⊙记者 唐真龙 ○编辑 张亦文
Railcar loadings 4-week moving average +6.4%. Weekly loadings up 2.1%
3Q17earnings beat on higher sales growth and lower selling expense
The 4-week moving avg of chemical railcar loadings increased 6.4% in Week#44(ended 10/28/2017) vs. a 6.1% increase the prior week. Loadings YTD areup 0.8%. Chemical railcar loadings represent 20% of total US chemicalshipment tonnage (followed by trucks, barges, and pipelines), offering a trendof broader chemical industry activity and demand. The more volatile measureof weekly loadings increased 2.1% YoY (versus a 6.9% increase in the priorweek) and decreased 2.6% sequentially (vs. a 0.5% decrease in the prior week).
betway必威官网备用， Wuliangye reported 3Q17results with 43% yoy sales growth to RMB6,356m and64% yoy net profit growth to RMB1,993m. Net profit in the first nine months grewby 37%, tracking ahead of the market's full-year growth forecast of 26%.The earning beat is mainly attributable to higher-than-expected sales growthand a lower SG&A expense ratio, which declined 670bps yoy to 19.6% in9M17, helped by lower channel subsidy and operating leverage. To recap, thecompany increased channel subsidy during 2014-16, when channel profit waslow/negative. As the retail price recovered from 2017, the company began toremove the channel subsidies.
Ethane prices roughly flat at 27c/gal. Propane down 3c/lb to 95c/gal
Adjusted sales declined 15% on increasing competition and a high base