National Australia Bank delivered another solid performance for first-quarter fiscal 2014 with a 7% increase in unaudited cash profit to AUD 1.55 billion, modestly below consensus of AUD 1.58 billion. Earnings for the major bank again benefited from a sharp fall in bad debts, down 23% to AUD 324 million for the quarter. Moderate loan growth and lower net interest margins restricted income growth to … Continue reading NAB Posts Another Strong Quarter
Energy Transfer Equity posted fourth-quarter and full-year results that were largely in line with expectations, although the fourth quarter was down modestly from last year. Distributions from Energy Transfer Partners and Regency totaled $237 million for the quarter versus $182 million a year ago. However, in 2012 ETE had also received $75 million from its ownership in Holdco. After netting corporate expenses, ETE earned $185 … Continue reading Energy Transfer Equity Posts In-line Results
CoreLogic (NYSE: CLGX) announced that intends to divest its Asset Management and Processing Solutions segment, the area of its business that offers services to banks that allow them to handle their portfolio of foreclosed properties. The segment will now be classified as held for sale, and the company will take a noncash impairment charge of $52 million. The announcement is not a major surprise. Management … Continue reading Corelogic to Divest Asset Management and Processing Solutions Segment
Pinnacle West Capital reported 2013 ongoing earnings of $3.66 per share versus $3.50 per share in 2012. The results were $0.03 better than the consensus estimate. Pinnacle West reiterated its 2014 ongoing earnings guidance of $3.60-$3.75 per share. Pinnacle West pushed its three-year financial outlook forward one year to 2014-16. One notable difference is that annual retail customer growth is expected to average 2.5% versus … Continue reading Pinnacle West Posts Strong Quarterly Results
Equinix (NASDAQ:EQIX) reported solid Q4 results, modestly ahead of the Street and management’s guidance. Based on recurring FCF estimates, the market is already pricing in a favorable REIT conversion ruling, with shares trading at a modest premium to other REITs. Moreover, if the company does not receive a positive ruling, analysts see significant downside in the shares, as the stock would likely trade in line … Continue reading Equinix Posts In-Line Results
Cumulus Media (NASDAQ:CMLS) reported net revenues of $328M for the fourth quarter. 4Q revenue was positively impacted by healthy advertising trends across auto, healthcare and financial services, slightly offset by weakness across retail, tracking weaker holiday sales. EBITDA was $96M (+6% yoy), mostly driven by investments that took place earlier in the year, improving margins by lowering content costs. Management expects Q1 revenues and EBITDA … Continue reading Cumulus Media Posts Solid Quarterly Results
