On Tuesday, Virgin America Inc (NASDAQ:VA)’s shares inclined 7.73% to $36.23.
Virgin America (VA) reports its financial results for the second quarter of 2015.
Key highlights from the second quarter comprise:
- Second quarter 2015 net income was $64.4 million not taking into account special items1, an enhance of $27.5 million from the second quarter of 2014. Operating income and operating margin not taking into account special items were $67.1 million and 16.7 percent, respectively.
- On a GAAP basis, net income was $65.0 million. Operating income and operating margin on a GAAP basis were $67.7 million and 16.9 percent, respectively.
- Fully diluted earnings per share not taking into account special items was $1.46. On a GAAP basis, fully diluted earnings per share was $1.47.
Second Quarter 2015 Financial Highlights
- Operating Revenue:Total operating revenue was $400.9 million, an enhance of 0.5 percent over second quarter of 2014.
- Revenue per Accessible Seat Mile (RASM):Passenger revenue per accessible seat mile (PRASM) raised 0.5 percent contrast to the second quarter 2014, to 11.24 cents. Year-over-year PRASM growth was driven by a 0.2 point enhance in load factor and a 0.3 percent enhance in yield. Total RASM raised 0.6 percent year-over-year. Virgin America’s PRASM was positively influenced by a $3.2 million adjustment related to Elevate loyalty revenue, which raised PRASM by 0.9 percent.
- Cost per Accessible Seat Mile (CASM):Total CASM not taking into account special items reduced 5.1 percent contrast to the second quarter of 2014, to 10.43 cents. Decreases in fuel costs and reduced heavy maintenance activity contributed to the decline in CASM, partially offset by enhances in salaries, wages and benefits. Salaries, wages and benefits costs comprised of a $6.7 million accrual for teammate profit sharing and related payroll taxes. CASM not taking into account special items, fuel costs and profit sharing for the quarter raised 7.1 percent year-over-year, to 7.27 cents.
Virgin America Inc. provides planned air travel services. As of December 31, 2014, it offered services to 21 airports in the United States and Mexico with a fleet of about 53 Airbus single-aisle aircraft, counting of 10 Airbus A319s and 43 Airbus A320s. The company was formerly known as Best Air Holdings, Inc., and changed its name to Virgin America Inc. in November 2005. Virgin America Inc. was incorporated in 2004 and is headquartered in Burlingame, California.
Warren Resources, Inc. (NASDAQ:WRES)’s shares dropped -1.18% to $0.470.
Warren Resources, Inc. (WRES) stated its second quarter 2015 financial and operating results, counting a net loss of $85.3 million, or ($1.05) per basic and diluted share, which comprises a non-cash ceiling test write-down of its oil and gas properties totaling $83.5 million. This compares to net income of $10.8 million, or $0.15 per basic and diluted share, stated in the second quarter of 2014. Second quarter 2015 adjusted net income* was $2.7 million contrast to adjusted net income of $11 million in the second quarter of 2014.
In addition, Warren’s cash flow from operations in the second quarter of 2015 was $7.0 million, contrast to $23.9 million in the second quarter of 2014. The Company’s discretionary cash flow* was $8.1 million, contrast to $22.1 million in the preceding year period.
Second Quarter Results
Revenue from oil and gas sales reduced $8.5 million in the second quarter of 2015 to $25.1 million, which represents a 25% decrease as compared to the same quarter in 2014.
Net gas production was 7.7 Bcf (85 Mmcf/d) in the second quarter of 2015 contrast with 1.6 Bcf (18 Mmcf/d) in the second quarter of 2014, and 5.9 Bcf (66 Mmcf/d) in the first quarter of 2015. This enhance in gas production from the same quarter of last year reflects an additional 6.3 Bcf of gas produced from the Marcellus Assets that were attained in the third quarter of 2014. The average realized price of natural gas in the second quarter was $1.61 per Mcf, contrast to $3.76 per Mcf in the second quarter of 2014.
Net oil production for the second quarter of 2015 was 250 Mbbls (2,747 Bbls/d), contrast to 281 Mbbls (3,087 Bbls/d) in the second quarter of 2014. The average realized price per barrel of oil for the three months ended June 30, 2015 and 2014 was $50.78 and $97.59, respectively.
Warren Resources, Inc., an independent energy company, engages in the exploration, development, and production of domestic onshore crude oil and gas reserves. The company primarily focuses on the exploration and development of waterflood oil recovery projects in the Wilmington field within the Los Angeles Basin of California; Marcellus Shale project in northeastern Pennsylvania; and coalbed methane natural gas properties located in the Rocky Mountain region.
At the end of Tuesday’s trade, Potash Corp./Saskatchewan (USA) (NYSE:POT)‘s shares dipped -0.18% to $27.28.
PotashCorp Reports Second-Quarter 2015 Earnings of $0.50 per Share
Key Highlights
- Second-quarter earnings of $0.50 per share1
- Record first-half offshore potash shipments of 3.4 million tonnes
- Full-year 2015 earnings guidance adjusted to $1.75 - $1.95
- Third-quarter earnings guidance set at $0.35 - $0.45 per share
- Proposal to acquire K+S Aktiengesellschaft (K+S)
Market Conditions
Global potash shipments remained strong during the second quarter, especially to China and India where higher contract volumes supported robust shipments for most producers. Demand in other offshore markets remained at historically high levels, although the impacts of weaker crop economics, currency volatility and credit availability slowed purchases from 2014’s record pace – most notably in Brazil. In North America, a shortened planting season and greater availability of product from offshore suppliers kept domestic producer sales below 2014’s exceptionally strong comparative period.
In nitrogen, prices for most products declined from those realized in second-quarter 2014 as market fundamentals weakened on raised global supply and record Chinese urea exports over the past 12 months. As the quarter progressed, urea prices found support on stronger demand in key import markets and slowing exports from China, while ammonia markets stabilized due to supply constraints in major exporting regions.
Potash Corporation of Saskatchewan Inc., together with its auxiliaries, produces and sells fertilizers and related industrial and feed products worldwide. The company operates in three segments: Potash, Nitrogen, and Phosphate. It mines and produces potash, which is primarily used as fertilizer.
XL Group plc (NYSE:XL), ended its Tuesday’s trading session with 1.26% gain, and closed at $38.67.
XL Group plc (XL) stated its second quarter results.
- Operating net income of $245.8 million for the quarter reduced contrast to operating net income of $279.6 million in the preceding year quarter. The current quarter comprises about $27.8 million in integration costs in addition to $59.9 million in catastrophe losses contrast to $34.6 million in catastrophe losses in the preceding year quarter. In addition, the preceding year quarter benefited from the recognition of $28.7 million of profit associated with the commutation of a structured product transaction.
- Net income (loss) attributable to ordinary shareholders of $915.0 million for the quarter raised contrast to a loss of $279.3 million in the preceding year quarter. The current year comprises a $340.4 million gain on the sale of our interest in an operating associate in addition to a $239.2 million favorable impact from the life retrocession derivative, which is offset by a decrease in accumulated comprehensive income and therefore does not impact book value. Additionally, the preceding year comprised of a $621.3 million after tax loss on the sale of our life reinsurance partner.
- Net investment income for the quarter was $223.2 million, contrast to $232.8 million in the preceding year quarter and $208.5 million in the first quarter of 2015. The overall year over year decline is primarily due to the Life Funds Withheld Assets, together with the impact of lower reinvestment yields, partially offset by the addition of two months of investment income on the legacy Catlin portfolio.
XL GROUP Public Limited Company, an insurance and reinsurance company, provides property, casualty, and specialty products to industrial, commercial, and professional firms; and insurance companies and other enterprises worldwide. The company operates in two segments: Insurance and Reinsurance. The Insurance segment offers property, primary and excess casualty, environmental liability, excess and surplus lines, construction, and surety insurance products, in addition to property and casualty programs.
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