On Wednesday, Shares of Anthem, Inc. (NYSE:ANTM), dropped -2.04% to $151.07.
Anthem, declared that first quarter 2015 net income was $865.2 million, or $3.09 per share. These results comprised of net losses of $0.05 per share. Net income in the first quarter of 2014 was $701.0 million, or $2.40 per share, which comprised of net losses of $0.02 per share.
Not taking into account the items noted in each period, adjusted net income was $3.14 per share in the first quarter of 2015, an enhance of 29.8 percent contrast with adjusted net income of $2.42 per share in the preceding year quarter.
MERGED HIGHLIGHTS
Medical enrollment totaled about 38.5 million members at March 31, 2015, an enhance of about 1.0 million members, or 2.8 percent, from 37.5 million at December 31, 2014. Commercial & Specialty Business enrollment raised by 555,000 medical members as the Company practiced growth in the National, Individual, and Local Group markets. Enrollment also grew in the Medicaid, Federal Employee Program, and Medicare business by 429,000, 32,000, and 22,000, respectively.
Operating revenue was nearly $18.9 billion in the first quarter of 2015, an enhance of about $1.2 billion, or 6.8 percent, contrast with about $17.6 billion in the preceding year quarter. The growth in revenue reflected premium enhances to cover overall cost trends and raised fees associated with Health Care Reform, in addition to higher enrollment in the Medicaid, Commercial self-funded and Individual businesses. These enhances were partially offset by a decline in Local Group fully insured enrollment.
The benefit expense ratio was 80.2 percent in the first quarter of 2015, a decrease of 250 basis points from 82.7 percent in the preceding year quarter. The decline was largely driven by an improvement in the Local and Individual businesses predominantly due to the timing of medical cost experience, improved medical cost performance in certain markets in the Medicaid business and the impact of an enhance in the health insurer fee for 2015.
Medical claims reserves established at December 31, 2014, developed modestly better than the Company’s expectation during the first quarter of 2015.
Anthem, Inc., through its auxiliaries, operates as a health benefits company in the United States. It operates through three segments: Commercial and Specialty Business, Government Business, and Other.
Shares of Cenovus Energy Inc. (NYSE:CVE), declined -2.03% to $18.82, during its last trading session.
Cenovus Energy, declared that at its annual and special meeting of shareholders held on April 29, 2015 , each of the 10 nominees projected as directors and listed in its Administration Proxy Circular dated March 6, 2015 were elected as directors.
As Cenovus commences its process of board renewal, the company has added new expertise in the areas of energy and transportation with the election of Steven F. Leer to its Board of Directors. Among other directorships, Mr. Leer is presently a lead director of Norfolk Southern Corporation, a publicly traded North American rail transportation provider. Mr. Leer also sits on the boards of building products manufacturer USG Corporation, in addition to Parsons Corporation, a large engineering, construction, technical and services firm. He is also a former chairman, president and chief executive officer of Arch Coal Inc.
Cenovus Energy Inc., an integrated oil company, develops, produces, and markets crude oil, natural gas liquids (NGLs), and natural gas in Canada with refining operations in the United States.
At the end of Wednesday’s trade, Shares of Portland General Electric Company (NYSE:POR), dwindled -2% to $35.76.
Portland General Electric Company, stated net income of $50 million, or 62 cents per diluted share, for the first quarter of 2015. This compares with net income of $58 million, or 73 cents per diluted share, for the first quarter of 2014. PGE is revising 2015 earnings guidance from the formerly stated range of $2.20 - $2.35 per diluted share to $2.05 - $2.20 per diluted share. The decrease in net income quarter over quarter and revised guidance is due to significantly lower retail revenues from warmer weather, which influenced first quarter 2015 financial results by about $0.20 per diluted share.
Portland General Electric Company, an integrated electric utility, engages in the generation, purchase, transmission, distribution, and retail sale of electricity in the state of Oregon.
Finally, Scorpio Bulkers Inc. (NYSE:SALT), ended its last trade with -1.99% loss, and closed at $2.46.
Scorpio Bulkers, stated its results for the three months ended March 31, 2015 and 2014.
Recent Key Events
Agreements to Modify Existing Shipbuilding Contracts for Three Capesize Vessels
On March 4, 2015, the Company reached agreement with a shipyard in South Korea to modify existing newbuilding contracts for three Capesize vessels. The three contracts, two for vessels planned for delivery during the first quarter of 2016 and one for a vessel planned for delivery during the second quarter of 2016, will now provide for the construction of three LR1 product tankers, two of which will be planned for delivery during the second quarter of 2017 and one during the third quarter of 2017. The LR1 contracts were subsequently re-classified on the balance sheet as assets held for sale following the completion of customary documentation. The Company has no plans for any further contract conversions.
Agreements to Sell Vessels
On April 21, 2015, the Company declared that it has reached agreements to sell three Capesize newbuilding dry bulk vessels, a Kamsarmax newbuilding dry bulk vessel and the three LR1 newbuilding product tankers described above for about $290 million in aggregate. The Capesize vessels are presently being constructed in Romania, and have predictable delivery dates between the fourth quarter of 2015 and the second quarter of 2016. The Kamsarmax vessel is presently being constructed in China and has an predictable delivery date in the first quarter of 2016.
On April 27, 2015, the Company declared that it has reached agreements to sell two Capesize newbuilding dry bulk vessels and an Ultramax newbuilding dry bulk vessel for about $111 million in aggregate. The Capesize vessels are presently being constructed in China and South Korea, and have predictable delivery dates between the third quarter of 2015 and the second quarter of 2016. The Ultramax vessel is presently being constructed in China and has an predictable delivery date in the first quarter of 2016.
The three LR1 newbuilding product tankers and the Kamsarmax newbuilding vessel were classified as held for sale during the three months ended March 31, 2015 for which the Company recorded a write down on assets held for sale of $30.7 million, reflective of these sales. The loss on disposal of the five Capesize newbuilding vessels and one Ultramax newbuilding vessel is predictable to be about $73 million, in aggregate, which will be recorded during the second quarter of 2015.
Scorpio Bulkers Inc., together with its auxiliaries, engages in the marine transportation of dry bulk commodities. Its fleet transports a range of major and minor bulk commodities, counting ores, coal, grains, and fertilizers along worldwide shipping routes.
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