On Friday, Shares of U.S. Bancorp (NYSE:USB), lost -2.15% to $40.55.
U.S. Bancorp will release its third quarter 2015 earnings before the market opens on Thursday, October 15, 2015. At 8:30 a.m. CDT, Richard K. Davis, chairman, president and chief executive officer, and Kathy Rogers, vice chair and chief financial officer, will host a conference call to review the financial results.
U.S. Bancorp, a financial services holding company, provides a range of financial services in the United States. It offers depository services, which comprise checking accounts, savings accounts, and time certificate contracts; and lending services, such as traditional credit products, in addition to credit card services, leasing, financing and import/export trade, asset-backed lending, agricultural finance, and other products.
Shares of La Quinta Holdings Inc (NYSE:LQ), declined -1.33% to $18.54, during its last trading session.
La Quinta Holdings Inc., declared that it has signed a definitive purchase and sale agreement to sell 24 owned hotels. This portfolio is geographically dispersed and the vast majority of these hotels will be removed from the La Quinta system. The sale price for these assets represents an attractive EBITDA multiple and the Company anticipates to close the sale preceding to the end of 2015, subject to customary closing provisions, providing additional balance sheet flexibility at that time.
Because of this transaction, the Company anticipates to realize a number of benefits, counting:
- Enhancement of the brand
- Improvement of several key operating metrics such as RevPAR and RevPAR Index
- Opening of additional markets for franchise development
- Reduction of near-term capital expenditure requirements
La Quinta Holdings Inc. owns, operates, and franchises select-service hotels under the La Quinta brand. It serves the upper-midscale and midscale segments. As of May 7, 2015, the company had about 870 hotels with about 86,000 rooms under the La Quinta Inn & Suites, La Quinta Inn, and LQ Hotel brands in 47 states of the United States, in addition to in Canada, Mexico, and Honduras.
Finally, Timken Co (NYSE:TKR), ended its last trade with -1.81% loss, and closed at $30.32.
The Timken Company declared that it has accomplished the formerly declared transaction with American Industrial Partners to acquire the Carlstar Belts Business. The business, a leading North American manufacturer of belts used in industrial, commercial and consumer applications, markets well-recognized brands counting Carlisle®, Ultimax® and Panther®, among others.
“We are excited to bring the belts business into The Timken Company. Belts are an integral part of our customers’ power transmission systems and Carlstar has a long history of leadership in industrial belt manufacturing, technology, and quality,” said Richard G. Kyle, Timken president and chief executive officer. “Our work leading up to closing has only reinforced that we have attained a strong business with a talented workforce.”
The company anticipates the transaction to be accretive over the balance of 2015. For the 12 months ending June 30, 2015, Carlstar Belt sales were about $140 million.
The Timken Company engineers, manufactures, and markets bearings, transmissions, gearboxes, and chain and related products worldwide. It operates in two segments: Mobile Industries and Process Industries.
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