On Wednesday, Shares of East West Bancorp, Inc. (NASDAQ:EWBC), lost -2.79% to $43.93.
East West Bancorp stated its financial results for the second quarter of 2015. For the second quarter of 2015, net income was $98.7 million or $0.68 per diluted share.
“East West is happy to report strong earnings of $98.7 million or $0.68 per diluted share for the second quarter of 2015, an enhance in diluted earnings per share of $0.09 or 15% from the preceding year quarter,” stated Dominic Ng, Chairman and Chief Executive Officer of East West. “For the second quarter of 2015, East West achieved strong profitability, earning a return on average assets of 1.34% and a return on average equity of 13.25%.”
Ng continued, “Our solid earnings and profitability are a reflection of the strength of our balance sheet and the growth opportunities in the markets we serve. As the financial bridge between East and West, we believe that we have a competitive advantage over peers in serving the U.S. and Greater China markets, as reflected in our continued growth in the second quarter of 2015. Quarter to date, total loans grew $588.4 million or 3% from March 31, 2015, to a record $22.2 billion as of June 30, 2015. Further, total deposits grew to a record $25.5 billion as of June 30, 2015, an enhance of $365.4 million or 1% from March 31, 2015.
East West Bancorp, Inc. operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to small and medium-sized businesses, business executives, professionals, and other individuals.
Shares of Charter Communications, Inc. (NASDAQ:CHTR), declined -0.15% to $181.06, during its last trading session.
Charter Communications, stated financial and operating results for the three and six months ended June 30, 2015.
Key highlights:
- Second quarter revenues of $2.4 billion grew 7.6%1 as contrast to the preceding-year period, driven by residential revenue growth of 7.0% and commercial revenue growth of 14.0%.
- Second quarter Adjusted EBITDA2 grew by 6.8% year-over-year. Not taking into account second quarter transactions transition costs of $17 million, Adjusted EBITDA grew by 8.9% year-over-year.
- Capital expenditures totaled $432 million in the second quarter of 2015, contrast to $570 million during the second quarter of 2014. Not taking into account transactions transition capital expenditures, second quarter capital expenditures totaled $404 million.
- Residential customer relationships raised by 34,000 during the second quarter, as compared to 27,000 during the second quarter of 2014. For the twelve months ending June 30, 2015, residential customer relationships grew by 4.6%, or 261,000.
- Residential primary service units (“PSUs”) raised by 70,000 during the second quarter as compared to a gain of 55,000 in the preceding-year period.
- Following the launch of Spectrum Business pricing and packaging to the small and medium business segment in March 2015, commercial customer relationships grew by 18,000 during the second quarter of 2015, as compared to 6,000 during the second quarter of 2014.
Charter Communications, Inc., through its auxiliaries, provides entertainment, information, and communications solutions to residential and commercial customers in the United States.
At the end of Wednesday’s trade, Shares of Inotek Pharmaceuticals Corp (NASDAQ:ITEK), gained 5.63% to $13.50.
Inotek Pharmaceuticals Corporation, declared the pricing of its public offering of 5,400,000 shares of its common stock at a public offering price of $12.75 per share, before underwriting discounts. In addition, Inotek has granted the underwriters a 30-day option to purchase up to an additional 810,000 shares of common stock. The offering is predictable to close on or about August 18, 2015, subject to satisfaction of customary closing conditions.
Cowen and Company, Piper Jaffray & Co. and Nomura Securities International, Inc. are acting as joint book-running managers for the offering.
Inotek Pharmaceuticals Corporation, a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of therapies for glaucoma. The company’s lead product candidate comprises Trabodenoson, an adenosine mimetic that has accomplished Phase II clinical trials for lowering IOP by restoring the eye’s natural pressure control mechanism, in addition to for optic neuropathy.
Finally, EQT Corporation (NYSE:EQT), ended its last trade with 3.42% gain, and closed at $78.68.
EQT Midstream Partners declared second quarter 2015 financial and operating results. EQT Midstream Partners (EQM) net income for the quarter totaled $91.3 million, adjusted EBITDA was $110.5 million, and distributable cash flow was $102.8 million. EQM adjusted operating income was $99.8 million, or 43% higher than the same quarter last year. The non-GAAP financial measures are reconciled in the Non-GAAP Disclosures section of this news release.
EQT GP Holdings owns a 30.2% limited partner interest and 2% general partner interest, together with 100% of the incentive distribution rights in EQM. EQGP accomplished its initial public offering of 26.45 million common units on May 15, 2015. Net income attributable to EQGP for the second quarter totaled $28.7 million.
Q2 Highlights:
- Declared agreement to construct natural gas header pipeline for Range Resources
- Accomplished the east side expansion project for Antero Resources
- Increasing EQM distributable cash flow guidance for 2015 to $390 – $400 million
In December 2013, EQM reached a capital lease with EQT for its Allegheny Valley Connector facilities (AVC), which comprises a 200-mile pipeline regulated by the Federal Energy Regulatory Commission (FERC). EQM operates the AVC and the related revenues and expenses are comprised of in the financial statements; however, the monthly lease payment to EQT offsets the impact on distributable cash flow. As a result, second quarter 2015 operating results are discussed on an adjusted basis, not taking into account the AVC. Payments due under the lease totaled $3.4 million for the second quarter. The revenues and expenses associated with the AVC are found in the reconciliation table in the Non-GAAP Disclosures section of this news release.
EQT Corporation, together with its auxiliaries, operates as a natural gas company in the United States. It operates in two segments, EQT Production and EQT Midstream. The EQT Production segment explores for, in addition to develops and produces natural gas, natural gas liquids (NGLs), and crude oil primarily in the Appalachian Basin.
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