6:20 pm Delek Logistics Partners increases quarterly cash distribution to $0.69 per limited partner unit from $0.68 per limited partner unit (DKL) :
6:08 pm AmeriGas Partners increases quarterly partnership distribution to $0.95 per limited partnership unit from $0.94 per limited partnership unit (APU) :
6:02 pm National Commerce and Patriot Bank jointly announce agreement for the merger of Patriot Bank with and into NBC (NCOM) :
- The transaction is expected to result in a combined institution with approximately $2.6 billion in assets. Under the terms of the definitive merger agreement, each share of Patriot Bank common stock issued and outstanding immediately prior to the effective time of the merger will be converted into the right to receive 0.1711 shares of NCC common stock and $0.725 in cash, without interest. Outstanding options to purchase Patriot Bank common stock will be canceled at the effective time of the merger, with holders of options that are "in the money" to receive a cash payment as consideration.
- The boards of directors of NCC, NBC, and Patriot Bank have approved the transaction. The transaction is subject to customary closing conditions, including receipt of regulatory approvals and approval by Patriot Bank's shareholders.
5:53 pm Kopin has closed its previously announced transaction with Goertek - receiving approx $24.6 mln in gross proceeds in exchange for 7.6 mln shares (KOPN) : In addition, as previously disclosed, Kopin and Goertek have entered into agreements to jointly develop and commercialize a range of technologies and wearable products.
5:45 pm KMG Chemicals to acquire Flowchem, a manufacturer of pipeline performance products, from Arsenal Capital Partners (Arsenal) (KMG) :
- Under the terms of the acquisition agreement, KMG will acquire Flowchem for a purchase price of $495 million in cash, including working capital of approximately $17 million. The acquisition and associated transaction expenses will be funded with committed financing provided jointly by KeyBank National Association, HSBC Bank USA, N.A. and HSBC Securities (USA) Inc. Over the last twelve months, Flowchem's adjusted EBITDA was approximately $43 million with a free cash flow conversion ratio of more than 95%.
- The acquisition is subject to customary closing conditions with closing anticipated to occur mid-June 2017.
5:44 pm NW Natural Gas hired Frank Burkhartsmeyer to serve as CFO effective May 17, 2017 (NWN) : REBurkhartsmeyer comes to NW Natural from Avangrid (AGR) Renewables where he served as president and CEO. Prior, he was senior vice president of Finance at Iberdrola (IBDRY) Renewables US.
5:42 pm TD Ameritrade prices offering of $800 million of senior notes due 2027; will bear interest at a rate of 3.300 percent (AMTD) : The Company intends to use the net proceeds from the sale of the notes for general corporate purposes including, but not limited to, financing the acquisition of Scottrade Financial Services, Inc. The offering is expected to close Apr. 27, 2017, subject to customary closing conditions.
5:40 pm American Lorain is not in compliance with NYSE due to untimely Annual Report filing (ALN) : The Exchange has informed the Company that, in order to maintain its listing on the Exchange, the Company must, by May 18, 2017, submit a plan of compliance advising the Exchange of actions it has taken or will take to regain compliance with Sections 134 and 1101 of the Company Guide by October 18, 2017.
5:31 pm Medidata Solutions expanded partnership with WuXi Clinical Development Services (MDSO) : WuXi CDS is standardizing on the Medidata Clinical Cloud to enhance its capabilities in early-phase and bioequivalence (:BE) studies, bringing operational efficiencies to its customers' clinical development programs across the country.
5:30 pm Ameriprise Financial also approved 11% increase in quarterly dividend to $0.83 per share and additional $2.5 billion share repurchase authorization (AMP) :
5:27 pm Transocean provides quarterly fleet status report; contract backlog is $10.8 billion (RIG) : The report includes the following: Transocean Spitsbergen - Awarded two contracts with Statoil (STO) -- $83 million estimated backlog added, excluding performance incentive opportunities, integrated services and mobilization. Estimated 2017 out of service days increased by a net 12 days.
5:19 pm Akorn to resume trading at 17:30 ET (AKRX) :
5:17 pm Barrick Gold misses by $0.07, misses on revs; Co lowers gold production forecast (~2/3 of this reduction is attributable to the anticipated sale of 50% of Veladero) (ABX) :
- Reports Q1 (Mar) earnings of $0.14 per share, $0.07 worse than the Capital IQ Consensus of $0.21; revenues rose 3.3% year/year to $1.99 bln vs the $2.22 bln Capital IQ Consensus
- Higher adjusted net earnings reflect the impact of higher gold and copper prices, partially offset by higher depreciation, higher exploration and evaluation expenses, and slightly higher direct mining costs
- Gold production in the first quarter was 1.31 million ounces, at a cost of sales applicable to gold of $833 per ounce, and all-in sustaining costs of $772 per ounce
Co lowers gold production forecast:
- Co now expect full-year gold production of 5.3-5.6 million ounces, down from its previous range of 5.6-5.9 million ounces
- Approximately two-thirds of this reduction is attributable to the anticipated sale of 50% of Veladero, which is expected to close at the end of Q2
- Its updated guidance assumes no change to Acacia's full-year guidance as a result of the export ban on concentrates currently affecting Acacia's operations in Tanzania
- It also assumes the resumption of normal processing activities at Veladero in June, subject to government approval of proposed modifications to the mine's operating systems
- Co continues to expect full-year cost of sales attributable to gold to be $780-$820 per ounce, and all-in sustaining costs of $720-$770 per ounce
- Co's copper production guidance for 2017 is unchanged at 400-450 million pounds, at a cost of sales applicable to copper between $1.50-1.70 per pound, and all-in sustaining costs of $2.10-$2.40 per pound
5:16 pm US Geothermal will not extend the employment agreement for CEO Dennis Gilles beyond term expiring on July 18; disscussing role for Gilles as an outside advisor (HTM) : The Board of Directors has established an Executive Committee that, in addition to overseeing the search for a new CEO, will guide the company on key strategic initiatives and capital allocation.
5:13 pm BioTelemetry published the prospectus for the public tender offer for all publicly held registered shares of LifeWatch AG; LifeWatch Board of Directors supports BioTelemetry tender offer (BEAT) : Taking into consideration the closing price of BioTelemetry's stock on April 20, 2017, two trading days prior to the publication of the offer prospectus, the Main Offer Consideration and the Alternative Offer Consideration now have values of CHF14.56 or CHF14.84, respectively. The increase in BioTelemetry's stock price since the initial announcement on April 9 has increased the total deal value to a range of CHF269 million to CHF275 million.
5:11 pm Range Resources beats by $0.05, beats on revs (RRC) :
- Reports Q1 (Mar) earnings of $0.25 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.20; revenues rose 83.2% year/year to $607 mln vs the $585.45 mln Capital IQ Consensus.
- The Company's total unit costs of $2.57 per mcfe were 5% lower than the previous year quarter, with decreases in all categories, except for a $0.02 per mcfe increase in transportation, gathering, processing and compression expense and production and ad valorem taxes, which were unchanged from the prior-year quarter.
- Commenting, Jeff Ventura, the Company's CEO said, "The first quarter of 2017 was an excellent quarter for Range. First quarter cash margins improved to $1.47 per mcfe, compared to $0.77 per mcfe a year ago. In addition to improved macroeconomic conditions, margin expansion is being driven by improving netbacks from better transportation arrangements and a continued focus on cost and operational improvements throughout the company. With our extensive drilling inventory combined with expected increasing demand for natural gas and NGLs over the next several years, Range is well-positioned to generate shareholder value for years to come."
- Q2 Guidance:
- Production for the second quarter of 2017 is expected to be approximately 1.93 Bcfe per day with 30% to 32% liquids.
- Production growth for the full year of 2017 is unchanged at 33% to 35%.
- Direct operating expense: $0.17 - $0.18 per mcfe
- Transportation, gathering, processing and compression expense: $1.04 - $1.08 per mcfe
- Production tax expense: $0.05 - $0.06 per mcfe
- Exploration expense: $12.0 - $13.0 million
- Unproved property impairment expense: $4.0 - $6.0 million
- G&A expense: $0.21 - $0.23 per mcfe
- Interest expense: $0.26 - $0.28 per mcfe
- DD&A expense: $0.87 - $0.89 per mcfe
- Net brokered gas marketing expense: ~$3.0 million
5:07 pm Whirlpool misses by $0.16, reports revs in-line; lowers FY17 EPS guidance; cites temporary integration challenges in the EMEA region (WHR) :
- Reports Q1 (Mar) earnings of $2.50 per share, excluding non-recurring items, $0.16 worse than the Capital IQ Consensus of $2.66; revenues rose 3.7% year/year to $4.79 bln vs the $4.74 bln Capital IQ Consensus.
- As a result of temporary integration challenges in the EMEA region, co issues downside guidance for FY17, lowers non-GAAP EPS guidance to $14.75-15.50 from $15.25-16.25, vs. $15.48 Capital IQ Consensus Estimate.
- Co says the EMEA region has been experiencing peak complexity related to the Indesit integration, impacting the region's supply chain network and product availability. Co expects Q2 performance to improve and for that improvement to continue in the second half of 2017.
5:02 pm Ameriprise Financial reports EPS in-line, revs in-line (AMP) :
- Reports Q1 (Mar) earnings of $2.52 per share, in-line with the Capital IQ Consensus of $2.52; revenues rose 4.9% year/year to $2.91 bln vs the $2.89 bln Capital IQ Consensus.
5:02 pm Crane beats by $0.05, beats on revs; raises low end of FY17 EPS guidance, in-line (CR) :
- Reports Q1 (Mar) earnings of $1.05 per share, $0.05 better than the Capital IQ Consensus of $1.00; revenues rose 2.0% year/year to $673.4 mln vs the $655.84 mln Capital IQ Consensus.
- Co issues in-line guidance for FY17, sees EPS of $4.35-4.55 vs. $4.45 Capital IQ Consensus Estimate, vs. prior range of $4.30-$4.55.
- "We are pleased with our strong start to the year, with first quarter operating results that were slightly better than anticipated. End market demand is generally as expected, and we continue to drive productivity, with strong execution evident across our businesses. We are also making consistent progress on growth initiatives throughout the organization. Our performance in the first quarter gives us the confidence to raise the low end of our EPS guidance range by $0.05, and we now expect full year EPS of $4.35-$4.55."
5:01 pm Tyson Foods is exploring the sale of Sara Lee Frozen Bakery business, the Kettle business and Van's (TSN) :
- As part of its strategic focus on protein-packed brands, Tyson Foods (TSN) is exploring the sale of three non-protein businesses, the company reported today
- In February, Tyson Foods announced its strategy to sustainably feed the world with the fastest growing portfolio of protein packed brands
- As the company focuses on its growth and value creation, it is exploring the sale of its Sara Lee Frozen Bakery business, the Kettle business and Van's
- Company officials believe the sale of these businesses will allow Tyson Foods to sharpen its focus on core businesses and expand its protein leadership position in retail and foodservice.
5:01 pm Independent Bank Group beats by $0.03 (IBTX) :
- Reports Q1 (Mar) earnings of $0.84 per share, $0.03 better than the Capital IQ Consensus of $0.81.
- Solid organic loan growth of 11.5% annualized for the quarter
- Positive increase in net interest margin to 3.67%, up from 3.59% for fourth quarter 2016
- Continued strong credit quality metrics
- Return on average assets remained above 1% for the quarter, improving to 1.08% from 1.03% for fourth quarter 2016
4:59 pm Akorn to be acquired by Fresenius Kabi for $34.00/share; AKRX also reaffirms 2017 guidance excluding any one-time costs related to the transaction (AKRX is halted) (AKRX) :
- Fresenius Kabi (FSNUY unit) has agreed to acquire Akorn (AKRX), a U.S.-based manufacturer and marketer of prescription and over-the-counter pharmaceutical products, for ~$4.3 billion, or $34.00 a share, plus the assumption of ~$450 million of debt. The transaction is expected to close by early 2018 and to be accretive in 2018 to Fresenius Group net income and EPS, excluding integration costs. The agreement and transaction have been approved by the boards of both companies and will be recommended by Akorn's board to its shareholders. Akorn's largest shareholder has committed to supporting the transaction.
- The transaction is subject to approval by Akorn shareholders and other customary closing conditions, including regulatory review under the Hart-Scott-Rodino Antitrust Improvements Act
4:57 pm Wells Fargo confirms Federal Reserve, FDIC revised submission determination; 'pleased with the agencies' findings and remain committed to sound resolution planning and preparedness as we finalize our July 2017 submission' (WFC) :
4:53 pm Uniti Group prices previously offering of $200 mln of 7.125% senior notes due 2024; otes will be issued at an issue price of 100.500%, plus accrued interest from December 15, 2016 (UNIT) :
4:52 pm Equus confirms agreement to acquire US Gas & Electric - the final step in Equus' intent to effect a transformative reorganization into an operating company instead of a closed-end fund -- see 16:13 MVC details (EQS) :
4:50 pm Rush Enterprises beats Q1 estimates (RUSHA) :
- Q1 EPS $0.36 vs $0.20 consensus; revs -2.4% y/y to $1045 mln vs $989.6 mln Capital IQ Consensus.
- "Given continued challenging market conditions, I am proud of our financial performance this quarter. Modest increases in activity in both the energy and construction sectors positively impacted revenues in all parts of our business," said W.M. "Rusty" Rush, Chairman, Chief Executive Officer and President of Rush Enterprises, Inc. "We continued to aggressively manage costs throughout our organization, which also contributed to our improved net income this quarter. We also expanded our service and sales capacity with the opening of two new Peterbilt dealerships, one in New Mexico and one in Texas, and we continued numerous facility renovation projects across our network."
4:48 pm ICHOR Corporation commences an underwritten public offering of 4,500,000 ordinary shares by selling shareholders (ICHR) : Ichor will not receive any of the proceeds from the sale of the ordinary shares.
4:45 pm Ardagh Group responds to patents verdict; will vigorously pursue all options including appeal (ARD) :
- Ardagh Group notes the adverse US jury verdict received on April 21, 2017 in connection with one of two asserted patents alleged by Green Mountain to have been infringed by Ardagh's US glass business (formerly called Verallia North America). Ardagh disagrees with the decision of the jury both as to liability and quantum of damages and strongly believes that the Green Mountain case is without merit.
- Ardagh will vigorously pursue all options including appeal. The case was filed by Green Mountain before Ardagh acquired VNA and customary indemnifications are in place between Ardagh and the seller of VNA.
4:41 pm Horace Mann misses by $0.18, reports revs in-line (HMN) :
- Reports Q1 (Mar) earnings of $0.37 per share, $0.18 worse than the Capital IQ Consensus of $0.55; revenues rose 5.9% year/year to $287.3 mln vs the $288.7 mln Capital IQ Consensus.
- Property and Casualty net income results significantly impacted by $0.27 cents of elevated catastrophe losses, as well as adverse non-catastrophe weather-related losses.
- The total Property and Casualty combined ratio was 105.5%, reflecting a record level of catastrophe losses in the quarter, as well as elevated non-catastrophe weather-related losses.
- Total Property and Casualty written premiums of $152.9 million for the three months ended March 31, 2017 increased 4% compared to the prior year period. The growth was driven primarily by increases in average premium per policy for both auto and property.
- Total Retirement assets under management of $6.6 billion increased 9% compared to March 31, 2016, and total cash value persistency remained strong at approximately 95%.
- Life segment insurance premiums and contract deposits of $26.5 million increased 11%, or $2.6 million, compared to the prior year period.
- "Horace Mann's first quarter operating income was significantly impacted by adverse weather; catastrophe losses were $17.2 million, the highest level ever recorded during the first quarter, and non-catastrophe weather losses also impacted underlying auto and property results. On a positive note, we are seeing signs of improvement in the underlying auto loss ratio when you exclude weather-related impacts. Sales in all business lines were strong, with 9% growth in Property and Casualty, 4% growth in Retirement and continued double-digit growth in Life," said Horace Mann's President and Chief Executive Officer Marita Zuraitis.
4:38 pm Healthstream beats by $0.01, beats on revs; guides FY17 revs in-line (HSTM) :
- Reports Q1 (Mar) earnings of $0.04 per share, $0.01 better than the Capital IQ Consensus of $0.03; revenues rose 10.7% year/year to $59.9 mln vs the $59.25 mln Capital IQ Consensus.
- Co issues in-line guidance for FY17, sees FY17 revs growth of +10-14%, which calculates to ~$248.6-257.6 mln vs. $252.30 mln Capital IQ Consensus Estimate
- Co continues to anticipate operating income for 2017 to increase between 50-65% as compared to 2016
- Co anticipates that revenue growth in its Workforce Solutions segment will be in the 5-8% range and 3-5% in its Patient Experience Solutions segment
- Co anticipates its Provider Solutions segment's revenue to grow 47-51% as compared to 2017
- "2017 is starting strong with record quarterly revenues at almost $60 million," said Robert A. Frist, Jr., chief executive officer, HealthStream. "Our first quarter core financial metrics showed strong sequential improvement over last quarter, which gives us confidence in our expectation of leveraged operating income growth for 2017."
4:37 pm CVS Health moving higher on news that Anthem will end its relationship with PBM-competitor Express Scripts (CVS) :
- As mentioned earlier, Express Scripts (ESRX) announced that its current long-term PBM contract with insurer Anthem (ANTM) expires on December 31, 2019, and Anthem is currently engaged in a Request for Proposal process for a PBM service provider following the end of its contract with Express Scripts.
- ESRX is the largest stand-alone PBM company in the United States. CVS Caremark (owned by CVS) is a large PBM as well. Other PBMs are owned by managed care organizations such as Aetna (AET), Humana (HUM), OptumRx (owned by UnitedHealth Group (UNH)) and Prime Therapeutics (owned by a collection of Blue Cross Blue Shield Plans). Some are owned by other retail pharmacies, such as and Envision Rx (owned by Rite Aid (RAD)). Wal-Mart Stores (WMT) also engages in certain activities competitive with PBMs.
- ESRX said that although conversations have been ongoing, ESRX was recently told by Anthem management that Anthem intends to move its business when the company's current contract with Anthem expires on December 31, 2019, and that Anthem is not interested in continuing discussions regarding pricing concessions for 2017-2019 or in receiving the company's proposed pricing for the period beyond 2019.
- Anthem and the United States Department of Defense ("DoD"), two ESRX clients, collectively represented 29% of ESRX revenues during both 2016 and 2015. On March 21, 2016, Anthem filed a lawsuit setting forth certain allegations and claims for relief with respect to ESRX's pharmacy benefit management agreement with Anthem.
- CVS shares are +2.3% on the possibility it could win the ANTM business from ESRX.
- ESRX shares are halted and set to resume trading at 16:45.
4:36 pm Owens-Illinois beats by $0.05, beats on revs; guides FY17 EPS in-line (OI) :
- Reports Q1 (Mar) earnings of $0.58 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.53; revenues rose 0.8% year/year to $1.6 bln vs the $1.58 bln Capital IQ Consensus.
- Co issues in-line guidance for FY17, sees EPS of 2.40-2.50, excluding non-recurring items, vs. $2.43 Capital IQ Consensus Estimate.
- The Company continues to expect cash provided by continuing operating activities for 2017 to be approximately $730 million and adjusted free cash flowto be approximately $365 million
- "We are pleased to announce another quarter of positive progress on our transformation and towards our investor day goals," said CEO Andres Lopez. "We delivered organic sales growth and margin expansion through the disciplined execution of our strategy. For the full year, we are committed to achieving solid sales and earnings growth in line with our prior guidance and are confident that the improved financial and operational stability we are achieving will help us generate greater value for our shareholders."
4:36 pm OncoMed Pharma will reduce workforce by approx 50%-extends projected cash runway through Q3 2019; will also seek to maximize the value from potential interest in partnering the assets (OMED) :
- Co expects to realize significant cost savings of approximately $60 mln over the next 2 years associated with personnel and operating expense.
- OncoMed estimates the one-time severance-related charges of $2.6 mln related to termination benefits and other related expenses. The majority of the charges will be paid by the end of the second quarter of 2017. As a result of these changes, the company also adjusted guidance for its anticipated 2017 expenses to approximately $90 mln, as compared to prior estimates of approximately $100 mln.
4:36 pm Unisys beats by $0.08, beats on revs, reaffirms FY17 revenue guidance (UIS) :
- Reports Q1 (Mar) earnings of $0.30 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus of $0.22; revenues fell 0.3% year/year to $664.5 mln vs the $629.4 mln Capital IQ Consensus.
- Co reaffirms full-year guidance for revenue of $2.65-2.75 billion vs CapitalIQ consensus of $2.71 bln, non-GAAP operating profit margin of 7.25-8.25% and adjusted free cash flow of $130-170 mln.
4:34 pm Wabash Natl beats by $0.04, misses on revs; raises FY17 EPS, in-line (WNC) :
- Reports Q1 (Mar) earnings of $0.31 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.27; revenues fell 19.0% year/year to $362.7 mln vs the $371.09 mln Capital IQ Consensus; operating income decreased 37 percent, or to $30.3 million, due to lower trailer demand.
- Co issues in-line guidance for FY17, raises EPS to $1.44-1.56 from $1.40-1.55 vs. $1.48 Capital IQ Consensus Estimate; raises shipments to 52-56K.
- "Performance targets in cost management and execution were achieved within both Commercial Trailer Products and Diversified Products, as gross margins delivered were consistent with expectations previously communicated, despite trailer shipments slightly below prior guidance due strictly to timing of customer pick-up. Backlog grew once again, coming in at a seasonally and historically strong $863 million, continuing to support our long-standing belief that trailer fleet age, regulatory compliance requirements, and customer profitability provide strong support for a continued favorable demand environment."
4:33 pm Owens-Illinois beats by $0.05, beats on revs; guides FY17 EPS in-line (OI) :
- Reports Q1 (Mar) earnings of $0.58 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.53; revenues rose 0.8% year/year to $1.6 bln vs the $1.58 bln Capital IQ Consensus.
- Co issues in-line guidance for FY17, sees EPS of $2.40-2.50 vs. $2.43 Capital IQ Consensus Estimate. The Company continues to expect cash provided by continuing operating activities for 2017 to be approximately $730 mln and adjusted free cash flow to be ~$365 mln. The earnings and cash flow guidance ranges reflect uncertainty in macroeconomic conditions and currency rates, among other external factors.
- Global sales volumes increased 2 percent compared to the first quarter of 2016. Sales volume in Europe increased 4 percent, mainly due to higher beer shipments. In Latin America, sales volume increased 3 percent due to stronger shipments - primarily beer - in Mexico and the Andean region. North America sales volume declined 2 percent, completely due to mix; shipments were similar to the prior year with higher non-alcoholic beverage and spirits shipments offsetting lower beer shipments.
- The companies have agreed to combine capabilities to co-commercialize erenumab in the U.S. Amgen retains exclusive commercialization rights in Japan. Novartis gains exclusive rights to commercialize erenumab in Canada, and retains its existing commercialization rights in rest of the world. The companies will continue global co-development.
- Erenumab is a fully human monoclonal antibody specifically designed to target and block the Calcitonin Gene-Related Peptide (:CGRP) receptor, believed to have a critical role in mediating the incapacitating pain of migraine. Positive data from a Phase 2 study and positive top-line results for two Phase 3 studies in migraine prevention were announced in 2016. Detailed results from the Phase 3 studies will be presented at the annual meeting of the American Academy of Neurology and submitted for publication.
- Under the terms of the agreement, Amgen will receive milestone payments from Novartis expected to begin in 2017. Novartis will share U.S. commercialization costs with Amgen. Amgen will book sales of erenumab in the U.S., and will pay a royalty to Novartis on net sales in the U.S. Novartis will book sales in the rest of the world, excluding Japan, and will pay Amgen royalties on the net sales in those countries.
4:32 pm Williams Partners reduces quarterly distribution to $0.60/share from $0.85/share (WPZ) :
4:31 pm Summit Financial reaches settlement with Residential Funding Company and ResCap Liquidating Trust (RESCU) to resolve fully all litigation; Summit will pay ResCap $9.9 mln (SMMF) : Under the terms of the settlement, Summit agreed to pay ResCap $9.9 mln which will be recorded as a charge against our first quarter 2017 earnings and result in an after-tax reduction in net income of $6.2 mln, or $0.58 per diluted share.
4:31 pm Capricor Therapeutics to report six-month results from the randomized phase I/II HOPE clinical trial in Duchenne Muscular Dystrophy; will have call April 25 at 8am ET (CAPR) :
4:31 pm Corindus Vascular Robotics announces a strategic partnership with BLOXR Solutions (CVRS) : The three-year distribution agreement grants Corindus the non-exclusive rights to distribute BLOXR's radiation protection products globally and provides BLOXR with additional reach into the interventional cardiology space. Under the agreement, Corindus may sell the entire BLOXR line, which offers multiple types of protective equipment including aprons, thyroid collars and caps.
4:29 pm Community Bank misses by $0.01, beats on revs (CBU) :
- Reports Q1 (Mar) earnings of $0.57 per share, $0.01 worse than the Capital IQ Consensus of $0.58; revenues rose 6.1% year/year to $111.6 mln vs the $109.43 mln Capital IQ Consensus.
- First quarter 2017 results included approximately $1.7 million, or three cents per share of acquisition expenses.
- We continued our trend of solid quarterly operating results despite achieving only modest seasonal growth in our overall earning asset base. Our results included a continuation of excellent credit quality, disciplined expense management and continued improvement in our non-interest income generation," said President and Chief Executive Officer Mark E. Tryniski.
- Slightly lower funding costs and a two basis-point decline in the earning asset yield resulted in a two basis point decrease in net interest margin year-over-year.
- Average loan balances grew $126.5 million, or 2.6%, but were partially offset by average loan yields declining two basis points year-over-year, resulting in a $0.7 million increase in quarterly loan interest income.
- Net charge-offs were $2.0 million for the first quarter, compared to $2.2 million for the fourth quarter of 2016 and $1.1 million for the first quarter of 2016.
- The first quarter provision for loan losses of $1.8 million was $0.8 million lower than the fourth quarter of 2016, and $0.5 million higher than the first quarter of 2016.
4:25 pm Everest Re beats by $0.94 (RE) :
- Reports Q1 (Mar) earnings of $6.29 per share, $0.94 better than the Capital IQ Consensus of $5.35.
- Gross written premiums for the quarter were $1.6 bln, up 18% yr/yr.
- Worldwide reinsurance premiums were up 19% to $1.2 bln, primarily due to the new crop reinsurance transaction and growth in financial lines premium.
- Combined ratio was 86.0% for the qtr in line with yr ago.
4:25 pm ICHOR Corporation sees Q1 EPS and revs above consensus; sees Q2 revs above consensus (ICHR) :
- Co issues upside guidance for Q1 (Mar), sees EPS of $0.57 vs. $0.56 Capital IQ Consensus Estimate; sees Q1 (Mar) revs of ~$148.7 mln vs. $146.32 mln Capital IQ Consensus Estimate.
- Co issues upside guidance for Q2 (Jun), sees Q2 (Jun) revs of $152-162 mln vs. $139.81 mln Capital IQ Consensus Estimate.
4:24 pm Marrone Bio Innovations announces that it is proposing a common stock offering. Terms not disclosed (MBII) : The final terms of the offering will depend on market and other conditions at the time of pricing, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
4:22 pm NBT Bancorp reports EPS in-line, revs in-line (NBTB) :
- Reports Q1 (Mar) earnings of $0.46 per share, in-line with the Capital IQ Consensus of $0.46; revenues rose 4.6% year/year to $97.2 mln vs the $97.54 mln two analyst estimate.
- Fully taxable equivalent ("FTE") net interest margin was 3.46% for the three months ended March 31, 2017, up from 3.41% for the previous quarter. The increase in net interest margin from the previous quarter was driven by an increase in yields on earning assets primarily due to higher interest rates in the quarter and two fewer days in the first quarter.
- Net charge-offs were $6.9 million for the three months ended March 31, 2017, down from $8.6 million for the prior quarter and up from $4.8 million for the same period in 2016.
- Loans were $6.3 billion at March 31, 2017, up $74.2 million from December 31, 2016, due to growth in the commercial, consumer and residential portfolios.
- "Our results for the first quarter of 2017 were strong, as indicated by our record first quarter EPS of $0.46 per diluted share and net income of $20.3 million supported by healthy loan and deposit growth," said NBT President and CEO John H. Watt Jr. "NBT is well positioned to benefit from rising rates."
4:21 pm Newmont Mining misses by $0.13, misses on revs; Reaffirms Outlooks for 2017 (NEM) :
- Reports Q1 (Mar) earnings of $0.09 per share, excluding non-recurring items, $0.13 worse than the Capital IQ Consensus of $0.22; revenues rose 13.5% year/year to $1.66 bln vs the $1.73 bln Capital IQ Consensus.
- Cash flow: Increased net operating cash flow from continuing operations to $379 million and free cash flow3 to $199 million, up $322 million from the prior year quarter.
- Reduced net debt to $1.7 billion, ending the quarter with $2.9 billion cash on hand and an industry-leading, investment-grade credit profile.
- Capital expenditures decreased 36 percent from the prior year quarter to $180 million as growth projects including Merian and Long Canyon moved into commercial production.
- Reaffirms 2017 Outlook
- Outlook for 2017 remains at between 4.9 and 5.4 million ounces as full year production at Merian and Long Canyon more than offsets declines at Twin Creeks and Yanacocha. Production guidance for 2018 and longer-term guidance improves to between 4.7 and 5.2 million ounces with production from the Ahafo expansions offsetting declines at maturing assets. Expansion projects at Yanacocha and Twin Creeks represent upside to both production and cost guidance.
- CAS guidance remains unchanged at between $700 and $750 per ounce for 2017, between $700 and $800 per ounce for 2018 and between $650 and $750 per ounce for 2019-2021, before any portfolio improvements expected through the Full Potential program. AISC guidance for 2017 and 2018 is unchanged at between $940 and $1,000 per ounce and between $950 and $1,050 per ounce, respectively.
- Copper- Together, Boddington and Phoenix are expected to produce between 40,000 and 60,000 tonnes of copper per year, unchanged from previous guidance. Overall cost guidance remains unchanged; CAS guidance remains at between $1.45 and $1.65 per pound and AISC guidance remains at between $1.85 and $2.05 per pound. Longer term cost guidance is unchanged; CAS guidance remains at between $1.50 and $1.90 per pound and AISC guidance remains at between $1.85 and $2.15 per pound.
- Capital- Capital guidance for 2017 is increased to between $900 million and $1.1 billion, covering the remaining capital for the Northwest Exodus and Tanami Expansion projects and the initial capital for Subika Underground and the Ahafo Mill Expansion. Capital guidance for 2018 is increased to between $900 million and $1.0 billion and 2019 guidance is increased to between $630 million and $730 million. 2017 and longer-term sustaining capital outlook of between $600 and $700 million is unchanged from prior guidance. Newmont expects to reach development decisions on the Quecher Main and Twin Underground projects in the second half of this year. These projects are currently excluded from outlook.
4:20 pm U.S. Silica beats by $0.03, beats on revs (SLCA) :
- Reports Q1 (Mar) earnings of $0.09 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.06; revenues rose 99.8% year/year to $244.8 mln vs the $236.88 mln Capital IQ Consensus
- Oil and gas segment: Revenue for the quarter totaled $193.0 mln compared with $73.9 mln in the same period in 2016, an increase of 161% on a year-over-year basis and an increase of 41% sequentially from the fourth quarter of 2016
- Tons sold totaled 2.5 million, an increase of 79% compared with the 1.4 million tons sold in the first quarter of 2016 and an increase of 22% sequentially compared with the tons sold in the fourth quarter of 2016.
- Overall company tons sold totaled 3.4 mln, up 49% compared with 2.3 mln tons sold in the first quarter of 2016 and an increase of 18% sequentially from the fourth quarter of 2016
- Contribution margin for the quarter was $59.1 mln, up 233% compared with $17.7 mln in the same period of the prior year and up 57% sequentially from the fourth quarter of 2016
- The co anticipates that its capital expenditures for 2017 will be in the range of $125-150 mln
- Co said, ''Continued industry recovery and powerful secular trends are driving record demand for our products and services in Oil and Gas while our Industrial and Specialty Products segment continues to make great progress in growing its bottom line through a combination of strategic price increases and the roll out of more higher margin products.''
4:19 pm Closing Market Summary: French Vote Pushes Equities Higher on Monday (:WRAPX) :
Bulls achieved global dominance on Monday as investors cheered yesterday's first round of the French presidential election. The major U.S. averages opened the week solidly higher with the benchmark S&P 500 adding 1.1% while the Nasdaq and the Dow settled with respective gains of 1.2% and 1.1%.
The French people narrowed their presidential race to two candidates yesterday--Emmanuel Macron and Marine Le Pen--with the run-off scheduled for May 7. Mr. Macron is described as a centrist while Ms. Le Pen's policies are seen as more radical, often deviating to the far-right of the political spectrum. For investors, the main difference between the two candidates is their stance on France's membership in the European Union; Mr. Macron defends the single market while Ms. Le Pen would like to conduct a referendum on eurozone membership. Current polls give Emmanuel Macron a 20 point lead over Ms. Le Pen, leading investors to believe that the EU has dodged a populist bullet.
Equities finished higher around the globe following the French vote with France's CAC (+4.1%) leading the charge, settling at its highest mark in nearly a decade. Likewise, U.S. equities jolted higher at the start of Monday's session, however, they had a difficult time adding much to the early gain. Several factors can be attributed to capping the bullish sentiment, but the leading culprit was the possibility of a U.S. government shutdown.
Congress will return from its spring recess tomorrow, giving legislators just four days to pass a new spending bill and keep the government afloat. The deadline was expected to be a non-event as it's in no party's interest to force a closure, however, reports indicate that President Trump may attempt to leverage the situation to fund his promised barrier along the U.S./Mexico border. The aggressive tactic could definitely complicate matters.
Furthermore, a failure to pass a fairly routine spending bill will likely send a jolt of fear throughout the market as faith in the new administration's ability to push through more difficult promises, like tax reform, is already dwindling. It is worth noting that President Trump is aiming to lower the corporate tax rate to 15.0%, according to today's report from The Wall Street Journal.
This cautious sentiment was most obviously exhibited in the bond market. Treasuries finished lower across the board, as would be expected amid today's risk-on sentiment. However, they reclaimed much of their early losses to finish at the upper end of the day's trading range. Most notably, benchmark 10-yr yield (2.27%) dipped below the technically important 2.30% mark after hovering above it for the first time in nearly two weeks.
For sector standings, the financial group (2.2%) went unchallenged from start to finish at the top of the day's leaderboard. As one would expect, cyclical sectors generally outperformed their countercyclical peers with the technology (+1.3%), industrials (+1.3%), and materials (1.2%) groups showing relative strength. The technology sector received some help from chipmakers, evidenced by the 1.5% increase in the PHLX Semiconductor Index.
On the flip side, the lightly-weighted real estate (-0.9%) and telecom services (unch) groups where the only sectors to finish in negative territory. The energy sector also underperformed amid crude oil's poor performance. The energy component settled 0.8% lower at $49.23/bbl.
Investors did not receive any economic data on Monday. However, on Tuesday, participants will receive several economic reports, including the February Case-Shiller Home Price Index (Briefing.com consensus 5.8%) at 9:00 ET, February FHFA Housing Price Index at 9:00 ET, March New Home Sales (Briefing.com consensus 590,000) at 10:00 ET, and April Consumer Confidence (Briefing.com consensus 122.3) at 10:00 ET.
- Nasdaq Composite +11.2% YTD
- S&P 500 +6.0% YTD
- Dow Jones Industrial Average +5.1% YTD
- Russell 2000 +3.0% YTD
4:19 pm Acadia Realty Trust beats by $0.04; reaffirms FY17 FFO guidance (AKR) :
- Reports Q1 (Mar) FFO of $0.40 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.36.
- Co reaffirms guidance for FY17, sees FFO of $1.44-1.54, excluding non-recurring items, vs. $1.48 Capital IQ Consensus Estimate.
- "Despite the cyclical challenges and long-term secular shifts impacting the retailing industry, our company remains well positioned, as indicated by our solid first quarter results...First, our high-quality core portfolio contains several in-process value-creation opportunities; at the same time, this portfolio's urban and street-retail focus, in a handful of gateway cities, and its strong tenancies, provide significant downside protection. Additionally, our complementary fund platform remains active on all fronts, with continued, profitable dispositions and plenty of dry powder, enabling us to remain opportunistic in today's dislocated marketplace."
4:19 pm UDR reports FFO in-line, beats on revs; guides Q2 FFO in-line; reaffirms FY17 FFO guidance (UDR) :
- Reports Q1 (Mar) funds from operations of $0.45 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.45; revenues rose 3.8% year/year to $243.8 mln vs the $240.55 mln Capital IQ Consensus.
- Co issues in-line guidance for Q2, sees FFO of $0.45-0.47, excluding non-recurring items, vs. $0.46 Capital IQ Consensus Estimate.
- Co reaffirms guidance for FY17, sees FFO of $1.83-1.87 vs. $1.85 Capital IQ Consensus Estimate.
- For the full-year 2017, the Company has reaffirmed its previously provided same-store growth guidance ranges: Revenue 3.00% to 4.00%. Expense 2.50% to 3.50%. Net operating income 3.25% to 4.25%. Sequential same-store NOI increased by 1.2 percent in the first quarter of 2017 on same-store revenue growth of 1.4 percent and same-store expense growth of 1.7 percent.
4:18 pm Weingarten Realty beats by $0.01; guides FY17 FFO in-line (WRI) :
- Reports Q1 (Mar) funds from operations of $0.61 per share, $0.01 better than the Capital IQ Consensus of $0.60.
- Same Property Net Operating Income including redevelopments increased 3.7% over the same quarter of the prior year;
- Co issues in-line guidance for FY17, sees FFO of $2.37-2.43 vs. $2.41 Capital IQ Consensus Estimate.
4:17 pm Ophthotech co-founder/CEO/Chairman David Guyer will transition to Exec Chairman effective July 1; appoints CFO Glenn Sblendorioas CEO; continues to review strategic alternatives and actively explores potentially obtaining rights to additional products to treat ophthalmic diseases (OPHT) :
- The co also announced the promotion of David F. Carroll to CFO and Treasurer, effective immediately. Mr. Carroll was previously co's Senior VP of Finance.
4:17 pm Ignyta to host webcast with update on Entrectinib program and STARTRK-2 on April 27 at 4:30pm ET (RXDX) :
4:16 pm Pinnacle Foods reorganizes exec mgmt; Mark Schiller will assume the new role of Executive Vice President and Chief Commercial Officer (PF) : Mark Schiller will assume the new role of Executive Vice President and Chief Commercial Officer. Michael Barkley, who was instrumental in transforming Birds Eye into an on-trend, health and wellness franchise, will assume the role of Executive Vice President and President, Boulder. Changes for both Schiller and Barkley will be effective May 1. Following a transition period, Michael Allen, currently Executive Vice President and President, Boulder, will be leaving the organization to pursue other opportunities.
4:15 pm Alcoa beats by $0.15, misses on revs; reaffirms EBITDA; raises alumina demand growth (AA) :
- Reports Q1 (Mar) earnings of $0.63 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus of $0.48; revenues rose 24.7% year/year to $2.65 bln vs the $2.96 bln Capital IQ Consensus. Q1 profits grew sequentially on stronger alumina and aluminum pricing and that it maintained a solid cash position. Alcoa reported first quarter 2017 adjusted EBITDA excluding special items of $533 million, up 59% Q/Q.
- In addition, the Co reiterated its expectations of full-year 2017 adjusted EBITDA, excluding special items, between $2.1 billion and $2.3 billion, based on April 2017 market assumptions, and net performance of $50 million for the year.
- For 2017, Alcoa is projecting 2017 global aluminum demand growth of 4.5 to 5 percent over 2016 (up from +4% in January). The Company continues to project relatively balanced global bauxite and alumina markets and a modest global aluminum surplus of 300 thousand to 700 thousand metric tons.
4:14 pm Zions Bancorp beats by $0.07 (ZION) :
- Reports Q1 (Mar) earnings of $0.61 per share, $0.07 better than the Capital IQ Consensus of $0.54.
- "While we are pleased with the strong 61% improvement in earnings per share over the same period a year ago, results relative to the fourth quarter of 2016 were muted due to lackluster loan growth, a condition which has recently been prevalent throughout the industry. Although we experienced a single loan loss that comprised nearly two-thirds of total net charge-offs during the quarter, credit quality was generally strong and improving, with classified loan totals improving by 7% relative to fourth quarter results."
- The acquisition of USG&E by Equus represents the final step of Equus's plan of reorganization as adopted by Equus on May 13, 2014. The Consolidation will be effected in two stages. The first stage consists of Equus's acquisition of more than 90% of USG&E's common and convertible preferred stock from MVC and certain other USG&E stockholders in exchange for shares of Equus. In the second stage, a wholly-owned subsidiary of Equus will be merged with and into USG&E, with USG&E as the surviving corporation and wholly-owned by Equus, which will change its name to USG&E, Inc. The transaction has been approved by the Boards of Directors of USG&E, MVC and Equus, and will not be subject to further shareholder approvals. In connection with the transaction, Equus has obtained the necessary consent of a majority of its stockholders, including MVC, which currently holds 33% of Equus's common stock.
- Pursuant to the Purchase Agreement, based on the deemed transaction price of $3.28 per share of Equus common stock, USG&E stockholders will receive on a pro rata basis an aggregate of: (i) 32,606,539 shares of Equus common stock; and, (ii) $40 million in par value of 5-year mandatory convertible Equus preferred stockthat is entitled to dividends at the rate of 7.5% per annum. The Preferred Stock may be converted at any time into Equus common stock at conversion prices ranging from $3.28 to $4.10 per share, and automatically converts into common stock in December 2022. At the deemed transaction stock price of $3.28 per share of Equus common stock, the shares of Equus common stock and Preferred Stock to be issued in the first stage of the Consolidation would be valued together at $150.5 millio, which would imply a total enterprise value for USG&E of approximately $167.5 million (including other indebtedness of $22.4 million and excluding estimated cash at closing of $5.5 million). Based on MVC's current 76.4% ownership stake in USG&E, MVC's share of the Equity Value would be valued at $115.1 million (excluding any illiquidity discount that would be applied), as compared to MVC's fair value estimate for its equity investment in USG&E of $89.4 million as of January 31, 2017.
4:13 pm HomeStreet beats by $0.08 (HMST) :
- Reports Q1 (Mar) earnings of $0.33 per share, $0.08 better than the Capital IQ Consensus of $0.25.
- Total assets of $6.40 billion grew $157.4 million, or 3%, from $6.24 billion at December 31, 2016
- Loans held for investment of $3.99 billion, grew by $136.7 million, or 4%, from $3.85 billion at December 31, 2016
- "We are also pleased with the results in our Mortgage Banking segment. While the first quarter is typically a seasonally slow origination quarter, our origination business was also negatively impacted by the multi-year low levels of housing inventory in our markets. Mitigating this challenge we have improved our execution on loans sold resulting in a higher composite profit margin. Additionally, the disruption in the derivatives markets that we experienced in the fourth quarter normalized in the first quarter, contributing to positive results in our mortgage servicing business."
4:13 pm Quidel beats by $0.16, beats on revs (QDEL) :
- Reports Q1 (Mar) earnings of $0.45 per share, excluding non-recurring items, $0.16 better than the Capital IQ Consensus of $0.29; revenues rose 46.5% year/year to $73.7 mln vs the $61.85 mln Capital IQ Consensus.
- Gross margin for the quarter was 68% as compared to 62% for the same period last year driven by favorable product volumes and product mix, and partially offset by lower grant revenue.
4:12 pm Cenveo intends to submit a business plan demonstrating how the Company intends to comply with NYSE's market cap requirement within the 18-month period (CVO) :
4:11 pm Sanmina beats by $0.06, misses on revs; guides JunQ EPS above consensus, revs in-line (SANM) :
- Reports Q2 (Mar) non-GAAP earnings of $0.76 per share, $0.06 better than the Capital IQ Consensus of $0.70 and above prior guidance of $0.67-0.72; revenues rose 4.4% year/year to $1.68 bln vs the $1.70 bln two analyst estimate and vs prior guidance of $1.675-1.725 bln.
- Co issues guidance for Q3 (Jun), sees non-GAAP EPS of $0.72-0.77, vs. $0.72 Capital IQ Consensus Estimate; sees Q3 revs of $1.70-1.80 bln vs. $1.72 bln Capital IQ Consensus Estimate.
- Co expects second half of the fiscal year to be stronger than the first half.
- Reports Q1 (Mar) earnings of $1.33 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $1.32; revenues fell 0.6% year/year to $24.65 bln vs the $24.95 bln Capital IQ Consensus.
- Co issues upside guidance for Q2, sees EPS of $1.70-1.74, excluding non-recurring items, vs. $1.68 Capital IQ Consensus Estimate. The Company expects total adjusted claims for the second quarter of 2017 to be in the range of 343 million to 353 million.
- Co raises guidance for FY17, sees EPS of $6.90-7.04 (Prior $6.82-7.02), excluding non-recurring items, vs. $6.93 Capital IQ Consensus Estimate.
- Update on Anthem (ANTM) relationship
- The Company's current long-term PBM contract with Anthem expires on December 31, 2019, and Anthem is currently engaged in a Request for Proposal process for a PBM service provider following the end of its contract with Express Scripts. While the Company has not formally participated in the RFP process, in recent months, management for the Company and Anthem have had several conversations in which the Company proposed providing as much as $1 billion in annual value ($3 billion in the aggregate) in the form of price concessions for 2017-2019 in connection with a negotiated contract extension for the period beyond 2019 at prevailing market rates. Although conversations have been ongoing, the Company was recently told by Anthem management that Anthem intends to move its business when the Company's current contract with Anthem expires on December 31, 2019, and that Anthem is not interested in continuing discussions regarding pricing concessions for 2017-2019 or in receiving the Company's proposed pricing for the period beyond 2019. As a result, today Express Scripts has elected to provide information as to its financial performance with and without Anthem, without any obligation to do so, in order to demonstrate that the Company's core PBM business, excluding Anthem, is well positioned for future growth.
- In the first quarter of 2017 the co's core PBM business, excluding Anthem and the Transitioning Clients, had EBITDA growth of 0.5% and EBITDA per adjusted claim growth of 2.2% when compared to the first quarter of 2016 (see Table 7).
- The co's Anthem contract generated approximately $2.2 billion and $1.9 billion of adjusted EBITDA, or approximately 31% and 26% of its total adjusted EBITDA, in 2016 and 2015, respectively. Under the terms of the contract with Anthem, Anthem's contribution to the co's profitability, as a percentage of total EBITDA and adjusted EBITDA, has grown and the co expects it will continue to increase and exceed its contribution to revenues, as a percentage of total revenues, and that revenues, EBITDA and adjusted EBITDA attributable to Anthem will increase as the contract nears its termination in 2019. The contribution of the Anthem business to the co's financial results reflects the underlying structure of the 10-year contract, which was negotiated and executed as part of Express Scripts' $4.675 billion acquisition of NextRx, Anthem's in-house PBM, in 2009.
- Long-term outlook
- Based on management's assumptions regarding healthcare trends, inflation, patent expirations, industry utilization growth and the overall environment for healthcare services, the Company is targeting a compounded annual EBITDA growth rate from 2017 through 2020 in the range of 2% to 4% for the core PBM, which excludes any contribution from Anthem and the Transitioning Clients.
- The Company expects to continue to generate significant cash flow from operations. Furthermore, the Company is committed to maintaining a 2.0x debt-to-EBITDA ratio and strong investment grade ratings. Similar to past periods, the Company's leverage ratio could move higher or lower on a short-term basis depending on the Company's needs to fund strategic initiatives. Aside from gradually paying down debt over the next two and a half years to achieve our leverage targets, the Company's priorities for deploying capital remain the same: to fund internal growth, make strategic acquisitions and return cash to its shareholders.
4:10 pm Swift Transportation misses by $0.04, reports revs in-line (SWFT) :
- Reports Q1 (Mar) earnings of $0.07 per share, $0.04 worse than the Capital IQ Consensus of $0.11; revenues fell 0.4% year/year to $963.8 mln vs the $970.74 mln Capital IQ Consensus.
- Consolidated Average Operational Truck Count declined by 225 trucks from the fourth quarter of 2016, and 812 trucks year over year in the first quarter, in a continued effort to drive improvements in asset utilization
On April 13, 2017, co proposed a tentative settlement arrangement with regard to certain previously disclosed litigation in the Refrigerated Segment, which was originally scheduled to commence arbitration trial the week of April 24, 2017. As a result, in accordance with GAAP, co increased legal reserves by $11.7 million, or $0.06 per share as of March 31, 2017. This increase was not known and, therefore, not incorporated in the anticipated earnings range we released on April 10, 2017 of Diluted EPS of $0.09-$0.10 and Adjusted EPS of $0.11-$0.12 for first quarter 2017.
4:10 pm SiteOne Landscape Supply announces secondary offering of 8,500,000 shares of common stock by selling stockholders (SITE) : The Company will not receive any proceeds from the sale of shares being sold in this offering.
4:09 pm Canadian Natl Rail reports EPS in-line, revs in-line; guides FY17 EPS in-line (CNI) :
- Reports Q1 (Mar) earnings of CC$1.15 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of CC$1.15; revenues rose 8.2% year/year to CC$3.21 bln vs the CC$3.22 bln Capital IQ Consensus
- Revenues increased for coal (39%), grain and fertilizers (16%), metals and minerals (16%), automotive (10%), intermodal (7%), and petroleum and chemicals (1%). Revenues declined for forest products (3%).
Co revises guidance:
- Co issues in-line guidance for FY17, sees EPS of C$4.95-5.10 vs. C$5.05 Capital IQ Consensus Estimate
- Under its revised outlook, CN now aims to deliver 2017 adjusted diluted EPS in the range of C$4.95 to C$5.10, versus last year's adjusted diluted EPS of C$4.59, compared with its Jan. 24, 2017 financial outlook which called for mid-single-digit growth this year
- CN has also increased its 2017 capital program by C$100 million to C$2.6 billion, of which C$1.6 billion is still targeted toward track infrastructure
- The additional capital investment will go toward the purchase of 22 high-horsepower locomotives and other projects to support growth
4:09 pm American Campus Communities reports FFO in-line, beats on revs; reaffirms FY17 FFO guidance (ACC) :
- Reports Q1 (Mar) funds from operations (:FFOM) of $0.62 per share, in-line with the Capital IQ Consensus of $0.62; revenues fell 3.5% year/year to $192.9 mln vs the $183.61 mln Capital IQ Consensus.
- Co reaffirms guidance for FY17, sees FFOM of $2.32-2.42 vs. $2.38 Capital IQ Consensus Estimate.
- Increased same store wholly-owned net operating income 3.3 percent over the first quarter 2016 with revenues increasing 3.3 percent and operating expenses increasing 3.4 percent.
- Achieved same store wholly-owned average physical occupancy of 96.9 percent for the first quarter 2017 compared to 97.0 percent for the first quarter 2016.
4:07 pm Franklin Electric increases quarterly dividend to $0.1075/share from $0.10/share (FELE) :
4:07 pm Heartland Financial reports EPS in-line, beats on revs (HTLF) :
- Reports Q1 (Mar) earnings of $0.68 per share, in-line with the Capital IQ Consensus of $0.68.
- "We experienced strong non-time deposit growth, a solid net interest margin and an improved tangible common equity ratio; however, weakness in loan growth and lower mortgage loan activity led to earnings that were a bit short of our expectations."
4:07 pm T-Mobile US reports Q1 (Mar) results, revs in-line; raises FY17 net customer adds guidance, reaffirms EBITDA (TMUS) :
- Reports Q1 (Mar) GAAP earnings of $0.80 per share, may not be comparable to the Capital IQ Consensus of $0.36; revenues rose 11.0% year/year to $9.61 bln vs the $9.63 bln Capital IQ Consensus. $2.7 billion Adjusted EBITDA, down 5%. Excluding spectrum gains Adjusted EBITDA up 21%.
- 1.1 million total net additions - 4 years of adding more than 1 million every quarter; 914,000 total branded postpaid net additions - expect to lead industry for the 5th consecutive quarter; 798,000 branded postpaid phone net additions - expect to capture over 250% of industry growth; 386,000 branded prepaid net additions - led by continued strong performance at MetroPCS; Record-low branded postpaid phone churn of 1.18% - down 15 bps YoY and 10 bps QoQ
- Branded postpaid net customer additions for full-year 2017 are now expected to be between 2.8 and 3.5 million, an increase from the previous guidance range of 2.4 and 3.4 million. While net income is not available on a forward looking basis, we are maintaining our target of between $10.4 and $10.8 billion in Adjusted EBITDA, which includes leasing revenues of $0.8 to $0.9 billion. Cash capital expenditures guidance, excluding capitalized interest, is unchanged at $4.8 to $5.1 billion. Three-year CAGRs for net cash provided by operating activities and free cash flow from full-year 2016 to full-year 2019 also remain unchanged at 15% to 18% and 45% to 48%, respectively.
4:07 pm Cadence Design reports EPS in-line, revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY17 EPS in-line, revs in-line (CDNS) :
- Reports Q1 (Mar) earnings of $0.32 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.32; revenues rose 6.5% year/year to $477 mln vs the $474.23 mln Capital IQ Consensus.
- Co issues downside guidance for Q2, sees EPS of $0.31-0.33, excluding non-recurring items, vs. $0.34 Capital IQ Consensus Estimate; sees Q2 revs of $470-480 mln vs. $480.58 mln Capital IQ Consensus Estimate.
- Co issues in-line guidance for FY17, sees EPS of $1.32-1.42, excluding non-recurring items, vs. $1.38 Capital IQ Consensus Estimate; sees FY17 revs of $1.90-1.95 bln vs. $1.93 bln Capital IQ Consensus Estimate.
4:06 pm MTS Systems announces the appointment of Brian Ross to CFO effective May 12 (MTSC) : Mr. Ross will replace Jeff Oldenkamp who is resigning from the company to pursue other opportunities. Prior to joining MTS Systems as Corporate Controller in 2014, Mr. Ross was the Director of Financial Planning and Analysis at Digi International (DGII), where he gained experience ranging from strategic planning and acquisitions to operational execution and internal control.
4:06 pm uniQure will present data on its technologies to improve gene therapy as a therapeutic approach at the ASGCT on May 12 (QURE) :
4:06 pm Rambus beats by $0.02, beats on revs; guides Q2 EPS in-line, revs in-line (RMBS) :
- Reports Q1 (Mar) earnings of $0.17 per share, $0.02 better than the Capital IQ Consensus of $0.15; revenues rose 34.0% year/year to $97.4 mln vs the $95.52 mln Capital IQ Consensus.
- "We continue to see strong support for our technologies and innovations beyond the traditional DRAM market with the signing of the license agreement with Western Digital for our Flash-based memory designs," said Dr. Ron Black, chief executive officer of Rambus. "In addition, we introduced our Unified Payment Platform that enhances security, reduces costs for retailers, and delivers a seamless shopping experience for the consumer. Our execution in Q1 sets the foundation for growth for the remainder of 2017."
- Co issues in-line guidance for Q2, sees EPS of $0.10-0.16 vs. $0.15 Capital IQ Consensus Estimate; sees Q2 revs of $90-96 mln vs. $93.98 mln Capital IQ Consensus Estimate.
- Revenue is not without risk and achieving revenue in this range will require that the Company sign customer agreements for patent licensing, various product sales, mobile payments software and solutions licensing among other matters.
4:05 pm Jazz Pharma announces positive top-line efficacy results from the multicenter Phase 2/3 study evaluating xyrem in pediatric patients with narcolepsy and cataplexy (JAZZ) :
Xyrem demonstrated statistically significant differences in the primary and key secondary efficacy endpoints that measured the change in the weekly number of cataplexy attacks, the Clinical Global Impression of Change scale for the severity of cataplexy, and the Epworth Sleepiness Scale for children and adolescents score compared to placebo.
- Co states, "We expect to submit a supplemental NDA to the FDA in support of the use of Xyrem in pediatric patients in the fourth quarter of 2017, subject to completion of the full data analysis."
4:04 pm W.R. Berkley beats by $0.26, misses on revs (WRB) :
- Reports Q1 (Mar) earnings of $0.96 per share, $0.26 better than the Capital IQ Consensus of $0.70; revenues (net premium's earned) rose 2.8% year/year to $1.57 bln vs the $1.62 bln single analyst estimate.
- "Favorable results in our alternative investment portfolio resulted in strong investment income for the quarter. In addition, with net realized investment gains of $52 million in the quarter, we believe that we are on track to exceed our annual expectation of $100 million of gains in 2017. We continue to make investments that we think will create further gains in the future. Our book value per share grew at an annualized rate of slightly over 10% in the first quarter."
4:04 pm Limelight Networks beats by $0.02, beats on revs; guides FY17 EPS in-line, revs in-line (LLNW) :
- Reports Q1 (Mar) earnings of $0.02 per share, $0.02 better than the Capital IQ Consensus of ($0.00); revenues rose 8.0% year/year to $44.7 mln vs the $43.01 mln Capital IQ Consensus.
- Co issues in-line guidance for FY17, sees EPS of $0.03-0.06 (Prior $0.02-0.06), excluding non-recurring items, vs. $0.04 Capital IQ Consensus Estimate; sees FY17 revs of $177-181 mln (Prior $175-180 mln) vs. $177.77 mln Capital IQ Consensus Estimate.
- Gross Margin expected to expand 200 bps y/y (Prior 150 bps).
4:04 pm Agree Realty reports FFO in-line, beats on revs (ADC) :
- Reports Q1 (Mar) funds from operations of $0.65 per share, in-line with the Capital IQ Consensus of $0.65; revenues rose 31.3% year/year to $26.56 mln vs the $26.11 mln Capital IQ Consensus.
- ADC's outlook for acquisition volume in 2017, which assumes continued growth in economic activity, moderate interest rate growth, positive business trends and other significant assumptions, remains between $200-225 million of high-quality retail net lease properties. ADC's disposition guidance for 2017 remains between $20-50 million.
4:04 pm Knoll beats by $0.04, beats on revs (KNL) :
- Reports Q1 (Mar) earnings of $0.31 per share, $0.04 better than the Capital IQ Consensus of $0.27; revenues fell 9.8% year/year to $256.8 mln vs the $252.95 mln two analyst estimate.
- During the first quarter of 2017, gross margin decreased to 37.3% from 37.9% in the first quarter of 2016. This decrease was driven mainly by the Office segment, where lower volume had an unfavorable impact on fixed-cost leverage, partially offset by increased sales in the high margin Studio and Coverings segments.
- "As expected, we had a slower start to the year as declines in our Office segment offset continued growth in our high design Studio segment and stability in our Coverings business," commented Knoll President and CEO Andrew Cogan.
4:03 pm Heidrick & Struggles misses by $0.10, misses on revs; guides Q2 revs in-line (HSII) :
- Reports Q1 (Mar) earnings of $0.19 per share, $0.10 worse than the single analyst estimate of $0.29; revenues rose 7.5% year/year to $140 mln vs the $144.98 mln Capital IQ Consensus.
- Co issues in-line guidance for Q2, sees Q2 revs of $153-163 mln vs. $160.86 mln Capital IQ Consensus Estimate.
- "Heidrick's brand, influence and position in the global marketplace have never been stronger. Leveraging our current platform, we intend to expand our impact in Executive Search and to strengthen and grow our Leadership Consulting and Culture Shaping service offerings."
4:02 pm Karyopharm Therapeutics commences underwritten public offering of $40 mln in shares of common stock (KPTI) : Karyopharm intends to use the net proceeds of the offering: to support continued clinical development of selinexor (KPT-330) in multiple myeloma, lymphoma and other oncology indications; for early clinical trials of Karyopharm's two pipeline drug candidates in oncology, KPT-8602 and KPT-9274; to continue preparing to establish the commercial infrastructure for the potential launch of selinexor in North America and Western Europe; and for working capital and other general corporate purposes.
4:02 pm Navios Maritime Partners to acquire one 2010-built Capesize vessel of 178,132 dwt for a purchase price of $27.5 million (NMM) : The vessel is expected to generate approximately $3.7 million of annual EBITDA based on current rate environment (Clarkson's 1-year time charter rate for Capesize vessels as of April 21, 2017), assuming operating expenses approximating current operating costs and 360 revenue days.
4:01 pm J&J Snack Foods misses by $0.03, reports revs in-line (JJSF) :
- Reports Q2 (Mar) earnings of $0.85 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus of $0.88; revenues rose 7.3% year/year to $246.5 mln vs the $245.59 mln Capital IQ Consensus.
4:01 pm ContraVir Pharma commences an underwritten public offering; size not disclosed (CTRV) : ContraVir intends to use the net proceeds from the sale of the securities to fund research and development activities, including ongoing clinical trials, and for working capital and other general corporate purposes, and possibly acquisitions of other companies, products or technologies, though no such acquisitions are currently contemplated.