Duke Realty reported first quarter 2019 results, with FFO per share of $0.71, in line with expectations. To strengthen its balance sheet, Duke raised $575 million through a common stock offering, completed $156 million in secured debt financing, and repurchased $170 million of debt. Duke also reaffirmed its 2019 FFO guidance range despite economic challenges.
StellarOne Corporation reported improved first quarter results for 2009 compared to the fourth quarter of 2008. Net income was $146 thousand for the first quarter, an increase from a net loss of $898 thousand in the previous quarter. However, this was lower than net income of $2.1 million in the first quarter of the prior year. A key factor was a $7.8 million provision for loan losses, primarily due to increased losses in residential real estate development loans. While core earnings were up, asset quality deteriorated and economic conditions remained challenging, necessitating high loan loss provisions.
- DuPont reported second quarter earnings per share of $1.04, matching the prior year's result. Excluding a tax benefit in 2006, earnings grew 3% year-over-year.
- Sales increased 6% to $7.9 billion due to a 1% rise in volume, 2% higher prices, and a 3% boost from currency. Growth outside the US offset declines in the US housing and auto markets.
- DuPont reaffirmed its full year earnings outlook of $3.15 per share, excluding one-time costs, expecting benefits from growth outside the US, price increases, and cost reductions despite weakness in the US and higher input costs.
Federated Investors reported financial results for Q1 2009 with the following key details:
- Total managed assets reached a record high of $409.2 billion as of March 31, 2009.
- Net bond fund sales topped $1 billion for the first quarter of 2009, marking the best quarter for net fixed-income sales in over five years.
- Earnings per share were $0.34 for Q1 2009 compared to $0.54 in Q1 2008, with net income of $35.1 million compared to $55.8 million previously.
Duke Energy reported ongoing earnings of $818 million for the second quarter of 2004, excluding special items. However, including special items, reported earnings were $835 million. Special items included a $17 million gain primarily due to a California settlement and asset sale gains, partially offset by impairment charges. Segment earnings were lower than ongoing earnings primarily due to mild weather and higher planned maintenance costs, but were partially offset by higher bulk power sales and customer growth.
- Goldman Sachs reported third quarter earnings per share of $5.25, up from $1.81 in the third quarter of 2008.
- Net revenues were $12.37 billion for the quarter, with strong results in fixed income, currency and commodities (FICC) and equities trading.
- Trading and principal investments generated $10.03 billion in net revenues, down slightly from the previous quarter but significantly higher than the third quarter of 2008.
FedEx Corp. Reports Second Quarter Earningsfinance7
FedEx reported second quarter earnings of $1.58 per share, up slightly from the previous year. Revenues increased 1% to $9.54 billion despite a 2% decline in shipping volumes due to the weak economy. FedEx announced additional cost reduction measures, including salary cuts and suspension of 401(k) matching, to save $200 million in fiscal 2009 and $600 million in 2010. While DHL exiting the US market provides an opportunity, significant economic uncertainty led FedEx to not provide a third quarter guidance and lower its capital spending estimate to $2.4 billion for fiscal 2009.
Presentation of results from SpareBank 1 Gruppen - 1st half-year and 2nd quar...SpareBank 1 Gruppen AS
1) The SpareBank 1 Gruppen reported a pre-tax profit of NOK 308 million for the first half of 2011, down slightly from NOK 295 million in the same period in 2010. Profit after tax was NOK 249 million.
2) SpareBank 1 Skadeforsikring Group saw good portfolio growth of NOK 277 million or 5.9% in the first half of 2011. However, its pre-tax profit was impacted by large claims in Q1 and flood damage in Q2.
3) Overall, the SpareBank 1 Gruppen reported improved underlying earnings, but weak equity markets and natural disasters lowered profits compared to the previous year.
- Brookfield Infrastructure Partners L.P. announced its first quarter 2009 results for Brookfield Infrastructure L.P., which it accounts for using the equity method.
- Adjusted net operating income for Brookfield Infrastructure totaled $8.8 million for Q1 2009, compared to $18.9 million in Q1 2008, with decreases seen in timber and transmission operations.
- Brookfield Infrastructure exercised an option to sell its minority interests in TBE to CEMIG for approximately $275 million in proceeds.
StellarOne Corporation reported improved first quarter results for 2009 compared to the fourth quarter of 2008. Net income was $146 thousand for the first quarter, an increase from a net loss of $898 thousand in the previous quarter. However, this was lower than net income of $2.1 million in the first quarter of the prior year. A key factor was a $7.8 million provision for loan losses, primarily due to increased losses in residential real estate development loans. While core earnings were up, asset quality deteriorated and economic conditions remained challenging, necessitating high loan loss provisions.
- DuPont reported second quarter earnings per share of $1.04, matching the prior year's result. Excluding a tax benefit in 2006, earnings grew 3% year-over-year.
- Sales increased 6% to $7.9 billion due to a 1% rise in volume, 2% higher prices, and a 3% boost from currency. Growth outside the US offset declines in the US housing and auto markets.
- DuPont reaffirmed its full year earnings outlook of $3.15 per share, excluding one-time costs, expecting benefits from growth outside the US, price increases, and cost reductions despite weakness in the US and higher input costs.
Federated Investors reported financial results for Q1 2009 with the following key details:
- Total managed assets reached a record high of $409.2 billion as of March 31, 2009.
- Net bond fund sales topped $1 billion for the first quarter of 2009, marking the best quarter for net fixed-income sales in over five years.
- Earnings per share were $0.34 for Q1 2009 compared to $0.54 in Q1 2008, with net income of $35.1 million compared to $55.8 million previously.
Duke Energy reported ongoing earnings of $818 million for the second quarter of 2004, excluding special items. However, including special items, reported earnings were $835 million. Special items included a $17 million gain primarily due to a California settlement and asset sale gains, partially offset by impairment charges. Segment earnings were lower than ongoing earnings primarily due to mild weather and higher planned maintenance costs, but were partially offset by higher bulk power sales and customer growth.
- Goldman Sachs reported third quarter earnings per share of $5.25, up from $1.81 in the third quarter of 2008.
- Net revenues were $12.37 billion for the quarter, with strong results in fixed income, currency and commodities (FICC) and equities trading.
- Trading and principal investments generated $10.03 billion in net revenues, down slightly from the previous quarter but significantly higher than the third quarter of 2008.
FedEx Corp. Reports Second Quarter Earningsfinance7
FedEx reported second quarter earnings of $1.58 per share, up slightly from the previous year. Revenues increased 1% to $9.54 billion despite a 2% decline in shipping volumes due to the weak economy. FedEx announced additional cost reduction measures, including salary cuts and suspension of 401(k) matching, to save $200 million in fiscal 2009 and $600 million in 2010. While DHL exiting the US market provides an opportunity, significant economic uncertainty led FedEx to not provide a third quarter guidance and lower its capital spending estimate to $2.4 billion for fiscal 2009.
Presentation of results from SpareBank 1 Gruppen - 1st half-year and 2nd quar...SpareBank 1 Gruppen AS
1) The SpareBank 1 Gruppen reported a pre-tax profit of NOK 308 million for the first half of 2011, down slightly from NOK 295 million in the same period in 2010. Profit after tax was NOK 249 million.
2) SpareBank 1 Skadeforsikring Group saw good portfolio growth of NOK 277 million or 5.9% in the first half of 2011. However, its pre-tax profit was impacted by large claims in Q1 and flood damage in Q2.
3) Overall, the SpareBank 1 Gruppen reported improved underlying earnings, but weak equity markets and natural disasters lowered profits compared to the previous year.
- Brookfield Infrastructure Partners L.P. announced its first quarter 2009 results for Brookfield Infrastructure L.P., which it accounts for using the equity method.
- Adjusted net operating income for Brookfield Infrastructure totaled $8.8 million for Q1 2009, compared to $18.9 million in Q1 2008, with decreases seen in timber and transmission operations.
- Brookfield Infrastructure exercised an option to sell its minority interests in TBE to CEMIG for approximately $275 million in proceeds.
Embraer released its second quarter 2011 results. Revenues reached $1.358 billion and gross margin grew to 22.4%. EBIT was $105.6 million
and the EBIT margin was 7.8%, in line with guidance. Net income was $96.4 million compared to $57.4 million in the prior year. Embraer delivered
25 commercial and 23 executive jets. The company revised its 2011 revenue guidance upward to $5.8 billion from $5.6 billion and revised other
guidance metrics accordingly.
TRW reported its financial results for the 4th quarter and full year of 2007. Key highlights include:
- Record sales of $14.7 billion for the full year, an increase of 11.9% over 2006.
- 4th quarter sales were $3.9 billion, an increase of 18.8% over the same period in 2006.
- Net earnings for the full year were $90 million, or $0.88 per share. Excluding one-time items, earnings were $2.28 per share.
- Guidance for 2008 expects sales between $15.6-16 billion and earnings per share between $2.15-2.45.
TRW Automotive reported second quarter 2007 financial results, with sales increasing 8.5% to $3.8 billion compared to the previous year. Net earnings were $97 million, or $0.94 per share, compared to $91 million, or $0.88 per share in the prior year. The company completed refinancing its credit facilities, providing a lower cost debt structure. First half 2007 sales increased 6.8% to $7.3 billion, while operating income declined due to pricing reductions and product mix issues. Cash flow from operations was $290 million for the quarter and $69 million for the first half of the year.
DuPont reported solid financial results for the second quarter of 2008, with earnings per share growing 13% and sales increasing 12% compared to the prior year. Agriculture & Nutrition sales grew 23% due to strong global demand for corn, soybean, and crop protection products. DuPont increased the lower end of its full year 2008 earnings outlook range due to capturing growth in agriculture and emerging markets despite higher raw material and energy costs.
GM_Events & Presentations_GM Analyst Briefing - GM Plan for Long-Term ViabilityManya Mohan
The document outlines a restructuring plan for General Motors to achieve long-term viability and profitability. The plan calls for focusing resources on four core brands, reducing dealerships, lowering labor costs to match foreign competitors by 2012, restructuring debt and VEBA obligations, and investing in more fuel efficient vehicles. Government support of $4 billion in immediate loans and up to $12 billion in loans and credit lines is requested to provide liquidity during restructuring. The goal is for GM to break even with a 12.5-13 million annual US vehicle industry and be profitable by 2011 if the restructuring plan is implemented.
energy future holindings Q206 Earnings Release_Combined_FINALfinance29
TXU reported improved financial results for the second quarter and first half of 2006 compared to the same periods in 2005. Operational earnings per share increased 104% for the quarter and 107% year-to-date, driven by higher contribution margins, lower share counts, and other income gains, partially offset by higher expenses. TXU affirmed its outlook for 2006 operational earnings of $5.50-$5.75 per share and a 2% increase for 2007. The company also provided updates on its Power the Future of Texas program to develop new solid-fuel power generation capacity.
- In the second quarter of fiscal year 2009, AmerisourceBergen reported record diluted EPS of $0.95, a 17% increase over the previous year. Revenue was $17.3 billion, down 2.5% due to one less business day.
- For the full fiscal year 2009, the company increased guidance for diluted EPS to $3.18-$3.30, a 10-14% increase over 2008, due to lower expected shares outstanding and interest expenses.
- In the first six months of fiscal 2009, diluted EPS was $1.67, up 14% over the previous year, while revenue was $34.7 billion, down 1.1%.
DuPont reported strong earnings growth in the third quarter of 2007. Net income increased 8% to $526 million compared to $485 million in the third quarter of 2006. Earnings per share grew 8% to $0.56 excluding significant items. Sales increased 6% to $6.7 billion driven by 7% growth excluding portfolio changes. Segment pre-tax operating income grew 12% excluding significant items to $916 million. DuPont updated full-year 2007 EPS guidance to $3.15-$3.20 and expects continued earnings growth in 2008.
Sovereign Bancorp reported a 26% increase in net income and a 14% increase in earnings per share in the second quarter of 2004 compared to the same period in 2003. Commercial and consumer loans grew 7% and 25% respectively from the prior year. Fee revenue from commercial and consumer banking reached record highs. Expenses increased modestly while the efficiency ratio improved. The company remains well positioned for rising interest rates and continued growing its franchise through loans and deposits.
FedEx Corp. Reports 10% Revenue Growth in Second Quarter Dec 18, 2002 finance7
FedEx reported 10% revenue growth in Q2 but only 1% operating income growth due to cost increases. FedEx Ground volume grew 25% and operating income grew 69% while Home Delivery became profitable early. For Q3, earnings are expected to be lower due to the weak economy but the annual forecast is still achievable with an economic recovery.
Integrys Energy Group has maintained a strong dividend track record despite volatile market conditions. The company's stock investment plan allows shareholders, employees, and the public to purchase stock with no brokerage fees or commissions. Participants can choose to reinvest all, some, or none of their dividends and can make optional cash payments up to $100,000 per year to purchase additional shares.
Embraer delivered 35 commercial and 20 executive aircraft in Q2 2012. Revenues for the first half of 2012 totaled $2.87 billion. EBIT and EBITDA margins for Q2 2012 were 11.5% and 15.4% respectively. Net income was $54.3 million for Q2 2012, impacted by unrealized foreign exchange losses. Cash flow from operations was positive, but free cash flow for the first half was negative $149.2 million due to capital expenditures and inventory levels.
1) Net sales for the company decreased 8% to $2.119 billion in Q1 2007 compared to $2.292 billion in Q1 2006 due to declines in volumes and unfavorable price/mix, partially offset by foreign exchange gains.
2) Digital product sales decreased 3% to $1.210 billion while traditional product sales decreased 13% to $896 million.
3) Gross profit decreased 9% to $429 million in Q1 2007 due to unfavorable price/mix and volume declines, partially offset by cost reductions and foreign exchange gains.
Atmos Energy Corporation reported earnings for the first quarter of fiscal year 2009. Net income was $76.0 million, up slightly from $73.8 million in the prior year. Regulated gas distribution operations contributed $57.8 million in net income, up 25% from the prior year. The company affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per share, excluding mark-to-market impacts. Capital expenditures for the year are expected to be $500-$515 million.
Embraer released its first quarter 2010 results according to US GAAP standards. Key highlights included:
- Jet deliveries totaled 41 aircraft, including 21 commercial jets.
- Backlog remained strong at $16 billion, over 3 times annual revenue.
- Net sales were $990 million with gross margin improved to 21.7% from 18.2% in Q1 2009.
- EBIT and EBITDA margins were 5.8% and 8.1% respectively, in line with guidance.
- Net income was $35.3 million compared to a $23.4 million loss in Q1 2009.
Embraer released its first quarter 2012 results. Key highlights include:
- Deliveries of 21 commercial and 13 executive jets, surpassing deliveries in Q1 2011.
- Revenues of $1.16 billion and gross margin of 23.2% for the quarter.
- EBIT margin of 7.4% and EBITDA margin of 12.8% for the quarter, in line with expectations.
- Net income of $62.7 million and earnings per share of $0.3463 for the quarter.
- Net cash position of $301.8 million at the end of the quarter.
energy future holindings 2_27_07_Q4_06_Earnings_Release_With_Exhibits_FINALfinance29
TXU reported financial results for the fourth quarter and full year of 2006. For the fourth quarter, TXU reported net income of $475 million compared to $356 million in the previous year. For the full year, TXU reported net income of $2,552 million compared to $1,712 million the previous year. Operational earnings, which exclude special items, were $556 million for the fourth quarter and $2,592 million for the full year, increases from the previous years. TXU also announced that it had reached a definitive merger agreement to be acquired for $45 billion, representing a 25% premium over its share price.
Embraer released its third quarter 2012 results. Key highlights include:
- Revenues of $1.4 billion and gross margin of 25.3%
- EBIT of $100.9 million and EBIT margin of 7.2%
- Net income attributable to shareholders of $65.2 million
- Earnings per share of $0.3594
The results were impacted by $41.9 million in costs associated with restructuring agreements with an airline customer. Excluding this one-time item, EBIT margin would have been 10.2% and EBITDA margin 14.8%.
DTE Energy reported lower second quarter earnings compared to the previous year, but operating earnings were higher. While the electric and gas utilities saw improved earnings, the non-utility businesses had lower earnings due to accounting deferrals and oil hedging losses. However, DTE Energy reaffirmed its full-year operating earnings guidance.
- Genuine Parts Company reported financial results for Q3 and the first nine months of 2009.
- Sales were down 10% for Q3 and 11% for the nine month period compared to the previous year.
- Net income decreased 18% for Q3 and 23% for the nine month period year-over-year.
- The automotive segment saw a 1% sales decline for Q3, while industrial and electrical groups saw larger decreases.
Canadian National Railway Company reported financial results for the first quarter of 2009 with the following highlights:
- Revenues were $1,859 million, down slightly from $1,927 million in the first quarter of 2008.
- Net income was $424 million, up 36% compared to $311 million in the previous year.
- Earnings per share increased to $0.91 from $0.64 in the first quarter of 2008.
Boston Scientific announced financial results for the first quarter of 2009. Key highlights include:
- Worldwide sales of cardiac rhythm management products increased 9%, including a 13% rise in ICD sales. US CRM sales grew 11%, with a 14% increase in ICDs.
- The company expanded its worldwide drug-eluting stent market share to 44% and increased its US market share to 50%.
- Net sales were $2.01 billion, in line with guidance. Adjusted earnings per share were $0.19, at the high end of guidance range.
- For the second quarter, the company estimates net sales of $1.96-2.08 billion and adjusted EPS
Embraer released its second quarter 2011 results. Revenues reached $1.358 billion and gross margin grew to 22.4%. EBIT was $105.6 million
and the EBIT margin was 7.8%, in line with guidance. Net income was $96.4 million compared to $57.4 million in the prior year. Embraer delivered
25 commercial and 23 executive jets. The company revised its 2011 revenue guidance upward to $5.8 billion from $5.6 billion and revised other
guidance metrics accordingly.
TRW reported its financial results for the 4th quarter and full year of 2007. Key highlights include:
- Record sales of $14.7 billion for the full year, an increase of 11.9% over 2006.
- 4th quarter sales were $3.9 billion, an increase of 18.8% over the same period in 2006.
- Net earnings for the full year were $90 million, or $0.88 per share. Excluding one-time items, earnings were $2.28 per share.
- Guidance for 2008 expects sales between $15.6-16 billion and earnings per share between $2.15-2.45.
TRW Automotive reported second quarter 2007 financial results, with sales increasing 8.5% to $3.8 billion compared to the previous year. Net earnings were $97 million, or $0.94 per share, compared to $91 million, or $0.88 per share in the prior year. The company completed refinancing its credit facilities, providing a lower cost debt structure. First half 2007 sales increased 6.8% to $7.3 billion, while operating income declined due to pricing reductions and product mix issues. Cash flow from operations was $290 million for the quarter and $69 million for the first half of the year.
DuPont reported solid financial results for the second quarter of 2008, with earnings per share growing 13% and sales increasing 12% compared to the prior year. Agriculture & Nutrition sales grew 23% due to strong global demand for corn, soybean, and crop protection products. DuPont increased the lower end of its full year 2008 earnings outlook range due to capturing growth in agriculture and emerging markets despite higher raw material and energy costs.
GM_Events & Presentations_GM Analyst Briefing - GM Plan for Long-Term ViabilityManya Mohan
The document outlines a restructuring plan for General Motors to achieve long-term viability and profitability. The plan calls for focusing resources on four core brands, reducing dealerships, lowering labor costs to match foreign competitors by 2012, restructuring debt and VEBA obligations, and investing in more fuel efficient vehicles. Government support of $4 billion in immediate loans and up to $12 billion in loans and credit lines is requested to provide liquidity during restructuring. The goal is for GM to break even with a 12.5-13 million annual US vehicle industry and be profitable by 2011 if the restructuring plan is implemented.
energy future holindings Q206 Earnings Release_Combined_FINALfinance29
TXU reported improved financial results for the second quarter and first half of 2006 compared to the same periods in 2005. Operational earnings per share increased 104% for the quarter and 107% year-to-date, driven by higher contribution margins, lower share counts, and other income gains, partially offset by higher expenses. TXU affirmed its outlook for 2006 operational earnings of $5.50-$5.75 per share and a 2% increase for 2007. The company also provided updates on its Power the Future of Texas program to develop new solid-fuel power generation capacity.
- In the second quarter of fiscal year 2009, AmerisourceBergen reported record diluted EPS of $0.95, a 17% increase over the previous year. Revenue was $17.3 billion, down 2.5% due to one less business day.
- For the full fiscal year 2009, the company increased guidance for diluted EPS to $3.18-$3.30, a 10-14% increase over 2008, due to lower expected shares outstanding and interest expenses.
- In the first six months of fiscal 2009, diluted EPS was $1.67, up 14% over the previous year, while revenue was $34.7 billion, down 1.1%.
DuPont reported strong earnings growth in the third quarter of 2007. Net income increased 8% to $526 million compared to $485 million in the third quarter of 2006. Earnings per share grew 8% to $0.56 excluding significant items. Sales increased 6% to $6.7 billion driven by 7% growth excluding portfolio changes. Segment pre-tax operating income grew 12% excluding significant items to $916 million. DuPont updated full-year 2007 EPS guidance to $3.15-$3.20 and expects continued earnings growth in 2008.
Sovereign Bancorp reported a 26% increase in net income and a 14% increase in earnings per share in the second quarter of 2004 compared to the same period in 2003. Commercial and consumer loans grew 7% and 25% respectively from the prior year. Fee revenue from commercial and consumer banking reached record highs. Expenses increased modestly while the efficiency ratio improved. The company remains well positioned for rising interest rates and continued growing its franchise through loans and deposits.
FedEx Corp. Reports 10% Revenue Growth in Second Quarter Dec 18, 2002 finance7
FedEx reported 10% revenue growth in Q2 but only 1% operating income growth due to cost increases. FedEx Ground volume grew 25% and operating income grew 69% while Home Delivery became profitable early. For Q3, earnings are expected to be lower due to the weak economy but the annual forecast is still achievable with an economic recovery.
Integrys Energy Group has maintained a strong dividend track record despite volatile market conditions. The company's stock investment plan allows shareholders, employees, and the public to purchase stock with no brokerage fees or commissions. Participants can choose to reinvest all, some, or none of their dividends and can make optional cash payments up to $100,000 per year to purchase additional shares.
Embraer delivered 35 commercial and 20 executive aircraft in Q2 2012. Revenues for the first half of 2012 totaled $2.87 billion. EBIT and EBITDA margins for Q2 2012 were 11.5% and 15.4% respectively. Net income was $54.3 million for Q2 2012, impacted by unrealized foreign exchange losses. Cash flow from operations was positive, but free cash flow for the first half was negative $149.2 million due to capital expenditures and inventory levels.
1) Net sales for the company decreased 8% to $2.119 billion in Q1 2007 compared to $2.292 billion in Q1 2006 due to declines in volumes and unfavorable price/mix, partially offset by foreign exchange gains.
2) Digital product sales decreased 3% to $1.210 billion while traditional product sales decreased 13% to $896 million.
3) Gross profit decreased 9% to $429 million in Q1 2007 due to unfavorable price/mix and volume declines, partially offset by cost reductions and foreign exchange gains.
Atmos Energy Corporation reported earnings for the first quarter of fiscal year 2009. Net income was $76.0 million, up slightly from $73.8 million in the prior year. Regulated gas distribution operations contributed $57.8 million in net income, up 25% from the prior year. The company affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per share, excluding mark-to-market impacts. Capital expenditures for the year are expected to be $500-$515 million.
Embraer released its first quarter 2010 results according to US GAAP standards. Key highlights included:
- Jet deliveries totaled 41 aircraft, including 21 commercial jets.
- Backlog remained strong at $16 billion, over 3 times annual revenue.
- Net sales were $990 million with gross margin improved to 21.7% from 18.2% in Q1 2009.
- EBIT and EBITDA margins were 5.8% and 8.1% respectively, in line with guidance.
- Net income was $35.3 million compared to a $23.4 million loss in Q1 2009.
Embraer released its first quarter 2012 results. Key highlights include:
- Deliveries of 21 commercial and 13 executive jets, surpassing deliveries in Q1 2011.
- Revenues of $1.16 billion and gross margin of 23.2% for the quarter.
- EBIT margin of 7.4% and EBITDA margin of 12.8% for the quarter, in line with expectations.
- Net income of $62.7 million and earnings per share of $0.3463 for the quarter.
- Net cash position of $301.8 million at the end of the quarter.
energy future holindings 2_27_07_Q4_06_Earnings_Release_With_Exhibits_FINALfinance29
TXU reported financial results for the fourth quarter and full year of 2006. For the fourth quarter, TXU reported net income of $475 million compared to $356 million in the previous year. For the full year, TXU reported net income of $2,552 million compared to $1,712 million the previous year. Operational earnings, which exclude special items, were $556 million for the fourth quarter and $2,592 million for the full year, increases from the previous years. TXU also announced that it had reached a definitive merger agreement to be acquired for $45 billion, representing a 25% premium over its share price.
Embraer released its third quarter 2012 results. Key highlights include:
- Revenues of $1.4 billion and gross margin of 25.3%
- EBIT of $100.9 million and EBIT margin of 7.2%
- Net income attributable to shareholders of $65.2 million
- Earnings per share of $0.3594
The results were impacted by $41.9 million in costs associated with restructuring agreements with an airline customer. Excluding this one-time item, EBIT margin would have been 10.2% and EBITDA margin 14.8%.
DTE Energy reported lower second quarter earnings compared to the previous year, but operating earnings were higher. While the electric and gas utilities saw improved earnings, the non-utility businesses had lower earnings due to accounting deferrals and oil hedging losses. However, DTE Energy reaffirmed its full-year operating earnings guidance.
- Genuine Parts Company reported financial results for Q3 and the first nine months of 2009.
- Sales were down 10% for Q3 and 11% for the nine month period compared to the previous year.
- Net income decreased 18% for Q3 and 23% for the nine month period year-over-year.
- The automotive segment saw a 1% sales decline for Q3, while industrial and electrical groups saw larger decreases.
Canadian National Railway Company reported financial results for the first quarter of 2009 with the following highlights:
- Revenues were $1,859 million, down slightly from $1,927 million in the first quarter of 2008.
- Net income was $424 million, up 36% compared to $311 million in the previous year.
- Earnings per share increased to $0.91 from $0.64 in the first quarter of 2008.
Boston Scientific announced financial results for the first quarter of 2009. Key highlights include:
- Worldwide sales of cardiac rhythm management products increased 9%, including a 13% rise in ICD sales. US CRM sales grew 11%, with a 14% increase in ICDs.
- The company expanded its worldwide drug-eluting stent market share to 44% and increased its US market share to 50%.
- Net sales were $2.01 billion, in line with guidance. Adjusted earnings per share were $0.19, at the high end of guidance range.
- For the second quarter, the company estimates net sales of $1.96-2.08 billion and adjusted EPS
BB&T Corporation reported financial results for the first quarter of 2009. Net income available to common shareholders was $271 million, down 36.7% from the first quarter of 2008, with diluted earnings per share of $0.48. Total assets increased 5.1% from the end of 2008 to $143.4 billion. However, nonperforming assets more than tripled to $2.75 billion compared to the prior year. Provision for credit losses increased significantly to $676 million from $223 million in the previous year. Overall, BB&T's financial results declined compared to the first quarter of 2008 largely due to higher credit costs.
- Fastenal Company reported financial results for Q3 2009, with net sales down 21.7% and net earnings down 34.7% from Q3 2008. For the first nine months of 2009, net sales were down 19% and net earnings down 35.6% compared to the same period in 2008.
- The weakened economy continues to negatively impact Fastenal's business, particularly sales to manufacturing and non-residential construction customers. Sales to manufacturers were down approximately 23% in Q3 2009 compared to Q3 2008.
- Fastenal remains focused on balancing long-term growth opportunities with necessary short-term reactions to current economic challenges. It has slowed store openings and headcount growth to help
This document is RPM International Inc.'s quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes:
- Financial statements including the balance sheet, income statement, and cash flow statement for the quarter.
- Notes to the financial statements providing additional details.
- Management's discussion and analysis of financial condition and results of operations for the quarter.
- Disclosures around legal proceedings, risk factors, equity securities, and exhibits.
The financial statements show that for the quarter ended August 31, 2009, RPM reported net income of $73 million on net sales of $916 million. Cash provided by operating activities was $52 million for the quarter.
- Illinois Tool Works reported a loss of 6 cents per share in the first quarter of 2009 compared to earnings of 70 cents per share in the first quarter of 2008. Revenues declined 24% due to weak global end markets.
- The company recorded $90 million in impairment charges and $28 million in tax charges in the quarter. Excluding these charges, earnings would have been 17 cents per share.
- Cash flow from operations remained strong at $447 million in the quarter, driven by reductions in working capital. The company expects revenues to increase 5-11% in the second quarter and forecasts earnings of 25-37 cents per share.
CIT Group reported second quarter results with income from continuing operations of $48.1 million, down from $352.1 million in the prior year quarter. They recorded a net loss of $2.1 billion including a $2.1 billion loss from discontinued home lending operations. CIT made progress strengthening its balance sheet by raising $1.6 billion in capital and selling its home lending business. Credit quality in commercial operations declined slightly with higher delinquencies but lower net charge-offs.
CIT Group reported second quarter earnings of $48.1 million, down from $352.1 million in the prior year quarter. They completed the sale of their home lending business, recording a $2.1 billion loss. Credit reserves were increased and capital ratios remained strong despite challenging market conditions. Progress was made on strategic capital and liquidity initiatives including raising $1.6 billion in capital and reducing commercial finance assets by $3 billion through asset sales. While earnings declined, the company strengthened its balance sheet by selling assets and raising capital.
- CoBiz Financial announced a preliminary net loss of $14.6 million for Q1 2009 compared to a net income of $1.6 million in Q1 2008. This was driven by a $33.9 million loan loss provision.
- Nonperforming assets increased to $52.5 million from $47 million in Q4 2008. The allowance for loan losses increased to 3.16% of total loans.
- Net interest margin expanded to 4.38% from 4.15% in Q4 2008. However, noninterest income decreased due to soft insurance, investment advisory, and investment banking markets.
S&T Bancorp reported a net loss of $3.1 million for Q1 2009 compared to net income of $14.9 million for Q1 2008. This was primarily due to a significant increase in loan loss provisions from $1.3 million to $21.4 million. Nonperforming loans increased substantially from $42.5 million to $92 million. The CEO commented that they are working closely with commercial customers experiencing difficulties due to the deteriorating economy, but that increasing reserves was prudent given current conditions.
CIT Group reported a loss of $1.30 per share for the first quarter of 2009, with results impacted by high credit costs including loan loss reserves, and margin compression from tight credit markets. CIT made progress transferring assets into CIT Bank and raising over $700 million in deposits, while estimated capital ratios were 9.3% for Tier 1 and 13.0% for Total Capital. New business volume was $2.4 billion for the quarter, down from prior periods, reflecting weak market conditions. Credit quality deteriorated, with non-accrual loans up and net charge-offs increased to 2.78% of average loans. Expenses declined from prior periods due to restructuring.
CIT Group reported a net loss of $257 million for Q1 2008. Key actions to improve liquidity included agreeing to sell $4.6 billion in loans and $770 million in aircraft, and identifying an additional $2 billion in assets to be financed or sold. Commercial businesses earned $0.82 per share excluding notable items, while losses from home lending and consumer segments drove the overall loss. The company declared a reduced quarterly dividend of $0.10 per share.
CIT Group reported a net loss of $257 million for Q1 2008. Key actions to improve liquidity included agreeing to sell $4.6 billion in loans and commitments, $770 million in aircraft, and identifying $2 billion more in assets to finance or sell. Commercial businesses earned $0.82 per share excluding notable items, while losses from home lending and consumer segments and charges drove the overall loss. The company strengthened credit loss reserves and reduced the quarterly dividend to $0.10 per share.
PDG Realty conducted several financial operations in 2Q09, including a R$45 million securitization and issuing convertible debentures. Shareholders will vote on issuing R$300 million in debentures to finance projects. Contracted sales reached R$848 million in 2Q09, up 69% over 1Q09. The company's landbank grew 17% to R$8.2 billion spread across 62 cities in Brazil and Argentina.
Bank of the Ozarks reported record first quarter 2009 earnings, with net income of $9.3 million, a 19.6% increase from the first quarter of 2008. Net interest income increased 39.5% to a record $30.3 million due to improved net interest margin. Non-interest income also increased 82.9% due to significant gains on securities sales. While asset quality ratios increased, the bank increased its allowance for loan losses to $36.9 million and remains well-capitalized with common equity ratios of 8.53% of assets.
The document summarizes Sonoco's 2009 second quarter financial results. Key points:
- Net sales declined 21% year-over-year due to lower volumes, especially in industrial markets impacted by recession.
- Base earnings were $0.41 per share compared to $0.62 per share last year, with higher pension costs partially offsetting improvements from cost reductions.
- The Consumer Packaging segment saw a 6% sales decline but a 20% increase in operating profits due to price increases and productivity gains.
JPMorgan Chase reported first quarter 2010 net income of $3.3 billion, up from $2.1 billion in the first quarter of 2009. The Investment Bank generated strong results driven by fixed income markets revenue. Retail Financial Services reported a net loss due to high credit costs, though Retail Banking saw higher profits. While credit costs remained elevated, the firm saw signs of stabilization and improvement in some consumer credit portfolios.
JPMorgan Chase reported first quarter 2010 net income of $3.3 billion, up from $2.1 billion in the first quarter of 2009. The Investment Bank generated strong results driven by fixed income markets revenue. Retail Financial Services reported a net loss due to high credit costs, though Retail Banking saw higher profits. While credit costs remained elevated, the firm saw signs of stabilization and improvement in some consumer credit portfolios.
Morgan Stanley Dean Witter reported strong second quarter 2000 results, with net income up 27% to $1.458 billion and earnings per share up 30% compared to the second quarter of 1999. All business segments performed well, with record results in securities and asset management. The company also announced an additional $1.5 billion stock repurchase authorization.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services earnings were reduced by high credit costs, though revenue increased 56% due to the Washington Mutual acquisition. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services saw higher revenue due to the Washington Mutual acquisition, but a higher provision for credit losses led to a net loss. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion after repaying $25 billion in TARP funds.
Cathay General Bancorp reported net income of $10.2 million for Q1 2009, down significantly from $27.3 million in Q1 2008. Earnings per share were $0.12 compared to $0.55 the previous year. Non-interest income increased to $27.7 million due to gains on securities sales, but this was offset by a rise in provision for credit losses to $47 million and increased non-interest expenses. Total assets decreased slightly to $11.4 billion while deposits grew 6.3% to $7.3 billion, though loans fell 1.1% to $7.4 billion amid weak economic conditions.
Comerica reported net income of $9 million for Q1 2009, down from $20 million in Q4 2008. Preferred stock dividends reduced net income applicable to common stock to a loss of $24 million. Average core deposits increased $1 billion from Q4 2008 while loans declined. Noninterest income rose on gains but expenses fell due to job cuts. Credit quality deteriorated with higher provisions and nonperforming assets, especially in commercial real estate. Management remains focused on costs and supporting customers through the downturn.
The document discusses FirstBank Puerto Rico's (FBP) annual shareholder's meeting on April 27, 2010. It summarizes the challenging economic environment in Puerto Rico, the US Virgin Islands, and Florida in 2009. It also discusses FBP's financial results for 2009, including a net loss which was the first negative year in half a decade. Reducing non-performing assets is identified as the number one priority. Plans for capital raising and strengthening the balance sheet are outlined.
Lincare Holdings Inc. announced financial results for the first quarter of 2009, with net revenues of $371.7 million, down from $415.4 million in the first quarter of 2008. Net income was $26.0 million, down from $58.2 million in the previous year. Earnings per share were $0.36, down from $0.76. The results were impacted by reductions in Medicare reimbursement rates beginning in January 2009. The CEO stated they are well positioned to gain market share as competitors struggle with the reimbursement cuts.
CIT Group reported a loss from continuing operations of $301.6 million for Q3 2008, compared to income of $208.5 million in Q3 2007, driven by goodwill and intangible impairment charges related to its Vendor Finance segment. It continued progress on liquidity initiatives by refinancing funding facilities, issuing deposits, and limiting asset growth. Credit costs increased as charge-offs rose and reserves were built up due to weakening economic conditions.
Similar to Q1 2009 Earning Report of Duke Realty Corp. (20)
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
A. Schulman reported fiscal fourth-quarter and full-year 2009 results, with strong margins and excellent liquidity. For the quarter, gross margins reached 16.3% compared to 12.1% last year. North America approached break-even despite lower volumes. Cash on hand exceeded $228 million with over $300 million available in credit lines. For the full year, net sales were $1.28 billion, down 35.5% from last year. Gross margins increased to 13.3% from 11.8% last year, and income from continuing operations was $11.2 million.
BB&T Corporation presented its fourth quarter 2009 investor presentation. The presentation highlighted BB&T's strategic acquisition of Colonial Bank, which enhanced its franchise in key Southeastern markets. The Colonial transaction was deemed financially attractive and expected to be accretive to earnings, exceeding BB&T's merger criteria. BB&T has a proven track record of successfully integrating acquisitions and anticipated achieving annual cost savings of $170 million from the Colonial deal.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
This document is Atheros Communications' quarterly report filed with the SEC for the quarter ended September 30, 2009. It includes Atheros' condensed consolidated financial statements, with assets of $676 million and liabilities of $103 million. It also provides management's discussion of the company's financial condition and operating results, and discusses risks including the economic downturn and competition in the wireless LAN market. The report includes certifications of the CEO and CFO regarding financial controls.
- The document is Apple Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 27, 2009.
- It provides Apple's condensed consolidated financial statements and notes to the financial statements for the quarter.
- The financial statements show that Apple's net sales increased 12% to $8.3 billion for the quarter compared to $7.5 billion in the same quarter the previous year, while net income increased 15% to $1.2 billion from $1.1 billion.
Hancock Holding Company announced its financial results for the third quarter of 2009. Net income increased 10.7% from the previous quarter to $15.2 million. Key factors were lower loan loss provisions and an expanded net interest margin. Non-performing assets rose slightly while net charge-offs decreased. Total assets declined 3.4% but the company remained well capitalized, with tangible equity ratio rising to 8.71%.
This document provides an agenda and highlights for Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with investors. It includes introductions, a discussion of 4Q and FY performance and strategies, financial results, and a Q&A session. Key metrics highlighted are 7.6% sales growth and a 1.5% decline in net earnings for 4Q, and 7.3% sales growth and a 7% decline in net earnings for FY2009. The document also outlines Walgreen's strategies around healthcare reform, the flu season, and expanding their business model.
1) Infosys Technologies reported financial results for the quarter ending September 30, 2009, with revenues of $1.154 billion, a 5.1% decline from the previous year. Net income was $317 million, a 0.9% decline.
2) For the quarter ending December 31, 2009, Infosys expects revenues between $1.155-1.165 billion, a 1.4-0.5% decline from the previous year, and earnings per share of $0.50, a 13.8% decline.
3) For the full fiscal year ending March 31, 2010, Infosys expects revenues between $4.60-4.62 billion, a 1
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
PepsiCo held its 2009 Q3 earnings call on October 8, 2009. In the call, PepsiCo reaffirmed its guidance for 2009 of mid-to-high single digit constant currency net revenue and core EPS growth. PepsiCo also set a 2010 target of 11-13% core constant currency EPS growth, assuming the closing of acquisitions of PBG and PAS in early 2010. PepsiCo reported 5% constant currency net revenue growth and 8% core constant currency EPS growth in Q3 2009. PepsiCo highlighted investments planned for 2010 in areas such as R&D, emerging markets, brands, IT infrastructure, sustainability, and developing its employees.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
The Pepsi Bottling Group reported third quarter 2009 results. Comparable diluted EPS was $1.06 and reported diluted EPS was $1.14. Currency neutral operating income grew 10% compared to the prior year on a comparable basis, while reported operating income declined 4% due to foreign exchange impacts. The company remains on track to achieve full-year 2009 guidance of $2.30-$2.40 diluted EPS at the high end of the range and has raised operating free cash flow guidance to approximately $550 million.
- Jean Coutu Group reported an increase in sales and revenues for the second quarter of 2010 compared to the same period last year. Total sales increased 7.7% to $549 million while revenues from franchising increased 7.3% to $608.7 million.
- Net earnings for the quarter were $14.9 million compared to a net loss of $39.1 million in the previous year. Earnings per share were $0.07 compared to a loss per share of $0.16 last year.
- Rite Aid also reported financial results for the second quarter, with revenues of $6.3 billion and a net loss of $116 million. Rite Aid revised its guidance
Minerva plc presented preliminary results for the year ended 30 June 2009. Key points included successfully restructuring and extending £750 million in loan facilities with no scheduled maturities in the current or next fiscal year. Development projects such as The Walbrook and St. Botolphs were on time and on budget. Tenant interest was improving for office developments in London's financial district despite a difficult real estate market.
This document is Worthington Industries' quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes financial statements and notes for the quarter, as well as a discussion of financial results by management. Some key details include:
- Net sales for the quarter were $417.5 million, down from $913.2 million in the prior year quarter. The company reported a net loss of $4.5 million compared to net income of $79.7 million in the previous year.
- Inventories totaled $232.9 million as of August 31, 2009, down from $270.6 million as of May 31, 2009 as the company worked to reduce inventory levels.
The document provides the agenda and highlights from Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with analysts held on September 29, 2009. It discusses 4th quarter and fiscal year financial results including net sales growth of 7.6% and 7.3% respectively, adjusted earnings per share of $0.44 and $2.02, and prescription sales growth. The document also summarizes Walgreen's strategies around healthcare reform, the H1N1 flu pandemic, expanding health services and 90-day prescriptions to lower costs.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
1. Duke Realty Corporation Reports First Quarter ResultsLiquidity Position Enhanced to Address Debt Maturities; FFO in Line With Expectations and Earnings Guidance ReaffirmedINDIANAPOLIS, IN, Apr 29, 2009 (MARKET WIRE via COMTEX) -- Duke Realty Corporation (NYSE: DRE), an owner, manager and developer of industrial, office and healthcare properties throughout the United States, today reported results for the first quarter ended March 31, 2009. Operating Highlights -- Funds from operations (FFO) per share of $0.71 for the quarter, in line with expectations.-- Liquidity position enhanced to address debt maturities: - $575 million raised in sale of 75.2 million shares of common stock in follow-on public offering closed April 21, 2009; - $156 million of 10-year secured debt financing completed; - $280 million term sheet executed for seven-year secured financing; - $170 million par value of unsecured debt obligations repurchased at a discount; - $62 million in cash generated from property and land sales; - Joint venture partner contribution agreements executed; cash proceeds of $33 million expected in second quarter;-- 2009 FFO guidance reaffirmed: $1.42 - $1.64 per share as adjusted for the additional shares issued in the April 2009 common stock offering, ($1.85 - $2.15 per share pre-offering).
Despite the economic downturn, Duke's first quarter performance met our expectations,
said Dennis D. Oklak, chairman and chief executive officer.
We remain committed to our long-term strategy as an owner, manager and developer of industrial, office and healthcare properties. In the short term, we are continuing to strengthen our capital position and optimize performance of existing assets.
Financial Performance -- Funds from operations (
FFO
) per share for the first quarter of 2009 were $0.71 ($0.50 per share, excluding $33.1 million of gains realized from the repurchase of the company's unsecured bonds during the quarter). This compares with FFO per share of $0.57 realized in the first quarter of 2008, as restated for the effects of a change in accounting for interest expense attributable to the company's exchangeable unsecured notes maturing in December 2011. The decrease in FFO per share from the first quarter of 2008 (excluding the effects of the $33.1 million of gains realized from the repurchase of the company's unsecured bonds during the quarter) is the result of a decrease in gains from sales of built-for-sale properties and land, as well as lease termination fees.-- Net income per diluted share (EPS) for the first quarter was $0.15, compared with $0.02 for the first quarter of 2008. The variance is primarily attributable to the effects of the gains realized from the repurchase of the company's unsecured bonds during the quarter.Financing Update and Common Stock Offering The company announced the following transactions, which, in the aggregate, created significant additional liquidity and strengthened the company's balance sheet: -- Completion on April 21, 2009 of an underwritten public offering of 75,210,000 shares of the company's common stock at a price per share of $7.65. The offering raised $575 million ($552 million of net proceeds), which the company used to repay outstanding borrowings under its unsecured line of credit and for general corporate purposes.-- Completion of $156 million of 10-year secured debt financing. The loans are secured by geographically diverse portfolios of suburban office and industrial assets. The proceeds were primarily used to repurchase unsecured bonds with near-term maturities and to pay down the company's line of credit.-- Execution of a term sheet for a $280 million seven-year secured loan. The company is actively discussing additional secured debt financing with multiple lenders, which the company believes may generate proceeds of approximately $200 million in 2009. To the extent that such loans are finalized, they would also be secured by geographically diverse portfolios of suburban office and industrial assets. As of March 31, 2009, the company had $5.7 billion of in-service, unencumbered assets in its portfolio.-- Repurchase of $170 million in outstanding unsecured debt that was scheduled to mature in 2009 through 2011. These obligations were repurchased for $131 million at an average discount to par value of 23 percent.-- Repayment in full of $125 million of 6.8 percent unsecured notes upon maturity in February.-- After applying the proceeds of the April 2009 common stock offering to the balance outstanding on the line of credit, the amount available increased to approximately $1.2 billion. The line of credit is scheduled to mature in January 2010, and the company, in its sole discretion, may extend this maturity by one year to January 2011.The company's unsecured bond maturities are modest through December 31, 2010, amounting to $286 million, or less than seven percent of total debt outstanding. Portfolio Performance -- Stabilized, in-service properties (124 million square feet) were 89.7 percent leased at March 31, 2009, compared with 92.4 percent at December 31, 2008. This decrease is attributable to the addition of five recently developed properties aggregating 2.5 million square feet which were 49.2 percent leased at March 31, 2009, as well as to lease expirations during the first quarter of 2009.-- Tenant retention for the first quarter of 2009 was 68.2 percent, with growth in net effective rents of 3.8 percent.-- Same store net operating income decreased by 0.4 percent for the first quarter of 2009, compared with the three-month period ended March 31, 2008. Same store net operating income increased by approximately 2.5 percent for the 12-month period ended March 31, 2009, compared with the 12-month period ended March 31, 2008.Real Estate Investment Activity Development Wholly Owned Properties -- The company's wholly owned development pipeline at March 31, 2009 consisted mostly of projects that are in the final stages of completion. These projects aggregated $371 million, with $196 million in remaining costs to be funded. The pipeline comprised 17 properties (1.9 million square feet), most of which were healthcare properties, and was 83 percent pre-leased on average in the aggregate.-- In accordance with its selective pursuit of new development, the company began only one project during the quarter: a medical office building for a hospital system affiliated with Ascension Health in Austin, TX, with projected costs of $21.6 million.-- The company placed into service two properties (112,000 square feet) that were 90 percent leased on average.Joint Venture Properties -- The company's joint venture development pipeline at March 31, 2009 aggregated $373 million, with $158 million in remaining costs to be funded. The pipeline consisted of five properties (2.1 million square feet) that were 12 percent preleased on average. Each joint venture has obtained third- party debt to finance construction of these properties. (All joint venture costs and square footage are reported at 100 percent ownership.)Acquisitions No properties were acquired during the first quarter. Dispositions -- During the quarter, the company completed $62 million of asset dispositions, including two office buildings in St. Louis aggregating 380,000 square feet. These two properties, together with 14 acres of land, were sold for gross proceeds of $61 million to Scottrade at a capitalization rate of 7.42 percent.-- The company has executed agreements pursuant to which its joint venture partner, CB Richard Ellis Realty Trust, will acquire three additional properties from the company. Closing is scheduled to occur in May 2009, subject to certain conditions, and is anticipated to provide gross proceeds of $33 million.Dividends Declared The company's board of directors has declared a quarterly cash dividend on the company's common stock of $0.17 per share, or $0.68 per share on an annualized basis. The reduction in dividends per share from the fourth quarter of 2008 is due to the issuance of additional shares in the April 2009 common stock offering. The first quarter dividend will be payable May 29, 2009 to shareholders of record as of May 14, 2009. The company's policy is to pay aggregate annual dividends in 2009 in an amount generally equal to its annual taxable income. The board also declared the following dividends on the company's outstanding preferred stock: QuarterlyClass NYSE Symbol Amount/Share Record Date Payment Date ------------- ------------ ------------- -------------Series J DREPRJ $ 0.414063 May 15, 2009 May 29, 2009Series K DREPRK $ 0.406250 May 15, 2009 May 29, 2009Series L DREPRL $ 0.412500 May 15, 2009 May 29, 2009Series M DREPRM $ 0.434375 June 16, 2009 June 30, 2009Series N DREPRN $ 0.453125 June 16, 2009 June 30, 2009Series O DREPRO $ 0.523438 June 16, 2009 June 30, 2009Earnings Guidance Reaffirmed The company reaffirmed FFO guidance for 2009 of $1.42 - $1.64 per share, as adjusted for the additional shares issued in the April 2009 common stock offering, ($1.85 - $2.15 per share pre-offering). Guidance is provided for informational purposes and is subject to change. Actions Taken at Annual Meeting of Shareholders At the company's annual meeting of shareholders today, all of the members of the company's board of directors standing for election were re-elected for a one-year term. As part of the company's corporate governance policy, each director must stand for re-election annually. Shareholders also ratified the board of directors' reappointment of KPMG LLP as the company's independent public accountants for 2009 and approved the company's Amended and Restated 2005 Long-Term Incentive Plan. About Duke Realty Corporation Duke Realty Corporation specializes in the ownership, management and development of office, industrial, and healthcare real estate. The company owns, maintains an interest in or has under development approximately 135 million rentable square feet in 21 U.S. cities. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke is available at www.dukerealty.com. First Quarter Earnings Call and Supplemental Information Duke is hosting a conference call tomorrow, April 30, 2009, at 3:00 p.m. EDT to discuss its first quarter operating results. All investors and other interested parties are invited to listen to the call. Access is available through the Investor Relations section of the company's Web site. A copy of the company's supplemental information fact book will be available after 6:00 p.m. EDT today through the Investor Relations section of the company's Web site. Cautionary Notice Regarding Forward-Looking Statements This news release may contain forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts, including, among others, statements regarding the company's future financial position, projected financing sources, future transactions with joint venture partners, future dividends, and future performance, are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of the company, members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as
may,
will,
seeks,
anticipates,
believes,
estimates,
expects,
plans,
intends,
should,
or similar expressions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that actual results may differ materially from those contemplated by such forward-looking statements. Many of these factors are beyond the companies' abilities to control or predict. Such factors include, but are not limited to, (i) general adverse economic and local real estate conditions, including the current economic recession; (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business; (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms, if at all; (iv) the company's ability to raise capital by selling its assets; (v) changes in governmental laws and regulations; (vi) the level and volatility of interest rates and foreign currency exchange rates; (vii) valuation of joint venture investments, (viii) valuation of marketable securities and other investments; (ix) increases in operating costs; (x) changes in the dividend policy for the company's common stock; (xi) the reduction in the company's income in the event of multiple lease terminations by tenants; and (xii) impairment charges. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company's filings with the Securities and Exchange Commission. The company refers you to the section entitled
Risk Factors
contained in the company's Annual Report on Form 10-K for the year ended December 31, 2008. Copies of each filing may be obtained from the company or the Securities and Exchange Commission. The risks included here are not exhaustive and undue reliance should not be placed on any forward-looking statements, which are based on current expectations. All written and oral forward-looking statements attributable to the company, its management, or persons acting on their behalf are qualified in their entirety by these cautionary statements. Further, forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time unless otherwise required by law. Financial Highlights (in thousands, except per share data) ------------------------ Three Months Ended March 31, ------------------------Operating Results 2009 2008 ----------- -----------Revenues from continuing operations $ 237,897 $ 226,539Earnings from rental operations 57,489 60,431Earnings from service operations 8,348 4,413Funds from operations available for common shareholders - Basic 105,793 83,127Funds from operations available for common shareholders - Diluted 110,614 87,591Net income available for common shareholders - Basic 22,732 2,203Net income available for common shareholders - Diluted 23,792 2,341Per Share:Funds from operations available for common shareholders - Basic (1) $ 0.50 $ 0.57Funds from operations available for common shareholders - Diluted (1) $ 0.50 $ 0.57Net income available for common shareholders - Basic $ 0.15 $ 0.02Net income available for common shareholders - Diluted $ 0.15 $ 0.02Dividend payout ratio of funds from operations 50.0% 84.2%Weighted average shares outstanding Basic - Funds From Operations and Net Income 148,488 146,331 Diluted - Funds From Operations and Net Income 155,747 154,596 ------------------------ March 31, December 31,Balance Sheet Data 2009 2008 ----------- -----------Net real estate investments $ 6,075,210 $ 6,096,519Total assets 7,676,419 7,690,883Total debt 4,332,910 4,276,990Shareholders' equity 2,833,377 2,844,019Common shares outstanding at end of period 148,547 148,420(1) Excludes gains of $33.1 million or $0.21 per share from repurchases of debt in 1Q 2009. Reconciliation of Net Income to Funds From Operations (in thousands, except per share data) Three Months Ended December 31, (Unaudited) -------------------------------------------------- 2009 2008 ------------------------- ------------------------ Wtd. Wtd. Avg. Per Avg. Per Amount Shares Share Amount Shares Share --------- ------- ------ -------- ------- ------ Net Income Available for Common Shares $ 23,247 $ 2,533 Less Income Allocated to Participating Securities (515) ($ 330) --------- -------- Basic Net Income Available for Common Shares $ 22,732 148,488 $ 0.15 $ 2,203 146,331 $ 0.02 Add back: Minority interest in earnings of unitholders 1,060 6,766 138 7,858 Other potentially dilutive shares 493 407 --------- ------- -------- ------- Diluted Net Income Available for Common Shares $ 23,792 155,747 $ 0.15 $ 2,341 154,596 $ 0.02 ========= ======= ====== ======== ======= ====== Reconciliation to Funds From Operations (
FFO
) Net Income Available for Common Shares $ 23,247 148,488 $ 2,533 146,331 $ 0.00 Adjustments: Depreciation and Amortization 80,208 79,121 Company Share of Joint Venture Depreciation and amortization 11,218 6,928 Earnings from depreciable property sales-wholly owned (5,119) (1,110) Earnings from depreciable property sales-JV 0 (19) Minority interest share of adjustments (3,761) (4,326) --------- ------- -------- ------- Basic Funds From Operations 105,793 148,488 $ 0.71 83,127 146,331 $ 0.57 Minority interest in earnings of unitholders 1,060 6,766 138 7,858 Minority interest share of adjustments 3,761 4,326 Other potentially dilutive shares 493 407 --------- ------- -------- ------- Diluted Funds From Operations $ 110,614 155,747 $ 0.71 $ 87,591 154,596 $ 0.57 Less gains on repurchase of debt (33,062) - --------- ------- -------- ------- Diluted Funds From Operations, excluding gains on repurchase of debt $ 77,552 155,747 $ 0.50 $ 87,591 154,596 $ 0.57 ========= ======= ====== ======== ======= ======Contact Information: Investors:Shona Bedwell317.808.6169shona.bedwell@dukerealty.comRandy Henry317.808.6060randy.henry@dukerealty.comMedia:Ken Turchi317.808.6358ken.turchi@dukerealty.com SOURCE: Duke Realty Corporation mailto:shona.bedwell@dukerealty.commailto:randy.henry@dukerealty.commailto:ken.turchi@dukerealty.com