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%,…
Idexx Laboratories posted solid third-quarter results that fell squarely within expectations. The firm has made progress in its remodeling of its salesforce structure to a new configuration that makes it easier for customers to interact with a single point of access at Idexx, and we expect this reorganization should manifest itself in further growth over…
Banco Bilbao Vizcaya Argentaria announced that it is reducing its 15% stake in China CITIC Bank to 9.9% in order to increase its Basel III capital ratio. Because it will be below 10%, the CITIC stake will no longer be considered a “significant” investment, which alters the accounting methodology. The accounting will change from the equity…
Zions Bancorporation’s earnings more than tripled in the third quarter, rising to $210 million, or $1.12 per diluted share, from $62 million, or $0.34 per share, a year earlier. A preferred stock redemption lifted the latest profit tally by $126 million, or $0.68 per share. We are not changing our fair value estimate or our…
Diageo issued a brief interim management statement for the three months ended Sept. 30. Overall, the company’s organic net sales climbed 3.1% in the period, led by North America (up 5.1%) and Latin America and Caribbean (up 10.9%). Analysts continue to believe that over the next decade Diageo will grow revenue by almost 6% per…
In the third quarter of 2013, Steel Dynamics delivered improved sequential operating results. Companywide operating income increased 64% to $113 million in the third quarter from a base of $69 million in the second quarter. While shipment volume increased across nearly every product line, steel operating income per ton increased to $94, which amounts to…
