On Tuesday, Essent Group Ltd (NYSE:ESNT))’s shares declined -2.99% to $27.60.
Essent Group Ltd. (ESNT) reported net income for the quarter ended June 30, 2015 of $37.2 million or $0.41 per diluted share, compared to $19.6 million or $0.23 per diluted share for the quarter ended June 30, 2014. As of June 30, 2015, Essent had primary insurance in force of $57.4 billion and consolidated stockholders’ equity of $1.03 billion.
Financial Highlights:
- Insurance in force as of June 30, 2015 was $57.4 billion, contrast to $53.3 billion as of March 31, 2015 and $39.4 billion as of June 30, 2014.
- New insurance written for the second quarter was $7.3 billion, contrast to $5.3 billion in the first quarter of 2015 and $5.9 billion in the second quarter of 2014.
- Net premiums earned for the second quarter were $78.4 million, contrast to $75.0 million in the first quarter of 2015 and $50.3 million in the second quarter of 2014.
- The expense ratio for the second quarter was 34.6%, contrast to 36.6% in the first quarter of 2015 and 47.0% in the second quarter of 2014.
- The provision for losses and LAE for the second quarter was $2.3 million, contrast to $2.0 million in the first quarter of 2015 and $1.0 million in the second quarter of 2014.
- The percentage of loans in default as of June 30, 2015 was 0.23%, contrast to 0.21% as of March 31, 2015 and 0.13% as of June 30, 2014.
Essent Group Ltd., through its auxiliaries, provides private mortgage insurance and reinsurance for mortgages secured by residential properties located in the United States. The company also provides information technology maintenance and development services; customer support-related services; and contract underwriting services. It serves originators of residential mortgage loans, such as regulated depository institutions, mortgage banks, credit unions, and other lenders.
C&J Energy Services, Ltd. (NYSE:CJES)’s shares dropped -10.06% to $5.63.
C&J Energy Services Ltd. (CJES) stated net loss of ($65.1 million), or ($0.56) per diluted share, on revenue of $511.2 million for the second quarter of 2015, and Adjusted Net Loss(1) of ($53.8 million), or ($0.46) per diluted share(1). Adjusted Net Loss excludes a $5.4 million, or $0.05 per diluted share, after-tax charge related to costs associated with the March 2015 combination (the “Transaction”) of C&J Energy Services, Inc. (“Legacy C&J”) with the completion and production services business (the “C&P Business”) of Nabors Industries Ltd.; in addition to severance costs of $1.2 million, or $0.01 per diluted share; customer settlement/bad debt write-off charges of $2.9 million, or $0.02 per diluted share; and an inventory write-down of $1.8 million, or $0.02 per diluted share. Adjusted EBITDA(1) was $20.3 million for the second quarter of 2015.
Results for the Three Months Ended June 30, 2015
Completion Services
Second quarter 2015 revenue from our Completion Services segment was $332.5 million, with Adjusted EBITDA(1) of $24.5 million, contrast to revenue of $371.0 million and Adjusted EBITDA(1) of $49.8 million for the first quarter of 2015, and revenue of $362.4 million and Adjusted EBITDA(1) of $78.2 million for the second quarter of 2014. On a pro forma basis(2), first quarter 2015 revenue was $546.7 million, with Adjusted EBITDA(1) of $31.9 million.
Revenue reduced quarter over quarter due to significantly lower utilization and pricing levels across our service lines resulting from the extremely competitive market environment caused by the continued decline in U.S. onshore drilling and completion activity. Revenue from our hydraulic fracturing services was also negatively influenced by certain highly active customers electing to provide their own sand, and also chemicals in some cases, during the quarter, although we do not believe this is indicative of an industry trend.
C&J Energy Services, Ltd. provides completion and production services for oil and gas industry primarily in North America. The company provides a range of well services involved in the completion, life-of-well maintenance, and plugging and abandonment of a well to oil and natural gas drilling and production companies.
At the end of Tuesday’s trade, Hartford Financial Services Group Inc (NYSE:HIG)‘s shares surged 0.75% to $49.53.
Most midsize businesses have business continuity plans but few have tested them, according to The Hartford’s survey of midsize business owners and C-level executives. This shortcoming presents potential risk for businesses, which may be unable to meet client needs due to an interruption in their operation or lose revenue due to a supplier issue.
While the majority of midsize businesses (59 percent) surveyed had a formal, documented continuity plan, one-third (33 percent) had an informal, verbal plan, and 8 percent stated having no plan at all. Just 19 percent of businesses had tested their plan.
The Hartford survey found that more than one-third (36 percent) of midsize businesses had been unable to meet a client need due to an interruption in their operation, putting their relationship with that client at risk. Of those businesses:
- A majority (57 percent) used an alternate supplier and avoided any direct impact on their clients.
- 39 percent lost business to other suppliers but had clients return once their business resumed operations.
- 9 percent lost clients that did not return.
The Hartford Financial Services Group, Inc., through its auxiliaries, provides insurance and financial services to individual and business customers primarily in the United States. The company’s Commercial Lines segment offers workers compensation, property, automobile, marine, umbrella, liability, and livestock coverage’s, in addition to customized insurance products and risk administration services, counting professional liability, bond, and specialty casualty coverage’s.
Duke Energy Corp (NYSE:DUK), ended its Tuesday’s trading session with -0.37% loss, and closed at $76.24.
Duke Energy declared second quarter 2015 adjusted diluted EPS of 95 cents, contrast to $1.11 for the second quarter of 2014. Second quarter 2015 stated EPS was 78 cents, contrast to 86 cents for the same period last year.
Earnings for the second quarter of 2015 were lower than the preceding year quarterly results, primarily due to one-time tax items that did not recur in the current year. Results also were affected by continued weakness in the International business, particularly Brazil, and the timing of O&M expenses at Regulated Utilities.
Year-to-date adjusted diluted EPS through the second quarter of 2015 is in line with the company’s expectations. The company remains on track to achieve its 2015 adjusted diluted earnings guidance range of $4.55 to $4.75 per share.
Duke Energy Corporation, together with its auxiliaries, operates as an energy company in the United States and Latin America. It operates through three segments: Regulated Utilities, International Energy, and Commercial Power. The Regulated Utilities segment generates, transmits, distributes, and sells electricity in the Carolinas, Florida, Ohio, Kentucky, and Indiana; and transports and sells natural gas in southwestern Ohio and northern Kentucky.
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