Key Currency Exchange Rates for Friday, 6/18/21

With increasing demand in the printing industry for equipment that enables more frequent and faster job changes on press, Flint Group officially launches the new rotec® ULW Bridge to join the lightweight family of sleeves and adapters. The rotec® ULW Bridge is an ultra lightweight polyurethane adapter offering up to 65% reduction in weight compared to similar products in the market – a significant weight decrease improving safety and handling for press operators. Developed together with customers, this new generation adapter has been validated in applications on plate-mounting equipment and on presses running up to 450 m/min for the last 1-2 years. Ralf Venema, Flint Group General Manager explains: “Our Product Development Team is focused on developing products to help the customer work smarter, faster and easier. The rotec® ULW Bridge is an excellent solution for improved safety and easier handling at the printer.” The rotec® ULW Bridge is suitable for all press widths and offers particular benefits where higher wall thicknesses are most commonly used, such as in cantilevered mounter applications and unusually large print applications, including corrugated pre-print. Click Read More below for additional information.

UPS announced second-quarter 2024 consolidated revenues of $21.8 billion, a 1.1% decrease from the second quarter of 2023. Consolidated operating profit was $1.9 billion, down 30.1% compared to the second quarter of 2023, and down 29.3% on an adjusted basis. Diluted earnings per share were $1.65 for the quarter; adjusted diluted earnings per share of $1.79 were 29.5% below the same period in 2023. For the second quarter of 2024, GAAP results include an after-tax charge of $120 million, or $0.14 per diluted share, comprised of a one-time payment of $94 million to settle an international regulatory matter, and transformation and other charges of $26 million. “I want to thank all UPSers for their hard work and efforts in the second quarter,” said Carol Tomé, UPS chief executive officer. “This quarter was a significant turning point for our company as we returned to volume growth in the U.S., the first time in nine quarters. As expected, our operating profit declined in the first half of 2024 from what we reported last year. Going forward we expect to return to operating profit growth.”

“The API numbers did surprise, and I would be even more surprised to see them being repeated,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S. “We have reached a price level with which even OPEC is likely to be satisfied. I’m not sure whether Russia would like to play ball for such an extended period especially into the peak demand season.” Gasoline stocks rose by 1.47 million barrels and distillates fell by 4.53 million barrels last week, the API reported Tuesday, according to a person familiar with the data. U.S. crude inventories probably rose by 3.1 million barrels, according to the Bloomberg survey before an Energy Information Administration report. Click Read More below for more of the story.