On Monday, Shares of General Electric Company (NYSE:GE), lost -0.88% to $25.87.
GE Capital’s Franchise Finance business declared that it has offered a $30.7 million loan to Serazen, LLC to refinance debt and to acquire and re-image 50 Hardee’s® units in Greensboro and Wilmington, N.C. and Columbia and Florence, S.C.
As part of the acquisition, Serazen has also agreed to build 14 new Hardee’s restaurants over the next six-and-a-half years in those markets. Based in Orange, CA, the company presently owns and operates 69 Papa John’s units.
CKE Restaurants Holdings, Inc., through its operating auxiliaries, owns, operates and franchises quick-service restaurants under the Hardee’s and Carl’s Jr.® banners. Its system comprises more than 3,500 restaurant locations in 44 states and in 35 foreign countries and U.S. territories worldwide.
General Electric Company (GE) operates as an infrastructure and financial services company worldwide. The company’s Power and Water segment offers gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls, and related services; wind turbines; and water treatment services and equipment.
Shares of Ensco plc (NYSE:ESV), declined -1.27% to $16.37, during its last trading session.
Ensco stated earnings of $1.11 per share for second quarter 2015 contrast to a loss of $5.07 per share a year ago. The loss from suspended operations was $0.04 per share contrast to a loss of $3.54 per share in second quarter 2014. Earnings from ongoing operations were $1.15 per share in second quarter 2015 contrast to a loss of $1.53 per share a year ago.
Second Quarter Results
Ongoing Operations
Revenues were $1.059 billion in second quarter 2015 contrast to $1.137 billion a year ago primarily due to a year-over-year decline in stated utilization to 76% from 84% a year ago. Also, the average day rate for the fleet declined to $237,000 in second quarter 2015 from $247,000 a year ago.
Contract drilling expense improved to $503 million in second quarter 2015 from $543 million a year ago, as lower compensation and repair and maintenance expense more than offset the reactivation of ENSCO 5004, ENSCO 5005 and ENSCO 5006 following shipyard upgrades and newbuilds commencing contracts.
There was no loss on impairment in second quarter 2015. Second quarter 2014 results comprised of a loss on impairment of $704 million related to three floaters.
Depreciation expense raised to $141 million from $132 million in second quarter 2014 as several rigs were added to the operating fleet. General and administrative expense declined to $30 million in second quarter 2015, from $36 million last year, due to disciplined expense administration counting lower personnel costs.
Other expense raised to $55 million from $31 million a year ago. A $7 million loss to complete the formerly declared retirement of 3.25% senior notes and other debt maturities contributed to this enhance. Interest expense in second quarter 2015 was $51 million, net of $27 million of interest that was capitalized, contrast to interest expense of $36 million in second quarter 2014, net of $19 million of interest that was capitalized. Interest expense raised year to year due to formerly stated debt offerings of $1.25 billion in third quarter 2014 and $1.10 billion in first quarter 2015.
The effective tax rate was 17.5% in second quarter 2015 contrast to an adjusted 10.4% a year ago not taking into account a loss on impairment and other discrete items in ongoing operations. The year-to-year comparison was influenced by the mix of earnings from various tax jurisdictions and tax legislation enacted by the U.K. government.
Ensco plc provides offshore contract drilling services to the oil and gas industry worldwide. The company operates through three segments: Floaters, Jackups, and Other. The company owns and operates offshore drilling rig fleet of 70 rigs, counting 10 drillships, 13 semisubmersible rigs, 5 moored semisubmersible rigs, and 42 jackup rigs located in North and South America, the Middle East and Africa, the Asia Pacific rim, Europe and the Mediterranean, and Brazil.
Finally, Masco Corporation (NYSE:MAS), ended its last trade with 0.19% gain, and closed at $26.44.
Masco Corporation declared its plan to relocate its corporate headquarters to Livonia, Mich., by the end of 2016. The plan will take employees from its current headquarters, located in Taylor, Mich., into a new, 75,000-square-foot, state-of-the-art facility located at West Seven Mile Road and Haggerty Road, adjacent to Schoolcraft College.
Masco’s current headquarters, built in 1966, is located at 21001 Van Born Road and has over 400,000 square feet of office space. The Masco Research and Development Center will remain at its location at 26855 Trolley Industrial Drive in Taylor, Mich.
Masco Corporation manufactures, distributes, and installs home improvement and building products worldwide. Its Cabinets and Related Products segment provides cabinetry for kitchen, bath, storage, home office, and home entertainment applications; and kitchen countertops, and integrated bathroom vanity and countertop solutions.
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