On Monday, Shares of Flowserve Corp. (NYSE:FLS), lost -1.09% to $56.03.
Flowserve Corporation, stated Adjusted Earnings Per Share (EPS) of $0.58 for the 2015 first quarter, which comprises $0.06 per share of negative currency translation as contrast to last year, and excludes $0.38 per share of adjusted items. As formerly revealed, Flowserve’s 2015 Adjusted EPS calculation excludes the impact of the SIHI Group (“SIHI”) acquisition, which was accomplished on January 7, 2015, in addition to below-the-line foreign currency effects and specific one-time events, such as realignment.
“Our 2015 first quarter results were lower than predictable, specifically in the final month, by broad-based industrial spending declines, which originated in the oil and gas markets, and were further accentuated by the strengthening U.S. dollar,” said Mark Blinn, Flowserve’s president and chief executive officer. “Despite this environment, Flowserve continues to perform operationally at a high level, as evidenced by our adjusted gross margin. Additionally, our operational strength allows us to quickly react to the changing marketplace. We are accelerating our existing plans to capture accessible market opportunities, while driving additional cost savings through manufacturing optimization and SG&A efficiency initiatives. Flowserve has a proven track record of successfully managing through challenging markets, and I am confident we will emerge from the current market an even stronger company.
“We also remain committed to effectively allocating capital. In the 2015 first quarter, Flowserve returned over $100 million to our shareholders through dividends and share repurchases. Since implementing our distribution policy in late 2011, Flowserve has now returned over $1.9 billion to shareholders, which encompasses about 34.9 million shares repurchased at an average price below $48, while maintaining a strong balance sheet. We believe our shares remain a compelling investment at current levels and we will continue to opportunistically repurchase shares.
“At the same time, we have plannedally invested to grow our business. Most recently, our acquisition of SIHI brought complementary assets that enable Flowserve to penetrate attractive new markets, enhance our chemical ISO pump strategy and leverage cross-selling opportunities in the aftermarket and across our combined installed base. With the integration still in the early stages, SIHI is performing well, and we are happy to have identified additional upside opportunities beyond our initial expectations.”
Flowserve Corporation designs, manufactures, distributes, and services industrial flow administration equipment worldwide. The company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD), and Flow Control Division (FCD).
Shares of Under Armour, Inc. (NYSE:UA), declined -1.09% to $77.11, during its last trading session.
Under Armour’s Athlete Stephen Curry’s legacy in the game is defined by an uncompromising self-belief and tireless work ethic. Time and again, he has smashed through barriers to elevate his game, and his performance this season has culminated with him receiving the 2014-15 Kia NBA Most Valuable Player Award.
“Stephen Curry is a once-in-a-generation talent and a game-changer who is driving basketball into a new era,” said Kevin Plank, Founder and CEO, Under Armour. “He is truly an innovator on the court, and his impact off the court reaches new heights every year. As Stephen continues to defy expectations, nothing is more exciting than knowing we’ll be with him every step of the way as his performance partner.”
Under Armour, Inc., together with its auxiliaries, develops, markets, and distributes branded performance apparel, footwear, and accessories for men, women, and youth primarily in North America, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America.
At the end of Monday’s trade, Shares of BlackBerry Limited (NASDAQ:BBRY), dipped -1.07% to $10.16.
BlackBerry Limited, declared a white color version of the BlackBerry® Classic™ smartphone. The no-nonsense smartphone is built to meet the needs of productive people who appreciate the speed and accuracy that can be found with a physical QWERTY keyboard. The white colored BlackBerry Classic is accessible this week in Indonesia through authorized distributors, and in Hong Kong through carrier partners csl, 3 Hong Kong and SmarTone, and authorized distributors Broadway Photo Supply Ltd, Fortress, Hong Kong Suning, Chung Yuen Electrical Co., Ltd and Nuance-Watson (HK) Ltd. This new color option will continue to roll out over the next few weeks online and in carrier retail stores across select countries in Asia, Europe and the Middle East.
Ron Louks, President, Devices and Emerging Solutions at BlackBerry, said: “The introduction of the BlackBerry Classic in white offers yet another color choice to users who desire a stylish smartphone, yet understand the need for a mobile business tool that keeps them productive and securely manages their information.”
BlackBerry Limited provides wireless communications solutions worldwide. The company offers BlackBerry wireless solutions, which comprise the sale of BlackBerry handheld devices; and the provision of data communication, and compression and security infrastructure services enabling BlackBerry handheld wireless devices to send and receive wireless messages and data.
Finally, PartnerRe Ltd. (NYSE:PRE), ended its last trade with -1.07% loss, and closed at $126.93.
EXOR, one of Europe’s leading listed investment companies, notes the decision by the Board of Directors of PartnerRe Ltd. to abandon its preceding agreement and accept a revised but still inferior transaction from AXIS Capital Holdings Limited (“AXIS”; NYSE:AXS), in preference to EXOR’s own proposal.
The decision by the PartnerRe Board continues to ignore the superior nature of EXOR’s fully financed, all-cash proposal of $130 per share, which offers a noteworthypremium to PartnerRe’s shareholders. In contrast, AXIS’ revised transaction still undervalues PartnerRe and is clearly not in the best interests of PartnerRe, its shareholders, employees and policyholders.
EXOR’s proposal is financially superior, with no financing conditions, can be accomplished swiftly and will retain and build upon PartnerRe’s highly talented administration and employees.
With regard to AXIS’ revised transaction for PartnerRe:
- The revised terms are a clear admission that the original transaction with AXIS, which was the result of a flawed process, undervalued PartnerRe, as is the case with the revised transaction.
- The purported value of the projected $11.50 extraordinary dividend is misleading. Since PartnerRe shareholders would own about 52 percent of a combined PartnerRe/AXIS, the incremental value to the PartnerRe shareholders is less than half of the projected dividend.
- The projected extraordinary dividend will reduce PartnerRe’s capital by more than $550 million and significantly weaken PartnerRe’s financial strength at a point when both PartnerRe and AXIS have been placed under review with negative implications by A.M. Best. In contrast, EXOR’s all-cash proposal fully preserves PartnerRe’s financial strength, while delivering full and superior value to PartnerRe shareholders.
- The PartnerRe transaction with AXIS is the product of a flawed process. No consideration was given by PartnerRe to alternatives when it reached the original agreement with AXIS, and PartnerRe refused to engage fully with EXOR in response to EXOR’s proposal. After EXOR satisfied clarifying questions from PartnerRe, PartnerRe refused to permit EXOR to conduct due diligence and ceased to engage. The result is another inadequate proposal for PartnerRe.
PartnerRe Ltd., through its auxiliaries, provides reinsurance and certain specialty insurance services worldwide. It operates in three segments: Non-life, Life and Health, and Corporate and Other.
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