On Tuesday, Shares of Apartment Investment and Management Company (NYSE:AIV), loss -3.16% to $37.43.
Apartment Investment and Management Company, declared its first quarter 2015 results and an enhance in its full year 2015 earnings guidance.
Pro forma FFO - Year-over-year, first quarter Pro forma FFO raised 4% as a result of: strong Property Net Operating Income growth; raised contribution from redevelopment communities; and higher income tax benefit attributable to the recognition of historic tax credits related to Aimco’s Park Towne Place redevelopment. These enhances were partially offset by: the loss of income from apartment communities that were sold; prepayment penalties incurred in first quarter 2015; and higher preferred stock dividends attributable to Aimco’s second quarter 2014 offering of its Class A Preferred Stock.
Adjusted Funds from Operations - Year-over-year, first quarter AFFO raised 7% as a result of higher Pro forma FFO and lower Capital Replacement spending due to the sale of about 9,000 apartment homes during 2014. As Aimco concentrates its investment capital in higher-quality, higher price point apartment communities, its free cash flow margin is increasing as Capital Replacements decline as a percentage of net operating income.
Apartment Investment and Management Company is a real estate investment trust. The firm engages in the acquisition, ownership, administration, and redevelopment of apartment properties. It invests in real estate markets of United States.
Shares of Pioneer Natural Resources Co. (NYSE:PXD), declined -3.14% to $163.05, during its last trading session.
Pioneer Natural Resources, declared financial and operating results for the quarter ended March 31, 2015.
Pioneer stated a first quarter net loss attributable to common stockholders of $78 million, or $0.52 per diluted share. Without the effect of noncash derivative mark-to-market gains and other unusual items, adjusted income for the first quarter was a loss of $5 million after tax, or $0.03 per diluted share.
First quarter and other recent highlights comprised of:
- producing 194 thousand barrels oil equivalent per day (MBOEPD) in the first quarter, of which 51% was oil; first quarter production was influenced by a loss of about 3 MBOEPD due to downtime associated with severe winter weather in the Spraberry/Wolfcamp, a loss of about 5 MBOEPD due to ethane rejection in the Spraberry/Wolfcamp and Eagle Ford Shale startning January 1, and the decision made in mid-February to exclusively utilize Pioneer Pumping Services to improve efficiencies, which had the effect of spreading horizontal completions in the Spraberry/Wolfcamp throughout the year;
- ongoing to protect the Company’s cash flow through the use of derivatives, counting (i) maintaining coverage for 2015 forecasted oil production at about 90% with most of the volumes protected by swaps at $71 per barrel (resulted in a $20 per barrel uplift in the first quarter), (ii) increasing Pioneer’s 2016 oil production covered by three-way collars by 10 thousand barrels per day (MBOPD) in recent weeks, providing attractive downside protection for 2016 and (iii) maintaining coverage for 2015 forecasted gas production at about 90% with three-way collars that provide attractive downside protection;
- maintaining a strong balance sheet at the end of the first quarter with $383 million of cash on hand and net debt-to-book capitalization of 21%;
- realizing a 15% decrease in drilling and completion capital contrast to 2014 in response to cost reduction initiatives; expecting capital costs to decline by more than 20% by year-end 2015;
- achieving noteworthy drilling and completions efficiency gains;
- announcing the closing of the Denver, Colorado, office and the streamlining of operations in the Raton Basin;
- implementing high-graded horizontal drilling programs in the Spraberry/Wolfcamp and Eagle Ford Shale; presently running 16 horizontal rigs, with 10 rigs in the Spraberry/Wolfcamp and six rigs in the Eagle Ford Shale;
- exporting 20 MBOPD gross (7 MBOPD net) of Eagle Ford Shale processed condensate in the first quarter with significantly improved pricing contrast to domestic condensate sales; and
- ongoing education efforts on the benefits of lifting the U.S. oil export ban.
Pioneer Natural Resources Company engages in the exploration and production of oil and gas in the United States. The company produces and sells oil, natural gas liquids (NGLs), and gas.
At the end of Tuesday’s trade, Shares of Cognex Corporation (NASDAQ:CGNX), dipped -3.13% to $45.54.
Cognex Corporation, declared that the company’s Board of Directors declared a quarterly cash dividend of $0.07 per share. This dividend is payable on June 19, 2015 to all shareholders of record at the close of business on June 5, 2015.
“This is the first cash dividend declared by Cognex since the ‘very special’ dividend in the fourth quarter of 2012 when we rewarded shareholders by prepaying eight quarters’ worth of dividends in advance of changes in federal tax laws that raised the tax on dividends,” said Dr. Robert J. Shillman, Chairman and Chief Culture Officer of Cognex. “Cognex has been highly profitable in those two years…even while investing heavily in both engineering and sales to fuel our growth…and we are happy to once again share our success in a tangible way with our shareholders.”
“Cognex’s ongoing success enables us to use our cash to return immediate value to our shareholders both through the payment of dividends and through our share repurchase plan,” said Robert J. Willett, Chief Executive Officer of Cognex. “The Board’s approval of the dividend and the continuation of the share repurchase program underscores its confidence in our company’s future.”
Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes. It operates in two divisions, Modular Vision Systems and Surface Inspection Systems.
Finally, Denny’s Corporation (NASDAQ:DENN), ended its last trade with -3.13% loss, and closed at $10.54.
Denny’s Corporation, stated results for its first quarter ended April 1, 2015.
In the first quarter, Denny’s opened nine franchised restaurants, counting one non-traditional location, and closed seventeen system restaurants, counting one company restaurant, bringing the total number of restaurants to 1,694. Domestic system-wide same-store sales grew 7.2%, counting a 7.6% enhance at company restaurants and 7.1% enhance at domestic franchised restaurants. Franchise operating margin was $23.2 million, or 67.9% of franchise and license revenue, an enhance of $1.3 million, or 0.7 percentage points. This improvement was primarily due to an enhance in royalties offset by an enhance in direct costs. Company restaurant operating margin of $14.7 million, or 17.1% of company restaurant sales, raised $5.5 million, or 5.6 percentage points. The improvement in company margin was primarily driven by the leveraging effect from the growth in same-store sales and lower product costs.
Denny’s first quarter net income of $8.5 million raised 32.7% contrast to preceding year quarter net income of $6.4 million, with net income per diluted share of $0.10 growing 37.8% contrast to $0.07 per diluted share in the preceding year quarter. Net income was influenced by the refinancing of its credit facility which resulted in a charge to other nonoperating expense of $0.3 million in the first quarter of 2015. Adjusted net income* of $8.7 million grew 36.0% contrast to preceding year quarter adjusted net income* of $6.4 million. Adjusted net income per share* of $0.10 raised 41.2% contrast with the preceding year quarter Adjusted net Income per share* of $0.07.
Denny’s generated $13.2 million of Free Cash Flow* in the first quarter, after investing $3.4 million on capital expenditures. During the quarter, the Company repurchased 450,000 shares for $5.1 million. At the end of the first quarter, the Company had 3.4 million shares authorized to be repurchased in addition to the $100 million multi-year share repurchase program approved by the Company’s Board of Directors on March 30, 2015. Denny’s ended the first quarter with $153.5 million of total debt outstanding, counting $135.5 million of borrowings under its revolving credit facility.
Denny’s Corporation, through its partner, Denny’s, Inc., owns and operates full-service restaurants under the Denny’s brand name. As of December 31, 2014, it operated 1,702 franchised, licensed, and company owned restaurants, counting 1,596 restaurants in the United States; and 106 restaurants in Canada, Costa Rica, Mexico, Honduras, Guam, Curaçao, Puerto Rico, Dominican Republic, El Salvador, Chile, and New Zealand.
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