On Tuesday, Shares of Aecom (NYSE:ACM), gained 1.85% to $30.88.
Aecom, a premier, fully integrated global infrastructure firm, stated fourth-quarter revenue of $4.7 billion and fiscal-year revenue of $18.0 billion. Net income and earnings per share were $1.1 million and $0.01 in the fourth quarter, respectively. The net loss and loss per share were $154.8 million and $1.04 for the full year. On an adjusted basis, diluted earnings per share were $0.95 for the fourth quarter and $3.08 for the fiscal year.
“Fiscal 2015 was a remarkable year for AECOM,” said Michael S. Burke, AECOM’s chairman and chief executive officer. “We accomplished the largest combination in our industry’s history. Despite the attention to integration and uneven global economic trends, our results and outlook reflect the benefits of our diversification.”
“We are reiterating our annual free cash flow target of $600 million to $800 million and increasing our synergy target to $325 million,” said Stephen M. Kadenacy, AECOM’s president. “This is a sign of our increasing confidence in the combined business.”
AECOM is a provider of professional technical and administration support services for commercial and government clients around the world. The Company provides planning, consulting, architectural and engineering design, and program and construction administration services for a range of projects, counting highways, airports, bridges, mass transit systems, government and commercial buildings, water and wastewater facilities, and power transmission and distribution.
Shares of MGIC Investment Corp. (NYSE:MTG), declined -0.31% to $9.51, during its last trading session.
MGIC Investment Corporation, issued an Operational Summary of its insurance auxiliaries for the month of October 2015 for their primary mortgage insurance.
The information concerning new notices and cures is compiled from reports received from loan servicers. The level of new notice and cure activity stated in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month, and by transfers of servicing between loan servicers.
MGIC Investment Corporation is a holding company. Through its wholly owned auxiliaries, the Company provides private mortgage insurance and ancillary services. The Company’s auxiliaries comprise Mortgage Guaranty Insurance Corporation (MGIC) and MGIC Indemnity Corporation (MIC). The Company provides mortgage insurance to lenders throughout the United States and to Government sponsored entities to protect against loss from defaults on low down payment residential mortgage loans.
Finally, Shares of Darden Restaurants, Inc. (NYSE:DRI), ended its last trade with -0.55% loss, and closed at $54.64.
Darden Restaurants, declared that it successfully accomplished its formerly declared spin-off of select real estate and restaurant assets into Four Corners Property Trust, Inc. (NYSE:FCPT) (“FCPT”). FCPT has become an independent, public company that intends to elect and qualify to be treated as a real estate investment trust (REIT) effective January 1, 2016.
Under the terms of the spin-off, Darden shareholders received one common share of FCPT for every three shares of Darden common stock held as of the record date, which was the close of business on November 2, 2015. Darden shareholders will receive cash in lieu of fractional FCPT shares. The spin-off is predictable to be tax-free to Darden shareholders. Darden has received opinions from Skadden, Arps, Slate, Meagher & Flom LLP and KPMG LLP that the spin-off will qualify as tax-free and has received a private letter ruling from the Internal Revenue Service on certain issues relevant to the qualification of the spin-off as tax-free.
In connection with the spin-off, Darden received cash proceeds from FCPT of $315 million, which it anticipates using, together with cash on hand, to retire about $1 billion in debt in the near future while maintaining its investment grade credit profile.
“Our successful spin-off of FCPT significantly advances Darden’s commitment to deliver value to shareholders,” said CEO Gene Lee. “Additionally, this transaction makes Darden stronger financially, with an improved capital structure and less debt.”
Darden Restaurants, Inc. is a full service restaurant company. The Company owns and operates more than 1,500 restaurants. The Company’s restaurant brands comprise Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, The Capital Grille, Eddie V’s Prime Seafood, Wildfish Seafood Grill and Yard House.