IRVING, Texas--(BUSINESS WIRE)--ExxonMobil announced the first cargo of liquefied natural gas (LNG) from the $8 billion Coral South floating LNG (FLNG) project offshore Mozambique, bringing additional LNG volumes to the global energy market.
Coral South produced its first LNG volumes in early October, following the FLNG’s on-schedule start-up. The Coral South FLNG is expected to produce 450 billion cubic meters of natural gas from the Coral reservoir in Mozambique’s Rovuma Basin — and to liquefy 3.4 million metric tons of that gas for transport, annually.
“The Coral South project will bring significant long-term economic value to the people of Mozambique,” said Peter Clarke, head of ExxonMobil’s LNG business. “Today’s first-cargo milestone is a testament to the hard work, continued investment and successful execution of our integrated consortium team. Mozambique is joining the ranks of global LNG producers and contributing to global LNG supplies at a time when the world needs it most.”
Lower-emissions LNG plays an increasingly important role in ExxonMobil’s portfolio. The company plans to nearly double its LNG offerings by 2030 as low-cost, capital-efficient projects like Coral South come online.
Coral South is operated by Eni, the Upstream Delegated Operator of the Area 4 consortium, which is comprised of Eni, ExxonMobil, CNPC, Galp, Kogas and ENH. Area 4 is operated by Mozambique Rovuma Venture S.p.A. (MRV), an incorporated joint venture owned by ExxonMobil, Eni and CNPC, which holds a 70% interest in the Area 4 Exploration and Production Concession Contract. Galp, KOGAS and Empresa Nacional de Hidrocarbonetos E.P. each hold a 10% interest.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.
The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world. To learn more, visit exxonmobil.com and the Energy Factor.
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Cautionary Statement:
Statements related to outlooks; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; and other statements of future events or conditions, are forward-looking statements. Actual future results, including project plans, schedules, costs, returns, and capacities; ultimate recoveries; operating performance and demand projections could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments; reservoir performance; timely completion of development projects; technical or operating factors; the outcome of future commercial negotiations, including final agreed terms and conditions; unforeseen technical or operating difficulties and unplanned maintenance; and other factors discussed under the heading "Factors Affecting Future Results" in the Investor Information section of our website (www.exxonmobil.com) and in Item 1A of our most recent Form 10-K. References to quantities of gas include volumes that are not yet classified as proved reserves under SEC rules but that we believe will be produced in the future. The term "project" as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as under any government payment transparency reports.
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The business will debut a new video each day highlighting new welding and fabrication products, automation and robotics solutions, industry shaping PPE products, and news
NORTH BETHESDA, Md.--(BUSINESS WIRE)--$ESAB #ESABCorporation--Today ESAB, an ESAB Corporation brand (NYSE: ESAB), and a world leader in welding and cutting equipment and consumables, announced the kick-off of its inaugural SparkWeek, a week-long, virtual launch event highlighting new welding and fabrication products. With 16 product unveils slated to go live between Monday, November 14 and Friday, November 18, SparkWeek is poised to redefine ESAB’s position in the global fabrication technology industries, bringing the business and its portfolio of brands into new segments and audiences.
“We are excited to host our inaugural SparkWeek and showcase innovations from across the ESAB portfolio which we know will move the fabrication industry forward with re-designed and state-of-the-art solutions for welders and metal fabricators around the world,” said Steven Molenda, ESAB’s Senior Director, Global MarCom and Marketing Strategies. “From game-changing portable welding products to industrial and automation product announcements, ESAB is continuing to redefine power, productivity, and performance in the fabrication industry.”
Each day of SparkWeek at 12 p.m. Eastern, ESAB will premiere a new announcement video at ESAB.com/SparkWeek, unveiling products around a particular theme. Viewers who attend the daily premieres will be able to ask ESAB global product managers questions in real-time. The event page will also feature information about the new products.
See the ESAB SparkWeek announcement schedule below:
For more information about SparkWeek and to sign up for daily alerts, visit ESAB.com/SparkWeek. For more information about ESAB Corporation, including its world leading portfolio of fabrication and gas control technology solutions, visit ESABcorporation.com.
About ESAB
ESAB is a world leader in fabrication technology. For more than 100 years ESAB has transformed industries built by fabricators, providing complete workflow solutions through our diverse portfolio of products from more than 40 of the most trusted brands in welding and cutting in the world. From industrial demands to repair and maintenance, innovators that shape the world, rely on ESAB’s portfolio. To learn more, visit ESAB.com.
About ESAB Corporation
ESAB Corporation (NYSE: ESAB) is a world leader in fabrication and gas control technology, providing our partners with advanced equipment, consumables, gas control equipment, robotics, and digital solutions which enable the everyday and extraordinary work that shapes our world. To learn more, visit ESABcorporation.com.
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Global leading cloud provider achieving more with less whilst doubling the use of clean energy at key data centers during the world’s largest global shopping festival
HANGZHOU, China--(BUSINESS WIRE)--Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, has once again excelled in its mission of supporting the group’s 11.11 Global Shopping Festival, thanks to its high-performance computing and innovative technology. Drawing on self-developed infrastructure upgrades, the group saw an 8% year-on-year saving in computing cost per resource unit from April 1 to November 11.
“The breadth and depth of cloud technology deployment during this year’s 11.11 has once again showcased Alibaba’s best cloud and technology practice; be it through fundamental architecture like self-proprietary technology powering high-performance computing and database products, or consumer-facing XR (extended reality) and livestreaming technologies. We intend to continue applying these proven capabilities to even better serve our customers and help them to be more efficient, innovative and greener in their own digital transformation journeys,” said Li Cheng, Chief Technology Officer (CTO) of Alibaba Group.
Doing more with less through cloud-native and serverless innovations
This year’s 11.11 was powered by Alibaba Cloud’s dedicated processing unit for the Apsara Cloud operating system. The upgraded infrastructure system, significantly improved efficiency of computing, storage and network in data centers supporting the event, while also reducing network latency. For example, with this new upgrade supported by cloud-native technology, ordering, pre-sale balance payment and refunding could be launched simultaneously with an enhanced scalability and lower latency.
During this year’s 11.11, the front page of Taobao, one of Alibaba’s e-commerce platforms, was upgraded by the latest serverless technology, allowing for automatic scaling with extreme elasticity based on actual workloads.
Alibaba Cloud’s cloud-native database products also significantly expanded the capacity of consumers’ shopping carts by more than a double, from 120 items to 300. The ApsaraDB for Redis Enhanced Edition (Tair), a cloud-based in-memory database service for enterprises, supports new functions such as product grouping and sorting, enabling consumers to organize their shopping cart according to their own preferences. They could also make use of the ‘select’ function to enjoy cross-merchant discounts, to pre-order goods and use vouchers for a more rewarding shopping experience.
Innovative technology delivers more immersive consumer experience
A more immersive shopping experience was created this year thanks to Alibaba’s proprietary technology in supporting extended reality. Alibaba’s technology in 3D modeling leverages a neural radiance field (NeRF), a neural network technology for generating novel views of complex 3D scenes. During this year’s 11.11, it assisted luxurious retail and furniture brands, like Burberry, Estee Lauder and SK-II, to build virtual stores on the e-commerce platform Tmall.
Through self-developed 3D renderings that realistically represent natural light, flames and natural flowing water, an outdoor nature scene was built for sportswear brands including Descente (Japan), to showcase its latest products in a vibrant and invigorating environment. Consumers can also view the products in three dimensions, enabling them to inspect details up close, or try on their chosen watches and accessories virtually thanks to AR technologies. Consumers are also free to arrange different items of furniture indoors, or tents for outdoor camping.
Another new expressive interaction came from an XR-powered marketplace on Tmall and Taobao. Using the automatic 3D space creation technology from Alibaba’s research institute DAMO Academy, a virtual shopping street was built, featuring over 700 products from 70 brands including 30 internationally-recognized franchises, such as Sanrio’s iconic Hello Kitty, and Hollywood’s franchise Minions. Shoppers can choose their own avatars, check out the products and place them in their virtual shopping carts.
During this year’s 12-day festival from October 31 to November 11, nearly 2 million packages were delivered by Xiaomanlv vehicles, Alibaba’s last-mile logistics vehicle. This is double the package delivery volume from the same period last year. The logistics robot was deployed in over 400 campuses across China, which has greatly reduced the time of queuing for package deliveries during peak hours.
A greener 11.11 powered by clean energy
In addition to its cloud computing solutions helping to reduce energy consumption, Alibaba Cloud’s five hyper-scale data centers across China also doubled the amount of clean energy used to support this year’s 11.11 compared to last year. More than 32 million kilowatt-hours of electricity used by Alibaba Cloud to support 11.11 this year came from renewable energy, up by 30% on a daily basis average compared to last year. Additionally, Alibaba Cloud's Heyuan data center, the cloud company’s largest hyper-scale data center in South China, now runs entirely on clean energy. Alibaba Cloud’s self-developed immersion cooling technology has reduced the energy consumption of the data centers, with power usage effectiveness (PUE) reaching as low as 1.09 - a world-leading level.
Alibaba Cloud has also worked with Tmall to leverage the carbon management platform, Energy Expert. It provided online carbon footprint modeling, calculations and certifications for more than 40 brands in various sectors, including paper & pulp, food and personal care, to help them categorize low-carbon products, identify carbon emission resources and conduct informed sustainability practices to reduce carbon emissions.
About Alibaba Cloud
Established in 2009, Alibaba Cloud (www.alibabacloud.com) is the digital technology and intelligence backbone of Alibaba Group. It offers a complete suite of cloud services to customers worldwide, including elastic computing, database, storage, network virtualization services, large-scale computing, security, management and application services, big data analytics, a machine learning platform and IoT services. Alibaba maintained its position as the third leading public cloud IaaS service provider globally since 2018, according to IDC. Alibaba is the world’s third leading and Asia Pacific’s leading IaaS provider by revenue in U.S. dollars since 2018, according to Gartner.
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Alibaba Group
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FREYR has selected and purchased a site in Coweta County, Georgia for multi-phase Giga America clean battery manufacturing project
NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has announced the selection and purchase of a site in Coweta County, Georgia for its planned Giga America battery plant. The company selected the Bridgeport Industrial Park site through a rigorous evaluation process based on key operational, logistical, and financial criteria, including the suitability of the site to co-locate modular upstream and downstream projects with the Giga America cell manufacturing facility.
FREYR is planning to initiate detailed project engineering of Giga America in the coming months. The initial phase of Giga America is planned to be a cell production module of approximately 34 GWh based on the next-generation of 24M’s U.S.-based SemiSolid™ production platform at an initial projected capital cost of $1.7 billion. The company is also evaluating value accretive upstream and downstream modules as well as additional cell production lines that are expected to bring total capital investments to more than $2.6 billion through 2029. Upon completion of all the contemplated construction phases, the Giga America complex is expected to be one of the largest battery cell manufacturing developments globally.
“Today’s landmark announcement underscores FREYR’s ambition to develop a very strong and near-term operational footprint in the United States. Expanding into the U.S. has been a foundational aspect of FREYR’s long-term strategy from our inception, and with the recent passage of the Inflation Reduction Act, we expect U.S. demand for ESS, passenger EV and other electric mobility applications to grow rapidly over the next decade,” commented FREYR’s Co-Founder and Chief Executive Officer Tom Einar Jensen.
"Job creators and innovators from all over the world bring their operations to Georgia because they know they will have success here," said Governor Brian Kemp. "We're proud to welcome FREYR to the Peach State as the latest company to bring transformational investments and opportunity to our communities. They will be a valued addition to our No. 1 state for business, and I look forward to their growing impact on Coweta and the surrounding region."
“We are thrilled to welcome FREYR Battery to the Coweta County community,” said Coweta County Board of Commissioners Chairman Bob Blackburn. “With the addition of FREYR, Coweta County is quickly becoming a premier destination for top-tier manufacturing industries that support the U.S. economy and beyond. We look forward to the innovation, opportunities, and success that FREYR will generate.”
In accordance with FREYR’s ambitions to accelerate development of Giga America in parallel with the ongoing construction of Giga Arctic in Mo i Rana, Norway, the company is intensifying and broadening its financing efforts. The total package of financial incentives for Giga America includes robust assistance collectively provided by The State of Georgia and Coweta County in addition to the expected production tax credits associated with the recently passed Inflation Reduction Act. Additionally, FREYR intends to apply with the U.S. Department of Energy for packages that could include a grant and/or direct loans to assist with the development of Giga America.
The U.S. energy storage market, which is already the largest in the world, is expected to experience exponential growth over the next several years. According to Rystad Energy (“Rystad”), to satisfy a 1.6-degree scenario, cumulative collective storage demand of 4.5 TWh from the U.S. and Europe will be required through 2030. Under the same scenario, Rystad expects annual collective storage demand in the U.S. and Europe to reach 1.4 TWh by 2030, which represents a 34-fold increase from projected corresponding annual 2022 demand.
“At FREYR, we are deeply committed to decarbonizing the transportation and energy sectors. As we advance our U.S. expansion plan in cooperation with our key stakeholders, we expect to make meaningful investments to spur job creation and the eventual development of localized, decarbonized supply chains in the U.S. to enhance energy security and economic activity and meet the growing demand for energy storage solutions in the U.S. market,” added Jensen.
The Giga America project will be based on the SemiSolid™ technology of FREYR’s U.S.-based licensing partner, 24M. The SemiSolid™ platform enables capital and energy efficient production of lithium-ion batteries at scale.
FREYR is currently evaluating clean power supply solutions for the Giga America project with U.S. Independent Power Producers (“IPPs”). The company’s long-term ambition is to replicate the strategy employed at Giga Arctic to produce next-generation batteries that are among the cleanest anywhere in the world.
At 10:00 am EST (16:00 CET) FREYR Battery will host a launch event live from Coweta County, Georgia. The webcasted presentation will be streamed online in English. To join, please use the following link: https://vimeo.com/event/2591961
A recording of the event will be made available after the presentation on FREYR’s website and YouTube channel.
Video of Giga America initial concept: https://vimeo.com/769472495/99ac6163e7
About FREYR Battery
FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce clean battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to install 50 GWh of battery cell capacity by 2025 and 100 GWh annual capacity by 2028 and 200 GWh of annual capacity by 2030. To learn more about FREYR, please visit www.freyrbattery.com
Cautionary Statement Concerning Forward-Looking Statements
All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding the development of the Giga America project and its ability to deliver an initial battery cell production module of approximately 24 GWh; FREYR’s ability to realize the benefits of additional value accretive upstream and downstream modules; any expected capital investments and jobs created from the development of Giga America; any potential tax benefits and incentives under the Inflation Reduction Act; any projected U.S. demand for FREYR’s products and battery technology generally; FREYR’s ability to realize the benefits of its financing efforts; any potential benefits and incentives provided by The State of Georgia, Coweta County, and the U.S. Department of Energy; the scale, expansion, and arrangements for any FREYR production facilities in the U.S.; any potential benefits and production capabilities of 24M’s SemiSolid™ platform; FREYR’s plans to initiate detailed project engineering of Giga America; the potential development of a dedicated solar plus storage facility at Giga America; FREYR’s ability to generate innovation, opportunities, and success in The State of Georgia and Coweta County; any benefits realized by locating Giga America in The State of Georgia and Coweta County; the projected storage capacity in the U.S. due to the passage of the Inflation Reduction Act and any forecasts related to battery storage deployments in the U.S.; and FREYR’s expectations to make meaningful investments to spur job creation and the eventual development of local, decarbonized supply chains in the U.S. are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.
Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in (i) FREYR’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "SEC") on September 1, 2022, and (ii) FREYR’s annual report on Form 10-K filed with the SEC on March 9, 2022, available on the SEC’s website at www.sec.gov.
Investor contact:
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Tel: (+1) 281-222-0161
Media contact:
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Indonesia’s government security services to be equipped with premium fleet of electric motorcycles from Zero as part of presidential decree to host zero-emissions summit
SANTA CRUZ, Calif.--(BUSINESS WIRE)--Zero Motorcycles, the worldwide leader in electric motorcycles and powertrains, continues to drive the global transition to electric transportation with the completion of host-country Indonesia’s largest order of electric motorcycles in preparation for the G20 Summit in Bali. Nearly 300 new Zero Motorcycles have been delivered to Indonesia in preparation for the Summit this month. The use of an all-electric transportation fleet by the hosting government marks a new milestone for one of the world’s largest economies as it lessens its dependency on fossil fuels and moves toward net-neutral emissions.
The G20 is a global forum that includes 19 countries and the European Union, representing the world’s 20 largest economies or trade unions. The main goals of the G20 Summit are to address issues with the global economy including financial stability, climate change, and overall sustainability. In an effort to achieve zero emissions for this year’s Summit in Bali, Indonesia’s President, Joko Widodo, called for the entirety of the government’s transportation used during the events to be electric vehicles. As the world’s leading supplier of full-sized motorcycles that are fully electric, Zero Motorcycles was selected to equip the National Police and the Indonesian National Armed Forces, which includes the Presidential Security Force, with premium EV models.
“Meeting the ambitious zero-emissions goals set by President Joko Widodo was made possible thanks to the excellent partnership with both Zero Motorcycles and the Indonesian government, both organizations that are highly motivated to be leaders in transitioning away from fossil fuels,” said Harun Sjech, CEO of PT, Elektrick Motoriz Global, the importer of record for Zero Motorcycles in Indonesia. “We are extremely proud to have delivered all of these motorcycles and we look forward to building on our relationships with both Zero and the Indonesian government.”
Heading into the 2022 G20 Summit, Zero Motorcycles fulfilled the order of nearly 300 electric motorcycles. The Zero DSRP (Police) motorcycle available exclusively to global fleet operators and authority forces, plus the widely available SR/S and SR/F premium models that had been modified for tactical use by the Indonesian security apparatus, were all included as part of the governmental purchase order.
“We applaud President Widodo and the entire Indonesian government for their clear vision, admirable climate leadership goals, and for the speed with which they sought to equip and train their staff for the G20 Summit,” said Sam Paschel, CEO of Zero Motorcycles. “The G20 is an extremely important platform and being able to deliver a large fleet of reliable electric motorcycles for the event is a credit to our amazing team, and a benefit for the entire world.”
Zero Motorcycles was founded in 2006, operates in over 40 countries, and has 10 full-sized consumer models built on three different platforms for both street and dual-sport use. With models specifically designed for fleet use and currently deployed by over 240 US-based agencies and scores more worldwide, Zero outfits more fleets than any other two-wheeled EV manufacturer in the world.
About Zero Motorcycles
Zero Motorcycles is the global leader in electric motorcycles and powertrains. Designed and crafted in California, Zero Motorcycles combines Silicon Valley technology with traditional motorcycle soul to elevate the motorcycling experience for forward thinking riders around the world.
Natalie Kahn
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New Tesla CCS Combo 1 Adapter enables drivers to take advantage of Autocharge+ technology and high-power charging across the EVgo network
LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (NASDAQ: EVGO) (EVgo), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today unveiled a new promotional charging plan exclusively for Tesla Model S, 3, X and Y drivers and announced that Autocharge+ is available for Tesla drivers with the CCS Combo 1 Adapter at nearly all EVgo DC fast charging locations.
All Tesla drivers can enroll in the new limited time Tesla Plus Promo plan via the EVgo app and drivers with the CCS Combo 1 Adapter can enroll in Autocharge+ for automatic session initiation and billing. Capable of charging up to 250kW and compatible with most Tesla vehicles on the market, the new adapter unlocks access to high-power charging for Tesla drivers on the EVgo network —and gives them a seamless charging experience with the added benefit of the EVgo app that allows drivers to monitor their charging sessions, view real-time charger availability, reserve chargers and more.
The new promotional plan gives Tesla drivers a free three-month trial of the EVgo Plus subscription plan, which offers access to lower charging rates and free charger reservations at select stations with EVgo Reservations™. While this offer is available exclusively for Tesla drivers, both new customers and existing Tesla EVgo customers can sign up for the promotion via the EVgo app. This limited time promotion is valid through December 31, 2022.
“EVgo launched Autocharge+ to give EV drivers a simple and seamless charging experience at our DC fast charging locations,” said Cathy Zoi, CEO at EVgo. “Combining the innovations of Autocharge+ with the release of the CCS Combo 1 Adapter and our new promotional charging plan, Tesla drivers can take advantage of high-power charging on the EVgo network in convenient locations across the U.S.”
To enroll in the Tesla Plus Promo plan and Autocharge+, Tesla drivers need to download the EVgo app and add their Tesla VIN in the vehicle section. To complete enrollment in Autocharge+, drivers must plug into an EVgo charger with the adapter. For additional details around the EVgo Tesla Plus Promo Plan, click here. For more information about Autocharge+, click here.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. Since its founding in 2010, EVgo has led the way to a cleaner transportation future and its network has been powered by 100% renewable energy since 2019 through renewable energy certificates. As one of the nation’s largest public fast charging networks, EVgo’s owned and operated charging network features over 850 fast charging locations – currently serving over 60 metropolitan areas across more than 30 states – and continues to add more DC fast charging locations through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network, robust software products and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables world-class charging experience where drivers live, work, travel and play.
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CAMPBELL, Calif.--(BUSINESS WIRE)--ChargePoint Holdings, Inc. (NYSE:CHPT), a leading electric vehicle charging network, today announced it will release financial results for the third quarter ended October 31, 2022, after market close on December 1, 2022. ChargePoint management will host a conference call to review its financial results at 1:30 p.m. Pacific time (4:30 p.m. Eastern time) on the same day.
A live webcast of the conference call will be accessible from the “Events and Presentations” section of ChargePoint’s investor relations website (investors.chargepoint.com) on December 1, 2022. A replay will be available after the conclusion of the webcast and archived for one year. A copy of the press release with the financial results will also be available on ChargePoint’s investor relations website prior to the commencement of the webcast.
About ChargePoint
ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions. The ChargePoint cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds of thousands of places to charge in North America and Europe. To date, more than 133 million charging sessions have been delivered, with drivers plugging into the ChargePoint network on average every second. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact the This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it..
CHPT-IR
ChargePoint Holdings, Inc.
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AJ Gosselin
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HARTFORD, Conn.--(BUSINESS WIRE)--The Travelers Companies, Inc. (NYSE: TRV) today announced it has once again been named a Best for Vets Employer by Military Times, as well as a Military Friendly® Employer and Military Friendly® Spouse Employer by VIQTORY.
“These recognitions demonstrate our steadfast commitment to creating a welcoming environment for the military community,” said Diane Kurtzman, Executive Vice President and Chief Human Resources Officer at Travelers. “Service members and their families add incredible value to our workforce, and we’re proud to support them.”
Travelers offers a robust suite of military-friendly programs and benefits, including:
The company has also signed the Statement of Employer Support of the Guard and Reserve at both state and national levels and is part of the Department of Defense Military Spouse Employment Partnership. In addition, Travelers was named a 2021 Employer for Outstanding Support by the U.S. Navy Reserve.
To learn more about Travelers and its commitment to recruiting military service members, visit Travelers.com/military.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $35 billion in 2021. For more information, visit Travelers.com.
Media:
Courtney Garro, 860.277.8719
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The company reduced 2.4 times carbon emissions compared to the same period last year.
HANGZHOU, China--(BUSINESS WIRE)--Ant Group announced today that, according to calculations by the China Environmental United Certification Center (CEC), the company reduced its data centers’ electricity consumption by 1,538 megawatt-hours during this year’s 11.11 Global Shopping Festival from November 1 to November 11, with the help from green computing technologies.
By using green computing technologies, Ant Group lowered carbon emissions by 947 tons over the 11-day period, which is 2.4 times compared to last year's 394 tons over the same period. The amount reduced this year is equivalent to daily carbon emissions of about 72,000 gas and diesel cars. The increase in energy savings was mainly attributed to Ant Group’s improved utilization rate of computing resources enabled by the company’s continuing optimization of its green computing technologies.
The green computing technologies Ant Group deploys include online-offline hybrid deployment, cloud-native time-shared scheduling and AI-based auto scaling. These technologies allow data centers to provide computing resources as efficiently as possible, while ensuring applications’ access to the computing power they need to remain stable in operations. By adopting these technologies, data centers can support more business demands with fewer servers, maximize their utilization of computing resources, minimize wasted electricity and reduce energy intensity.
Today, data centers still consume a large amount of electricity and produce carbon emissions as they fuel the development of the digital economy. Ant Group began exploring innovative technologies to improve its data centers' operational efficiency in 2019. Green computing technologies is an integral part of the company’s roadmap towards the pledge it made in March 2021 to realize net zero in carbon emissions by 2030. In April 2022, the company announced that it had achieved carbon neutrality in its own operations (Scopes 1 & 2), according to 2021 emission figures certified by the CEC.
About Ant Group
Ant Group traces its roots back to Alipay, which was established in 2004 to create trust between online sellers and buyers. Over the years, Ant Group has grown to become one of the world's leading open Internet platforms. Through technological innovation, we support our partners in providing inclusive, convenient digital life and digital financial services to consumers and SMEs. In addition, we have been introducing new technologies and products to support the digital transformation and industrial collaboration. Working together with global partners, we enable merchants and consumers to make and receive payments and remit around the world.
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Ant Group
Martin Mou
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TORONTO--(BUSINESS WIRE)--Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) ("Kontrol” or "Company") a leader in smart buildings and cities through IoT, Cloud and SaaS technology will report will its financial results for the nine month period ended September 30th, 2022, on Monday, November 14th, 2022 (the “filing date”). A complete set of the interim Financial Statements and Management's Discussion & Analysis will also be filed on SEDAR (www.sedar.com) on the filing date at 4:30PM Eastern.
A call to discuss the financial results has been scheduled for Monday, November 14th, 2022, at 5:00PM (Eastern). The event will be hosted by Paul Ghezzi, CEO and Claudio Del Vasto, CFO, of Kontrol Technologies Corp. We kindly request all participants to please connect at least 5 minutes prior to the event start time.
Event Details:
Title: |
Kontrol Technologies Reports Q3 2022 Financial Results |
Event Date and Time: |
Monday, November 14th, 2022 @ 5:00PM Eastern |
Event Duration: |
45 Minutes |
Audience URL: |
|
Call- in Numbers: |
Confirmation #: 78640141 Local: 416-764-8609 (Toronto) North American Toll Free: 888-390-0605 |
Kontrol Technologies Corp.
Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate the sustainability of all buildings.
Additional information about Kontrol Technologies Corp. can be found on its website at www.kontrolcorp.com and by reviewing its profile on SEDAR at www.sedar.com
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.
Where Kontrol expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that sufficient capital will be available to the Company and that technology will be as effective as anticipated.
However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, that sufficient capital and financing cannot be obtained on reasonable terms, or at all; that those technologies will not prove as effective as expected; those customers and potential customers will not be as accepting of the Company's product and service offering as expected; and government and regulatory factors impacting the energy conservation industry.
Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.
Kontrol Technologies Corp.
Paul Ghezzi, CEO
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601 Rowntree Dairy Road, Unit B
Woodbridge, ON L4L 5T8
Tel: (905) 766.0400
HOUSTON--(BUSINESS WIRE)--Helix Energy Solutions Group, Inc. (NYSE: HLX) announced today that it will participate in the Bank of America Securities 2022 Global Energy Conference in Miami, Florida at the 1 Hotel South Beach on Wednesday November 16, 2022, and Thursday November 17, 2022.
Any investor presentation provided during the conference will be publicly available and may be accessed on the “For the Investor” page of Helix’s website, www.helixesg.com.
About Helix
Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. Our services are centered toward and well positioned to facilitate global energy transition by maximizing production of remaining oil and gas reserves, decommissioning end-of-life oil and gas fields, and supporting renewable energy developments. For more information about Helix, please visit our website at www.helixesg.com.
Erik Staffeldt, Executive Vice President & CFO
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Ph: 281-618-0465
RICHMOND, Va.--(BUSINESS WIRE)--Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised United States Infrastructure Corporation (USIC), a portfolio company of Partners Group, acting on behalf of its clients, on its sale of a 50% stake to Kohlberg & Company (Kohlberg). Partners Group will retain a 50% co-lead interest. Kohlberg was joined in this investment by a group of new partners that includes funds managed by Neuberger Berman. USIC is a leading provider of outsourced "utility locate" services, which involve locating, identifying, and marking sub-surface utility infrastructure such as pipes, cables, and fiber. The transaction was led by the Harris Williams Energy, Power & Infrastructure (EPI) Group and Business Services Group, including Bob Baltimore, Drew Spitzer, Matt White, Taylor Morris, Bill Greven, Thomas Saunders, Phil Hart and John Holleman.
“USIC represents another marquee transaction for Harris Williams within the broader infrastructure services sector,” said Matt White, a managing director at Harris Williams. “The company’s proven track record of growth coupled with its resiliency through market cycles were key differentiators for investors seeking platforms of scale. These factors, along with management’s vision to create a tech-focused, employee-centric business model, led to tremendous excitement across the investment community.”
“It is a pleasure to have partnered again with USIC,” added Bob Baltimore, a managing director at Harris Williams. “The USIC relationship is longstanding, given we have represented the company multiple times, and underpins one of the hallmarks of Harris Williams - fostering lasting relationships with best-in-class providers and delivering successful outcomes multiple times over. We are excited to watch the next chapter unfold in their partnership with Partners Group and Kohlberg.”
USIC is North America’s largest provider of utility damage prevention services with operations in 48 states and Canada and corporate headquarters located in Indianapolis. The company, which currently serves over 1,300 customers across the cable, telecommunications, electric, gas, water, and sewer utility markets, performs over 80 million locates each year. Additionally, the company provides a range of advanced utility solutions and services offered by its affiliates, Blood Hound, LLC; Reconn Utility Services; and On Target Utility Services.
Partners Group is a leading global private markets firm. Since 1996, the firm has invested $185 billion in private equity, private real estate, private debt, and private infrastructure on behalf of its clients globally. Partners Group seeks to generate strong returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With $131 billion in assets under management as of June 30, 2022, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices, and private individuals globally. The firm employs more than 1,600 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN).
Kohlberg is a leading private equity firm based in Mount Kisco, New York. Since its inception in 1987, the company has organized nine private equity funds, through which it has raised $12 billion of committed equity capital. Over its 35-year history, Kohlberg has completed 91 platform investments and nearly 250 add-on acquisitions, with an aggregate transaction value of approximately $40 billion.
Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams EPI Group has significant experience advising market leading providers of technology, services and products across a broad range of sectors. These sectors include energy management; infrastructure services; utility services; testing, inspection, and certification services; environmental services; engineering and construction; power products and technology; and energy technology. For more information on the Group’s experience, please visit the EPI Group’s section of the Harris Williams website.
The Harris Williams Business Services Group has experience advising companies that provide a range of commercial, industrial and professional services. For more information on the firm’s Business Services Group and other recent transactions, visit the Business Services Group’s section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: This email address is being protected from spambots. You need JavaScript enabled to view it.). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.
For media inquiries, please contact Julia Moore at This email address is being protected from spambots. You need JavaScript enabled to view it..
BONN, Germany--(BUSINESS WIRE)--Kautex Textron GmbH & Co., KG (Kautex), a Textron Inc. (NYSE: TXT) company, announced it has received an Automotive Division Award from the Internationale Gesellschaft für Kunststofftechnik, SPE Central Europe for its Pentatonic battery system. The award was presented at the Society’s annual Awards Event in Dusseldorf, Germany.
The Pentatonic battery system received the award in the Enabler Technology category. The system is constructed from lightweight thermoplastic composite in a one-step molding process. The enclosure offers numerous advantages to OEMs, including a reduced carbon footprint (an average of 55% compared to aluminum housings), a one-shot production process allowing direct feature integration and inherent protection from corrosion and leakage versus its metal counterparts.
“We are honored to be recognized by the SPE during this event,” said Felix Haas, director Product Development for Kautex. “The award symbolizes not only the strides Kautex has made to provide OEMs innovative, practical solutions on the journey to electrification, it also celebrates the hard work and commitment of our employees who have made this recognition possible.”
To ensure the company was prepared to design and produce battery systems for customers world-wide, Kautex announced the purchase and installation of its first 5500-ton compression molding machine last year. Overcoming several delays due to COVID-19 shutdowns, the machine is commissioned, and the team is finalizing the official acceptance of the equipment in preparation of customer visits and trials. More recently, in cooperation with LANXESS, the developer of the polyamide 6 material, the Pentatonic battery system underwent rigorous testing in accordance with internationally recognized standards including the Chinese GM38031 standard and the ECR R100 from the Economic Commission for Europe (ECE). The system successfully met the requirements for numerous tests including mechanical shock, crush, drop, vibration and bottom impact testing. Additionally, the company has installed a system in a vehicle demonstrator that will be shown to customers throughout the region.
“We were very pleased with the performance of our Pentatonic system in these recent testing events,” continued Mr. Haas. “Successfully meeting the requirements of internationally recognized standards was a key step in proving the value and technical feasibility of thermoplastics as a reliable, innovative option to the existing enclosure solutions.”
The Automotive Division Award of the Internationale Gesellschaft für Kunststofftechnik, SPE Central Europe, is recognized for the quality of the entrants and its objective evaluation criteria.
About Kautex Textron GmbH & Co. KG
At Kautex, we are driving the future. As a Tier One automotive supplier with more than 30 plants in 14 countries, Kautex designs, develops and manufactures traditional and hybrid fuel systems, advanced cleaning solutions for assisted and autonomous driving, engine camshafts and plastic industrial packaging solutions. A pioneer in the design and manufacture of automotive plastic fuel systems, Kautex is expanding its portfolio to offer smart products and data-driven services to our customers, including smart fuel systems, thermoplastic composite and composite-metal hybrid battery systems. From a lightweight battery system to a hybrid fuel system to autonomous drive vehicle cleaning systems, Kautex is committed to pioneering solutions for the era of new mobility.
About Textron Inc.
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO, Arctic Cat, and Textron Systems. For more information, visit: www.textron.com
Certain statements in this press release are forward-looking statements which may project revenues or describe strategies, goals, outlook or other non-historical matters; these statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements.
www.kautex.de
Kautex Textron, Inc. Kautexstrasse 52, Bonn 53229 Germany
SARA MONGER
Kautex Textron GmbH & Co. KG
+1 817 301 2126
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DUBLIN--(BUSINESS WIRE)--The "Utility Communication Market by Technology (Wired, Wireless), Utility (Public, Private), Component (Hardware, Software), Application (Oil & Gas, Electricity T&D), End-User (Residential, Commercial, Industrial) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The utility communication market is expected to grow from an estimated in USD 20.2 billion in 2022 to USD 26.1 billion by 2027, at a CAGR of 5.3% during the forecast period.
The primary drivers of the market include growing investment in smart grids and the modernization of electricity networks.
The transmission & distribution segment, by application, is expected to be the largest and the fastest-growing market from 2022 to 2027.
The utility communication market, by application, is bifurcated into transmission & distribution, oil & gas utilities and others. The transmission & distribution segment is expected to dominate in terms of market share and CAGR during the forecast period and this dominance can be attributed to the rising demand from various end use industries due to the upgrade of infrastructures across the world, especially in the North American region.
The industrial segment, by end-user, is expected to be the fastest-growing market from 2022 to 2027.
The utility communication market by location is segmented into residential, commercial and industrial. The industrial segment is expected to be the fastest growing segment, followed by the commercial segment.
Demand for faster communication and restoration of utility services is driving the demand for utility communication in the commercial segment.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/wvajk
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HALIFAX, Nova Scotia--(BUSINESS WIRE)--Today Emera (TSX: EMA) reported 2022 third quarter financial results.
Highlights
“In the face of the devastating storm impacts and extensive system outages resulting from Hurricanes Fiona and Ian, the restoration efforts of our teams in Nova Scotia and Tampa were remarkable,” said Scott Balfour, President and CEO of Emera Inc. “For the quarter, we continued to invest in meeting our customers needs for cleaner, reliable and cost-effective energy, and in so doing also delivered for our shareholders. Emera’s solid 5% growth in year-to-date earnings per share, and 12% growth in quarterly earnings per share year-over-year was principally driven by continued strong performance from our Florida utilities. Looking forward, continuing strong economic and customer growth in Florida is also supporting our updated $8-$9 billion capital plan and 7- 8% consolidated rate base growth over the 2023 – 2025 period, with approximately 75% of our capital plan expected to be invested in Tampa Electric and Peoples Gas.”
Q3 2022 Financial Results
Q3 2022 reported net income was $167 million, or $0.63 per common share, compared with a net loss of $70 million, or $(0.27) per common share, in Q3 2021. Reported net income included a $36 million after-tax MTM loss, primarily at EES, compared to a $245 million loss in Q3 2021.
Q3 2022 adjusted net income(1) was $203 million, or $0.76 per common share, compared with $175 million, or $0.68 per common share, in Q3 2021. The increase was primarily due to higher earnings contribution from Tampa Electric and EES and the impact of a weaker Canadian dollar (“CAD”). These were partially offset by increased corporate costs due to timing impacts of long-term compensation and related hedges, as well as higher interest expense due to higher interest rates.
Year-to-date Financial Results
Year-to-date reported net income was $462 million or $1.75 per common share, compared with a net income of $186 million or $0.73 per common share year-to-date in 2021. Year-to-date reported net income included a $132 million after-tax MTM loss primarily at EES, compared to $369 million in 2021 and $7 million of NSP Maritime Link Inc. (“NSPML”) unrecoverable costs.
Year-to-date adjusted net income(1) was $601 million or $2.27 per common share, compared with $555 million or $2.17 per common share year-to-date in 2021.
Growth in year-to-date adjusted net income was primarily due to higher earnings contributions from Tampa Electric, PGS and Seacoast and the impact of a weaker CAD. These were partially offset by increased corporate costs due to the timing of long-term compensation and related hedges, the net impact of corporate foreign exchange hedges, increased preferred stock dividends and increased interest expense due to higher interest rates.
The impact of the unrealized losses on foreign exchange hedges, partially offset by the weakening of the CAD decreased net income by $12 million in Q3 2022 and year-to-date 2022, compared to the same periods in 2021. The weakening of the CAD increased adjusted net income by $7 million in Q3 2022 and $14 million year-to-date 2022, compared to the same periods in 2021. The impacts of the weakening CAD include the current quarter and year-to-date impacts of corporate foreign exchange hedges in the Other segment.
(1) See “Non-GAAP Financial Measures and Ratios” noted below and “Segment Results and Non-GAAP Reconciliation” below for reconciliation to nearest GAAP measure. |
Consolidated Financial Review
| The following table highlights significant changes in adjusted net income attributable to common shareholders from 2021 to 2022. | ||||
For the |
Three months ended |
Nine months ended |
||
millions of Canadian dollars |
September 30 |
September 30 |
||
Adjusted net income – 2021 1,2 |
$ |
175 |
$ |
555 |
Operating Unit Performance |
|
|
|
|
Increased earnings at Tampa Electric due to higher revenues as a result of rate increases effective
|
30 |
95 |
||
Increased earnings at Nova Scotia Power (“NSPI”) driven by higher sales volumes, partially offset by
|
|
2 |
|
10 |
Increased earnings at PGS due to the reversal of accumulated depreciation as a result of the rate case settlement
|
|
3 |
|
8 |
Increased earnings at Seacoast due to the commencement of a 34-year pipeline lateral lease in 2022 |
|
2 |
|
6 |
Increased earnings at EES due to higher natural gas prices and volatility, which created profitable opportunities.
|
|
16 |
|
- |
Corporate |
|
|
|
|
Increased OM&G, pre-tax due to the timing of long-term compensation and related hedges |
|
(17) |
|
(36) |
Increased foreign exchange loss, pre-tax, primarily due to realized gains in 2021 on foreign exchange hedges
|
|
(6) |
|
(19) |
Increased preferred stock dividends due to issuance of preferred shares in 2021 |
|
(2) |
|
(11) |
Increased interest expense, pre-tax, due to higher interest rates and increased total debt |
|
(10) |
|
(10) |
Other Variances |
|
10 |
|
3 |
Adjusted net income – 2022 1,2 |
$ |
203 |
$ |
601 |
1 See “Non-GAAP Financial Measures and Ratios” noted below and “Segment Results and Non-GAAP Reconciliation" for reconciliation to nearest GAAP measure. |
2 Excludes the effect of MTM adjustments, net of tax, and the impact of the NSPML unrecoverable costs. |
Segment Results and Non-GAAP Reconciliation
For the |
Three months ended
|
|
Nine Months ended
|
||||||||
millions of Canadian dollars (except per share amounts) |
2022 |
2021 |
2022 |
2021 |
|
||||||
Adjusted net income 1,2 |
|
|
|
|
|
|
|
|
|||
Florida Electric Utility |
$ |
199 |
$ |
169 |
$ |
472 |
$ |
377 |
|
||
Canadian Electric Utilities3 |
|
39 |
|
42 |
|
176 |
|
174 |
|
||
Gas Utilities and Infrastructure |
|
33 |
|
29 |
|
149 |
|
143 |
|
||
Other Electric Utilities4 |
|
12 |
|
8 |
|
21 |
|
15 |
|
||
Other 4,5 |
|
(80) |
|
(73) |
|
(217) |
|
(154) |
|
||
Adjusted net income1,2 |
$ |
203 |
$ |
175 |
$ |
601 |
$ |
555 |
|
||
MTM loss, after-tax6 |
|
(36) |
|
(245) |
|
(132) |
|
(369) |
|
||
NSPML unrecoverable costs7 |
|
- |
|
- |
|
(7) |
|
- |
|
||
Net income (loss) attributable to common shareholders |
$ |
167 |
$ |
(70) |
$ |
462 |
$ |
186 |
|
||
Earnings (loss) per share (basic) |
$ |
0.63 |
$ |
(0.27) |
$ |
1.75 |
$ |
0.73 |
|
||
Adjusted Earnings per share (basic) 1,2 |
$ |
0.76 |
$ |
0.68 |
$ |
2.27 |
$ |
2.17 |
|
||
1 See “Non-GAAP Financial Measures and Ratios” noted below. |
2 Excludes the effect of MTM adjustments and the impact of the NSPML unrecoverable costs. |
3 Excludes the impact of the NSPML unrecoverable costs. |
4 Excludes the effect of MTM adjustments. |
5 Primarily due to timing of long-term compensation and related hedges, higher foreign exchange expense largely driven by realized gains on foreign exchange hedges in 2021, increased preferred share financing costs and higher interest expense. |
6 Net of income tax recovery of $14 million for the three months ended September 30, 2022 (2021 - $100 million recovery) and $51 million recovery for the nine months ended September 30, 2022 (2021 - $149 million recovery). |
7 After-tax unrecoverable costs were recorded in “Income from equity investments” on Emera’s Condensed Consolidated Statements of Income |
1 Non-GAAP Financial Measures and Ratios
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 and ratios by adjusting certain GAAP measures for specific items. Management believes excluding these items better distinguishes the ongoing operations of the business. For further information on the non-GAAP financial measure, adjusted net income, and the non-GAAP ratio, adjusted earnings per common share – basic, refer to the "Non-GAAP Financial Measures and Ratios" section of the Emera’s Q3 2022 MD&A which is incorporated herein by reference and can be found on SEDAR at www.sedar.com. Reconciliation to the nearest GAAP measure is included in “Segment Results and Non-GAAP Reconciliation” above.
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, Friday, November 11, at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss the Q3 2022 financial results.
Analysts and other interested parties in North America are invited to participate by dialing 1-888-886-7786. International parties are invited to participate by dialing 1-416-764-8658. 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 on the Company’s website two hours after the conclusion of the call.
About Emera
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $40 billion in assets and 2021 revenues of more than $5.7 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 in Canada, the United States and in three 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, EMA.PR.H, EMA.PR.J and EMA.PR.L. 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
Dave Bezanson, VP, Investor Relations & Pensions
902-474-2126
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Arianne Amirkhalkhali, Manager, Investor Relations
902-425-8130
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Media
902-222-2683
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BROOKLYN, N.Y.--(BUSINESS WIRE)--Equinor and bp, in partnership with the Sunset Park Task Force and the New York City Economic Development Corporation (NYCEDC), will officially launch the new “Offshore Wind Ecosystem Fund” with a press conference and reception/light lunch on Tuesday, November 15th at 11:00am in Brooklyn, NY.
The $5 million clean energy fund will provide grants designed to spur job education and training, help historically marginalized communities access workforce and business opportunities, and assist small, minority-owned, women-owned, and disadvantaged business enterprises in New York City to foster innovation that contributes to the growth of the offshore wind ecosystem.
Speakers will discuss the Fund’s goal and how community organizations and businesses can apply. A reception/light lunch will be held for all attendees following the press conference.
What: |
Official Launch of the $5 Million Offshore Wind Ecosystem Fund |
||
Who: |
Molly Morris, President, Equinor Wind US |
||
|
Doreen M. Harris, President and CEO, NYSERDA |
||
|
Esther Sosa, Sunset Park Task Force |
||
|
Melisa Román Burch, COO of New York City Economic Development Corporation |
||
When: |
Tuesday, November 15th at 11:00 AM EST* (registration begins at 10:45 AM) |
||
|
*Press event 11:00 AM – 11:45 AM; reception/light lunch follows |
||
Where: |
Brooklyn Grange, 850 3rd Avenue, Brooklyn, NY 11232 |
||
Contact: |
Media should RSVP to: Paul Nathanson at This email address is being protected from spambots. You need JavaScript enabled to view it. / |
||
Tel. 1- 202-828-1714 |
|||
Equinor is one of the largest offshore wind developers in the world. Its work in the United States includes the development of two lease areas off of New York, Empire Wind and Beacon Wind. The projects plan to provide New York State with 3.3 gigawatts (GWs) of energy—enough to power nearly two million homes—including more than 2 GWs from Empire Wind and 1,230 megawatts from Beacon Wind 1.
This email address is being protected from spambots. You need JavaScript enabled to view it.
202-828-1714
*Adjusted EBITDA is a non-GAAP measure. See comments regarding the use of non-GAAP measures and the reconciliation of the third quarter GAAP to non-GAAP measures in the tables of this release.
VERNAL, Utah--(BUSINESS WIRE)--Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool technologies, today reported financial results for the third quarter ended September 30, 2022.
“Our third quarter results were solid and near the high end range of our expectations as our teams continued to execute well to meet increasing demand for our tools and services,” commented
Troy Meier, Chairman and CEO. “Importantly, we have also strengthened the earnings power of the company as we delivered net income of $639 thousand and achieved Adjusted EBITDA of $1.5 million, the highest level in more than four years, which yielded an impressive 29.5% margin.”
He added, “We believe that we continue to position ourselves well for the demand that exists for our Drill-N-Ream® (“DNR”), both domestically and internationally, and our contract services work. We have enhanced our manufacturing team and processes, and are expanding our capacity and improving our throughput with investments in two new machining centers, one of which came online during the third quarter. The second machining center is expected to be operational during the first quarter of 2023. On the international front, we continue to advance our efforts as we have begun the process to setup a refurbishment facility in Dubai and have bolstered our team with a new sales and marketing lead that has made meaningful headway in Kuwait. We are also looking forward to leveraging our new sales channel partner to drive great exposure throughout the Middle East region.”
Third Quarter 2022 Review
($ in thousands, except per share amounts; See at “Definitions” the composition of product/service revenue categories.)
| September 30, 2022 |
June 30, 2022 |
September 30, 2021 |
Change Sequential |
Change Year/Year |
||||||
| North America |
|
4,623 |
|
4,021 |
|
3,041 |
15.0 |
% |
52.0 |
% |
| International |
|
550 |
|
520 |
|
521 |
5.8 |
% |
5.6 |
% |
| Total Revenue | $ |
5,173 |
$ |
4,541 |
$ |
3,562 |
13.9 |
% |
45.2 |
% |
| Tool (DNR) Revenue |
|
3,343 |
|
2,892 |
|
2,346 |
15.6 |
% |
42.5 |
% |
| Contract Services |
|
1,829 |
|
1,649 |
|
1,216 |
10.9 |
% |
50.5 |
% |
| Total Revenue | $ |
5,173 |
$ |
4,541 |
$ |
3,562 |
13.9 |
% |
45.2 |
% |
Revenue growth reflects the continued recovery in the North America oil & gas industry and improving market conditions in the Middle East. Also contributing was strong demand for the manufacture and refurbishment of drill bits and other related tools for the Company’s long-time legacy customer.
For the third quarter of 2022, North America revenue comprised approximately 89% of total revenue, with remaining revenue all within the Middle East. Revenue in North America grew 52% year-over-year from increased Tool Revenue and strong growth in Contract Services.
Third Quarter 2022 Operating Costs
($ in thousands, except per share amounts)
| September 30, | June 30, | September 30, | Change | Change | |||||||||
|
2022 |
|
|
2022 |
|
|
2021 |
|
Sequential | Year/Year | |||
| Cost of revenue | $ |
2,231 |
|
$ |
2,116 |
|
$ |
1,442 |
|
5.4 |
% |
54.7 |
% |
| As a percent of sales |
|
43.1 |
% |
|
46.6 |
% |
|
40.5 |
% |
||||
| Selling, general, & administrative | $ |
1,723 |
|
$ |
1,894 |
|
$ |
1,551 |
|
-9.0 |
% |
11.1 |
% |
| As a percent of sales |
|
33.3 |
% |
|
41.7 |
% |
|
43.6 |
% |
||||
| Depreciation & amortization | $ |
363 |
|
$ |
403 |
|
$ |
405 |
|
-10.0 |
% |
-10.5 |
% |
| Total operating expenses | $ |
4,316 |
|
$ |
4,413 |
|
$ |
3,399 |
|
-2.2 |
% |
27.0 |
% |
| Operating income | $ |
856 |
|
$ |
128 |
|
$ |
163 |
|
568.8 |
% |
424.0 |
% |
| As a percent of sales |
|
16.6 |
% |
|
2.8 |
% |
|
4.6 |
% |
||||
| Other (expense) income including | |||||||||||||
| income tax expense | $ |
(217 |
) |
$ |
(184 |
) |
$ |
(169 |
) |
18.0 |
% |
28.1 |
% |
| Net income (loss) | $ |
639 |
|
$ |
(57 |
) |
$ |
(6 |
) |
NM |
|
NM |
|
| Diluted income (loss) per share |
|
0.02 |
|
|
(0.00 |
) |
|
(0.00 |
) |
||||
| Adjusted EBITDA(1) | $ |
1,525 |
|
$ |
831 |
|
$ |
853 |
|
83.5 |
% |
78.8 |
% |
| As a percent of sales |
|
29.5 |
% |
|
18.3 |
% |
|
23.9 |
% |
||||
(1) Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, taxes, depreciation, and amortization, non-cash stock compensation expense, and unusual items. See the attached tables for important disclosures regarding SDP’s use of Adjusted EBITDA, as well as a reconciliation of net income (loss) to Adjusted EBITDA.
The year-over-year increase in the cost of revenue as a percent of revenue was the result of global inflationary headwinds and an expansion of the Company’s workforce to accommodate for its current and expected demand.
Selling, general & administrative expenses were 33.3% of revenue, a significant improvement from the prior-year period due to the leverage on higher sales volume.
Depreciation and amortization expense decreased 10.5% year-over-year to $363 thousand due to fully amortizing a portion of intangible assets and fully depreciating manufacturing center equipment.
Balance Sheet and Liquidity
Cash at the end of the quarter was $2.0 million. Cash generated by operations for the year-to-date period was $1.3 million compared with $1.4 million in the prior-year period. Higher net income was offset by working capital timing and an increase in inventory to combat supply chain inefficiencies and in support of the Company’s growth. Year-to-date capital expenditures of $2.6 million were related to machining capacity expansion, higher maintenance activities, and an increase in the Company’s Middle East DNR rental tool fleet. The comparable period in 2021 had $589 thousand of capital spending. The Company refined its capital spending expectations for fiscal 2022 to range between
$3.5 million to $4.0 million.
Total debt was $3.0 million at September 30, 2022. Subsequent to quarter-end, in October, the Company made the final $750 thousand principal payment on its Hard Rock Note.
2022 Guidance
The full year 2022 expectations reflect the projected impact from the sale of the $3.8 million stage one Middle East DNR fleet to Bin Zayed Petroleum in the fourth quarter of 2022.
Revenue: $22 million to $24 million
SG&A: $7.0 million to $7.3 million
Adjusted EBITDA(1): $6.5 million to $7.5 million
Without the $3.8 million DNR fleet sale, expected 2022 revenue would be between $18 million and
$20 million and Adjusted EBITDA of $4.0 to $5.0 million.
(1) See “Forward Looking Non-GAAP Financial Measures” below for additional information about this non-GAAP measure.
Webcast and Conference Call
The Company will host a conference call and live webcast today at 10:00 am MT (12:00 pm ET) to review the results of the quarter and discuss its corporate strategy and outlook. The discussion will be accompanied by a slide presentation that will be made available prior to the conference call on SDP’s website at www.sdpi.com/events. A question-and-answer session will follow the formal presentation.
The conference call can be accessed by calling (201) 689-8470. Alternatively, the webcast can be monitored at www.sdpi.com/events. A telephonic replay will be available from 1:00 pm MT (3:00 pm ET) the day of the teleconference until Friday, November 18, 2022. To listen to the archived call, please call (412) 317-6671 and enter conference ID number 13733329 or access the webcast replay at www.sdpi.com, where a transcript will be posted once available.
Definitions and Composition of Product/Service Revenue:
Tool (DNR) Revenue is the sum of tool sales/rental revenue and other related tool revenue, which is comprised of royalties and fleet maintenance fees.
Contract Services revenue is comprised of repair and manufacturing services for drill bits and other tools or products for customers.
About Superior Drilling Products, Inc.
Superior Drilling Products, Inc. is an innovative, cutting-edge drilling tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company designs, manufactures, repairs and sells drilling tools. SDP drilling solutions include the patented Drill-N-Ream® wellbore conditioning tool and the patented Strider™ oscillation system technology. In addition, SDP is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field service company. SDP operates a state-of-the-art drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers’ custom products. The Company’s strategy for growth is to leverage its expertise in drill tool technology and innovative, precision machining in order to broaden its product offerings and solutions for the oil and gas industry.
Additional information about the Company can be found at: www.sdpi.com.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements and information that are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this release, including, without limitations, the continued impact of COVID-19 on the business, the Company’s strategy, future operations, success at developing future tools, the Company’s effectiveness at executing its business strategy and plans, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management, and ability to outperform are forward-looking statements. The use of words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project”, “forecast,” “should” or “plan, and similar expressions are intended to identify forward-looking statements, although not all forward -looking statements contain such identifying words. These statements reflect the beliefs and expectations of the Company and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, the duration of the COVID-19 pandemic and related impact on the oil and natural gas industry, the effectiveness of success at expansion in the Middle East, options available for market channels in North America, the deferral of the commercialization of the Strider technology, the success of the Company’s business strategy and prospects for growth; the market success of the Company’s specialized tools, effectiveness of its sales efforts, its cash flow and liquidity; financial projections and actual operating results; the amount, nature and timing of capital expenditures; the availability and terms of capital; competition and government regulations; and general economic conditions. These and other factors could adversely affect the outcome and financial effects of the Company’s plans and described herein. The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
Forward Looking Non-GAAP Financial Measures
Forward-looking adjusted EBITDA is a non-GAAP measure. The Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measure because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort largely because forecasting or predicting our future operating results is subject to many factors out of our control or not readily predictable. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s fiscal 2022 and future financial results. This non-GAAP financial measure is a preliminary estimate and is subject to risks and uncertainties, including, among others, changes in connection with purchase accounting, quarter-end and year-end adjustments. Any variation between the Company’s actual results and preliminary financial data set forth in this presentation may be material.
FINANCIAL TABLES FOLLOW.
| Superior Drilling Products, Inc. | ||||||||||||||||
| Consolidated Condensed Statements Of Operations | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| For the Three Months | For the Nine Months | |||||||||||||||
| Ended September 30, | Ended September 30, | |||||||||||||||
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|||||
| Revenue | ||||||||||||||||
| North America | $ |
4,622,614 |
|
$ |
3,040,689 |
|
$ |
12,388,747 |
|
$ |
9,527,395 |
|
||||
| International |
|
549,931 |
|
|
521,229 |
|
|
1,454,805 |
|
|
1,384,103 |
|
||||
| Total revenue | $ |
5,172,545 |
|
$ |
3,561,918 |
|
$ |
13,843,552 |
|
$ |
10,911,498 |
|
||||
| Operating cost and expenses | ||||||||||||||||
| Cost of revenue |
|
2,230,706 |
|
|
1,441,943 |
|
|
6,114,705 |
|
|
3,841,713 |
|
||||
| Selling, general, and administrative expenses |
|
1,723,221 |
|
|
1,551,462 |
|
|
5,264,270 |
|
|
4,540,134 |
|
||||
| Depreciation and amortization expense |
|
362,773 |
|
|
405,225 |
|
|
1,176,151 |
|
|
1,680,804 |
|
||||
| Total operating costs and expenses |
|
4,316,700 |
|
|
3,398,630 |
|
|
12,555,126 |
|
|
10,062,651 |
|
||||
| Operating Income (Loss) |
|
855,845 |
|
|
163,289 |
|
|
1,288,426 |
|
|
(676,971 |
) |
||||
| Other income (expense) | ||||||||||||||||
| Interest income |
|
10,544 |
|
|
49 |
|
|
13,720 |
|
|
147 |
|
||||
| Interest expense |
|
(154,108 |
) |
|
(130,221 |
) |
|
(410,707 |
) |
|
(413,798 |
) |
||||
| Gain (Loss) on disposition of assets, net |
|
(29,381 |
) |
|
- |
|
|
(51,527 |
) |
|
(1,187 |
) |
||||
| Total other expense |
|
(172,945 |
) |
|
(130,172 |
) |
|
(448,514 |
) |
|
(414,838 |
) |
||||
| Income (loss) before income taxes |
|
682,900 |
|
|
33,117 |
|
|
839,912 |
|
|
(1,091,809 |
) |
||||
| Income tax expense |
|
(44,169 |
) |
|
(39,327 |
) |
|
(107,852 |
) |
|
(82,976 |
) |
||||
| Net income (loss) | $ |
638,731 |
|
$ |
(6,210 |
) |
$ |
732,060 |
|
$ |
(1,174,785 |
) |
||||
| Basic income (loss) per common share | $ |
0.02 |
|
$ |
(0.00 |
) |
$ |
0.03 |
|
$ |
(0.05 |
) |
||||
| Basic weighted average common shares outstanding |
|
28,845,456 |
|
|
26,154,202 |
|
|
28,440,722 |
|
|
25,894,397 |
|
||||
| . | ||||||||||||||||
| Diluted income (loss) per common Share | $ |
0.02 |
|
$ |
(0.00 |
) |
$ |
0.03 |
|
$ |
(0.05 |
) |
||||
| Diluted weighted average common shares outstanding |
|
28,855,456 |
|
|
26,154,202 |
|
|
28,450,722 |
|
|
25,894,397 |
|||||
| Superior Drilling Products, Inc. | |||||||||
| Consolidated Condensed Balance Sheets | |||||||||
| September 30, 2022 | December 31, 2021 | ||||||||
| (unaudited) | |||||||||
| Assets | |||||||||
| Current assets: | |||||||||
| Cash | $ | 2,046,754 |
|
$ | 2,822,100 |
|
|||
| Accounts receivable, net | 4,083,645 |
|
2,871,932 |
|
|||||
| Prepaid expenses | 564,176 |
|
435,595 |
|
|||||
| Inventories | 1,623,051 |
|
1,174,635 |
|
|||||
| Other current assets | 774,799 |
|
55,159 |
|
|||||
| Total current assets | 9,092,425 |
|
7,359,421 |
|
|||||
| Property, plant and equipment, net | 8,427,003 |
|
6,930,329 |
|
|||||
| Intangible assets, net | 111,111 |
|
236,111 |
|
|||||
| Right of use Asset (net of amortizaton) | 688,673 |
|
20,518 |
|
|||||
| Other noncurrent assets | 111,519 |
|
65,880 |
|
|||||
| Total assets | $ | 18,430,731 |
|
$ | 14,612,259 |
|
|||
| Liabilities and Owners' Equity | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 1,264,952 |
|
$ | 1,139,091 |
|
|||
| Accrued expenses | 883,572 |
|
467,462 |
|
|||||
| Accrued Income tax | 264,081 |
|
206,490 |
|
|||||
| Current portion of Operating Lease Liability | 202,350 |
|
13,716 |
|
|||||
| Current portion of Long-term Financial Obligation | 72,344 |
|
65,678 |
|
|||||
| Current portion of long-term debt, net of discounts | 2,319,727 |
|
2,195,759 |
|
|||||
| Current portion of Deferred Income | 63,281 |
|
- |
|
|||||
| Total current liabilities | 5,070,307 |
|
4,088,196 |
|
|||||
| Operating Lease Liability | 486,323 |
|
6,802 |
|
|||||
| Long-term Financial Obligation | 4,057,537 |
|
4,112,658 |
|
|||||
| Long-term debt, less current portion, net of discounts | 684,038 |
|
256,675 |
|
|||||
| Deferred Income | 611,719 |
|
|||||||
| Total liabilities | 10,909,924 |
|
8,464,331 |
|
|||||
| Shareholders' equity | |||||||||
| Common stock (28,235,001 and 25,762,342) | 29,245 |
|
28,235 |
|
|||||
| Additional paid-in-capital | 43,711,009 |
|
43,071,201 |
|
|||||
| Accumulated deficit | (36,219,447 |
) |
(36,951,508 |
) |
|||||
| Total shareholders' equity | 7,520,807 |
|
6,147,928 |
|
|||||
| Total liabilities and shareholders' equity | $ | 18,430,731 |
|
$ | 14,612,259 |
||||
| Superior Drilling Products, Inc. | |||||||||
| Consolidated Condensed Statement of Cash Flows | |||||||||
| (Unaudited) | |||||||||
| For the Nine Months | |||||||||
| Ended September 30, | |||||||||
2022 |
|
2021 |
|
||||||
| Cash Flows From Operating Activities | |||||||||
| Net Income (Loss) | $ | 732,060 |
|
$ | (1,174,785 |
) |
|||
| Adjustments to reconcile net income to net cash used in operating activities: | |||||||||
| Depreciation and amortization expense | 1,176,151 |
|
1,680,804 |
|
|||||
| Stock-based compensation expense | 640,816 |
|
530,595 |
|
|||||
| Loss on disposition of rental fleet | 23,012 |
|
- |
|
|||||
| Loss / (Gain) on sale or dispositon of assets | 28,515 |
|
1,187 |
|
|||||
| Amortization of deferred loan cost | 13,893 |
|
13,893 |
|
|||||
| Changes in operating assets and liabilities: | |||||||||
| Accounts receivable | (1,211,713 |
) |
(700,451 |
) |
|||||
| Inventories | (446,866 |
) |
(37,631 |
) |
|||||
| Prepaid expenses and other current and noncurrent assets | (893,860 |
) |
(161,564 |
) |
|||||
| Accounts payable and accrued expenses | 1,216,974 |
|
1,168,317 |
|
|||||
| Income Tax expense | 57,591 |
|
71,376 |
|
|||||
| Net Cash Provided By Operating Activities | 1,336,573 |
|
1,391,741 |
|
|||||
| Cash Flows From Investing Activities | |||||||||
| Purchases of propety, plant and equipment | (2,600,902 |
) |
(589,099 |
) |
|||||
| Proceeds from sale of fixed assets | - |
|
50,000 |
|
|||||
| Net Cash Provided By (Used In) Investing Activities | (2,600,902 |
) |
(539,099 |
) |
|||||
| Cash Flows From Financing Activities | |||||||||
| Principal payments on debt | (508,146 |
) |
(1,146,309 |
) |
|||||
| Proceeds received from debt borrowings | 997,134 |
|
- |
|
|||||
| Payments on revolving loan | (633,440 |
) |
(540,078 |
) |
|||||
| Proceeds received from revolving loan | 633,435 |
|
1,341,702 |
|
|||||
| Net Cash Used In Financing Activities | 488,983 |
|
(344,685 |
) |
|||||
| Net change in Cash | (775,346 |
) |
507,957 |
|
|||||
| Cash at Beginning of Period | 2,822,100 |
|
1,961,441 |
|
|||||
| Cash at End of Period | $ | 2,046,754 |
|
$ | 2,469,398 |
||||
Superior Drilling Products, Inc. Adjusted EBITDA(1) Reconciliation (unaudited) |
||||||||||
| Three Months Ended | ||||||||||
| September 30, 2022 | September 30, 2021 | June 30, 2022 | ||||||||
| GAAP net income (loss) | $ |
638,731 |
|
$ |
(6,210 |
) |
$ |
(56,510 |
) |
|
| Add back | ||||||||||
| Depreciation and amortization |
|
362,773 |
|
|
405,225 |
|
|
402,648 |
|
|
| Interest expense, net |
|
143,564 |
|
|
130,172 |
|
|
129,760 |
|
|
| Share-based compensation |
|
218,217 |
|
|
196,096 |
|
|
212,469 |
|
|
| Net non-cash compensation |
|
88,200 |
|
|
88,200 |
|
|
88,200 |
|
|
| Income tax expense |
|
44,169 |
|
|
39,327 |
|
|
32,299 |
|
|
| (Gain) Loss on disposition of assets |
|
29,381 |
|
|
- |
|
|
22,146 |
|
|
| Non-GAAP adjusted EBITDA(1) | $ |
1,525,035 |
|
$ |
852,810 |
|
$ |
831,012 |
|
|
| GAAP Revenue | $ |
5,172,545 |
|
$ |
3,561,919 |
|
$ |
4,540,842 |
|
|
| Non-GAAP Adjusted EBITDA Margin |
|
29.5 |
% |
|
23.9 |
% |
|
18.3 |
% |
|
(1) Adjusted EBITDA represents net income adjusted for income taxes, interest, depreciation and amortization and other items as noted in the reconciliation table. The Company believes Adjusted EBITDA is an important supplemental measure of operating performance and uses it to assess performance and inform operating decisions. However, Adjusted EBITDA is not a GAAP financial measure. The Company’s calculation of Adjusted EBITDA should not be used as a substitute for GAAP measures of performance, including net cash provided by operations, operating income and net income. The Company’s method of calculating Adjusted EBITDA may vary substantially from the methods used by other companies and investors are cautioned not to rely unduly on it.
For more information, contact investor relations:
Deborah K. Pawlowski
Kei Advisors LLC
(716) 843-3908
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VANCOUVER, British Columbia--(BUSINESS WIRE)--Lafarge Canada today announced a partnership with 4Refuel, a Finning Industrial Service, for the supply of renewable diesel (R50, a 50% renewable diesel) to Lafarge in the Greater Vancouver Area (GVA) market until the end of 2022.
Starting October 1, Lafarge’s GVA aggregate, ready-mix, asphalt and construction sites introduced use of R50 across its diesel equipment fleet. The standard diesel used in GVA prior to the switch was B5, diesel that contains 5% biodiesel and 95% petro-diesel.
“Reduction of fleet emissions is part of our larger advancement towards sustainable and profitable development in our operations across Canada, and a significant strategy in our journey to net-zero”, says Lincoln Kyne, Vice President & General Manager, British Columbia and US Pacific Northwest, Lafarge Canada. “As industry drives towards sustainable solutions, we know the importance it will be for the government to incentivize business, like a carbon tax reduction to help offset the increased costs to use renewable fuels.”
The switch from standard B5 to R50 renewable diesel will reduce approximately 36% or 1,300 tonnes of CO2 equivalent, on a lifecycle basis, by the end of 2022; a CO2 avoidance equivalent to taking 295 cars off the road. Lafarge has projected a 5 thousand tonnes CO2e annual reduction if the switch to R50 is made for all of 2023.
“We welcome Lafarge as a top-tier industrial customer to receive our R50 renewable diesel solution”, says Lauren Foulkes, Director of Sustainability, 4Refuel. “As a leader in mobile diesel fuel delivery, we are excited to partner with Lafarge, an industry leader in providing building materials and innovative and sustainable building solutions. Further, we are delivering the fuel using R50 in our own fleet helping further decarbonize the transportation industry, while reducing our customers’ Scope 3 emissions.”
Renewable diesel is produced through a variety of biological, thermal and chemical processes using biomass sources. The current supply available to the market is limited and a higher cost to produce than standard B5 diesel. Manufacturers are strategic to select partners for significant impact and are using carbon credits to offset added costs.
Lafarge Canada is the first in Holcim Group North America operations to pilot a renewable diesel partnership as part of its carbon reduction strategies. The use of R50 supports the company’s drive towards a circular economy by procuring and powering production with alternative energy.
About Lafarge Canada Inc.
Lafarge is Canada’s largest provider of sustainable and innovative building solutions including Aggregates, Cement, Ready Mix and Precast Concrete, Asphalt and Paving, and Road and Civil Construction. With over 6,900 employees and 400 sites across the country, we provide green products to build the infrastructure and communities where Canadians live and work. As a member of Holcim Group, our purpose is to build progress for people and the planet.
About 4Refuel
“4Refuel is North America’s largest on-site fuel provider. Co-headquartered in Milton, Ontario and Grapevine, Texas, 4Refuel offers direct-to-equipment and bulk refuelling, fuel cards and fuel management technology solutions across Canada and Texas. We serve a diverse range of markets including construction, commercial transport, mining, agriculture and marine. 4Refuel is a wholly owned subsidiary of Finning International.”
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The company’s first in-person user conference since 2019 showcased current and future initiatives designed to accelerate value, visibility, intelligence and automation up and down the shipment life cycle.
CARY, N.C.--(BUSINESS WIRE)--MercuryGate® International, Inc., (MercuryGate) the largest dedicated transportation and logistics management solutions provider, today announced record-setting attendance at its Velocity 2022 conference, where it showcased the expansion of capabilities in ocean freight visibility and global trade compliance with the acquisition of ClearTrack Information Network, the creation of new customer success teams and the future of intelligent transportation systems.
Hosted in-person for the first-time time in three years, Velocity 2022 was held November 7-9 in Scottsdale, Arizona, and featured more than 50 content-rich events including educational sessions and demos of MercuryGate’s latest product features, its near-term product roadmap, solution-focused roundtables, keynotes from industry experts, issue-oriented panel discussions among industry leaders and a tech social. More than 475 registrants representing shippers, logistics service providers, carriers, brokers and industry and product experts attended the record-setting event.
“The content and speaker lineup at our Velocity 2022 user conference reflected MercuryGate’s commitment to becoming more than a technology vendor for our customers, but a go-to partner for factory-to-consumer transportation management needs,” said President and CEO Joe Juliano. “Our new customer success initiative and the expansion of our shipment visibility capabilities underpins the goal of strategically aligning with customers and technology partners to deliver the best experience, address their greatest needs and deliver exceptional value for all shippers, logistics service providers, carriers and brokers within the MercuryGate platform.”
Day one of Velocity 2022 kicked off with a technology social featuring tabletop discussions led by MercuryGate functional subject matter experts and free-form roundtables on topical industry issues hosted by Velocity sponsors Convoy, Loadsmart and SMC3. Following the first series of breakout sessions, the day concluded with a reception presented by diamond-level event sponsors Amazon Freight and Surge Transportation.
Day two began with MercuryGate President & CEO Joe Juliano’s opening keynote recognizing the more than 600 customers across 120 countries that leverage MercuryGate to manage their transportation and logistics needs and facilitate more than 1.8 million deployments and one billion logins each year. Juliano went on to share several major announcements starting with the formation of a new customer success team which veteran MercuryGate product leader Jen Saunders will lead in the newly created role of executive vice president of customer success. This new department will focus on enhancing customer experience, delivery and product utilization to maximize the value derived from MercuryGate.
Juliano’s remarks also highlighted MercuryGate’s recent acquisition of ClearTrack Information Network to broaden capabilities in shipment life cycle visibility and execution as well as global sourcing compliance. The addition of ClearTrack makes possible global container, order and item level visibility as well as the monitoring, collection, creation and control of product sourcing compliance documentation. By combining ClearTrack’s visibility and sourcing compliance features with the industry-leading transportation management capabilities of the MercuryGate TMS, customers gain an industry-first: full lifecycle shipment visibility and transportation execution in a single platform. With the acquisition of ClearTrack, MercuryGate customers now process nearly $93 billion in freight under management annually inside the platform.
Gartner industry analyst Brock Johns followed Juliano’s keynote address. A senior principal analyst at Gartner on supply chain research, Johns’ research covers transportation technology with a focus on transportation management systems and freight audit and payment. He shared insights with attendees on the current and future state of logistics and key themes that will shape the industry’s near-term outlook.
The general session was followed by breakout sessions on a wide range of topics including shipment visibility, control tower, multimodal optimization, vehicle routing and scheduling, first-to-final mile, claims management and data strategy and co-presentations with sponsors Emerge, C.H. Robinson, Rockfarm Supply Chain Solutions and Envista. Attendees also convened for a panel discussion titled Keeping Pace with the Accelerated Pace of Change which featured panelists from Amazon Freight, Surge Transportation, Molnlycke Healthcare, Capgemini and Penske.
The third and final day of Velocity began with a fireside chat with Chief Technology Officer Beth Hendriks and Co-founder and Chief Innovation Officer Steve Blough. The pair discussed MercuryGate’s innovation roadmap over the past three years and its focus on resilience and agility through disruption with optimization and application improvements from the first-to-final mile. Hendriks shared MercuryGate’s vision for product development with initiatives focused on increased visibility combined with execution, continued investment in a single user interface incorporating all product capabilities and order-centric views built on a platform “shipping cart” concept.
Following Blough’s executive keynote, guest speaker Scott Kelly, a former NASA astronaut and retired U.S. Navy Captain shared how resilience and agility are keys to success in any industry when facing difficulties, disruptions or even possible disasters.
Kiosks showcasing MercuryGate partner capabilities, product demos and services were staffed throughout the event. The user conference wrapped up following more than 50 content sessions conducted that included 20 customers, a dozen sponsorship partners and numerous subject matter experts and executive leaders.
“The success of this year’s Velocity user conference – the largest in MercuryGate’s history – would not have been possible without the support of our sponsors and the tireless efforts of our employees, presenters and organizers,” said Chief Strategy Officer Jeffrey Varon. “We are grateful for their partnership and participation in the months leading up to the conference and look forward to continued and shared success as we create new and greater value for our customers through the MercuryGate transportation management platform.”
About MercuryGate
MercuryGate provides powerful transportation management solutions proven to be a competitive advantage for today’s most successful shippers, 3PLs, brokers and carriers. The comprehensive Software-as-a-Service (SaaS) product suite natively supports all transportation modes and segments, generating value for its users through improved cost, productivity and efficiency using artificial intelligence (AI), machine learning (ML) and connected technologies to adapt and automate transportation management functions. Learn how MercuryGate makes shipping intelligent, simple, sustainable and transformative for customers at www.mercurygate.com.
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WALL, N.J.--(BUSINESS WIRE)--The board of directors (the “Board”) of New Jersey Resources Corporation (NYSE: NJR) unanimously declared a quarterly dividend on its common stock of $0.39 per share. The dividend will be payable on January 3, 2023, to shareowners of record as of December 14, 2022.
The Company is committed to providing value to its shareowners with a competitive return and has paid quarterly dividends continuously since its inception in 1952.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
NJR and its over 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.
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