On Wednesday, Shares of Northstar Realty Finance Corp (NYSE:NRF), lost -0.94% to $15.24.
NorthStar Realty Finance Corp., declared its results for the second quarter ended June 30, 2015.
Second Quarter 2015 Results
NorthStar Realty stated CAD for the second quarter 2015 of $159.3 million, or $0.45 per share. Net (loss) to common stockholders for the second quarter 2015 was $(97.5) million, or $(0.28) per diluted share.
David T. Hamamoto, Chairman and Chief Executive Officer, commented, “We are happy with our solid results for the second quarter, which reflect our commitment to executing our operating strategy as we continue to build a portfolio of diversified commercial real estate assets that we expect to generate long-term, durable cash flows. Our second quarter CAD comprises over $1 billion of equity invested for nearly a full quarter in high-quality, moderately leveraged pan-European office properties located in top markets. While the 8% current yield on this $1 billion of equity was effectively dilutive to second quarter CAD, particularly relative to other higher yielding investment opportunities, we firmly believe that the valuation ascribed to these cash flows as a standalone REIT will be more than twice the current overall implied cash flow multiple of NorthStar Realty. With European REITs having outperformed the RMZ by well over 20% year-to-date, we believe that our strategy will be validated and are enthusiastic about the spin-off of NRE which remains firmly on-track for completion in the coming months. We are also excited about our recently declared administration expansion and NorthStar Realty’s long-term prospects, while our dedication to exploring all options to create and unlock future shareholder value remains unwavering.”
NorthStar Realty Finance Corp. is a real estate investment trust launched and managed by NorthStar Asset Administration Group. The fund invests in the real estate markets of the United States.
Shares of Dillard’s, Inc. (NYSE:DDS), declined -2.19% to $94.75, during its last trading session.
Dillard’s, declared operating results for the 13 weeks ended August 1, 2015.
Second Quarter Results
Dillard’s stated net income for the 13 weeks ended August 1, 2015 of $29.9 million, or $0.75 per share, contrast to net income of $34.5 million, or $0.80 per share, for the preceding year second quarter.
Dillard’s Chief Executive Officer, William T. Dillard, II, stated, “While we achieved positive comparable store sales, we were disappointed with our overall performance contrast to the preceding year. However, from our strong cash position, we returned $208 million to shareholders under our share repurchase program.”
Dillard’s, Inc. operates as a fashion apparel, cosmetics, and home furnishing retailer in the United States. The company’s stores offer a selection of merchandise, counting fashion apparel for women, men, and children; accessories; cosmetics; home furnishings; and other consumer goods.
Finally, Pacific Drilling SA (NYSE:PACD), ended its last trade with 1.32% gain, and closed at $2.31.
Pacific Drilling S.A., declared net income for second-quarter 2015 of $47.1 million or $0.22 per diluted share, contrast to net income of $51.7 million or $0.24 per diluted share for first-quarter 2015. Net income for second-quarter 2014 was $49.9 million or $0.23 per diluted share.
Second-Quarter 2015 Operational and Financial Commentary
Contract drilling revenue for second-quarter 2015 was $273.9 million, which comprised of $21.5 million of deferred revenue amortization, contrast to first-quarter 2015 contract drilling revenue of $283.4 million, which comprised of $22.7 million of deferred revenue amortization. Contract drilling revenue reduced quarter over quarter as a result of the completion of the drilling contract for Pacific Mistral on Feb. 5, 2015. During the three months ended June 30, 2015, our operating fleet achieved average revenue efficiency of 95.5 percent.
Contract drilling expenses for second-quarter 2015 were $110.4 million, contrast to $117.7 million for first-quarter 2015. Contract drilling expenses for second-quarter 2015 comprised of $9.1 million in reimbursable costs, $7.9 million in shore-based and other support costs, and $5.8 million in amortization of deferred costs. Direct rig-related daily operating expenses, not taking into account reimbursable costs, averaged $160,400 in second-quarter 2015, down from an average of $174,200 in first-quarter 2015. The reduction in direct rig-related daily operating expenses was primarily the result of reducing costs on Pacific Mistral, which was idle during the quarter, and fleet-wide cost-control measures, which were implemented during the second quarter.
Pacific Drilling S.A., together with its auxiliaries, operates as an offshore drilling contractor. It provides offshore drilling services to the oil and natural gas industry. The company contracts drilling rigs, related equipment, and work crews primarily on a dayrate basis to drill wells for its customers.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should/might occur.
