On Tuesday, Tata Motors Limited (ADR) (NYSE:TTM)’s shares declined -8.09% to $37.84.
Tata Motors Limited (ADR) (TTM) released its fourth quarter earnings results earlier recently.
The Jaguar parent company stated fourth quarter earnings that fell 56% year over year to $269 million, well short of analysts’ $616.3 million guidance. Revenue for the period raised 4.4% to $10.72 billion, just ahead of analysts’ $10.4 billion expectations.
The company’s weaker than predictable quarter was due to struggling Jaguar Land Rover sales in China as the company saw a 31% decline in year over year revenue in that segment.
Tata Motors Limited, together with its auxiliaries, develops, designs, manufactures, assembles, and sells commercial and passenger vehicles in India. It offers micro, compact, and midsize cars and utility vehicles; light, intermediate, medium, and heavy commercial vehicles; vans, trucks, buses, and defense vehicles; and premium, luxury, and sports cars, in addition to all-terrain vehicles (ATVs).
Key Energy Services, Inc. (NYSE:KEG)’s shares dropped -8.00% to $2.30.
Key Energy Services, Inc. (KEG) stated first quarter 2015 merged revenues of $267.8 million and a pre-tax GAAP loss of $91.1 million, or $0.39 per share.
The results for the first quarter comprise:
- a pre-tax charge of $21.7 million, or $0.09 per share, for a true-up to the impairment charge recorded in the fourth quarter 2014 associated with the Coiled Tubing Services segment.
- pre-tax costs of $18.0 million, or $0.08 per share, related to the formerly revealed Foreign Corrupt Practices Act (“FCPA”) investigations.
- a pre-tax charge of $4.0 million, or $0.02 per share, for a reserve associated with the receivable from the Company’s 2012 sale of its’ Argentine business.
Not taking into account these items, the Company stated a pre-tax loss of $41.9 million, or $0.18 per share. Fourth quarter 2014 merged revenues were $354.8 million with a pre-tax GAAP loss of $80.8 million, or $0.34 per share. The results for the fourth quarter comprise a pre-tax charge of $31.7 million, or $0.13 per share, for a true-up to the impairment charge of the Company’s U.S. assets taken in the third quarter and an additional impairment of the Company’s goodwill in the fourth quarter, pre-tax costs of $19.6 million, or $0.08 per share, related to the FCPA investigations and a pre-tax loss of $3.7 million, or $0.02 per share, on the disposal of obsolete assets. Not taking into account these items, the Company stated a pre-tax loss of $24.7 million, or $0.10 per share.
Key Energy Services, Inc. operates as an onshore rig-based well servicing contractor in the United States and internationally. It offers rig-based services, counting the maintenance, workover, and recompletion of existing oil wells; completion of newly-drilled wells; and plugging and abandonment of wells at the end of their lives, in addition to specialty drilling services to oil and natural gas producers.
At the end of Tuesday’s trade, Warren Resources, Inc. (NASDAQ:WRES)‘s shares dipped -0.820% to $-7.52.
Warren Resources, Inc. (WRES) stated its first quarter 2015 financial and operating results, counting a net loss of $102.3 million, or ($1.26) per basic and diluted share, which comprises a non-cash ceiling test write-down of its oil and gas properties totaling $91.4 million. This compares to net income of $8.2 million, or $0.11 per basic and diluted share, stated in the first quarter of 2014. First quarter 2015 adjusted net loss* was $10.9 million contrast to adjusted net income of $7.9 million in the first quarter of 2014.
In announcing the results, Lance Peterson, Interim Chief Executive Officer, stated that Warren has responded to a volatile commodity market environment and has taken action to position the Company to weather these challenging times. They acted quickly to right-size capital spending, operating costs and G&A to get ahead of a commodity market downturn. They are focusing on operational programs that will allow them to optimize production, build reserves, and seize opportunities in their key markets. They raised their hedging activity to protect the Company against further deterioration of oil and gas prices. They are actively working on initiatives to enhance liquidity and position Warren to respond quickly to a future commodity price recovery and be able to react to opportunities that they feel will develop over the near term. Warren will continue to execute on a business strategy that ensures their financial health while positioning them for growth, and he remain optimistic about Warren’s potential in the months ahead.
Warren Resources, Inc., an independent energy company, engages in the exploration, development, and production of domestic onshore crude oil and gas reserves. The company primarily focuses on the exploration and development of waterflood oil recovery projects in the Wilmington field within the Los Angeles Basin of California; Marcellus Shale project in northeastern Pennsylvania; and coalbed methane natural gas properties located in the Rocky Mountain region.
Liberty Ventures (NASDAQ:LVNTA), ended its Tuesday’s trading session with -7.75% loss, and closed at $41.21.
Liberty Ventures (LVNTA) declares a semi-annual interest payment and additional distribution to the holders of its 4.0% Senior Exchangeable Debentures due 2029 (the “Debentures”). The amount of the semi-annual interest payment is $20.00 per $1,000 original principal amount of Debentures, and the amount of the additional distribution is $0.8489 per Debenture. Under the Indenture for the Debentures, the original principal amount of the Debentures is adjusted in an amount equal to each extraordinary distribution made to holders of the Debentures. Thereafter, the adjusted principal amount is further reduced on each successive semi-annual interest payment date to the extent necessary to cause the semi-annual interest payment to represent the payment of an annualized yield of 4.0% of the adjusted principal amount. This latter adjustment, to the extent it is made by reason of a particular extraordinary distribution that results in an adjustment to the principal amount of the Debentures, takes effect on the second succeeding interest payment date after the payment of that extraordinary distribution.
To date, there has been one extraordinary distribution to holders of the Debentures. On August 7, 2013, Liberty made an extraordinary distribution of $63.0960 per $1,000 original principal amount of Debenture arising from the merger transaction between Sprint Nextel Corporation and SoftBank Corp.
Liberty Ventures tracks the economic performance of Expedia, Inc., TripAdvisor, Inc., Tree.com, Inc., Interval Leisure Group, Inc., Time Warner Inc., Time Warner Cable Inc., and AOL, Inc. The company is based in the United States. Liberty Ventures operates as a partner of Liberty Interactive Corporation.
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