On Wednesday, U.S. Bancorp (NYSE:USB)’s shares declined -0.23% to $43.43.
Yesterday, U.S. Bancorp (USB), stated net income of $1,431 million for the first quarter of 2015, or $0.76 per diluted common share, contrast with $1,397 million, or $0.73 per diluted common share, in the first quarter of 2014.
U.S. Bancorp Chairman, President and Chief Executive Officer Richard K. Davis said, U.S. Bancorp, once again, delivered industry-leading performance measures in the first quarter. We achieved net income of $1.43 billion, or $0.76 per diluted common share, return on average assets (ROA) of 1.44 percent, return on average common equity (ROE) of 14.1 percent, and an efficiency ratio of 54.3 percent. The first quarter results reflect normal seasonal effects, such as the predictable reduction of post-holiday spending. We believe the diversification of our business mix has served us well through the prolonged low interest rate environment and slow economic recovery, and we are well positioned for stronger growth when the economy gains momentum and interest rates rise.
One of U.S. Bancorps highlights from the first quarter was being named as one of the Worlds Most Ethical Companies ® by the Ethisphere Institute. This designation recognizes the deep commitment our 67,000 employees have toward serving our customers, assisting them build financially secure futures, and always doing the right thing. A commitment to ethical leadership is one of the cornerstones of the U.S. Bancorp culture and core values. We are proud to be bankers and to have the privilege to be a trusted partner for our shareholders, customers, and communities as we move toward our vision for the future.
Highlights for the first quarter of 2015 comprised of:
- Growth in average total loans of 5.1 percent over the first quarter of 2014
- Growth in average total loans of 0.6 percent on a linked quarter basis (0.8 percent not including the influence of a reclassification of certain municipal loans to securities at the end of the fourth quarter 2014)
- Growth in average total commercial loans of 15.1 percent over the first quarter of 2014 and 2.4 percent over the fourth quarter of 2014
- Growth in average commercial and commercial real estate revolving commitments of 11.7 percent year-over-year and 1.9 percent over the preceding quarter
- Strong new lending activity of $48.8 billion during the first quarter, counting:
- $29.0 billion of new and renewed commercial and commercial real estate commitments
- $2.8 billion of lines related to new credit card accounts
- $17.0 billion of mortgage and other retail loan originations
- Growth in average total deposits of 8.1 percent over the first quarter of 2014 (6.4 percent not including the Charter One franchise acquisition in late June 2014) and 1.1 percent on a linked quarter basis, the strongest first quarter deposit growth in the past three years
- Average low cost deposits, counting noninterest-bearing and total savings deposits, grew by 11.4 percent year-over-year and 1.7 percent on a linked quarter basis
- Net interest income growth over the first quarter of 2014 driven by average earning assets growth of 10.6 percent and continued strong growth in lower cost core deposit funding. Linked quarter net interest income reduced 1.7 percent principally due to fewer days in the quarter.
U.S. Bancorp, a financial services holding company, provides a range of financial services in the United States. It offers depository services, which comprise checking accounts, savings accounts, and time certificate contracts; and lending services, such as traditional credit products, in addition to credit card services, leasing, financing and import/export trade, asset-backed lending, agricultural finance, and other products.
Corning Incorporated (NYSE:GLW)’s shares dropped -0.04% to $22.33, during the last trading session on Wednesday.
On April 13, Corning Incorporated (GLW), declared a collaborative contract with OLEDWorks to develop unique, flexible, and conformable OLED lighting solutions using Corning® Willow® Glass as an integrated substrate.
These lighting panels will be used in architectural lighting and luminaries and are predictable to provide two times the light output of traditional OLED lighting panels, enabling raised efficiency and lower power consumption.
“Our partnership with Corning adds the exciting promise of incredibly thin and flexible OLED lighting to our innovative product offerings,” said David DeJoy, chief executive officer, OLEDWorks. “Through this planned alliance, the team will significantly improve energy efficiency by creatively integrating Corning`s light extraction technology with OLEDWorks` formulation science and inventive manufacturing processes. Using Corning Willow Glass in our near-term product roadmap expands our OLED lighting portfolio to provide highly flexible and adaptive design statements for a wider variety of lighting applications.”
OLEDWorks` novel manufacturing platform delivers affordable OLED solid-state lighting panels. Willow Glass enables system versatility and rapid reaction to market demands. Architects and lighting designers should be able to use conformable OLED lighting solutions in the near future.
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials worldwide. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences. The Display Technologies segment manufactures glass substrates for active matrix liquid crystal displays (LCDs) that are used primarily in LCD televisions, notebook computers, and flat panel desktop monitors. The Optical Communications segment manufactures optical fiber and cable; and hardware and equipment products comprising cable assemblies, fiber optic hardware and connectors, optical components and couplers, closures, network interface devices, and other accessories. It also provides subscriber demarcation, connection, and protection devices; plant enclosures; and RF interconnects for the cable television industry.
At the end of Wednesday’s trade, Alcoa Inc (NYSE:AA)‘s shares dipped -0.22% to $13.34.
On April 8, Alcoa Inc (AA), stated strong first quarter 2015 profits. The Company’s strategy of building its value-add portfolio and creating a globally competitive commodity business is delivering results.
Alcoa stated first quarter 2015 net income of $195 million, or $0.14 per share, counting $158 million in restructuring-related charges (about 90 percent non-cash), mostly to optimize the Company’s portfolio. Year-over-year, first quarter 2015 results compare to a net loss of $178 million, or $0.16 per share.
First quarter 2015 revenues rose 7 percent to $5.8 billion, from $5.5 billion in first quarter 2014. The revenue raise resulted principally from organic growth, driven by strong automotive and aerospace volume. Positive market effects in the quarter were offset by capacity reductions and portfolio changes.
“First quarter results show our transformation is moving at ongoing high speed and is fully on course,” said Klaus Kleinfeld, Alcoa Chairman and Chief Executive Officer. “We are organically and inorganically broadening our innovative, multi-material value-add businesses, bringing new capabilities and materials to our aerospace and automotive offerings, and taking swift action in the upstream, making it more competitive. We are pulling on all levers to create sustainable shareholder value.”
Alcoa Inc. produces and manages primary aluminum, fabricated aluminum, and alumina worldwide. The company operates through four segments: Alumina, Primary Metals, Global Rolled Products, and Engineered Products and Solutions. The Alumina segment is involved in mining bauxite, which is then refined into alumina. The Primary Metals segment produces primary aluminum.
Yum! Brands, Inc (NYSE:YUM), ended its Wednesday’s trading session with -0.03% loss, and closed at $79.60.
On April 13, Pizza Hut, a partner of Yum! Brands, Inc. (YUM), delivers more pizza, pasta and wings than any other restaurant in the world.
For people everywhere, tax season is often associated with complicated forms, looming deadlines and major headaches. This year, Pizza Hut is changing that by putting a tastier spin on the typical tax return.
The world’s largest pizza company is bringing some much needed flavor to the 2015 tax season by unveiling the “Pizza Hut National Pizza Return,” giving fans across the country the opportunity to redeem their 2014 pizza return.
“Unless you’ve got a big return coming your way, tax season can be a time of dread for people across the country,” said Jared Drinkwater, Vice President of Marketing, Pizza Hut. “At Pizza Hut, we truly believe your hard-earned pizza belongs in your hands, so we created the Pizza Hut National Pizza Return.”
YUM! Brands, Inc., together with its auxiliaries, operates quick service restaurants. It operates in five segments: YUM China, YUM India, the KFC Division, the Pizza Hut Division, and the Taco Bell Division. The company develops, operates, franchises, and licenses a system of restaurants, which prepare, package, and sell various food items.
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