On Tuesday, XPO Logistics Inc (NYSE:XPO)’s shares inclined 2.12% to $40.91.
XPO Logistics, Inc. (XPO) declared financial results for the second quarter of 2015, counting 22 days of financial performance from the operations of Norbert Dentressangle SA. Total gross revenue raised 109.3% year-over-year to $1.2 billion, and net revenue raised 317.2% to $508.6 million.
On a GAAP basis, the company stated a net loss of $78.8 million for the quarter, contrast with a net loss of $13.8 million for the same period in 2014. The net loss accessible to common shareholders was $75.1 million, or a loss of $0.89 per diluted share, contrast with a net loss accessible to common shareholders of $14.5 million, or a loss of $0.28 per diluted share, for the same period in 2014.
On an adjusted basis, the net loss accessible to common shareholders, a non-GAAP measure, was $13.6 million, or a loss of $0.16 per share for the quarter, not taking into account the items detailed below. This compares with an adjusted net loss accessible to common shareholders of $11.6 million, or a loss of $0.22 per share, for the second quarter of 2014.
XPO Logistics, Inc. provides transportation and logistics services primarily in the United States. The company operates through two segments, Transportation and Logistics. The Transportation segment provides truckload, less-than truckload and intermodal brokerage, and last-mile delivery logistics services under the brands XPO Logistics, XPO Last Mile, and Pacer; and time-critical, time-sensitive, or high preceding freight shipment services under the brand names XPO Express, XPO NLM, and XPO Air Charter.
Cree, Inc. (NASDAQ:CREE)’s shares dropped -1.85% to $27.05.
Cree, Inc. (CREE), a market leader in LED lighting, recently declared revenue of $382 million for its fourth quarter of fiscal 2015, ended June 28, 2015. This represents a 12% decrease contrast to revenue of $436 million stated for the fourth quarter of fiscal 2014, and a 7% decrease contrast to the third quarter of fiscal 2015. GAAP net loss for the fourth quarter was $88 million, or $0.83 per diluted share, contrast to GAAP net income of $30 million, or $0.24 per diluted share, for the fourth quarter of fiscal 2014. On a non-GAAP basis, net loss for the fourth quarter of fiscal 2015 was $21 million, or $0.19 per diluted share, contrast to non-GAAP net income for the fourth quarter of fiscal 2014 of $51 million, or $0.42 per diluted share. During the fourth quarter of fiscal 2015, Cree recognized $84 million of costs related to the LED business restructuring that was declared on June 24, 2015. The restructuring charges comprised of $27 million of LED revenue reserves, $11 million of LED inventory reserves and $46 million of factory capacity and overhead cost reductions. The revenue and inventory reserves are comprised of in both the GAAP and non-GAAP results, while the capacity and overhead charges are comprised of in the GAAP results only.
For fiscal year 2015, Cree stated revenue of $1.63 billion, which represents a 1% decrease contrast to revenue of $1.65 billion for fiscal 2014. GAAP net loss was $64 million, or $0.57 per diluted share, contrast to $124 million of net income, or $1.01 per diluted share, for fiscal 2014. On a non-GAAP basis, net income for fiscal year 2015 was $72 million, or $0.64 per diluted share, contrast to $203 million, or $1.65 per diluted share, for fiscal 2014.
Cree, Inc. develops, manufactures, and sells lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. The company’s LED Products segment provides blue and green LED chips that are used in various applications, counting video screens, gaming displays, function indicator lights and automotive backlighting, headlamps, and directional indicators; LED components comprising packaged LED products for lighting applications, and surface mount and through-hole packaged LED products for video, signage, general illumination, transportation, gaming, and specialty lighting applications; and silicon carbide (SiC) materials, which are used in manufacturing products for RF, power switching, gemstone, and other applications. Its Lighting Products segment offers LED and traditional lighting systems for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting, parking structures, and other applications.
At the end of Tuesday’s trade, Scorpio Tankers Inc. (NYSE:STNG)‘s shares dipped -3.57% to $10.00.
Scorpio Tankers Inc. (NYSE: STNG) stated its results for the three and six months ended June 30, 2015.
Results for the three months ended June 30, 2015 and 2014
For the three months ended June 30, 2015, the Company’s adjusted net income was $57.5 million, or $0.35 basic and $0.32 diluted earnings per share, which excludes an unrealized gain on derivative financial instruments of $0.1 million, or $0.00 per basic and diluted shares (see non-GAAP Measures section below). For the three months ended June 30, 2015, the Company had net income of $57.6 million, or $0.35 basic and $0.32 diluted earnings per share.
For the three months ended June 30, 2015, the Company’s basic and diluted weighted average number of shares were 162,457,319 and 199,202,256, respectively. The diluted weighted average number of shares comprises the potentially dilutive shares regardingour Convertible Senior Notes due 2019 (the “Convertible Notes”) representing 31,094,568 potential common shares (see below for further information).
Scorpio Tankers Inc., together with its auxiliaries, engages in the seaborne transportation of refined petroleum products and crude oil worldwide. As of March 31, 2015, it owned 67 tankers comprising 11 LR2 tanker, 2 LR1 tankers, 15 Handymax tankers, 39 MR tankers with an average age of 1.1 years; and time charters-in 20 product tankers, counting 5 LR2, 5 LR1, 3 MR, and 7 Handymax tankers. The company was founded in 2009 and is based in Monaco, Monaco.
Brookfield Asset Administration Inc (NYSE:BAM), ended its Tuesday’s trading session with 0.09% gain, and closed at $34.53.
GrafTech International Ltd. declared it has consummated the formerly declared sale of $150 million of preferred equity to an associate of Brookfield Asset Administration Inc. (BAM).
Under the terms of the investment agreement, GrafTech issued to Brookfield, in a private offering convertible preferred shares in two series, series A shares and series B shares. The series A shares are right away convertible into GrafTech common shares equal to about 19.9% of the presently outstanding shares of GrafTech common stock, at a conversion price of $5.00 per common share, subject to customary anti-dilution adjustments. The series B shares will become convertible into common shares equal to about 2% of the presently outstanding shares only upon approval by GrafTech stockholders in accordance with New York Stock Exchange requirements. If approved, the two series will be combined into one series.
Brookfield Asset Administration Inc. (Brookfield) is a global alternative asset manager. The Company owns and operates assets with a focus on property, renewable energy, infrastructure and private equity. The Company operates in eight segments: Asset Administration, property, renewable energy, infrastructure, private equity, residential development, service activities and corporate activities. Brookfield manages a range of investment funds and other entities that enable institutional and retail clients to invest in these assets.
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