On Monday, VAALCO Energy, Inc. (NYSE:EGY)’s shares inclined 7.59% to $1.70.
VAALCO Energy, Inc. (EGY) declared that its Board of Directors has authorized the repurchase of up to 5.8 million shares of the Company’s common stock, which represents about 10% of the Company’s outstanding common stock, in open market transactions from time to time during the forthcoming 18-month period and in accordance with the requirements of the Securities and Exchange Commission.
The share buyback program does not obligate the Company to acquire any specific number of shares in any period, and may be expanded, extended, modified or suspended at any time. Payment for shares repurchased under the program will be funded using the Company’s cash on hand. At the end of the first quarter, the Company had outstanding about 58 million shares of common stock issued and outstanding.
VAALCO Energy, Inc., an independent energy company, acquires, explores for, develops, and produces crude oil and natural gas in the United States. The company owns producing properties and conducts exploration activities as an operator of consortiums internationally in Gabon and Angola, in addition to conducts exploration activities as a non-operator in Equatorial Guinea, West Africa. It also acts as the operator of unconventional resource properties in North Texas and a lease hold in Montana; and owns minor interests in conventional production activities as a non-operator.
Westlake Chemical Corporation (NYSE:WLK)’s shares gained 2.32% to $64.42.
Westlake Chemical Corporation (WLK) stated record net income for the second quarter of 2015 of $205.1 million, or $1.54 per diluted share, on net sales of $1,185.0 million. This represents an enhance in net income attributable to Westlake Chemical Corporation of $35.7 million, or $0.28 per diluted share, contrast to the quarter ended June 30, 2014 net income of $169.4 million, or $1.26 per diluted share, on net sales of $998.6 million. Net income for the second quarter of 2015 comprised of a net pre-tax gain of $15.5 million, or $0.13 per diluted share, related to a gain from the acquisition of a controlling interest in Suzhou Huasu Plastics Co., Ltd. (“Huasu”), a Chinese PVC joint venture, and an impairment loss related to an equity investment. The gain from the acquisition was non-taxable and resulted in the lowering of our effective tax rate for the second quarter of 2015 from about 34.3% to 31.9%. Net sales for the second quarter of 2015 raised by $186.4 million contrast to net sales for the second quarter of 2014, mainly attributable to sales contributed by Vinnolit, our specialty PVC resin business, which we attained in July 2014, and higher sales volumes for most of our major products, partially offset by lower sales prices for all our major products. Income from operations was $295.4 million for the second quarter of 2015 as contrast to $266.8 million for the second quarter of 2014. Income from operations for the second quarter of 2015 benefited from improved vinyls integrated product margins as a result of lower feedstock costs, raised production at our Calvert City, Kentucky facility following the completion of the ethylene expansion project, higher production rates at our Geismar, Louisiana chlor-alkali plant, and the contribution from Vinnolit as contrast to the second quarter of 2014. However, this benefit was partially offset by lower olefins integrated product margins as a result of lower sales prices in the second quarter of 2015 as contrast to the preceding-year period, and costs related to several maintenance turnarounds accomplished during the second quarter of 2015.
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and fabricated building products. It operates through two segments, Olefins and Vinyls. The Olefins segment offers ethylene, polyethylene, styrene monomer, and various ethylene co-products, such as chemical grade propylene, crude butadiene, pyrolysis gasoline, and hydrogen.
At the end of Monday’s trade, Equity Residential (NYSE:EQR)‘s shares surged 0.11% to $75.28.
Equity Residential (EQR) stated results for the quarter and six months ended June 30, 2015. All per share results are stated as accessible to common shares on a diluted basis.
Second Quarter 2015
FFO (Funds from Operations), as defined by the National Association of Real Estate Investment Trusts (NAREIT), for the second quarter of 2015 was $0.90 per share contrast to $0.77 per share in the second quarter of 2014. The difference is due primarily to the various non-comparable items listed on page 24 of this release and the items described below.
For the second quarter of 2015, the company stated Normalized FFO of $0.85 per share contrast to $0.78 per share in the same period of 2014. The following items influenced Normalized FFO per share in the quarter:
- a positive impact of about $0.06 per share from higher same store net operating income (NOI) and about $0.02 per share from NOI from non-same store properties presently in lease-up;
- a positive impact of about $0.01 per share from lower interest expense primarily due to the impact of higher capitalized interest in the second quarter of 2015 and other items; and
- a negative impact of about $0.02 per share from the timing of the company’s 2014 and 2015 transaction activity.
Equity Residential, a real estate investment trust (REIT), engages in the acquisition, development, and administration of multifamily properties in the United States. As of December 31, 2007, it owned and invested in 579 properties in 24 states and the District of Columbia comprising of 152,821 units.
E Commerce China Dangdang Inc (ADR) (NYSE:DANG), ended its Monday’s trading session with 1.01% gain, and closed at $6.99.
E-Commerce China Dangdang Inc. (DANG) a leading business-to-consumer e-commerce company in China, recently declared its unaudited financial results for the first quarter ended March 31, 2015.
First Quarter 2015 Highlights
- Total net revenues for the first quarter of 2015 were RMB2,217.3 million ($357.7 million), a 27.7% enhance from the corresponding period in 2014. Gross Merchandise Value (“GMV”)from the marketplace in the first quarter of 2015 was RMB1,771.5 million ($285.8 million), a 49.4% enhance from the corresponding period in 2014. The combination of product revenue from principal business and GMV from the marketplace reached RMB3,920.2 million ($632.4 million) and grew 37.3% year-over-year.
- Dangdang had about 10.2 million active customers counting about 4.1 million new customers, in the first quarter of 2015, representing enhances of 18% and 46%, respectively, from the corresponding period in 2014. Total orders for the first quarter of 2015 were about 21.3 million, a 29% enhance from the corresponding period in 2014.
- Mobile orders accounted for 41% of total orders for the first quarter of 2015, contrast to 14% for the corresponding period in 2014.
E-Commerce China Dangdang Inc. operates as a business-to-consumer e-commerce company in the People’s Republic of China. It primarily sells books, periodicals, electronic publications, consumer electronics, and audio-visual products through its Website dangdang.com. The company also sells general merchandise products, counting fashion and apparel; beauty and personal care products; home and lifestyle products; baby, children, and maternity products; apparel and accessories; and footwear, handbags, and luggage. In addition, it operates the dangdang.com marketplace program, which enables third-party merchants to sell general merchandise products.
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