On Monday, Shares of Generac Holdings Inc. (NYSE:GNRC), lost -0.95% to $39.62.
Generac Holdings, stated financial results for its first quarter ended March 31, 2015.
First Quarter 2015 Highlights
- Net sales were $311.8 million during the first quarter of 2015 as contrast to $342.0 million in the preceding-year first quarter.
- Residential product sales were $156.8 million during the first quarter as contrast to $164.0 million in the preceding-year quarter, primarily due to lower portable generator shipments resulting from a decline in power outage severity contrast to the preceding year.
- Commercial & Industrial (C&I) product sales were $133.8 million during the first quarter as contrast to $157.4 million in the preceding-year quarter, primarily due to a decline in shipments to telecom national account customers and, to a lesser extent, oil & gas markets.
- Net income during the first quarter of 2015 was $19.7 million, or $0.28 per share, as contrast to $34.7 million, or $0.50 per share, for the same period of 2014. Adjusted net income, as defined in the accompanying reconciliation plans, was $34.1 million, or $0.49 per share, as contrast to $50.7 million, or $0.72 per share, in the first quarter of 2014.
- Adjusted EBITDA, as defined in the accompanying reconciliation plans, was $57.1 million as contrast to $77.5 million in the first quarter last year.
- Cash flow from operations in the first quarter of 2015 was $25.3 million as contrast to $36.4 million in the preceding year quarter. Free cash flow, as defined in the accompanying reconciliation plans, was $18.7 million as contrast to $31.4 million in the first quarter of 2014.
- For the trailing four quarters, counting the first quarter of 2015, net sales were $1.431 billion; net income was $159.6 million; adjusted EBITDA was $316.9 million; cash flow from operations was $241.9 million; and free cash flow was $205.6 million.
- During the first quarter of 2015, the Company made a voluntary pre-payment of term loan debt of $50 million. Total liquidity at March 31, 2015 was strong with cash and cash equivalents on hand of $150.1 million and about $150 million accessible on the Company’s ABL revolving credit facility. Total net debt to adjusted EBITDA, as defined in the accompanying reconciliation plans, at the end of the first quarter was 2.8 times.
Generac Holdings Inc. designs, manufactures, and markets power generation equipment and other engine powered products for the residential, light commercial, industrial, oil and gas, and construction markets in the United States, Canada, and internationally. It offers engines, alternators, transfer switches, and other components fueled by natural gas, liquid propane, gasoline, diesel, and bi-fuel.
Shares of Phillips 66 (NYSE:PSX), declined -0.94% to $80.84, during its last trading session.
Phillips 66, declared first-quarter earnings of $987 million, contrast with earnings of $1.1 billion during the fourth quarter of 2014. Adjusted earnings were $834 million, a decrease of $79 million from the fourth quarter of 2014.
Midstream adjusted earnings were $67 million in the first quarter, contrast with adjusted earnings of $97 million in the fourth quarter of 2014.
Phillips 66’s Transportation business generated earnings of $65 million during the first quarter. The $12 million enhance was primarily due to the fourth quarter write-off of a deferred tax asset.
During the first quarter, the company’s equity investment in DCP Midstream, LLC (DCP Midstream) had an adjusted loss of $12 million, comparable to the preceding quarter. The loss was due to lower NGL, crude and natural gas prices, partially offset by the absence of hedge losses associated with the steep price declines during the fourth quarter.
Earnings from the NGL business were $14 million in the first quarter. The $41 million decrease was largely related to lower trading margins on seasonal propane and butane storage activities, in addition to inventory impacts.
Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks to its refineries and other locations; and delivers refined and specialty products, in addition to provides storage services for crude oil and petroleum products.
At the end of Monday’s trade, Shares of SolarCity Corporation (NASDAQ:SCTY), dipped -0.94% to $61.04.
SolarCity Corporation, declared it has closed a $500 million financing aggregation facility with BofA Merrill Lynch, Credit Suisse and Deutsche Bank. The loan facility is predictable to be the largest of its kind for distributed generation solar projects, and once deployed will finance more than 500 MW of solar power systems for homeowners, businesses and government organizations.
The facility will be secured by a portfolio of high quality, long-term customer systems and contracts. Through a novel structure, the financing will allow SolarCity to fund customer installations at an earlier stage in their development cycle, enabling a faster return of working capital to support the rapid growth in SolarCity’s forecasted installations. When fully drawn, SolarCity will be able to finance installations for tens of thousands of homes and businesses throughout the United States. The clean energy offered by these systems will offset carbon dioxide emissions over the lifetime of the systems.
The revolving loan will permit fully developed systems to be continuously refinanced through ongoing securitizations or other capital markets solutions, further driving down the cost of a new system to residential, commercial and government customers, while providing committed capital for SolarCity to finance the design and installation of new systems.
SolarCity Corporation designs, manufactures, installs, maintains, monitors, leases, and sells solar energy systems to residential, commercial, government, and other customers in the United States.
Finally, PerkinElmer Inc. (NYSE:PKI), ended its last trade with -0.93% loss, and closed at $52.06.
PerkinElmer, declared that the Company will present at the Bank of America Merrill Lynch 2015 Healthcare Conference on Wednesday, May 13 at 10:00am PT at the Encore at Wynn in Las Vegas.
Andy Wilson, PerkinElmer’s chief financial officer, will provide an overview of the Company and its planned objectives.
PerkinElmer, Inc. provides products, services, and solutions to the diagnostics, research, environmental, industrial, and laboratory services markets worldwide. The company operates through two segments, Human Health and Environmental Health.
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