On Tuesday, Shares of Macquarie Infrastructure Company LLC (NYSE:MIC), gained 3.96% to $85.39, hitting its highest level.
Macquarie Infrastructure Company, stated an 89.0% enhance in proportionately combined Free Cash Flow to $122.7 million in the first quarter of 2015 from $64.9 million in the first quarter of 2014. The enhance reflects the acquisition of the second half of the Company’s International-Matex Tank Terminals (IMTT) bulk liquid terminals business in July of 2014 and the improved operating performance of MICs businesses.
Proportionately combined Free Cash Flow per share raised 45.6% to $1.68 as compared to $1.15 in the preceding comparable period. The smaller per share enhance contrast with the growth in total Free Cash Flow reflects the impact on a weighted average basis of the issuance of 16.8 million additional shares over the 12 months ended March 31, 2015.
MIC issued additional shares in capital raisings conducted in relation to the acquisitions of IMTT in July of 2014 and the Bayonne Energy Center (BEC) in March of 2015 and to MICs manager in satisfaction of base and performance fees that became payable during the twelve months ended March 31, 2015.
The growth in MICs Free Cash Flow and Free Cash Flow per share in the first quarter of 2015 continues a track record of operating performance improvement across its portfolio of infrastructure businesses counting:
- year-on-year growth in key performance measures at Atlantic Aviation reflective of the ongoing recovery in general aviation in the U.S. and market share gain;
- continued growth in terminal operations at IMTT together with lower than anticipated maintenance capital expenditures (about $0.03 per share as compared to predictable $0.15), partially offset by lower heating and spill response revenue contrast with unusually high levels in 2014; and,
- raised contributions to MICs results from its Hawaii Gas business and Contracted Power and Energy segment (net of dispositions).
Macquarie Infrastructure Company LLC, through its auxiliaries, owns, operates, and invests in infrastructure businesses that provide services to businesses and individuals primarily in the United States. It operates through four segments: International-Matex Tank Terminals (IMTT), Atlantic Aviation, Contracted Power and Energy (CP&E), and Hawaii Gas.
At the end of Tuesday’s trade, Shares of ETSY INC (NASDAQ:ETSY), jumped 3.92% to $24.15.
Etsy, declared that it will release its financial results for the first quarter of 2015 on Tuesday, May 19, 2015 in a press release after the market closes. Etsy will host a conference call to talk about those results at 5:30 p.m. Eastern Time on the same day.
Etsy, Inc. operates online and offline marketplaces to buy and sell handmade items, vintage goods, and craft supplies. Its platform connects sellers and buyers to sell or buy products for art, home and living, mobile accessories, jewelry, wedding, and others.
Pacific Drilling S.A. (NYSE:PACD), ended its last trade with 3.62% gain, and closed at $4.86.
Pacific Drilling, declared net income for first-quarter 2015 of $51.7 million or $0.24 per diluted share, contrast to net income of $68.0 million or $0.32 per diluted share for fourth-quarter 2014. Net income for first-quarter 2014 was $22.2 million or $0.10 per diluted share.
First-Quarter 2015 Operational and Financial Commentary
Contract drilling revenue for first-quarter 2015 was $283.4 million, which comprised of $22.7 million of deferred revenue amortization, contrast to contract drilling revenue of $319.7 million for fourth-quarter 2014, which comprised of $25.9 million of deferred revenue amortization. Contract drilling revenue was influenced by the conclusion on Feb. 5, 2015, of the drilling contract for Pacific Mistral. During the three months ended March 31, 2015, our operating fleet achieved average revenue efficiency of 95.2 percent.
Contract drilling expenses for first-quarter 2015 were $117.7 million, contrast to $123.8 million for fourth-quarter 2014. Contract drilling expenses for first-quarter 2015 comprised of $5.8 million in reimbursable costs, $9.3 million in shore-based and other support costs, and $8.5 million in amortization of deferred costs. Direct rig-related daily operating expenses, not taking into account reimbursable costs, averaged $174,200 in first-quarter 2015, in line with the preceding quarter.
General and administrative expenses for first-quarter 2015 were $16.4 million, contrast to $14.9 million for fourth-quarter 2014. The enhance was primarily the result of non-recurring personnel expenses.
Pacific Drilling S.A., together with its auxiliaries, operates as an offshore drilling contractor. It provides offshore drilling services to the oil and natural gas industry. The company contracts drilling rigs, related equipment, and work crews primarily on a dayrate basis to drill wells for its customers.
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