On Tuesday, Shares of Santander Consumer USA Holdings Inc. (NYSE:SC), gained 4.30% to $24, hitting its highest level.
Santander Consumer, declared net income for first quarter 2015 of $289.2 million, or $0.81 per diluted common share, up from the fourth quarter 2014 net income of $247.0 million, or $0.69 per diluted common share, and up from first quarter 2014 net income of $81.5 million, or $0.23 per diluted common share. Core net income for the first quarter 2014 was $157.3 million, or $0.44 per diluted common share, which translates to a year-over-year core net income growth of 84 percent.
First Quarter 2015 Key Highlights:
- Return on average equity of 31.2%, up from 29.1% in preceding quarter and 11.6% in preceding year first quarter. Core return on average equity for preceding year first quarter 2014 was 22.4%.
- Return on average assets of 3.5%, up from 3.1% in preceding quarter and 1.2% in preceding year first quarter. Core return on average assets for the first quarter 2014 was 2.3%.
- Total originations of $7.4 billion, up from $6.1 billion in preceding quarter and in line with $7.3 billion originated in preceding year first quarter.
- Asset sales of $1.5 billion, up from $1.1 billion in preceding quarter and down from $1.7 billion in preceding year first quarter.
- Managed assets of $46.6 billion, up from $43.5 billion as of preceding year-end.
- Net charge-off ratio of 6.7%, down from 8.6% in preceding quarter and up from 6.4% in preceding year first quarter.
- Provision for credit losses of $606 million, up from $560 million in the preceding quarter and down from $699 million in preceding year first quarter.
- Expense ratio of 2.2%, in line with 2.2% in preceding quarter and down from 3.8% in preceding year first quarter. Core expense ratio for the first quarter 2014 was 2.4%.
- Efficiency ratio of 18.9%, down from 19.1% in preceding quarter and 27.0% in preceding year first quarter. Core efficiency ratio for the first quarter 2014 was 16.9%.
Santander Consumer USA Holdings Inc., a specialized consumer finance company, provides vehicle finance and unsecured consumer lending products in the United States. The company’s vehicle finance products and services comprise retail installment contracts, vehicle leases, and dealer loans.
At the end of Tuesday’s trade, Shares of AGCO Corporation (NYSE:AGCO), jumped 3.24% to $50.
AGCO Corporation, stated net sales of about $1.7 billion for the first quarter of 2015, a decrease of about 27.0% contrast to net sales of about $2.3 billion for the first quarter of 2014. Stated net income was $0.34 per share and adjusted net income, not taking into account restructuring and other infrequent expenses, was $0.43 per share for the first quarter of 2015. These results compare to stated and adjusted net income per share of $1.03 for the first quarter of 2014. Not taking into account unfavorable currency translation impacts of about 11.7%, net sales in the first quarter of 2015 reduced about 15.3% contrast to the first quarter of 2014.
AGCO Corporation manufactures and distributes agricultural equipment and related replacement parts worldwide. The company offers tractors, counting high horsepower tractors that are used on larger farms primarily for row crop production.
Hovnanian Enterprises Inc. (NYSE:HOV), ended its last trade with 2.83% gain, and closed at $3.27.
Hovnanian Enterprises, declared that senior administration will be presenting at the 2015 Wells Fargo Industrial & Construction Conference on Tuesday, May 5, 2015 at 10:35 a.m. ET.
Hovnanian Enterprises, Inc. designs, constructs, markets, and sells residential homes in the United States. It constructs single-family detached homes, attached townhomes and condominiums, urban infill, and active adult homes.
Finally, Aerie Pharmaceuticals, Inc. (NASDAQ:AERI), closed at $11, with 2.80% gain, hitting its lowest level.
Aerie Pharmaceuticals, declared that its first quarter 2015 financial results will be released after the market closes on Thursday, May 7, 2015. Following the release, the Company will host a live conference call and webcast at 5:00 p.m. Eastern Time to talk about the Company’s financial results and provide a general business and planned update. Additionally, the Company has been ongoing to review the results of its first Phase 3 registration trial for Rhopressa™ and anticipates to talk about additional findings from the Rocket 1 study during the live conference call and webcast.
Aerie Pharmaceuticals, Inc., a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of first-in-class therapies for the treatment of glaucoma and other eye diseases.
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