Conference in New York, NY. The presentation will begin at 11:30 AM ET on Wednesday, June 7, 2023.

The presentation will be webcast live at https://ir.mirion.com/news-events where a link will be displayed under the “Events and Presentations” section. An archive of the webcast will be available at the same location within twelve hours of the conclusion of the event.

About Mirion

Mirion (NYSE: MIR) is a global leader in radiation safety, science and medicine, empowering innovations that deliver vital protection while harnessing the transformative potential of ionizing radiation across a diversity of end markets. The Mirion Technologies group provides proven radiation safety technologies that operate with precision – for essential work within R&D labs, critical nuclear facilities, and on the front lines. The Mirion Medical group solutions help enhance the delivery and ensure safety in healthcare, powering the fields of Nuclear Medicine, Radiation Therapy QA, Occupational Dosimetry, and Diagnostic Imaging. Headquartered in Atlanta (GA – USA), Mirion employs approximately 2,700 people and operates in 12 countries. Learn more at mirion.com.

For investor inquiries, please contact:

Jerry Estes

[email protected]

KEYWORDS: United States North America Georgia

INDUSTRY KEYWORDS: Research Other Defense Health Technology Energy Nuclear Radiology Pharmaceutical Health Science Defense

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PVH Corp. Reports Strong 2023 First Quarter Results Above Guidance

PVH Corp. Reports Strong 2023 First Quarter Results Above Guidance

  • First quarter revenue increased 2% to $2.158 billion compared to the prior year period (increased 5% on a constant currency basis) and exceeded guidance of relatively flat to the prior year period (increase approximately 3% on a constant currency basis)

  • First quarter EPS of $2.14 exceeded guidance of approximately $1.90

  • Full year outlook

    • Revenue: Reaffirms projected increase of 3% to 4% (increase 2% to 3% on a constant currency basis)

    • Operating margin: Reaffirms outlook approximately 10%

    • EPS: Reaffirms outlook of approximately $10.00

NEW YORK–(BUSINESS WIRE)–
PVH Corp. [NYSE: PVH] today reported its 2023 first quarter results and reaffirmed its full year outlook.

Stefan Larsson, Chief Executive Officer, commented, “We delivered a strong start to the year with first quarter performance ahead of our guidance for both revenue and earnings, driven by our disciplined execution of the PVH+ Plan. We are reaffirming our guidance for the year, reflecting the confidence we have in our ability to continue to deliver on our near-term commitments, while maintaining a strong focus on our long-term vision to build Calvin Klein and TOMMY HILFIGER into the most desirable lifestyle brands in the world, and position PVH as one of the best performing brand groups in our sector.”

Mr. Larsson, added, “We are gaining good traction for both brands in all regions, driven by our focus on the key growth drivers of our multi-year PVH+ Plan: winning with product, winning with consumer engagement, winning in the digitally-led marketplace, building a demand- and data-driven operating model, and investing in growth while driving cost efficiencies.”

Zac Coughlin, Chief Financial Officer, said, “We drove strong first quarter results which included mid-single-digit constant currency revenue growth and double-digit EPS growth. We have growing confidence in our execution of the PVH+ Plan and our full year outlook. As such, we are making strategic investments to drive our multi-year brand-led growth in important areas such as marketing. We are well positioned to achieve double-digit EPS growth in 2023, while at the same time, we expect to generate significant cash flow.”

Non-GAAP Amounts:

Amounts stated to be on a non-GAAP basis exclude the items that are defined or described in greater detail near the end of this release under the heading “Non-GAAP Exclusions.” Amounts stated on a constant currency basis also are deemed to be on a non-GAAP basis. Reconciliations of amounts on a GAAP basis to amounts on a non-GAAP basis are presented after the Non-GAAP Exclusions section and identify and quantify all excluded items.

First Quarter Review:

  • Revenue increased 2% compared to the prior year period (increased 5% on a constant currency basis). The Company’s revenue growth was driven by solid performance in its international businesses, particularly in the Asia Pacific region, including 44% growth in local currency in China following the lifting of COVID restrictions in the fourth quarter of 2022, and continued growth in Europe in euros. The increase also reflected strong growth in the North America direct-to-consumer business.
    • Direct-to-consumer revenue increased 8% compared to the prior year period (increased 12% on a constant currency basis), with strong growth in both the Company’s owned and operated stores and owned and operated digital commerce business.
    • Wholesale revenue decreased 2% compared to the prior year period (increased 1% on a constant currency basis).
    • Owned and operated digital commerce revenue increased 4% compared to the prior year period (increased 8% on a constant currency basis). Total digital revenue decreased 3% compared to the prior year period (decreased 1% on a constant currency basis). The strong growth in the Company’s owned and operated digital commerce business was more than offset by a decrease in wholesale sales to the Company’s wholesale.com and pure play customers. Digital penetration as a percentage of total revenue was approximately 20%.

  • Gross margin was 57.9% compared to 58.4% in the prior year period. The benefits from price increases, lower freight costs, and a favorable shift in regional and channel mix were more than offset by higher product costs, including an approximately 150 basis point negative impact on inventory costs due to foreign currency exchange rates.
  • Inventory levels have decreased compared to the fourth quarter of 2022, with improvement in all regions. Inventory was 24% higher than the prior year’s first quarter due to a combination of (i) abnormally low inventory levels in the prior year period, (ii) early receipts of inventory, and (iii) higher product costs.

First Quarter Consolidated Results:

  • Revenue increased 2% to$2.158 billion compared to the prior year period (increased 5% on a constant currency basis).
    • Tommy Hilfiger revenue increased 5% compared to the prior year period (increased 8% on a constant currency basis)
      • Tommy Hilfiger International revenue increased 3% (increased 7% on a constant currency basis)
      • Tommy Hilfiger North America revenue increased 11%
    • Calvin Klein revenue was flat compared to the prior year period (increased 3% on a constant currency basis)
      • Calvin Klein Internationalrevenue increased 7% (increased 11% on a constant currency basis)
      • Calvin Klein North America revenue decreased 12%. Continued growth in the direct-to-consumer business was more than offset by a decrease in the wholesale business.
    • Heritage Brands revenue decreased 12% compared to the prior year period
  • Earnings before interest and taxes (“EBIT”) was $199 million, inclusive of a $9 million negative impact due to foreign currency translation, compared to $210 million in the prior year period. The revenue growth on a constant currency basis was offset by lower gross margins, including the approximately 150 basis point negative impact on inventory costs due to foreign currency exchange rates, discussed above. The Company continues to take a disciplined approach to managing expenses, driving cost efficiencies while making targeted investments to drive its strategic initiatives.
  • Earnings per share (“EPS”) was $2.14, a 10% increase compared to $1.94 in the prior year period. EPS for the first quarter included the negative impact of $0.11 per share related to foreign currency translation.
  • Interest expense of $22 million was flat as compared to the prior year period.
  • Effective tax rate was 23.1% as compared to 29.4% in the prior year period.

2023 Outlook:

Full Year 2023 Guidance

  • Revenue is projected to increase 3% to 4% as compared to 2022 (increase 2% to 3% on a constant currency basis).
  • Operating margin is projected to be approximately 10%.
  • EPS is projected to be approximately $10.00 compared to $3.03 on a GAAP basis and $8.97 on a non-GAAP basis in 2022. The 2023 EPS projection includes the estimated positive impact of approximately $0.15 per share related to foreign currency translation. EPS on a GAAP basis for 2022 included the amounts described under the heading “Non-GAAP Exclusions” later in this release. EPS on a non-GAAP basis excluded these amounts.
  • Interest expense is projected to increase to approximately $100 million compared to $83 million in 2022 primarily due to higher interest rates.
  • Effective tax rate is projected to be approximately 24%.

Second Quarter 2023 Guidance

  • Revenue is projected to increase low single-digits as compared to the second quarter of 2022.
  • EPS is projected to be approximately $1.70 compared to $1.72 on a GAAP basis and $2.08 on a non-GAAP basis in the second quarter of 2022. The second quarter 2023 EPS projection includes the estimated positive impact of approximately $0.05 per share related to foreign currency translation. EPS on a GAAP basis for the second quarter of 2022 included the amounts described under the heading “Non-GAAP Exclusions” later in this release. EPS on a non-GAAP basis excluded these amounts.
  • Interest expense is projected to increase to approximately $25 million compared to $20 million in the second quarter of 2022.
  • Effective tax rate is projected to be approximately 26%.

Please see the section entitled “Full Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts” at the end of this release for further detail and reconciliations of GAAP to non-GAAP amounts discussed in this section.

Non-GAAP Exclusions:

The discussions in this release that refer to non-GAAP amounts exclude the following:

  • Pre-tax gain of $78 million recorded in the fourth quarter of 2022 related to the recognized actuarial gain on retirement plans.

  • Pre-tax noncash goodwill impairment charge of $417 million recorded in the third quarter of 2022, which was non-operational and driven by a significant increase in discount rates.

  • Pre-tax costs of $20 million incurred in 2022, consisting of severance related to initial actions under the plans announced in August 2022 to reduce people costs in the Company’s global offices by approximately 10% by the end of 2023, of which $17 million was incurred in the third quarter and $4 million was incurred in the fourth quarter.

  • Pre-tax net costs of $43 million recorded in 2022 in connection with the Company’s decision to exit from its Russia business, primarily consisting of noncash asset impairments and a gain on contract terminations, of which $50 million of charges were recorded in the second quarter and an $8 million gain was recorded in the fourth quarter.

  • Pre-tax gain of $16 million recorded in the second quarter of 2022 in connection with the sale of the Company’s equity investment in Karl Lagerfeld Holding B.V.

  • Estimated tax effects associated with the above pre-tax items, which are based on the Company’s assessment of deductibility. In making this assessment, the Company evaluated each item that it had identified above as a non-GAAP exclusion to determine if such item was (i) taxable or tax deductible, in which case the tax effect was taken at the applicable income tax rate in the local jurisdiction, or (ii) non-taxable or non-deductible, in which case the Company assumed no tax effect.

The Company presents constant currency revenue information, which is a non-GAAP financial measure, because it is a global company that transacts business in multiple currencies and reports financial information in U.S. dollars. Foreign currency exchange rate fluctuations affect the amounts reported by the Company in U.S. dollars with respect to its foreign revenues and can have a significant impact on the Company’s reported revenues. The Company calculates constant currency revenue information by translating its foreign revenues for the relevant period into U.S. dollars at the average exchange rates in effect during the comparable prior year period (rather than at the actual exchange rates in effect during the relevant period).

The Company presents non-GAAP financial measures, including constant currency revenue information, as a supplement to its GAAP results. The Company believes presenting non-GAAP financial measures provides useful information to investors, as it provides information to assess how its businesses performed excluding the effects of non-recurring and non-operational amounts and the effects of changes in foreign currency exchange rates, as applicable, and (i) facilitates comparing the results being reported against past and future results by eliminating amounts that it believes are not comparable between periods and (ii) assists investors in evaluating the effectiveness of the Company’s operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. The Company believes that investors often look at ongoing operations of an enterprise as a measure of assessing performance. The Company uses its results excluding these amounts to evaluate its operating performance and to discuss its business with investment institutions, the Company’s Board of Directors and others. The Company’s results excluding non-recurring and non-operational amounts are also the basis for certain incentive compensation calculations. Non-GAAP financial measures should be viewed in addition to, and not in lieu of or as superior to, the Company’s operating performance calculated in accordance with GAAP. The non-GAAP financial measures presented may not be comparable to similarly described measures reported by other companies.

Please see the sections entitled “Reconciliations of Constant Currency Revenue” and “Full Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts” later in this release for reconciliations of GAAP to non-GAAP amounts.

Conference Call Information:

The Company will host a conference call to discuss its first quarter earnings release on Thursday, June 1, 2023 at 9:00 a.m. EDT. Please log on to the Company’s website atwww.PVH.com and go to the Events page in the Investors section to listen to the live webcast of the conference call. The webcast will be available for replay for one year after it is held. Please log on to www.PVH.com as described above to listen to the replay. The conference call and webcast consist of copyrighted material. They may not be re-recorded, reproduced, re-transmitted, rebroadcast or otherwise used without the Company’s express written permission. Your participation represents your consent to these terms and conditions, which are governed by New York law.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Forward-looking statements in this press release and made during the conference call/webcast, including, without limitation, statements relating to the Company’s future revenue, earnings, plans, strategies, objectives, expectations and intentions are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy, and some of which might not be anticipated, including, without limitation, (i) the Company’s plans, strategies, objectives, expectations and intentions are subject to change at any time at the discretion of the Company; (ii) the Company’s ability to realize anticipated benefits and savings from divestitures, restructurings and similar plans, such as the headcount cost reduction initiative announced in August 2022, and the 2021 sale of assets of, and exit from, its Heritage Brands business to focus on its Calvin Klein and Tommy Hilfiger businesses; (iii) the ability to realize the intended benefits from the acquisition of licensees or the reversion of licensed rights (such as the recent announcement that we intend to bring in-house most of the product categories currently licensed to G-III Apparel Group, Ltd. upon the expirations over time of the underlying license agreements) and avoid any disruptions in the businesses during the transition from operation by the licensee to the direct operation by us; (iv) the Company has significant levels of outstanding debt and borrowing capacity and uses a significant portion of its cash flows to service its indebtedness, as a result of which the Company might not have sufficient funds to operate its businesses in the manner it intends or has operated in the past; (v) the levels of sales of the Company’s apparel, footwear and related products, both to its wholesale customers and in its retail stores and its directly operated digital commerce sites, the levels of sales of the Company’s licensees at wholesale and retail, and the extent of discounts and promotional pricing in which the Company and its licensees and other business partners are required to engage, all of which can be affected by weather conditions, changes in the economy (including inflationary pressures like those currently being seen globally), fuel prices, reductions in travel, fashion trends, consolidations, repositionings and bankruptcies in the retail industries, consumer sentiment and other factors; (vi) the Company’s ability to manage its growth and inventory; (vii) quota restrictions, the imposition of safeguard controls and the imposition of new or increased duties or tariffs on goods from the countries where the Company or its licensees produce goods under its trademarks, any of which, among other things, could limit the ability to produce products in cost-effective countries, or in countries that have the labor and technical expertise needed, or require the Company to absorb costs or try to pass costs onto consumers, which could materially impact the Company’s revenue and profitability; (viii) the availability and cost of raw materials; (ix) the Company’s ability to adjust timely to changes in trade regulations and the migration and development of manufacturers (which can affect where the Company’s products can best be produced); (x) the regulation or prohibition of the transaction of business with specific individuals or entities and their affiliates or goods manufactured in (or containing raw materials or components from) certain regions, such as the listing of a person or entity as a Specially Designated National or Blocked Person by the U.S. Department of the Treasury’s Office of Foreign Assets Control and the issuance of Withhold Release Orders by the U.S. Customs and Border Protection; (xi) changes in available factory and shipping capacity, wage and shipping cost escalation, and store closures in any of the countries where the Company’s or its licensees’ or wholesale customers’ or other business partners’ stores are located or products are sold or produced or are planned to be sold or produced, as a result of civil conflict, war or terrorist acts, the threat of any of the foregoing, or political or labor instability, such as the current war in Ukraine that has led to the Company’s decision to exit from its Russia business, including the closure of its retail stores in Russia and the cessation of its wholesale operations in Russia and Belarus, and the temporary cessation of business by many of its business partners in Ukraine; (xii) disease epidemics and health-related concerns, such as the recent COVID-19 pandemic, which could result in (and, in the case of the COVID-19 pandemic, did result in some of the following) supply-chain disruptions due to closed factories, reduced workforces and production capacity, shipping delays, container and trucker shortages, port congestion and other logistics problems, closed stores, and reduced consumer traffic and purchasing, or governments implement mandatory business closures, travel restrictions or the like, and market or other changes that could result in shortages of inventory available to be delivered to the Company’s stores and customers, order cancellations and lost sales, as well as in noncash impairments of the Company’s goodwill and other intangible assets, operating lease right-of-use assets, and property, plant and equipment; (xiii) actions taken towards sustainability and social and environmental responsibility as part of the Company’s sustainability and social and environmental strategy may not be achieved or may be perceived to be falsely claimed, which could diminish consumer trust in the Company’s brands, as well as the Company’s brands’ value; (xiv) the failure of the Company’s licensees to market successfully licensed products or to preserve the value of the Company’s brands, or their misuse of the Company’s brands; (xv) significant fluctuations of the U.S. dollar against foreign currencies in which the Company transacts significant levels of business; (xvi) the Company’s retirement plan expenses recorded throughout the year are calculated using actuarial valuations that incorporate assumptions and estimates about financial market, economic and demographic conditions, and differences between estimated and actual results give rise to gains and losses, which can be significant, that are recorded immediately in earnings, generally in the fourth quarter of the year; (xvii) the impact of new and revised tax legislation and regulations; and (xviii) other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”).

This press release includes, and the conference call/webcast will include, certain non-GAAP financial measures, as defined under SEC rules. Reconciliations of these measures are included in the financial information following this Safe Harbor Statement, as well as in the Company’s Current Report on Form 8-K furnished to the SEC in connection with this earnings release, which is available on the Company’s website at www.PVH.com and on the SEC’s website at www.sec.gov.

The Company does not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimate regarding revenue or earnings, whether as a result of the receipt of new information, future events or otherwise.

PVH CORP.

Consolidated GAAP Statements of Operations

(In millions, except per share data)

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

4/30/23

 

5/1/22

 

 

 

 

 

 

 

 

 

Net sales

 

$

    2,051.1

 

$

    2,006.6

 

 

Royalty revenue

 

 

            84.7

 

 

            90.0

 

 

Advertising and other revenue

 

 

            22.1

 

 

            26.1

 

 

Total revenue

 

$

    2,157.9

 

$

    2,122.7

 

 

 

 

 

 

 

 

 

Gross profit

 

$

    1,250.3

 

$

    1,238.7

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

      1,064.0

 

 

      1,039.4

 

 

 

 

 

 

 

 

 

Non-service related pension and postretirement income

 

 

              0.6

 

 

              3.6

 

 

 

 

 

 

 

 

 

Equity in net income of unconsolidated affiliates

 

 

            11.9

 

 

              7.4

 

 

 

 

 

 

 

 

 

Earnings before interest and taxes

 

 

          198.8

 

 

          210.3

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

            22.0

 

 

            21.8

 

 

 

 

 

 

 

 

 

Pre-tax income

 

 

          176.8

 

 

          188.5

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

            40.8

 

 

            55.4

 

 

 

 

 

 

 

 

 

Net income

 

$

       136.0

 

$

       133.1

 

 

 

 

 

 

 

 

 

Diluted net income per common share (1)

 

$

         2.14

 

$

         1.94

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

4/30/23

 

5/1/22

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

$

         72.3

 

$

         76.8

 

 

 

 

 

 

 

 
(1)  Please see Note A in Notes to Consolidated GAAP Statements of Operations for the computations of the Company’s diluted net income per common share.
PVH CORP.
Notes to Consolidated GAAP Statements of Operations
(In millions, except per share data)
 
A. The Company computed its diluted net income per common share as follows:

 

 

Quarter Ended

 

 

 

Quarter Ended

 

 

4/30/23

 

 

 

5/1/22

 

 

GAAP

 

 

 

GAAP

 

 

 

Results

 

 

 

Results

 

 

 

 

 

 

 

 

 

Net income

 

$

136.0

 

 

 

$

133.1

 

 

 

 

 

 

 

 

 

Weighted average common shares

 

 

62.7

 

 

 

 

68.0

 

Weighted average dilutive securities

 

 

0.8

 

 

 

 

0.7

 

Total shares

 

 

63.5

 

 

 

 

68.7

 

 

 

 

 

 

 

 

 

Diluted net income per common share

 

$

2.14

 

 

 

$

1.94

 

 

 

 

 

 

 

 

 

 

PVH CORP.
Consolidated Balance Sheets
(In millions)

 

4/30/23

 

5/1/22

ASSETS

 

 

 

Current Assets:

 

 

 

Cash and Cash Equivalents

$

373.8

 

$

748.7

Receivables

 

928.3

 

 

872.5

Inventories

 

1,718.1

 

 

1,389.7

Other

 

333.0

 

 

354.1

Total Current Assets

 

3,353.2

 

 

3,365.0

Property, Plant and Equipment

 

885.7

 

 

863.3

Operating Lease Right-of-Use Assets

 

1,282.1

 

 

1,312.5

Goodwill and Other Intangible Assets

 

5,588.7

 

 

5,998.1

Other Assets

 

381.5

 

 

350.4

TOTAL ASSETS

$

11,491.2

 

$

11,889.3

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Accounts Payable and Accrued Expenses

$

1,924.7

 

$

2,018.9

Current Portion of Operating Lease Liabilities

 

342.2

 

 

358.1

Short-Term Borrowings

 

17.3

 

 

15.5

Current Portion of Long-Term Debt

 

112.0

 

 

36.2

Other Liabilities

 

652.6

 

 

803.9

Long-Term Portion of Operating Lease Liabilities

 

1,123.0

 

 

1,171.7

Long-Term Debt

 

2,193.0

 

 

2,216.5

Stockholders’ Equity

 

5,126.4

 

 

5,268.5

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

11,491.2

 

$

11,889.3
 

Note: Year over year balances are impacted by changes in foreign currency exchange rates.

 

PVH CORP.

Segment Data

(In millions)

 

 

 

 

 

 

 

 

REVENUE BY SEGMENT

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

Quarter Ended

 

 

 

4/30/23

 

 

 

5/1/22

 

Tommy Hilfiger North America

 

 

 

 

 

 

 

Net sales

 

$

266.7

 

 

 

$

235.5

 

Royalty revenue

 

 

20.3

 

 

 

 

20.8

 

Advertising and other revenue

 

 

4.5

 

 

 

 

5.2

 

Total

 

 

291.5

 

 

 

 

261.5

 

 

 

 

 

 

 

 

 

Tommy Hilfiger International

 

 

 

 

 

 

 

Net sales

 

 

812.8

 

 

 

 

790.3

 

Royalty revenue

 

 

15.7

 

 

 

 

14.5

 

Advertising and other revenue

 

 

4.3

 

 

 

 

4.6

 

Total

 

 

832.8

 

 

 

 

809.4

 

 

 

 

 

 

 

 

 

Total Tommy Hilfiger

 

 

 

 

 

 

 

Net sales

 

 

1,079.5

 

 

 

 

1,025.8

 

Royalty revenue

 

 

36.0

 

 

 

 

35.3

 

Advertising and other revenue

 

 

8.8

 

 

 

 

9.8

 

Total

 

 

1,124.3

 

 

 

 

1,070.9

 

 

 

 

 

 

 

 

 

Calvin Klein North America

 

 

 

 

 

 

 

Net sales

 

 

227.7

 

 

 

 

256.9

 

Royalty revenue

 

 

35.7

 

 

 

 

42.2

 

Advertising and other revenue

 

 

10.9

 

 

 

 

14.0

 

Total

 

 

274.3

 

 

 

 

313.1

 

 

 

 

 

 

 

 

 

Calvin Klein International

 

 

 

 

 

 

 

Net sales

 

 

598.3

 

 

 

 

558.6

 

Royalty revenue

 

 

12.8

 

 

 

 

12.3

 

Advertising and other revenue

 

 

2.3

 

 

 

 

2.2

 

Total

 

 

613.4

 

 

 

 

573.1

 

 

 

 

 

 

 

 

 

Total Calvin Klein

 

 

 

 

 

 

 

Net sales

 

 

826.0

 

 

 

 

815.5

 

Royalty revenue

 

 

48.5

 

 

 

 

54.5

 

Advertising and other revenue

 

 

13.2

 

 

 

 

16.2

 

Total

 

 

887.7

 

 

 

 

886.2

 

 

 

 

 

 

 

 

 

Heritage Brands Wholesale

 

 

 

 

 

 

 

Net sales

 

 

145.6

 

 

 

 

165.3

 

Royalty revenue

 

 

0.2

 

 

 

 

0.2

 

Advertising and other revenue

 

 

0.1

 

 

 

 

0.1

 

Total

 

 

145.9

 

 

 

 

165.6

 

 

 

 

 

 

 

 

 

Total Revenue

 

 

 

 

 

 

 

Net sales

 

 

2,051.1

 

 

 

 

2,006.6

 

Royalty revenue

 

 

84.7

 

 

 

 

90.0

 

Advertising and other revenue

 

 

22.1

 

 

 

 

26.1

 

Total

 

$

2,157.9

 

 

 

$

2,122.7

 

 

 

 

 

 

 

 

 
PVH CORP.

Segment Data (continued)

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS BEFORE INTEREST AND TAXES BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

Quarter Ended

 

 

 

4/30/23

 

 

 

5/1/22

 

 

 

Results

 

 

 

Results

 

 

 

Under

 

 

 

Under

 

 

 

GAAP

 

 

 

GAAP

 

 

 

 

 

 

 

 

 

Tommy Hilfiger North America

 

$

2.3

 

 

 

 

$

(13.0

)

 

 

 

 

 

 

 

 

 

Tommy Hilfiger International

 

 

126.3

 

 

 

 

 

139.4

 

 

 

 

 

 

 

 

 

 

Total Tommy Hilfiger

 

 

128.6

 

 

 

 

 

126.4

 

 

 

 

 

 

 

 

 

 

Calvin Klein North America

 

 

2.2

 

 

 

 

 

11.7

 

 

 

 

 

 

 

 

 

 

Calvin Klein International

 

 

100.4

 

 

 

 

 

97.1

 

 

 

 

 

 

 

 

 

 

Total Calvin Klein

 

 

102.6

 

 

 

 

 

108.8

 

 

 

 

 

 

 

 

 

 

Heritage Brands Wholesale

 

 

15.0

 

 

 

 

 

16.8

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

(47.4

)

 

 

 

 

(41.7

)

 

 

 

 

 

 

 

 

 

Total earnings before interest and taxes

 

$

198.8

 

 

 

 

$

210.3

 

 

 

 

 

 

 

 

 

 

 

PVH CORP.

Reconciliations of Constant Currency Revenue

(In millions)

As a supplement to the Company’s reported operating results, the Company presents constant currency revenue information, which is a non-GAAP financial measure. The Company presents results in this manner because it is a global company that transacts business in multiple currencies and reports financial information in U.S. dollars. Foreign currency exchange rate fluctuations affect the amounts reported by the Company in U.S. dollars with respect to its foreign revenues. Exchange rate fluctuations can have a significant impact on reported revenues. The Company believes presenting constant currency revenue information provides useful information to investors, as it provides information to assess how its businesses performed excluding the effects of changes in foreign currency exchange rates and assists investors in evaluating the effectiveness of the Company’s operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance.

The Company calculates constant currency revenue information by translating its foreign revenues for the relevant period into U.S. dollars at the average exchange rates in effect during the comparable prior year period (rather than at the actual exchange rates in effect during the relevant period).

Constant currency performance should be viewed in addition to, and not in lieu of or as superior to, the Company’s operating performance calculated in accordance with GAAP. The constant currency revenue information presented may not be comparable to similarly described measures reported by other companies.

 

 

 

 

 

GAAP Revenue

 

% Change

 

 

Quarter Ended

 

GAAP

 

Negative Impact of Foreign Exchange

 

Constant Currency

 

 

4/30/23

 

5/1/22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tommy Hilfiger International

 

$

832.8

 

$

809.4

 

2.9

%

 

(3.7

) %

 

6.6

%

Total Tommy Hilfiger

 

 

1,124.3

 

 

1,070.9

 

5.0

%

 

(3.0

) %

 

8.0

%

 

 

 

 

 

 

 

 

 

 

 

Calvin Klein International

 

 

613.4

 

 

573.1

 

7.0

%

 

(4.4

) %

 

11.4

%

Total Calvin Klein

 

 

887.7

 

 

886.2

 

0.2

%

 

(3.0

) %

 

3.2

%

 

 

 

 

 

 

 

 

 

 

 

Total Revenue

 

$

2,157.9

 

$

2,122.7

 

1.7

%

 

(2.8

) %

 

4.5

%

 

 

 

 

 

 

 

 

 

 

 

Total Direct-to-Consumer

 

$

836.8

 

$

771.3

 

8.5

%

 

(3.7

) %

 

12.2

%

Directly Operated Digital Commerce

 

$

158.7

 

$

152.6

 

4.0

%

 

(3.7

) %

 

7.7

%

Wholesale

 

$

1,214.3

 

$

1,235.3

 

(1.7

) %

 

(2.6

) %

 

0.9

%

Total Digital

 

$

416.9

 

$

430.8

 

(3.2

) %

 

(2.6

) %

 

(0.6

) %

 

PVH CORP.

Full Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts

Reconciliations of Constant Currency Revenue Guidance

 

 

 

Current Guidance

 

Full Year

2023

(Estimated)

 

 

GAAP revenue increase

3% to 4%

Positive impact of foreign exchange

1%

Non-GAAP revenue increase on a constant currency basis

2% to 3%

Please refer to the section entitled “Reconciliations of Constant Currency Revenue” on page 12 of this release for a description of the presentation of constant currency amounts.

Reconciliation of GAAP Diluted Net Income Per Common Share to Diluted Net Income Per Common Share on a Non-GAAP Basis

 

 

Full Year 2022

 

Second Quarter 2022

 

 

(Actual)

 

(Actual)

(In millions, except per share data)

 

Results Under GAAP

 

Adjustments (1)

 

Non-GAAP Results

 

Results Under GAAP

 

Adjustments (2)

 

Non-GAAP Results

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

200.4

 

$

(393.2

)

 

$

593.6

 

$

115.3

 

$

(24.3

)

 

$

139.6

Total weighted average shares

 

 

66.2

 

 

 

 

66.2

 

 

67.0

 

 

 

 

67.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share

 

$

3.03

 

 

 

$

8.97

 

$

1.72

 

 

 

$

2.08

(1)

Represents the impact on net income in the year ended January 29, 2023 from the elimination of (i) a $78.4 million recognized actuarial gain on retirement plans in the fourth quarter of 2022, (ii) $43.0 million of net costs incurred in connection with the Company’s decision to exit from its Russia business, including the closure of its retail stores in Russia and the cessation of its wholesale operations in Russia and Belarus, consisting of noncash asset impairments, contract termination and other costs, and severance recorded in the second quarter of 2022, partially offset by a gain on contract terminations recorded in the fourth quarter of 2022; (iii) a $16.1 million gain recorded in the second quarter of 2022 in connection with the sale of the Company’s equity investment in Karl Lagerfeld Holding B.V. (the “Karl Lagerfeld transaction”); (iv) a $417.1 million noncash goodwill impairment charge recorded in the third quarter of 2022, which was non-operational and driven by a significant increase in discount rates; (v) $20.2 million of costs incurred in the third and fourth quarters of 2022 related to initial actions taken under the plans announced in August 2022 to reduce people costs in the Company’s global offices by approximately 10% by the end of 2023, consisting of severance; and (vi) a $7.4 million net tax expense associated with the foregoing pre-tax items.

(2)

 Represents the impact on net income in the quarter ended July 31, 2022 from the elimination of (i) $50.5 million of costs incurred in connection with the Company’s decision to exit from its Russia business, including the closure of its retail stores in Russia and the cessation of its wholesale operations in Russia and Belarus, consisting of noncash asset impairments, contract termination and other costs, and severance; (ii) a $16.1 million gain recorded in connection with the Karl Lagerfeld transaction; and (iii) a $10.1 million net tax benefit associated with the foregoing pre-tax items.

 

Investors:

Sheryl Freeman

(212) 381-3980

[email protected]

Medias:

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Sports Other Retail Football Online Retail Fashion Luxury Retail Department Stores

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Chemours Officially Launches Operations as Part of Joint Venture with BWT and FUMATECH, Meeting Demand in Mobility Applications Critical to Global, Sustainable Hydrogen Economy

Chemours Officially Launches Operations as Part of Joint Venture with BWT and FUMATECH, Meeting Demand in Mobility Applications Critical to Global, Sustainable Hydrogen Economy

With regulatory approvals now in place, Chemours and BWT officially launch THE Mobility F.C. Membranes Company GmbH – A BWT Chemours Company

WILMINGTON, Del.–(BUSINESS WIRE)–
The Chemours Company (“Chemours”) (NYSE: CC), a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials, today announced the requisite European Commission and the People’s Republic of China State Administration for Market Regulations regulatory approvals are now in place to launch operations at its joint venture with BWT FUMATECH Mobility GmbH (“BWT FUMATECH”), under the name of THE Mobility F.C. Membranes CompanyGmbH – A BWT Chemours Company. FUMATECH BWT GmbH is an established player in multiple hydrogen markets focused on membrane manufacturing in the field of fuel cell technology.

The 50-50 joint venture focuses on integrating the unique capabilities, resources, and technological expertise of each company to elevate and accelerate the capacity to manufacture fuel cell and humidifier membranes for mobility applications for long-term customers. By leveraging the best of each partner’s complementary assets, THE Mobility F.C. Membranes Company GmbH – A BWT Chemours Company will expedite the supply of HDFC membranes to original equipment manufacturers (OEMs), helping to meet the demand for these membranes that are critical to fully scaling the global hydrogen economy.

Chemours and BWT FUMATECH have more than 85 years of experience in fuel cell innovation. Chemours inventor of Nafion™ ion exchange membranes, dispersions, and resins, which are fundamental to the hydrogen economy — possesses deep expertise in producing the building blocks of high-performance membranes. The company also maintains an ongoing commitment to responsible manufacturing, minimizing the environmental impacts of its operations and driving long-term sustainability goals. Located in Germany, THE Mobility F.C. Membranes Company – A BWT Chemours Company will cooperate with FUMATECH BWT GmbH — a subsidiary of the private, Austrian-based BWT Group — and its existing production technology and line operations to use Chemours Nafion™ ion exchange materials in creating industry-leading end-product membranes.

“Our Nafion™ ion exchange membranes are playing a critical role in driving the hydrogen economy and helping to create a more sustainable future, ” said Gerardo Familiar, president of Advanced Performance Materials at Chemours. “The technologies and solutions powered by our chemistry enable modern life and support economies across the world. Our joint venture with FUMATECH BWT GmbH and the BWT Group will enable solutions to support the future of clean energy and the transition to global decarbonization, and we couldn’t be more excited to start our journey.”

“With this joint venture, we of course have a big vision for accelerating the availability of resources necessary to empower more people, industries, and businesses to fully embrace a cleaner future,” said Andreas Weissenbacher, CEO of BWT. “The key is that BWT, FUMATECH and Chemours back these visions with solid, thoughtful strategies that bring us to this J.V. today and establish the resources and processes necessary to secure the path for long-term success in line with the growth within the hydrogen space.”

THE Mobility F.C. Membranes Company will supply fuel cell and humidifier membranes globally, enabling downstream customers to accelerate conversion to green, hydrogen-powered heavy-duty transportation, driving green goals and sustainable policy frameworks in the E.U., the U.S. and elsewhere. With regulatory approvals in place the joint venture can now officially begin operation producing fuel cells and humidifier membranes for the mobility market.

About The Chemours Company

The Chemours Company (NYSE: CC) is a global leader in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. We deliver customized solutions with a wide range of industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our flagship products are sold under prominent brands such as Ti-Pure™, Opteon™, Freon™, Teflon™, Viton™, Nafion™, and Krytox™. The company has approximately 6,600 employees and 29 manufacturing sites serving approximately 2,900 customers in approximately 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.

For more information, we invite you to visit chemours.com or follow us on Twitter @Chemours or LinkedIn.

About FUMATECH BWT GmbH

FUMATECH (Functional Membranes and Plant Technology) is part of the BWT Group, a private water treatment company founded in 1994. FUMATECH, headquartered in Bietigheim-Bissingen, Germany, has established itself as a technological pioneer in the production of fuel cell membranes, ion-exchange membranes for energy storage and separation technology. The company has extensive expertise in areas ranging from the formulation of raw materials and the processing of materials to create membranes suited to their technical application. Visit FUMATECH.com for more information.

About the BWT Group

The BWT – Best Water Technology – Group is a leading water technology company in Europe with a staff of more than 5,500, working on innovative, economic and ecologically friendly water treatment technologies to provide private households, industry, commerce, hotels and municipalities with the safest, healthiest and most hygienic water possible for their day-to-day needs. BWT provides modern water treatment systems and services for drinking water, process water, pool water and, especially, WFI – water for injection for the pharmaceutical and biotech industry. The company’s research and development staff works on new techniques and materials using cutting-edge methods to develop economical and ecologically friendly products. Employees work particularly hard to create products which use fewer resources and less energy, thereby reducing CO2 emissions.

Sustainability is in BWT’s DNA, and every BWT product contributes to the conservation of our most valuable resource, water. BWT’s Claim – For You and Planet Blue – is today more relevant than ever before, given the challenges our society faces worldwide today. With its unique and patented water treatment technologies, BWT contributes every day to “Change the World – sip by sip”, by transforming local water sources into best, tasty, mineralized drinking water, avoiding the transport of single-use plastic and glass bottles around the globe, reducing CO2 emissions and minimizing plastic waste. Also with its worldwide leading know how in the development and production of high-performance membranes for the fuel cell – the energy converter of the 21st century – BWT works towards its mission “For You and Planet Blue”.

More information about BWT Group and their products and services is available at www.bwt.com.

Forward-Looking Statements

This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words “believe,” “expect,” “will,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date such statements were made. These forward-looking statements may address, among other things, the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized, such as full year guidance relying on models based upon management assumptions regarding future events that are inherently uncertain. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours’ control. Matters outside our control, including general economic conditions and the COVID-19 pandemic, have affected or may affect our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains such as through strikes, labor disruptions or other events, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and in our Annual Report on Form 10-K for the year ended December 31, 2022. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.

INVESTORS

Jonathan Lock

SVP, Chief Development Officer

+1.302.773.2263

[email protected]


Kurt Bonner,

Manager, Investor Relations

+1.302.773.0026

[email protected]


NEWS MEDIA

Thom Sueta

Director, Corporate Communications

+1.302.773.3903

[email protected]

KEYWORDS: Delaware United States North America

INDUSTRY KEYWORDS: Automotive Manufacturing Aerospace Supply Chain Management Manufacturing Logistics/Supply Chain Management Mobile/Wireless Other Construction & Property Residential Building & Real Estate Commercial Building & Real Estate Construction & Property Supermarket Public Relations/Investor Relations Trucking Building Systems Maritime Communications Transport General Automotive Retail Finance Automotive Technology Professional Services Mining/Minerals Semiconductor Other Energy Natural Resources Other Manufacturing Oil/Gas Textiles Alternative Energy Packaging Energy Engineering Chemicals/Plastics

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Camden Property Trust Retires $185.2 Million of Secured Variable Rate Debt

Camden Property Trust Retires $185.2 Million of Secured Variable Rate Debt

HOUSTON–(BUSINESS WIRE)–
Camden Property Trust (NYSE:CPT) (the “Company”) announced today that it utilized its unsecured revolving credit facility to retire approximately $185.2 million of secured variable rate debt with a current weighted average interest rate of approximately 7.1%. The Company will recognize charges in conjunction with this early retirement of debt of approximately $2.5 million. As of May 31, 2023, 91.3% of the Company’s debt is now unsecured.

These charges were not included in the Company’s second quarter and full year 2023 guidance for Net Income Attributable to Common Shareholders (“EPS”), Funds From Operations (“FFO”), or Core Funds From Operations (“Core FFO”) provided in April 2023. These charges are expected to reduce the Company’s 2023 EPS and FFO by $0.02 per share. The charges will be added back to the calculation of the Company’s Core FFO.

Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 172 properties containing 58,702 apartment homes across the United States. Upon completion of 6 properties currently under development, the Company’s portfolio will increase to 60,652 apartment homes in 178 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 16 consecutive years, most recently ranking #33.

For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.

Kim Callahan, 713-354-2549

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Professional Services Residential Building & Real Estate Commercial Building & Real Estate Finance Construction & Property REIT

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IFF Completed Divestiture of Savory Solutions Business

IFF Completed Divestiture of Savory Solutions Business

NEW YORK–(BUSINESS WIRE)–
IFF (NYSE:IFF) today announced that it has successfully completed the previously announced divestiture of its Savory Solutions business unit to PAI Partners (PAI), a leading global private equity firm with a strong focus on the food and consumer industry.

Under PAI ownership, Savory Solutions Group has been rebranded to NovaTaste, a global leader in taste innovation with headquarters in Salzburg, Austria.

“The sale of IFF’s Savory Solutions Group represents our continued efforts to optimize our portfolio as we focus on core businesses and strengthen our capital structure,” said Frank Clyburn, IFF CEO. “We remain steadfast in our commitment to further pursue portfolio optimization opportunities as we drive toward our deleverage target by the end of 2024. We’re grateful to our Savory Solutions colleagues, who have demonstrated their commitment to innovation, service and quality. We wish them the best in their new journey.”

Cautionary Statement under the Private Securities Litigation Reform Act of 1995

This press release contains “forward-looking statement” within the meaning of the federal securities laws, including Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” “pursue,” “drive” similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about our deleverage target and portfolio optimization. The forward-looking statements included in this release are made only as of the date hereof, and we undertake no obligation to update the forward-looking statement to reflect subsequent events or circumstances.

Welcome to IFF

At IFF (NYSE: IFF), an industry leader in food and beverage, fragrance, home and personal care, and health and wellness. Innovation is at the heart of IFF’s purpose of applying science and creativity to create a better world – from global icons to unexpected experiences. We are an international collective of thinkers who develop some of the most groundbreaking products in our industry and partner with customers to bring scents, tastes, experiences, ingredients and solutions for products the world craves. Together, we work to design products that offer a positive contribution to people, society and the world around us.

Learn more at iff.com, Twitter , Facebook, Instagram, and LinkedIn.

© 2023 by International Flavors & Fragrances Inc. IFF is a Registered Trademark. All Rights Reserved.

Media Relations:

Paula Heinkel

332.877.5339

[email protected]

Investor Relations:

Michael Bender

212.708.7263

[email protected]

KEYWORDS: Europe United States North America New York

INDUSTRY KEYWORDS: Retail Other Consumer Consumer Home Goods Specialty Food/Beverage

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Comtech to Report Third Quarter Fiscal 2023 Results on June 8, 2023

Comtech to Report Third Quarter Fiscal 2023 Results on June 8, 2023

MELVILLE, N.Y.–(BUSINESS WIRE)–
May 31, 2023– Comtech (NASDAQ: CMTL) today announced that it plans to release its third quarter fiscal 2023 results after the market closes on Thursday, June 8, 2023.

At 5:00 p.m. ET that day, Ken Peterman, Comtech’s Chief Executive Officer and President, will hold a conference call to discuss the Company’s third quarter fiscal 2023 results, operations, and business trends. A real-time webcast of the call will be available to the public at the investor relations section of the Comtech web site at www.comtech.com. Alternatively, investors can access the conference call by dialing (800) 267-6316 (domestic) or (203) 518-9783 (international) and using the conference I.D. of “Comtech.” A replay of the call will also be available by dialing (800) 839-2417 or (402) 220-7209 through Thursday, June 22, 2023.

About Comtech

Comtech Telecommunications Corp. is a leading global technology company providing terrestrial and wireless network solutions, next-generation 9-1-1 emergency services, satellite and space communications technologies, and cloud native capabilities to commercial and government customers around the world. Our unique culture of innovation and employee empowerment unleashes a relentless passion for customer success. With multiple facilities located in technology corridors throughout the United States and around the world, Comtech leverages our global presence, technology leadership, and decades of experience to create the world’s most innovative communications solutions.For more information, please visit www.comtech.com.

Forward-Looking Statements

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company’s Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.

PCMTL

Comtech Investor Relations

Robert Samuels

631-962-7102

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Technology Mobile/Wireless Audio/Video Aerospace Manufacturing Other Technology Telecommunications Software Networks Internet Hardware Security Satellite VoIP

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W. R. Berkley Corporation Forms Berkley Specialty Excess

W. R. Berkley Corporation Forms Berkley Specialty Excess

Appoints John Termini as President

GREENWICH, Conn.–(BUSINESS WIRE)–W. R. Berkley Corporation (NYSE: WRB) today announced the formation of Berkley Specialty Excess to offer excess liability coverages in specialized markets, with an initial focus on the environmental and energy industries. John Termini has been named president of the new business, effective immediately.

W. Robert Berkley, Jr., president and chief executive officer of W. R. Berkley Corporation, commented, “The specialty excess market continues to offer attractive opportunities. John brings to Berkley deep expertise and experience in his areas of focus and we are excited to welcome him to the team.”

Mr. Termini has nearly 30 years of experience in the property and casualty insurance market, with a focus in the environmental and energy sectors. Throughout his career, he has held various executive and leadership positions, and most recently served as the head of the environmental and energy division of a global specialty (re)insurer. He holds a Bachelor of Science in environmental biology from Salem State University.

For further information about products and services available from Berkley Specialty Excess, please contact John Termini at [email protected].

Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty insurance business: Insurance and Reinsurance & Monoline Excess. For further information about W. R. Berkley Corporation, please visit www.berkley.com.

This is a “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including statements related to our outlook for the industry and for our performance for the year 2023 and beyond, are based upon the Company’s historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. They are subject to various risks and uncertainties, including but not limited to, the success of our new ventures or acquisitions and the availability of other opportunities, our ability to attract and retain key personnel and qualified employees, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These risks could cause actual results of the industry or our actual results for the year 2023 and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. Any projections of growth in the Company’s revenues would not necessarily result in commensurate levels of earnings. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Products and services are provided by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued.

Karen A. Horvath

Vice President – External

Financial Communications

(203) 629-3000

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Consulting Professional Services Other Professional Services Insurance Human Resources

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Posted on

Li-Cycle to Host Investor Meetings on June 1-2, 2023

Li-Cycle to Host Investor Meetings on June 1-2, 2023

TORONTO–(BUSINESS WIRE)–Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the “Company”), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, announced today that it will host investor meetings in Boston, at the KeyBanc Capital Markets 2023 Industrials & Basic Materials Conference on Thursday, June 1, 2023, and during a non-deal roadshow with Piper Sandler & Co. on Friday, June 2, 2023.

An investor presentation related to these meetings will be made available on the Investor Relations section of the Company’s website at https://investors.li-cycle.com.

About Li-Cycle Holdings Corp.

Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of battery-grade materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.

Investor Relations

Nahla A. Azmy

Sheldon D’souza

[email protected]

Media

Louie Diaz

[email protected]

KEYWORDS: Massachusetts United States North America Canada

INDUSTRY KEYWORDS: Other Energy Recycling Batteries Alternative Energy Energy Technology Environment Other Manufacturing Engineering Automotive Manufacturing Other Technology Manufacturing

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