PNC Financial Services Group reported net income of $1.1 billion, or $1.99 per diluted share, for second quarter 2013 compared with $1.0 billion or $1.76 per diluted share for first quarter 2013. There were some one-time items, including securities gains ($61 million), gains on sale of Visa V stock ($83 million), and lower loss provision due to the better than expected improvement in commercial credit … Continue reading PNC Poised For Strong Third Quarter
Boart Longyear announced a disappointing first-half 2013 result, incurring an operating net loss after tax, or NPAT of USD 60 million, after reporting a profit of USD 98 million in first-half 2012. In addition, Boart incurred USD 269 million of post tax, mainly non-cash restructuring charges and asset impairments. The result reflected a weak operating environment with significantly reduced demand for drill rigs and related … Continue reading Boart Longyear Struggles Evident in Half Year Report
On Wednesday, America Movil announced that while it has received the necessary approval from the Netherlands Authority of Financial Markets to make a public cash offer for KPN, it will not proceed with the deal given KPN’s Independent Foundation is blocking the deal. Back in late August, the foundation chose to exercise its options to acquire 50% of KPN’s voting stock in order to impede … Continue reading America Movil Announces Plans to Move on From KPN Deal
A benign quarter of weather-related catastrophe events as well as strong favorable reserve development provided a surge in first-quarter earnings at Arch Capital Group. Both primary and reinsurance lines reported favorable reserve development, but the reinsurance segment provided the bulk of it, reducing the combined ratio by 16 points to 79%. Favorable reserve development also helped the primary insurance combined ratio dip below 100%, resulting … Continue reading First-Quarter Earning Surge at Arch Capital
Spark Infrastructure reported a solid first-half 2013, with earnings before interest, tax, depreciation and amortisation, or EBITDA, increasing 11% to AUD 340 million on a proportional basis. Growth was driven by substantial tariff increases to recover increased investment, partly offset by lower volumes. Regulated asset base (RAB) grew 9% in the past year and will continue growing robustly in coming years as investment continues. Spark … Continue reading Spark Infrastructure Reports Impressive First Half Results
Interpublic reported organic revenue growth of 2.2% in the second quarter, on par with the first quarter as the company rebounds from client losses in 2012. With expected clients wins starting to flow through in the third quarter, the firm is on track to meet its 2%-3% organic revenue growth forecast for 2013. Interpublic is battling a tough macroeconomic environment, especially in Europe, where it … Continue reading IPG Reports Organic Revenue Growth of 2.2% in the Second Quarter
