On Monday, Shares of Popular, Inc. (NASDAQ:BPOP), dropped -2.39% to $33.43.
Popular, stated net income of $74.8 million and adjusted net income of $90.3 million for the quarter ended March 31, 2015, contrast to net income of $48.9 million and an adjusted net income of $76.8 million for the quarter ended December 31, 2014.
Net interest income
For the quarter ended March 31, 2015, the Corporation had a net interest income of $343.2 million, contrast to an adjusted net interest income of $345.5 million for the fourth quarter of 2014, which excludes the impact of the $18.6 million expense related to the refinancing of structured repos at PCB. The net interest margin was 4.57%, a decrease of 13 basis points from the adjusted previous quarter’s net interest margin. The impact of having two less days in the quarter ended March 31, 2015 resulted in a reduction of about $4.9 million in net interest income when contrast to the previous quarter.
The decrease of $2.3 million in the adjusted net interest income is mainly related to:
- A decrease in income from commercial loans of $1.0 million, or 4 basis points, due to the impact of fewer days in the quarter and lower interest collected on resolution of non-performing loans at BPNA, partially offset by higher volume and yields from Doral Bank.
- A decrease of $3.9 million, or 17 basis points, on income from covered loans due to a lower volume of loans as part of the normal portfolio run-off and lower yields, reflecting the impact of the quarterly recast process.
These negative variances in net interest income were offset in part by:
- Higher interest income from construction loans by $2.3 million due to higher volume related to loans attained from Doral Bank in the US.
- An enhance in income from mortgage loans of $1.8 million mostly due to higher volumes in Puerto Rico related to the Doral Acquisition
- The Doral Acquisition on February 27, 2015 added about $9.8 million in net interest income for the first quarter of 2015. This was comprised mainly of interest income of $11.0 million from loans and investments with an average yield of 6.50% and interest expense of $1.3 million from deposits with an average yield of 0.91%.
Popular, Inc., through its auxiliaries, provides various retail and commercial banking products and services primarily to institutional and retail customers. The company accepts various deposit products.
Shares of Restaurant Brands International Inc. (NYSE:QSR), declined -2.36% to $40.59, during its last trading session.
Restaurant Brands International, stated financial results for the first quarter ended March 31, 2015.
First Quarter 2015 Highlights:
- Tim Hortons (TH) comparable sales raised 5.3% and Burger King (BK) comparable sales raised 4.6%
- TH delivered 53 net restaurant growth (“NRG”) and BK delivered NRG of 15
- System-wide sales grew 8.1% at TH and 9.6% at BK in constant currency
- RBI Adjusted EBITDA was up 18.1% on an organic basis to $354.6 million as compared to the preceding year pro forma amount
- RBI Adjusted Diluted EPS of $0.18 per share
- RBI declared a dividend of $0.10 per common share and partnership exchangeable unit of RBI LP for the second quarter of 2015.
RBI Adjusted EBITDA was up 6.7% as compared to pro forma first quarter 2014 results, driven by growth at both brands. System-wide sales at TH and BK grew 8.1% and 9.6%, respectively, for the first quarter. We stated comparable sales growth of 5.3% and 4.6% for TH and BK, respectively. Strength at TH in the first quarter was primarily a result of our continued daypart expansion, combo penetration, and recent product launches such as Dark Roast coffee and the Crispy Chicken Club Sandwich. Momentum at BK was mainly driven by successful new products and promotions counting the ‘2 for $5′ platform and the Spicy BLT WHOPPER® sandwich.
Restaurant Brands International Inc. owns and operates quick service restaurants under the Burger King and Tim Hortons brand names. As of February 17, 2015, it franchised or owned 19,043 restaurants in about 100 countries and U.S. territories worldwide. The company was founded in 1954 and is headquartered in Oakville, Canada.
At the end of Monday’s trade, Shares of Amkor Technology, Inc. (NASDAQ:AMKR), dwindled -2.34% to $7.94.
Amkor Technology, declared financial results for the first quarter ended March 31, 2015.
Business Outlook
“We anticipate that second quarter 2015 revenues will be flat sequentially, primarily due to inventory adjustments and other issues at a major customer,” said Kelley. “We expect demand will strengthen in the second half of 2015 driven by the launch of flagship mobile devices with high Amkor content. Our full year 2015 capital expenditure estimate of around $600 million, counting around $150 million of spending for our new K5 facility, remains unchanged.”
Based upon presently accessible information, we have the following expectations for the second quarter 2015:
- Net sales of $725 million to $775 million, down 2% to up 4% from the preceding quarter
- Gross margin of 16% to 19%
- Net income of $12 million to $35 million, or $0.05 to $0.15 per diluted share.
Amkor Technology, Inc. provides outsourced semiconductor packaging and test services in the United States, China, Ireland, Japan, Singapore, Taiwan, Thailand, and internationally.
Finally, zulily, Inc. (NASDAQ:ZU), ended its last trade with -2.28% loss, and closed at $13.28.
zulily, declared that it will release financial results for its first quarter ended March 29, 2015 on Tuesday, May 5, 2015. zulily will hold a conference call to review the results that day at 2:00 p.m. PT/5:00 p.m. ET.
zulily, inc. operates as an online retailer in the United States, Canada, Australia, the United Kingdom, and internationally. The company provides merchandise to moms purchasing for their children, themselves, and their homes.
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