Credit Suisse CS earned CHF 1,026 million (CHF 0.76 per diluted share) in the first quarter compared with CHF 41 million in the year-ago quarter and CHF 221 million in the trailing quarter on better trading results and lower expenses. This quarter’s reported profit, which included CHF 80 million of noncash own-debt losses, amounted to…
Kirby’s KEX first-quarter revenue fell 1% from last year. The decline was driven by anemic demand for United’s pressure pumping units, tempered by solid inland trends and improvement in coastal operations. The marine transportation business (75% of first-quarter sales) saw revenue increase 25%, thanks to persistent petrochemical and crude oil shipment demand, which is supporting…
Stronger-than-expected oil and gas volume highlighted Freeport-McMoRan’s third quarter on the operating front. However, lower copper and gold prices pressured cash flow and net debt rose in the quarter. We expect still-lower prices and continue to doubt Freeport can meaningfully deleverage unless it undertakes significant asset sales and cuts its dividend. Production and cost figures…
Despite relatively steady performance from the energy and pulp segments, UPM’s quarterly EBITDA contracted 20% year over year; EBITDA from the paper business was nearly halved over the same period. As the world’s largest producer of graphic paper, UPM remains highly dependent on its paper business, where volume continues to decline–European magazine papers fell 6%,…
Noble reported solid third-quarter results. Total revenue increased slightly to $1.08 billion from $1.02 billion in the prior quarter, thanks mainly to the commencement of operations for two new ultra-deep-water rigs. The company also benefited from lower operational downtime, which fell to 4.6% from 5.2% in the prior quarter, essentially flat operating costs, and fewer…
BG Group BG. reported largely uneventful first-quarter results with most key metrics in line with previous guidance, which provided a welcome respite from previous quarters’ downward production guidance revisions and budget overruns. Total operating profit fell to $2.1 billion from $2.3 billion the year before as lower production and higher operating costs and depreciation offset…
