On Friday, Equity Commonwealth (NYSE:EQC)’s shares declined -0.35% to $25.75.
Equity Commonwealth (EQC) stated financial results for the quarter ended March 31, 2015. All per share results are stated on a fully diluted basis.
Results for the quarter ended March 31, 2015
Funds from Operations (FFO), as defined by the National Association of Real Estate Investment Trusts, for the quarter ended March 31, 2015 were $65.4 million, or $0.50 per share. This compares to FFO for the quarter ended March 31, 2014 of $60.5 million, or $0.51 per share.
Normalized FFO was $72.0 million, or $0.55 per share. This compares to Normalized FFO for the quarter ended March 31, 2014 of $61.0 million, or $0.51 per share. The following items influenced Normalized FFO per share for the quarter ended March 31, 2015 contrast to the corresponding 2014 period:
- about ($0.10) per share due to the company’s sale of its entire interest in Select Income REIT (SIR) in 2014;
- about ($0.02) per share from properties sold;
- a net impact of about ($0.01) per share due to dilution from the conversion of series D preferred shares to common shares;
- about $0.08 per share from lower general & administrative (G&A) expense, not taking into account shareholder litigation and transition expenses;
- about $0.06 per share from lower interest expense; and
- about $0.02 per share from higher same property cash net operating income (NOI), which was largely due to lower operating expenses.
CommonWealth REIT is a real estate investment trust launched and managed by Reit Administration & Research LLC. The fund invests in the real estate markets of the United States. It seeks to invest in office buildings, industrial buildings, and leased industrial land. CommonWealth REIT was founded in 1986 and is domiciled in United States.
Principal Financial Group Inc (NYSE:PFG)’s shares dropped -1.22% to $51.69.
Principal Financial Group Inc (PFG) declared that it has issued notices to redeem on June 30, 2015 all 3,000,000 outstanding shares of its 5.563% Series A Non-Cumulative Perpetual Preferred Stock (OTC: PFGZP, CUSIP No. 74251V201) (the “Series A Preferred Stock”) and all 10,000,000 outstanding shares of its 6.518% Series B Non-Cumulative Perpetual Preferred Stock (NYSE: PFG-B, CUSIP No. 74251V300) (the “Series B Preferred Stock”). The Series A Preferred Stock will be redeemed at a redemption price of $100 per share and the Series B Preferred Stock will be redeemed at a redemption price of $25 per share, representing $550 million in aggregate.
As formerly declared, a cash dividend of $1.39075 per share of Series A Preferred Stock and a cash dividend of $0.407375 per share of Series B Preferred Stock will be paid on June 30, 2015 to holders of record as of June 11, 2015. On the redemption date, dividends on the Series A Preferred Stock and Series B Preferred Stock will cease to accrue. The notices of redemption were mailed to the respective holders of record of the Series A Preferred Stock and Series B Preferred Stock on May 13, 2015. All of the shares of Series A Preferred Stock and Series B Preferred Stock being called for redemption are held by Cede & Co., as nominee of The Depositary Trust Company (“DTC”), and are held in book-entry form through DTC. Accordingly, all of the shares of Series A Preferred Stock and Series B Preferred Stock will be redeemed according to DTC’s procedures, counting payment of the redemption price. The notices to holders of the Series A Preferred Stock and the Series B Preferred Stock specifying the terms, conditions and procedures for the redemption are accessible through DTC and the Transfer Agent, Computershare Trust Company, N.A. Questions regarding the redemption of the Series A Preferred Stock and Series B Preferred Stock, or the procedures therefore, may be directed to Computershare Trust Company, N.A. at 1-855-396-2084.
Principal Financial Group, Inc. provides retirement, asset administration, and insurance products and services. It operates through Retirement and Investor Services, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments.
At the end of Friday’s trade, Albemarle Corporation (NYSE:ALB)‘s shares dipped -0.73% to $60.15.
Albemarle Corporation (ALB) declared that Scott Tozier, senior vice president and chief financial officer, and Matt Juneau, senior vice president, Corporate Strategy & Investor Relations, will present at the Credit Suisse Basic Materials Conference on June 25, 2015 in Boston, Mass. The format will comprise entirely of one-on-one meetings.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. The company’s Performance Chemicals segment offers brominated flame retardants under the Saytex brand; mineral-based flame retardants under the Martinal and Magnifin brands; and elemental bromine, alkyl bromides, inorganic bromides, brominated powdered activated carbon, and bromine fine chemicals that are used in chemical synthesis, oil and gas well drilling and completion fluids, mercury control, paper manufacturing, water purification, beef and poultry processing, and various other industrial applications.
Pall Corporation (NYSE:PLL), ended its Friday’s trading session with -0.16% loss, and closed at $124.44.
Pall Corporation (PLL) stated financial results for the third quarter of fiscal year 2015 which ended April 30, 2015.
- Sales in the quarter were flat; up 11% in local currency
- Diluted EPS in the quarter of $0.89 up 11%; pro forma diluted EPS of $0.92, up 14%
- Free cash flow in the nine months of $321 million, up 10%
Third Quarter and Nine Months Sales and Earnings Overview
Third quarter sales were $681.1 million contrast to $682.4 million last year. Sales in local currency (“LC”) were up 11%, and about 9% not taking into account acquisitions. Diluted EPS were $0.89 in the quarter, contrast to $0.80 last year. Pro forma diluted EPS(1) were $0.92, a 14% enhance contrast to $0.81 a year earlier, counting a headwind of about $0.15 from foreign currency translation. Not taking into account the impact of foreign currency translation, pro forma diluted EPS raised by 32%.
Sales in the nine months were $2.1 billion, an enhance of 3% year over year. Sales in LC were up 10%, and about 7% not taking into account acquisitions. Diluted EPS were $2.47 in the nine months, contrast to $2.17 last year. Pro forma diluted EPS(1) were $2.69, a 15% enhance contrast to $2.33 a year earlier, counting a headwind of about $0.30 from foreign currency translation.
Pall Corporation manufactures and markets filtration, separation, and purification products; and integrated systems solutions worldwide. Its Life Sciences segment provides technologies that facilitate the process of drug discovery, development, regulatory validation, and production, which are used in the research laboratories, pharmaceutical, biotechnology, and food and beverage industries, in addition to in hospitals. It offers medical products to control the spread of infections in hospitals; cell therapy products; and filtration and purification technologies, associated hardware, and engineered systems for the development and commercialization of drugs, plasma, and vaccines.
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