Annaly Capital Management Q4 Results Top Expectations
-- Annaly Capital Management (NLY) reported after-hours Wednesday better-than-expected Q4 core earnings and revenues despite swinging to a loss on a reported-basis.
Q4 core earnings were $329.2 million or $0.33 per share, up from $298.9 million or $0.30 per share a year earlier and beating the $0.29 per share consensus.
On a GAAP-basis, the company swung to a profit of $669.7 million or $0.69 per share from a loss of $658.3 million or $0.71 per share in the year-ago period.
Revenues fell to $298.3 million from $338.7 million yet were above the $270.6 million consensus.
Shares of the real estate investment firm were up a penny in recent after-hours, moving in the top end of the narrow 52-week range of $8.25 to $10.93
As part of the Company's diversification strategy, in February 2016, the Company's board of directors adopted an updated capital allocation policy. The updated policy allows the Company greater flexibility to generate attractive returns for the Company's stockholders. Under the Company's capital allocation policy, subject to oversight by the Board, the Company may allocate investments within its target asset classes as it determines is appropriate from time to time.At December 31, 2015, September 30, 2015, and December 31, 2014, the Company had a common stock book value per share of $11.73, $11.99 and $13.10, respectively.
- Annaly Capital Management Inc (NLY) was upgraded to outperform from market perform by FBR Capital with price target set at $12 a share in Tuesday trading
“In the challenging market environment of 2015, Annaly delivered over $1.2 billion in dividend distributions to shareholders while producing an attractive return on equity with the lowest leverage in the industry” commented Kevin Keyes, Chief Executive Officer and President. “Annaly is not only the largest and most liquid mortgage REIT in the world, the Company now operates a more efficient and diverse investment platform positioned to uniquely benefit from investment opportunities across numerous markets and asset classes
Annaly Capital Management, Inc. Reports 4th Quarter 2015 Results
GAAP net income of $669.7 million, $0.69 per average common share Normalized core earnings of $0.31 per average common share, excludes $0.02 of PAA Common stock book value of $11.73, economic leverage of 6.0:1 Executed share repurchases to date totaling $217.0 million since November 2015 Credit investment portfolio represents 23% of stockholders’ equity Updated capital allocation policy in support of diversification strategy Enhanced disclosure of Commercial Real Estate, Residential Credit and Middle Market Lending businesses
Barclays Lowers Target Calumet Specialty Products Partners, L.P (CLMT) Equal Weight $22.00 -
Credit Suisse Downgrades Calumet Specialty Products Partners, L.P (CLMT) Outperform - Neutral $32.00 - $18.00
YRC Worldwide Inc. said Thursday that it doubled its operating revenue and eked out a profit for 2015, despite a number of financial obstacles.
The Overland Park-based trucking carrier (Nasdaq: YRCW) reported operating income of $93 million for the year, compared with $45.5 million for 2014. That translated to earnings of $700,000, or 2 cents a share, compared with a net loss of $85.8 million, or $3 a share, the previous year.
YRC Worldwide's operating income for 2015 was double the previous year's figure.
Boosting operating revenue and showing a profit didn’t come easily for YRC. Beyond dealing with lower fuel surcharge revenue and an economy that flattened in the second half of the year, the company took a $28.7 million charge in the fourth quarter due to an offer that let some nonunion employees elect to receive a lump-sum pension payment. The pension offer was designed to reduce the company’s long-term pension obligations.
YRC also had good news for certain union employees at its regional trucking operations. They will receive a profit-sharing bonus equal to 1 percent of their 2015 earnings after the units hit a goal for improving operating ratio.
In all, YRC reported operating revenue of $4.8 billion in 2015, down from $5 billion the previous year.
For the fourth quarter, which ended Dec. 31, the company had operating revenue of $1.14 billion, an operat
ing loss of $15.3 million and a net loss of $23.5 million. That compares with operating revenue of $1.2 billion, operating income of $31.2 million and net income of $6.2 million, for the same quarter the previous year.