On Thursday, Shares of Transocean Ltd. (NYSE:RIG), surged 12.16% to $13.84.
Transocean stated net income attributable to controlling interest of $342 million, $0.93 per diluted share, for the three months ended June 30, 2015. Second quarter 2015 results comprised of net unfavorable items of $66 million, $0.18 per diluted share, as follows:
- $653 million, $1.79 per diluted share, associated with an impairment of the Midwater Floater asset group due primarily to the deterioration of the market outlook for this rig class;
- $144 million, $0.39 per diluted share, primarily related to impairment of assets held for sale; and
- $11 million, $0.03 per diluted share, in costs related to one-time termination benefits.
These net unfavorable items were partially offset by:
- $735 million, $2.02 per diluted share, associated with Macondo-related settlement agreements and insurance recoveries; and
- $7 million, $0.01 per diluted share, associated with the gain on disposal of assets and other miscellaneous items.
After consideration of these net unfavorable items, second quarter 2015 adjusted net income was $408 million, or $1.11 per diluted share.
For the three months ended June 30, 2014, the company stated both net income attributable to controlling interest and adjusted net income of $587 million, or $1.61 per diluted share.
Transocean Ltd., together with its auxiliaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services.
Shares of Verizon Communications Inc. (NYSE:VZ), declined -0.02% to $46.63, during its last trading session.
Verizon Communications Inc., deadlocked in labor talks over pension benefits and health care that caused a strike in 2011, has gained bargaining power this time around after shedding operations that employ older unionized workers, according to Bloomberg.
The Communications Workers of America and the International Brotherhood of Electrical Workers, representing about 39,000 Verizon employees, are in the weakest position they’ve ever been. That’s because the phone giant has refocused on wireless, where it sees more growth and employees are nonunionized and typically younger. Bloomberg Reports
The labor dispute is the first since Verizon took full control of Verizon Wireless and agreed to buy AOL, two deals worth almost $135 billion that point toward a wireless-centric future. Today’s Verizon makes just 30 percent of revenue from its landlines, and Chief Executive Officer Lowell McAdam has begun a review of legacy telephone assets that could result in the sale of additional union-heavy operations. Bloomberg added.
Verizon Communications Inc., through its auxiliaries, provides communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide.
Finally, Plug Power Inc. (NASDAQ:PLUG), ended its last trade with -14.75% loss, and closed at $2.37.
Plug Power reports its 2015-second quarter results. The quarterly results are the Company’s best in its 19-year history, and comprise:
- Record revenues of $24M
- Bookings in excess of $59M
- Positive gross margin at 7 percent
Most notably, Plug Power realized 26 percent gross margins from its longest-running product line, GenDrive, up from 17 percent in the same quarter of 2014. Plug Power has been selling GenDrive to material handling customers commercially since 2010. Today, more than 8,500 units have been deployed in North America, and have accumulated more than 107 million operating hours.
Plug Power continues to see ongoing success and multiple deployments with repeat customers such as Walmart and Kroger, where distribution center conversion rates average one to three facilities per quarter. The GenKey value proposition has been validated by large customers like these and many others, but GenKey is increasingly attractive to mid-size customers such as Dietz and Watson, FreezPak Logistics and Newark Farmers Market because Plug Power provides cost-effective access to hydrogen through GenFuel.
Plug Power Inc., an alternative energy technology provider, engages in the design, development, manufacture, and commercialization of fuel cell systems for the industrial off-road markets worldwide. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, and fuel cell/battery hybrid technologies.
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