WR Announces Cost Cutting Initiative

Westar management announced a cost-cutting initiative via employee reductions to save $16 million annually (roughly 3% of total operating and maintenance and selling, general, and administrative expenses) beginning in the fourth quarter of 2012 and extending through the third quarter of 2013, given continued economic weakness and soft customer growth. Westar filed an abbreviated rate case in April 2013 to recover $335 million of its … Continue reading WR Announces Cost Cutting Initiative

AutoNation Matches Consensus

AutoNation reported second-quarter results that matched consensus EPS expectations of $0.73 while revenue of $4.4 billion exceeded consensus expectation of $4.3 billion. Analysts  intend to raise the  fair value estimate to account for higher revenue growth and AutoNation capturing slightly more market share than we currently model in our five-year forecast period.  The results show that the U.S. auto recovery continues at a strong pace … Continue reading AutoNation Matches Consensus

Parker Hannifin Falls Short of Expectations in Fourth Quarter

Parker Hannifin delivered fourth-quarter earnings of $1.78 per diluted share, resulting in full-year earnings of $6.26 per share. Both metrics were below our expectations as sluggish global demand in Parker’s end markets continues to stunt revenue growth. Additionally, the company has struggled to keep margins flat, which amplifies the impact on earnings. For 2014, the firm will spend roughly $100 million on restructuring, which should … Continue reading Parker Hannifin Falls Short of Expectations in Fourth Quarter

Second Quarter Profits Rise for STI

Second-quarter profits to common investors at SunTrust Banks rose 35% to $365 million, or $0.68 a diluted share, from $270 million, or $0.50 a diluted share, a year earlier. Net interest income fell 5% to about $1.2 billion, as reported net interest margin fell to 3.25% from 3.39% in 2012’s second quarter. However, SunTrust’s earnings were helped by reduced loan-loss provisioning, which dropped to $146 … Continue reading Second Quarter Profits Rise for STI

FB Nasdaq FB Facebook

BAER Finishes Off Strong 2Q

Baer’s reported net income for the first half of CHF 114 million includes a significant amount of acquisition, integration, and one-off items. On an underlying basis, the bank’s net profit was CHF 261 million for the first half, up 26% from the year-ago half, as the bank benefited from higher assets under management and increased client activity. The bank’s underlying return on equity was about … Continue reading BAER Finishes Off Strong 2Q

PBOC Announces Elimination of the Original Lending Rate Floor

The People’s Bank of China (PBOC) announced the elimination of the original lending rate floor of 30% discount to benchmark, allowing banks to lend at any discount to benchmark lending rates as they see fit. The PBOC scrapped the cap on lending rates in 2004, and this move will fully liberalize lending rates for banks. Greater pricing flexibility will enable the banks to retain their … Continue reading PBOC Announces Elimination of the Original Lending Rate Floor