On Wednesday, Shares of Nabors Industries Ltd. (NYSE:NBR), lost -2.39% to $11.21.
Nabors Industries Ltd., stated second-quarter revenue, and earnings from unmerged associates of $862 million, contrast to $1.42 billion in the first quarter of 2015, and $1.62 billion in the second quarter of last year. The comparable quarters comprised of $367 million and $535 million respectively, in revenue from Completion and Production Services, a business line that merged with C&J Energy Services on March 24, 2015. Starting in the second quarter, Nabors’ results reflect equity-method accounting for this investment on a quarter-lag basis.
Net income from ongoing operations stated for the second quarter was a loss of $41.9 million or $0.14 per diluted share, which comprises $0.23 of tax expense. This compares to first-quarter net income from ongoing operations of $124.4 million or $0.43 per diluted share; or $58.3 million, or $0.20 per share, after not taking into account $66.1 million attributable to the after-tax net gain from the C&J Energy Services transaction, tax benefits, and after-tax severance charges from workforce reductions. The first-quarter comparable results also comprise income from the Completion and Production Services business.
Nabors Industries Ltd., together with its auxiliaries, provides drilling and rig services. The company offers rig instrumentation, optimization software, and directional drilling services.
Shares of Vishay Intertechnology (NYSE:VSH), inclined 0.37% to $10.83, during its last trading session.
Vishay Intertechnology, declared global cost reduction programs as part of its continuous efforts to improve efficiency and operating performance.
The programs comprise a plan to reduce selling, general, and administrative (“SG&A”) costs company-wide, and targeted streamlining and consolidation of production for certain product lines within its Capacitors and Resistors & Inductors segments. The programs in total are predictable to lower costs by about $35 million annually (at current volumes) when fully implemented, at predictable cash costs (primarily severance) of about $30 million. The implementation of these programs will not impact planned research and development activities, or the Company’s growth initiatives in Asian markets.
Vishay Intertechnology, Inc. manufactures and supplies discrete semiconductors and passive components in the United States, Europe, and Asia. The company operates in five segments: MOSFETs, Diodes, Optoelectronic Components, Resistors & Inductors, and Capacitors.
Finally, Health Net, Inc. (NYSE:HNT), ended its last trade with 0.55% gain, and closed at $69.03.
Health Net, declared 2015 second quarter GAAP net income of $58.4 million, or $0.75 per diluted share, contrast with GAAP net income of $120.9 million, or $1.49 per diluted share, for the second quarter of 2014 and $30.0 million, or $0.38 per diluted share, for the first quarter of 2015.
In the second quarter of 2015, Health Net incurred about $26.4 million of pretax expenses primarily related to its formerly declared transaction with a wholly owned partner of Cognizant Technology Solutions Corporation (Cognizant). Efforts toward the commencement of services following this transaction were suspended in connection with Health Net’s declaration that it had reached a definitive merger agreement with Centene Corporation.
Health Net, Inc. provides managed health care services through health plans and government-sponsored managed care plans in the United States. It operates through Western Region Operations and Government Contracts segments.
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