During Wednesday’s Morning trade, Shares of General Electric Company (NYSE:GE), lost -0.18% to $30.26.
GE’s Power Services (GE) business recently declared the first GT13E2 MXL2 gas turbine upgrade order in Asia at a combined-cycle power plant in Vietnam. GE will upgrade four GT13E2 gas turbines with MXL2 upgrade packages for state-owned enterprise EVN Power Generation Corporation 3 (EVNGENCO3) at the Phu My power complex in Vietnam.
As part of GE’s recent acquisition of Alstom’s Power & Grid businesses, GE’s Power Services integrated a number of Alstom generating technologies into its portfolio, counting the proven GT13E2 turbine as well as the MXL2 upgrade package. GE also assumed responsibility for a portfolio of Alstom power plant services contracts, counting a long-term service agreement for the Phu My power complex.
“We value the proven performance of utilizing the GT13E2 gas turbine technology and are cooperating with GE on MXL2 service upgrade solutions to achieve our operational aims, which we also are supporting through our recently opened gas turbine repair and reconditioning workshop at the Phu My power plant,” said Mr. Dinh Quoc Lam, president and CEO of EVNGENCO3. “We look forward to building on our existing gas turbine technology partnership now through GE’s Power Services.”
The upgrades are predictable to deliver a combined-cycle efficiency improvement of 1 percent, resulting in fuel savings of almost 2 percent and reduced CO2 emissions. Power output will improvement by 50 megawatts (MW), and gas turbine inspection intervals will extend to 48,000 equivalent operating hours to reduce maintenance and repair expenses, reducing plant costs and improving profitability.
General Electric Company operates as an infrastructure and financial services company worldwide. The company’s Power and Water segment offers gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls, and related services; wind turbines; and water treatment services and equipment.
Shares of Scorpio Bulkers Inc. (NYSE:SALT), declined -25.16% to $0.86, during its current trading session.
Scorpio Bulkers, stated its results for the three and nine months ended September 30, 2015.
Results for the three and nine months ended September 30, 2015 and 2014
For the three months ended September 30, 2015, the Company’s adjusted net loss was $16.3 million, or $0.05 adjusted loss per diluted share, which excludes (i) a loss / write down on assets held for sale of $0.3 million and (ii) the $1.4 million write off of a portion of the deferred financing costs of two credit facilities, or $0.01 loss per diluted share. For the three months ended September 30, 2015, the Company had a GAAP net loss of $18.1 million, or $0.06 loss per diluted share. This loss comprises the loss / write down on assets held for sale, the write off of a portion of deferred financing costs accumulated on two credit facilities for which the commitments were reduced following the removal from the facilities of certain vessels that have been classified as held for sale, and the noncash amortization of stock-based compensation of $6.3 million.
For the three months ended September 30, 2014, the Company had a net loss of $18.9 million, or $0.14 loss per diluted share counting noncash amortization of stock-based compensation of $6.3 million.
For the nine months ended September 30, 2014, the Company had a net loss of $44.6 million, or $0.34 loss per diluted share counting noncash amortization of stock-based compensation of $17.6 million.
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. As of April 02, 2015, the company owned eight vessels comprising of one Capesize, three Kamsarmax, and four Ultramax vessels; had time charters-in 13 dry bulk vessels comprised of one Handymax, one Ultramax, three Supramax, two Panamax, three Kamsarmax, and three Post-Panamax vessels; and contracted for 63 dry bulk vessels, which comprised 25 Ultramax, 20 Kamsarmax, and 18 Capesize vessels from shipyards in Japan, South Korea, China, and Romania. Scorpio Bulkers Inc. was founded in 2013 and is based in Monaco.
Finally, Airgas, Inc. (NYSE:ARG), gained 0.86%, and is now trading at $138.53.
Airgas, declared that the Company has amended its stockholder rights plan.
The Amendment to the Rights Agreement modifies the existing terms of the Rights Agreement by lowering the beneficial ownership threshold for triggering the rights plan from 15% of the Company’s common stock to 10%. Any party that beneficially owns 10% or more of the Company’s common stock at the time of the public declaration of today’s amendment will not trigger the rights plan unless that party either (1), after the time of the public declaration of the amendment, improvements its beneficial ownership of the Company’s common stock (other than as a result of an acquisition by the Company) to an amount equal to or greater than the greater of (x) 10% or (y) the sum of (i) the lowest beneficial ownership of such person as a percentage of the common stock as of any time from and after the time of the public declaration of the amendment plus (ii) 0.001% or (2) at any time while such person continues to have beneficial ownership of 10% or more of the Company’s common stock, exercises any unexercised options, conversion rights, exchange rights, rights, warrants or derivatives contract for shares of the Company’s common stock.
The Airgas Board deemed it prudent to amend the Rights Agreement in light of unusual trading activity in the Company’s stock over the last several trading days. Other changes to the Rights Agreement were made in connection with the transaction between Airgas and Air Liquide declared earlier.
Airgas, Inc., together with its auxiliaries, supplies industrial, medical, and specialty gases; and welding equipment and related products. It operates through two segments, Distribution and All Other Operations. The Distribution segment offers atmospheric gases, counting nitrogen, oxygen and argon; helium; hydrogen; welding and fuel gases, such as acetylene, propylene, and propane; carbon dioxide; nitrous oxide; ultra-high purity grades of various gases; special application blends; and process chemicals.
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