On Tuesday, Freescale Semiconductor Ltd (NYSE:FSL)’s shares declined -2.66% to $39.49.
Freescale Semiconductor, Ltd. (FSL) announced financial results for the second quarter ended July 3, 2015. Highlights include:
Debt Redemption
Declared redemption of $302 million of remaining 10.75% Notes during the third quarter.
Freescale will have reduced debt by about $1.40 billion and annualized interest expense by $160 million, since January 2014.
Second Quarter Highlights
Net sales for the second quarter of 2015 were $1.20 billion, contrast to $1.17 billion in the first quarter of 2015 and $1.19 billion in the second quarter of 2014.
Operating earnings for the period were $226 million, contrast to $179 million in the first quarter of 2015 and $180 million in the second quarter of 2014. Operating earnings raised due to higher revenues, improving gross margins and lower operating expenses. Operating expenses as a percentage of sales were 28.3 percent in the quarter, 100 basis points lower than the preceding quarter and 80 basis points lower than second quarter of 2014. Second quarter 2015 operating earnings comprised of $6 million of reorganization of business costs comprised of expenses associated with the company’s planned merger with NXP Semiconductors and severance.
Freescale Semiconductor, Ltd. provides embedded processors worldwide. The company’s products comprise microcontrollers, ranging from 8-bit products to higher performance 16-bit and 32-bit products with on-board flash memory, which provide the digital logic or intelligence for electronic applications and controlling electronic equipment or analyzing sensor inputs; single-and multi-core microprocessors; and applications processors with embedded memory, and special purpose hardware and software for multimedia applications.
Adobe Systems Incorporated (NASDAQ:ADBE)’s shares gained 0.33% to $83.90.
Adobe (ADBE) declared that it has received Federal Risk and Authorization Administration Program (FedRAMP℠) Authority to Operate, a rigorous cloud security assessment for vendors that sell to the federal government. FedRAMP represents the future of digital government by providing a standardized, secure process of selecting cloud service providers that can be used across government agencies. The authorization for Adobe is sponsored by the Department of Health and Human Services.
With this certification, Adobe is the first FedRAMP cloud service provider to deliver web content administration, electronic forms with eSignatures, web-conferencing, eLearning, and document rights administration, as verified by an independent third-party assessment organization. These services are delivered in a hybrid cloud architecture with Software as a Service (SaaS) capabilities from Adobe Experience Manager and Adobe Connect.
Adobe Systems Incorporated is a diversified software company worldwide. It operates in three segments: Digital Media, Digital Marketing, and Print and Publishing. The Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. This segment’s flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products. This segment serves traditional content creators, Web application developers, and digital media professionals, in addition to their administration in marketing departments and agencies, companies, and publishers.
At the end of Tuesday’s trade, Northern Tier Energy LP (NYSE:NTI)‘s shares surged 1.35% to $27.11.
Northern Tier Energy LP and its auxiliaries (NTI) stated second quarter 2015 Net Income of $128.9 million, contrast to $57.9 million for second quarter 2014. Results for the 2015 quarter comprised of a $38.2 million non-cash lower of cost or market (“LCM”) inventory adjustment benefit. Adjusted Net Income, which excludes the LCM adjustment and other special items, was $90.7 million for second quarter 2015, contrast to $61.4 million for the preceding year quarter. Adjusted EBITDA for second quarter 2015 was $116.7 million (not taking into account the LCM adjustment) contrast to $82.1 million for second quarter 2014, primarily due to higher gross margins per barrel, together with higher throughput. A reconciliation of stated earnings to various non-GAAP performance measures can be found in the accompanying tables.
Northern Tier Energy LP, an independent downstream energy company, engages in refining, retail, and pipeline operations in the United States. It operates through two segments, Refining and Retail. The Refining segment offers refined products, counting gasoline, diesel, jet fuel, and asphalt to resellers and consumers primarily in the Petroleum Administration for Defense District II region.
SkyWest, Inc. (NASDAQ:SKYW), ended its Tuesday’s trading session with 2.63% gain, and closed at $17.74.
The Board of Directors of SkyWest, Inc. (SKYW) declared a quarterly dividend of $.04 per share to Shareholders of record at the close of business on September 30, 2015 on all shares then issued and outstanding. The 81st successive dividend will be paid on October 6, 2015.
SkyWest, Inc., through its auxiliaries, operates a regional airline in the United States. It provides planned passenger and air freight services with about 3,500 total daily departures to various destinations in the United States, Canada, Mexico, and the Caribbean. The company operates its flights as Delta Connection, United Express, US Airways Express, American Eagle, or Alaska under code-share arrangements. As of March 4, 2015, it operated a fleet of 693 aircraft.
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