On Wednesday, Shares of Kennametal Inc. (NYSE:KMT), gained 2.32% to $30.91.
Kennametal Inc., declared fiscal 2015 and fourth-quarter results. For fiscal 2015, the company stated loss per diluted share (LPS) of $4.71, contrast with EPS of $1.99 during the preceding year. Adjusted EPS were $2.02 in the current year contrast to $2.53 in the preceding year.
For its fiscal fourth quarter, the company stated EPS of $0.26, contrast with the preceding year quarter EPS of $0.57. The current quarter adjusted EPS were $0.46, contrast to $0.79 in the preceding year quarter.
“Our performance in the June quarter was better than predictable on several fronts, driven by progress on our cost reduction measures and noteworthy improvements in working capital administration,” said Kennametal President and Chief Executive Officer Don Nolan. “In a challenging market environment, our efforts to lower costs, improve efficiencies and generate higher cash flows are having a favorable impact. As we move ahead, we will remain focused on aligning our cost structure, expanding margins, and investing in core growth opportunities.”
Kennametal Inc. manufactures and supplies tooling, engineered components, and advanced materials consumed in production processes worldwide. The company operates in two segments, Industrial and Infrastructure.
Shares of Parker Drilling Company (NYSE:PKD), remained flat at $2.64, during its last trading session.
Parker Drilling Company, declared a net loss of $14.0 million, or $0.11 loss per share on revenues of $185.9 million for the second quarter ended June 30, 2015. The results comprise a $2.3 million pre-tax expense to enhance the provision for the reduction in carrying value of certain assets related to the Company’s international rental tools and drilling rigs. Not taking into account this expense, the adjusted loss per share was $0.10.
Second quarter adjusted EBITDA was $32.8 million, contrast with $53.4 million for the preceding quarter.
Gary Rich, Chairman, President and CEO of the Company, said, “As predictable, results in the second quarter were down as compared to the first quarter as we practiced lower global drilling activity. Despite a 35 percent sequential decline in the average number of rigs drilling for oil and gas in the U.S., our U.S. rental tools revenues were only 23 percent lower, reflecting our efforts to maintain our market position, both on land and offshore. The Gulf of Mexico barge rig business continues to be the most adversely influenced by current market conditions; however, we have continued to reduce its cost structure. While our international businesses were also lower sequentially, they remain less influenced relative to our U.S. businesses. We remain focused on strong cost administration and maintaining positive free cash flow, while seeking growth opportunities that may arise in this environment.”
Parker Drilling Company, together with its auxiliaries, provides contract drilling and drilling-related services and rental tools in the United States, Latin America, Africa, the Middle East, the Asia Pacific, Europe, and the Commonwealth of Independent States.
At the end of Wednesday’s trade, Shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM), lost -0.05% to $18.18.
Piedmont Office Realty Trust, declared that The Kraft Heinz Company has accomplished a 170,000 square foot, 12+ year new lease through 2029 at its trophy tower, Aon Center, located at 200 East Randolph Street in downtown Chicago. After recently concluding the merger of Kraft Foods Group and H.J. Heinz Company, the global food and beverage giant will relocate its Chicago headquarters from Northfield, IL, to five floors of the 83-story building. The company will be co-headquartered in Pittsburgh, PA.
Ned Franke and Steve Holmberg of Cushman & Wakefield represented the tenant in the transaction. Steve Smith and Mark Georgas of JLL, together with Tom Prescott and Alex Valente of Piedmont, facilitated negotiations on behalf of the owner.
“We are happy to be able to accommodate the new Chicago home of the recently combined Kraft Heinz brands, a multi-billion dollar corporation, and are confident they will benefit from the building`s superior amenities and spectacular views of the city, Lake Michigan and Millennium Park,” said Tom Prescott, Executive Vice President - Midwest Region for Piedmont.
Piedmont Office Realty Trust, Inc. engages in the acquisition and ownership of commercial real estate properties in the United States. Its property portfolio primarily comprises of office and industrial buildings, warehouses, and manufacturing facilities. As of December 31, 2007, the company owned interests in 83 properties that are wholly owned and controlled through merged joint ventures.
Finally, Synchrony Financial (NYSE:SYF), ended its last trade with 0.84% gain, and closed at $34.96.
Synchrony Financial, declared a multi-year extension of its agreement to continue providing a private label credit card financing program for Mills Fleet Farm that will now comprise Synchrony Financial’s patented Visa Dual Card branded with the retailer’s name.
Mills Fleet Farm is a family-owned, full-service supplier for farm, life, work, home and recreation since 1955 with 35 retail locations in Wisconsin, Minnesota, North Dakota and Iowa. The retailer sells fishing, hunting, home improvement, housewares, auto and farm products and also has an online presence at fleetfarm.com.
Synchrony Financial has offered a private label credit card program for Mills Fleet Farm to offer their customers since 2005. Holders of the private label Mills Fleet Farm credit card issued by Synchrony Bank can continue using their card in-store and online, allowing them to enjoy special financing options and exclusive offers on the products they want and need.
Synchrony Financial operates as a consumer financial services company in the United States. The company offers private label credit cards, dual cards, and small and medium-sized business credit products; and promotional financing for consumer purchases, such as private label credit cards and installment loans.
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