DUBLIN--(BUSINESS WIRE)--The "Global Turbines" report has been added to ResearchAndMarkets.com's offering.
This study analyzes global supply of and demand for turbines, turbine-based engines, generators, and generator sets. Specific products covered include gas combustion turbines, steam turbines, hydraulic turbines, wind turbines, microturbines, turbine-based engines (both aircraft and marine), and turbine-based generators and generator sets.
Demand is also segmented by global region and market:
This study treats original equipment demand for turbine products used in aircraft or marine vessels as occurring in the nation where the vehicle is built. In contrast, aftermarket demand is counted in the nation where the vehicle is used.
Key Topics Covered:
1. Executive Summary
2. Regional Outlook & Factors Impacting Demand
3. Products
4. Markets
5. North America
6. Central & South America
7. Western Europe
8. Eastern Europe
9. Asia/Pacific
11. Industry Structure
12. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/tpjdcm
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EWING, N.J.--(BUSINESS WIRE)--$OLED #OLED--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today reported financial results for the fourth quarter and full year ended December 31, 2020.
“2020 was an unprecedented year. The tremendous and commendable agility and execution focus of everyone at UDC enabled us to continue to build upon our first-mover advantage in the OLED ecosystem and we believe that we are well positioned to emerge an even stronger company when this global health crisis ends,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “During the year, we announced long-term agreements with China Star Optoelectronics, achieved record quarterly revenue of $141.5 million in the fourth quarter, celebrated the 20-year anniversary of our strategic partnership with PPG, and established OVJP Corporation to advance the commercialization of our groundbreaking OLED TV manufacturing technology. In addition, we expanded our corporate social responsibility initiatives, and were recognized by Fortune as one of the world’s 100-Fastest Growing Companies and Newsweek as one of America’s Most Responsible Companies.”
Rosenblatt continued, “Our outlook for 2021 anticipates another year of meaningful growth and performance, while also continuing to invest in near-term and long-term opportunities to fortify our pathway for growth. As the adoption of OLEDs in the consumer landscape is forecasted to broaden in the coming years, we are investing in our people, our infrastructure and our innovation to advance our leadership position and to further enable our customers and the OLED ecosystem.”
Financial Highlights for the Fourth Quarter of 2020
Revenue Comparison |
||||||||
($ in thousands) |
|
Three Months Ended December 31, |
|
|||||
|
|
2020 |
|
|
2019 |
|
||
Material sales |
|
$ |
62,538 |
|
|
$ |
60,752 |
|
Royalty and license fees |
|
|
75,046 |
|
|
|
37,800 |
|
Contract research services |
|
|
3,959 |
|
|
|
3,177 |
|
Total revenue |
|
$ |
141,543 |
|
|
$ |
101,729 |
|
Cost of Materials Comparison |
||||||||
($ in thousands) |
Three Months Ended December 31, |
|||||||
2020 |
2019 |
|||||||
Material sales |
$ | 62,538 |
$ | 60,752 |
||||
Cost of material sales |
24,602 |
16,281 |
||||||
Gross margin on material sales |
37,936 |
44,471 |
||||||
Gross margin as a % of material sales |
61 |
% |
73 |
% |
||||
Financial Highlights for the Full Year of 2020
Revenue Comparison |
||||||||
($ in thousands) |
|
Full Year Ended December 31, |
|
|||||
|
|
2020 |
|
|
2019 |
|
||
Material sales |
|
$ |
229,749 |
|
|
$ |
243,413 |
|
Royalty and license fees |
|
|
185,054 |
|
|
|
150,022 |
|
Contract research services |
|
|
14,064 |
|
|
|
11,742 |
|
Total revenue |
|
$ |
428,867 |
|
|
$ |
405,177 |
|
Cost of Materials Comparison |
||||||||
($ in thousands) |
|
Full Year Ended December 31, |
|
|||||
|
|
2020 |
|
|
2019 |
|
||
Material sales |
|
$ |
229,749 |
|
|
$ |
243,413 |
|
Cost of material sales |
|
|
75,939 |
|
|
|
66,482 |
|
Gross margin on material sales |
|
|
153,810 |
|
|
|
176,931 |
|
Gross margin as a % of material sales |
|
|
67 |
% |
|
|
73 |
% |
2021 Guidance
The Company believes that its 2021 revenue will be approximately in the range of $530 million to $560 million. The OLED industry remains at a stage where many variables can have a material impact on its growth, and the Company thus caveats its financial guidance accordingly.
Dividend
The Company also announced a first quarter 2021 cash dividend of $0.20 per share on the Company’s common stock. The dividend is payable on March 31, 2021 to all shareholders of record on March 16, 2021.
Conference Call Information
In conjunction with this release, Universal Display will host a conference call on Thursday, February 18, 2021 at 5:00 p.m. Eastern Time. The live webcast of the conference call can be accessed under the events page of the Company's Investor Relations website at ir.oled.com. Those wishing to participate in the live call should dial 1-877-524-8416 (toll-free) or 1-412-902-1028. Please dial in 5-10 minutes prior to the scheduled conference call time. An online archive of the webcast will be available within two hours of the conclusion of the call.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of low power and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training.
Headquartered in Ewing, New Jersey, with international offices in China, Hong Kong, Ireland, Japan, South Korea and Taiwan, and wholly-owned subsidiary Adesis, Inc. based in New Castle, Delaware, Universal Display works and partners with a network of world-class organizations. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
All statements in this document that are not historical, such as those relating to the impact of the COVID-19 pandemic on the Company and otherwise, the Company’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
Follow Universal Display Corporation
(OLED-C)
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) |
||||||||
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
630,012 |
|
|
$ |
131,627 |
|
Short-term investments |
|
|
99,996 |
|
|
|
514,461 |
|
Accounts receivable |
|
|
82,261 |
|
|
|
60,452 |
|
Inventory |
|
|
91,591 |
|
|
|
63,953 |
|
Other current assets |
|
|
20,746 |
|
|
|
21,946 |
|
Total current assets |
|
|
924,606 |
|
|
|
792,439 |
|
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $72,493 and $57,276 |
|
|
102,113 |
|
|
|
87,872 |
|
ACQUIRED TECHNOLOGY, net of accumulated amortization of $153,050 and $132,468 |
|
|
70,253 |
|
|
|
90,774 |
|
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $6,155 and $4,768 |
|
|
10,685 |
|
|
|
12,072 |
|
GOODWILL |
|
|
15,535 |
|
|
|
15,535 |
|
INVESTMENTS |
|
|
5,000 |
|
|
|
5,000 |
|
DEFERRED INCOME TAXES |
|
|
37,695 |
|
|
|
30,375 |
|
OTHER ASSETS |
|
|
103,341 |
|
|
|
86,090 |
|
TOTAL ASSETS |
|
$ |
1,269,228 |
|
|
$ |
1,120,157 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
13,801 |
|
|
$ |
13,296 |
|
Accrued expenses |
|
|
41,404 |
|
|
|
49,022 |
|
Deferred revenue |
|
|
105,215 |
|
|
|
97,333 |
|
Other current liabilities |
|
|
4,540 |
|
|
|
1,857 |
|
Total current liabilities |
|
|
164,960 |
|
|
|
161,508 |
|
DEFERRED REVENUE |
|
|
57,086 |
|
|
|
47,529 |
|
RETIREMENT PLAN BENEFIT LIABILITY |
|
|
78,527 |
|
|
|
51,117 |
|
OTHER LIABILITIES |
|
|
55,941 |
|
|
|
48,554 |
|
Total liabilities |
|
|
356,514 |
|
|
|
308,708 |
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
Preferred Stock, par value $0.01 per share, 5,000,000 shares authorized, 200,000 shares of Series A Nonconvertible Preferred Stock issued and outstanding (liquidation value of $7.50 per share or $1,500) |
|
|
2 |
|
|
|
2 |
|
Common Stock, par value $0.01 per share, 200,000,000 shares authorized, 49,013,476 and 48,852,193 shares issued, and 47,647,828 and 47,486,545 shares outstanding at December 31, 2020 and December 31, 2019, respectively |
|
|
490 |
|
|
|
489 |
|
Additional paid-in capital |
|
|
635,595 |
|
|
|
620,236 |
|
Retained earnings |
|
|
353,930 |
|
|
|
249,003 |
|
Accumulated other comprehensive loss |
|
|
(36,019 |
) |
|
|
(16,997 |
) |
Treasury stock, at cost (1,365,648 shares at December 31, 2020 and December 31, 2019) |
|
|
(41,284 |
) |
|
|
(41,284 |
) |
Total shareholders’ equity |
|
|
912,714 |
|
|
|
811,449 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
1,269,228 |
|
|
$ |
1,120,157 |
|
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share and per share data) |
|||||||||||||||||
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
||||||||||||
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
||||||
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|||||
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Material sales |
|
$ |
62,538 |
|
|
$ |
60,752 |
|
|
$ |
229,749 |
|
|
$ |
243,413 |
|
|
Royalty and license fees |
|
|
75,046 |
|
|
|
37,800 |
|
|
|
185,054 |
|
|
|
150,022 |
|
|
Contract research services |
|
|
3,959 |
|
|
|
3,177 |
|
|
|
14,064 |
|
|
|
11,742 |
|
|
Total Revenue |
|
|
141,543 |
|
|
|
101,729 |
|
|
|
428,867 |
|
|
|
405,177 |
|
|
COST OF SALES |
|
|
26,998 |
|
|
|
18,202 |
|
|
|
85,478 |
|
|
|
75,374 |
|
|
Gross margin |
|
|
114,545 |
|
|
|
83,527 |
|
|
|
343,389 |
|
|
|
329,803 |
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
22,186 |
|
|
|
19,827 |
|
|
|
83,894 |
|
|
|
71,276 |
|
|
Selling, general and administrative |
|
|
16,217 |
|
|
|
19,082 |
|
|
|
61,346 |
|
|
|
59,613 |
|
|
Amortization of acquired technology and other intangible assets |
|
|
5,495 |
|
|
|
5,493 |
|
|
|
21,969 |
|
|
|
21,962 |
|
|
Patent costs |
|
|
1,938 |
|
|
|
1,688 |
|
|
|
7,529 |
|
|
|
6,833 |
|
|
Royalty and license expense |
|
|
2,930 |
|
|
|
2,948 |
|
|
|
11,125 |
|
|
|
11,776 |
|
|
Total operating expenses |
|
|
48,766 |
|
|
|
49,038 |
|
|
|
185,863 |
|
|
|
171,460 |
|
|
OPERATING INCOME |
|
|
65,779 |
|
|
|
34,489 |
|
|
|
157,526 |
|
|
|
158,343 |
|
|
Interest income, net |
|
|
695 |
|
|
|
2,459 |
|
|
|
5,139 |
|
|
|
10,795 |
|
|
Other income, net |
|
|
230 |
|
|
|
27 |
|
|
|
864 |
|
|
|
767 |
|
|
Interest and other income, net |
|
|
925 |
|
|
|
2,486 |
|
|
|
6,003 |
|
|
|
11,562 |
|
|
INCOME BEFORE INCOME TAXES |
|
|
66,704 |
|
|
|
36,975 |
|
|
|
163,529 |
|
|
|
169,905 |
|
|
INCOME TAX EXPENSE |
|
|
(12,802 |
) |
|
|
(10,547 |
) |
|
|
(30,157 |
) |
|
|
(31,601 |
) |
|
NET INCOME |
|
$ |
53,902 |
|
|
$ |
26,428 |
|
|
$ |
133,372 |
|
|
$ |
138,304 |
|
|
NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC |
|
$ |
1.13 |
|
|
$ |
0.56 |
|
|
$ |
2.80 |
|
|
$ |
2.92 |
|
|
DILUTED |
|
$ |
1.13 |
|
|
$ |
0.56 |
|
|
$ |
2.80 |
|
|
$ |
2.92 |
|
|
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC |
|
|
47,241,078 |
|
|
|
46,997,368 |
|
|
|
47,198,982 |
|
|
|
46,959,775 |
|
|
DILUTED |
|
|
47,298,692 |
|
|
|
47,031,759 |
|
|
|
47,236,994 |
|
|
|
46,995,462 |
|
|
CASH DIVIDENDS DECLARED PER COMMON SHARE |
|
$ |
0.15 |
|
|
$ |
0.10 |
|
|
$ |
0.60 |
|
|
$ |
0.40 |
|
|
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
||||||||||
|
|
Year Ended December 31, |
||||||||
|
|
2020 |
|
|
2019 |
|
|
|||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
133,372 |
|
|
$ |
138,304 |
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Amortization of deferred revenue and recognition of unbilled receivables |
|
|
(183,997 |
) |
|
|
(135,368 |
) |
|
|
Depreciation |
|
|
15,217 |
|
|
|
12,456 |
|
|
|
Amortization of intangibles |
|
|
21,969 |
|
|
|
21,962 |
|
|
|
Change in excess inventory reserve |
|
|
1,114 |
|
|
|
5,938 |
|
|
|
Amortization of premium and discount on investments, net |
|
|
(4,960 |
) |
|
|
(6,643 |
) |
|
|
Stock-based compensation to employees |
|
|
26,631 |
|
|
|
16,148 |
|
|
|
Stock-based compensation to Board of Directors and Scientific Advisory Board |
|
|
1,647 |
|
|
|
1,548 |
|
|
|
Deferred income tax benefit |
|
|
(4,446 |
) |
|
|
(5,776 |
) |
|
|
Retirement plan expense |
|
|
5,656 |
|
|
|
5,818 |
|
|
|
Decrease (increase) in assets: |
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(21,809 |
) |
|
|
(17,323 |
) |
|
|
Inventory |
|
|
(28,752 |
) |
|
|
109 |
|
|
|
Other current assets |
|
|
6,497 |
|
|
(15,238 |
) |
|
||
Other assets |
|
|
(13,481 |
) |
|
|
(13,291 |
) |
|
|
Increase (decrease) in liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
|
(8,305 |
) |
|
|
15,516 |
|
|
|
Other current liabilities |
|
|
2,683 |
|
|
|
(5,183 |
) |
|
|
Deferred revenue |
|
|
192,369 |
|
|
|
157,321 |
|
|
|
Other liabilities |
|
|
7,387 |
|
|
|
17,614 |
|
|
|
Net cash provided by operating activities |
|
|
148,792 |
|
|
|
193,912 |
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(27,991 |
) |
|
|
(30,059 |
) |
|
|
Purchase of intangibles |
|
|
(60 |
) |
|
|
(401 |
) |
|
|
Purchases of investments |
|
|
(604,153 |
) |
|
|
(931,854 |
) |
|
|
Proceeds from sale and maturity of investments |
|
|
1,023,460 |
|
|
|
723,600 |
|
|
|
Net cash provided by (used in) investing activities |
|
|
391,256 |
|
|
|
(238,714 |
) |
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock |
|
|
1,176 |
|
|
|
889 |
|
|
|
Repurchase of common stock |
|
|
— |
|
|
|
(649 |
) |
|
|
Payment of withholding taxes related to stock-based compensation to employees |
|
|
(14,394 |
) |
|
|
(15,980 |
) |
|
|
Cash dividends paid |
|
|
(28,445 |
) |
|
|
(18,853 |
) |
|
|
Net cash used in financing activities |
|
|
(41,663 |
) |
|
|
(34,593 |
) |
|
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
|
498,385 |
|
|
|
(79,395 |
) |
|
|
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |
|
|
131,627 |
|
|
|
211,022 |
|
|
|
CASH AND CASH EQUIVALENTS, END OF YEAR |
|
$ |
630,012 |
|
|
$ |
131,627 |
|
|
|
The following non-cash activities occurred: |
|
|
|
|
|
|
|
|
|
|
Unrealized (loss) gain on available-for-sale securities |
|
$ |
(118 |
) |
|
$ |
241 |
|
|
|
Common stock issued to Board of Directors and Scientific Advisory Board that was earned and accrued for in a previous period |
|
|
300 |
|
|
|
300 |
|
|
|
Net change in accounts payable and accrued expenses related to purchases of property and equipment |
|
|
(1,468 |
) |
|
|
(530 |
) |
|
|
Cash paid for income tax |
|
|
36,269 |
|
|
|
46,602 |
|
|
|
Universal Display Contact:
Darice Liu
This email address is being protected from spambots. You need JavaScript enabled to view it.
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 609-964-5123
Medium Earth Orbit (MEO) satellite communications will support U.S. servicemen overseas
RESTON, Va.--(BUSINESS WIRE)--SES Government Solutions (SES GS), a wholly-owned subsidiary of SES, today announced the award of a new portable maritime solution task order against the single-award Blanket Purchase Agreement (BPA) with the U.S. Department of Defense (DoD) for Medium Earth Orbit (MEO) low-latency High Throughput Satellite (HTS) services. The solution leverages the O3b MEO satellite constellation operating 8,000km away from Earth.
The Department of Defense procured a portable MEO service to support forward deployed U.S. military personnel. Initial deployment of the service exceeded customer expectations and was very well received. This represents a significant breakthrough with the DoD using O3b MEO capabilities for portable high-throughput, low-latency services.
SES GS’s solution integrates the O3b MEO system with a portable antenna and is designed to support both portability and freedom of movement. The self-contained ruggedized design houses all equipment in a rack system with AC unit, power distribution and a battery backup system and can achieve upwards of 400 Mbps x 200 Mbps of throughput over the O3b network.
“The need to provide resilient and diverse satellite communications is critical to meeting Department of Defense SATCOM requirements,” said President and CEO of SES Government Solutions, Brigadier General Pete Hoene, USAF (retired). “This industrial-grade, high-throughput, low-latency capability has been integrated into a turnkey MEO terminal and can be scaled up or down based on the number of users and support requirements. The demonstrated throughput is unsurpassed in a portable maritime system of this size.”
With its new portable maritime solution, SES GS is proud to provide unprecedented connectivity in support of the deployed U.S. DoD personnel and looks forward to continuing mission support with its next-generation O3b mPOWER capability.
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About SES Government Solutions
SES Government Solutions (SES GS) is a wholly-owned subsidiary of SES, the leader in global content connectivity solutions. SES GS operates under a proxy board allowing them to provide services through contracts with the U.S. Government, including classified work. SES GS is exclusively focused on meeting the satellite communications needs of the U.S. Government. Leveraging more than four decades of experience in the government SATCOM market, SES GS offers robust and secure end-to-end satellite communications solutions. Further information can be found at www.ses-gs.com.
About SES
SES has a bold vision to deliver amazing experiences everywhere on earth by distributing the highest quality video content and providing seamless connectivity around the world. As the leader in global content connectivity solutions, SES operates the world’s only multi-orbit constellation of satellites with the unique combination of global coverage and high performance, including the commercially-proven, low-latency Medium Earth Orbit O3b system. By leveraging a vast and intelligent, cloud-enabled network, SES is able to deliver high-quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to the world’s leading telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners. SES’s video network carries over 8,200 channels and has an unparalleled reach of 367 million households, delivering managed media services for both linear and non-linear content. The company is listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com.
Jon Bennett
Government Affairs, Marketing & Corporate Communications, SES GS
Tel. +1 703 610 0998
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Suzanne Ong
External Communications, SES
Tel. +352 710 725 500
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Excellent Q4 Results Driven By Advanced Mobility Growth and Strong Operational Execution
CHANDLER, Ariz.--(BUSINESS WIRE)--Rogers Corporation (NYSE:ROG) today announced financial results for the full year and fourth quarter of 2020.
“Accelerating growth in Advanced Mobility markets, combined with continued improvements in operational execution, drove fourth quarter results above the top end of our guidance,” stated Bruce D. Hoechner, Rogers' President and CEO. “Despite the challenges of the past year, 2020 was a year of substantial progress for Rogers. We advanced our positions in strategic growth markets, achieved sustainable improvements to gross margins, and significantly strengthened our balance sheet. Looking ahead, we remain enthusiastic about the growth outlook in Advanced Mobility, and particularly the EV/HEV market where momentum is accelerating. We are confident that our innovative solutions and deep materials expertise will enable Rogers to continue to play a leading role in the global transition to clean technologies and in other markets across our diversified portfolio.”
Financial Overview |
|||||
GAAP Results |
Q4 2020 |
Q3 2020 |
Q4 2019 |
2020 |
2019 |
Net Sales ($M) |
$210.7 |
$201.9 |
$193.8 |
$802.6 |
$898.3 |
Gross Margin |
38.3% |
37.4% |
33.1% |
36.4% |
35.0% |
Operating Margin |
9.5% |
4.4% |
7.5% |
8.4% |
12.3% |
Net Income ($M) |
$15.2 |
$7.0 |
$(28.8) |
$50.0 |
$47.3 |
Diluted Earnings Per Share |
$0.81 |
$0.37 |
$(1.55) |
$2.67 |
$2.53 |
|
|
|
|
|
|
Non-GAAP Results1 |
Q4 2020 |
Q3 2020 |
Q4 2019 |
2020 |
2019 |
Adjusted Operating Margin |
18.4% |
17.3% |
11.6% |
15.7% |
15.7% |
Adjusted Net Income ($M) |
$29.7 |
$27.1 |
$21.3 |
$95.0 |
$114.8 |
Adjusted Earnings Per Diluted Share |
$1.58 |
$1.45 |
$1.14 |
$5.08 |
$6.14 |
Adjusted EBITDA ($M) |
$53.2 |
$47.9 |
$34.5 |
$177.0 |
$188.2 |
Adjusted EBITDA Margin |
25.3% |
23.7% |
17.8% |
22.1% |
21.0% |
Free Cash Flow ($M) |
$39.9 |
$47.9 |
$32.9 |
$124.7 |
$109.7 |
|
|
|
|
|
|
Net Sales by Operating Segment (dollars in millions) |
Q4 2020 |
Q3 2020 |
Q4 2019 |
2020 |
2019 |
Advanced Connectivity Solutions (ACS) |
$69.5 |
$63.7 |
$64.6 |
$268.7 |
$316.6 |
Elastomeric Material Solutions (EMS) |
$86.6 |
$86.4 |
$80.0 |
$328.2 |
$361.6 |
Power Electronic Solutions (PES) |
$50.1 |
$47.9 |
$43.9 |
$190.0 |
$198.5 |
Other |
$4.5 |
$3.9 |
$5.2 |
$15.7 |
$21.5 |
1 - A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below |
Q4 2020 Summary of Results
Net sales of $210.7 million increased 4% versus the prior quarter primarily due to higher sales in the ACS and PES business units. ACS net sales increased due to strong automotive demand for ADAS applications, partially offset by a decline in defense market demand. PES net sales increased in the EV/HEV market, partially offset by a decrease in the industrial power and mass transit markets. EMS net sales increased slightly from continued growth in the EV/HEV market and improved demand in the general industrial and traditional automotive markets, partially offset by a decline in portable electronics market sales. Currency exchange rates favorably impacted total company net sales in the fourth quarter of 2020 by $3.1 million compared to prior quarter net sales.
Gross margin was 38.3%, compared to 37.4% in the prior quarter. The increase in gross margin was due to higher volumes, improved productivity and yields and operational cost savings, partially offset by higher freight costs, commodity price increases and unfavorable product mix.
Selling, general and administrative (SG&A) expenses decreased slightly from the prior quarter to $50.0 million. In line with the Company's expectations, $11.8 million of accelerated intangible amortization expense was incurred related to the DSP business in the fourth quarter, compared to $11.7 million of accelerated expense in the prior quarter.
Restructuring and impairment charges of $3.6 million were recognized in the fourth quarter, compared to $9.4 million in the prior quarter. The charges in both the third and fourth quarters were primarily related to manufacturing footprint optimization plans to better align capacity with end market demand, improve factory utilization and increase cost competitiveness.
GAAP operating margin of 9.5% increased by 510 basis points sequentially primarily due to the improved gross margin and lower restructuring related charges. Adjusted operating margin of 18.4% increased by 110 basis points versus the prior quarter, primarily as a result of improved gross margin.
GAAP earnings per diluted share were $0.81, compared to $0.37 per diluted share in the previous quarter. The increase in GAAP earnings resulted from higher net sales, improved gross margin and lower restructuring related expenses, partially offset by higher tax expense. On an adjusted basis, earnings were $1.58 per diluted share compared to adjusted earnings of $1.45 per diluted share in the prior quarter. The increase in adjusted earnings per diluted share resulted from higher net sales and improved gross margin, partially offset by higher tax expense.
Ending cash and cash equivalents were $191.8 million, an increase of $5.7 million versus the prior quarter. The Company generated strong free cash flow of approximately $40 million in the fourth quarter of 2020. Net cash provided by operating activities of $51.4 million was offset by $35.0 million of principal payments made on the outstanding borrowings under the Company’s revolving credit facility and capital expenditures of $11.4 million. At the end of the fourth quarter of 2020, cash exceeded borrowings by $166.8 million.
Full Year 2020 Summary of Results
Net sales of $802.6 million decreased 11% compared to 2019 due to lower sales in all business units. The decline in net sales were mainly due to impacts on market demand from the COVID-19 pandemic and the effects of trade restrictions on the wireless infrastructure market. Currency exchange rates had an immaterial impact on total company net sales during 2020. ACS net sales decreased in the wireless infrastructure and automotive markets, partially offset by strong growth in the defense market. EMS net sales decreased due to lower demand in the general industrial, mass transit, consumer and automotive markets, partially offset by robust growth in the EV/HEV market and slight growth in the portable electronics market. PES net sales decreased due to lower demand in the industrial power, mass transit and vehicle electrification markets, offset by strong growth in the EV/HEV and renewable energy markets.
Gross margin was 36.4% compared to 35.0% in 2019. The increase in gross margin resulted from operational cost savings, lower freight, duties and tariffs costs, productivity and yield improvements and favorable product mix, partially offset by lower volume, increased inventory reserves and higher COVID-19 related costs.
SG&A expenses increased by $13.6 million to $182.3 million from the prior year, primarily from $27.4 million of accelerated intangible amortization expense associated with the DSP business, partially offset by lower travel and other expense reduction actions.
Restructuring and impairment charges were $13.0 million, compared to $2.5 million in 2019. The charges in 2020 were related to manufacturing footprint optimization plans to better align capacity with end market demand, improve factory utilization and increase cost competitiveness.
GAAP operating margin decreased to 8.4%, from 12.3% in the prior year, primarily due to higher SG&A and restructuring related charges, partially offset by gross margin improvement. Adjusted operating margin was 15.7% and unchanged from 2019.
GAAP earnings per diluted share were $2.67, compared to $2.53 per diluted share, for full year 2019. The increase resulted from lower pension settlement charges in 2020, which was partially offset by higher SG&A, restructuring charges and tax expense. On an adjusted basis, earnings were $5.08 per diluted share for full year 2020, compared to $6.14 per diluted share for full year 2019. The decrease in adjusted earnings was from lower revenue and higher tax expense, partially offset by the improvement in gross margin.
Ending cash and cash equivalents of $191.8 million increased by $24.9 million versus the prior year. The Company generated strong operating cash flow of $165.1 million and free cash flow of $124.7 million in 2020.
Financial Outlook
As recently announced, a fire caused extensive damage to Rogers' Utis manufacturing facility in S. Korea on February 9th and operations were disrupted. The Company is considering various recovery options and expects to resume production in S. Korea during the fourth quarter of this year. An estimate of the impact of this event is included in the first quarter financial outlook.
|
Q1 2021 |
Net Sales ($M) |
$215 to $225 |
Gross Margin |
38.5% to 39.5% |
Earnings Per Share |
$1.48 to $1.63 |
Non-GAAP Earnings Per Share1 |
$1.72 to $1.87 |
|
|
|
2021 |
Effective Tax Rate |
22% - 23% |
Capital Expenditures ($M) |
$70 to $80 |
1 - A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below |
About Rogers Corporation
Rogers Corporation (NYSE:ROG) is a global leader in engineered materials to power, protect, and connect our world. With more than 180 years of materials science experience, Rogers delivers high-performance solutions that enable the company’s growth drivers -- advanced connectivity and advanced mobility applications, as well as other technologies where reliability is critical. Rogers delivers Power Electronics Solutions for energy-efficient motor drives, e-Mobility and renewable energy; Elastomeric Material Solutions for sealing, vibration management and impact protection in mobile devices, transportation interiors, industrial equipment and performance apparel; and Advanced Connectivity Solutions for wireless infrastructure, automotive safety and radar systems. Headquartered in Arizona (USA), Rogers operates manufacturing facilities in the United States, China, Germany, Belgium, Hungary, and South Korea, with joint ventures and sales offices worldwide.
Safe Harbor Statement
This release contains forward-looking statements, which concern our plans, objectives, outlook, goals, strategies, future events, future net sales or performance, capital expenditures, future restructuring, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. Risks and uncertainties that could cause such results to differ include: the duration and impacts of the novel coronavirus global pandemic and efforts to contain its transmission and distribute vaccines, including the effect of these factors on our business, suppliers, customers, end users and economic conditions generally; failure to capitalize on, volatility within, or other adverse changes with respect to the Company's growth drivers, including advanced mobility and advanced connectivity, such as delays in adoption or implementation of new technologies; uncertain business, economic and political conditions in the United States (U.S.) and abroad, particularly in China, South Korea, Germany, Hungary and Belgium, where we maintain significant manufacturing, sales or administrative operations; the trade policy dynamics between the U.S. and China reflected in trade agreement negotiations and the imposition of tariffs and other trade restrictions, including trade restrictions on Huawei Technologies Co., Ltd.; fluctuations in foreign currency exchange rates; our ability to develop innovative products and the extent to which our products are incorporated into end-user products and systems and the extent to which end-user products and systems incorporating our products achieve commercial success; the ability of our sole or limited source suppliers to deliver certain key raw materials, including commodities, to us in a timely and cost-effective manner; intense global competition affecting both our existing products and products currently under development; business interruptions due to catastrophes or other similar events, such as natural disasters, war, terrorism or public health crises; failure to realize, or delays in the realization of anticipated benefits of acquisitions and divestitures due to, among other things, the existence of unknown liabilities or difficulty integrating acquired businesses; our ability to attract and retain management and skilled technical personnel; our ability to protect our proprietary technology from infringement by third parties and/or allegations that our technology infringes third party rights; changes in effective tax rates or tax laws and regulations in the jurisdictions in which we operate; failure to comply with financial and restrictive covenants in our credit agreement or restrictions on our operational and financial flexibility due to such covenants; the outcome of ongoing and future litigation, including our asbestos-related product liability litigation; changes in environmental laws and regulations applicable to our business; and disruptions in, or breaches of, our information technology systems. For additional information about the risks, uncertainties and other factors that may affect our business, please see our most recent annual report on Form 10-K and any subsequent reports filed with the Securities and Exchange Commission, including quarterly reports on Form 10-Q. Rogers Corporation assumes no responsibility to update any forward-looking statements contained herein except as required by law.
Conference call and additional information
A conference call to discuss the results for the fourth quarter and full year 2020 will take place today, Thursday, February 18, 2021 at 5pm ET.
A live webcast of the event and the accompanying presentation can be accessed on the Rogers Corporation website at https://www.rogerscorp.com/investors.
To participate, please dial:
1-800-574-8929 |
Toll-free in the United States |
|||
1-973-935-8524 |
Internationally |
|||
The passcode for the live teleconference is 2598602. |
||||
If you are unable to attend, a conference call playback will be available from February 18, 2021 at approximately 8 pm ET through March 5, 2021 at 11:59 pm ET, by dialing 1-855-859-2056 from the United States, and 1-404-537-3406 from outside of the US, each with passcode 2598602.
Additionally, the archived webcast will be available on the Rogers website at approximately 8 pm ET February 19, 2021.
Additional information
Please contact the Company directly via email or visit the Rogers website.
(Financial statements follow) |
|||||||||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||
(DOLLARS AND SHARES IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) |
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||||
Net sales |
$ |
210,672 |
|
|
|
$ |
193,768 |
|
|
|
$ |
802,583 |
|
|
|
$ |
898,260 |
|
|
Cost of sales |
129,969 |
|
|
|
129,565 |
|
|
|
510,763 |
|
|
|
583,968 |
|
|
||||
Gross margin |
80,703 |
|
|
|
64,203 |
|
|
|
291,820 |
|
|
|
314,292 |
|
|
||||
|
|
|
|
|
|
|
|
||||||||||||
Selling, general and administrative expenses |
50,029 |
|
|
|
41,333 |
|
|
|
182,283 |
|
|
|
168,682 |
|
|
||||
Research and development expenses |
7,135 |
|
|
|
8,403 |
|
|
|
29,320 |
|
|
|
31,685 |
|
|
||||
Restructuring and impairment charges |
3,574 |
|
|
|
— |
|
|
|
12,987 |
|
|
|
2,485 |
|
|
||||
Other operating (income) expense, net |
(8 |
) |
|
|
(116 |
) |
|
|
(104 |
) |
|
|
959 |
|
|
||||
Operating income |
19,973 |
|
|
|
14,583 |
|
|
|
67,334 |
|
|
|
110,481 |
|
|
||||
|
|
|
|
|
|
|
|
||||||||||||
Equity income in unconsolidated joint ventures |
1,700 |
|
|
|
1,242 |
|
|
|
4,877 |
|
|
|
5,319 |
|
|
||||
Pension settlement charges |
— |
|
|
|
(53,213 |
) |
|
|
(55 |
) |
|
|
(53,213 |
) |
|
||||
Other income (expense), net |
2,219 |
|
|
|
323 |
|
|
|
3,513 |
|
|
|
(592 |
) |
|
||||
Interest expense, net |
(596 |
) |
|
|
(1,146 |
) |
|
|
(7,135 |
) |
|
|
(6,869 |
) |
|
||||
Income before income tax expense |
23,296 |
|
|
|
(38,211 |
) |
|
|
68,534 |
|
|
|
55,126 |
|
|
||||
Income tax expense |
8,091 |
|
|
|
(9,451 |
) |
|
|
18,544 |
|
|
|
7,807 |
|
|
||||
Net income |
$ |
15,205 |
|
|
|
$ |
(28,760 |
) |
|
|
$ |
49,990 |
|
|
|
$ |
47,319 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic earnings per share |
$ |
0.82 |
|
|
|
$ |
(1.55 |
) |
|
|
$ |
2.68 |
|
|
|
$ |
2.55 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted earnings per share |
$ |
0.81 |
|
|
|
$ |
(1.55 |
) |
|
|
$ |
2.67 |
|
|
|
$ |
2.53 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Shares used in computing: |
|
|
|
|
|
|
|
||||||||||||
Basic earnings per share |
18,692 |
|
|
|
18,587 |
|
|
|
18,681 |
|
|
|
18,573 |
|
|
||||
Diluted earnings per share |
18,741 |
|
|
|
18,587 |
|
|
|
18,706 |
|
|
|
18,713 |
|
|
||||
Condensed Consolidated Statements of Financial Position (Unaudited) |
|||||||||
(DOLLARS AND SHARES IN THOUSANDS, EXCEPT PAR VALUE) |
December 31, 2020 |
|
December 31, 2019 |
||||||
Assets |
|
|
|
||||||
Current assets |
|
|
|
||||||
Cash and cash equivalents |
$ |
191,785 |
|
|
|
$ |
166,849 |
|
|
Accounts receivable, less allowance for doubtful accounts of $1,366 and $1,691 |
134,421 |
|
|
|
122,285 |
|
|
||
Contract assets |
26,575 |
|
|
|
22,455 |
|
|
||
Inventories |
102,360 |
|
|
|
132,859 |
|
|
||
Prepaid income taxes |
2,960 |
|
|
|
4,524 |
|
|
||
Asbestos-related insurance receivables, current portion |
2,986 |
|
|
|
4,292 |
|
|
||
Other current assets |
13,088 |
|
|
|
10,838 |
|
|
||
Total current assets |
474,175 |
|
|
|
464,102 |
|
|
||
Property, plant and equipment, net of accumulated depreciation of $365,844 and $341,119 |
272,378 |
|
|
|
260,246 |
|
|
||
Investments in unconsolidated joint ventures |
15,248 |
|
|
|
16,461 |
|
|
||
Deferred income taxes |
28,667 |
|
|
|
17,117 |
|
|
||
Goodwill |
270,172 |
|
|
|
262,930 |
|
|
||
Other intangible assets, net of amortization |
118,026 |
|
|
|
158,947 |
|
|
||
Pension assets |
5,278 |
|
|
|
12,790 |
|
|
||
Asbestos-related insurance receivables, non-current portion |
63,807 |
|
|
|
74,024 |
|
|
||
Other long-term assets |
16,254 |
|
|
|
6,564 |
|
|
||
Total assets |
$ |
1,264,005 |
|
|
|
$ |
1,273,181 |
|
|
Liabilities and Shareholders’ Equity |
|
|
|
||||||
Current liabilities |
|
|
|
||||||
Accounts payable |
$ |
35,987 |
|
|
|
$ |
33,019 |
|
|
Accrued employee benefits and compensation |
41,708 |
|
|
|
29,678 |
|
|
||
Accrued income taxes payable |
8,558 |
|
|
|
10,649 |
|
|
||
Asbestos-related liabilities, current portion |
3,615 |
|
|
|
5,007 |
|
|
||
Other accrued liabilities |
21,641 |
|
|
|
21,872 |
|
|
||
Total current liabilities |
111,509 |
|
|
|
100,225 |
|
|
||
Borrowings under revolving credit facility |
25,000 |
|
|
|
123,000 |
|
|
||
Pension and other postretirement benefits liabilities |
1,612 |
|
|
|
1,567 |
|
|
||
Asbestos-related liabilities, non-current portion |
69,620 |
|
|
|
80,873 |
|
|
||
Non-current income tax |
16,346 |
|
|
|
10,423 |
|
|
||
Deferred income taxes |
8,375 |
|
|
|
9,220 |
|
|
||
Other long-term liabilities |
10,788 |
|
|
|
13,973 |
|
|
||
Shareholders’ equity |
|
|
|
||||||
Capital stock - $1 par value; 50,000 authorized shares; 18,677 and 18,577 shares issued and outstanding |
18,677 |
|
|
|
18,577 |
|
|
||
Additional paid-in capital |
147,961 |
|
|
|
138,526 |
|
|
||
Retained earnings |
873,692 |
|
|
|
823,702 |
|
|
||
Accumulated other comprehensive loss |
(19,575 |
) |
|
|
(46,905 |
) |
|
||
Total shareholders' equity |
1,020,755 |
|
|
|
933,900 |
|
|
||
Total liabilities and shareholders' equity |
$ |
1,264,005 |
|
|
|
$ |
1,273,181 |
|
|
Reconciliation of non-GAAP financial measures to the comparable GAAP measures
Non-GAAP financial measures:
This earnings release includes the following financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”):
(1) Adjusted net income, which the Company defines as net income excluding amortization of acquisition intangible assets and discrete items, such as acquisition and related integration costs, changes in foreign jurisdiction tax regulation on equity awards attributable to a prior period, asbestos-related charges, environmental accrual adjustment, gains from indemnity claims, gains or losses on the sale or disposal of property, plant and equipment, pension settlement charges, restructuring, severance, impairment and other related costs, and the related income tax effect on these items (collectively, “discrete items”), and transition services, net;
(2) Adjusted earnings per diluted share, which the Company defines as earnings per diluted share excluding amortization of acquisition intangible assets, discrete items, transition services, net and the impact of including dilutive securities divided by adjusted weighted average shares outstanding - diluted;
(3) Adjusted operating margin, which the Company defines as operating margin excluding acquisition-related amortization of intangible assets, discrete items excluding pension settlement charges, and transition services, net;
(4) Adjusted EBITDA, which the Company defines as net income excluding interest expense, net, income tax expense, depreciation and amortization, stock-based compensation expense, transition services lease income and discrete items;
(5) Adjusted EBITDA Margin, which the Company defines as the percentage that results from dividing Adjusted EBITDA by total net sales;
(6) Free cash flow, which the Company defines as net cash provided by operating activities less non-acquisition capital expenditures.
Management believes adjusted net income, adjusted earnings per diluted share, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are useful to investors because they allow for comparison to the Company’s performance in prior periods without the effect of items that, by their nature, tend to obscure the Company’s core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. As a result, management believes that these measures enhance the ability of investors to analyze trends in the Company’s business and evaluate the Company’s performance relative to peer companies. Management also believes free cash flow is useful to investors as an additional way of viewing the Company's liquidity and provides a more complete understanding of factors and trends affecting the Company's cash flows. However, non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or solely as alternatives to, financial measures prepared in accordance with GAAP. In addition, these non-GAAP financial measures may differ from similarly named measures used by other companies. Reconciliations of the differences between these non-GAAP financial measures and their most directly comparable financial measures calculated in accordance with GAAP are set forth below.
Reconciliation of GAAP net income to adjusted net income: |
||||||||||||||||||||
(amounts in millions) |
2020 |
2019 |
||||||||||||||||||
Net income |
Q4 |
Q3 |
YTD |
Q4 |
YTD |
|||||||||||||||
GAAP net income |
$ |
15.2 |
|
|
$ |
7.0 |
|
|
$ |
50.0 |
|
|
$ |
(28.8 |
) |
|
$ |
47.3 |
|
|
|
|
|
|
|
|
|||||||||||||||
Acquisition and related integration costs |
$ |
— |
|
|
$ |
0.1 |
|
|
$ |
1.0 |
|
|
$ |
0.5 |
|
|
$ |
1.9 |
|
|
Change in foreign jurisdiction tax regulation on equity awards attributable to a prior period |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.5 |
|
|
Asbestos-related charges |
$ |
(0.7 |
) |
|
$ |
— |
|
|
$ |
(0.7 |
) |
|
$ |
1.7 |
|
|
$ |
1.7 |
|
|
Environmental accrual adjustment |
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.2 |
) |
|
$ |
0.8 |
|
|
$ |
0.8 |
|
|
Gain from indemnity claim |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.7 |
) |
|
$ |
(0.7 |
) |
|
Loss on sale or disposal of property, plant and equipment |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.4 |
|
|
$ |
0.6 |
|
|
Pension settlement charges |
$ |
— |
|
|
$ |
— |
|
|
$ |
0.1 |
|
|
$ |
53.2 |
|
|
$ |
53.2 |
|
|
Restructuring, severance, impairment and other related costs |
$ |
4.0 |
|
|
$ |
10.7 |
|
|
$ |
16.4 |
|
|
$ |
0.8 |
|
|
$ |
7.7 |
|
|
Transition services, net |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.1 |
|
|
$ |
0.9 |
|
|
Acquisition intangible amortization |
$ |
15.4 |
|
|
$ |
15.4 |
|
|
$ |
42.0 |
|
|
$ |
4.4 |
|
|
$ |
17.6 |
|
|
Income tax effect of non-GAAP adjustments and intangible amortization |
$ |
(4.3 |
) |
|
$ |
(6.1 |
) |
|
$ |
(13.5 |
) |
|
$ |
(11.1 |
) |
|
$ |
(16.7 |
) |
|
Adjusted net income |
$ |
29.7 |
|
|
$ |
27.1 |
|
|
$ |
95.0 |
|
|
$ |
21.3 |
|
|
$ |
114.8 |
|
|
*Values in table may not add due to rounding. |
Reconciliation of GAAP earnings per diluted share to adjusted earnings per diluted share*: |
|||||||||||||||||||
|
2020 |
2019 |
|||||||||||||||||
Earnings per diluted share |
Q4 |
Q3 |
YTD |
Q4 |
YTD |
||||||||||||||
GAAP earnings per diluted share |
$ |
0.81 |
|
|
$ |
0.37 |
|
$ |
2.67 |
|
|
$ |
(1.55 |
) |
|
$ |
2.53 |
|
|
|
|
|
|
|
|
||||||||||||||
Acquisition and related integration costs |
— |
|
|
0.01 |
|
0.04 |
|
|
0.02 |
|
|
0.08 |
|
|
|||||
Change in foreign jurisdiction tax regulation on equity awards attributable to a prior period |
— |
|
|
— |
|
— |
|
|
— |
|
|
0.02 |
|
|
|||||
Asbestos-related charges |
(0.03 |
) |
|
— |
|
(0.03 |
) |
|
0.07 |
|
|
0.07 |
|
|
|||||
Environmental accrual adjustment |
— |
|
|
— |
|
(0.01 |
) |
|
0.03 |
|
|
0.03 |
|
|
|||||
Gain from indemnity claim |
— |
|
|
— |
|
— |
|
|
(0.03 |
) |
|
(0.03 |
) |
|
|||||
Loss on sale or disposal of property, plant and equipment |
— |
|
|
— |
|
— |
|
|
0.02 |
|
|
0.03 |
|
|
|||||
Pension settlement charges |
— |
|
|
— |
|
— |
|
|
2.35 |
|
|
2.35 |
|
|
|||||
Restructuring, severance, impairment and other related costs |
0.16 |
|
|
0.43 |
|
0.67 |
|
|
0.03 |
|
|
0.31 |
|
|
|||||
Transition services, net |
— |
|
|
— |
|
— |
|
|
0.01 |
|
|
0.04 |
|
|
|||||
Impact of including dilutive securities(a) |
— |
|
|
— |
|
— |
|
|
0.01 |
|
|
— |
|
|
|||||
Total discrete items |
$ |
0.14 |
|
|
$ |
0.44 |
|
$ |
0.67 |
|
|
$ |
2.51 |
|
|
$ |
2.90 |
|
|
|
|
|
|
|
|
||||||||||||||
Earnings per diluted share adjusted for discrete items |
$ |
0.95 |
|
|
$ |
0.81 |
|
$ |
3.35 |
|
|
$ |
0.96 |
|
|
$ |
5.42 |
|
|
|
|
|
|
|
|
||||||||||||||
Acquisition intangible amortization |
$ |
0.64 |
|
|
$ |
0.64 |
|
$ |
1.73 |
|
|
$ |
0.18 |
|
|
$ |
0.72 |
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted earnings per diluted share |
$ |
1.58 |
|
|
$ |
1.45 |
|
$ |
5.08 |
|
|
$ |
1.14 |
|
|
$ |
6.14 |
|
|
Investor contact:
Steve Haymore
Phone: 480-917-6026
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website address: http://www.rogerscorp.com
DUBLIN--(BUSINESS WIRE)--The "Global Oil and Gas Industry Contracts Review, Q4 2020 - Samsung Ingenieria Manzanillo secures EPC contract for multiple units of Dos Bocas refinery in Mexico" report has been added to ResearchAndMarkets.com's offering.
The report is an essential source of data on the awarded contracts in the oil and gas industry, The report portrays detailed comparative data on the number of contracts and their value in the quarter, subdivided by region, sector and geographies during the quarter, Additionally, the report provides information on the top contractors and issuers based on the worth of contracts executed in the oil and gas industry during the quarter by geographies and over the year.
Data presented in this report is derived from the publisher's contracts database, and primary and secondary research.
Scope
Key Topics Covered:
Quarterly Global Oil & Gas Contracts Overview
For more information about this report visit https://www.researchandmarkets.com/r/u9psn3
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
ResearchAndMarkets.com
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HOUSTON--(BUSINESS WIRE)--$TELL #LNG--Tellurian Inc. (Tellurian) (NASDAQ: TELL) today announced it has made a voluntary principal prepayment of $43 million on its 2018 Term Loan. The debt prepayment was funded using cash on hand and from its upstream subsidiary, Tellurian Production Holdings LLC, resulting in interest savings of approximately $2.4 million in 2021. Tellurian Inc. has also made $13.6 million in other debt repayments year to date to other creditors, for a total debt reduction of $57 million.
After today’s prepayment, Tellurian has approximately $80 million in unrestricted cash and $25 million in borrowings that mature in 2021, of which $17 million will be paid from Tellurian production.
President and CEO Octávio Simões said, “Tellurian is delivering on our debt reduction plan and strengthening our balance sheet, with comfortable liquidity for operations and a market capitalization value of over $1 billion. We are producing natural gas from our Haynesville position as we watch the global natural gas market restructure with liquefied natural gas (LNG) supply tightening and prices rising. As an LNG supplier, we are well positioned with our integrated Driftwood partnership to control supply cost, effectively manage emissions through our own production, and produce LNG at a very low and stable cost that is globally competitive.”
About Tellurian Inc.
Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the Nasdaq Capital Market under the symbol “TELL”.
For more information, please visit www.tellurianinc.com. Follow us on Twitter at twitter.com/TellurianLNG
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,” “forecast,” “initial,” “intend,” “may,” “plan,” “potential,” “project,” “proposed,” “should,” “will,” “would,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein relate to, among other things, future costs, emissions, market factors and business prospects. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2019, and other Tellurian filings with the Securities and Exchange Commission, all of which are incorporated by reference herein. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.
Media:
Joi Lecznar
SVP Public Affairs and Communication
Phone +1.832.962.4044
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Investors:
Matt Phillips
Vice President, Investor Relations
Phone +1.832.320.9331
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LONDON--(BUSINESS WIRE)--Citi, acting through Citibank N.A., has been appointed by PJSC Tatneft (“Tatneft”) – one of the largest Russian oil companies – to act as depositary bank for its American Depositary Receipt (“ADR”) program.
Tatneft’s ADRs trade on London Stock Exchange under the symbol “ATAD” and on OTC market under the symbol “OAOFY”. Each ADR represents six ordinary shares of the company. Tatneft’s underlying ordinary shares are listed and trade on Moscow Stock Exchange under the symbols “TATN”.
Sberbank of Russia will continue to act as the Custodian providing safekeeping of the local underlying shares.
Commenting on the appointment, Dirk Jones, Global Head of Issuer Services, at Citi said: “I am delighted, on behalf of Citi that Tatneft has chosen to engage us to work with them as its Depositary Bank. Citi has a market-leading investor Relations Advisory team and an unrivalled global equity distribution network, which together enable Citi’s clients to expand their investor outreach. These unique advantages – together with colleagues around the globe – enable us to bring the power of Citi to bear for each of our clients.”
For more information on Citi’s Depositary Receipt Services, visit www.citi.com/dr.
About PJSC Tatneft
PJSC Tatneft is one of the largest vertically integrated oil companies in Russia in terms of crude oil production and proved oil reserves. Tatneft’s core operations are focused on exploration, development, production, treatment and processing of crude oil and gas. Tatneft is also involved in petrochemicals, mainly tires, production and marketing, power generation, manufacturing of equipment, engineering, procurement, and construction services, and banking activities
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Citi Media Contact:
Shani Halstead
+44 (0) 20 7508 2352
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ANNAPOLIS, Md.--(BUSINESS WIRE)--$HASI #earnings--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," "we," "our" or the "Company") (NYSE: HASI), a leading investor in climate change solutions, today reported results for the fourth quarter and full year of 2020.
Financial Highlights
Guidance
ESG Highlights
"Despite Covid-19, Hannon Armstrong had an outstanding year. We grew our distributable earnings per share above guidance, increased our investment pipeline, and significantly grew our portfolio and resulting net investment income. With the progress we made in 2020, we are issuing new three-year guidance of 7% to 10% compound annual growth in distributable earnings per share, from the 2020 base," said Jeffrey W. Eckel, Hannon Armstrong Chairman and Chief Executive Officer.
"Leveraging our climate solutions investing focus and leadership on ESG, we are declaring a Social Dividend to capitalize the newly formed Hannon Armstrong Foundation, which, along with several other initiatives, will allow us to contribute to meaningful and sustained impact at the intersection of climate change and social justice."
A summary of our results is shown in the tables below:
|
|
For the three months ended
|
|
For the three months ended
|
||||||||||||
|
|
$ in thousands |
|
Per Share
|
|
$ in thousands |
|
Per Share
|
||||||||
GAAP Net Income |
$ |
24,925 |
|
|
$ |
0.32 |
|
|
$ |
46,076 |
|
|
$ |
0.66 |
|
|
Distributable earnings (1) |
29,325 |
|
|
0.37 |
|
|
26,755 |
|
|
0.40 |
|
|||||
|
|
For the year ended
|
|
For the year ended
|
||||||||||||
|
|
$ in thousands |
|
Per Share
|
|
$ in thousands |
|
Per Share
|
||||||||
GAAP Net Income |
$ |
82,416 |
|
|
$ |
1.10 |
|
|
$ |
81,564 |
|
|
$ |
1.24 |
|
|
Distributable earnings (1) |
117,500 |
|
|
1.55 |
|
|
92,746 |
|
|
1.40 |
|
|||||
(1) |
Beginning with this quarter, we are changing the name of our primary Non-GAAP earnings metric from Core (Pre-CECL) earnings to distributable earnings with no change in the historical method of calculation. We will no longer be reporting a Core earnings metric which includes the CECL provision. Reconciliations of our GAAP EPS to our Distributable EPS and our GAAP-based Net Investment Income to our Distributable Net Investment Income are included below in this press release. |
Financial Results
"In 2020, we achieved significant growth in our balance sheet portfolio, which is currently $2.9 billion, and we capitalized on favorable market conditions and our leading ESG position to raise significant capital and deploy it to fund climate solutions with attractive risk-adjusted returns," said Hannon Armstrong Chief Financial Officer and Chief Operating Officer Jeffrey A. Lipson.
"With our new $50 million sustainability-linked unsecured revolving credit facility with J.P. Morgan, and our demonstrated access to the capital markets, we are well-positioned to fund our forward flow investment commitments in addition to other anticipated growth opportunities."
Comparison of the year ended December 31, 2020 to the year ended December 31, 2019
Total revenue increased by $45 million, or 32%. Gain on sale and fee income increased by $26 million and interest and rental income increased by $19 million. These increases were primarily driven by the addition of higher yielding assets to an overall larger portfolio as well as a change in the volume and mix of assets being securitized.
Interest expense increased $28 million, or 43%, primarily as a result of a higher outstanding balance, including $775 million in unsecured debt raised in the second and third quarters. We recorded a $10 million provision for loss on receivables based on loans and loan commitments made during the year in accordance with the new CECL standard, as opposed to an $8 million provision in 2019 on two commercial receivables that were previously placed on non-accrual. Other expenses (compensation and benefits and general and administrative expenses) increased by approximately $9 million primarily due to an increase in our employee headcount and incentive compensation.
We recognized $48 million in income using the hypothetical liquidation at book value method (HLBV) for our equity method investments in 2020, compared to approximately $64 million of HLBV income in 2019. Lower equity method investment income in 2020 is a result of a gain recognized on the sale of an equity investment in 2019, which did not recur in 2020.
Income tax expense decreased by approximately $11 million in 2020 primarily as a result of the aforementioned sale of an equity investment in 2019 that did not recur, which decreased taxable income in 2020.
GAAP net income in 2020 was $82 million, approximately the same as 2019. Distributable earnings in 2020 was approximately $118 million, or an increase of approximately $25 million from 2019 due primarily to an increase in distributable earnings from equity method investments.
Leverage
The calculation of our fixed-rate debt and leverage ratios as of December 31, 2020 and 2019 are shown in the chart below:
|
December 31, 2020 |
|
% of Total |
|
December 31, 2019 |
|
% of Total |
||||||
|
($ in millions) |
|
|
|
($ in millions) |
|
|
||||||
Floating-rate borrowings (1) |
$ |
23 |
|
|
1 |
% |
|
$ |
33 |
|
|
2 |
% |
Fixed-rate debt (2) |
2,166 |
|
|
99 |
% |
|
1,360 |
|
|
98 |
% |
||
Total |
$ |
2,189 |
|
|
100 |
% |
|
$ |
1,393 |
|
|
100 |
% |
Leverage (3) |
1.8 to 1 |
|
|
|
1.5 to 1 |
|
|
||||||
(1) |
Floating-rate borrowings include borrowings under our floating-rate credit facilities. |
|
(2) |
Fixed-rate debt also includes the present notional value of non-recourse debt that is hedged using interest rate swaps. Debt excludes securitizations that are not consolidated on our balance sheet. | |
(3) |
Leverage, as measured by our debt-to-equity ratio. |
Portfolio
Our balance sheet portfolio totaled approximately $2.9 billion as of December 31, 2020, which included approximately $1.4 billion of behind-the-meter assets and approximately $1.5 billion of grid-connected assets. The following is an analysis of the performance our portfolio as of December 31, 2020:
|
Portfolio Performance |
|
|
|
|||||||||||||||
|
Government |
|
Commercial |
|
|
||||||||||||||
|
1 (1) |
|
1 (1) |
|
2 (2) |
|
3 (3) |
|
Total |
||||||||||
Total receivables |
248 |
|
|
984 |
|
|
10 |
|
|
8 |
|
|
1,250 |
|
|||||
Less: Allowance for loss on receivables |
— |
|
|
(24) |
|
|
(4) |
|
|
(8) |
|
|
(36) |
|
|||||
Net receivables (4) |
248 |
|
|
960 |
|
|
6 |
|
|
— |
|
|
1,214 |
|
|||||
Investments |
35 |
|
|
20 |
|
|
— |
|
|
— |
|
|
55 |
|
|||||
Real estate |
— |
|
|
359 |
|
|
— |
|
|
— |
|
|
359 |
|
|||||
Equity method investments (5) |
— |
|
|
1,255 |
|
|
25 |
|
|
— |
|
|
1,280 |
|
|||||
Total |
$ |
283 |
|
|
$ |
2,594 |
|
|
$ |
31 |
|
|
$ |
— |
|
|
$ |
2,908 |
|
Percent of Portfolio |
10 |
% |
|
89 |
% |
|
1 |
% |
|
— |
% |
|
100 |
% |
|||||
Average remaining balance (6) |
$ |
7 |
|
|
$ |
14 |
|
|
$ |
12 |
|
|
$ |
4 |
|
|
$ |
12 |
|
(1) |
This category includes our assets where based on our credit criteria and performance to date we believe that our risk of not receiving our invested capital remains low. |
|
(2) |
This category includes our assets where based on our credit criteria and performance to date we believe there is a moderate level of risk to not receiving some or all of our invested capital. |
|
(3) |
This category includes our assets where based on our credit criteria and performance to date, we believe there is substantial doubt regarding our ability to recover some or all of our invested capital. Included in this category are two commercial receivables with a combined total carrying value of approximately $8 million as of December 31, 2020 which we have held on non-accrual status since 2017. We recorded an allowance for the entire asset amounts as described in our Annual Report on Form 10-K filed with the SEC on February 25, 2020. We expect to continue to pursue our legal claims with regards to these assets. |
|
(4) |
Total reconciles to the total of the government receivables and commercial receivables lines of the consolidated balance sheets |
|
(5) |
Some of the individual projects included in portfolios that make up our equity method investments have government off-takers. As they are part of large portfolios, they are not classified separately. |
|
(6) |
Average remaining balance is calculated gross of allowance for loss on receivables and excludes approximately 143 transactions each with outstanding balances that are less than $1 million and that in the aggregate total $56 million. |
Guidance
The Company expects that annual distributable earnings per share will grow at a compounded annual rate of 7% to 10% from 2021 to 2023, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2023 midpoint of $1.98 per share. The Company also expects that annual dividends per share will grow at a compound annual rate of 3% to 5% from 2021 to 2023, relative to the 2020 baseline of $1.36 per share, which is equivalent to a 2023 midpoint of $1.53 per share. This guidance reflects the Company’s judgments and estimates of (i) yield on its existing Portfolio; (ii) yield on incremental Portfolio investments, inclusive of the Company’s existing pipeline; (iii) the volume and profitability of securitization transactions; (iv) amount, timing, and costs of debt and equity capital to fund new investments; (v) changes in costs and expenses reflective of the Company’s forecasted operations, (vi) the ongoing impact of COVID-19 and the speed and efficacy of vaccine distribution on economic conditions and (vii) the general interest rate and market environment. All guidance is based on current expectations of the ongoing and future impact of COVID-19 and the speed and efficacy of vaccine distribution on economic conditions, the regulatory environment, the dynamics of the markets in which we operate and the judgment of the Company’s management team. The Company has not provided GAAP guidance as discussed in the Forward-Looking Statements section of this press release.
Dividend
The Company is announcing today that its Board of Directors approved a quarterly cash dividend of $0.35 per share of common stock. This dividend will be paid on April 12, 2021, to stockholders of record as of April 5, 2021.
Conference Call and Webcast Information
Hannon Armstrong will host an investor conference call today, Thursday, February 18, 2021, at 5:00 p.m. eastern time. The conference call can be accessed live over the phone by dialing 1-866-652-5200 or for international callers, 1-412-317-6060. Please ask to be connected to the Hannon Armstrong call. A replay will be available two hours after the call and can be accessed by dialing 1-877-344-7529, or for international callers, 1-412-317-0088. The passcode for the replay is 10151938. The replay will be available until February 25, 2021.
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company's website at www.hannonarmstrong.com. The online replay will be available for a limited time beginning immediately following the call.
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $7 billion in managed assets as of December 31, 2020, Hannon Armstrong’s core purpose is to make climate-positive investments with superior risk-adjusted returns. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.
Forward-Looking Statements:
Some of the information contained in this press release is 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 that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, we intend to identify forward-looking statements.
Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in our most recent Annual Report on Form 10-K as well as in other periodic reports that we file with the U.S. Securities and Exchange Commission (the "SEC").
Other important factors that we think could cause our actual results to differ materially from expected results are summarized below, including the ongoing impact of the current outbreak of the novel coronavirus (COVID-19), on the U.S., regional and global economies, the U.S. sustainable infrastructure market and the broader financial markets. The current outbreak of COVID-19 has also impacted, and is likely to continue to impact, directly or indirectly, many of the other important factors below and the risks described in the Form 10-K and in our subsequent filings under the Securities Exchange Act of 1934, as amended. Other factors besides those listed could also adversely affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. In particular, it is difficult to fully assess the impact of COVID-19 at this time due to, among other factors, uncertainty regarding the severity and duration of the outbreak domestically and internationally, uncertainty regarding the effectiveness of federal, state and local governments’ efforts to contain the spread of COVID-19 and respond to its direct and indirect impact on the U.S. economy and economic activity including the timing of the successful distribution of an effective vaccine.
Statements regarding the following subjects, among others, may be forward-looking:
The risks included here are not exhaustive. Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. Any forward- looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements after the date of this earnings release, whether as a result of new information, future events or otherwise.
The Company has not provided GAAP guidance as forecasting a comparable GAAP financial measure, such as net income, would require that the Company apply the HLBV method to these investments. In order to forecast under the HLBV method, the Company would be required to make various assumptions related to expected changes in the net asset value of the various entities and how such changes would be allocated under HLBV. GAAP HLBV earnings over a period of time are very sensitive to these assumptions especially in regard to when a partnership transaction flips and thus the liquidation scenarios change materially. The Company believes that these assumptions would require unreasonable efforts to complete and if completed, the wide variation in projected GAAP earnings based upon a range of scenarios would not be meaningful to investors. Accordingly, the Company has not included a GAAP reconciliation table related to any distributable earnings guidance.
Estimated carbon savings are calculated using the estimated kilowatt hours, gallons of fuel oil, million British thermal units of natural gas and gallons of water saved as appropriate, for each project. The energy savings are converted into an estimate of metric tons of CO2 equivalent emissions based upon the project’s location and the corresponding emissions factor data from the U.S. Government and International Energy Agency. Portfolios of projects are represented on an aggregate basis.
HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) |
|||||||||||||||
|
For the Three Months
|
|
For the Year Ended
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Revenue |
|
|
|
|
|
|
|
||||||||
Interest income |
$ |
24,512 |
|
|
$ |
21,930 |
|
|
$ |
95,559 |
|
|
$ |
76,200 |
|
Rental income |
6,470 |
|
|
6,469 |
|
|
25,878 |
|
|
25,884 |
|
||||
Gain on sale of receivables and investments |
15,439 |
|
|
7,704 |
|
|
49,887 |
|
|
24,423 |
|
||||
Fee income |
2,468 |
|
|
2,225 |
|
|
15,583 |
|
|
15,074 |
|
||||
Total revenue |
48,889 |
|
|
38,328 |
|
|
186,907 |
|
|
141,581 |
|
||||
Expenses |
|
|
|
|
|
|
|
||||||||
Interest expense |
26,299 |
|
|
17,381 |
|
|
92,182 |
|
|
64,241 |
|
||||
Provision for loss on receivables |
4,467 |
|
|
— |
|
|
10,096 |
|
|
8,027 |
|
||||
Compensation and benefits |
10,542 |
|
|
7,495 |
|
|
37,766 |
|
|
28,777 |
|
||||
General and administrative |
3,665 |
|
|
3,875 |
|
|
14,846 |
|
|
14,693 |
|
||||
Total expenses |
44,973 |
|
|
28,751 |
|
|
154,890 |
|
|
115,738 |
|
||||
Income before equity method investments |
3,916 |
|
|
9,577 |
|
|
32,017 |
|
|
25,843 |
|
||||
Income (loss) from equity method investments |
15,457 |
|
|
46,060 |
|
|
47,963 |
|
|
64,174 |
|
||||
Income (loss) before income taxes |
19,373 |
|
|
55,637 |
|
|
79,980 |
|
|
90,017 |
|
||||
Income tax (expense) benefit |
5,640 |
|
|
(9,396) |
|
|
2,779 |
|
|
(8,097) |
|
||||
Net income (loss) |
$ |
25,013 |
|
|
$ |
46,241 |
|
|
$ |
82,759 |
|
|
$ |
81,920 |
|
Net income (loss) attributable to non-controlling interest holders |
88 |
|
|
165 |
|
|
343 |
|
|
356 |
|
||||
Net income (loss) attributable to controlling stockholders |
$ |
24,925 |
|
|
$ |
46,076 |
|
|
$ |
82,416 |
|
|
$ |
81,564 |
|
Basic earnings (loss) per common share |
$ |
0.33 |
|
|
$ |
0.70 |
|
|
$ |
1.13 |
|
|
$ |
1.25 |
|
Diluted earnings (loss) per common share |
$ |
0.32 |
|
|
$ |
0.66 |
|
|
$ |
1.10 |
|
|
$ |
1.24 |
|
Weighted average common shares outstanding—basic |
75,400,321 |
|
|
65,173,294 |
|
|
72,387,581 |
|
|
63,916,440 |
|
||||
Weighted average common shares outstanding—diluted |
84,843,939 |
|
|
71,668,124 |
|
|
74,373,169 |
|
|
64,771,491 |
|
||||
HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) |
|||||||
|
December 31,
|
|
December 31,
|
||||
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
286,250 |
|
|
$ |
6,208 |
|
Equity method investments |
1,279,651 |
|
|
498,631 |
|
||
Government receivables |
248,455 |
|
|
263,175 |
|
||
Commercial receivables, net of allowance of $36 million and $8 million, respectively |
965,452 |
|
|
896,432 |
|
||
Real estate |
359,176 |
|
|
362,265 |
|
||
Investments |
55,377 |
|
|
74,530 |
|
||
Securitization assets |
164,342 |
|
|
123,979 |
|
||
Other assets |
100,364 |
|
|
162,054 |
|
||
Total Assets |
$ |
3,459,067 |
|
|
$ |
2,387,274 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Liabilities: |
|
|
|
||||
Accounts payable, accrued expenses and other |
$ |
59,944 |
|
|
$ |
54,351 |
|
Credit facilities |
22,591 |
|
|
31,199 |
|
||
Non-recourse debt (secured by assets of $723 million and $921 million, respectively) |
592,547 |
|
|
700,225 |
|
||
Senior unsecured notes |
1,283,335 |
|
|
512,153 |
|
||
Convertible notes |
290,501 |
|
|
149,434 |
|
||
Total Liabilities |
2,248,918 |
|
|
1,447,362 |
|
||
Stockholders’ Equity: |
|
|
|
||||
Preferred stock, par value $0.01 per share, 50,000,000 shares authorized, no shares issued and outstanding |
— |
|
|
— |
|
||
Common stock, par value $0.01 per share, 450,000,000 shares authorized, 76,457,415 and 66,338,120 shares issued and outstanding, respectively |
765 |
|
|
663 |
|
||
Additional paid in capital |
1,394,009 |
|
|
1,102,303 |
|
||
Accumulated deficit |
(204,112) |
|
|
(169,786) |
|
||
Accumulated other comprehensive income (loss) |
12,634 |
|
|
3,300 |
|
||
Non-controlling interest |
6,853 |
|
|
3,432 |
|
||
Total Stockholders’ Equity |
1,210,149 |
|
|
939,912 |
|
||
Total Liabilities and Stockholders’ Equity |
$ |
3,459,067 |
|
|
$ |
2,387,274 |
|
Investor Relations:
Chad Reed
This email address is being protected from spambots. You need JavaScript enabled to view it.
410-571-6189
Media:
Gil Jenkins
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443-321-5753
DUBLIN--(BUSINESS WIRE)--The "Canola Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global canola oil market reached a volume of 27.3 Million Tons in 2020.
The rising prevalence of cardiovascular diseases, in confluence with the growing health consciousness among individuals, represents one of the key factors fueling the global canola oil market growth. As canola oil contains a high amount of oleic acid that aids in lowering the cholesterol levels present in the body, it is increasingly being used as a cooking oil and salad dressing. Apart from this, it is employed in the personal care and cosmetics industries on account of its anti-aging properties, which assist in reducing fine lines, wrinkles and blemishes.
Other than this, the residual obtained after the production of canola oil has significant amounts of amino acid and a low count of glucosinolates. Thus, it is utilized as livestock feed for providing vitamins, minerals and fiber to the animals, which in turn is anticipated to strengthen the market growth in the coming years.
Key Questions Answered in This Report:
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Vegetable Oil Industry
5.1 Market Overview
5.2 Market Performance
5.3 Market Breakup by Region
5.4 Market Breakup by End-Use
5.5 Market Breakup by Oil Type
5.6 Market Forecast
6 Global Canola Oil Market
6.1 Market Overview
6.2 Market Performance
6.2.1 Volume Trends
6.2.2 Value Trends
6.3 Impact of COVID-19
6.4 Price Analysis
6.5 Market Breakup by Region
6.6 Market Breakup by Application
6.7 Market Breakup by Packaging
6.8 Market Forecast
6.9 SWOT Analysis
6.10 Value Chain Analysis
6.11 Porters Five Forces Analysis
6.12 Key Market Drivers and Challenges
7 Performance of Key Regions
7.1 Asia Pacific
7.2 North America
7.3 Europe
7.4 Middle East and Africa
7.5 Latin America
8 Performance by Application
8.1 Cooking
8.2 Processed Foods
8.3 Lubricants
8.4 Personnel Care
8.5 Biofuels
9 Breakup by Packaging
9.1 Cans
9.2 Drums
9.3 Bottles
9.4 Pouches
10 Competitive Landscape
10.1 Competitive Structure
10.2 Market Breakup by Key Players
11 Canola Oil Manufacturing Process
11.1 Product Overview
11.2 Detailed Process Flow
11.3 Various Types of Unit Operation Involved
11.4 Mass Balance and Raw Material Requirements
12 Project Details, Requirements and Costs Involved
12.1 Land Requirements and Expenditures
12.2 Construction Requirements and Expenditures
12.3 Plant Machinery
12.4 Machinery Pictures
12.5 Raw Material Requirements and Expenditures
12.6 Raw Material and Final Product Pictures
12.7 Packaging Requirements and Expenditures
12.8 Transportation Requirements and Expenditures
12.9 Utility Requirements and Expenditures
12.10 Manpower Requirements and Expenditures
12.11 Other Capital Investments
13 Loans and Financial Assistance
14 Project Economics
14.1 Capital Cost of the Project
14.2 Techno-Economic Parameters
14.3 Product Pricing and Margins Across Various Levels of the Supply Chain
14.4 Taxation and Depreciation
14.5 Income Projections
14.6 Expenditure Projections
14.7 Financial Analysis
14.8 Profit Analysis
15 Key Players Profiles
15.1 Archer Daniels Midland (ADM) Company
15.2 Bunge Limited
15.3 Cargill Inc.
15.4 Associated British Foods plc
15.5 Jivo Wellness Pvt. Ltd.
15.6 Arla Foods AmbA
15.7 Richardson International Limited
15.8 The J.M. Smucker Company
15.9 Wilmar International Inc
For more information about this report visit https://www.researchandmarkets.com/r/7all5c
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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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
ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Corporation (NASDAQ: VSEC), a leading provider of distribution and maintenance, repair and overhaul (MRO) services for land, sea and air transportation assets in the public and private sectors, today announced that it will issue fourth quarter and full-year 2020 results after market close on Thursday, March 4, 2021. A conference call will be held Friday, March 5, 2021 at 8:30 A.M. ET to review the Company’s financial results, discuss recent events and conduct a question-and-answer session.
A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of VSE’s website at https://ir.vsecorp.com. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.
To participate in the live teleconference:
Domestic Live: |
(877) 407-0789 |
International Live: |
(201) 689-8562 |
Audio Webcast: |
To listen to a replay of the teleconference through March 19, 2021:
Domestic Replay: |
(844) 512-2921 |
International Replay: |
(412) 317-6671 |
Replay PIN Number: |
13715744 |
ABOUT VSE CORPORATION
VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets. Core services include maintenance, repair and overhaul (MRO) services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. For additional information regarding VSE’s services and products, visit www.vsecorp.com.
FORWARD LOOKING STATEMENTS
This release contains statements that, to the extent they are not recitations of historical fact, constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All such statements are intended to be subject to the safe harbor protection provided by applicable securities laws. For discussions identifying some important factors that could cause actual VSE results to differ materially from those anticipated in the forward-looking statements in this news release, see VSE’s public filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and VSE specifically disclaims any obligation to update these statements in the future.
INVESTOR RELATIONS CONTACT: Noel Ryan | Phone: 720.778.2415 | This email address is being protected from spambots. You need JavaScript enabled to view it.
NORWELL, Mass.--(BUSINESS WIRE)--Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced that senior management will be participating at the following virtual investor conferences:
To access the live or archived webcast, visit the “Investor Relations” portion of Clean Harbors’ website at www.cleanharbors.com.
About Clean Harbors
Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, energy and manufacturing, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com.
Michael L. Battles
EVP and Chief Financial Officer
Clean Harbors, Inc.
781.792.5100
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Jim Buckley
SVP Investor Relations
Clean Harbors, Inc.
781.792.5100
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In Colombia:
199% Reserve Replacement Grew Certified 2P Reserves to 141 Million Boe With Net Present Value (After Tax) of $2.1 Billion
Exploration Resources Over 750 Million Barrels in Colombia
BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina, today announced its independent oil and gas reserves assessment, certified by DeGolyer and MacNaughton (D&M), under PRMS methodology, as of December 31, 2020.
All reserves included in this release refer to GeoPark working interest reserves before royalties paid in kind, except when specified. All figures are expressed in US Dollars. Definitions of terms are provided in the Glossary on page 11.
Year-End Certified 2020 D&M Oil and Gas Reserves and Highlights:
Building on GeoPark’s core base Llanos 34 block (GeoPark operated, 45% WI), adding Amerisur’s growing production and reserves, and following a limited 2020 work program with a focus on lower risk projects, the Company reports:
Colombia Reserves
Consolidated Reserves1
Net Present Value and Value Per Share
Enhanced Exploration Inventory with Over 750 Million Bbl Recoverable Resource Potential in Colombia
James F. Park, Chief Executive Officer of GeoPark, said: “Thanks and congratulations to our team for these strong 2020 results in a remarkably challenging year with so much of our focus on keeping our people and communities safe and healthy and with significantly reduced work programs. We previously reported on our success in growing production in 2020 for the 18th straight year. So, after a record production year (and after adjusting for the divestment of our non-producing Morona block), we were able to replace all of our produced oil and gas and continue growing our total PD, 2P and 3P reserves. This again highlights the quality of our assets, the benefits of our self-funded flexible work program, and our ability to effectively allocate capital even in the toughest environments. Our large, certified reserve base gives us a powerful inventory of low-risk, low-cost development drilling opportunities to continue to generate and grow cash flow over the short and medium-term. Additional good news is the big exploration resource certification on our expanded acreage in Colombia that demonstrates the attractiveness of our land position—as well as the extensive running room we have in the short, medium, and long-term.”
1 Reserves and NPV10 after tax comparisons against 2019 refer to 2019 pro forma figures, which exclude reserves from the Morona block in Peru and in the REC-T-128 block in Brazil. On July 15, 2020, GeoPark notified its irrevocable decision to retire from the non-producing Morona block (Block 64) in Peru, due to extended force majeure, which allows for the termination of the license contract. Also, in July 2020, GeoPark initiated a farm-out process to sell its 70% WI in the currently non-producing REC-T-128 block in Brazil. Resulting from the above, reserves and NPV10 after tax corresponding to the Morona block and the REC-T-128 block were excluded from the 2020 D&M certification.
2 Corresponds to GeoPark’s aggregate Mean-P10 unrisked recoverable oil volumes in leads and prospects individually audited by Gaffney & Cline as of December 31, 2020.
2019 Year-End to 2020 Year-End D&M Certified Reserves Evolution
Colombia (mmboe) |
PD |
1P |
2P |
3P |
||||
2019 Year-End Reserves (as reported) |
42.4 |
95.9 |
129.0 |
168.9 |
||||
2020 Production |
-12.2 |
-12.2 |
-12.2 |
-12.2 |
||||
Net Change |
12.4 |
3.1 |
-2.5 |
1.0 |
||||
Acquisitions4 |
5.4 |
8.3 |
26.7 |
58.7 |
||||
2020 Year-End Reserves |
48.0 |
95.2 |
141.0 |
216.4 |
||||
Reserve Replacement, including acquisitions |
146% |
94% |
199% |
490% |
||||
Reserve Life (years) |
3.9 |
7.8 |
11.6 |
17.8 |
Total (mmboe) |
PD |
1P |
2P |
3P |
||||
2019 Year-End Reserves (as reported) |
52.4 |
130.6 |
197.3 |
351.2 |
||||
Excluding Morona and REC-T-128 blocks3 |
- |
-19.2 |
-31.9 |
-123.6 |
||||
2019 Year-End Reserves (pro forma) |
52.4 |
111.4 |
165.4 |
227.6 |
||||
2020 Production |
-14.7 |
-14.7 |
-14.7 |
-14.7 |
||||
Net Change |
15.4 |
4.3 |
-2.7 |
-0.7 |
||||
Acquisitions4 |
5.4 |
8.3 |
26.7 |
58.7 |
||||
2020 Year-End Reserves |
58.5 |
109.3 |
174.7 |
270.9 |
||||
Reserve Replacement, including acquisitions |
141% |
85% |
163% |
394% |
||||
Reserves Life (years) |
4.0 |
7.4 |
11.9 |
18.4 |
Net Present Value per Share by Country
The table below presents GeoPark’s 2P NPV per share, by country, as of December 31, 2020.
2020 Net Present Value per Share |
Colombia |
Chile |
Argentina |
Brazil |
Total |
|||||
2P Reserves (mmboe) |
141.0 |
25.5 |
5.5 |
2.6 |
174.7 |
|||||
2P NPV10 after tax 2020 ($ mm) |
2,136 |
291 |
38 |
29 |
2,493 |
|||||
Shares Outstanding (mm) |
61.0 |
61.0 |
61.0 |
61.0 |
61.0 |
|||||
($/share) |
35.0 |
4.8 |
0.6 |
0.5 |
40.9 |
3 On July 15, 2020, GeoPark notified its irrevocable decision to retire from the non-producing Morona block (Block 64) in Peru, due to extended force majeure, which allows for the termination of the license contract. Also, in July 2020, GeoPark initiated a farm-out process to sell its 70% WI in the currently non-producing REC-T-128 block in Brazil. Resulting from the above, reserves corresponding to the Morona block and the REC-T-128 block were excluded from the 2020 D&M certification.
4 Corresponds to 2020 Year-End Reserves related to the Amerisur Resources Plc (“Amerisur”) acquisition in Colombia.
The table below illustrates the details of the net debt adjusted 2P NPV10 after tax per share:
2020 Net Debt Adjusted 2P NPV10 After Tax per Share |
Colombia |
Total |
||
2P NPV10 after tax ($ mm) |
2,136 |
2,493 |
||
Shares Outstanding (mm) |
61.0 |
61.0 |
||
Subtotal ($/share) |
35.0 |
40.9 |
||
Net Debta/Share ($/share) |
-9.5 |
-9.5 |
||
Net Debt Adjusted 2P NPV10 After Tax per Share ($/share) |
25.5 |
31.3 |
(a) Net debt adjusted 2P NPV10 after tax per share is shown on a consolidated basis. As of December 31, 2020, net debt is calculated considering unaudited financial debt of $784.6 million, less unaudited $201.9 million of cash and cash equivalents.
Future Development Capital – D&M Report (Undiscounted)
The tables below present D&M’s best estimate of future development capital (undiscounted) and the unit value per boe by category of certified reserves as of December 31, 2020:
Colombia |
PD |
1P |
2P |
3P |
||||
Future Development Capital ($ mm) |
6.2 |
178.8 |
235.4 |
327.5 |
||||
Reserves (mmboe) |
48.0 |
95.2 |
141.0 |
216.4 |
||||
Future Development Capital ($/boe) |
0.1 |
1.9 |
1.7 |
1.5 |
||||
|
|
|
|
|
||||
Total |
PD |
1P |
2P |
3P |
||||
Future Development Capital ($ mm) |
6.6 |
232.6 |
382.6 |
546.5 |
||||
Reserves (mmboe) |
58.5 |
109.3 |
174.7 |
270.9 |
||||
Future Development Capital ($/boe) |
0.1 |
2.1 |
2.2 |
2.0 |
2020 Year-End Reserves Summary
Following record oil and gas production of 14.7 mmboe in 2020, D&M certified 2P reserves of 174.7 mmboe (88% oil and 12% gas) as of December 31, 2020. By country, the 2P reserves were: 81% in Colombia, 15% in Chile, 3% in Argentina and 1% in Brazil.
Reserves Summary by Country and Category
Country |
Reserves Category |
December 2020 (mmboe) |
% Oil |
December 2019 (mmboe) |
% Change |
|||||
Colombia |
PD |
48.0 |
99% |
42.4 |
13% |
|||||
1P |
95.2 |
100% |
95.9 |
-1% |
||||||
|
2P |
141.0 |
100% |
129.0 |
9% |
|||||
|
3P |
216.4 |
100% |
168.9 |
28% |
|||||
Chile |
PD |
5.1 |
20% |
3.4 |
50% |
|||||
|
1P |
7.3 |
33% |
7.4 |
-1% |
|||||
|
2P |
25.5 |
34% |
24.6 |
4% |
|||||
|
3P |
44.2 |
34% |
41.1 |
8% |
|||||
Argentina |
PD |
3.0 |
57% |
3.3 |
-12% |
|||||
|
1P |
4.3 |
68% |
4.9 |
-12% |
|||||
|
2P |
5.5 |
66% |
8.5 |
-35% |
|||||
|
3P |
7.3 |
60% |
14.2 |
-49% |
|||||
Brazil5 |
PD |
2.5 |
1% |
3.2 |
-22% |
|||||
|
1P |
2.5 |
1% |
3.2 |
-22% |
|||||
|
2P |
2.6 |
1% |
3.8 |
-32% |
|||||
|
3P |
3.0 |
1% |
5.6 |
-46% |
|||||
Peru |
PD |
- |
- |
- |
- |
|||||
|
1P |
- |
- |
19.2 |
- |
|||||
|
2P |
- |
- |
31.4 |
- |
|||||
|
3P |
- |
- |
121.4 |
- |
|||||
Total (2019 as reported) |
PD |
58.5 |
86% |
52.4 |
12% |
|||||
(D&M Certified) |
1P |
109.3 |
92% |
130.6 |
-16% |
|||||
2P |
174.7 |
88% |
197.3 |
-11% |
||||||
|
3P |
270.9 |
87% |
351.3 |
-23% |
|||||
Total (2019 Pro Forma6) |
PD |
58.5 |
86% |
52.4 |
12% |
|||||
(D&M Certified) |
1P |
109.3 |
92% |
111.4 |
-2% |
|||||
|
2P |
174.7 |
88% |
165.4 |
6% |
|||||
|
3P |
270.9 |
87% |
227.6 |
19% |
|||||
5 Includes 0.5 mmbbl of 2P and 2.2 mmbbl of 3P reserves corresponding to the REC-T-128 block.
6 Excludes reserves from the Morona block in Peru and the REC-T-128 block in Brazil. On July 15, 2020, GeoPark notified its irrevocable decision to retire from the non-producing Morona block (Block 64) in Peru, due to extended force majeure, which allows for the termination of the license contract. Also, in July 2020, GeoPark initiated a farm-out process to sell its 70% WI in the currently non-producing REC-T-128 block in Brazil. Resulting from the above, reserves corresponding to the Morona block and the REC-T-128 block were excluded from the 2020 D&M certification.
Analysis by Country
Colombia
2020 Drilling Activity in the Llanos 34 block
GeoPark’s capital expenditures in 2020 in its core Llanos 34 block were limited due to the low oil price environment, which included temporary production shut-ins, minimum maintenance works and the suspension of drilling activities during 2Q2020, which gradually resumed in 2H2020 with the partial recovery in oil prices. Resulting from this, the 2020 drilling plan was mainly focused on lower risk development projects that resulted in PD reserve additions with a reserve replacement of over 100%.
Amerisur Acquisition
The Amerisur acquisition incorporated 13 production, development and exploration blocks, including the CPO-5 block in the Llanos basin and 12 operated blocks in the Putumayo basin, and the OBA pipeline (an export oil pipeline from Colombia to Ecuador).
Amerisur’s reported reserves, certified by McDaniel & Associates as of end-July 2019, were 21.8 mmbbl of net 2P and 31.1 mmbbl of net 3P reserves of light oil, including 9.5 mmbbl net 2P reserves and 14.9 mmbbl net 3P reserves in the CPO-5 block and 12.3 mmbbl 2P reserves and 16.2 mmbbl of 3P reserves in the Platanillo block (GeoPark operated, 100% WI).
2P and 3P Reserves Growth in the CPO-5 Block
As part of the 2020 reserve certification, D&M reviewed all relevant information in the CPO-5 block and certified 2P and 3P gross reserves of 70.5 mmbbl and 167.0 mmbbl in the CPO-5 block (21.1 mmbbl and 50.1 mmbbl of 2P and 3P reserves, net to GeoPark), a significant increase with respect to the previous certification, providing meaningful information with respect to field size and upside potential in this block.
Including acquisitions, for each barrel of oil extracted in Colombia, GeoPark added 1.5 barrels of PD reserves, the equivalent of a PD RRR of 146%. Similarly, for each barrel of oil extracted, GeoPark added 2.0 barrels of 2P reserves and 4.9 barrels of 3P reserves, resulting in a 2P RRR of 199% and a 3P RRR of 490%, respectively.
The 1P RLI was 7.8 years, while the 2P RLI was 11.6 years.
The Llanos 34, CPO-5, Llanos 32 and Platanillo blocks represented 76%, 15%, 5% and 4% of GeoPark 2P D&M certified reserves in Colombia, respectively.
GeoPark’s 2P D&M reserves in Colombia were 100% oil.
Chile
GeoPark’s 2P D&M certified reserves in Chile increased by 4% to 25.5 mmboe compared to 24.6 mmboe in 2019, resulting from the Jauke Oeste gas field discovery in early 2020 and enhanced reservoir performance in the Fell block (GeoPark operated, 100% WI), partially offset by oil and gas production of 1.2 mmboe.
For each barrel of oil extracted in Chile, GeoPark added 2.4 barrels of PD reserves, the equivalent of a PD RRR of 240%. Similarly, for each barrel of oil extracted, GeoPark added 1.8 barrels of 2P reserves, resulting in a 2P RRR of 179%.
The 1P RLI was 6.1 years. The 2P RLI was 21.5 years.
The Fell block represented 99% of GeoPark 2P D&M certified reserves in Chile.
The 2P D&M reserves in Chile were 34% oil and 66% gas.
Argentina
GeoPark’s 2P D&M certified reserves in Argentina decreased by 35% to 5.5 mmboe compared to 8.5 mmboe in 2019, resulting from the impact of lower gas prices, delayed development plans and oil and gas production of 0.8 mmboe during 2020.
The 1P RLI was 5.1 years, while the 2P RLI was 6.6 years.
The Aguada Baguales, El Porvenir and Puesto Touquet blocks (GeoPark operated, 100% WI) represented 100% of GeoPark Argentina 2P D&M certified reserves.
The 2P D&M reserves in Argentina were 66% oil and 34% gas.
Brazil
GeoPark’s 2P D&M certified reserves in Brazil decreased by 32% to 2.6 mmboe compared to 3.8 mmboe in 2019, mainly reflecting production of 0.5 mmboe during 2020 and 0.5 mmbbl of 2P reserves in the REC-T-128 block booked in 2019 that were excluded from the 2020 reserve certification as GeoPark initiated a farm-out process to sell its 70% WI in the block.
The 1P RLI was 4.7 years and the 2P RLI was 5.0 years.
The Manati field represented 100% of GeoPark Brazil 2P D&M certified reserves.
The 2P D&M reserves in Brazil were 1% oil and condensate, and 99% gas.
Agreement to sell 10% WI in the Manati gas field: On November 23, 2020, GeoPark announced an agreement to sell its 10% non-operated WI in the Manati gas field to Gas Bridge for a total consideration of R$144.4 million (approximately $27 million), including a fixed payment of R$124.4 million plus an earn-out of R$20.0 million, which is subject to obtaining certain regulatory approvals. The transaction was agreed with an effective date of December 31, 2020 and is subject to certain conditions.
For further details, please refer to the release published on November 23, 2020.
Net Present Value After Tax Summary
The table below details D&M certified NPV10 after tax as of December 31, 2020 as compared to 2019:
Country |
Reserves Category |
NPV10 After Tax 2020 ($mm) |
NPV10 After Tax 2019 ($mm) |
||
|
|
||||
Colombia |
1P |
1,477 |
1,574 |
||
|
2P |
2,136 |
2,075 |
||
|
3P |
3,094 |
2,645 |
||
Peru |
1P |
- |
222 |
||
|
2P |
- |
336 |
||
|
3P |
- |
1,385 |
||
Chile |
1P |
71 |
121 |
||
|
2P |
291 |
308 |
||
|
3P |
533 |
514 |
||
Argentina |
1P |
28 |
40 |
||
|
2P |
38 |
57 |
||
|
3P |
45 |
97 |
||
Brazil7 |
1P |
27 |
51 |
||
|
2P |
29 |
62 |
||
|
3P |
32 |
87 |
||
Total (2019 as reported) |
1P |
1,603 |
2,008 |
||
(D&M Certified) |
2P |
2,493 |
2,839 |
||
|
3P |
3,703 |
4,727 |
||
Total (2019 Pro Forma8) |
1P |
1,603 |
1,786 |
||
(D&M Certified) |
2P |
2,493 |
2,497 |
||
3P |
3,703 |
3,313 |
7 2019 includes $6.0 million of 2P NPV10 after tax and $29.4 million of 3P NPV10 after tax corresponding to the REC-T-128 block.
8 Excludes NPV10 after tax related to the Morona block in Peru and to the REC-T-128 block in Brazil. On July 15, 2020, GeoPark notified its irrevocable decision to retire from the non-producing Morona block (Block 64) in Peru, due to extended force majeure, which allows for the termination of the license contract. Also, in July 2020, GeoPark initiated a farm-out process to sell its 70% WI in the currently non-producing REC-T-128 block in Brazil. Resulting from the above, reserves and related NPV10 after tax corresponding to the Morona block and the REC-T-128 block were excluded from the 2020 D&M certification.
Lower Oil Price Forecast
Brent oil prices in the 2020 D&M report are significantly lower than the 2019 D&M report. The price assumptions used to estimate the feasibility of PRMS reserves and NPV10 after tax in 2020 and 2019 D&M reports for the period 2021-2018 are detailed in the table below:
| Brent Oil Price ($/bbl) |
2021 | 2022 | 2023 | 2024 | 2025 | 2026-2028 | ||||||||
2020 Reserves Report |
55.0 |
60.0 |
65.0 |
67.5 |
68.8 |
70.2-72.9 |
||||||||
2019 Reserves Report |
69.0 |
71.6 |
73.1 |
74.6 |
76.5 |
78.2-81.3 |
OTHER NEWS / RECENT EVENTS
Reporting Date for 4Q2020 Results Release, Conference Call and Webcast
GeoPark will report its 4Q2020 and Annual 2020 financial results on Wednesday, March 10, 2021 after the market close.
In conjunction with the 4Q2020 results press release, GeoPark management will host a conference call on March 11, 2021 at 10:00 am (Eastern Standard Time) to discuss the 4Q2020 financial results. To listen to the call, participants can access the webcast located in the Investor Support section of the Company’s website at www.geo-park.com.
To listen to the call, participants can access the webcast located in the Investor Support section of the Company’s website at www.geo-park.com, or by clicking below:
https://event.on24.com/wcc/r/3025676/EB89DBA8EDDE93E7204B5A41AED946E0
Interested parties may participate in the conference call by dialing the numbers provided below:
United States Participants: 833-945-1670
International Participants: +1 929-517-9721
Passcode: 2093194
Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.
An archive of the webcast replay will be made available in the Investor Support section of the Company’s website at www.geo-park.com after the conclusion of the live call.
GLOSSARY |
|||
1P |
Proven Reserves |
||
2P |
Proven plus Probable Reserves |
||
3P |
Proven plus Probable plus Possible Reserves |
||
Amerisur |
Amerisur Resources Plc |
||
Amerisur Acquisition |
Amerisur Resources Plc acquisition |
||
boe |
Barrels of oil equivalent (6,000 cf gas per bbl of oil equivalent) |
||
boepd |
Barrels of oil equivalent per day |
||
bopd |
Barrels of oil per day |
||
Certified Reserves |
Refers to GeoPark working interest reserves before royalties paid in kind, independently evaluated by the petroleum consulting firm, DeGolyer and MacNaughton Corp. (D&M) |
||
F&D Cost |
Finding and Development Cost, calculated as the unaudited cash flow from investing activities divided by the applicable net reserves additions before changes in Future Development Capital |
||
mboed |
Thousands of Barrels of oil equivalent per day |
||
mmboed |
Millions of Barrels of oil equivalent per day |
||
mmbbl |
Millions of Barrels of oil |
||
mcfpd |
Thousands of standard cubic feet per day |
||
mmcfpd |
Millions of standard cubic feet per day |
||
NPV10 After Tax |
Net Present Value after tax discounted at 10% rate |
||
PD |
Proven Developed Reserves |
||
PUD |
Proven Undeveloped Reserves |
||
PRMS |
Petroleum Resources Management System |
||
RLI |
Reserve Life Index |
||
RRR |
Reserve Replacement Ratio |
||
sqkm |
Square kilometers |
||
WI |
Working Interest |
||
NOTICE
Additional information about GeoPark can be found in the “Investor Support” section of the website at www.geo-park.com
The reserve estimates provided in this release are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventually prove to be greater than, or less than, the estimates provided herein. Statements relating to reserves are by their nature forward-looking statements.
Gas quantities estimated herein are reserves to be produced from the reservoirs, available to be delivered to the gas pipeline after field separation prior to compression. Gas reserves estimated herein include fuel gas.
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.
Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses.
All evaluations of future net revenue contained in the D&M Reports are after the deduction of cash royalties, development costs, operating expenses, production and profit taxes, fees, earn out payments, well abandonment costs, and country income taxes from the future gross revenue. It should not be assumed that the estimates of future net revenues presented in the tables represent the fair market value of the reserves. The actual production, revenues, taxes and development, and operating expenditures with respect to the reserves associated with the Company's properties may vary from the information presented herein, and such variations could be material. In addition, there is no assurance that the forecast price and cost assumptions contained in the D&M Report will be attained, and variances could be material.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe’’, ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters including NPV10 after tax and NPV10 after tax/share estimations, our reserves, estimated future revenues, and oil price forecast. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see the Company’s filings with the U.S. Securities and Exchange Commission (SEC).
Information about oil and gas reserves: The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proven, probable and possible reserves that meet the SEC's definitions for such terms.
INVESTORS:
Stacy Steimel This email address is being protected from spambots. You need JavaScript enabled to view it.
Shareholder Value Director
T: +562 2242 9600
Miguel Bello This email address is being protected from spambots. You need JavaScript enabled to view it.
Market Access Director
T: +562 2242 9600
Diego Gully This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations Director
T: +5411 4312 9400
MEDIA:
Communications Department This email address is being protected from spambots. You need JavaScript enabled to view it.
SANDEFJORD, Norway--(BUSINESS WIRE)--Jotun recorded sales of NOK 21,070 million in 2020, an increase of seven per cent compared to the previous year. Operating profit ended at NOK 3,489 million in a year that was strongly affected by the coronavirus pandemic.
The pandemic had a negative impact on sales in all segments in 2020 and adjusted for currency effects as a result of a weaker Norwegian krone, underlying sales growth was three per cent. The growth was primarily achieved by good growth in sales of decorative paints.
According to CEO Morten Fon, the impact of the coronavirus pandemic on Jotun’s business in 2020 varied from region to region. “We have experienced a decline in sales in South East Asia and low growth in the Middle East but recorded strong sales growth in important markets such as Scandinavia, Turkey and Saudi Arabia,” he says. “Throughout this period, Jotun has focused on business continuity measures and avoided laying off employees, helping the company to operate successfully and retain a highly skilled and experienced workforce.”
Operating profit is up by 50 per cent compared to 2019. The increase is mainly explained by improved margins, good cost control and positive currency translation effects.
Investments
Jotun invested NOK 1,407 million in 2020, which accounts for about seven per cent of sales and is in line with strategic ambitions. The largest investments were related to new production facilities in Vietnam and Egypt, factory upgrades in Norway and the Czech Republic, a new regional office and research and development (R&D) centre in Dubai and completion of the Group's new headquarters and R&D centre in Norway.
Future outlook
Looking ahead, Jotun anticipates lower activity in shipping and a weaker oil and gas market. In addition, raw materials costs, which began to rise towards the end of last year, are expected to continue to increase. Finally, market uncertainties related to the coronavirus pandemic are likely to persist in 2021.
"While we have realistic expectations for 2021, Jotun’s robust business model has proven very resilient in a challenging year,” says Fon. “With operations across four segments, a global presence and a strong corporate culture we are confident that Jotun will achieve further profitable growth in the years to come."
Key figures (NOK million) |
2020 |
2019 |
Change |
Operating revenue |
21,070 |
19,652 |
7 % |
Operating profit |
3,489 |
2,320 |
50 % |
Profit before tax |
3,158 |
2,079 |
52 % |
For more information:
Morten Fon, CEO. Mobile +47 909 19 822, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Christian E. Johnson, Group Communications Director. Mobile +47 976 45 94, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
HAMILTON, Bermuda--(BUSINESS WIRE)--February 18, 2021 – Triton International Limited (NYSE:TRTN) today announced that Brian Sondey, Chairman and Chief Executive Officer, will be presenting at the BofA Securities SMID Cap Ideas 2021 Virtual Conference on Tuesday, February 23, 2021 at 1:25 p.m. Eastern Time. A live webcast of the presentation and an archived replay will be available to the public on the Investors section of Triton’s website at www.trtn.com.
About Triton International Limited
Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of 6.2 million twenty-foot equivalent units ("TEU"), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.
Triton International Limited
Andrew Greenberg, 914-697-2900
Senior Vice President
Business Development & Investor Relations
BALTIMORE--(BUSINESS WIRE)--Exelon Utilities CEO Calvin G. Butler Jr. was honored February 13 with the BEYA Chairman’s Award during the organization’s annual BEYA STEM conference, hosted virtually. Previously known as the Black Engineer of the Year Awards, the BEYA conference recognizes Black leaders for their meaningful contributions to science, technology, engineering and math (STEM).
Butler joined a roster of accomplished Black leaders of Fortune 500 companies and government organizations recognized at the BEYA STEM conference for their service and dedication to opening doors for Black people in STEM. The Chairman’s Award is not given annually, but rather when warranted for outstanding contributions.
“To whom much is given, much is required,” Butler said in his acceptance speech. “We’re committed to standing up, stepping up and being the change we’re all talking about. Teamwork, partnership and service have powered my contributions and impact. That same combination can power a cleaner, brighter future for all of us.”
Exelon President and CEO Chris Crane commended Butler during the program, saying “He’s got heart for the employees, for the customers and for the communities we serve.”
Exelon prioritizes STEM through its workforce development efforts, which focus on preparing work-ready adults and youth for family-supporting careers. Through its long-standing partnerships with select middle schools, high schools and youth organizations in underrepresented communities, Exelon provides mentors, resources and education support to prepare students for higher education and 21st century careers in STEM. In addition, our enterprise-wide STEM education programs are held in each of our major service territories, offering hands-on learning and mentorship to strengthen education and introduce young minds to careers in energy.
Under Butler, Exelon Utilities’ focus on STEM-related workforce development efforts is yielding significant results and powering opportunity for the communities Exelon serves. In the last 18 months, Exelon workforce development programs have resulted in more than 700 new hires at Exelon and companies with which we partner. Our local utility program focuses on opportunities for unemployed and underemployed adults in the most poverty-stricken sections of our cities. Exelon has more than 45 different workforce development programs across our six utilities and Exelon Generation.
Butler serves as a senior executive vice president of Exelon and chief executive officer of Exelon Utilities. In that role, he oversees Exelon’s six local electric and natural gas companies -- Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco. Together, they form the nation’s largest transmission and distribution utility company by customer count, serving approximately 10 million electric and gas customers in New Jersey, Maryland, Illinois, Delaware, Pennsylvania and the District of Columbia, respectively. Butler serves as vice chairman of each utility’s board and is a member of Exelon’s executive committee.
Butler previously served as CEO of BGE from 2014 to 2019.
The BEYA program is viewable here. The Chairman’s Award is given to Butler at 26:40 in the recording.
About Exelon Corporation
Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia, and Canada and had 2019 revenue of $34 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey, and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector, and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.
Paul Adams
Corporate Communications
410-470-4167
This email address is being protected from spambots. You need JavaScript enabled to view it.
ComEd reports results to Illinois Commerce Commission: benefits continue to outweigh costs
CHICAGO--(BUSINESS WIRE)--ComEd this week reported to the Illinois Commerce Commission (ICC) that residential customers are receiving savings and clean energy benefits from the Future Energy Jobs Act (FEJA) and that these benefits are greater than the costs to customers. Enacted by the Illinois General Assembly in 2016, FEJA is jumpstarting renewable energy and increasing savings through new energy efficiency solutions for less than the caps established by the legislation.
“FEJA is making good on its promise to help our customers and communities gain access to clean and more efficient energy, and the benefits continue to outweigh the costs,” said ComEd CEO Joe Dominguez. “Since the state passed FEJA, energy efficiency investments have saved customers almost as much energy as they saved in the 10 years before FEJA at about half the cost.”
ComEd’s annual reports to the ICC detail the total cumulative average investment costs and benefits in the first four years of FEJA. From 2017 through 2020, residential customers realized average monthly savings of more than $1.30 per month when factoring in the benefits of investments in energy efficiency and solar energy adoption. The net costs and benefits for commercial customers remain below the legislated cost cap of 0.12 cents per kilowatt (kWh). As of 2020, the net costs and benefits for nonresidential customers, who are exempt from energy efficiency programs, remain below the legislated cost cap of 0.078 cents per kWh.
Customer access to renewable energy is gaining traction under FEJA. In 2020, a record 10,250 ComEd residential customers connected energy resources like private solar to the ComEd grid. Commercial and industrial businesses and community supply projects brought the total to more than 10,500 interconnections, representing 183 megawatts of distributed generation. ComEd also connected 20 community solar projects in 2020, and 55 more projects are under construction. The distributed generation rebate program for commercial and industrial customers grew from $8 million in payments in 2019 to $21 million in 2020.
FEJA also is creating opportunities for underrepresented populations, including members of diverse environmental justice communities and returning citizens, through training provided by trade and community groups. More than 1,300 trainees have completed the Craft Apprenticeship Program led by the IBEW Electrical Workers Renewable Energy Fund, as well as the Solar Pipeline and Multi-cultural Job Training programs; more than 25 percent secured jobs in solar panel installation, or serving as energy brokers, site surveyors, training instructors or other positions.
FEJA enables Illinois utilities, like those in many other states, to treat energy efficiency like other utility investments, and amortize them over the course of their useful lives. For example, the cost of ComEd rebates to customers for new LED lighting is amortized over the expected useful life of the new bulbs. This allows the company to increase customer rebates and make other investments needed to achieve Illinois’ aggressive energy efficiency goals while reducing the impact on monthly bills.
FEJA will be in place through 2031 and is designed to strengthen and expand funding for Illinois’ Renewable Portfolio Standard by establishing a long-term procurement process and providing up to $220 million per year in funding for wind and solar development.
ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 100 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.
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EWING, N.J.--(BUSINESS WIRE)--$OLED #OLED--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today announced that its Board of Directors approved an increased first quarter cash dividend of $0.20 per share on the Company's common stock, up from the previous quarter’s dividend of $0.15 per share. The dividend is payable on March 31, 2021 to shareholders of record on March 16, 2021. The dividend reflects our expected continued cash flow generation, and commitment to return capital to our shareholders. Future dividends will be subject to Board approval.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of low power and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training.
Headquartered in Ewing, New Jersey, with international offices in China, Hong Kong, Ireland, Japan, South Korea and Taiwan, and wholly-owned subsidiary Adesis, Inc. based in New Castle, Delaware, Universal Display works and partners with a network of world-class organizations. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
All statements in this document that are not historical, such as those relating to the impact of the COVID-19 pandemic on the Company and otherwise, the Company’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the sections entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent Quarterly Reports on Form 10-Q. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
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MELBOURNE, Australia--(BUSINESS WIRE)--Rio Tinto has secured a new commercial freight shipping service connecting Western Australia’s Pilbara region to the major international shipping hub of Singapore. The service will provide the company with a quicker, cheaper and cleaner alternative to the existing freight delivery route via Perth, helping to drive regional economic development and local job creation.
The regular freight service commenced with the arrival of the MCP Graz at the Port of Dampier from Singapore today. The vessel delivered essential maintenance supplies for Rio Tinto Iron Ore’s operations in the Pilbara, including rail wagon wheels, wagon parts, oil and lubricants. Future shipments are expected to include tyres for heavy earth moving equipment, conveyor belts, rail wagon and locomotive parts and mining consumables.
The service is also open for use by local businesses in the north-west of Australia, providing companies operating in the region with better access to international markets and more efficient movement of freight.
Rio Tinto Iron Ore managing director of Port, Rail and Core Services, Richard Cohen, said, “This is an important new service that connects the Pilbara to the rest of the world via the major international shipping hub of Singapore. It will provide a number of benefits by delivering cheaper, cleaner and faster freight to the region.
“It is an important breakthrough not only for our business, but it will also provide a great opportunity for the local Pilbara economy by helping to unlock small business growth and supporting job creation.”
Rio Tinto expects the service to reduce the lead-time for goods in to the Pilbara by six to 10 days compared with freight via Fremantle. Additionally, it’s expected to provide an annual saving of around three million litres of diesel fuel by reducing road train travel from Perth by more than 3.8 million kilometres.
Over time, Rio Tinto is hopeful that more than 50 per cent of its freight requirements to the Pilbara will utilise this service, increasing the speed of delivery and lowering costs. The vessel capacity of the freight service will be 350 TEUs (twenty-foot equivalent) with Toll Global Forwarding and other freight forwarders offering a service for smaller volumes on the vessel.
Peter Stokes, President Global Logistics Toll Group, said, “This dedicated container vessel service from Singapore to Dampier will enable enormous possibilities to deliver more efficient supply chains to the Pilbara region.
“Toll Group is heavily invested in the north of Western Australia and is one of the largest employers in the Pilbara region. We are proud to be partnering with Rio Tinto on this landmark project which will provide businesses in the north with a significant opportunity to access international imports and exports.”
Viva Energy, the supplier of fuels and lubricants and supply partner to Rio Tinto, expects to reduce its road transport travel by 350,000 kilometres a year through use of the new service.
Viva Energy Sales Manager Gavin Syminton said, “Over and above any commercial benefits there are also a number of other positive aspects to the initiative including increased opportunities for local employment through infrastructure investment, the reduction of our carbon footprint and, a shorter, more efficient supply chain. As we continue to work closely with Rio Tinto we hope to further connect our business and community through this opportunity while making the region a more sustainable place to live.”
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Rio Tinto plc
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CHANDLER, Ariz.--(BUSINESS WIRE)--Rogers Corporation (NYSE:ROG) announced today that Michael M. Ludwig, Senior Vice President, Chief Financial Officer and Treasurer, intends to retire from the Company in 2021. Mr. Ludwig has not given notice of a specific retirement date and he intends to continue in his role until his successor is appointed. The process to identify a successor will begin immediately.
“I want to thank Mike for his leadership and his many contributions to Rogers,” commented Bruce D. Hoechner, Rogers’ President and CEO. “Mike has been a trusted strategic partner, helping to drive significant improvements in profitability and cash flow, while maintaining a focus on growth. We appreciate Mike continuing to drive Rogers’ strategic priorities forward and facilitating a seamless transition to his successor.”
About Rogers Corporation
Rogers Corporation (NYSE:ROG) is a global leader in engineered materials to power, protect, and connect our world. With more than 180 years of materials science experience, Rogers delivers high-performance solutions that enable the company’s growth drivers -- advanced connectivity and advanced mobility applications, as well as other technologies where reliability is critical. Rogers delivers Power Electronics Solutions for energy-efficient motor drives, e-Mobility and renewable energy; Elastomeric Material Solutions for sealing, vibration management and impact protection in mobile devices, transportation interiors, industrial equipment and performance apparel; and Advanced Connectivity Solutions for wireless infrastructure, automotive safety and radar systems. Headquartered in Arizona (USA), Rogers operates manufacturing facilities in the United States, China, Germany, Belgium, Hungary, and South Korea, with joint ventures and sales offices worldwide.
Safe Harbor Statement
This release contains forward-looking statements, which may concern our plans, objectives, outlook, goals, strategies, future events, future net sales or performance, capital expenditures, financing needs, future restructuring, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. Risks that could cause such results to differ include: our ability to attract and retain management and skilled technical personnel; employee benefit costs and other risks applicable to our business. For additional information about the risks, uncertainties and other factors that may affect our business, please see our most recent annual report on Form 10-K and any subsequent quarterly reports on Forms 10-Q filed with the Securities and Exchange Commission. Rogers Corporation assumes no responsibility to update any forward-looking statements contained herein except as required by law.
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HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) announced today that its board of directors has declared a 2021 first quarter dividend of four and one-half cents ($0.045) a share on the Company’s common stock payable on March 24, 2021, to shareholders of record at the close of business on March 3, 2021.
The Company’s annual meeting of shareholders will take place on May 19, 2021. The record date for determination of shareholders entitled to vote at the meeting is March 22, 2021.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With more than 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
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