On Thursday, Shares of First Bancorp (NYSE:FBP), dropped -4.15% to $6.01.
First BanCorp, declared that its wholly-owned banking partner, FirstBank Puerto Rico, received notification from the Federal Deposit Insurance Corporation that, effective April 29, 2015, the Consent Order under which FirstBank has been operating since June 2, 2010 was terminated.
President and Chief Executive Officer Aurelio Aleman stated, “I am very happy to report that after almost five years our Consent Order has been lifted. The termination of the Consent Order marks yet another noteworthy milestone for FirstBank, reflecting our improved performance and our team’s dedication and determination to improving our franchise capital position, asset quality and profitability.”
First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. Its Commercial and Corporate Banking segment offers commercial real estate and construction loans, and floor plan financings; and cash administration and business administration services, in addition to underwrites bonds and financial advisory services offered to government entities.
Shares of Kirby Corporation (NYSE:KEX), declined -4.11% to $78.53, during its last trading session.
Kirby Corporation, declared net earnings attributable to Kirby for the first quarter ended March 31, 2015 of $61.1 million, or $1.09 per share, contrast with $62.2 million, or $1.09 per share, for the 2014 first quarter. Merged revenues for the 2015 first quarter were $587.7 million contrast with $589.2 million stated for the 2014 first quarter.
Segment Results – Marine Transportation
Marine transportation revenues for the 2015 first quarter were $419.9 million contrast with $435.8 million for the 2014 first quarter. Operating income for the 2015 first quarter was $96.3 million contrast with $97.6 million for the 2014 first quarter.
Kirby’s inland marine transportation business maintained tank barge utilization in the 90% to 95% range. Customers did return some barges moving crude oil and condensate during the quarter; however, most of the returned barges were put to work elsewhere in Kirby’s system. The industry did see some reduced utilization and some degree of negative pressure on both spot and contract rates. Inland marine operating conditions presented challenges during the quarter with heavy ice on the Illinois and Upper Ohio Rivers and heavy fog on the Gulf Coast. Also, the first quarter results did reflect the anticipated year over year negative impact of $0.04 per share for raised pension expense, reflecting actuarial changes to mortality tables and a lower discount rate.
The coastal marine transportation market benefitted from healthy demand for the transportation of refined petroleum products, black oil, counting crude oil, and petrochemicals, with utilization remaining in the 90% to 95% range supporting higher contract renewal pricing. Operating conditions in the coastal markets were seasonally normal during the first quarter.
The marine transportation segment’s 2015 first quarter operating margin was 22.9% contrast with 22.4% for the first quarter of 2014.
Kirby Corporation operates domestic tank barges and transports bulk liquid products. The company’s Marine Transportation segment provides marine transportation services and towing vessels transporting bulk liquid products, in addition to operates tank barges throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along three United States coasts, and in Alaska and Hawaii.
At the end of Thursday’s trade, Shares of 8×8 Inc. (NASDAQ:EGHT), dwindled -4.07% to $8.73.
8×8, declared it will report its fiscal 2015 fourth quarter and full year results for the period ended March 31, 2015 after market close on Wednesday, May 20, 2015. Following the declaration, a conference call hosted by 8×8 Chief Executive Officer Vik Verma and Chief Financial Officer Mary Ellen Genovese is planned to start at 4:30 pm ET.
8×8, Inc. provides unified communications and partnership(UCC) services in the cloud for small and medium businesses, and mid-market and distributed enterprises. The company offers a suite of UCC services to in-office and mobile devices spanning cloud telephony, virtual contact center, and virtual meeting through a proprietary unified software-as-a-service platform.
Finally, QEP Resources, Inc. (NYSE:QEP), ended its last trade with -4.05% loss, and closed at $22.50.
QEP Resources, stated first quarter 2015 financial and operating results. The Company stated a net loss from ongoing operations of $55.6 million, or $0.32 per diluted share, for the first quarter 2015 contrast with net income from ongoing operations of $12.7 million, or $0.07 per diluted share, in the first quarter 2014.
Net income or loss comprises non-cash gains and losses associated with the change in the fair value of derivative instruments, gains and losses from asset sales, and impairment charges. Not taking into account these items, the Company’s first quarter 2015 Adjusted Net Loss (a non-GAAP measure) was $8.7 million, or $0.05 per diluted share, contrast with Adjusted Net Income from ongoing operations of $41.1 million, or $0.23 per diluted share, for the comparable 2014 period. The decrease in Adjusted Net Income from ongoing operations was due primarily to significantly lower average field-level prices for crude oil, natural gas and NGLs, partially offset by higher crude oil volumes, lower production taxes and higher proceeds from realized commodity derivatives.
Adjusted EBITDA (a non-GAAP measure) for the first quarter 2015 was $222.8 million, contrast with $333.1 million on a ongoing operations basis in the first quarter 2014, a 33% decrease.
QEP Resources, Inc., through its auxiliaries, operates as an exploration and production company. The company acquires, explores, develops, and produces natural gas, oil, and natural gas liquids (NGLs) primarily in the Pinedale Anticline in western Wyoming.
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