Category: Earnings (page 1 of 5)

U.S. Silica Holdings reports increased earnings

logo-topFREDERICK, MD — U.S. Silica Holdings Inc., a Maryland-based silica and sand supplier, reported earnings of $2.5 million, or 3 cents per diluted share, for the first quarter after reporting a loss in the same quarter a year ago.

U.S. Silica Holdings 77 percent increase in this quarter’s net income follows a net loss of $11 million in the first quarter of 2016. Business development expenses of $1.5 million and the $6.3 million cost of restructuring a vendor contract negatively affected the 2016 first quarter earnings.

U.S. Silica Holdings earnings were above analyst estimates for the first quarter. Excluding restructuring charges, the company earned 9 cents a share, above expectations of earnings of 6 cents per share.

Revenue increased 100 percent to $244.8 million from $122.5 million from the same quarter last year.

The increase in revenue is due to high record demand for oil and gas, a business that reported 2.5 million in tons sold and $193 million in revenue.

“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,” said Chief Executive Officer Bryan Shinn in a statement.

The company’s projections for 2017 capital expenditures are $125 million to $150 million.

U.S. Silica’s shares closed at $42.54, a 2.4 percent , for Tuesday.

The filing can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Lockheed Martin’s shares fall after lower-than-expected first quarter revenue

BETHESDA, MD — Lockheed Martin Corp.’s shares dropped as much as 4 percent after the company reported first-quarter revenue of $11.06 billion,  which missed analysts’ forecasts of $11.23 billion for the period due to lower-than-expected sales.Lockheed Martin

The U.S. defense contractor’s net earnings from continuing operations fell to $763 million from $806 million in the year ago period. Adjusted earnings per share was reported as $3, topping Wall Street forecasts of $2.79 per share.

Net earnings from continuing operations were impacted by a $120 million charge for a loss program to design, integrate and install an integrated air missile defense system for an international customer.

“While our net earnings were impacted by certain adjustments, we increased our outlook for full year cash from operations by $300 million to at least $6.0 billion and we continue to position the company to deliver outstanding value to customers and shareholders,” said president and CEO Marillyn Hewson.

Lockheed lowered its full year earnings outlook to between $12.15 per share and $12.45 per share from its previous view between $12.25 per share and $12.55 per share.

The defense contractor’s shares, which have climbed nearly 11 percent so far this year, 4 percent in pre-market trading to $265.32 Tuesday morning after the announcement. They were trading at $268.36, down $7.85, in midday Tuesday trading.

The Securities and Exchange Commission filing can be found here.

This is a story from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.

Community Financial first quarter earnings beat expectations

COMMUNITY BANK OF TRI-COUNTY NEW LOGOWALDORF, MD – Community Financial Corp. reported a first quarter profit that beat analyst expectations, according to a filing with the Securities and Exchange Commission.

Community Financial, the holding company for Community Bank of the Chesapeake, reported a net income of $2.3 million. The earnings per diluted share were at 51 cents. This was a 45.6 percent increase from the net income of $1.6 million, or 35 cents per diluted share, reported this time last year.

These numbers beat Wall Street analysts’ average estimates of 44 cents per diluted share.

The increase in net income was the result of increased net interest income of $201,000, a lower provision for loan losses of $290,000 partially offset by small variances in non-interest expense and non-interest income and higher income tax expense due to higher pretax earnings.

“Our 2016 loan growth, expected loan growth for 2017 and continued focus on controlling expenses should position the company to further increase operating leverage during 2017,” said Chief Executive Officer William Pasenelli in a statement.

Community Financial’s returns on average assets and common stockholder’s equity were 0.7 percent and 8.78 percent, respectively, compared to 0.62 percent and 7.68 percent reported in 2016.

The company posted revenue of $13.8 million for the period, with an adjusted revenue of $11.5 million.

This was Community Financial’s sixth consecutive quarter of earnings growth.

On Friday, The Community Financial stock closed at $35.75 per share, down 70 cents, or 1.92 percent.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Ellicott City-based Howard Bancorp earnings beats analyst estimates

ELLICOTT CITY, MD – Howard Bancorp reported first quarter net income for 2017 of $1.6 million or 18 cents per share, beating analyst expectations of 16 cents per share.HB Howard Bancorp

The Ellicott City–based community bank reported net income available to common shareholders had increased 73 percent compared to the same quarter last year, but earnings per share were up only 38 percent.

Chairman and CEO Anne Scully attributed the disparity in EPS and net income growth to a common stock offering, which increased the company’s equity by 1.8 million shares worth $41 million.

Scully stated, “Our capital raise was not about doing anything differently but rather was about ensuring that we have the capital infrastructure in place to support the continued growth we can achieve given our focus on talent retention as well as the talent we attracted during 2016 and early 2017.”

The offering closed on Feb. 1, and included an additional 360,000 shares available to the underwriters for purchase at $15 per share.

After the decision to exercise this option, the total number of shares sold by the company was 2.76 million

Average common shares outstanding increased from 7 million at the end of 2016 to 8.8 million on Mar. 31, 2017, and the company’s total equity increased from $85 million to $126 million over the same time.

The addition of equity increased the company’s leverage ratio to 12.1 percent from 8.4 percent the same time last year.

Scully said that the 73 percent increase in net income was due in part to the growth of the bank’s commercial loan portfolio by an annualized 12 percent.

As a result of the company’s mortgage banking operations, non-interest income increased 56 percent to $4.5 million in the first quarter of 2017 from $2.9 million the same time last year.

The bank’s primary market focus is on providing loans to small and medium size commercial business and high-net-worth individuals, and the bank has 13 branches in the Baltimore area with just over $1 billion in total assets.

Since the company reported fourth quarter earnings on Jan. 21, the stock price has increased nearly 25 percent.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.

LaSalle Hotel Properties sees dramatic increase in first quarter earnings

lasalleBETHESDA, MD – LaSalle Hotel Properties, a Maryland-based real estate investment firm, reported increased earnings for the first quarter due to decreasing expenses, according to a filing from the Securities and Exchange Commission.

LaSalle Hotel Properties net income increased 1,168.3 percent to $76.1 million, or 67 cents per diluted share, from $6 million, or 5 cents per diluted share in the first quarter of the previous year.

LaSalle was able to decrease the expense of hotel operating costs, as it sold off three properties and one leasehold interest in the past year. The company received $74.4 million in gains relating to the sales of the properties, impacting the company’s net income.

“We have been opportunistic in selling four hotels this year, and we are pleased to use part of these proceeds to redeem our Series H preferred shares,” stated Michael Barnello, President and Chief Executive Officer of LaSalle Hotel Properties.

The company received $273.85 million in the sales of Hotel Deca, Lansdowne Resort, and Alexis Hotel, and the Triton Hotel.

LaSalle beat analysts earning estimates of 6 cents for the first quarter. Analysts are predicting earnings of 45 cents for the next quarter.

The company reported total revenue of $254.5 million, a 2.2 percent decrease from $260.1 million, the first quarter revenue of the 2016 fiscal year.

LaSalle Hotel Properties stock price has decreased 1.93 percent to $28.69 in Thursday morning trading. The stock closed at $29.26 the previous day.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism


Energy company Argan’s fourth-quarter earnings beat analysts’ estimates

argan_logoROCKVILLE, MD — Argan Inc. said fourth-quarter earnings rose 190 percent, beating analyst estimates, due to acquisitions and new construction.

The Rockville, Maryland-based company reported earnings of $1.29 a share, up from 45 cents a share the year before, beating analysts’ estimates by 48 cents a share.

The energy holding company filed financial results for its fiscal year and fourth quarter ended Jan. 31 with the Securities and Exchange Commission Monday.

Quarterly revenues rose 78 percent to $206.8 million versus $116.4 million the previous year.

Revenues increased to an annual record $675 million, up 63 percent compared to the prior year, primarily due to the company’s Gemma Power Systems subsidiary ramping up work on four gas-fired power plants and completing two other power plants.

The company said the increase also reflects a full year of revenues from Atlantic Projects Co. and The Roberts Co., which were acquired in May and December 2015, respectively.

Incorporated in 1961, Argan designs and builds energy plants.

Shares of the company closed at $64.35 per share on Monday, up 0.6 percent. Argan trades on the New York Stock Exchange under the ticker AGX.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism


Laureate Education posts fourth quarter revenue, earnings that beats expectations

BALTIMORE, MD — Laureate Education Inc., a higher education provider, announced fourth-quarter revenue of $1.18 billion, surpassing Wall Street expectations of $1.16 billion due to an increase in enrollment.

The for-profit higher education supplier posted net income of $41.3 million in the period, according to a Securities and Exchange filing. Earnings came to 33 cents per share, beating analyst forecasts of 29 cents per share.Laureate

Total enrollments for the quarter were up 2 percent from fourth quarter 2015, reflecting strong performance in certain Latin American markets. Fourth quarter financial results also benefited from a change in the academic calendar which shifted the timing of revenue and profits from the second and third quarter to the fourth quarter.

“Laureate is pleased to report strong operating and financial results for our fourth quarter and the full year of 2016,” said Doug Becker, Laureate founder, chairman and chief executive officer. “Our performance reflects our track record of delivering positive outcomes to our students while prioritizing accessibility and internationality, key factors for our continued success.”

For the year, the company reported profit of $371.8 million, or $2.76 per share. Revenue was reported as $4.24 billion.

Laureate Education expects full-year 2017 revenue in the range of $4.29 billion to $4.35 billion.

The company also announced Tuesday the departure President and Chief Operating Officer Enderson Guimarães.

Eilif Serck-Hanssen, Laureate Education’s chief financial officer for the past nine years, will assume the role of president and chief administrative officer. Ricardo Berckemeyer, a 15-year veteran of the company who heads the Latin America region, will assume the role of chief operating officer.

Guimarães, who joined the company in September 2015, will be leaving to pursue other opportunities following a transition period over the nest several months.

“I have tremendous admiration for Laureate and its many impressive educators and leaders and am confident that the company will continue to be successful in the future,” he said.

Laureate Education is a large global network of degree-granting higher education institutions, with more than 1 million students enrolled across 70 institutions in 25 countries at campuses and online. Some of the company’s institutions in the U.S. include University of St. Augustine for Health Sciences in Florida, Kendall College in Chicago and Walden University in Minneapolis.

The company’s shares closed Tuesday at $13.90, a new high for the stock, up $1.23 from that morning’s opening of $12.67.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.



McCormick reports earnings on par with analyst expectations

SPARKS, MD — McCormick  & Co. reported its first quarter financial earnings that matched analyst expectations, according to a filing Tuesday with the Securities and Exchange Commission.

searchEarnings rose one cent to 74 cents per share for the period ended Feb. 28 for the global spice company, with higher operating income offset in part by a higher tax rate and the impact of unfavorable currency prices. Adjusted earnings per share increased to 76 cents, up 2 cents.

Earnings were on par with the average analyst estimate. The low average estimate was 73 cents, and the high was 80 cents.

“Our first quarter financial results were a solid start to the year delivering profit results in line with our expectations,” said CEO Lawrence Kurzius in a statement. “Sales in our consumer segment were up from the year ago period, with strong momentum in China and the benefit of acquisitions, partially offset by the impact of a challenging retail environment in the U.K.”

The increase in earnings per share was driven by higher operating income, including the impact of special charges, offset in part by a higher tax rate and the impact of foreign currency on income from unconsolidated operations.

Sales rose 1 percent in the first quarter compared to last year’s period. The company grew sales four percent in constant currency with increases in the consumer and industrial segments.

McCormick also increased gross profit margin to 39.6 percent, up from 39.3 percent during the same period last year.

For the first quarter, operating income was $134 million compared to $129 million in the same 2016 period.

For the year to date quarter, net cash from operating activities is down significantly to $44 million from $79 million in the same period 2016 due mainly to the timing of income tax payments and incentive compensation payments related to 2016’s financial performance.

The company updated its financial outlook for 2017 to reflect a higher impact from special charges, but the company reaffirmed its expected constant currency growth rate for sales, adjusted operating income and adjusted earnings per share.

In 2017, McCormick expects to grow sales 3 percent to 5 percent compared to 2016. Operating income is expected to grow 9 to 11 percent from $641 million in 2016.

McCormick projects the 2017 earnings per share to be from $3.98 to $4.06, up from $3.69 in 2016.

McCormick stock traded Tuesday down about 2.5 percent from the day’s open at $100.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism


Global Medical REIT fourth-quarter earnings miss expectations

BETHESDA, MD — Global Medical REIT Inc. reported fourth quarter earnings of negative 11 cents per share, which was worse than analysts expected but up from negative $3.16 per share in the fourth quarter of 2015, according to a filing Monday with the Securities and Exchange Commission.

imgresThe company was expected to report a loss of 11 cents per share. It primarily acquires licensed health care facilities and leases them to clinical operators.

Total revenue for the fourth quarter increased to $3.1 million, which beat analyst expectations of revenue of $2.94 million.

Global Medical cited the net loss was due to acquisition costs, stock-based compensation expense, and generally due to increased operating expenses as a result of the growth in the company’s portfolio of properties.

The leasing occupancy rate is at 100 percent for both 2015 and 2016. In the fourth quarter, the company acquired 13 additional facilities for an aggregate purchase price of $81.4 million.

“When these pending acquisitions close our total portfolio will be approximately $316 million,” said CEO David Young in a statement. “I would also like to point out our recently amended syndicated revolving credit facility which provides a financing commitment of up to $200 million plus an accordion feature for an additional $50 million.”

The company declared a quarterly cash dividend of 20 cents per share, an annualized 8.97 percent dividend yield for 2016.

For the full 2016 year, total revenue increased to $8.2 million from $2.1 million. The company attributed the growth to a larger portfolio of properties, resulting in higher rental revenues.

The company’s cash and cash equivalents balance increased to $19.7 million in 2016, up from $9.2 million.

At the end of the year, Global Medical had 31 buildings with 664,879 square leasable feet, up from 2015 with nine properties and 129,412 square feet available to lease. These 31 buildings are leased to 18 tenants with an average lease term remaining of 12 years. The annual average base rent is $23.17 per square foot.

Global Medical’s shares fell 1 cent to $8.30 in midday Monday trading.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism



OpGen misses expectations with $4.8 million fourth-quarter loss

OpGenGAITHERSBURG, MD – OpGen Inc. reported a net income loss of $4.8 million in its fourth quarter following a 35 percent drop in revenue from product sales, according to a filing with the Securities and Exchange Commission.

OpGen’s fourth-quarter loss was in line with its performance in the same period a year ago but still greater than analysts expected. It lost 21 cents per share rather than the predicted loss of 20 cents per share.

Overall revenue for the quarter was $1.0 million, down 24.3 percent from $1.3 million in 2015. Revenue from product sales took the largest hit in the quarter, falling to $818,000 from $1.3 million.

“In 2016 our investments in genomics and informatics for infectious disease management issues caused by multi-drug resistant organisms began to pay off,” said OpGen’s Chief Executive Officer Evan Jones.

Jones said the company expects its Acuitas brand of rapid-diagnostic products to move past the development phase within the coming months, aiming to make the products available for external research use in the second half of 2017.

Research and development costs were the firm’s largest expense in the quarter. They totaled $2.3 million, up from $2.1 million a year ago.

OpGen went public in 2015 at $6 per share and raised $17 million. According to the Thursday filing, OpGen raised an additional $4.7 million in the fourth quarter. Its assets as of Dec. 31 totaled $9.0 million.

Shares of OpGen stock closed at $1.07 on Friday – down 8.5 percent since the filing’s release on Thursday.

Gaithersburg-based OpGen announced in November that it had entered into a research collaboration with a subsidiary of New Jersey-based pharmaceutical firm Merck & Co. Inc. to develop rapid diagnostics and information technology products that aim to combat the threat of antimicrobial resistance.

Analysts are expecting OpGen to start moving closer to profitability in the first quarter; current estimates predict a loss of 15 cents per share for the period. The company, however, did not provide 2017 guidance.

The filing can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

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