Sunday, February 15, 2015

Week in Review 7/15




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 February 11 I received a dividend of € 44.49 from Global X SuperDividend ETF.


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

Transactions of My Portfolio:

  • On February 9, 2015 I bought 20 shares of Johnson & Johnson. (More here)
  • On February 9, 2015 I bought 50 shares of TELUS Corporation. (More here)


News from My Portfolio Holdings:

Prosafe SE: February 9, 2015, Fourth Quarter and Full Year 2014 Results (More here)

October−December 2014

  • Operating profit for the fourth quarter amounted to USD 77.4 million (USD 67 million). Utilisation of the fleet was 92 per cent (82 per cent). The rise in operating profit is mainly due to the increased utilisation.
  • Net financial costs amounted to USD 25.3 million (USD 6.8 million). This increase is mainly due to a fair value adjustment of currency forward contracts.
  • Net profit equalled USD 51 million (USD 59.7 million), corresponding to diluted earnings per share of USD 0.22 (USD 0.25).
  • Total assets at 31 December amounted to USD 1 817 million (USD 1 618 million). Net interest-bearing debt equalled USD 707.7 million (USD 666.2 million), while the book equity ratio declined to 41.2 per cent (45.7 per cent).
  • The Board of Directors has resolved to declare an interim dividend equivalent to USD 0.048 per share to shareholders of record as of 19 February 2015. The shares will trade ex dividend on 18 February 2015. The dividend will be paid in the form of NOK 0.36 per share on 3 March 2015. 

January−December 2014 

  • Operating profit for the fourth quarter amounted to USD 77.4 million (USD 67 million). Utilisation of the fleet was 92 per cent (82 per cent). The rise in operating profit is mainly due to the increased utilisation.
  • Net financial costs amounted to USD 25.3 million (USD 6.8 million). This increase is mainly due to a fair value adjustment of currency forward contracts.
  • Net profit equalled USD 51 million (USD 59.7 million), corresponding to diluted earnings per share of USD 0.22 (USD 0.25).
  • Total assets at 31 December amounted to USD 1 817 million (USD 1 618 million). Net interest-bearing debt equalled USD 707.7 million (USD 666.2 million), while the book equity ratio declined to 41.2 per cent (45.7 per cent).


NCC: February 9, 2015

  • NCC has sold the office project Lysaker Polaris in Oslo to Storebrand Eiendom AS. (More here)
  • NCC to build Choice hotels in Stockholm for SEK 600 million. (More here)


Kinder Morgan Inc. February 9, 2015

  • Kinder Morgan to Purchase Three Vopak U.S. Terminals and One Undeveloped Site for $158 Million. (More here)


The Coca-Cola Company: February 10, 2015, Fourth Quarter and Full Year 2014 Results  (More here)

  • Global volume growth of 2% for the full year and 1% in the quarter.
  • Reported net revenues declined 2% in the quarter; excluding the impact of structural items, comparable currency neutral net revenues grew 4%.
  • Fourth quarter reported EPS was $0.17; comparable EPS was $0.44.
  • Gained global value share in nonalcoholic ready-to-drink beverages in both the quarter and full year.
  • Full-year cash from operations increased to $10.6 billion.


PepsiCo, Inc. February 11, 2015, Fourth Quarter and Full Year 2014 Results (More here)

October−December 2014

  • Organic revenue grew 5 percent and reported net revenue declined 1 percent. Foreign exchange translation had a 6-percentage-point unfavorable impact on reported net revenue.
  • Developing and emerging market organic revenue grew 10 percent. On a reported basis, developing and emerging market net revenue declined 4 percent, reflecting unfavorable foreign exchange translation, in particular, significant currency volatility in the Russian ruble and Venezuelan bolivar.
  • During the fourth quarter, we remeasured certain net monetary assets of our Venezuelan entities at the SICAD I auction-based rate of 12 bolivars per U.S. dollar versus the fixed exchange rate of 6.3 bolivars per U.S. dollar resulting in a $0.07 per share after-tax net charge reflected in our reported results1. In addition, this change in exchange rate had an unfavorable impact on our core operating results.
  • Core gross margin and core operating margin expanded 70 basis points and 15 basis points, respectively, reflecting the implementation of effective revenue management strategies and productivity initiatives. Reported gross margin increased 60 basis points while reported operating margin decreased 175 basis points.
  • Core constant currency operating profit increased 7 percent. Results in the current year quarter reflect charges associated with efficiency initiatives, substantially offset by incremental investments in the prior year quarter. Reported operating profit decreased 15 percent and included the impact of restructuring and impairment charges, remeasurement of certain net monetary assets of our Venezuelan entities, a pension lump sum settlement charge and mark-to-market net losses on commodity hedges.
  • The company's core effective tax rate was 25.5 percent, which compares to 28.2 percent in the prior-year quarter. The reported effective tax rate was 25.6 percent, above the prior-year quarter of 19 percent.
  • Core EPS was $1.12 and reported EPS was $0.87. Core EPS excludes a negative net impact of $0.08 per share from restructuring and impairment charges, $0.07 per share related to the remeasurement of certain net monetary assets of our Venezuelan entities, $0.06 per share related to a pension lump sum settlement charge and $0.04 per share related to mark-to-market net losses on commodity hedges. Mark-to-market net gains and losses on commodity hedges are subsequently reflected in core division results when the divisions recognize the cost of the underlying commodity in operating profit.

January−December 2014

  • Organic revenue grew 4 percent and reported net revenue was even. Foreign exchange translation had over a 3-percentage-point unfavorable impact on reported net revenue.
  • Developing and emerging market organic revenue grew 9 percent. On a reported basis, developing and emerging market net revenue declined 1 percent, reflecting unfavorable foreign exchange translation, in particular, significant currency volatility in the Russian ruble and Venezuelan bolivar.
  • Core gross margin increased 55 basis points and core operating margin increased 30 basis points. Reported gross margin increased 75 basis points and reported operating margin decreased 25 basis points.
  • Core constant currency operating profit increased 5 percent. Reported operating profit decreased 1 percent and included the impact of restructuring and impairment charges, remeasurement of certain net monetary assets of our Venezuelan entities, a pension lump sum settlement charge and mark-to-market net losses on commodity hedges.
  • The company's core effective tax rate was 25 percent, which compares to 25.7 percent in the prior year. The reported effective tax rate was 25.1 percent, above the prior year of 23.7 percent.
  • Core EPS was $4.63 and reported EPS was $4.27. Core EPS excludes a negative net impact of $0.21 per share from restructuring and impairment charges, $0.07 per share related to the remeasurement of certain net monetary assets of our Venezuelan entities, $0.06 per share related to a pension lump sum settlement charge and $0.03 per share related to mark-to-market net losses on commodity hedges.
  • Delivered $1 billion of productivity savings in 2014.
  • Cash flow provided by operating activities was $10.5 billion for the year. Free cash flow (excluding certain items) was $8.3 billion for the year.
  • Core net return on invested capital was 17.5 percent for the year, an increase of 110 basis points from the prior year. Reported net return on invested capital was 13.2 percent for the year, a decrease of 80 basis points from the prior year.
  • The company returned a total of $8.7 billion to shareholders in 2014 through $3.7 billion in dividends and $5.0 billion in share repurchases.


TAL International Group, Inc. February 11, 2015, Fourth Quarter and Full Year 2014 Results  (More here)

  • TAL reported adjusted pre-tax income of $5.81 per fully diluted common share for the year ended December 31, 2014, a decrease of 9.4% from 2013. TAL reported leasing revenues of $594.0 million for the year ending December 31, 2014, an increase of 4.2% from 2013.
  • TAL reported adjusted pre-tax income of $1.48 per fully diluted common share for the fourth quarter of 2014, a decrease of 2.6% from the fourth quarter of 2013. TAL reported leasing revenues of $154.0 million for the fourth quarter of 2014, an increase of 4.5% from the fourth quarter of 2013.
  • TAL continued to achieve outstanding operational performance. Utilization averaged 98.1% for the fourth quarter of 2014 and averaged 97.6% for the full year.
  • TAL announced a quarterly dividend of $0.72 per share payable on March 24, 2015 to shareholders of record as of March 3, 2015.
  • TAL completed the stock repurchase plan that it implemented on September 1, 2014 under its stock repurchase program. Since September 1, 2014, TAL repurchased 900,000 shares of its stock at an average price of $41.95. As of February 10, 2015, there were 88,157 shares authorized for purchase under TAL's stock repurchase program.
  • On February 11, 2015, TAL's Board of Directors authorized a new share repurchase program of up to 3 million of its outstanding shares. These shares augment the remaining 88,157 shares authorized for purchase under TAL's existing stock repurchase program. Repurchases will be made from time to time at TAL's discretion, based on ongoing assessments of the capital needs of the business, the market price of TAL's common stock and general market and other conditions. No time limit was set for the completion of the repurchase program.


TELUS Corporation: February 12, 2015, Fourth Quarter and Full Year 2014 Results (More here)

  • Consolidated operating revenues increased year over year by $180 million or 6.1% in the fourth quarter of 2014 and by $598 million or 5.2% in the full year of 2014.
  • During the 12-month period ended December 31, 2014, our subscriber connections, excluding Public Mobile, increased by 382,000. This growth reflects a 3.8% increase in wireless subscribers, a 12% growth in TELUS TV subscribers and a 5.7% increase in high-speed Internet subscribers.
  • Consolidated EBITDA increased year over year by $50 million or 5.3% in the fourth quarter of 2014 and by $198 million or 4.9% in the full year of 2014.
  • Operating income increased year over year by $43 million or 8.8% in the fourth quarter of 2014 and by $167 million or 7.5% in the full year of 2014.
  • Income before income taxes increased year over year by $38 million or 10% in the fourth quarter of 2014 and by $158 million or 8.9% in the full year of 2014.
  • Income taxes increased year over year by $16 million or 17.8% in the fourth quarter of 2014 and by $27 million or 5.7% in the full year of 2014.
  • Net income increased year over year by $22 million or 7.6% in the fourth quarter of 2014 and by $131 million or 10% in the full year of 2014.
  • Basic earnings per share (EPS) increased year over year by $0.04 or 8.5% in the fourth quarter of 2014 and by $0.29 or 14% in the full year of 2014.
  • Dividends declared per equity share were $0.40 in the fourth quarter of 2014, up 11% from the fourth quarter of 2013, and dividends declared per equity share were $1.52 in the full year of 2014, up 12% from the full year of 2013.


Kraft Foods Group, Inc.  February 12, 2015, Fourth Quarter and Full Year 2014 Results (More Here)

October−December 2014

  • Net revenues grew 2.2 percent and Organic Net Revenues were up 3.4 percent. Organic growth was driven by positive net pricing of 1.9 percentage points to offset higher input costs, as well as volume/mix gains of 1.5 percentage points from growth in the Refrigerated Meals, Exports and Canada businesses.
  • An operating loss of $614 million and EPS loss of $0.68 were driven by a non-cash loss of $1,364 million, or $1.43 per diluted share, from market-based impacts to postemployment benefit plans. The loss from market-based impacts to post-employment benefit plans was driven by a combination of lower discount rates and updated published mortality assumptions, partially offset by favorable asset returns.
  • Excluding market-based impacts to post-employment benefit plans in both years, operating income grew at a low single-digit rate and EPS grew at a double-digit rate. Operating income growth was primarily driven by lower advertising and overhead costs, as well as the absence of recall costs versus the prior year quarter. A net benefit was also realized from a combination of lower manufacturing costs, primarily driven by productivity gains, and higher net pricing that more than offset higher commodity costs. EPS growth was further enhanced by a lower tax rate versus the prior year quarter.
  • Fourth quarter 2014 results also included $92 million, or $0.10 per diluted share, of unrealized losses from commodity hedging activities.

January−December 2014

  • Net revenues decreased 0.1 percent and Organic Net Revenues were up 0.9 percent versus the prior year. Net pricing contributed 1.2 percentage points of growth and reflected significant price increases in response to rising commodity costs that were partially offset by higher promotional spending in the Meals & Desserts and Beverages businesses. Volume/mix declined 0.3 percentage points due to volume losses associated with certain pricing actions, primarily in cheese, as well as category weakness in meals and market share losses in desserts.
  • Operating income of $1.9 billion and EPS of $1.74 included a non-cash loss of $1,341million, or $1.41 per diluted share, from market-based impacts to post-employment benefit plans.
  • Excluding market-based impacts to post-employment benefit plans in both 2014 and 2013, operating income grew at a mid-single-digit rate while EPS advanced at a doubledigit rate. Operating income growth was primarily driven by a reduction in spending on cost savings initiatives, reduced marketing expenditures and favorable retirement-related benefit adjustments primarily resulting from lower-than-expected claims experience in 2014. A net benefit was also realized from a combination of manufacturing productivity gains and higher net pricing that more than offset higher commodity costs. EPS growth was further enhanced by a lower tax rate versus the prior year.
  • 2014 results were also tempered by $79 million, or $0.09 per diluted share, of unrealized losses from commodity hedging activities.
  • Free Cash Flow of $1.5 billion was in line with the prior year as the current year reflected the benefit of lower pension plan contributions while the prior year included significant working capital improvements.


Digital Realty Trust, Inc. February 12, 2015, Fourth Quarter and Full Year 2014 Results  (More here)

  • Reported FFO per share of $1.40 in 4Q14, compared to $1.26 in 4Q13.  Reported FFO of $5.04 for the full year of 2014, compared to $4.74 in 2013.
  • Reported core FFO per share of $1.26 in 4Q14, compared to $1.26 in 4Q13.  Reported core FFO of$4.96 for the full year of 2014, compared to $4.78 in 2013.
  • Signed leases during 4Q14 expected to generate $46 million in annualized GAAP rental revenue, bringing the full-year 2014 total to $159 million.
  • Improved portfolio occupancy 20 basis points sequentially to 93.2% in 4Q14, compared to 93.0% in 3Q14.
  • Reiterated 2015 core FFO per share outlook of $5.00 - $5.10.


Kinder Morgan Inc. February 13, 2015 

  • Kinder Morgan Closes $3 Billion Hiland Acquisition. (More here)


Articles that caught my attention:


 

I wish all readers a nice next week.

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1 comment:

  1. Roadmap2RetireFebruary 15, 2015 at 5:04 PM

    Thanks for the mention, DH.

    Hope you are having a great wknd
    R2R

    ReplyDelete

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