On Tuesday, in the course of current trade, Shares of Armco Metals Holdings, Inc (NYSEMKT:AMCO), skyrocketed 39.82%, and is now trading at $1.59.
Armco Metals, declared that its auxiliaries will possibly benefit from the recent export tariff changes by China government, which export tariffs of 94 commodities closely related with the iron and steel industry will be adjusted starting from May 2015, according to the declaration from the Ministry of Finance of China on April 23, 2015. Iron and steel granules and powders, tungsten, and molybdenum will be exempt from export tariffs, and wrought aluminum products will have a zero tax rate. Export tariffs on 90 commodities in the list will be eliminated and the other four commodities will receive a tax reduction. Export tariffs before the adjustment range up to 25% depending upon the commodity.
During 2014, in response to the excess production capacity in the industry and constantly declining price of iron ore, the company significantly reduced its import-based trading business by 57% as contrast to 2013, and raised our trading business of exporting metal products. The company believe that the elimination and reduction on the export tariff for the commodities may provide it with additional opportunities to grow its trading business.
Armco Metals Holdings, Inc. is engaged in the sale and distribution of metal ore and non-ferrous metals throughout China and is in the recycling business in China. Armco Metals’ customers comprise some of the fastest growing steel producing mills and foundries throughout China.
During an afternoon trade, Shares of Windstream Holdings, Inc. (NASDAQ:WIN), surged 21.58%, and is now trading at $12.93, hitting its highest level.
Windstream Holdings, declared it has successfully accomplished the tax-free spinoff of select telecommunications network assets into Communications Sales and Leasing, Inc. (NASDAQ:CSAL), an independent publicly traded real estate investment trust (REIT). In addition, Windstream also declared the near completion of a one-for-six reverse stock split of Windstream’s shares.
The spinoff is predictable to be a tax-free distribution to Windstream shareholders, and it requires no action by shareholders. We expect the CS&L shares to be deposited into shareholder’s accounts by April 30. Windstream shareholders will receive cash in lieu of fractional shares for amounts of less than one CS&L share.
Windstream Holdings, Inc. provides communications and technology solutions in the United States. It offers managed services and cloud computing services to businesses, in addition to broadband, voice, and video services to consumers primarily in rural markets. The companys primary business service offerings comprise integrated voice and data services, multi-site networking, data center services, managed services, high-speed Internet, and voice services.
Shares of Stepan Company (NYSE:SCL), during its Tuesday’s current trading session gained 14.43%, and is now trading at $51.62.
Today, Stepan Company, stated:
First Quarter Highlights
- Stated net income was $21.3 million or $0.93 per diluted share as compared to $13.0 million or $0.57 per diluted share in the preceding year.
- Surfactant and Polymer volume raised 2% and 5%, respectively. Net sales declined 4% to $460.5 million as compared to $477.4 million in the preceding year due to a 6% decline in foreign currency translation.
- Surfactants delivered record quarterly operating income of $33.8 million.
- Polymer operating income was $14.8 million counting a $2.9 million gain on the sale of the Company’s Specialty Polyurethane System business. Not taking into account the gain, Polymer operating income was up 10%.
- Adjusted net income was $20.4 million or $0.90 per diluted share as compared to $12.8 million or $0.56 per diluted share in the preceding year.
Stepan Company, together with its auxiliaries, produces and sells specialty and intermediate chemicals to manufacturers for use in various end products worldwide. It operates in three segments: Surfactants, Polymers, and Specialty Products.
Finally, Rent-A-Center, Inc. (NASDAQ:RCII), soared 11.65% Tuesday.
Rent-A-Center, declared results for the quarter ended March 31, 2015.
Highlights on the quarter comprise the following:
- On a GAAP basis, earnings per diluted share was $0.51 in the first quarter flat to preceding year
- Earnings per diluted share, not taking into account special items, reduced to $0.52 contrast to $0.56 for the first quarter of the preceding year.
- Merged total revenues raised 5.9 percent to $877.6 million and same store sales raised 8.0 percent
- Core U.S. same store sales raised by 1.0 percent, representing a sequential improvement of 160 basis points. Since the first quarter of 2014, the two-year same store sales comp has improved by 970 basis points. The enhance is primarily due to the new smartphone product category and higher merchandise sales.
- Acceptance Now same store sales raised 34.1 percent, a sequential improvement of 570 basis points, driven by the continued maturation of the business and the introduction of 90 day option pricing. There were 53 Acceptance Now staffed locations opened and 27 closed during the quarter.
- The Company’s operating profit as a percentage of total revenues, not taking into account special items, reduced from 7.2 percent to 6.5 percent, but improved sequentially by 40 basis points (see non-GAAP reconciliation below)
- Cash flow from operations was $228.0 million, capital expenditures totaled $14.2 million, and the Company ended the quarter with $93.1 million of cash and cash equivalents
- The Company declared a dividend of 24 cents per share in the first quarter of 2015, which was paid April 23rd, 2015.
Rent-A-Center, Inc., together with its auxiliaries, leases household durable goods to customers on a rent-to-own basis. The company operates in four segments: Core U.S., Acceptance Now, Mexico, and Franchising. It offers durable products, such as consumer electronics, appliances, computers, furniture, and accessories under rental purchase agreements.
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