On Thursday, H&E Equipment Services, Inc. (NASDAQ:HEES)’s shares inclined 23.57% to $17.56.
H&E Equipment Services, Inc. (HEES) declared results for the second quarter ended June 30, 2015 and that its Board of Directors declared a regular quarterly cash dividend of 27.5 cents per share of common stock, an enhance of 10 percent from the first quarter.
SECOND QUARTER 2015 HIGHLIGHTS:
- Revenues were $262.4 million as compared to $280.4 million a year ago.
- Net income was $11.5 million in the second quarter contrast to net income of $15.7 million a year ago. The effective income tax rate was 40.9% contrast to 38.0% in the second quarter last year.
- EBITDA raised 1.0% to $79.4 million from $78.7 million, yielding a margin of 30.3% of revenues contrast to 28.1% of revenues a year ago. The net growth in EBITDA was driven by the rental segment while offset by year-over-year declines in the distribution business.
- Rental revenues raised 9.9%, or $9.8 million, to $108.6 million due to fleet expansion. Average rental rates raised 0.9% contrast to a year ago.
- Gross margins were 32.9% as compared to 31.8% a year ago.
Raised Dividend
In addition, the Board of Directors declared a regular quarterly cash dividend to be paid to its stockholders of 27.5 cents per share of common stock, an enhance of 10% from the first quarter, to be paid on September 9, 2015 to stockholders of record as of the close of business on August 24, 2015.
H&E Equipment Services, Inc. operates as an integrated equipment services company. The company rents, sells, and provides parts and service support for hi-lift or aerial work platform equipment, crane, earthmoving equipment, and industrial lift truck categories. It offers heavy construction and industrial equipment for rent on a daily, weekly, and monthly basis. As of December 31, 2014, the company’s rental fleet comprised of 26,056 pieces of equipment.
Cobalt International Energy, Inc. (NYSE:CIE)’s shares dropped -3.73% to $8.00.
Cobalt International Energy, Inc. (CIE) an indirect, wholly-owned partner of Cobalt International Energy, Inc. (the “Company”), reached a Borrowing Base Facility Agreement (the “Facility Agreement”) with Socit Gnrale, as administrative agent, and certain other lenders. GOM#1 is the direct owner of the oil and gas leases, wells, production facilities and other assets and agreements associated with the Company’s Heidelberg development. GOM#1 does not own any of the Company’s other oil and gas assets. The Facility Agreement provides for a limited recourse $150 million senior secured reserve-based term loan facility. The proceeds of the loans under the Facility Agreement will be accessible to fund the majority of GOM#1’s share of the remaining Heidelberg field development costs, subject to the maintenance of a debt to equity ratio of the total investment in the Heidelberg development of no more than 70:30. GOM#1 may request that the commitments under the Facility Agreement be raised by up to an additional $100 million upon the satisfaction of certain conditions set forth in the Facility Agreement, and such enhance is subject to lender participation. In addition, GOM#1 may request a further commitment enhance by up to $400 million if GOM#1’s interest in the Heidelberg field is raised, with such enhance subject to lender participation.
The Company is a party to the Facility Agreement and has limited funding obligations thereunder. Until completion of the Heidelberg development in accordance with the current field development plan and certain other requirements set forth in the Facility Agreement (“Completion”), the Company has guaranteed to fund cost overruns that may be incurred up to an aggregate of $38.7 million. The Company agreed to cash collateralize 50% of its funding obligation in respect of cost overruns by depositing $19.4 million in a collateral account established following the terms of the Facility Agreement.
Cobalt International Energy, Inc., through its auxiliaries, engages in the exploration and production of oil-focused, below-salt exploration prospects. Its project portfolio comprises North Platte, Heidelberg, Shenandoah, and Anchor discovery in the U.S. Gulf of Mexico; Cameia, Lontra, Mavinga, Bicuar, and Orca in the offshore Angola; and Diaman in the offshore Gabon.
At the end of Thursday’s trade, AstraZeneca plc (ADR) (NYSE:AZN)‘s shares surged 2.21% to $33.74.
AstraZeneca plc (ADR) (AZN) declared that the U.S. Food and Drug Administration (FDA) has approved IRESSA® (gefitinib) as a first-line treatment in patients with metastatic non-small cell lung cancer (NSCLC) whose tumors have epidermal growth factor receptor (EGFR) exon 19 deletions or exon 21 (L858R) substitution mutations as detected by an FDA-approved test.
IRESSA is a once daily oral EGFR-tyrosine kinase inhibitor (TKI), which inhibits the activity that contributes to intracellular signaling pathways implicated in the growth and survival of cancer cells. IRESSA was granted Orphan Drug Designation by the FDA in August 2014 for the treatment of EGFR mutation-positive advanced NSCLC.
AstraZeneca PLC engages in the discovery, development, and commercialization of prescription medicines for the treatment of cardiovascular, metabolic, respiratory, inflammation, autoimmune, oncology, infection, and neuroscience diseases worldwide. Its principal products comprise Crestor for the treatment of dyslipidaemia and hypercholesterolemia; Seloken/Toprol-XL to control hypertension, and heart failure and angina; Onglyza for diabetes mellitus; Iressa for non-small cell lung cancer; Faslodex for breast cancer in post-menopausal women; and Zoladex for prostate cancer, breast cancer, and certain benign gynaecological disorders.
Cameron International Corporation (NYSE:CAM), ended its Thursday’s trading session with -0.63% loss, and closed at $50.67.
Woodside Energy Ltd. and OneSubsea®, a Cameron (CAM) and Schlumberger (SLB) company, jointly declare that OneSubsea has been awarded a front-end engineering and design (FEED) contract for the projected Woodside-operated Browse FLNG Development offshore northwest Australia.
A dedicated team of OneSubsea experts, operating out of OneSubsea’s Perth city office, will now work collaboratively with Woodside to fully define and determine the optimal subsea production system design and equipment requirements for the Browse FLNG Development.
The contract will involve up to 20 locally employed people working on the subsea scope over the next 12 to 18 months as Woodside prepares for a final investment decision (FID).
Cameron International Corporation provides flow equipment products, systems, and services worldwide. The company’s Subsea segment offers integrated solutions, products, systems, and services to the subsea oil and gas market, counting integrated subsea production systems involving wellheads, subsea trees, manifolds and flowline connectors, and subsea processing systems. Its Surface segment provides onshore and offshore platform wellhead systems and processing solutions, counting valves, chokes, actuators, Christmas trees, and aftermarket services to oil and gas operators. This segment also offers rental equipment and artificial lift technologies; and products and services involving shale gas production. The company’s Drilling segment provides drilling equipment and aftermarket services.
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