Honda Issues Recall for 720,000 Vehicles Due to Fuel Pump Leak Concerns
The National Highway Traffic Safety Administration (NHTSA) has announced that Honda will recall over 720,000 vehicles in the U.S. due to concerns that high-pressure fuel pumps may rupture and leak fuel. This fuel leak, particularly when the ignition switch is activated, could pose an increased fire risk. The recall affects certain models of the Accord, CR-V Hybrid, and Civic from the years 2023 to 2025. Honda dealers will be inspecting and replacing the high-pressure fuel pumps at no cost to customers.
Raytheon Technologies Raises Annual Profit Forecast for the Third Time
Raytheon Technologies has adjusted its annual profit outlook upwards for the third time this year, citing robust demand for aftermarket services as airlines rely on older aircraft to compensate for a shortage of new planes. The company now expects adjusted earnings per share (EPS) to be between $4.20 and $4.35, up from a previous forecast of $3.95 to $4.20. Profits from its commercial engine and services segment surged 16%, reaching $1.8 billion, while revenue rose 8% to $7 billion compared to the same period last year. For the third quarter, adjusted earnings were $1.15 per share, compared to $0.92 in the prior year, with total revenue increasing 6% to $9.84 billion.
3M Raises Lower End of Annual Profit Forecast Amid Growing Demand
3M Co has increased the lower end of its adjusted annual profit forecast, anticipating a boost in consumer spending following the Federal Reserve’s decision to lower borrowing costs in September. The Post-it note manufacturer noted that cost-cutting measures helped mitigate the impact of slower sales in its consumer products division, resulting in about an 18% profit growth last quarter. Adjusted EPS was reported at $1.98, compared to $1.68 in the same period last year. The company now expects adjusted earnings for the year to fall between $7.20 and $7.30 per share, up from its previous range of $7.00 to $7.30.
RTX Ups Annual Profit and Revenue Outlook on Strong Aircraft Maintenance Demand
RTX has raised its 2024 adjusted profit and sales forecast for the second time this year, driven by robust demand for aircraft maintenance and defense systems. The aerospace and defense giant anticipates adjusted earnings per share to range between $5.50 and $5.58, compared to an earlier estimate of $5.35 to $5.45. Additionally, it has increased its revenue forecast from $78.75 billion to a range of $79.25 billion to $79.75 billion. Last quarter, the company reported EPS of $1.45, up from $1.25 in the same quarter last year, with adjusted sales growing 6% to reach $20.1 billion.
Verizon Exceeds Expectations with New Wireless Subscribers
Verizon’s third-quarter results exceeded expectations with a higher-than-anticipated increase in wireless subscribers. The telecom giant’s promotional offers and bundling of 5G services with streaming platforms like Netflix have effectively attracted new customers. According to FactSet data, the company added 239,000 postpaid wireless phone subscribers in the September quarter, surpassing the forecast of 218,100. In the previous quarter, the company gained 148,000 new customers. Verizon’s postpaid phone churn rate, representing the percentage of customers canceling service, was 0.89% in the third quarter, slightly higher than the 0.85% reported in the second quarter.
