Business Wire News

Proceeds to Be Used to Improve Debt Metrics and Self-funding of Capital Program

SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) announced today that it has entered into an agreement to sell its terminals in Texas City, Texas, to BWC Terminals for $106 million. The acquisition is expected to close in the fourth quarter of 2020, subject to the satisfaction of customary closing conditions.


“While the Texas City terminals are great assets with outstanding operations and employees, the location and unique configuration of these terminals are no longer synergistic with NuStar’s strategies for our other Gulf Coast assets,” said Brad Barron, president and CEO of NuStar. “For this reason, we determined that the best path forward for the continued success of these facilities and NuStar is to allow them to be acquired by an entity that can take advantage of the terminals’ niche petrochemical and petroleum capabilities. We are pleased that BWC Terminals has just such a business model.

“And while it was a difficult decision, this divestiture will allow us to deploy the proceeds to further improve our debt metrics and self-fund a larger proportion of our capital program,” Barron said.

“We are pleased that our Texas City employees will now have the opportunity to be a part of a strong and growing company with a business model that is more operationally synergistic with the strengths of these terminals,” Barron added. “This should create more growth opportunities for the operations and provide employees with more resources to ensure their continued growth and success as well.”

BWC Terminals CEO Mike Suder commented, “I’m confident that Texas City is a natural fit for the BWC organization. Like NuStar Texas City, we store a diverse array of liquids—including hydrocarbons, chemicals, and agricultural products—and we believe the strength of our combined business will help further develop Texas City’s operational capabilities.”

Barclays served as exclusive financial adviser to NuStar on the transaction.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes forward-looking statements regarding future events and expectations, including the timing of, the expected use of proceeds from and the other anticipated benefits from the sale of NuStar’s Texas City business. All forward-looking statements are based on NuStar’s beliefs as well as assumptions made by and information currently available to NuStar. These statements reflect NuStar’s current views with respect to future events and expectations and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy L.P.’s 2019 annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Actual results may differ materially from those described in the forward-looking statements. Except as required by law, NuStar does not intend, or undertake any obligation, to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

About NuStar Energy L.P.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 75 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids. The partnership’s combined system has approximately 75 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.'s website at www.nustarenergy.com.

About BWC Terminals

Headquartered in Houston, Texas, BWC Terminals is a premier provider of bulk liquid storage and logistics services to refiners, manufacturers and distributors of bulk liquids in North America. The Company consists of 17 sites with over ten million barrels of storage capacity. The BWC Terminals facilities are equipped to store a wide range of petroleum, chemical and agricultural products. Additional information about BWC Terminals is available at www.bwcterminals.com.


Contacts

NuStar Energy, L.P., San Antonio
Investors, Tim Delagarza, Manager, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314
website: http://www.nustarenergy.com

DUBLIN--(BUSINESS WIRE)--The "Wind Turbine Maintenance Market - By Application (Onshore, Offshore)- Global Industry Perspective Comprehensive Analysis and Forecast 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.


According to this report, global demand for Wind Turbine Maintenance market was valued at approximately USD 12.9 billion in 2019, and is expected to generate revenue of around USD 28.8 billion by end of 2026, growing at a CAGR of around 12.2% between 2020 and 2026.

Wind turbine is the device which converts kinetic energy of wind to electrical energy. It is majorly used for power generation. Small turbines are used for battery charging, traffic signals, auxiliary power for boats. Larger turbines are generally used to a domestic power supply. Wind is a renewable, clean and free source of energy. Wind turbine can be used as one of the alternatives for power generation.

Increasing demand for power around the world is expected to drive the wind turbine maintenance market across the globe. Stringent governmental regulations and growing awareness regarding environment is expected to drive the market within the forecast period. Increasing operational and maintenance cost of the wind turbines is expected to be a restraining factor for the market growth. Nonetheless, huge investments in wind onshore and offshore projects is expected to raise the demand for wind turbine maintenance market over the years..

The global wind turbine maintenance market can be categorized on the basis of applications and geography. The application market segment has been categorized into onshore and offshore. Onshore wind turbine is the inexpensive renewable energy source. Offshore wind turbines are stronger and steadier electricity generator. These are generally used to convert wind energy into power.

Geographically, the global wind turbine maintenance market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia Pacific accounted for the largest market for wind turbine maintenance in 2015 it is expected to boost the market across the globe. Europe is emerging as good market place due to ample opportunities in wind power generation.

Key Topics Covered:

1. Preface

2. Executive Summary

2.1. Wood and Laminate Flooring Market, 2016 - 2026, (USD Billion)

2.2. Wood and Laminate Flooring Market: Snapshot

3. Global Wood and Laminate Flooring Market - Industry Analysis

3.1. Wood and Laminate Flooring Market: Market Dynamics

3.2. Market Drivers

3.2.1. Growing building and construction industry

3.2.2. Increased disposable incomes

3.3. Restraints

3.3.1. Volatile cost of raw materials

3.4. Opportunity

3.4.1. Emerging demand from emerging economies

3.5. Porter's Five Forces Analysis

3.6. Market Attractiveness Analysis

3.6.1. Market attractiveness analysis by Application segment

3.6.2. Market attractiveness analysis by regional segment

4. Global Wood and Laminate Flooring Market - Competitive Landscape

4.1. Company market share analysis

4.1.1. Global Wood and Laminate Flooring market: company market share analysis, 2019

4.2. Strategic development

4.2.1. Acquisitions & mergers

4.2.2. New Wood and Laminate Flooring Type launches

4.2.3. Agreements, partnerships, collaborations and joint ventures

4.2.4. Research and development and regional expansion

5. Global Wood and Laminate Flooring Market - Application Segment Analysis

5.1. Global Wood and Laminate Flooring market overview: by Application

5.1.1. Global Wood and Laminate Flooring market revenue share, by Application, 2019 and 2026

5.2. Residential

5.2.1. Global Wood and Laminate Flooring market by Residential, 2016-2026 (USD Billion)

5.3. Non-Residential

5.3.1. Global Wood and Laminate Flooring market by Non-Residential, 2016-2026 (USD Billion)

5.4. Others

5.4.1. Global Wood and Laminate Flooring market by Others, 2016-2026 (USD Billion)

6. Global Wood and Laminate Flooring Market - Regional Analysis

6.1. Global Wood and Laminate Flooring market overview: by region

6.1.1. Global Wood and Laminate Flooring market revenue share, by region, 2019 and 2026

6.2. North America

6.3. Europe

6.4. Asia Pacific

6.5. Latin America

6.6. Middle East & Africa

7. Company Profiles

7.1. Armstrong World Industries.

7.2. Bruce

7.3. Greenlam Industries

7.4. Flooring Innovations

7.5. Accord Floors

7.6. Home Legend

7.7. Eurotex

7.8. Millstead

7.9. Mohawk

7.10. Westwood

For more information about this report visit https://www.researchandmarkets.com/r/fn6agi


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

DES MOINES, Iowa--(BUSINESS WIRE)--Berkshire Hathaway Energy today announced it has completed the purchase of Dominion Energy’s natural gas transmission and storage business, exclusive of Questar Pipeline Group. The transaction consideration was $8 billion, including approximately $2.7 billion in cash (subject to certain adjustments) and the assumption of approximately $5.3 billion in debt. Today’s completed transaction also included the acquisition of 25% of Cove Point LNG – an LNG export, import and storage facility in Maryland that Berkshire Hathaway Energy will now operate. The transaction received antitrust clearance under the Hart-Scott-Rodino Act from the Federal Trade Commission in October 2020, and approval to transfer existing licenses from the Federal Communications Commission and Department of Energy earlier this year.


We are pleased to welcome the natural gas transmission and storage business and its employees to Berkshire Hathaway Energy,” said Greg Abel, Berkshire Hathaway’s vice chairman, non-insurance operations, and Berkshire Hathaway Energy chairman. “With shared values and priorities, the business is a great fit within our organization and will play an important role in our long-term plan to deliver clean, low-cost and sustainable energy solutions to customers and communities.”

On July 5, 2020, Berkshire Hathaway Energy announced it had reached an agreement to acquire substantially all of Dominion Energy’s gas transmission and storage operating segment assets. On September 30, 2020, Dominion Energy announced a dual-phase closing for the transaction as a result of updated timing expectations for receipt of the antitrust clearance from the Federal Trade Commission related exclusively to the sale of Questar Pipeline Group. On October 5, 2020, the companies entered into a second agreement providing for Berkshire Hathaway Energy’s purchase of Questar Pipeline Group from Dominion Energy Questar Corporation. The second transaction is subject to regulatory approvals and is expected to close in early 2021.

About Berkshire Hathaway Energy

From our roots in renewable energy, Berkshire Hathaway Energy has grown to a $104.4 billion portfolio of locally managed businesses that share a vision of being the best energy company in serving our customers, while delivering sustainable energy solutions. These businesses deliver low-cost, safe and reliable service each day to more than 12 million electric and natural gas customers and end-users around the world. Our employees pride themselves in putting customers first in all they do, and as a result, our businesses consistently rank high among energy companies in customer satisfaction. Berkshire Hathaway Energy is headquartered in Des Moines, Iowa, U.S.A. Learn more at www.brkenergy.com.

Forward-looking Statements

This news release contains statements that do not directly or exclusively relate to historical facts. These statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by the use of forward-looking words, such as “will,” “may,” “could,” “project,” “believe,” “anticipate,” “expect,” “estimate,” “continue,” “intend,” “potential,” “plan,” “forecast” and similar terms. These statements are based upon Berkshire Hathaway Energy Company’s current intentions, assumptions, expectations and beliefs and are subject to risks, uncertainties and other important factors. Many of these factors are outside the control of Berkshire Hathaway Energy Company and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expectations include the impact of natural disasters and weather effects on revenues and other operating uncertainties, uncertainties relating to economic, political and business conditions and uncertainties regarding the impact of laws and regulations, including laws and regulations related to environmental protection, changes in government policy and competition. The foregoing factors that could cause Berkshire Hathaway Energy Company’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should not be construed as exclusive and should be considered in connection with information regarding risks and uncertainties that may affect Berkshire Hathaway Energy Company’s future results included in Berkshire Hathaway Energy Company’s filings with the Securities and Exchange Commission, which are available at the Securities and Exchange Commission’s website (www.sec.gov). Berkshire Hathaway Energy Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


Contacts

Berkshire Hathaway Energy
Media Hotline: 515-242-3022
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Crude Oil Carriers Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.


The crude oil carriers market is expected to register a CAGR of over 2.5% during the forecast period.

Crude oil carriers or tankers are specialized ships, build to carry hydrocarbon liquids, ranging from crude oil to refined products. The carriers are majorly segregated based upon its deadweight metric ton (dwt) and is classified into Panamax (55,000 - 84,999 dwt), Aframax (85,000 - 124,999 dwt), Suezmax (125,000 - 199,999 dwt), and Very Large Crude Carriers/Ultra Large Crude Carriers (200,000 - 3200,000+ dwt).

Companies Mentioned

  • China Cosco Shipping Corporation Limited
  • China Merchants Group Ltd
  • National Iranian Oil Company (NIOC)
  • The National Shipping Co. Saudi Arabia
  • Euronav NV
  • Angelicoussis Shipping Group Ltd
  • Teekay Corporation
  • Tsakos Energy N/SH
  • Minerva Marine Inc.
  • Petroliam Nasional Berhad (PETRONAS)

Key Market Trends

Very Large Crude Carrier to Dominate the Market

VLCC have a size rang between 180,000 to 320,000 DWT, and are capable of passing through the Suez Canal in Egypt, for which these carrier are extensively used around the North Sea, Mediterranean and West Africa. Its dimensions is of 470 m in length, beam of up to 60 m, and a draught of up to 20 m.

  • Among all the crude carriers demand, VLCC has the highest demand, followed by the demand for Suezmax. During 2018, demand for VLCC has increased around 5% and is expected to grow with decreasing spot rate of VLCC, and increasing demand for crude trade, due to depleting domestic production, especially in the Asia-Pacific region.
  • During 2018, the highest demand arises between the Asia-Pacific and the Middle Eastern countries. The Middle East is one of the largest producers of crude oil, export its maximum volume to Asia-Pacific, making the Middle East Gulf (MEG)- Asia-Pacific as the highest demand for VLCC crude tankers.
  • Regarding the crude fleet growth, VLCC has experienced the maximum growth, with a 4 % growth in 2018, in comparison to the preceding year.

Europe to Dominate the Market

Europe has the maximum number of crude tankers, followed by Asia-Pacific. With around 55% of total crude oil tankers, Europe has the highest deadweight tons of tankers around the world.

  • Greece is the prominent country among the Europe that holds the maximum numbers of the crude fleet company, with 167 crude carriers individually.
  • It is expected that, with the growth of trade crude volume around the world, Europe is likely to expand its crude carriers by around 5%, during the forecast period. Moreover, Europe is more concentrated on having less pollutant crude carrier. It is estimated that Greece is building ten new liquefied natural gas (LNG) crude oil carriers, constructed by Hyundai Heavy Industries, that is expected to create a new milestone in the crude oil carrier market.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Crude Carrier Forecast in USD billion, till 2025

4.3 Recent Trends and Developments

4.4 Government Policies and Regulations

4.5 Market Dynamics

4.5.1 Drivers

4.5.2 Restraints

4.6 Industry Supply Chain Analysis

4.7 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Size

5.1.1 Medium Range

5.1.2 Panaxax

5.1.3 Aframax

5.1.4 Suezmax

5.1.5 Very Large Crude Carriers and Ultra Large Crude Carriers

5.2 Geography

5.2.1 North America

5.2.2 Europe

5.2.3 Asia-Pacific

5.2.4 South America

5.2.5 Middle East & Africa

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/qskzpv


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ:ITRI) announced today financial results for its third quarter ended Sept. 30, 2020. Key results for the quarter include (compared with the third quarter of 2019):


  • Revenue of $540 million, compared with $624 million;
  • Gross margin of 26.5%; compared with 31.5%;
  • GAAP net loss of $(25) million, compared with net income of $17 million;
  • GAAP loss per share of $(0.63), compared with GAAP diluted earnings per share (EPS) of $0.42;
  • Non-GAAP diluted EPS of $0.61, compared with $1.04;
  • Adjusted EBITDA of $40 million, compared with $74 million;
  • Free cash flow of $38 million, compared with $32 million; and
  • Total backlog of $2.8 billion, compared with $3.1 billion.

"During the third quarter, our team continued to focus on the success of our customers and safely delivered results aligned to our expectations," said Tom Deitrich, Itron's president and chief executive officer.

"While still being negatively impacted by the COVID-19 pandemic, our results have improved sequentially from the second quarter low point," continued Deitrich. "While we navigate the near-term challenges, we continue to innovate and position Itron to capture the growing technology and service need of utilities and cities with our solutions."

Summary of Third Quarter Consolidated Financial Results

(All comparisons made are against the prior year period unless otherwise noted)

Revenue

Total third quarter revenue decreased 13% to $540 million, or 14%, excluding the impact of changes in foreign currency exchange rates. The decrease was primarily due to lower customer demand and operating constraints resulting from COVID-19.

Device Solutions revenue decreased 17%, Networked Solutions revenue decreased 14% and Outcomes revenue increased 5%.

Gross Margin

Consolidated company gross margin of 26.5% decreased 500 basis points from the prior year due to COVID-19 induced manufacturing inefficiencies, inventory reserves and product mix.

Operating Expenses and Operating Income

GAAP operating expenses of $167 million increased $10 million from the prior year due to $44 million of restructuring expenses recognized in the quarter, partially offset by lower SG&A expenses, product development and amortization.

Non-GAAP operating expenses of $114 million decreased $17 million from the prior year due to lower sales, general and administrative expenses and product development.

GAAP operating loss of $(24) million was lower than the prior year due to lower gross profit and higher GAAP operating expenses. Non-GAAP operating income of $30 million decreased compared with the prior year due to lower gross profit.

Net Income (Loss) and Earnings (Loss) per Share

The net loss attributable to Itron, Inc. for the quarter was $(25) million, or $(0.63) per share, a decrease from net income of $17 million, or $0.42 per diluted share, in 2019. The decrease was driven by lower GAAP operating income in the current period and a higher GAAP effective tax rate.

Non-GAAP net income, which excludes certain charges including amortization of intangible assets, amortization of debt placement fees, restructuring, loss on sale of business, corporate transition cost, acquisition and integration related expenses and the income tax effect of those adjustments, was $25 million, or $0.61 per diluted share, compared with $41 million, or $1.04 per diluted share, in 2019. The lower year-over-year results were primarily due to the negative impact of the COVID-19 virus.

Cash Flow

Net cash provided by operating activities was $45 million in the third quarter compared with $50 million in the same quarter of 2019. Free cash flow was $38 million in the third quarter compared with $32 million in the prior year. The higher free cash flow was due to improved working capital and lower capital expenditures, partially offset by the lower operating income.

Other Measures

Total backlog was $2.8 billion and 12-month backlog was $1.1 billion, compared with $3.1 billion and $1.4 billion, respectively, in the prior year. Bookings in the quarter totaled $432 million.

Operational Update and Outlook

Results, while improving sequentially from the second quarter, still reflect the current pandemic operating environment. Our supply chain and logistics situation remain stable. We continue to have all factories up and running with aggressive measures to execute safely across our entire operation. Itron remains vigilant and prepared for regional and local spikes from the pandemic that may potentially disrupt our operations. We see some customers resuming deployments and a strong pipeline of new tenders. To date there have been no contract cancellations or slowing with collections from our customers. However, some new deployments that were expected to start in 2020 have shifted to out years due to pandemic conditions and/or delays in the regulatory approval process. On balance, we were pleased with our team’s focus and execution this quarter and we remain on track to achieve our second half 2020 expectations.

Earnings Conference Call

Itron will host a conference call to discuss the financial results and guidance contained in this release at 11 a.m. EST on Nov. 2, 2020. The call will be webcast in a listen-only mode. Webcast information and conference call materials will be made available 10 minutes before the start of the call and will be accessible on Itron’s website at http://investors.itron.com/events.cfm. A replay of the audio webcast will be made available at http://investors.itron.com/events.cfm. A telephone replay of the conference call will be available through Nov. 7, 2020. To access the telephone replay, dial 888-203-1112 or 719-457-0820 and enter passcode 6815143.

About Itron

Itron® enables utilities and cities to safely, securely and reliably deliver critical infrastructure services to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.

Itron® is registered trademarks of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

Cautionary Note Regarding Forward Looking Statements

This release contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this release. When we use words such as "expect," "intend," "anticipate," "believe," "plan," “goal,” “seek,” "project," "estimate," "future," “strategy,” "objective," "may," “likely,” “should,” "will," "will continue," and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Therefore, you should not rely on any of these forward-looking statements. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plan, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, adverse impacts of litigation, changes in laws and regulations, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks, uncertainties caused by adverse economic conditions, including, without limitation those resulting from extraordinary events or circumstances such as the COVID-19 pandemic and other factors that are more fully described in Item 1A: “Risk Factors” included in our Annual Report on Form 10-K for the year ended Dec. 31, 2019 and other reports on file with the Securities and Exchange Commission. Itron undertakes no obligation to update or revise any information in this press release.

The impact caused by the ongoing COVID-19 pandemic includes uncertainty as to the duration, spread, severity, and any recurrence of the COVID-19 pandemic, the duration and scope of related government orders and restrictions, impact on overall demand, impact on our customers’ businesses and workforce levels, disruptions of our business and operations, including the impact on our employees, limitations on, or closures of, our facilities, or the business and operations of our customers or suppliers. Our estimates and statements regarding the impact of COVID-19 are made in good faith to provide insight to our current and future operating and financial environment and any of these may materially change due to factors outside our control. For more information on risks associated with the COVID-19 pandemic, please see Itron’s updated risk in Part II, Item 1A, “Risk Factors” of our latest 10-Q filing with the SEC.

Non-GAAP Financial Information

To supplement our consolidated financial statements, which are prepared in accordance with GAAP, we use certain non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA, adjusted EBITDA margin, constant currency and free cash flow. We provide these non-GAAP financial measures because we believe they provide greater transparency and represent supplemental information used by management in its financial and operational decision making. We exclude certain costs in our non-GAAP financial measures as we believe the net result is a measure of our core business. The company believes these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies. A more detailed discussion of why we use non-GAAP financial measures, the limitations of using such measures, and reconciliations between non-GAAP and the nearest GAAP financial measures are included in this press release.

ITRON, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

 

 

 

 

 

(Unaudited, in thousands, except per share data)

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2020

 

2019

 

 

2020

 

2019

 

Revenues

 

 

 

 

 

 

Product revenues

$

470,658

 

 

$

552,897

 

 

 

$

1,437,780

 

 

$

1,663,794

 

 

 

Service revenues

69,526

 

 

71,577

 

 

 

210,413

 

 

210,293

 

 

 

 

Total revenues

540,184

 

 

624,474

 

 

 

1,648,193

 

 

1,874,087

 

 

Cost of revenues

 

 

 

 

 

 

Product cost of revenues

358,297

 

 

389,778

 

 

 

1,072,271

 

 

1,176,913

 

 

 

Service cost of revenues

38,636

 

 

38,292

 

 

 

122,588

 

 

122,293

 

 

 

 

Total cost of revenues

396,933

 

 

428,070

 

 

 

1,194,859

 

 

1,299,206

 

 

Gross profit

143,251

 

 

196,404

 

 

 

453,334

 

 

574,881

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

Sales, general and administrative

64,982

 

 

83,666

 

 

 

215,018

 

 

264,640

 

 

 

Research and development

46,224

 

 

50,612

 

 

 

148,999

 

 

150,551

 

 

 

Amortization of intangible assets

11,183

 

 

16,095

 

 

 

33,488

 

 

48,185

 

 

 

Restructuring

44,462

 

 

6,592

 

 

 

41,531

 

 

7,685

 

 

 

Loss on sale of business

380

 

 

 

 

 

57,295

 

 

 

 

 

 

Total operating expenses

167,231

 

 

156,965

 

 

 

496,331

 

 

471,061

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

(23,980

)

 

39,439

 

 

 

(42,997

)

 

103,820

 

 

Other income (expense)

 

 

 

 

 

 

Interest income

354

 

 

517

 

 

 

2,165

 

 

1,379

 

 

 

Interest expense

(10,810

)

 

(12,868

)

 

 

(33,771

)

 

(39,899

)

 

 

Other income (expense), net

(2,607

)

 

(2,759

)

 

 

(3,414

)

 

(6,463

)

 

 

 

Total other income (expense)

(13,063

)

 

(15,110

)

 

 

(35,020

)

 

(44,983

)

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

(37,043

)

 

24,329

 

 

 

(78,017

)

 

58,837

 

 

Income tax benefit (provision)

11,985

 

 

(6,152

)

 

 

(366

)

 

(20,692

)

 

Net income (loss)

(25,058

)

 

18,177

 

 

 

(78,383

)

 

38,145

 

 

 

Net income attributable to noncontrolling interests

299

 

 

1,330

 

 

 

1,092

 

 

3,759

 

 

Net income (loss) attributable to Itron, Inc.

$

(25,357

)

 

$

16,847

 

 

 

$

(79,475

)

 

$

34,386

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share - Basic

$

(0.63

)

 

$

0.43

 

 

 

$

(1.98

)

 

$

0.87

 

 

Net income (loss) per common share - Diluted

$

(0.63

)

 

$

0.42

 

 

 

$

(1.98

)

 

$

0.86

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - Basic

40,337

 

 

39,478

 

 

 

40,199

 

 

39,508

 

 

Weighted average common shares outstanding - Diluted

40,337

 

 

39,903

 

 

 

40,199

 

 

39,884

 

 

 

ITRON, INC.

SEGMENT INFORMATION

 

 

 

 

 

 

 

 

(Unaudited, in thousands)

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2020

2019

 

2020

2019

Product revenues

 

 

 

 

 

 

Device Solutions

$

174,039

 

 

$

211,096

 

 

 

$

501,157

 

 

$

644,254

 

 

 

Networked Solutions

282,677

 

 

330,487

 

 

 

898,465

 

 

978,259

 

 

 

Outcomes

13,942

 

 

11,314

 

 

 

38,158

 

 

41,281

 

 

 

 

Total Company

$

470,658

 

 

$

552,897

 

 

 

$

1,437,780

 

 

$

1,663,794

 

 

 

 

 

 

 

 

 

 

Service revenues

 

 

 

 

 

 

Device Solutions

$

2,089

 

 

$

2,253

 

 

 

$

6,415

 

 

$

8,573

 

 

 

Networked Solutions

23,982

 

 

25,734

 

 

 

73,519

 

 

70,305

 

 

 

Outcomes

43,455

 

 

43,590

 

 

 

130,479

 

 

131,415

 

 

 

 

Total Company

$

69,526

 

 

$

71,577

 

 

 

$

210,413

 

 

$

210,293

 

 

 

 

 

 

 

 

 

 

Total revenues

 

 

 

 

 

 

Device Solutions

$

176,128

 

 

$

213,349

 

 

 

$

507,572

 

 

$

652,827

 

 

 

Networked Solutions

306,659

 

 

356,221

 

 

 

971,984

 

 

1,048,564

 

 

 

Outcomes

57,397

 

 

54,904

 

 

 

168,637

 

 

172,696

 

 

 

 

Total Company

$

540,184

 

 

$

624,474

 

 

 

$

1,648,193

 

 

$

1,874,087

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

 

 

 

Device Solutions

$

20,528

 

 

$

40,945

 

 

 

$

64,843

 

 

$

122,451

 

 

 

Networked Solutions

102,295

 

 

135,406

 

 

 

332,368

 

 

388,717

 

 

 

Outcomes

20,428

 

 

20,053

 

 

 

56,123

 

 

63,713

 

 

 

 

Total Company

$

143,251

 

 

$

196,404

 

 

 

$

453,334

 

 

$

574,881

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

 

 

 

 

Device Solutions

$

11,017

 

 

$

27,905

 

 

 

$

28,095

 

 

$

81,717

 

 

 

Networked Solutions

71,404

 

 

105,637

 

 

 

237,466

 

 

298,994

 

 

 

Outcomes

12,044

 

 

10,843

 

 

 

29,468

 

 

35,620

 

 

 

Corporate unallocated

(118,445

)

 

(104,946

)

 

 

(338,026

)

 

(312,511

)

 

 

 

Total Company

$

(23,980

)

 

$

39,439

 

 

 

$

(42,997

)

 

$

103,820

 

 

ITRON, INC.

METER AND MODULE SUMMARY

 

 

 

 

 

 

 

 

(Unaudited, Units in thousands)

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2020

2019

 

2020

2019

Itron Endpoints

 

 

 

 

 

 

Standard endpoints

3,890

 

5,420

 

 

12,410

 

16,460

 

 

Networked endpoints

3,860

 

3,940

 

 

11,950

 

12,180

 

 

 

Total endpoints

7,750

 

9,360

 

 

24,360

 

28,640

 

 

 

 

 

 

 

 

 

ITRON, INC.

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

(Unaudited, in thousands)

September 30, 2020

 

December 31, 2019

ASSETS

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

$

586,167

 

 

$

149,904

 

 

Accounts receivable, net

386,920

 

 

472,925

 

 

Inventories

205,178

 

 

227,896

 

 

Other current assets

173,906

 

 

146,526

 

 

 

Total current assets

1,352,171

 

 

997,251

 

 

 

 

 

 

 

Property, plant, and equipment, net

205,930

 

 

233,228

 

Deferred tax assets, net

72,305

 

 

63,899

 

Other long-term assets

47,929

 

 

44,686

 

Operating lease right-of-use assets, net

78,190

 

 

79,773

 

Intangible assets, net

144,888

 

 

185,097

 

Goodwill

1,114,511

 

 

1,103,907

 

 

 

Total assets

$

3,015,924

 

 

$

2,707,841

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities

 

 

 

 

Accounts payable

$

232,236

 

 

$

328,128

 

 

Other current liabilities

76,509

 

 

63,785

 

 

Wages and benefits payable

91,225

 

 

119,220

 

 

Taxes payable

15,482

 

 

22,193

 

 

Current portion of debt

21,406

 

 

 

 

Current portion of warranty

32,118

 

 

38,509

 

 

Unearned revenue

117,729

 

 

99,556

 

 

 

Total current liabilities

586,705

 

 

671,391

 

 

 

 

 

 

 

Long-term debt, net

1,313,459

 

 

932,482

 

Long-term warranty

10,969

 

 

14,732

 

Pension benefit obligation

103,273

 

 

98,712

 

Deferred tax liabilities, net

1,854

 

 

1,809

 

Operating lease liabilities

68,847

 

 

68,919

 

Other long-term obligations

133,552

 

 

118,981

 

 

 

Total liabilities

2,218,659

 

 

1,907,026

 

 

 

 

 

 

 

Equity

 

 

 

 

Common stock

1,381,774

 

 

1,357,600

 

 

Accumulated other comprehensive loss, net

(154,013)

 

 

(204,672)

 

 

Accumulated deficit

(455,865)

 

 

(376,390)

 

 

 

Total Itron, Inc. shareholders' equity

771,896

 

 

776,538

 

 

Noncontrolling interests

25,369

 

 

24,277

 

 

 

Total equity

797,265

 

 

800,815

 

 

 

Total liabilities and equity

$

3,015,924

 

 

$

2,707,841

 

 

ITRON, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

 

(Unaudited, in thousands)

Nine Months Ended September 30,

 

 

 

2020

 

2019

Operating activities

 

 

 

 

Net income (loss)

$

(78,383

)

 

 

$

38,145

 

 

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

72,306

 

 

 

85,691

 

 

 

 

Non-cash operating lease expense

15,252

 

 

 

13,847

 

 

 

 

Stock-based compensation

20,638

 

 

 

21,064

 

 

 

 

Amortization of prepaid debt fees

3,029

 

 

 

3,686

 

 

 

 

Deferred taxes, net

(9,439

)

 

 

4,990

 

 

 

 

Loss on sale of business

57,295

 

 

 

 

 

 

 

Restructuring, non-cash

6,518

 

 

 

(2,147

)

 

 

 

Other adjustments, net

3,856

 

 

 

(6,121

)

 

Changes in operating assets and liabilities

 

 

 

 

Accounts receivable

82,087

 

 

 

(39,385

)

 

 

Inventories

8,978

 

 

 

(15,762

)

 

 

Other current assets

(12,862

)

 

 

(10,494

)

 

 

Other long-term assets

(2,547

)

 

 

7,945

 

 

 

Accounts payable, other current liabilities, and taxes payable

(82,775

)

 

 

(4,063

)

 

 

Wages and benefits payable

(28,446

)

 

 

30,220

 

 

 

Unearned revenue

15,098

 

 

 

6,746

 

 

 

Warranty

(10,894

)

 

 

(5,506

)

 

 

Other operating, net

10,860

 

 

 

(756

)

 

 

 

Net cash provided by operating activities

70,571

 

 

 

128,100

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

Net payments related to the sale of business

(748

)

 

 

 

 

 

Acquisitions of property, plant, and equipment

(36,297

)

 

 

(44,570

)

 

 

Other investing, net

3,573

 

 

 

9,977

 

 

 

 

Net cash used in investing activities

(33,472

)

 

 

(34,593

)

 

 

 

 

 

 

 

Financing activities

 

 

 

 

Proceeds from borrowings

400,000

 

 

 

50,000

 

 

 

Payments on debt

 

 

 

(100,313

)

 

 

Issuance of common stock

5,059

 

 

 

7,117

 

 

 

Repurchase of common stock

 

 

 

(25,000

)

 

 

Prepaid debt fees

(184

)

 

 

(175

)

 

 

Other financing, net

(2,285

)

 

 

(5,221

)

 

 

 

Net cash provided by (used in) financing activities

402,590

 

 

 

(73,592

)

 

 

 

 

 

 

 

Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash

(3,426

)

 

 

(543

)

 

Increase in cash, cash equivalents, and restricted cash

436,263

 

 

 

19,372

 

 

Cash, cash equivalents, and restricted cash at beginning of period

149,904

 

 

 

122,328

 

 

Cash, cash equivalents, and restricted cash at end of period

$

586,167

 

 

 

$

141,700

 

 

About Non-GAAP Financial Measures

The accompanying press release contains non-GAAP financial measures. To supplement our consolidated financial statements, which are prepared in accordance with GAAP, we use certain non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA, free cash flow, and constant currency. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and other companies may define such measures differently. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures".

We use these non-GAAP financial measures for financial and operational decision making and/or as a means for determining executive compensation. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and ability to service debt by excluding certain expenses that may not be indicative of our recurring core operating results. These non-GAAP financial measures facilitate management's internal comparisons to our historical performance, as well as comparisons to our competitors' operating results. Our executive compensation plans exclude non-cash charges related to amortization of intangibles and certain discrete cash and non-cash charges, such as acquisition and integration related expenses, or restructuring charges. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because they provide greater transparency with respect to key metrics used by management in its financial and operational decision making and because they are used by our institutional investors and the analyst community to analyze the health of our business.

Non-GAAP operating expenses and non-GAAP operating income – We define non-GAAP operating expenses as operating expenses excluding certain expenses related to the amortization of intangible assets, restructuring, loss on sale of business, corporate transition cost, and acquisition and integration. We define non-GAAP operating income as operating income excluding the expenses related to the amortization of intangible assets, restructuring, loss on sale of business, corporate transition cost, and acquisition and integration. Acquisition and integration related expenses include costs, which are incurred to affect and integrate business combinations, such as professional fees, certain employee retention and salaries related to integration, severances, contract terminations, travel costs related to knowledge transfer, system conversion costs, and asset impairment charges.


Contacts

Itron, Inc.
Kenneth P. Gianella
Vice President, Investor Relations
(669) 770-4643

Rebecca Hussey
Manager, Investor Relations
(509) 891-3574


Read full story here

FERGUS FALLS, Minn.--(BUSINESS WIRE)--Today Otter Tail Power Company filed a request to increase its rates with the Minnesota Public Utilities Commission (PUC). The filing starts an approximately 18-month process, often referred to as a rate case, during which the PUC reviews the costs the company incurs to provide customers with energy and related services and then determines the appropriate prices for using those services.

We’re creating a cleaner energy future while keeping the prices our customers pay among the lowest in the nation,” said Otter Tail Power Company President Tim Rogelstad. “Making this request now better prepares us for long-term success in providing safe, reliable, low-cost electricity to our customers.”

Cleaner energy, smarter technologies, and rising costs drive decision

Prudent investment in cleaner energy generation primarily is driving this request. The Merricourt Wind Energy Center, a 150-MW wind generation facility in southeast North Dakota, and Astoria Station, a 245-MW simple-cycle natural gas combustion turbine in east central South Dakota, are part of the company’s plan to meet customers’ future energy and capacity needs, replace expiring power purchase agreements, and prepare for the 2021 retirement of the 1950s-era coal-fired Hoot Lake Plant in Fergus Falls, Minnesota. The company currently anticipates the Merricourt Wind Energy Center will begin commercial operation by the end of 2020, and Astoria Station likely will begin commercial operation in the first quarter of 2021. “Astoria Station complements our wind resources by providing a low-emission option when the wind isn’t blowing,” said Rogelstad. “Backing wind with natural gas captures the low-cost energy made possible by the current market for wind generation while helping to ensure sufficient reliability from resources we can ramp up quickly during periods of high energy demand.”

Continued focus on enhancing customer experience also is part of the request. A recently implemented Customer Information System allows customers more access and options related to their energy use and the company’s services.

Our low rates are not an accident,” said Rogelstad. “They’re a direct result of our long history of mindful operations and making the right investments at the right times.” The company filed its last Minnesota rate review in 2016.

Typical residential customer’s monthly bill would increase approximately $7.75

Otter Tail Power Company requested permission to increase non-fuel rates by approximately $14.5 million, or 6.77 percent. If the PUC approves the overall request as filed, a typical residential customer’s bill would increase by approximately $7.75 a month, and a typical business customer’s bill would increase by approximately $26 a month. The increase would be more for some customers and less for others depending on the rates on which they are served and the amount of energy they use.

While the PUC considers Otter Tail Power Company’s overall request, the company asked to increase rates on an interim basis beginning January 1, 2021. In January customers will receive information with their electric service statements showing the requested overall rate increase and example interim monthly bill impacts for various customer types. The interim rates would remain in effect until early 2022. If final rates are lower than interim rates, the company will refund customers the difference with interest. If final rates are higher than interim rates, the company will not collect the difference.

The PUC will hold a public hearing related to the request and will post the hearing schedule on its website. Otter Tail Power Company also will post the hearing schedule and provide additional details about its rate review request at otpco.com/MNRateReview.

Save energy, save money

Otter Tail Power Company encourages customers to stay one step ahead in terms of saving energy and money by:

  • Taking advantage of company rebates and incentives for energy-efficient electric technologies.
  • Participating in programs that make use of lower off-peak rates.
  • Making low-cost and no-cost changes to reduce energy consumption.

Customers can find options to save energy and money at otpco.com/WaysToSave.

This news release is available on our website at otpco.com/newsroom.

Risk Factors and Forward-Looking Statements that Could Affect Future Results

The information in this release includes certain forward-looking information, including approval of regulatory rates, expectations on commercial operations and expectations on costs to customers, made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “would,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “believes” or similar expressions are intended to identify forward-looking statements within the meaning of the Act. We believe our expectations are based on reasonable assumptions which entail various risks and uncertainties that could cause actual results to differ materially from those expectations, Actual results may differ materially from those contemplated by the forward-looking statements due to, among other factors, the risks and uncertainties set forth in Item 1A, Risk Factors, in Otter Tail Corporation’s 2019 report on Form 10-K and in its other SEC filings.

Otter Tail Power Company, a subsidiary of Otter Tail Corporation (Nasdaq Global Select Market: OTTR), is headquartered in Fergus Falls, Minnesota. With a balanced commitment to environmental, economic, and community stewardship, the company provides electricity and energy services to approximately 230,000 people in Minnesota, North Dakota, and South Dakota. To learn more about Otter Tail Power Company visit otpco.com. To learn more about Otter Tail Corporation visit ottertail.com.


Contacts

Stephanie Hoff
This email address is being protected from spambots. You need JavaScript enabled to view it.
218-739-8535 (office)
218-205-6179 (after hours)

SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. (NASDAQ: EFOI), a leader in sustainable LED lighting technologies, will announce its quarterly financial results for the third quarter, which ended September 30, 2020, premarket on November 12th and will hold a conference call that day at 11 a.m. ET to discuss the results.

You can access the live conference call by dialing the following phone numbers:

Toll-free 1-877-451-6152 or
International 1-201-389-0879
Conference ID# 13712403

The conference call will be simultaneously webcast. To listen to the webcast, log on to it at: http://public.viavid.com/index.php?id=142169. The webcast will be available at this link through November 27, 2020. Financial information presented on the call, including the earnings press release, will be available on the investors section of Energy Focus’ website, investors.energyfocus.com.

About Energy Focus:

Energy Focus is an industry-leading innovator of sustainable LED lighting and lighting control technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocusTM lighting control platform enables existing and new buildings to provide quality, convenient and affordable dimmable and color tunable circadian and human-centric lighting capabilities. Our patent-pending UV disinfection technologies and products, launched in October 2020, aim to provide effective, reliable and affordable UV-C disinfection solutions for buildings, facilities and homes. Energy Focus customers include U.S. and foreign navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across U.S. Navy fleet, including TLEDs, waterline security lights, explosion-proof globes and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com.


Contacts

Investor:
Hayden IR
Cameron Donahue
646-536-7331
This email address is being protected from spambots. You need JavaScript enabled to view it.

COLUMBUS, Ind.--(BUSINESS WIRE)--Cummins Inc. (NYSE: CMI) has announced the company received two federal grants totaling $4.6 million to advance commercialization of solid oxide fuel cell (SOFC) technology, which could play a critical role in helping commercial and industrial customers reduce their carbon impact while providing energy resiliency and cutting costs.


SOFCs can convert fossil fuels into energy much more efficiently than combustion-based processes and can also use low- and no-carbon fuels such as hydrogen to generate power. They have the potential to be a bridge to a carbon-neutral future and much more.

“We need every tool we can get to address the world’s climate challenges and other environmental issues,” said Thad Ewald, Vice President of Corporate Strategy at Cummins. “Solid oxide fuel cells give our customers another way to achieve their environmental sustainability goals.”

SOFCs use a ceramic electrolyte to convert the energy in a fuel to power through a series of electrochemical reactions. With a continuous supply of fuel and oxygen, the fuel cells can be linked or stacked together to power a variety of applications.

Compared to combustion processes, SOFCs are capable of converting a significantly higher percentage of a fossil fuel’s energy into electricity while producing far less heat-trapping gases and emissions than an internal combustion engine using a petroleum-based fuel, or a coal-burning power plant.

Advocates envision a day in the near future when solid oxide fuel cells regularly power major energy users like data centers, removing them from an increasingly over-burdened electrical grid.

The grants from the U.S. Department of Energy (DOE) will help fund two projects demonstrating SOFCs’ potential. A $2.6 million DOE grant will help Cummins build a 20 kilowatt (kW) small-scale SOFC power system at the University of Connecticut, fueled by natural gas but able to use multiple fuels. It will run 5,000 hours to demonstrate its durability.

That’s not a big enough SOFC system to power a data center but systems can be aggregated together to provide energy resiliency, security and availability, sufficient for not only data centers but other commercial and industrial applications and microgrids, too.

Cummins’ proposal calls for developing a system that would be available at a price point below $1,000/kW with the flexibility and robustness for use in smaller and larger systems. The proposal calls for testing to begin in 2021.

A second project funded with the help of a $2 million DOE grant will look at the cost, performance and reliability of a reversible fuel cell or R-SOFC. It can run as a traditional SOFC or as a solid oxide electrolyzer cell (SOEC) that can split steam to separate hydrogen and oxygen.

This increases Cummins’ already market leading portfolio of electrolyzers to generate hydrogen, including Proton Exchange Membrane and alkaline technologies. The DOE grant proposal calls for building on a Cummins proprietary thermal spray technology to develop an advanced metal substrate or surface resulting in a 50% cost reduction by using less metal and cutting processing costs.

Cummins is quickly emerging as the leader in SOFCs for commercial and industrial power. The company’s novel spray technology, for example, enables Cummins to achieve larger cells, higher power densities, increased reliability and lower costs. The company’s industry leading cell and stack size reduces system costs and complexity while providing a modular building block suitable for a variety of applications. The company also uses commodity stainless steel in its cells rather than more expensive and brittle ceramics used by some competitors.

The company’s work on SOFCs is consistent with PLANET 2050, Cummins’ environmental sustainability strategy adopted in 2019 to address climate change and other environmental issues. The strategy includes science-based goals aligned with the Paris Agreement to limit global temperature rise to no more than 1.5 degrees Celsius by the middle of the century.

Want to learn more about Cummins investments in SOFCs and other fuel cell technologies? Join company leaders including Chairman and CEO Tom Linebarger at 10:30 a.m. (EST) Nov. 16 for Cummins’ Hydrogen Day. Click here to register.

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 61,600 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.3 billion on sales of $23.6 billion in 2019. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com/always-on.


Contacts

Jon Mills
Cummins Inc.
Phone: 317-658-4540
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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VENTURA, Calif.--(BUSINESS WIRE)--Nexa3D, the maker of ultrafast polymer production 3D printers announced today the immediate commercial availability of xCast, a new material tailored specifically for the production of precision investment casting patterns on the NXE400 3D printer. xCast is ideal for foundry series production of small, large and complex metal parts for a variety of aerospace, defense, automotive, oil and gas and heavy industry applications, offering a toolless, faster, and more accurate alternative to traditional pattern production.

xCast is a much more economical and scalable alternative to all other direct and indirect metal 3D printing solutions on the market today, and comes with Nexa3D’s validated workflow including:

  • Cleaner burnout for a variety of metals, including titanium and aluminum alloys
  • Faster pattern printing and draining for a variety of sizes, as well as complex and lightweighted patterns
  • 20X productivity gain over traditional and additive alternatives, leveraging in-foundry or near-foundry toolless production of precision patterns for same day delivery, rather than weeks or months

To learn more about xCast, check out this media kit and watch this video, or check out xCast at Nexa3D’s virtual booth at Formnext Connect.

Each xCast printing cycle is optimized for precision and yield using NexaX, the company’s Digital Twin Printing (DTP) software, through process interplay algorithms that ensure part performance and production consistency and higher yields while minimizing material usage and waste, and reducing energy consumption per part.

“We are thrilled to digitize parts within the investment casting process, while bringing 20X productivity gains to foundries,” said Brent Zollinger, Head of Customer Success for Nexa3D. “Having spent over two decades in the investment casting industry as a heavy user, it’s a privilege to be part of its transformation. What is particularly significant is that xCast patterns printed on the NXE 400 dramatically reduce the cost of traditional investment casting patterns by as much as 90% while being produced in one-tenth of the time.”

In a project recently completed for Arcimoto’s Fun Utility Vehicle, Nexa3D rapidly designed complex and lightweighted xCast patterns for generatively designed parts and assemblies. Multiple parts were combined to produce components that would have been impossible to make using traditional injected wax patterns. By using xCast, the weight of the vehicle's steering knuckle was reduced by 36% compared to a nine-piece weldment. With investment casting to create the part, instead of direct metal laser sintering, the knuckle was printed at a tenth of the cost and time, representing significant savings.

xCast delivers precision patterns for rapid prototyping and series production that seamlessly integrate into any production foundry’s dip-shell or flask-type investment casting process, delivering toolless, semi-hollow plastic patterns instead of wax patterns. xCast patterns are processed similarly to wax without autoclave and are flash fired from the ceramic mold. Featuring low ash content, xCast can be used to create high resolution parts with excellent surface finishes.

About Nexa3D

Nexa3D is digitizing the world’s supply chain sustainably. The company makes ultrafast industrial grade polymer 3D printers affordable for professionals and businesses of all sizes. The company's photoplastic printers are powered by its proprietary Lubricant Sublayer Photo-curing (LSPc) while its thermoplastic printers are powered by Quantum Laser Sintering (QLS), both of which increase print speed and productivity by orders of magnitude. The company’s partnerships with world-class material suppliers unlock the full potential of supply-chain approved polymers that are tailored for faster production at scale. Nexa3D’s Digital Twin Printing (DTP) software optimizes the entire additive production cycle through process interplay algorithms to ensure part performance and production consistency delivering higher yields while minimizing material usage and waste to reduce energy and carbon footprints. To learn more, visit www.nexa3d.com.


Contacts

Josh Turner
Silicon Valley Communications
+1-917-231-0550
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DUBLIN--(BUSINESS WIRE)--The "Dispersing Agents Market - Growth, Trends, and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.


The market for dispersing agents is expected to register a CAGR of greater than 5% globally during the forecast period.

The increasing demand from the paints and coatings industry and growing demand from the oil and gas industry have been driving the studied market's growth. On the flip side, volatile raw material costs have been hindering the growth of the market studied.

Companies Mentioned

  • Ashland
  • ATLANTA AG
  • BASF SE
  • Clariant
  • Croda International PLC
  • ELEMENTS PLC
  • Evonik Industries AG
  • King Industries Inc.
  • NICCA CHEMICAL CO. LTD
  • Rudolf GmbH
  • Shah Patil & Company
  • Shubh Industries
  • Solvay
  • The Lubrizol Corporation
  • Uniqchem

Key Market Trends

Increasing demand from the Paints and Coatings Industry

Dispersing agents are widely used in the paints and coatings industry, and they are expected to grow rapidly during the forecast period.

  • Paints and coatings make the world beautiful as they impart beauty and protection to the things that are valued. Solids, such as pigments and fillers, are the backbone of paints, coatings, and inks and are necessary to be dispersed well in the formulations to provide consistent color, quality, stability, and durability.
  • Dispersing agents have been used to wet, disperse, and stabilize the solid pigments in the binder solution and to prevent flocculation. Dispersing agents absorb on the surface of the pigment and keep the particles apart through steric stabilization or electrostatic repulsion and result in controlled flocculation. Dispersing agents provide high gloss, color strength, viscosity, stability, and prevent sedimentation of particles.
  • Paints and coatings have a variety of applications, such as wood, floor, automobiles, plastics, marine, industrial, and other coatings. The increase in demand for paints and coatings industry has been driving the growth of the dispersing agents market.

Asia-Pacific Region to Dominate the Market

The Asia-Pacific region is expected to dominate the market for dispersing agents during the forecast period, as a result of the increase in demand from various end-user industries in countries, like India and China.

  • Dispersing agents are widely used in the paints and coatings industry. The increase in demand for paints and coatings in the building and construction is expected to drive the market. In the construction industry, dispersing agents are used in various concrete mixtures, such as ready-mixed concrete, underwater concrete, and self-compacting concrete. They provide improved workability, compressive strength, and durability.
  • According to the National Development and Reform Commission, China, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019. Furthermore, the Indian government has allocated USD 63 billion for the infrastructure sector in 2019-20 and has been planning to spend USD 1.4 trillion over the next five years. The development of smart cities and other schemes, like "housing for all", are expected to increase the demand for paints and coatings.
  • Dispersing agents are used in dying of textiles, made of cotton, cellulosic fiber, and synthetic fiber. It helps in proper dispersion of dyestuff in the bath and thus provides uniform color the fabric. The rapid growth of the textile market in countries, like India and China, has been driving the market studied.
  • As per the Ministry of Textiles annual report, 2018-19, the Indian textile industry has been contributing to 7% of industry output in value terms, 2% of India's GDP and 15% of the country's export earnings. Moreover, the National Development and Reform Commission of China announced that domestic sales of apparel and knitwear stood at around USD 172.4 billion for the first 11 months of 2019, which increased by 3% Y-o-Y.
  • The aforementioned factors, coupled with government support, have been contributing to the increasing demand for dispersing agents in the Asia-Pacific region during the forecast period.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Drivers

4.1.1 Increasing Demand from the Paints and Coatings Industry

4.1.2 Growing Demand from the Oil and Gas Industry

4.2 Restraints

4.2.1 Volatile Raw Material Costs

4.2.2 Other Restraints

4.3 Industry Value Chain Analysis

4.4 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Formation Type

5.1.1 Waterborne

5.1.2 Oil-borne

5.1.3 Solvent-borne

5.2 End-user Industry

5.2.1 Paints and Coatings

5.2.2 Oil and Gas

5.2.3 Construction

5.2.4 Pulp and Paper

5.2.5 Textile

5.2.6 Other End-user Industries

5.3 Geography

5.3.1 Asia-Pacific

5.3.1.1 China

5.3.1.2 India

5.3.1.3 Japan

5.3.1.4 South Korea

5.3.1.5 Rest of Asia-Pacific

5.3.2 North America

5.3.2.1 United States

5.3.2.2 Canada

5.3.2.3 Mexico

5.3.3 Europe

5.3.3.1 Germany

5.3.3.2 United Kingdom

5.3.3.3 Italy

5.3.3.4 France

5.3.3.5 Rest of Europe

5.3.4 South America

5.3.4.1 Brazil

5.3.4.2 Argentina

5.3.4.3 Rest of South America

5.3.5 Middle East & Africa

5.3.5.1 Saudi Arabia

5.3.5.2 South Africa

5.3.5.3 Rest of Middle East & Africa

6 COMPETITIVE LANDSCAPE

6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Market Share Analysis**

6.3 Strategies Adopted by Leading Players

6.4 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/sdxdm2


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DES MOINES, Iowa--(BUSINESS WIRE)--Dominion Energy Gas Holdings, LLC (the “Company”), a wholly owned subsidiary of Berkshire Hathaway Energy, today announced plans to withdraw its 2014 Series C 4.6% Senior Notes (the “Notes”) from listing on the New York Stock Exchange (NYSE). Dominion Energy Gas Holdings, LLC, which is filing later today amendments to its Articles of Association to change its name to Eastern Energy Gas Holdings, LLC, has decided to withdraw the listing to reduce administrative requirements and has not arranged for listing or registration on another national securities exchange or for quotation of its security in a quotation medium. Dominion Energy Gas Holdings, LLC plans to file a Notification of Removal from Listing on Form 25 with the Securities and Exchange Commission (SEC) on or about November 12, 2020. The Company anticipates that the withdrawal will be effective 10 days after the Form 25 is filed, and that NYSE will suspend trading in its Notes before the market opens on November 23, 2020. As a result, the Company expects that the last trading day of the Notes on the NYSE will be on or about November 20, 2020.

Forward-looking Statements

This news release contains statements that do not directly or exclusively relate to historical facts. These statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by the use of forward-looking words, such as “will,” “may,” “could,” “project,” “believe,” “anticipate,” “expect,” “estimate,” “continue,” “intend,” “potential,” “plan,” “forecast” and similar terms. These statements are based upon Dominion Energy Gas Holdings, LLC’s current intentions, assumptions, expectations and beliefs and are subject to risks, uncertainties and other important factors. Many of these factors are outside the control of Dominion Energy Gas Holdings, LLC and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expectations include the impact of natural disasters and weather effects on revenues and other operating uncertainties, uncertainties relating to economic, political and business conditions and uncertainties regarding the impact of laws and regulations, including laws and regulations related to environmental protection, changes in government policy and competition. The foregoing factors that could cause Dominion Energy Gas Holdings, LLC ’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should not be construed as exclusive and should be considered in connection with information regarding risks and uncertainties that may affect Dominion Energy Gas Holdings, LLC ’s future results included in Dominion Energy Gas Holdings, LLC’s filings with the Securities and Exchange Commission, which are available at the Securities and Exchange Commission’s website (www.sec.gov). Dominion Energy Gas Holdings, LLC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


Contacts

Berkshire Hathaway Energy
Media Hotline: 515-242-3022
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HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE: TDW) (“Tidewater” or the “Company”) announced today an earnings conference call has been scheduled for Friday, November 6, 2020 at 8:00 a.m. Central Time, during which President and Chief Executive Officer Quintin Kneen will discuss results for the second quarter ended September 30, 2020.


Investors and interested parties may listen to the earnings conference call via telephone by calling +1-888-771-4371 if calling from the U.S. or Canada (+1-847-585-4405 if calling from outside the U.S.) and asking for the “Tidewater” call just prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.

A replay of the conference call will be available beginning at 10:30 a.m. Central Time on October 30, 2020 and will continue until 11:59 p.m. Central Time on November 30, 2020. To access the replay, access the Investor Relations section of Tidewater’s website at investor.tdw.com.

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the Company involves numerous risks and uncertainties that may cause the Company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.

Tidewater owns and operates the largest fleet of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide. To learn more, visit www.tdw.com.


Contacts

Jason Stanley
Vice President Investor Relations & ESG
+1-713-470-5292
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SOURCE: Tidewater Inc.

Vibrant, forward-looking brand, reflects Leeward’s expanded renewable portfolio and future, growth trajectory

DALLAS--(BUSINESS WIRE)--Leeward Renewable Energy, LLC (“Leeward”) today announced that is has launched a refreshed logo and website to better represent the Company’s value proposition as a leading, growth-oriented renewable energy company with wind, solar and energy storage projects in energy markets across the U.S.


To initiate the branding process, Leeward conducted significant research, created internal workgroups and solicited external creative counsel to capture the true essence of the brand.

“We have worked diligently to develop a brand that communicates our mission and go-forward strategy,” said Leeward Renewable Energy Interim Chief Executive Officer Jason Allen. “Our new website and logo now accurately align with furthering our commitment as a premier renewables company, and to remaining a trusted partner and steward of the communities we serve, with an operating structure designed to support the lifecycle of our wind, solar and energy storage assets.”

The logo is a nod to Leeward’s rich history of owning and operating wind assets and it reflects the continuing growth our wind business and the Company’s expansion into solar energy. The distinctive “sail” carried over from Leeward’s legacy logo evokes the power of wind, and the “rising sun” represents solar.

The new website provides a holistic picture of Leeward’s renewable portfolio, including the Company’s heritage, its portfolio of 21 wind farms with a generating capacity of approximately 2,000 megawatts, its commitment to ESG, and its development of new wind, solar and energy storage projects, and other growth opportunities.

To view Leeward’s new website or learn more about Leeward’s renewable portfolio, visit: www.leewardenergy.com.

About Leeward Renewable Energy, LLC

Leeward Renewable Energy is a growth-oriented renewable energy company that owns and operates a portfolio of 21 wind farms across nine states, with 20 in operation and one under construction, totaling approximately 2,000 megawatts of generating capacity. Leeward is actively developing new wind, solar, and energy storage projects in energy markets across the U.S. Leeward is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada's largest defined benefit pension plans with C$109 billion in net assets (as at December 31, 2019). For more information, visit www.leewardenergy.com.


Contacts

Kelly Kimberly/Liz James
Sard Verbinnen & Co.
713.822.7538/281.881.5170
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NEW YORK--(BUSINESS WIRE)--Today, The Estée Lauder Companies (ELC) announced that it has achieved Net Zero emissions and sourced 100% renewable electricity globally for its direct operations, reaching the target it set on joining RE1001. Building upon this achievement, the company has also met its goal to set science-based emissions reduction targets for its direct operations and value chain, positioning the company to take even more decisive action against climate change in the coming decade.


“Today’s announcement signals a new level of ambition and dedication to climate action for The Estée Lauder Companies. Setting ambitious targets in line with the latest climate science is testament to our values and commitment to managing our business for the long term,” said Fabrizio Freda, President and Chief Executive Officer of The Estée Lauder Companies. “In this decisive decade for climate action, we will continue to accelerate efforts to ensure a healthy, beautiful planet for generations to come.”

To achieve its Net Zero emissions and RE100 goals by 2020, ELC focused first and foremost on reducing its operational carbon footprint by deploying high-quality solutions and investing in projects bringing additional renewable energy to the grid. The portfolio approach includes signing a Virtual Power Purchase Agreement (VPPA) for 22 megawatts (MW) of wind power from the Ponderosa wind farm in Oklahoma, sealing the company’s largest renewable energy agreement to-date. The Ponderosa wind farm alone will cover more than half of the company’s electricity footprint with renewable energy technologies.

ELC further added to its global renewable energy portfolio by installing ground-mount and rooftop on-site solar arrays at its facilities around the world, bringing the company’s global total to more than 5 MW of solar capacity. In markets where ELC operations have a comparatively smaller carbon footprint, the company procured renewable energy certificates (RECs) or their international equivalent to support local renewable energy generation. To address any remaining annual emissions from operations, ELC purchased offsets from the Massachusetts Tri-City Forestry project in North America, which protects 6,500 acres of public forestland from significant commercial timber harvesting and ensures long-term sustainable management of the forest.

Helen Clarkson, Chief Executive Officer, the Climate Group, said, “We congratulate The Estée Lauder Companies on their fantastic work to switch to renewable electricity globally. When large companies like The Estée Lauder Companies set their sights on an ambitious target, they can achieve huge change at a rapid pace. This is exactly the sort of leadership we need to see in the climate decade, as we work to halve global emissions.”

ELC’s new climate targets reinforce a legacy of managing the company with a lens for the long-term and focusing on the needs of future generations. The targets address Scopes 1, 2, and 3 emissions and are independently validated and approved by the Science Based Target initiative (SBTi):

  • The Estée Lauder Companies commits to reduce absolute scope 1 and 2 GHG emissions 50% by 2030 from a 2018 base year. This target is consistent with reductions required to keep warming to 1.5°C, the most ambitious goal of the Paris Agreement.
  • The Estée Lauder Companies also commits to reduce scope 3 GHG emissions from purchased goods and services, upstream transportation and distribution, and business travel 60% per unit revenue over the same timeframe. This target for the emissions from ELC’s value chain (Scope 3) meets the SBTi’s criteria for ambitious value chain goals, meaning they are in line with current best practice.

To take on the broader scope of addressing carbon impacts beyond its direct operations, ELC will build on its successes and learnings from achieving Net Zero and RE100. In doing so, the company intends to implement integrated solutions and foster joint value creation with supply chain partners and third-party manufacturers.

“The Estée Lauder Companies has been deeply committed to climate action for many years and, in 2020, we not only stayed true to our commitments, but took steps to further accelerate progress. At such a critical time for our planet and communities around the world, we know this work is more important than ever,” said Nancy Mahon, Senior Vice President, Global Corporate Citizenship and Sustainability of The Estée Lauder Companies. “The events of this year have only underscored the urgency and imperative of climate action and we’re committed to doing our part, collaborating with partners to tackle one of the greatest challenges of our time.”

For more information on ELC’s commitments and targets on climate, visit the fiscal year 2020 Citizenship and Sustainability Report.

Cautionary Note Regarding Citizenship and Sustainability Information:

This press release contains information about our citizenship and sustainability goals and efforts. Achievement of the goals involves certain risks and uncertainties, such as changes in our business (e.g., acquisitions, divestitures or new manufacturing or distribution locations), the standards by which achievement is measured, the assumptions underlying a particular goal and our ability to accurately report particular information. Actual results could differ from our stated goals or the results we expect. We also may change, or decide not to pursue, certain goals or initiatives. Moreover, the standards by which citizenship and sustainability efforts and related matters are measured are developing and evolving, and certain areas are subject to assumptions. The standards and assumptions could change over time. In addition, statements made about the company, its business or efforts may not apply to all business units (e.g., ones that are recently acquired). We assume no responsibility to update the information contained in this press release or to continue to report any information.

About The Estée Lauder Companies Inc.

The Estée Lauder Companies Inc. is one of the world’s leading manufacturers and marketers of quality skin care, makeup, fragrance and hair care products. The Company’s products are sold in approximately 150 countries and territories under brand names including: Estée Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins, Tommy Hilfiger, M·A·C, Kiton, La Mer, Bobbi Brown, Donna Karan New York, DKNY, Aveda, Jo Malone London, Bumble and bumble, Michael Kors, Darphin, Tom Ford, Smashbox, Ermenegildo Zegna, AERIN, RODIN olio lusso, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, KILIAN PARIS, BECCA, Too Faced and Dr. Jart+.

ELC-C
ELC-I

 


1 ELC joined the RE100 campaign in 2017. Please see www.there100.org for more information.


Contacts

Media: Bari Seiden-Young
(212) 572-4475
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The platform will help the retailer increase revenue and drive better customer engagement

ATLANTA--(BUSINESS WIRE)--#convenienceretail--PDI (www.pdisoftware.com), a global provider of enterprise software solutions to the convenience retail, wholesale petroleum, and logistics industries, announced that Jacksons Food Stores has selected PDI Insights Cloud, formerly SwiftIQ, to enhance supplier collaboration and drive profitable merchandise promotions, placement, and pricing.


Jacksons has been a PDI customer for decades and recently expanded its relationship with the software company to include Insights Cloud. The solution, which was released globally in June, allows the multi-site retailer to gain actionable insights from real-time transaction- and basket-level data. In addition, Jacksons’ suppliers can access and analyze the same data, enabling them to partner more effectively with the retailer and deliver revenue-generating results.

"With over 260 stores across six states, our business serves many guests and generates an incredible amount of data points," said Ben Wynkoop, senior vice president of Marketing and Merchandising for Jacksons Food Stores. "PDI's platform helps us turn all that data into valuable insights about what our guests want. Now, we're able to work closely with our CPG partners to understand our guests' needs and adjust our merchandising strategies for assortment, pricing, and promotion to localize our tactics to best serve our guests in each store."

Insights Cloud also gives suppliers a competitive edge by providing access to category data that helps them understand how their products are performing against other brands.

In addition to the transaction-level insights, PDI is also integrating loyalty data into Jacksons’ customized solution. This allows the chain to analyze shopper behavior and satisfy consumer preferences based on various loyalty customer segments.

“We’re excited to continue providing Jacksons with the solutions they need to increase operational efficiency and drive more revenue for their business,” said Jamie Hudson, senior vice president, and general manager, Offers and Insights at PDI. “Retailers have wanted a way to improve collaboration with their suppliers and gain the insights they need to reach and engage consumers on a deeper level, and Insights Cloud does exactly that.”

About PDI

Professional Datasolutions, Inc. (PDI) helps convenience retailers and petroleum wholesalers thrive through digital transformation and enterprise software that enables them to grow topline revenue, optimize operations and unify their business across the entire value chain. Over 1,500 customers in more than 200,000 locations worldwide count on our leading ERP, logistics, fuel pricing and marketing cloud solutions to provide insights that increase volume, margin and customer loyalty. PDI owns and operates the Fuel Rewards® loyalty program that is consistently ranked as a top-performing fuel savings program year after year. For more than 35 years, our comprehensive suite of solutions and unmatched expertise have helped customers of any size reimagine their enterprise and deliver exceptional customer experiences. For more information about PDI, visit www.pdisoftware.com.


Contacts

Cederick Johnson, PDI
+1 254.410.7600 I This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Iraq Projects, H2 2020 with COVID-19 Impact Update - MEED Insights" report has been added to ResearchAndMarkets.com's offering.


With vast oil and gas reserves, a large well-educated workforce, and about $450bn of major Projects, planned or underway, there is no doubting the huge potential of the Iraq market for anybody looking for new project opportunities in the Middle East. The reality however is that the country's vast potential has been undermined for decades by war, insurrection and sanctions, leaving it facing major political, economic and capacity challenges.

An improvement in Iraq's security situation in 2018 following its "liberation" from the Islamic State in Iraq and Syria (Isis) in December 2017, combined with an improving economic outlook, gave Iraqis hope that perhaps they could look forward to a period of stability during which they could start rebuilding their country.

But the joint issues of Covid-19 and falling oil prices have created a fiscal crisis as the government struggles to meet its financial commitments. Projects have had to be delayed as Baghdad prioritises social expenditure. At the same time, crude prices around $40 a barrel and OPEC quotas on production have meant that the Oil Ministry has asked the various international oil companies to slow down project expenditure and pare back output, further limiting the Projects, market.

Like elsewhere in the region, falling state revenues have placed a greater emphasis on bringing greater private sector participation in the Projects, market either through public-private-partnerships (PPPs) or attracting direct foreign investment in Projects,.

However, the political and security situation and lack of regulations make the successful implementation of PPP Projects, extremely challenging no matter what the support. Instead, the Projects, that are more likely to proceed are those which have funding support from international development banks and funds. Recent successful major Projects, like the Basra refinery upgrade project are examples where direct foreign funding can provide a way forward for much needed infrastructure development in the country.

Reasons to Buy

  • Opportunities and challenges in Iraq's Projects, market
  • Analysis of the pipeline of planned Projects, and contract awards
  • Key policies and drivers shaping the outlook for Projects, in Iraq
  • Political and economic background
  • The barriers and challenges that may arise
  • Sector-by-sector breakdown of future project plans
  • Key drivers of Projects, in each sector
  • Iraq's most valuable key Projects, and major project sponsors

Key Topics Covered:

Preface

  • Executive Summary

Iraq Country Overview

  • Iraq Projects Market

Impact of COVID-19

  • Oil and Gas
  • Construction
  • Transport
  • Industrial
  • Power and Water

For more information about this report visit https://www.researchandmarkets.com/r/8st7kh


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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First-of-its-kind following robot, gita to roll out at Cincinnati’s CVG International Airport, with Lexington, KY’s innovative food delivery company Delivery Co-op and at one of Doğan’s largest retail malls and marinas in Turkey

BOSTON--(BUSINESS WIRE)--Today, Piaggio Fast Forward (PFF) announces its first enterprise test programs which introduce gita, the innovative following robot for business applications. While gita is already introduced to the consumer market, PFF is excited to launch a series of scalable pilot programs with partners across select industries including travel, hospitality, real estate, retail, local food delivery and more in an effort to expand how gita assists consumers and employees in commercial spaces.


"Robots are more acceptable and desirable than ever before for both personal use as a consumer and for businesses,” said Greg Lynn, PFF’s Chief Executive Officer. “At Piaggio Fast Forward, we develop robotics that are ready for the market and in the world being used without the need for remote oversight or piloting. Instead of replacing humans we empower them. With gita, human efficiency increases exponentially as people can walk further, faster and more frequently. We are limited to campuses but are ready for immediate use in retail, residential and commercial environments where we can bring immediate return on investment by bringing efficiency in human performance with robots that move with people safely rather than treating people as obstacles to be replaced."

Having launched to market in 2019, gita helps consumers rethink personal mobility and with these pilot programs, gita and PFF are impacting mobility solutions at a greater scale. The partners include:

  • CVG Airport, Cincinnati/Northern Kentucky’s International Airport through its CVG Aviation Innovation (CVG’s) team, renowned for paving the way for the latest in airport technologies, gita will be used to clear the path for contactless, digital, concierge services for travelers and to assist elsewhere in processes like luggage and cargo transport.
  • Delivery Co-op in Lexington, KY., an employee and restaurant-owned food delivery company focused on fair, inclusive, hyper localized service will use gita for safe, contactless neighborhood deliveries.
  • Doğan Trend Automotive, which is part of Doğan Group, whose companies play a pioneering role across the wide variety of sectors in Turkey in which they operate, including energy, industry, fuel, finance, internet & entertainment, automotive, tourism and real estate. Doğan will be testing gitas at two of their locations, including a retail mall and a waterfront marina location, where consumers can elect to have gita shepherd commonly needed items like ice and beverages as well as groceries, shopping bags and more for them.

Michele Colaninno, PFF’s Founder and Chairman of the Board, commented, “These pilot programs are a testament to the excitement and energy that a product like gita brings to folks. The gita robot is a new tool for a new today and sits at the intersection of new urbanism, helper robots and the human mobility revolution. Today robots are more acceptable and desirable than ever before for both personal use as a consumer and increasingly, at scale as an assistive device in retail, residential and commercial environments. This corresponds precisely with our ideas at PFF: robotic intelligence and human beings must cooperate and develop a mutually beneficial relationship in order to create a better world for tomorrow."

Designed to increase and support greater mobility and capable of carrying up to 40 pounds, at up to six miles per hour, gita is developed with walkability in mind as hands-free walking leads to fun, freedom and exploration. PFF continues to look forward to unlocking walkability in mixed-use developments and communities, enabling curbside convenience, supporting retail experiences and providing an experience where robots assist and empower people to be more efficient. These pilot programs will showcase gita as a progressive vision of a healthy local lifestyle powered by a new micro mobility ecology where people and robots move together.

More information on gita pilot program partners will be announced shortly.

Shop gita

gita is available for consumers at a retail price of $3,250. Please visit mygita.com to place your order or learn more about gita.

About Piaggio Fast Forward

Piaggio Fast Forward was founded in 2015 by the Piaggio Group, the Italian manufacturer behind the iconic Vespa, with a mission to build technology products that move the way people move. Its vision is of a sustainable mobility ecology with healthy lifestyles and social connectivity available to all, regardless of age or abilities. PFF’s first product, the gita robot launched in November 2019. PFF is headquartered in Boston, Massachusetts and recently opened its first facility featuring 10,000 square feet of assembly and production space. For more information, please visit piaggiofastforward.com.

About Piaggio Group

Established in 1884, Piaggio Group is the largest scooter and motorcycle manufacturer in Europe and one of the global leaders in the sector. The Piaggio Group has been listed on the Italian stock exchange since 2006 and has three main business lines: 2 and 3 wheelers (scooters and motorcycles), light commercial vehicles and robotics (PFF). The Group’s portfolio includes some of the most iconic and famous brands in the light mobility industry, such as: Piaggio, Vespa, Moto Guzzi, Gilera, Derbi, Ape and Piaggio Commercial. Piaggio Group counts more than 6,600 employees, it has distribution in more than 100 countries and six industrial plants (in Italy, India, China and Vietnam). The Group also has four research and development centers, which employ approximately 1,000 people.

For more information about gita and these pilot programs, or to speak with a representative from PFF, please reach out.


Contacts

Media Contacts
PFF: Elizabeth Murphy / This email address is being protected from spambots. You need JavaScript enabled to view it./ (310) 272-6371
M&C Saatchi: Matt Draper / This email address is being protected from spambots. You need JavaScript enabled to view it. / (303) 250-3914

Pilot Program Contact
PFF: Gary DiLeo / This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Qatar Projects, H2 2020 with COVID-19 Impact Update - MEED Insights" report has been added to ResearchAndMarkets.com's offering.


Like most other Projects, markets in the GCC, Qatar has been hit by the Covid-19 pandemic. In the period March-May public sector tendering slowed to a crawl and few Projects, were awarded.

However, the market picked up again in June and July. Contract awards in the first six months of the year were just 10 per cent down on the same period in 2019 and considerably higher than the first half of 2018.

A major driver of this is of course with FIFA 2022 World Cup. With just over two years to go, Doha has little choice but to maintain spending on various associated infrastructure Projects, to ensure the event will be a success. Roads, sewerage, and drainage are at the receiving end of billions of dollars of investment to ensure the state has the capacity and capability of hosting the hundreds of thousands of fans expected to come for the tournament.

An even bigger fillip is expected in the form of the $20bn-plus investment in the forthcoming LNG programme. Awards on the main EPC packages were originally forecast for this year but even if they come in 2021, they have the potential to more than double the size of the market and provide a considerable stimulus to the local economy.

Longer term, there are still question marks over what will happen to the Projects market once the World Cup is over. This is an issue for which there is still no clear answer, and which the government is expected to reveal over the next two years as part of its 2030 Vision which will drive a large part of the future project programme.

Reasons to Buy

  • Opportunities and challenges in Qatar's Projects, market
  • Analysis of the pipeline of planned Projects, and contract awards
  • Key policies and drivers shaping the outlook for Projects, in Qatar
  • Political and economic background
  • The barriers and challenges that may arise
  • Sector-by-sector breakdown of future project plans
  • Key drivers of Projects, in each sector
  • Qatar's most valuable key Projects, and major project sponsors

Key Topics Covered:

Preface

  • Executive Summary

Qatar Country Overview

  • Qatar Projects Market

Impact of COVID-19 and Latest Forecasts

  • Oil and Gas
  • Construction
  • Transport
  • Industrial
  • Power and Water

For more information about this report visit https://www.researchandmarkets.com/r/40s1vw


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "United States Bunker Fuel Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.


The United States bunker fuel market is expected to grow at a CAGR of more than 10% over the forecast period.

The market is driven by rising maritime transportation of essential commodities, implementation of the stricter environmental regulations driving the demand for cleaner bunker fuels, and the increase in the use of marine vessels for offshore oil and gas developments. However, the trade tension began between the United States and China in 2018 due to the setting of high tariffs and other trade barriers, which is expected to restrain the market.

  • Very-low Sulfur Fuel Oil (VLSFO) segment is expected to have significant growth in the Unites States bunker fuel market over the forecast period.
  • Methanol is a safe, cost-efficient fuel. With the growing demand for cleaner marine fuel, methanol is an alternative fuel for ships that helps the shipping industry meet increasingly strict emissions regulations, which in turn is likely to provide an opportunity for the market in the future.
  • Growth of natural gas trade is likely to drive the United States bunker fuel market during the forecast period.

Key Market Trends

Very-Low Sulfur Fuel Oil (VLSFO) Segment is Expected to Witness Significant Growth

The refining industry players in the country have indicated that they have enough infrastructure to meet the low-Sulphur conventional fuel requirements according to IMO regulations. The LNG bunkering infrastructure in the country is also relatively un-developed. Hence, conventional fuel is expected to maintain dominance in the bunker fuel industry during the forecast period.

  • Marine fuel containing less than 0.5% of sulfur is generally termed as very-low sulfur fuel oil. Very-low sulfur fuel oil did not witness demand as a bunker fuel until 2019. However, the deadline for IMO 2020 led to an increase in the demand for VLSFO. As of January 1, 2020, HSFO can only be used in ships having scrubbers installed to reduce the emissions.
  • Most of the high-sulfur fuel oil (HSFO) bunker fuel market is expected to be shortly replaced by low-sulfur alternatives. Most of the VLSFO available in the market is blended from residual and distillate components, which are blended with numerous cutters of varying sulfur and viscosity to create an on-specification product.
  • The demand for VLSFO witnessed a significant growth since January 2020, due to the IMO 2020 Regulations coming into effect. However, due to the weak demand caused by the outbreak of COVID-19, the price, as well as the demand for VLSFO, declined.
  • Moreover, the demand for VLSFO is expected to rise with the control of the outbreak in the major import and export countries, like China and the United States. The demand for VLSFO is expected to revive after mid-2021. Post 2020, the demand is likely to rise on account of opening of all the trade routes and relative price rise.

Growth of Natural Gas Trade is Likely to Drive the Market

LNG or natural gas is a cleaner form of energy emitting lesser carbon particles than other petroleum products or other fossil fuels, like coal.

  • An increasing consumption rate of natural gas, on account of mounting environmental concerns in the United States, is expected to ramp up production capacities of their oil and gas fields. The United States' natural gas consumption in 2019 was about 846.6 billion cubic meters, the highest annual amount recorded.
  • Technology, such as unconventional directional drilling techniques, supported the United States to increase the production volume of shale gas from basins, like Marcellus and Permian basins. Moreover, the United States planned to be a net exporter of energy by 2020, including the export of petroleum products, natural gas, coal, and coke.
  • Thus, the factors mentioned above are likely to act as a driver for the growth of natural gas trade in the country. This, in turn, would increase cleaner vessel movements. Thus, it would support the bunker fuel market's growth during the forecast period.

Competitive Landscape

The United States bunker fuel market is moderately consolidated. Some of the major players in the market include Exxon Mobil Corporation, Royal Dutch Shell PLC, Chevron Corporation, Clipper Oil Company, and NuStar Energy L.P.

For more information about this report visit https://www.researchandmarkets.com/r/5ixjsv


Contacts

ResearchAndMarkets.com
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LONDON--(BUSINESS WIRE)--#GlobalOilfieldDrillingDerrickandMastMarket--The oilfield drilling derrick and mast market is poised to grow by USD 5.42 million during 2020-2024 progressing at a CAGR of almost 3% during the forecast period.



Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Download Free Sample Report on COVID-19 Recovery Analysis

The report on the oilfield drilling derrick and mast market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.

The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by an increase in oil and gas E&P activities.

The oilfield drilling derrick and mast market analysis includes the application segment geography landscape. This study identifies the growing upstream investment as one of the prime reasons driving the oilfield drilling derrick and mast market growth during the next few years.

This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.

The Oilfield Drilling Derrick and Mast market covers the following areas:

Oilfield Drilling Derrick and Mast Market Sizing

Oilfield Drilling Derrick and Mast Market Forecast

Oilfield Drilling Derrick and Mast Market Analysis

Companies Mentioned

  • Chengdu Zhonghang Machinery Co. Ltd.
  • Drillmec Spa
  • FABTECH International Ltd.
  • Lee C. Moore, A Woolslayer Co.
  • MHWirth AS
  • National Oilwell Varco Inc.
  • Schlumberger Ltd.
  • Superior Derrick Services LLC
  • Tri-Service Oilfield Manufacturing Ltd.
  • TSC Group Holdings Ltd.

     

Key Topics Covered:

Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five forces summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Application

  • Market segments
  • Comparison by Application
  • Onshore - Market size and forecast 2019-2024
  • Offshore - Market size and forecast 2019-2024
  • Market opportunity by Application

Customer landscape

  • Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • APAC - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Chengdu Zhonghang Machinery Co. Ltd.
  • Drillmec Spa
  • FABTECH International Ltd.
  • MHWirth AS
  • National Oilwell Varco Inc.
  • Schlumberger Ltd.
  • Superior Derrick Services LLC
  • Tri-Service Oilfield Manufacturing Ltd.
  • TSC Group Holdings Ltd.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

     

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.


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