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  • ♠️Is it in the cards for the Rangers? Southwest Airlines goes after Frequent Flyers✈️

♠️Is it in the cards for the Rangers? Southwest Airlines goes after Frequent Flyers✈️

Plus: More bite-size business news to keep you informed and make you smarter

October 18, 2023

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📣NEWS OF THE DAY:

Retail sales in the U.S. grew 0.7% in September after August’s 0.8% gain. It is the sixth consecutive month of growth. Restaurants, autos and personal health led the way.

Nothing to do with business: Is a trip to the World Series in the cards for the Texas Rangers? The Dallas Morning News has it that an old-school card game has been played in the Rangers’ clubhouse this season. Reportedly, a daily game of Pluck ensues, which is a variation on Spades. Trash talking is allowed, but wagering isn’t. The players attribute their team chemistry in part to the card games. Whatever the reason, the Rangers have taken a 2-0 lead over the Houston Astros in the best-of-seven American League Championship Series, which continues in Arlington tonight at 7 pm.

“When you get guys together and do stuff outside of your job, it’s good for chemistry,” veteran outfielder Robbie Grossman said. “You get to see who people really are. It’s a good team-building exercise.”

Goldee's Barbecue, in far southeast Fort Worth and ranked best in the state by Texas Monthly in 2021, will soon open a new concept at 923 E. Seminary Drive. Ribbee's is a departure from the traditional Goldee's barbeque menu of brisket, sausage and pork ribs; its menu is built around baby back ribs complemented by side dishes.

An Arizona developer received a $72.9 million construction loan to build 317 rental homes in Fort Worth, according to a report in the Dallas Morning News. The developer, Empire Group, will build the Village at Golden Triangle on 30 acres near N. Riverside Drive and Golden Triangle Boulevard. The lender is Tower Capital and construction is expected to start this month.

Southwest Airlines announced it was lowering the requirements to qualify for the top levels of its frequent-flyer program beginning in 2024. It said it will reduce by 20% the number of flights needed to qualify for its “A-List” and “A-List Preferred” levels in its Rapid Rewards program. It won’t change the number of spending-based points that customers can also use to qualify for either level.

Photo: Eric Salard

Tarrant County commissioners approved Hoefer Walker as the design firm for a JPS Health Network office building and parking garage on Magnolia Ave. The building is included in the hospital district’s 2018 $800-million bond program. Estimated cost is $175 million. The office building is estimated to cost $112 million. Its corresponding parking garage on Magnolia Avenue is estimated to cost $63 million.

The Lone Star Film Festival (LSFF) and the Fort Worth Film Commission will honor David Glasser of 101 Studios and Marty Bowen of Temple Hill Entertainment at its Lone Star Film Festival Gala on November 10. Glasser will receive the Pioneer Award, Bowen the Visionary Award.

Fort Worth-based AZZ reported $398.5 million in second-quarter sales (down 2%) and adjusted EPS of $1.27 (up 5%). Adjusted net income was $37.2 million (up 5.5%). AZZ recognized a charge of $5.75 million for a litigation settlement related to its Infrastructure Solutions segment.

Westlake-based Charles Schwab Corp. saw deposits decline in the third quarter but reported profits that beat Wall Street expectations. Schwab reported earnings of $1.1 billion for the three months that ended Sept. 30, down 44% from $2 billion in the year-ago quarter. After adjusting for factors like restructuring costs, acquisition-related costs and income taxes, Schwab's profit was $1.5 billion.

Lockheed Martin reported third quarter 2023 net sales of $16.9 billion, compared to $16.6 billion in the third quarter of 2022. Net earnings were $1.7 billion compared to $1.8 billion. Cash from operations was $2.9 billion compared to $3.1 billion. Free cash flow was $2.5 billion compared to $2.7 billion. "Our third quarter results were at or above our expectations ... generating $2.5 billion of free cash flow with nearly 100% returned to shareholders through dividends and share repurchases." said Chairman, President and CEO Jim Taiclet.

Two warehouse buildings, totaling 1.4 million square feet, are planned for Carter Park East industrial park. The partners are Fort Worth-based Rob Riner Cos., Clarion Partners and Crow Holdings. The buildings are part of a 500-acre industrial campus. RGA Architects designed the $69-million project.

“Breaking even is the new ‘in the black’.”

Fort Worth-based TPG Inc. has raised more than $6 million from 34 investors for a fund called TPG NewQuest Equity V L.P. NewQuest specializes in providing liquidity solutions to private asset owners through general partner-led transactions as well as direct secondary transactions. TPG has $137 billion in assets under management as of June 30.

Interim CEO David Dellin has been appointed CEO of the Fort Worth-based American Paint Horse Association, the world’s second largest equine breed registry that includes its wholly owned for-profit subsidiary Marked For Greatness Properties LLC, and the charitable American Paint Horse Foundation. Dellin has more than a decade of experience as part of APHA’s senior management team.

🥾PEOPLE ON THE MOVE:

  • Mental Health Connection of Tarrant County: Hires Christina Judge as Executive Director.

  • Visit Fort Worth: Adds to its Board -- Dr. Sylvia Trent-Adams, president of the UNT Health Science Center; Maruchy Cantu, EVP, Chief Administration and DE&I Officer at D-FW International Airport: Sloan Dean, president and CEO of Remington Hospitality; Ken Schaefer, president and owner of Schaefer Advertising; David Glasser, CEO and co-founder of 101 Studios.

  • Visit Fort Worth: Adds to its Executive Committee -- Dr. Sylvia Trent-Adams and Marianne Auld, managing partner of the Kelly Hart law firm and a board member.

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