On Wednesday, Bitauto Hldg Ltd (ADR) (NYSE:BITA)’s shares declined -4.27% to $26.93.
Bitauto Holdings Limited (BITA), a leading provider of internet content and marketing services for China’s fast-growing automotive industry, recently declared its unaudited financial results for the second quarter 2015 ended June 30, 2015[1].
Second Quarter 2015 Highlights
- Revenue in the second quarter of 2015 was RMB1.01 billion (US$162.2 million), a 92.5% enhance from the corresponding period in 2014.
- Gross profit in the second quarter of 2015 was RMB682.1 million (US$110.0 million), a 62.7% enhance from the corresponding period in 2014.
- Non-GAAP profit in the second quarter of 2015 was RMB122.6 million (US$19.8 million), contrast to a non-GAAP profit of RMB124.2 million (US$20.0 million) in the corresponding period in 2014.
Bitauto Holdings Limited provides Internet content and marketing services for the automotive industry in the People’s Republic of China. The company operates in four segments: bitauto.com Advertising Business, EP Platform Business, taoche.com Business, and Digital Marketing Solutions Business. The bitauto.com Advertising Business segment provides advertising services, counting new automobile pricing and promotional information, specifications, reviews, and consumer feedback to dealers and automakers on its bitauto.com Website.
SunOpta, Inc. (USA) (NASDAQ:STKL)’s shares dropped -5.44% to $8.86.
SunOpta Inc. (STKL) a leading global company focused on organic, non-genetically modified and healthy foods, recently declared it has signed a definitive agreement to acquire the assets of Niagara Natural Fruit Snack Company Inc. (“Niagara Natural”). The acquisition closed contemporaneously with the execution of the definitive agreement.
Niagara Natural is a growing and innovative manufacturer of healthy non-GMO and organic fruit snacks, enhancing SunOpta’s existing healthy snack platform and focus on integrated consumer products. With the acquisition, SunOpta extends its market presence in fruit snacks and importantly will now have manufacturing operations in both the east and west, providing a competitively positioned platform to improve customer service and also generate meaningful operational and logistical synergies. The acquisition is predictable to be right away accretive to cash flows, and accretive in 2016 to earnings on a GAAP basis.
SunOpta Inc. sources, processes, packages, and markets natural, organic, and specialty food products in the United States, Canada, Europe, China, and Ethiopia. Its Global Ingredients segment offers identity preserved, non-genetically modified (non-GMO), and organic seeds and grains, counting soy, corn, and sunflower; seed and grain-based animal feed, and pet food products; and organic fruit- and vegetable-based raw materials and ingredients, sweeteners, cocoa, coffees, ancient grains, nuts, seeds and pulses, and other organic food products.
At the end of Wednesday’s trade, Valley National Bancorp (NYSE:VLY)‘s shares dipped -1.11% to $9.79.
Valley National Bancorp (VLY), the holding company for Valley National Bank, recently stated net income for the second quarter of 2015 of $32.0 million, or $0.14 per diluted common share as contrast to net income of $30.3 million, or $0.13 per diluted common share, for the first quarter of 2015 and the second quarter of 2014 earnings of $29.5 million, or $0.15 per diluted common share.
Key financial highlights for the second quarter:
- Non-Covered Loans:Total non-covered loans (i.e., loans which are not subject to our loss-sharing agreements with the FDIC) raised by $784.3 million, or 23.2 percent on an annualized basis, to $14.3 billion at June 30, 2015 from March 31, 2015 largely due to a $648.0 million enhance, mainly multi-family loans, in total commercial real estate loans. The commercial real estate loan growth, totaling 39 percent on an annualized basis, contrast to the total balance at March 31, 2015, resulted from both organic growth and purchased loan participations in multi-family loans in our local market. Higher volumes within 1-4 family residential mortgage loans, automobile loans and other consumer loans also contributed to the second quarter growth, as total June 30, 2015 outstanding balances in these categories raised by $62.9 million, $35.1 million and $32.7 million, or 9.7 percent, 12.1 percent, and 40.7 percent, on an annualized basis, respectively, contrast to March 31, 2015. During the second quarter of 2015, Valley sold about $14.1 million of residential mortgage loans originated for sale.
- Net Interest Income and Margin:Net interest income raised $4.1 million to $136.2 million for the three months ended June 30, 2015 as contrast to the first quarter of 2015, and raised $18.8 million as contrast to the second quarter of 2014. On a tax equivalent basis, our net interest margin raised by 2 basis points to 3.22 percent for the second quarter of 2015 as contrast to the first quarter of 2015, and reduced 5 basis point from 3.27 percent in the second quarter of 2014. See the “Net Interest Income and Margin” section below for more details.
- Asset Quality:Total accruing past due and non-accrual loans as a percentage of our entire loan portfolio of $14.5 billion reduced to 0.50 percent at June 30, 2015 from 0.71 percent at March 31, 2015. Non-performing assets (counting non-accrual loans) reduced by 0.6 percent to $72.8 million at June 30, 2015 as contrast to $73.2 million at March 31, 2015. See further details under the “Credit Quality” section below.
- Provision for Losses on Non-Covered Loans and Unfunded Letters of Credit:During the second quarter of 2015, we recorded a $4.5 million provision for losses on non-covered loans and unfunded letters of credit as contrast to no provision recorded for both the first quarter of 2015 and second quarter of 2014. For the second quarter of 2015, we recognized net non-covered loan charge-offs of $4.2 million as contrast to net recoveries on non-covered loans totaling $278 thousand and $2.3 million for the first quarter of 2015 and second quarter of 2014, respectively. See the “Credit Quality” section below for more details on our provision and allowance for credit losses.
Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, insurance, and wealth administration financial services products. The company operates through Commercial Lending, Consumer Lending, and Investment Administration segments. Its deposit products comprise non-interest bearing, savings, NOW, and money market deposits, in addition to certificates of deposit. The company’s loan products comprise construction, residential mortgage, home equity, automobile, and floating rate and adjustable rate commercial and industrial loans, in addition to fixed rate owner occupied and commercial real estate loans, credit card loans, personal lines of credit, personal loans, and loans secured by cash surrender value of life insurance. It also invests in securities, such as fixed rate investments, federal funds, and interest-bearing deposits with banks; and offers international banking services, such as standby letters of credit, documentary letters of credit, and related products and other ancillary services.
Fairmount Santrol Holdings Inc (NYSE:FMSA), ended its Wednesday’s trading session with -4.29% loss, and closed at $4.91.
Fairmount Santrol (FMSA) declared results for the second quarter ended June 30, 2015.
Second-quarter 2015 revenue totaled $221.3 million, down 34% from $334.3 million for the same period in 2014, and down 27% from $301.5 million in the first quarter of 2015. Overall sales volumes were 2.2 million tons for the quarter, about an 8% decrease contrast with 2.4 million tons in the second quarter of 2014 and a 4% sequential decrease from 2.3 million tons. The decrease in volumes in the second quarter of 2015 over the preceding-year period was primarily a result of reduced demand for proppants due to the continued decline in U.S. oil and gas land drilling activity driven by sustained low oil and gas prices.
Fairmount Santrol Holdings Inc., together with its auxiliaries, provides sand-based proppant solutions for exploration and production companies to enhance the productivity of their oil and gas wells. The company operates in two segments, Proppant Solutions and Industrial & Recreational (I&R) Products.
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