On Thursday, Shares of Citigroup Inc. (NYSE:C), gained 3.77% to $58.59, hitting its highest level.
Citigroup, stated net income for the second quarter 2015 of $4.8 billion, or $1.51 per diluted share, on revenues of $19.5 billion. This contrast to net income of $181 million, or $0.03 per diluted share, on revenues of $19.4 billion for the second quarter 2014.
CVA/DVA was $312 million ($196 million after-tax) in the second quarter 2015, contrast to negative $33 million (negative $20 million after-tax) in the preceding year period. Second quarter 2014 results also comprised of the impact of a $3.8 billion charge ($3.7 billion after-tax) to settle legacy RMBS and CDO-related claims.5 Not taking into account CVA/DVA, revenues were $19.2 billion, down 2% from the preceding year period. Not taking into account CVA/DVA and the impact of the mortgage settlement in the preceding year period, earnings were $1.45 per diluted share, up 17% from preceding year earnings of $1.24 per diluted share.
Michael Corbat, Chief Executive Officer of Citigroup, said, “Our results for the quarter show very balanced performance across our business lines. We grew loans and deposits in constant dollars in Global Consumer Banking, while also gaining wallet share among target clients in our Institutional Clients Group. Citi Holdings remained profitable and we again reduced its assets, having accomplished the sales of additional consumer businesses. As we raised our capital return, we still continued to grow our regulatory capital, raising our Common Equity Tier 1 Capital ratio to 11.4%. Through active expense and balance sheet discipline, we are on track to reach our financial targets for the year.”
Citigroup Inc., a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions worldwide. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG).
Shares of SeaDrill Limited (NYSE:SDRL), inclined 1.58% to $9.66, during its last trading session, despite U.S. crude futures settled lower after giving up gains reacting to data from industry intelligence firm Genscape showing higher crude inventories at the Cushing, Oklahoma, hub, traders said.
Expiring Brent August crude LCOQ5 rose 46 cents to settle and go off the board at $57.51 a barrel, having reached $58.21. Reuters Reports.
September Brent crude LCOU5 fell 20 cents to settle at $56.92, off its $58 intraday peak. Reuters added.
Seadrill Limited, an offshore drilling contractor, provides offshore drilling services to the oil and gas industry worldwide. The company operates through Floaters and Jack-up Rigs segments.
Finally, Mattel, Inc. (NASDAQ:MAT), ended its last trade with -1.72% loss, and closed at $25.15.
For the second quarter of 2015, Mattel, stated flat worldwide net sales in constant currency, adjusted operating income of $23.0 million and adjusted earnings per share of $0.01.
“In the second quarter, we made solid progress as we work to return Mattel to improved growth and profitability,” said Christopher Sinclair, Mattel Chairman and CEO. “Our financial results in the quarter largely met our expectations, and we are encouraged by improved performance across our core brands, in addition to strong momentum in emerging markets like China and Russia. Although we are still early in our turnaround effort, I believe we are taking all the right steps to be more competitive in the growing global toy industry.”
For the quarter, worldwide net sales were flat in constant currency contrast to last year. In the North American Region, which comprises of the United States, Canada and American Girl, second quarter gross sales reduced 2% in constant currency, and 3% as stated. In the International Region, gross sales raised by 5% in constant currency, and reduced 10% as stated. Adjusted gross margin raised 70 basis points as adjusted and 150 basis points as stated. Adjusted other selling and administrative expenses raised 70 basis points of net sales, and 30 basis points as stated. Adjusted operating income for the quarter was $23.0 million, contrast to preceding year’s adjusted operating income of $38.1 million.
The Company’s debt-to-total capital ratio as of June 30, 2015 was 45.0%.
Cash flows used for operating activities were about $241 million, contrast to about $79 million in 2014. Cash flows used for investing activities were about $161 million, a decrease of about $364 million, primarily due to the preceding year acquisition of MEGA Brands. Cash flows used for financing activities and other were about $269 million, contrast to cash flows from financing activities and other of about $83 million in 2014. The change was primarily driven by preceding year net proceeds from net long-term borrowings, partially offset by preceding year share repurchases.
Mattel, Inc. designs, manufactures, and markets a range of toy products worldwide. The company operates in three segments: North America, International, and American Girl.
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