On Tuesday, Shares of Cummins Inc. (NYSE:CMI), dropped -1.44% to $137.25.
Cummins, stated results for the first quarter of 2015.
First quarter revenue of $4.7 billion raised 7 percent from the same quarter in 2014. The enhance year-over-year was driven by stronger demand in on-highway markets and distributor acquisitions in North America. Currency negatively influenced revenues by 3 percent contrast to last year, primarily due to a stronger US dollar.
Revenues in North America raised 17 percent while international sales declined by 6 percent. Within international markets, lower revenues in Europe and Brazil more than offset growth in China.
Earnings before interest and taxes (EBIT) raised to $562 million for the first quarter or 11.9 percent of sales, up from $528 million or 12.0 percent of sales a year ago.
Net income attributable to Cummins grew 14 percent in the first quarter to $387 million ($2.14 per diluted share), contrast to $338 million ($1.83 per diluted share) in the first quarter of 2014. The tax rate in the first quarter of 2015, counting discrete items, was 26.3 percent.
Based on the current forecast, Cummins anticipates full year 2015 revenues to grow between 2 and 4 percent, and EBIT to be in the range of 13.5 to 14.0 percent of sales.
Other recent highlights:
- For the eighth successive year, Cummins was named one of the world’s most ethical companies by The Ethisphere Institute
- Forbes magazine named Cummins 21st in its Top 25 Employers in America list
- Cummins was selected by Halliburton as the engine supplier for the first EPA Tier 4 Final-compliant fracking spread in North America
- The Company repurchased one million shares in the first quarter.
Cummins Inc. designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products. It operates through four segments: Engine, Distribution, Components, and Power Generation.
Shares of BioScrip, Inc. (NASDAQ:BIOS), declined -1.35% to $5.10, during its last trading session.
BioScrip, declared that Jeffrey M. Kreger will join the Company as Senior Vice President, Chief Financial Officer and Treasurer, effective April 27, 2015.
Kreger joins BioScrip with over 25 years of experience in financial and executive leadership roles. He most recently served as Senior Vice President of Finance with LHC Group Inc., a NASDAQ-listed post-acute healthcare services company. In that role, he led a staff of over 300 personnel spanning all aspects of finance, accounting, treasury and information technology functions. He was instrumental in the development and execution of LHC’s five-year planned plan, led all corporate financing activities, and was actively involved in corporate development, overseeing the valuation, purchase, and integration of four large acquisitions in less than 19 months.
Preceding to joining LHC Group in 2013, Kreger served as Senior Vice President and Corporate Controller at Sun Healthcare Group, a NASDAQ-listed post-acute care company with over 200 health care centers across 46 states and annual revenues in 2011 surpassing $1.9 billion. He formerly held senior finance roles at NYSE- and NASDAQ- listed companies counting Merged Graphics and Philip Services Corporation. He began his career with an eight-year term in the audit practice of Ernst & Young. Kreger holds an MBA from The University of Houston, and a BBA in Accounting from the University of Texas at Austin. He is a member of the Society of Louisiana Certified Public Accountants.
BioScrip, Inc. provides home infusion and other home care services, and pharmacy benefit administration (PBM) services in the United States. It operates in two segments, Infusion Services and PBM Services.
At the end of Tuesday’s trade, Shares of CNH Industrial N.V. (NYSE:CNHI), dwindled -1.35% to $8.79.
CNH Industrial, brand Iveco has arrived in the Malaysian market with a full line-up of commercial vehicles from its heavy, medium and light ranges. The brand has partnered with F.A. Trucks Sdn Bhd, a wholly-owned partner of Federal Auto Holdings, which was designated in 2014 as the exclusive distributor for the sale of Iveco vehicles, service support and the sale of genuine spare parts in the market.
In a joint press conference, held recently by Iveco and F.A. Trucks in Kuala Lumpur, members of Senior Administration from Iveco and Federal Auto Holdings presented their business strategy for the market, and their plans for the further development of the sales and service network.
The five key product ranges in the Iveco line-up were introduced: the Daily light commercial vehicle – named “International Van of the Year 2015″ –, the medium Eurocargo truck, the heavy Stralis truck – named “Truck of the Year 2013″–, the off-road heavy Trakker and the 682 heavy truck. The product offering is complemented with a full range of after-sales and financing which will take advantage of Federal Auto Holdings’ local presence in the country.
CNH Industrial N.V. designs, produces, markets, sells, and finances agricultural and construction equipment, trucks, commercial vehicles, buses, and specialty vehicles, engines, transmissions, and axles worldwide.
Finally, Barracuda Networks, Inc. (NYSE:CUDA), ended its last trade with -1.34% loss, and closed at $42.85.
Barracuda Networks, declared results for its fourth quarter and fiscal year 2015, which ended February 28, 2015.
Fourth Quarter and Full Year 2015 Financial Highlights
Billings: For the fourth quarter, gross billings were $96.1 million which represents 17.2% growth from the preceding year and more than 20% growth on a constant currency basis. For fiscal 2015, gross billings grew 17.5% to $364.3 million, up from $310.0 million in fiscal 2014.
Revenue: Total revenue for the fourth quarter grew 19.6% from the fourth quarter of fiscal 2014, to $72.2 million. For the full year, total revenue was $277.4 million. Appliance revenue, in the fourth quarter, reached $20.9 million and for the full year was $83.1 million. Subscription revenue grew to $51.2 million in the fourth quarter of fiscal 2015 up 22.0% from $42.0 million in the fourth quarter of fiscal 2014. For fiscal 2015, subscription revenue was $194.3 million and represented 70.0% of total revenue.
Net Income/Loss: GAAP net loss was $68.4 million in the fourth quarter and $67.5 million for the full fiscal year. The loss per share was $1.30 based on a basic share count of 52.6 million and 51.9 million for the fourth quarter and full year, respectively. The GAAP loss was primarily due to a one-time, non-cash charge of $67.7 million to establish a deferred tax asset valuation allowance. Non-GAAP net income for the fourth quarter of fiscal 2015 was $3.7 million, or $0.07 earnings per share, based on a diluted share count of 54.7 million. Non-GAAP net income excludes $64.3 million in income tax expense and the effect of non-GAAP exclusions, $5.4 million in stock-based compensation expense, $1.1 million net in other income and expense, $0.7 million in acquisition and other non-recurring charges and $0.6 million in amortization of intangibles. For the full year fiscal 2015, non-GAAP net income was $15.1 million, or $0.28 earnings per share, based on a diluted share count of 54.0 million.
Barracuda Networks, Inc. designs and delivers security and storage solutions. It offers cloud-connected solutions that assist its customers address security threats, enhance network performance, and protect and store their data.
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