On Friday, Shares of Navios Maritime Holdings Inc. (NYSE:NM), lost -14.41% to $1.46.
Navios Maritime Holdings Inc. (NYSE: NM)
- $131.0 million revenue for Q3 2015
- Strong balance sheet - $174.5 million of cash
- Diversified investment vehicle –Noteworthy investment in two public companies
- Positioned to weather difficult market through
- Low operating expenses - significantly below industry average
- Flexible chartering strategy
- Strong balance sheet
- Return of Capital - up to $25.0 million share repurchase program.
Navios Maritime Holdings Inc. (“Navios Holdings” or “the Company”) (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, recently stated financial results for the third quarter and nine months ended September 30, 2015.
Angeliki Frangou, Chairman and Chief Executive Officer, stated, “We have practiced an extended period of weakness that is virtually unprecedented in our history, with the BDI average this year lower than at any time since 1986. As a result, we have adjusted our return of capital to our shareholders by initiating a share repurchase program and suspending our dividend payment. The share repurchase program entails a $25.0 million purchasing authority over a two-year period. The annual net savings will provide additional balance sheet strength and the opportunity to reinvest funds accretively.”
Angeliki Frangou continued, “The decision to suspend dividends was a difficult one, as we have paid a dividend for 39 successive quarters. Senior administration owns about 30% of the Company, so we are intimately aware of the consequences of our action, but feel that reducing our capital commitment and opportunistically redeploying cash toward our share repurchase program will be in our best long-term interests.”
Navios Maritime Holdings Inc. operates as a seaborne shipping and logistics company. It focuses on the transportation and transshipment of dry bulk commodities, counting iron ore, coal, and grains. It operates in two segments, Dry bulk Vessel Operations and Logistics Business.
Shares of Halcon Resources Corp (NYSE:HK), declined -3.79% to $0.587, during its last trading session.
Halcón Resources Corporation, declared the commencement of an exchange offer to certain eligible holders of its outstanding unsecured debt securities listed in the table below (the “Existing Notes”) for up to $150 million of a new issue of 12.0% Second Lien Senior Secured Notes due 2022 (the “New Notes”).
Halcón Resources Corporation, an independent energy company, is engaged in the acquisition, production, exploration, and development of onshore oil and natural gas properties in the United States.
Finally, Shares of L Brands Inc (NYSE:LB), ended its last trade with 1.95% gain, and closed at $93.93.
L Brands, stated 2015 third quarter results.
Third Quarter Results
Earnings per share for the third quarter ended Oct. 31, 2015, raised 25 percent to a record $0.55 contrast to $0.44 for the quarter ended Nov. 1, 2014. Third quarter operating income raised 19 percent to $338.8 million contrast to $284.1 million last year, and net income was $164.0 million contrast to $131.8 million last year.
The company stated net sales of $2.482 billion for the quarter ended Oct. 31, 2015, an improvement of 7 percent contrast to net sales of $2.319 billion for the quarter ended Nov. 1, 2014. Comparable store sales raised 7 percent for the quarter ended Oct. 31, 2015.
Leslie H. Wexner, Chairman and CEO, commented, “We delivered record results in the third quarter. Our brands are differentiated and have high emotional content and we continue to deliver new, compelling merchandise in an exciting in-store experience. We remain focused on executing fundamentals and staying close to our customers. We are happy with our month-to-date performance and we are well-positioned for the most noteworthy part of our year which is in front of us.”
L Brands, Inc. operates as a specialty retailer of women’s intimate and other apparel, beauty and personal care products, and accessories. The company operates in three segments: Victoria’s Secret, Bath & Body Works, and Victoria’s Secret and Bath & Body Works International.