Sunday, August 3, 2014

Week in Review 31/14

Welcome and thanks for reading! In this review, I will gather together important and interesting news and events over the last week related to my portfolio holdings. In my week review, I put also together some interesting articles from other websites that caught my attention during the past week.

Dividends from My Portfolio Holdings:

  • On July 30 I received a dividend of € 32.42 from Bank of Nova Scotia.
  • On August 1 I received a dividend of € 63.70 from AT&T Inc. 

Dividend income reported after the deduction of taxes. I have also updated my Monthly Dividend sheet.

News from My Portfolio Holdings:

Orion Corporation: July 29, 2014, Interim Report January-June 2014 (More here)

  • Operating profit was EUR 153 (135) million.
  • Profit before taxes was EUR 151 (134) million
  • Equity ratio was 51% (48%).
  • ROCE before taxes was 42% (41%).
  • ROE after taxes was 49% (43%).
  • Basic earnings per share were EUR 0.86 (0.72).
  • Cash flow per share before financial items was EUR 0.93 (0.27)
  • Orion and Bayer entered into partnership for development and commercialisation of ODM-201. Orion received an upfront payment of MEUR 50, of which MEUR 23 is included in profit for the reviewed period and MEUR 27 is estimated to be used for development costs of ODM-201.
  • The outlook estimate for 2014 was updated during the review period. The current outlook estimate is that in 2014 net sales and operating profit will be at similar level to 2013.Stalevo received marketing authorisation in Japan in the beginning of July after the review period.

Pfizer Inc. July 29, 2014, Interim Report Second Quarter 2014 (More here)

  • Second-Quarter 2014 Reported Revenues of $12.8 Billion
  • Second-Quarter 2014 Adjusted Diluted EPS of $0.58, Reported Diluted EPS of $0.45
  • Repurchased $2.9 Billion of Common Stock to Date in 2014
  • Reaffirmed 2014 Adjusted Diluted EPS Guidance; Updated Certain Other 2014 Financial Guidance Components
  • Expects to Complete U.S. Regulatory Submission for Palbociclib in Advanced Breast Cancer in August 2014

American Realty Capital Properties Inc. July 29, 2014, Second Quarter 2014 Results (More here)

  • Increased revenues to $382.0 million, up 595.2% compared to the same period a year earlier.
  • Increased AFFO to $205.3 million, up 429.0% compared to the same period a year earlier, and increased AFFO per share to $0.24, up 26% compared to the same period a year earlier.
  • Pro forma normalized estimated AFFO run rate as of year-end 2014 of $1.18 - $1.20 per share including 2014 completed and announced transactions. This AFFO estimate does not include any balance sheet acquisitions in excess of our $4.5 billion 2014 guidance, no dispositions, no rent growth or G&A synergies for 2015 and assumes results for Cole Capital consistent with the Company’s 2014 projection.
  • Completed $834.7 million of net lease acquisitions on the balance sheet and an additional $751.1 million of real estate assets on behalf of the Cole Capital managed funds.
  • Sold eight properties for total net proceeds of $40.8 million, for a year-to-date total of 25 properties sold for $96.4 million.
  • Raised $161.0 million of capital on behalf of the managed REITs in the second quarter and $1.1 billion year-to-date as of June 30, 2014.
  • Refinanced $282.2 million in Q2 with an average maturity of 1.9 years and a weighted
    average interest rate of 3.5%; $1.0 billion refinanced year-to-date as of June 30, 2014 with an average maturity of 2.0 years and a weighted average interest rate of 4.7%. Pro forma net debt annualized adjusted EBITDA as of June 30, 2014 is 6.3x.

Digital Realty Trust, Inc. July 29, 2014, Second Quarter 2014 Results (More here)

  • Reported FFO per share of $1.20 in 2Q14, compared to $1.22 in 2Q13
  • Reported core FFO per share of $1.21 in 2Q14, compared to $1.19 in 2Q13
  • Signed leases during 2Q14 expected to generate $35 million in annualized GAAP rental revenue
  • Improved portfolio occupancy 70 basis points to 92.8% in 2Q14, compared to 92.1% in 1Q14
  • Raised 2014 core FFO per share outlook to $4.85-$4.95 from the prior range of $4.80-$4.90.

Pfizer Inc. July 30, 2014, Pfizer Enters Into Agreement To Acquire Baxter’s Portfolio Of Marketed Vaccines (More here)

Kraft Foods Group Inc. July 30, 2014, Interim Report Second Quarter 2014 (More here)

  • Net revenues in the second quarter increased 0.7 percent to $4.7 billion.
  • Operating income in the second quarter decreased 37.5 percent to $0.9 billion.
  • Earnings per share in the second quarter were $0.80.
  • Free Cash Flow through six months was up 13.8 percent to $454 million.

Ensco plc: July 30, 2014, Second Quarter 2014 Results (More here)

  • Excluding a loss on impairment for four floaters in continuing operations totaling $992 million, or $4.27 per share, second quarter earnings from continuing operations were $1.58 per share, compared to $1.48 per share in second quarter 2013.
  • Revenues grew 6% to $1.203 billion in second quarter 2014, up from $1.130 billion a year ago, due to the addition of ENSCO DS-7, ENSCO 120 and ENSCO 121 to the active fleet. The average day rate for the fleet increased 7% to $242,000.
  • Reported utilization, which includes the impact of uncontracted rigs and planned downtime, declined to 85% from 87% in second quarter 2013. The decline was due to year-over-year increases in shipyard upgrade projects and uncontracted rigs. Adjusted for uncontracted rigs and planned downtime such as rig upgrades and surveys, operational utilization increased to 95% in second quarter 2014, up from 94% a year ago.
  • Contract drilling expense increased 9% to $576 million, compared to $527 million a year ago. This increase was due mostly to adding three new rigs to the active fleet, as well as a previously anticipated increase in unit labor costs.
  • Second quarter 2014 results included a loss on impairment of $992 million, or $4.27 per share, related to four floaters remaining in continuing operations: ENSCO DS-1, ENSCO DS-2, ENSCO 5004 and ENSCO 5005.
  • Depreciation expense was $139 million compared to $132 million in second quarter 2013. The $7 million increase was mostly due to adding three rigs to the active fleet, partially offset by a $3 million, or $0.01 per share, reduction in depreciation expense related to lower carrying values for four assets impaired during second quarter 2014.
  • General and administrative expense was $36 million in second quarter 2014, unchanged from a year ago. Interest expense in second quarter 2014 was $36 million, net of $19 million of interest that was capitalized, compared to interest expense of $44 million in second quarter 2013, net of $13 million of interest that was capitalized.

Prosafe SE: July 31, 2014, Contract extension for Safe Hibernia (More here)

Chevron Corporation: August 1, 2014, Interim Report Second Quarter 2014 (More here)

  • Reported earnings of $5.7 billion ($2.98 per share – diluted) for second quarter 2014, compared with $5.4 billion ($2.77 per share – diluted) in the 2013 second quarter.
  • Foreign currency effects decreased earnings in the 2014 quarter by $232 million, compared with an increase of $302 million a year earlier.
  • Sales and other operating revenues in second quarter 2014 were $56 billion, compared to $55 billion in the year-ago period.

Articles that caught my attention:

 I wish all readers comfortable next week.  


  1. DH,

    Looks like some great results from the majority of those companies. DLR has definitely performed well for me.

    Thanks for including my article in your roundup. Much appreciated!

    Hope all is well over there. :)

    Best wishes!

  2. Either I'm illerate or ARCP has done quite well!
    Thanks for the news! I don't like individually seeking out stock reports.

    Wallet Engineer #1

  3. Hi Dividend Hawk, it seems as if your companies are performing nicely. These updates really provide a lot of detailed information. Keep it up, it is a nice weekly read!

    Btw: I would like to nominate you for a Liebster Award. I didn't know what this way until I received a nomination earlier today. Maybe it's a nice small blogpost for you! Check out my blog for more info