On Monday, Shares of Aon Plc (NYSE:AON), gained 1.24% to $102.56.
Aon plc, stated results for the three months ended June 30, 2015.
Net income attributable to Aon shareholders was $178 million, or $0.62 per share, contrast to $304 million, or $1.01 per share, for the preceding year quarter. Net income per share attributable to Aon shareholders, adjusted for certain items, raised 5% to $1.31, contrast to $1.25 in the preceding year quarter, counting an $0.08 per share unfavorable impact on adjusted net income from ongoing operations if the Company were to translate preceding year quarter results at current quarter foreign exchange rates.
SECOND QUARTER FINANCIAL SUMMARY
- Total revenue reduced 4% to $2.8 billion contrast to the preceding year quarter driven primarily by a 7% unfavorable impact from foreign currency translation, partially offset by 2% organic revenue growth and a 1% enhance in commissions and fees related to acquisitions, net of divestitures.
- Total operating expenses for the second quarter raised 2% to $2.5 billion contrast to the preceding year quarter due primarily to $176 million of legacy litigation expense for events that primarily occurred ten or more years ago, an enhance in expense to support 2% organic revenue growth, and a $14 million enhance in expenses related to acquisitions, net of divestitures, partially offset by a $166 million favorable impact from foreign currency translation and an $8 million decrease in intangible asset amortization.
- Depreciation expense reduced 8%, or $5 million, to $57 million contrast to the preceding year period.
- Intangible asset amortization expense reduced 9%, or $8 million, to $79 million contrast to the preceding year quarter, comprising of a $10 million decrease in HR Solutions and a $2 million enhance in Risk Solutions.
- Foreign currency exchange rates in the second quarter had an $0.08 per share, or $26 million pretax, unfavorable impact (-$26 million in Risk Solutions, -$3 million in HR Solutions, +$3 million in Unallocated expenses) on adjusted net income from ongoing operations, if the Company were to translate preceding year quarter results at current quarter foreign exchange rates.
- Effective tax rate used in the U.S. GAAP financial statements in the second quarter was 12.2%, contrast to the preceding year quarter of 17.5%. After adjusting to exclude the applicable tax impact associated with expenses for legacy litigation, the adjusted effective tax rate for the second quarter of 2015 was 18.0%. This adjustment is talk abouted in the “Reconciliation of Non-GAAP Measures - Operating Income and Diluted Earnings per Share” on page 12 of this press release.
Aon plc provides risk administration services, insurance and reinsurance brokerage, and human resource consulting and outsourcing services worldwide. It operates through two segments, Risk Solutions and HR Solutions.
Shares of LifeVantage Corp (NASDAQ:LFVN), inclined 11.11% to $0.800, during its last trading session.
LifeVantage Corporation declared preliminary results for the fourth quarter and full year ended June 30, 2015.
For the fourth fiscal quarter ended June 30, 2015, the Company anticipates to report revenue of about $45 million, contrast to $56 million for the same period of fiscal 2014. The change in revenue was primarily due to a decline in revenue from Japan. Operating income for the fourth quarter of 2015 was $1.5 million, contrast to $4.7 million in the fourth fiscal quarter of 2014. For the fourth fiscal quarter of 2015, the Company anticipates to realize earnings per diluted share of $0.00, calculated on 96.5 million fully diluted shares. This compares to $0.02 per diluted share, calculated on 105.6 million fully diluted shares, in the same period of fiscal 2014.
For the full fiscal year ended June 30, 2015, the Company anticipates to report revenue of about $190 million, contrast to $214 million in fiscal 2014. Operating income for full fiscal year 2015 was $13.9 million, contrast to $19.5 million in the preceding year period. For fiscal 2015, the Company anticipates diluted earnings per share of $0.07 per diluted share, calculated on 99.1 million fully diluted shares. This contrast to $0.10 per diluted share, calculated on 111.6 million fully diluted shares, in fiscal 2014.
LifeVantage Corporation identifies researches, develops, and distributes nutraceutical dietary supplements and skin care products. It offers Protandim, a scientifically-validated dietary supplement; LifeVantage TrueScience, an anti-aging skin care product; and Canine Health, a companion pet supplement formulated to combat oxidative stress in dogs.
At the end of Monday’s trade, Shares of Prudential Financial Inc (NYSE:PRU), lost -0.88% to $89.31.
City National Bancshares Corporation declared that it has accomplished its $20 million recapitalization of City National Bank of New Jersey (CNB). This recapitalization is a crucial step in the turnaround of the bank, which practiced difficulties during the economic downturn of 2008, which was especially devastating for African American communities and the banks that serve them. Skopos Impact Fund and The Prudential Insurance Company of America, a partner of Prudential Financial, Inc. (PRU) are key investors in the recapitalization. Other noteworthy investors in the transaction comprise: New United Corporation; East Coast Capital Holdings, Ltd., a Specialized Small Business Investment Company; and Industrial Bank, a partner of IBW Financial Corporation (IBWC).
In addition to the financial investors, CNB acknowledges the noteworthy support that it has received from Sullivan & Cromwell LLP; J.P. Morgan; and Goldman Sachs Urban Investment Group. Together with technical assistance offered by the Office of the Comptroller of the Currency; the Federal Reserve Bank; the Federal Deposit Insurance Corporation; and the Department of the Treasury, this recapitalization will enable CNB to continue its role as the only regulated community development financial institution (CDFI) headquartered in New Jersey.
“Founded in Newark in 1973, the Bank has been a crucial source of capital and banking services for families, local small businesses, faith-based institutions and nonprofit organizations in our neighborhoods,” said, Hon. Ras J. Baraka, Mayor, City of Newark. “Given the current climate in our country, the Bank is needed more than ever to provide financial services and drive redevelopment,” added Mayor Baraka.
Prudential Financial, Inc. provides insurance, investment administration, and other financial products and services to individual and institutional customers in the United States and internationally.
Finally, W. R. Grace & Co (NYSE:GRA), ended its last trade with 2.31% gain, and closed at $104.35.
W.R. Grace & Co., declared the filing of an initial Form 10 registration statement with the U.S. Securities and Exchange Commission in connection with its formerly declared plan to spin off its Construction Products operating segment and Darex Packaging Technologies business to form a new independent publicly traded company. The planned separation, which is predictable to be tax-free to Grace’s U.S. shareholders, remains on track to be accomplished in the first quarter of 2016.
GCP Applied Technologies
GCP Applied Technologies, to be headquartered in Cambridge, MA, will be a leading global provider of products and technology solutions for customers in the specialty construction chemicals, specialty building materials, and packaging sealants and coatings industries.
GCP’s construction products are used in commercial, residential, and infrastructure projects around the world. They have been specified in projects with demanding product, performance, and engineering requirements ranging from the Getty Center in Los Angeles and the London Underground to Hong Kong’s Bank of China Tower and the Guggenheim Museum Bilbao in Spain. Darex Packaging Technologies are used by many of the world’s most recognized brand owners and are part of over 300 billion food and beverage cans and packages produced each year.
“We are very excited to continue our long history of innovation to meet the needs of our customers and of growing our businesses globally,” said Grace President and Chief Operating Officer Gregory E. Poling, who will become the President and Chief Executive Officer of GCP Applied Technologies. “We are confident that our leading segment positions, global manufacturing footprint, and focus on operational excellence will continue to benefit our customers, employees, and shareholders. Our new name is a natural fit and reflects our long heritage. Many of our customers refer to us as ‘GCP,’ and incorporating ‘Applied Technologies’ into our name expresses two important dimensions of the value we deliver to our customers—innovative technologies that are highly practical and linked to results for our customers.”
GCP will have manufacturing, research and development, sales and technical service sites in over 40 countries on six continents, with more than 70 manufacturing sites worldwide. As of December 31, 2014, the GCP Applied Technologies business segments had about 2,400 employees worldwide.
W.R. Grace & Co. produces and sells specialty chemicals and materials worldwide. It operates through three segments: Grace Catalysts Technologies, Grace Materials Technologies, and Grace Construction Products. The Grace Catalysts Technologies segment offers fluid catalytic cracking (FCC) catalysts for the production of transportation fuels, such as gasoline and diesel fuels, and other petroleum-based products; FCC additives; and hydro processing catalysts used in process reactors to upgrade heavy oils into lighter.
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