DUBLIN--(BUSINESS WIRE)--The "Flexible Pipe Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The flexible pipe market was valued at USD 1,012 million in 2020, and it is expected to reach USD 1,308.44 million by 2026, with a CAGR of 4.44%, over the forecast period (2021-2026).

Companies Mentioned

• National Oilwell Varco (NOV)
• TechnipFMC PLC
• The Prysmian Group
• GE Oil & Gas Corporation
• Shawcor Ltd
• SoulForce (Pipelife Nederland B.V.)
• Airborne Oil & Gas BV
• Magma Global Ltd
• ContiTech AG
• Chevron Phillips Chemical Company LLC
• Flexsteel Pipeline Technologies Inc.

Key Market Trends

Oil and Gas Industry to Drive the Market

• The downstream product of oil and gas, i.e., petroleum, is widely used in cosmetic products. With the growth of disposable income and the increasing number of working women, the demand for cosmetics is increasing year-on-year.
• This increasing demand for oil and gas requires effective transportation of oil and gas are under enormous physical and chemical stress. Further, the expansion of the transport sector by increasing the number of aviation carriers in the developed region as well as developing regions, along with the increase in the number of owners of passenger cars and vehicles will be driving the market for the oil industry.
• The need for oil and gas does not only restrict to vehicles but it is also widely used in industries for running machines as well.
• The transport sectors are the highest consumption oil and gas and thus, it will fuel the demand for flexible pipe market.

North America Holds the Largest Market Share

• The United States is the largest market for flexible pipes in North America. The country's newfound shale resources and government policies, which aim at making the country the top oil and gas producer in the next few years, are expected to drive the demand for flexible pipes in the country.
• For instance, with the US Department of Interior (DoI) planning to allow offshore exploratory drilling in about 90% of the outer continental shelf (OCS) acreage, under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, the oil and gas sector in the region is expected to open up new opportunities to the market.
• Further, according to the US Energy Information Administration, the United States will become a net energy exporter in 2020 and will remain so throughout the forecast period, as a result of large increases in crude oil, natural gas, and natural gas plant liquids (NGPL) production, coupled with slow growth in the US energy consumption.
• The increase in demand for oil and gas will, in turn, boost the flexible pipe market during the forecast period in North America.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Introduction to Market Drivers and Restraints

4.3 Market Drivers

4.3.1 Increasing Demand for Non-corrosive Pipes in Oil and Gas Industry

4.3.2 Technological Advances in Drilling Process

4.4 Market Restraints

4.4.1 Fluctuating Oil Prices

4.5 Value Chain / Supply Chain Analysis

4.6 Industry Attractiveness - Porter's Five Forces Analysis

4.7 Technology Snapshot

5 MARKET SEGMENTATION

5.1 By Raw Material

5.1.1 High-density Polyethylene

5.1.2 Polyamides

5.1.3 Polyvinylidene Fluoride

5.1.4 Other Raw Materials

5.2 By Application

5.2.1 Offshore

5.2.1.1 Deepwater

5.2.1.2 Ultra-deepwater

5.2.2 On shore

5.3 Geography

5.3.1 North America

5.3.2 Europe

5.3.3 Asia-Pacific

5.3.4 Latin America

5.3.5 Middle East & Africa

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/l5lx61

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HERZLIYA, Israel & UMBERTIDE, Italy--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), announced today that the Company has been selected and will begin to supply full electrical powertrain units and batteries for the production of the Fiat E-Ducato light commercial vehicle.

“We are excited to be a part of this significant moment for Stellantis as they introduce an electric version of the very popular Fiat E-Ducato light commercial vehicle to the European market. In combining our full electrical powertrains with Stellantis’ expertise, we are able to offer the market a best-in-class LCV e-mobility solution that responds to the needs of commercial customers and helps meet city centers’ carbon neutral goals,” said SolarEdge Chief Executive Officer, Zivi Lando. “We are honored to have been qualified as a tier 1 supplier of Stellantis and the sole supplier of full electrical powertrain units and batteries for the first production series of these vehicles.”

SolarEdge e-Mobility division is based on an acquisition made by SolarEdge in January 2019. The e-Mobility division develops end-to-end solutions for electric and hybrid vehicles, including innovative high-performing powertrains and software for electric vehicles. The acquisition has brought technological synergies to both companies and is part of the Company’s execution plan to expand its product offering beyond solar at a time when the world is undergoing a clean energy transformation and e-mobility revolution.

About SolarEdge

SolarEdge is a global leader in smart energy. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge’s e-Mobility division creates end-to-end e-mobility solutions for electric and hybrid vehicles used in motorcycles, commercial vehicles and trucks. These solutions include innovative high-performing powertrains with e-motor, motor drive, gearbox, battery, BMS, chargers, Vehicle Control Unit (VCU) and software for electric vehicles.

SolarEdge is online at solaredge.com

Press Contacts
SolarEdge Technologies
Lily Salkin
Public and Media Relations
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Investor Relations
Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
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HALIFAX, Nova Scotia--(BUSINESS WIRE)--Today Emera (TSX: EMA) reported 2020 fourth quarter and annual financial results and announced forward looking decarbonization goals and a vision to achieve net-zero carbon emissions.

Highlights

• Growth in annual adjusted EPS of 3%; growth of 15% when normalized for the impact of asset sales. Annual adjusted earnings for 2020 include a recovery of a $36 million outstanding litigation award.
• Growth in annual earnings from ongoing regulated operations, less corporate costs, of 13%.
• Deployed $2.7 billion of capital investment in 2020 to drive rate base growth and advance Emera’s strategy.
• Long-standing strategy of safely providing cleaner, affordable and reliability energy to our customers has achieved a reduction in CO₂ emissions of 39% since 2005.
• Continuing our progress by establishing clear decarbonization goals and a vision to achieve net-zero carbon emissions by 2050.

“I am pleased with the financial results we delivered in 2020 which reflect the strength and resiliency of our team, portfolio and strategy,” said Scott Balfour, President and CEO of Emera Inc. “Carbon reduction is central to our strategy and has been a key driver of growth and innovation at Emera for over 15 years. We’re continuing our progress by setting clear, achievable goals and a vision to achieve net-zero carbon emissions by 2050.”

Q4 2020 Financial Results

Q4 2020 reported net income was $273 million, or $1.09 per common share, compared with net income of $193 million, or $0.79 per common share, in Q4 2019.

Q4 2020 adjusted net income was $188 million, or $0.75 per common share, compared with $145 million, or $0.60 per common share, in Q4 2019.

Growth in quarterly net income was largely due to the recovery of a $36 million outstanding litigation award, continued growth at Tampa Electric and lower corporate interest costs. The timing of preferred share dividend declarations also decreased earnings by $11 million in Q4 2020 as compared to Q4 2019.

The Canadian dollar exchange rate had no material impact in the quarter as compared to 2019.

Annual 2020 Financial Results

2020 reported net income was $938 million, or $3.78 per common share, compared with net income of $663 million, or $2.76 per common share, in 2019.

2020 adjusted net income was $665 million, or $2.68 per common share, compared with $621 million, or $2.59 per common share, in the 2019 period. When normalized for the operating earnings impact of previously announced and closed asset sales, 2020 and 2019 adjusted net income were $660 million and $554 million or $2.66 and $2.31 per common share, respectively.

Reported earnings for the year ended December 31, 2020 included $309 million of earnings related to the gain on sale of the Emera Maine business, net of tax and transaction costs. In addition, $26 million of after-tax impairment charges were recognized on certain assets in 2020. Reported earnings for the year ended December 31, 2019 included an impairment charge of $34 million due to the 2019 impact of Hurricane Dorian on GBPC.

Growth in annual net income was largely due to the recovery of a $36 million outstanding litigation award, continued growth at Tampa Electric and lower corporate interest costs, partially offset by a Nova Scotia tax rate change resulting in deferred income tax revaluation adjustment and lower earnings contributions from Nova Scotia Power and the Caribbean utilities.

The weakening of the CAD exchange rates increased earnings by $19 million and adjusted earnings by $5 million in 2020 compared to 2019.

Outlook

Emera’s $7.4 billion capital investment plan over the 2021-to-2023 period and the potential for additional capital opportunities of $1.2 billion over the same period, is expected to generate rate base growth of 7.5 per cent to 8.5 per cent through to 2023. The capital investment plan continues to include significant investments across the portfolio in renewable and cleaner generation, infrastructure modernization and customer-focused technologies.

Emera’s capital investment plan is being funded primarily through internally generated cash flows and debt raised at the operating company level. Equity requirements in support of our capital investment plan is expected to be funded through the dividend reinvestment plan, the issuance of preferred equity and the issuance of common equity through our at-the-market program. Maintaining investment-grade credit ratings is a priority of management.

Emera has provided annual dividend growth guidance of four to five per cent through to 2022.

Decarbonization Goals

Building on our decarbonization progress over the past 15 years, Emera is continuing our efforts by establishing clear carbon reduction goals and a vision to achieve net-zero carbon emissions by 2050.

This vision is inspired by Emera’s strong track record, our experienced team, and a clear path to our interim carbon goals. In 2020, we achieved a 39% reduction in CO₂ over 2005 levels. With existing technologies and resources and the benefit of supportive regulatory decisions, we plan and expect to achieve the following goals compared to corresponding 2005 levels:

• A 55% reduction in carbon emissions by 2025.
• An 80% reduction in coal usage by 2023 and the retirement of our last existing coal unit no later than 2040.
• At least an 80% reduction in carbon emissions by 2040.

Emera seeks to achieve these goals and realize our net zero vision while staying focused on enhancing reliability, maintaining affordability, adopting emerging technologies and working constructively with policymakers, regulators, partners, investors, and our communities.

Segment Results and Non-US GAAP Reconciliation

¹ See “Non-GAAP Measures” noted below
² Excludes the effect of mark-to-market adjustments, gain on sale and impairment charges, net of tax

Non-GAAP Measures

Emera uses financial measures that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures by adjusting certain GAAP and non-GAAP measures for specific items the Company believes are significant, but not reflective of underlying operations in the period. Refer to the Non-GAAP Financial Measures section of our Management's Discussion and Analysis ("MD&A") for further discussion of these items.

Forward Looking Information

This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR at www.sedar.com.

Teleconference Call

The company will be hosting a teleconference today, Tuesday, February 16, 2021, at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss the Q4 2020 financial results.

Analysts and other interested parties in North America are invited to participate by dialing 1-866-521-4909. International parties are invited to participate by dialing 1-647-427-2311. Participants should dial in at least 10 minutes prior to the start of the call. No pass code is required.

A live and archived audio webcast of the teleconference will be available on the Company's website, www.emera.com. A replay of the teleconference will be available two hours after the conclusion of the call by dialing 1-800-585-8367 and entering pass code 1242559.

About Emera

Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $31 billion in assets and 2020 revenues of more than $5.5 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.

Emera Inc.
Investor Relations
Ken McOnie, VP, Investor Relations and Treasurer
902-428-6945
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BELOIT, Wis. & JACKSONVILLE BEACH, Fla.--(BUSINESS WIRE)--Fairbanks Morse, a portfolio company of Arcline Investment Management and a leading provider of solutions that are powering the world forward, announces the opening of its 8,000-square-foot Mayport Service Center at 950 10^th Street, Building B in Jacksonville Beach, Fla. The facility represents a $350,000 investment in the community and places Fairbanks Morse in closer proximity to core customers such as Mayport Naval Station, Naval Submarine Base Kings Bay, and other U.S. Navy and U.S. Coast Guard installations.

“The opening of our Mayport Service Center is another step that Fairbanks Morse is taking to fulfill its promise to deliver world-class service to our customers,” said George Whittier, CEO of Fairbanks Morse. “From this facility, we are stocking a wide range of inventory to make parts available when and where our customers need them. This is just the beginning of our broader plan for a geographic expansion that extends our aftermarket services to help customers meet their mission-critical power needs.”

The Mayport Service Center will be staffed with Factory-Certified, OEM technicians to provide local engine, motor and controls maintenance and repair services to improve performance and reliability. Fairbanks Morse’s Factory Certified OEM Technicians undergo rigorous qualifications to meet the company’s high standards for delivering best-in-class support.

A wide range of Fairbanks Morse engine and Ward Leonard motor and controls inventory will be available at the Mayport Service Center to reduce the amount of time for installation, repair and maintenance services. The move is part of the company’s renewed emphasis on expediting aftermarket services to military and commercial maritime customers across the nation.

About Fairbanks Morse

Fairbanks Morse manufactures and services heavy-duty, medium-speed reciprocating engines under the Fairbanks Morse® and ALCO® brand names, which are used primarily in marine and power generation applications. Fairbanks Morse has been the original equipment manufacturer of its engines for over 125 years and has a large installed base for which it supplies aftermarket parts and services. Fairbanks Morse is the principal supplier of diesel engines to the U.S. Navy, U.S. Coast Guard and the Canadian Coast Guard. One hundred percent of manufacturing is conducted in its U.S. based facility in Beloit, Wis., while aftermarket parts and services are delivered through its growing network of service centers strategically located around the U.S. Fairbanks Morse is a portfolio company of Arcline Investment Management. Learn more about Fairbanks Morse by visiting www.fairbanksmorse.com.

Mercom Communications
Michelle Hargis
1.512.215.4452
www.mercomcapital.com
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Upgraded southwest Minnesota project will increase amount of low-cost carbon-free electricity

DULUTH, Minn.--(BUSINESS WIRE)--ALLETE Clean Energy, a wholly owned subsidiary of ALLETE Inc. (NYSE: ALE), will repower and expand the Northern Wind site, consisting of the Chanarambie and Viking wind projects in southwest Minnesota, by replacing the existing turbines with new, more efficient equipment. When repowered in 2022, the project, totaling 120 megawatts of capacity, will be sold to Xcel Energy.

The wind repowering project was spurred by the Minnesota Public Utilities Commission’s request for projects that could help the economy recover from the COVID-19 pandemic and recession by putting people to work and increasing the amount of renewable energy customers receive, while also reducing costs over the life of the project. Installing new wind turbines at existing wind sites can increase electricity production by more than 10%, saving customers money over the next 25 years.

Adding new wind energy and repowering older wind sites will help Xcel Energy deliver on its plan to reduce carbon emissions by 80% by 2030, in pursuit of the company’s vision to deliver 100% carbon-free electricity by 2050.

“We’re proud to provide this valuable clean-energy solution for Xcel Energy and its customers,” said ALLETE Clean Energy President Allan S. Rudeck Jr. “This project is the latest example of our strategy in action to advance sustainable energy solutions while investing in local communities. It is a four-part winner that will deliver more clean energy to decarbonize the nation’s energy supply, contribute to more affordable electric rates for customers, and spur local employment and economic activity, all while providing an opportunity to reallocate capital into exciting, new and complementary clean energy growth opportunities.”

“Xcel Energy is leading the clean energy transition while also developing projects that will help the economy recover from the COVID-19 pandemic,” said Chris Clark, president, Xcel Energy-Minnesota, North Dakota, South Dakota. “Repowering older wind sites with new technology will save customers money, create more renewable energy, reduce carbon emissions, and move us closer to achieving our vision to deliver 100% carbon-free electricity to our customers.”

ALLETE Clean Energy also recently completed a refurbishment project to improve performance and reliability at the nearby Lake Benton I wind site in southwest Minnesota, which sells energy to Xcel Energy under a long-term power purchase agreement.

Many productive wind sites in the Upper Midwest were built in the 1990s and early 2000s when the wind industry was still developing. Technology advances in the decades since have enabled wind turbines to capture more energy at the same wind speeds, increasing the amount of production and decreasing costs.

ALLETE Clean Energy strategy delivers sustainability for customers

“This Northern Wind repowering and expansion project is a prime example of ALLETE’s sustainability in action strategy on many levels,” said ALLETE President and CEO Bethany Owen. “At ALLETE, we believe true sustainability goes above and beyond the need to address climate change to include supporting the communities and people where we do business. This project meets our goals for true sustainability, while also supporting ALLETE’s future investments in clean energy projects and enabling our customers to achieve their sustainability objectives.”

The sale and redevelopment of the wind sites is pending regulatory approval. Xcel Energy plans to file the request to repower and purchase the project in mid-February.

ALLETE Clean Energy’s investment in wind turbines eligible for the safe harbor provision of federal production tax credits and strong local wind resource enable the competitive price of the project’s renewable energy. The Northern Wind project was submitted into Xcel Energy’s request for proposals earlier last year, and is now being submitted to the Minnesota Public Utilities Commission in a package of renewable energy projects to help the state economy recover from the COVID-19 pandemic.

ALLETE Clean Energy acquires, develops and operates clean and renewable energy projects and is well-positioned to drive additional clean-energy sector growth. ALLETE Clean Energy owns, operates, has in its development pipeline, under construction and has delivered build-transfer projects totaling more than 1,550 megawatts of nameplate wind capacity across seven states.

ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy in Bismarck, North Dakota; and has an 8 percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP

The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.

About Xcel Energy

Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.

Amy Rutledge
Manager - Corporate Communications
218-723-7400
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VANCOUVER, British Columbia--(BUSINESS WIRE)--$GRN #RNG--Greenlane Renewables Inc. (“Greenlane”) (TSXV: GRN / FSE: 52G) is pleased to announce that it has received final approval for the listing of its common shares and warrants on the Toronto Stock Exchange ("TSX").

Greenlane’s common shares and warrants will commence trading on the TSX effective as of market open tomorrow, February 17, 2021, under the current trading symbols of "GRN" and “GRN.WT”, respectively. In connection with the TSX listing, Greenlane's common shares and warrants will be concurrently delisted from the TSX Venture Exchange (“TSXV”).

“Graduating to the senior board, after having commenced trading on the TSXV only 20 months ago, marks an important and exciting achievement for our company,” said Brad Douville, President and CEO of Greenlane. “We’ve accomplished a great deal of business success on our mission to decarbonize transportation and the natural gas distribution network with renewable natural gas produced from our biogas upgrading systems. I wish to thank our employees, whose hard work and dedication made it possible to rapidly build, grow and finance Greenlane, thus meeting the stringent TSX listing requirements in such a short amount of time.”

“From a capital markets perspective, trading on the TSX provides us with a greater platform from which to expand our global investor base and allows us to match our governance, growth and environmental and sustainability efforts with ESG-focused investors and individual investors seeking a greater reporting standard. I wish to acknowledge and thank the TSXV for being so helpful and supportive during our first phase as a public company.”

About Greenlane Renewables

Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: water wash, pressure swing adsorption, and membrane separation. With over 30 years industry experience, patented proprietary technology, and over 110 biogas upgrading systems supplied into 18 countries worldwide, including the world’s largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers, gas utilities or project developers turn a low-value product into a high-value low-carbon renewable resource. For further information, please visit www.greenlanerenewables.com.

Incite Capital Markets
Eric Negraeff / Darren Seed
Ph: 604.493.2004
Brad Douville, President & CEO, Greenlane Renewables
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HAMILTON, Bermuda--(BUSINESS WIRE)--February 16, 2021 – Triton International Limited (NYSE: TRTN) ("Triton"):

Highlights

• Net income attributable to common shareholders was $115.2 million in the fourth quarter of 2020, or $1.70 per diluted share.
• Adjusted net income was $114.7 million in the fourth quarter of 2020, or $1.70 per diluted share, an increase of 49.1% per diluted share from the third quarter of 2020.
• Net income attributable to shareholders was $288.4 million for the full year of 2020, or $4.16 per diluted share.
• Adjusted net income was $319.9 million for the full year of 2020, or $4.61 per diluted share, an increase of 0.9% from 2019.
• Trade volumes and container demand were exceptionally strong in the fourth quarter. Utilization increased 1.5% during the quarter to reach 98.9% as of December 31, 2020. Utilization averaged 98.1% for the fourth quarter of 2020 and 96.2% for the full year 2020.
• Triton purchased $861.8 million of new and sale leaseback containers for delivery in 2020; almost $550 million of these containers were accepted in the fourth quarter. As of February 9, 2021, Triton has ordered approximately $1.7 billion of containers for delivery in 2021. Most of these containers have already been committed to leases.
• Triton repurchased 1.4 million common shares during the fourth quarter and repurchased 5.1 million common shares during the full year of 2020. Triton has purchased over 13.9 million common shares since the inception of the program in August 2018.
• Triton's Board of Directors announced a quarterly dividend of $0.57 per common share payable on March 26, 2021 to shareholders of record as of March 12, 2021.

Financial Results

The following table summarizes Triton's selected key financial information for the three and twelve months ended December 31, 2020 and December 31, 2019, and the three months ended September 30, 2020.

Operating Performance

"Triton achieved outstanding results in the fourth quarter of 2020, providing a great finish to a remarkable year," commented Brian Sondey, Chief Executive Officer of Triton. "Triton generated $1.70 of Adjusted earnings per share in the fourth quarter, an increase of almost 50% from the third quarter of 2020, and we achieved an annualized Return on equity of 22.9%. For the full year of 2020, Triton generated $4.61 of Adjusted EPS and achieved a Return on equity of 15.9%."

"Triton’s performance in the fourth quarter continued to benefit from strong leasing demand and was boosted further by exceptional sale prices for used containers. While trade activity in the first half of 2020 was weak due to lingering impacts from the trade dispute between the U.S. and China and the onset of the COVID-19 pandemic, global containerized trade volumes rebounded sharply in the third quarter and were well above pre-pandemic levels in the second half of the year. The second half surge in trade volumes was driven by the easing of the lockdowns in the United States and Europe at the end of the second quarter and a shift in consumer spending from experiences and services to goods. Our customers generally did not anticipate this rapid rebound in trade, and all major shipping lines have needed to add significant numbers of containers. Shipping lines have been primarily relying on the leasing market to fulfill their container requirements, and Triton has secured a meaningful share of leasing transactions due to our industry-leading supply capability and our strong reputation for reliability. The Triton team displayed remarkable agility servicing this surge in activity, and we are very proud to be playing an important role helping our customers keep the global supply chain functioning at this critical time."

"Triton has supplied or booked over 1.3 million TEU of new and used containers since the start of the third quarter of 2020. Our fleet utilization reached 98.9% as of December 31, 2020, and stands at 99.1% as of February 9, 2021. Almost $550 million of new containers were accepted in the fourth quarter of 2020 and as of February 9, 2021, we have ordered approximately $1.7 billion of containers for delivery in 2021. The vast majority of the containers ordered for 2021 delivery are already committed to leases. The large amount of leasing transactions completed during this surge in activity will provide durable benefits for Triton. Over 75% of our used containers leased out since July have been placed onto lifecycle leases, which keep the containers on-hire until they reach sale age. In addition, we have focused on extending the lease durations for our new container investments, and the average initial duration for new container leases over this same time period is 10.1 years."

"In 2020, Triton also demonstrated its disciplined capital management and ability to deliver significant value to shareholders across a full range of market conditions. While our investment in new containers was limited in the first part of the year due to weak demand, we focused our investment on share repurchases, and repurchased 5.1 million shares in 2020 for an average price of $30.85 per share. We quickly shifted our focus to value-added fleet growth as market conditions surged in the third quarter and we have already locked-in solid fleet growth for 2021. We paid $2.13 per share on our common shares in 2020 and increased our common share dividend by nearly 10%. We also reduced our leverage in 2020 and refinanced $2.3 billion of asset-backed notes in the third quarter at attractive rates."

Outlook

Mr. Sondey continued, "We are carrying a significant amount of operating and financial momentum into 2021. Trade activity and demand for containers remain very strong, and we have approximately 600,000 TEU of new containers booked for pick-up in the first half of 2021. Current price quotes for new container orders are in the range of $3,500 for a 20' dry container, market leasing rates are well above our portfolio average, and used container sale prices continue to increase."

"We expect our Adjusted EPS in the first quarter of 2021 will hold fairly steady or slightly increase from the record results we achieved in the fourth quarter of 2020. In the first quarter, we will benefit from a full quarter of near-maximum utilization and a large number of new containers going on-hire as they are produced. These benefits will be offset by fewer revenue days and a decrease in the number of used container disposals due to our much lower inventory level. While it is difficult to predict how long the surge in container demand will last, we expect the benefits from the large number of containers already placed on high value leases along with our improved leasing margins from attractive financing activity will be durable. We expect our Adjusted EPS for the full year of 2021 will be well above our Adjusted EPS in 2020, and we expect our Return on equity will remain high."

Dividends

Triton's Board of Directors has approved and declared a $0.57 per share quarterly cash dividend on its issued and outstanding common shares, payable on March 26, 2021 to shareholders of record at the close of business on March 12, 2021.

The Company's Board of Directors also approved and declared a cash dividend payable on March 15, 2021 to holders of record at the close of business on March 8, 2021 on its issued and outstanding preferred shares as follows:

Share Repurchase Update

As of February 9, 2021, we have repurchased approximately 13.9 million common shares since the inception of the program in August 2018 for a total of $436.8 million at an average price per-share of $31.40. As of February 9, 2021, the Company had a total of $102.1 million remaining under the current authorization.

Investors' Webcast

Triton will hold a Webcast at 8:30 a.m. (New York time) on Tuesday, February 16, 2021 to discuss its fourth quarter results. To listen by phone, please dial 1-877-418-5277 (domestic) or 1-412-717-9592 (international) approximately 15 minutes prior to the start time and reference the Triton International Limited conference call. To access the live Webcast please visit Triton's website at http://www.trtn.com. An archive of the Webcast will be available one hour after the live call.

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.

Utilization and Fleet Information

The following table summarizes the equipment fleet utilization for the periods indicated:

The following table summarizes the equipment fleet as of December 31, 2020, September 30, 2020, and December 31, 2019 (in units, TEUs and CEUs):

Important Cautionary Information Regarding Forward-Looking Statements

Certain statements in this release, other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words "expect," "intend," "plan," "believe," "project," "anticipate," "will," "may," "would" and similar statements of a future or forward-looking nature may be used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton's control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements.

These factors include, without limitation, economic, business, competitive, market and regulatory conditions and the following: the impact of COVID-19 on our business and financial results; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in re-leasing containers after their initial fixed-term leases; our customers' decisions to buy rather than lease containers; our dependence on a limited number of customers and suppliers; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of our business; decreases in demand for international trade; disruption to our operations resulting from the political and economic policies of the United States and other countries, particularly China, including but not limited to, the impact of trade wars, duties and tariffs; disruption to our operations from failures of, or attacks on, our information technology systems; disruption to our operations as a result of natural disasters; compliance with laws and regulations related to economic and trade sanctions, security, anti-terrorism, environmental protection and corruption; our ability to obtain sufficient capital to support our growth; restrictions imposed by the terms of our debt agreements; changes in tax laws in, Bermuda, the United States and other countries and other risks and uncertainties, including those risk factors set forth in the section entitled "Risk Factors" in our Form 10-K filed with the Securities and Exchange Commission ("SEC"), on February 14, 2020, in any Form 10-Q filed or to be filed by Triton, and in other documents we file with the SEC from time to time.

The foregoing list of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere. Any forward-looking statements made herein are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on Triton or its business or operations. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

-Financial Tables Follow-

Use of Non-GAAP Financial Items

We use the terms "Adjusted net income" and return on equity throughout this press release.

Adjusted net income and return on equity are not items presented in accordance with U.S. GAAP and should not be considered as alternatives to, or more meaningful than, amounts determined in accordance with U.S. GAAP, including net income.

Adjusted net income is adjusted for certain items management believes are not representative of our operating performance.

Andrew Greenberg
Senior Vice President
Business Development & Investor Relations
(914) 697-2900

DUBLIN--(BUSINESS WIRE)--The "Wind Turbine Castings - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

The publisher brings years of research experience to the 9th edition of this report. The 176-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Global Wind Turbine Castings Market to Reach $3.1 Billion by 2027

Amid the COVID-19 crisis, the global market for Wind Turbine Castings estimated at US$2.1 Billion in the year 2020, is projected to reach a revised size of US$3.1 Billion by 2027, growing at a CAGR of 5.8% over the period 2020-2027.

Onshore, one of the segments analyzed in the report, is projected to record 6% CAGR and reach US$2.6 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Offshore segment is readjusted to a revised 4.8% CAGR for the next 7-year period.

The U.S. Market is Estimated at $568.1 Million, While China is Forecast to Grow at 8.9% CAGR

The Wind Turbine Castings market in the U.S. is estimated at US$568.1 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$660.7 Million by the year 2027 trailing a CAGR of 8.9% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2% and 5.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR.

Competitors identified in this market include, among others:

• Elyria Foundry Company, LLC. and Hodge Foundry, Inc.
• ENERCON GmbH
• K & M Machine-Fabricating Inc.
• Premier
• Riyue Heavy Industry Co., Ltd.
• SAKANA Group
• Shandong longma Heavy Technology Co., Ltd.
• Simplex Castings Ltd.
• Sinovel Wind Group Co., Ltd.
• Suzlon Energy Ltd.

Key Topics Covered:

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Global Competitor Market Shares
• Wind Turbine Castings Competitor Market Share Scenario Worldwide (in %): 2019 & 2025
• Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

• Total Companies Profiled: 38

For more information about this report visit https://www.researchandmarkets.com/r/3fesyb

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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In addition, B. Riley Financial exchanged $35 million of its existing Tranche A term loan for senior notes

Net proceeds to be used to substantially pay down debt and invest in clean energy growth initiatives

AKRON, Ohio--(BUSINESS WIRE)--$BW #BabcockWilcox--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced that on February 12, 2021 it closed an underwritten public offering of 29,487,180 shares of common stock, which included 3,846,154 shares issued in connection with the underwriter’s option to purchase additional shares, at a price to the public of $5.85 per share, for gross proceeds of approximately $172.5 million. The Company also announced that on February 12, 2021 it closed an underwritten public offering of $125.0 million aggregate principal amount of 8.125% senior notes due 2026, which included $5 million aggregate principal amount of senior notes issued in connection with the underwriters’ option to purchase senior notes. Gross proceeds for both offerings are exclusive of underwriting discounts and commissions and estimated offering expenses payable by the Company.

B&W and the senior notes both received a rating of BB+ from Egan-Jones Ratings Company, an independent, unaffiliated rating agency. The notes are expected to begin trading on NYSE under the symbol “BWSN” as early as February 17, 2021.

In addition to the public offering, B. Riley Financial, Inc exchanged $35 million of its existing Tranche A term loan for $35 million principal amount of senior notes in a concurrent private offering, and the interest rate on the remaining Tranche A term loan balance has been reduced to an interest rate of 6.625%, compared to its current rate of 12%.

The two offerings resulted in net proceeds of approximately $283 million after deducting underwriting discounts and commissions, but before expenses. The Company expects to use the net proceeds of this offering to support clean energy growth initiatives and to pay down its revolving credit facility by approximately $167 million while permanently reducing the facility size by approximately $94 million.

“We expect the proceeds derived from this raise to significantly reduce our secured debt and future cash interest payments, de-lever our balance sheet, support expansion of our clean energy technologies portfolio, and provide a strong foundation to pursue our more than $5 billion 3-year pipeline of identified opportunities on top of our strong, high-margin parts and services business,” said Kenneth Young, B&W’s Chairman and CEO. “Looking forward, we remain focused on growing our Renewable and Environmental segments, including deploying our waste-to-energy and carbon capture technologies to help meet critical climate goals, as the next-generation B&W powers the global energy and environmental transformation.”

B. Riley Securities, Inc., acted as the lead book-running manager for the common stock offering. D.A. Davidson & Co. and Janney Montgomery Scott LLC acted as joint book-running managers for the common stock offering. Lake Street Capital Markets, LLC and National Securities Corporation acted as co-managers for the common stock offering.

B. Riley Securities, Inc. acted as lead book-running manager for the senior notes offering. D.A. Davidson & Co., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc., and National Securities Corporation acted as joint book-running managers for the senior notes offering. Aegis Capital Corp., Boenning & Scattergood, Inc., Huntington Securities, Inc. and Kingswood Capital Markets, division of Benchmark Investments, Inc. acted as co-managers for the senior notes offering.

The common stock and senior notes were offered under the Company's shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission ("SEC") on February 13, 2020. The offerings were made only by means of a prospectus supplement and accompanying base prospectus. Copies of the prospectus supplement and the accompanying base prospectus for the offering may be obtained on the SEC's website at www.sec.gov, or by contacting B. Riley Securities by telephone at (703) 312-9580, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date of this press release. Such forward looking statements include, but are not limited to, statements regarding the Company's public offerings of common stock and senior notes, B. Riley Financial’s exchange of a portion of its existing Tranche A term loan for $35 million of senior notes, the revolving credit facility to be permanently reduced by 75% of the senior note value, exclusive of the value of the B. Riley Financial term loan exchange, the interest on remaining Tranche A term loan to be significantly reduced, and the pursuit of more than $5 billion 3-year pipeline of identified opportunities. Factors that could cause such actual results to differ materially from those contemplated or implied by such forward-looking statements include, without limitation, the risks associated with the unpredictable and ongoing impact of the COVID-19 pandemic and other risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and B&W Enterprises cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About Babcock & Wilcox Enterprises

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a global leader in energy and environmental technologies and services for the power and industrial markets.

Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox Enterprises
704.625.4944 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox Enterprises
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.

EIP Participates in Leading North American Charging Network Operator Series C Round

NEW YORK--(BUSINESS WIRE)--Energy Impact Partners (EIP), a global investment platform leading the transition to a sustainable energy future, announced today its participation in the latest Series C financing round for AddEnergie Technologies Inc. (FLO | AddEnergie), a leading North American charging network operator for electric vehicles and a major provider of smart charging software and equipment. This brings the total of the Series C round to CAD$53 million.

Founded in Quebec in 2009, FLO | AddEnergie is a leader in smart charging solutions for electric vehicles in Canada and is growing on the international scene. The company has established its market leadership through projects, among others, with Canadian utility, and EIP limited partner, Fortis, Inc. The raised capital will allow FLO | AddEnergie to partner with utilities to expand FLO^®, its North American electric vehicle (EV) charging network in the U.S. and Canadian markets. The company deployed over 13,000 charging stations in 2020, expanding to cities like Los Angeles, Cincinnati and Toronto.

“Our investment in FLO | AddEnergie will support the expansion of EV charging networks across North America, and will be a catalyst for the accelerated adoption of EV’s in both the US and Canada,” said Cassie Bowe, principal at Energy Impact Partners. “We are pleased to partner with the company as they are accelerating their growth in the US and working with utilities to make EV use possible for millions of drivers in North America.”

With this latest investment, EIP has expanded its total investments in the EV transportation and mobility market to five innovative companies, including Volta, Greenlots, Viriciti, and Remix. The investment is reflective of EIP’s pursuit of partnering with companies at the intersection of electrification and mobility.

“We welcome EIP as an investor in FLO | AddEnergie,” said Louis Tremblay, President and CEO at FLO | AddEnergie. “Our FLO network, which relies on cutting edge fast charging technology and smart energy management solutions, will not only fundamentally transform the way the public thinks about transportation, but also prepare utilities for the complex challenges associated with expanded EV use. With, EIP’s support, FLO | AddEnergie will make accelerated EV adoption in the U.S. a reality.”

For more information on EIP, please visit www.energyimpactpartners.com.

About FLO | AddEnergie

AddEnergie is a leading North American charging network operator for electric vehicles and a major provider of smart charging software and equipment. Every month, AddEnergie charging stations and its FLO network enable approximately half a million charging events and the transfer of 5.5 GWh in electricity, thanks to over 35,000 high-quality stations deployed on public networks, commercial and residential installations. AddEnergie’s headquarters and network operations center are based in Quebec City, and its assembly plant is located in Shawinigan (Quebec). The company also has an office in Montreal and regional teams located in Ontario, British Columbia, California, New York and Florida. For more information visit flo.com.

About Energy Impact Partners

Energy Impact Partners (EIP) is a global investment platform leading the transition to a sustainable energy future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over $1.5 billion in assets under management, EIP invests globally across venture, growth, credit and infrastructure – and has a team of more than 45 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne and soon Oslo. For more information on EIP, please visit www.energyimpactpartners.com.

Energy Impact Partners Media Contact
Matthew Matyjek
On behalf of EIP
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FLO | AddEnergie Media Contact
Sylvain Bouffard
Director, Communications and Public Affairs
FLO | AddEnergie
418 480-5884
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HOUSTON--(BUSINESS WIRE)--#oilandgas--Enstor Gas, LLC (“Enstor”) today announced the completion of the sale of its Waha Gas Storage assets to WhiteWater Midstream, LLC (“WhiteWater”). The assets are located in Northwest Texas, near the Waha Hub. Waha Gas Storage assets have the capacity, when fully developed, to store approximately 10 billion cubic feet of natural gas and include six underground storage caverns and permits for five additional caverns.

“I am extremely proud of our team for rapidly advancing this transaction to close, particularly during the COVID pandemic,” said Enstor Chief Executive Officer Paul Bieniawski. “WhiteWater Midstream’s acquisition of the Waha Gas Storage assets is a win-win for everyone at the table. The facility is a great fit with the WhiteWater asset portfolio and provides a positive return for our investor.”

Enstor was represented by Willkie Farr and Gallagher LLP. Sidley Austin LLP provided legal counsel to WhiteWater.

About Enstor Gas, LLC

Enstor is one of the largest and most geographically diverse, independent natural gas storage operators in the U.S. The company’s eight storage facilities are strategically located across five states and Alberta, Canada. Enstor’s diversified asset base provides direct connectivity to major pipelines and key supply and demand markets. Enstor is backed by ArcLight Capital Partners, LLC, a leading private equity firm focused on North American energy infrastructure investments. For more information, please visit www.enstorinc.com.

About WhiteWater Midstream, LLC

WhiteWater Midstream is a management-owned, Austin-based midstream company. WhiteWater Midstream is partnered with multiple private equity funds including but not limited to Ridgemont Equity Partners, Denham Capital Management, First Infrastructure Capital and the Ontario Power Generation Inc. Pension Plan. Since inception, WhiteWater has reached final investment decision on ~$3 billion in greenfield development projects. For more information about WhiteWater Midstream, visit www.whitewatermidstream.com.

Media Contact:
Casey Nikoloric
303.507.0510 m
303.433.4397, x101 o
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SEATTLE--(BUSINESS WIRE)--Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced fourth quarter 2020 financial results including the following highlights compared to the same quarter of 2019:

• Diluted Net Earnings Attributable to Shareholders per share (EPS¹) increased 47% to $1.16
• Net Earnings Attributable to Shareholders increased 45% to $199 million
• Operating Income increased 56% to $282 million
• Revenues increased 55% to $3.2 billion
• Airfreight tonnage volume increased 10% and ocean container volume increased 19%

“We moved more freight in the fourth quarter of 2020 than in any other quarter in our history,” said Jeffrey S. Musser, President and Chief Executive Officer. “We set Company bests in airfreight tonnage and ocean containers shipped, as well as in revenue, operating income and net earnings. All 17,500 people in our international network performed at levels we have never experienced before and in one of the most challenging operating environments in our 40-year history. I cannot thank our people enough and am tremendously proud to be part of an organization capable of performing at these levels while facing so many disruptions due to the COVID-19 pandemic. I credit our strong knowledge-based culture and our ability to collectively work as one team as primary factors in our success.

“Air buy and sell rates were elevated and volatile during the quarter, and supply and demand remained severely out of alignment, as demand for certain goods, particularly from North Asia, drove record high air tonnage. Air capacity remained extremely tight, as passenger flights have not returned to anywhere near their pre-COVID-19 pandemic levels. We anticipate that air supply/demand and pricing conditions are likely to remain unsettled well into 2021.

“Our ocean services business also experienced significant marketplace imbalance during the quarter, as demand soared and volumes increased, particularly on exports from North and South Asia, which drove higher average buy and sell rates. In addition, port congestion from labor and equipment shortages have significantly disrupted sailing schedules. We expect the pressure on buy rates to remain elevated until those conditions subside.

“In addition to our diverse workforce and our inclusive culture, our solid performance was largely based on the strength of our carrier relationships – both in air and ocean. Here, too, I applaud the extra focus and dedication of our people to keep those relationships strong and to secure available space for our customers in such unpredictable conditions. The marketplace remains very fluid. Despite some signs of improved COVID-19 conditions in certain parts of the world, supply chains continue to be disrupted. We remain focused on keeping our people safe, first and foremost, while continuing to serve our customers at the very highest level.”

Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “We also experienced strong growth in Customs Brokerage, Order Management, Transcon and Distribution, as our customers’ businesses improved and we on-boarded new customers. These latest results are particularly striking in comparison to the fourth quarter of 2019, when average sell rates had declined faster than our average buy rates, and both air and ocean volumes fell as slowing trade to and from China impacted overall freight movement around the globe just as the earliest effects of COVID-19 were being felt. While we are unable to predict how ongoing disruptions related to COVID-19 will affect our future operations or financial results going forward, we do not expect these unprecedented operating conditions to persist long-term. We will continue to make important investments in people, processes and technology, as well as to invest in our strategic efforts to explore new areas for profitable growth.”

Mr. Powell noted that the Company’s effective tax rate for the full year of 2020 was 27.0%, compared to 25.6% in 2019. Earnings of our international subsidiaries, which on average have higher effective tax rates when compared to U.S. Federal and State tax rates, were proportionally higher in 2020 than in the U.S.

Expeditors is a global logistics company headquartered in Seattle, Washington. The Company employs trained professionals in 176 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.

The twelve months ended December 31, 2019 includes the effect of changing our presentation of certain import services from a net to a gross basis and our revised presentation of destination services that started in the second quarter of 2019, which increased revenues and directly related operating expenses in customs brokerage and other services but did not change operating income.

During the three and twelve months ended December 31, 2020, we repurchased 0.2 million and 4.6 million shares of common stock at an average price of $90.81 and $72.26 per share, respectively. During the three and twelve months ended December 31, 2019, we repurchased 1.2 million and 5.3 million shares of common stock at an average price of $73.89 and $72.91 per share, respectively.

Investors may submit written questions via e-mail to: This email address is being protected from spambots. You need JavaScript enabled to view it.. Questions received by the end of business on February 19, 2021 will be considered in management's 8-K “Responses to Selected Questions.”

Disclaimer on Forward-Looking Statements

Certain statements contained in this news release are “forward-looking statements,” such as statements relating to management’s views with respect to future events and underlying assumptions that involve risks and uncertainties, including statements such as our expectations of continued volatility in air pricing, ongoing pressure for elevated buy rates in the ocean services business, that the COVID-19-related operating conditions will not continue long-term, and that the Company expects to continue making investments in people, processes and technology. Future financial performance could differ materially because of factors such as: our ability to perform at these levels while facing several disruptions due to the COVID-19 pandemic, including employee retention and their health and safety; our ability to execute during port congestion due to labor and equipment shortages and disrupted sailing schedules; the timing of passenger flights returning close to their pre-COVID-19 levels; the impact on our ocean volumes; continued volatility in airfreight and ocean buy and sell rates; our access to carrier capacity; our ability to keep our global offices open and operating; our ability to execute our business continuity plans; the strength of our financial position and our ability to continue to make investments in our strategic initiatives; our ability to remain a strong, healthy, unified and resilient organization; and the future impact of changes in the mix of domestic and foreign income on our effective tax rate. The COVID-19 pandemic could have the effect of heightening many of the other risks described in Item 1A of our Annual Report on Form 10-K, including, without limitation, those related to the success of our strategy and desire to maintain historical unitary profitability, our ability to attract and retain customers, our ability to manage costs, interruptions to our information technology systems, the ability of third-party providers to perform and potential litigation as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission. These and other factors are discussed in the Company’s regulatory filings with the Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in “Item 1A. Risk Factors” of the Company’s most recent Quarterly Report on Form 10-Q. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2020. The forward-looking statements contained in this news release speak only as of this date, and the Company does not assume any obligation to update them except as required by law.