On Friday, in the course of current trade, Shares of Chevron Corporation (NYSE:CVX), declined -1.90%, and is now trading at $108.95.
Today, Chevron Corporation stated earnings of $2.6 billion ($1.37 per share – diluted) for first quarter 2015, contrast with $4.5 billion ($2.36 per share – diluted) in the 2014 first quarter. Foreign currency effects raised earnings in the 2015 quarter by $580 million, contrast with a decrease of $79 million a year earlier.
Recent upstream milestones comprise:
- Australia – Achieved introduction of fuel gas and start-up of the first gas turbine generator at the Gorgon LNG plant.
- Australia – Accomplished installation of Wheatstone platform topsides.
- Australia – Declared a natural gas discovery, Isosceles-1, in the Carnarvon Basin in 50 percent-owned Block WA-392-P.
- Bangladesh – Achieved first liquids from the Bibiyana Expansion Liquid Recovery Unit.
- United States – Declared a joint venture to explore and appraise 24 jointly held offshore leases in the northwest portion of Keathley Canyon in the deepwater Gulf of Mexico.
- United States – Ramped up oil-equivalent production at Jack/St. Malo in the deepwater Gulf of Mexico to more than 70,000 barrels per day.
Chevron Corporation, through its auxiliaries, engages in the petroleum, chemicals, and power and energy operations worldwide. The company operates in two segments, Upstream and Downstream.
During Morning trade, Shares of Ocwen Financial Corp. (NYSE:OCN), surged 20.14%, and is now trading at $10.12.
Ocwen Financial, stated preliminary net income of $34.4 million, or $0.27 per share, for the three months ended March 31, 2015 contrast to net income of $60.5 million, or $0.43 per share, for the three months ended March 31, 2014. Ocwen generated preliminary revenue of $510.4 million, down 7% contrast to the first quarter of the preceding year. Preliminary income from operations was $132.1 million for the three months ended March 31, 2015 contrast to $202.1 million for the first quarter of 2014. Preliminary Cash Flow from Operating Activities was $323 million for the three months ended March 31, 2015, up 65% over the same period last year.
Pre-tax income during the first quarter of 2015 was influenced by the following noteworthy items: a $26.9 million gain from the sale of Freddie Mac performing loan mortgage servicing rights (MSRs) with an unpaid principal balance (UPB) of about $9.1 billion, a $12.9 million gain on the sale of certain legacy performing and non-performing whole loans, a $(17.8) million impairment charge due to a decline in the fair value of our government insured MSRs primarily resulting from the Federal Housing Administration (FHA) reducing the mortgage insurance premium rate by 50 bps during the quarter, $(9.0) million of monitor costs, $(8.4) million of planned advisor expenses and $(8.3) million of fair value related changes. The Lending segment generated $16.0 million of pre-tax income during the quarter.
The Company also declared that it now presently intends to file its 2014 Form 10-K and first quarter 2015 Form 10-Q no later than May 29, 2015.
Ocwen Financial Corporation, through its auxiliaries, is engaged in the servicing and origination of mortgage loans in the United States and internationally. The company’s Servicing segment provides residential and commercial mortgage loan servicing, special servicing, and asset administration services to owners of mortgage loans and foreclosed real estate.
Finally, Skyworks Solutions Inc. (NASDAQ:SWKS), gained 5.22% Friday.
Skyworks Solutions, stated second fiscal quarter results for the period ending April 3, 2015. Revenue for the second fiscal quarter was $762.1 million, up over 58 percent year-over-year and surpassing the Company’s original guidance of $750 million.
On a non-GAAP basis, operating income for the second fiscal quarter of 2015 was $258.9 million, up 99 percent from $130.4 million in the second fiscal quarter of 2014. Non-GAAP diluted earnings per share for the second fiscal quarter was $1.15, three cents better than guidance and up more than 85 percent from the $0.62 stated for the second fiscal quarter of 2014. On a GAAP basis, operating income for the second fiscal quarter of 2015 was $219.9 million and diluted earnings per share was $0.85.
Q2 Business Highlights
- Powered Sierra Wireless’ M2M modules for use in industrial applications
- Enabled Samsung’s Galaxy S6 platform with SkyOne® Ultra, switching and connectivity products
- Launched integrated Wi-Fi module for the leading video monitoring provider
- Secured multiple design wins for OnStar telematics platform in GM’s global fleet
- Ramped switching and connectivity solutions for Nexus 6 smartphones
- Gained high reliability analog content in public safety radios for Harris and Sepura
- Expanded diversity receive portfolio to support multiple device configurations
- Delivered Zigbee® front-end modules for Kwikset’s intelligent security products
- Captured over 20 sockets in a next-generation small cell LTE base station
- Introduced 802.11ac front-end solutions for Xiaomi’s latest home router platform.
Skyworks Solutions, Inc., together with its auxiliaries, designs, develops, manufactures, and markets analog and mixed signal semiconductors worldwide. Its product portfolio comprises amplifiers, attenuators, battery chargers, circulators, DC/DC converters, demodulators, detectors, diodes, directional couplers, filters, front-end modules, hybrids, infrastructure radio frequency subsystems, isolators, LED drivers, mixers, modulators, optocouplers, optoisolators, phase shifters, phase locked loops/synthesizers/VCOs, power dividers/combiners, power administration devices, receivers, switches, technical ceramics, and voltage regulators.
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