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Cannae Holdings, Inc. (NYSE:CNNE), a $1.14 billion market cap company in the retail food and beverage sector, announced a change in its independent registered public accounting firm. According to InvestingPro analysis, the company is currently undervalued, though it faces profitability challenges with negative earnings in the last twelve months. On Monday, May 22, 2025, the Audit Committee of the Board of Directors approved the dismissal of Deloitte & Touche LLP and the appointment of Grant Thornton LLP (GT) as the new independent auditor for the fiscal year ending December 31, 2025. The change is effective upon the completion of GT’s client acceptance procedures, which was confirmed on May 27, 2025.
The company’s financial statements for the years ending December 31, 2024, and December 31, 2023, audited by Deloitte, did not contain any adverse opinion or disclaimer of opinion. They were not qualified or modified regarding uncertainty, audit scope, or accounting principles.
Throughout fiscal years 2024 and 2023, and up to May 22, 2025, there were no disagreements with Deloitte on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. Additionally, there were no reportable events as defined by Regulation S-K.
Cannae Holdings informed Deloitte of their dismissal on May 22, 2025, and provided them with a copy of the Current Report on Form 8-K. Deloitte has issued a letter to the Securities and Exchange Commission, dated May 27, 2025, indicating their agreement with the disclosures made by Cannae Holdings.
Prior to their appointment, Cannae Holdings had not consulted Grant Thornton LLP on any matters that would require disclosure in the Current Report on Form 8-K. This information is based on a press release statement. InvestingPro data reveals that while management has been actively buying back shares, the company faces challenges with weak gross profit margins. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Cannae Holdings Inc. reported a challenging first quarter for 2025, with earnings and revenue falling short of expectations. The company posted an earnings per share (EPS) of -1.81, missing the forecasted -0.32, and reported revenue of $103.2 million, which was below the anticipated $108.35 million. This represents a 7% decrease in revenue year-over-year. Despite these results, Cannae Holdings is focusing on strategic investments and plans for significant share repurchases and debt repayments. The company aims to utilize $460 million from the sale of Dun & Bradstreet for these initiatives. Additionally, Cannae Holdings expanded its strategic relationship with JANNA Partners, acquiring an additional 30% stake for $67.5 million. This move enhances Cannae’s ability to allocate capital towards acquisitions and investment opportunities. The company also announced new board appointments, with Bill Royan and Woody Tyler joining, bringing extensive experience in investment management.
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