CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) today declared a quarterly dividend of 22 cents per share on the outstanding common shares of the company, payable on January 1, 2021, to shareholders of record at the close of business on December 3, 2020.

This fourth quarter 2020 dividend compares with the third quarter 2020 dividend of 22 cents per share.

Imperial has a long and successful history of growth and financial stability in Canada as a leading member of the petroleum industry. The company has paid dividends every year for over a century and has increased its annual dividend payment for 26 consecutive years.

Source: Imperial

After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.

Investor relations
(587) 476-4743

Media relations
(587) 476-7010

BAAR, Switzerland--(BUSINESS WIRE)--Blackstone Resources AG (SWX: BLS) Blackstone Resources AG CEO Ulrich Ernst comments today about Blackstone Resources vision and strategy and which has been confirmed by the newly released Tesla’s battery plans of Elon Musk.

Thoughts on Tesla's plans to make its own batteries

Elon Musk has acknowledged the importance of both having access to the next generation of battery technology and the raw materials needed to produce these batteries. The demand for electric cars is likely to quickly outstrip the amount of battery materials that these vehicles require, even with new technologies which aim to reduce the amount to of battery materials needed. What we saw on that day was a lag between what Tesla would like to achieve and what battery technology currently permits.

This constraint could limit the growth of the EV market if not dealt with and this would have a negative knock-on effect on Tesla. By contrast, it will also reward companies that are involved in either producing the next generation of batteries or supplying the materials needed to make them. Tesla hinted on the day that its vision was to become more vertically integrated and have better control over its supply chains in the future and might even invest in producing battery metals such as lithium.

This is exactly what Blackstone Resources strategy is and has been pursued for the last five years. In fact, the company has built it business model to accommodate this exact type of market once it emerges.

We believe that the key to being successful in the battery market is to have a presence from the battery metal to the battery cell.

Blackstone Resources started as a business by building a diversify portfolio of battery metal mining interests that covered both exploration and production projects. Two years ago, the company also launched its battery technology division and set up a subsidiary Blackstone Technology GmbH with its new 6000m2 facility in Saxony, Germany to gain access to where auto manufactures are based.

Blackstone Resources is therefore one of the first vertically integrated battery company in the world.

Tesla needs to improve the battery technology it currently uses in its vehicles

There is now a huge range of different competing companies vying to bring to market the next generation of battery technology. These companies are likely to beat Tesla when it comes to providing the next generation of technologies, which includes solid-state batteries and new advanced manufacturing techniques. This should be an issue for Tesla, which has significant access to capital and could quickly get up to speed through a targeted acquisition.

At Blackstone Resources we have already developed and tested our 3 D printed batteries that offer a significant improvement in terms of battery density, recharge cycles and costs. Furthermore, we have also developed a technology to mass-produce these batteries in 2021 in any shape or form using our own proprietary battery printing technology.

Battery metals will remain an essential component for the foreseeable future

Elon Musk believes that the next generation of batteries will use significantly less battery metals, such as cobalt but much more of nickel and lithium and so on. In reality, demand for these metals is likely to pick up significantly if Tesla and other auto manufactures want to realistically electrify their vehicle fleets.

While it is true that better battery technology can save battery metals significantly but the increase in demand will need more cobalt, nickel, manganese, graphite and lithium since the sheer demand for new electric vehicles will still vastly outstrip supply. The reason is that now large auto manufacturers are also starting to roll out their first electric vehicles and many have plans to completely electrify their entire range of cars. There will be for sure bottle necks and metal price increases.

Blackstone is aligned with Tesla on their vision

Despite the differences that we have with Tesla and its view of the world, Blackstone Resources shares much of its vision. Tesla's acknowledgement that supply chain risk poses a threat to its business model is a clear indication on the foresight Blackstone Resources had in building a vertically integrated battery company. It is Blackstone who started this vision years ago.

Overall, we are glad to see the progress that Tesla as a company has made. For us, it is an indication of what is to come, which will benefit Blackstone Resources. We look forward therefore, to the future developments that are on their way.

About Blackstone Resources AG

Blackstone Resources AG is a Swiss Holding Company, with its legal domicile in Baar, Kanton Zug, and is concentrating on the battery technology and battery metals market. In addition, it sets up, develops and manages refineries used for gold and battery metals. It offers direct exposure to the battery technology and battery metals revolution that is being driven by the demand of electric vehicles that need vast quantities of these metals. These include cobalt, manganese, graphite, nickel, copper and lithium. In addition, Blackstone Resources has started a research program on new battery technologies on solid state batteries and its production process.

The disclaimer is an integral part of this press release. Please ensure you consult the disclaimer for a full understanding of the content within: http://www.blackstoneresources.ch/investors/disclaimer/

For more information please visit www.blackstoneresources.ch or contact:

Blackstone Resources AG
Mrs. Doris Suta
Blegistrasse 5
CH-6340 Baar
Switzerland

T: +41 41 449 61 63
F: +41 41 449 61 69
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Enquires
This email address is being protected from spambots. You need JavaScript enabled to view it.

ST. CROIX, U.S. Virgin Islands--(BUSINESS WIRE)--Limetree Bay Ventures, LLC (“Limetree Bay” or the “Company”), a world-class refinery, energy storage and logistics hub, today announced that it has appointed Jeffrey Rinker as its Chief Executive Officer, effective November 11, 2020. Mr. Rinker will lead the Company’s combined refinery and terminal organizations. He succeeds Brian Lever, who will remain with the Company through November 30, 2020 to ensure a smooth transition in senior leadership.

“We are thrilled to welcome Jeff to Limetree Bay as CEO,” said R. Blair Thomas, Chairman of the Company’s Board of Directors and CEO of EIG Global Energy Partners, Limetree Bay’s controlling shareholder. “Limetree Bay made significant progress in 2020 and we are confident that Jeff’s deep industry experience and strong track record of delivering commercial results and creating shareholder value make him the ideal person to lead the Company during its next chapter of commercial operation.”

“I am honored by the opportunity to join Limetree Bay as CEO,” said Mr. Rinker. “Limetree Bay is an exciting project that is well-positioned to succeed given its recent operating momentum, strategic location and world-class partners and facilities. I look forward to getting started and working with Limetree Bay’s talented team to drive further growth for the Company and bring value to all our stakeholders.”

“On behalf of the entire Board, I’d like to thank Brian for his hard work and tremendous contributions to the growth and development of Limetree Bay during his tenure,” Mr. Thomas continued. “Brian was brought on two years ago to lead the refinery restart project and its integration with Limetree Bay’s world-class terminal facilities and, as we approached completion of the restart project, Brian and the Board agreed that it was a natural time to transition leadership to a long-term CEO. We are thankful for Brian’s efforts and wish him the best in his retirement.”

Mr. Rinker is a well-respected executive with more than 30 years of industry experience leading large, international energy businesses. He most recently served as Executive Vice President, Downstream and Midstream for Husky Energy, responsible for leadership of Husky's Downstream business, including refining, upgrading, marketing, trading and delivering improved safety, reliability and profitability. Prior to joining Husky Energy in 2017, Mr. Rinker held various roles of increasing responsibilities at OMV Group and BP plc. Mr. Rinker earned a B.S. in Chemical Engineering with honors from Carnegie Mellon University.

About Limetree Bay Ventures

Limetree Bay Ventures, LLC is a large-scale energy complex strategically located in St. Croix, U.S. Virgin Islands. The complex consists of Limetree Bay Refining, a refinery with peak processing capacity of 650 thousand barrels of petroleum feedstock per day, and Limetree Bay Terminal, a 34-million-barrel crude and petroleum products storage and marine terminal facility serving the refinery and third-party customers.

About EIG Global Energy Partners

EIG Global Energy Partners ("EIG"), is a leading institutional investor to the global energy sector with $21.9 billion under management as of September 30, 2020. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 38-year history, EIG has committed over $34.4 billion to the energy sector through more than 360 projects or companies in 36 countries on six continents. EIG's clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG's website at www.eigpartners.com.

Sard Verbinnen & Co.
Kelly Kimberly / Brandon Messina
This email address is being protected from spambots. You need JavaScript enabled to view it.
(212) 687-8080

Titan, a leading cold storage owner and operator will handle the operations, marketing, and sales of the PLRS, a state-of-the-art facility & port terminal operations

LOS ANGELES--(BUSINESS WIRE)--Titan Cold Storage, LLC, a leading provider of refrigerated and cold storage solutions for the middle market, has announced a new strategic partnership with Port Logistics Refrigerated Service (PLRS), a cold storage and port terminal operations facility, located on Hooker’s Point at the Port of Tampa Bay. PLRS Powered By Titan Cold is ideally positioned to serve Central Florida and the Southeast, expansion capabilities into the Midwest by truck and CSX rail service.

PLRS is Tampa Bay’s newest, 135,000-sq.ft. facility, designed for handling large volumes of imported and exported cargo, specializing in fresh produce, proteins, and other perishable food and beverage commodities. Regional imports and exports are currently being shipped to and from Mexico, Costa Rica, and other Central American countries as well as domestic U.S. ports such as Brownsville, Texas. The facility’s temperature-controlled warehouse contains separate refrigerated / frozen rooms containing more than 6,300 gravity-fed pallet positions, 152 reefer plugs, and a fumigation building. PLRS Powered By Titan Cold is a full-service, flexible, and independent self-contained port terminal operation situated on 13.7 acres along BERTH 219 hosting two (2) high-speed Gottwald cranes and its own Radiation Portal Monitor.

Titan Cold’s well-seasoned staff are customer service driven offering the best service in the industry with rates below the major cold storage players. The facility has an on-site customs inspection area, dedicated refrigerated fumigation services, and customs lab, with the ability to expand to add ripening rooms and repacking services. It is conveniently located at Berth 219 which has a channel depth of 41’ feet and can simultaneously accommodate two large ships and barges while offering quick access to CSX railways and the I-75/275 and I-4 transportation corridor. The Tampa/Orlando I-4 Corridor is the state’s largest and fastest growing market, as well as being Florida’s distribution hub for the grocery/food and beverage sector. In addition, other Southeastern markets such as Atlanta and Charlotte are accessible by truck with one day runs, improving supply chain logistics for the Southeast United States.

Nadene Gallagher
310.991.0230
This email address is being protected from spambots. You need JavaScript enabled to view it.

LONDON--(BUSINESS WIRE)--#CherrySeedOilMarket--The cherry seed oil market is poised to grow by USD 244.04 million during 2020-2024, progressing at a CAGR of about 4% during the forecast period.

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

The report on the cherry seed oil market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.

The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by demand for cherry seed oil in aromatherapy.

The cherry seed oil market analysis includes product segment and geography landscape. This study identifies the increasing demand for organic cherry seed oil as one of the prime reasons driving the cherry seed oil market growth during the next few years.

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

The Cherry Seed Oil Market covers the following areas:

Cherry Seed Oil Market Sizing

Cherry Seed Oil Market Forecast

Cherry Seed Oil Market Analysis

Companies Mentioned

• Akoma International UK Ltd.
• AvoGlow Pty. Ltd.
• Biocosmethic, Biopurus Ltd.
• CHATEAU Cosmetics botanical beauty
• Interfat SAU
• Moons Harvest Bath & Body Shop
• Plant Guru Inc.
• Podor Oils and Vinegars
• Ziani Organic Oils.

   

Key Topics Covered:

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

PART 03: MARKET LANDSCAPE

• Market ecosystem
• Market characteristics
• Value Chain Analysis
• Market segmentation analysis

PART 04: MARKET SIZING

• Market definition
• Market sizing 2019
• Market Outlook
• Market size and forecast 2019-2024

PART 05: FIVE FORCES ANALYSIS

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

PART 06: MARKET SEGMENTATION BY PRODUCT

• Market segmentation by product
• Comparison by product
• Conventional cherry seed oil - Market size and forecast 2019-2024
• Organic cherry seed oil - Market size and forecast 2019-2024
• Market opportunity by product

PART 07: CUSTOMER LANDSCAPE

PART 08: GEOGRAPHIC LANDSCAPE

• Geographic segmentation
• Geographic comparison
• EMEA - Market size and forecast 2019-2024
• Americas - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

• Market drivers
• Market challenges

PART 11: MARKET TRENDS

• Increasing demand for organic cherry seed oil
• Expanding retail space
• Increasing popularity of plant-based food products

PART 12: VENDOR LANDSCAPE

• Overview
• Landscape disruption
• Competitive scenario

PART 13: VENDOR ANALYSIS

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Akoma International UK Ltd.
• AvoGlow Pty. Ltd.
• Biocosmethic
• Biopurus Ltd.
• CHATEAU Cosmetics botanical beauty
• Interfat SAU
• Moons Harvest Bath & Body Shop
• Plant Guru Inc.
• Podor Oils and Vinegars
• Ziani Organic Oils

PART 14: APPENDIX

• Research methodology
• List of abbreviations
• Definition of market positioning of vendors

PART 15: EXPLORE TECHNAVIO

About Us

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

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.technavio.com/

SAN FRANCISCO--(BUSINESS WIRE)--CAI International, Inc. (“CAI” or the “Company”) (NYSE: CAI), one of the world’s leading transportation finance companies, today reported results for the third quarter of 2020.

Highlights

• Net income from continuing operations attributable to CAI common stockholders for the third quarter of 2020 was $14.8 million, or $0.83 per fully diluted share.
• Adjusted net income from continuing operations attributable to CAI common stockholders¹ for the third quarter of 2020 was $18.4 million, or $1.04 per fully diluted share.
• Container lease revenue for the third quarter of 2020 was $73.9 million, compared to $69.4 million in the second quarter of 2020.
• CAI’s Board of Directors declared a cash dividend of $0.25 per common share payable on December 24, 2020 to shareholders of record as of December 9, 2020.
• Average utilization for CAI’s owned container fleet during the third quarter of 2020 was 98.4%, compared to 98.0% for the second quarter of 2020. Current utilization is 99.2%.
• During the quarter, the Company disposed of its logistics business and continues to explore opportunities to divest of its railcar leasing business.
• In September 2020, the Company issued $742.7 million of asset-backed notes at a fixed rate averaging 2.3%. The proceeds have been used to refinance $709.4 million of asset-backed debt with an average interest rate of 4.1%.

Financial and Operating Highlights

¹ Refer to the “Reconciliation of GAAP Amounts to Non-GAAP Amounts” and “Use of Non-GAAP Financial Measures” set forth below.
² Refer to the “Calculation of Return on Equity” set forth below.

Additional information on CAI's results, as well as comments on market trends, is available in a presentation posted today on the "Investors" section of CAI's website, www.capps.com.

Timothy Page, Interim President and Chief Executive Officer of CAI, commented, “We are very pleased with our results during the third quarter. Adjusted net income from continuing operations attributable to CAI common stockholders was $18.4 million an increase of 24% compared to the second quarter, as the Company benefited from very strong container demand.

“During the third quarter and continuing into the fourth quarter, global containerized trade volumes were ahead of the same period last year. Many shipping lines had significantly reduced the acquisition of new containers last year as a result of uncertainties surrounding the US/China trade disputes and then again in the first half of this year because of uncertainties as result of the global pandemic. Consequently, as trade volumes increased, many shipping lines were in the position of having to add container capacity well in excess of normal growth and fleet attrition. We expect this outsized demand for containers to continue well into next year.

“As global shipping volumes increased, we were able to quickly respond to our customers’ needs for additional containers. CAI’s growth in lease revenue during the quarter benefited from the lease-out of approximately $130 million of new and sale leaseback containers. Customer demand for leasing mid-life and older containers has also been strong. We have a robust forward order book and expect to take delivery of $110 million of new containers during the fourth quarter, with an additional $160 million of new containers scheduled for delivery early next year; in total $400 million of new investment since the end of the second quarter, which represents approximately 17% of our second quarter container book value. Virtually all of this new investment is supported by committed long term leases with attractive mid-teen plus returns.

“The Company continues to maintain its exceptional industry leading utilization. Average utilization in the quarter was 98.4%. Utilization was 99.1% at quarter end and is currently 99.2%. Our continuing strong performance in utilization reflects the long-term nature of our contracts, our focus on tight contract redelivery terms and ongoing fleet management; all of which underscore the long-term committed nature of our cash flow.

“Our average cash interest rate in the second quarter was 2.52%. Approximately 82% of the Company’s debt is now fixed rate. During the quarter, we issued $742.7 million of new ABS notes which carry a cash interest rate of 2.27%. These notes were primarily used to refinance $709.4 million of higher interest rate ABS notes. As a result of this refinancing we expect our average cash interest rate across all of our debt facilities will be in the range of 2.0% in the fourth quarter. The refinancing of the ABS notes is estimated to result in a $11.4 million reduction in cash interest expense in 2021.”

Mr. Page concluded, “The revenue generated from our strong order book combined with our industry-leading utilization, a robust re-sale market and lower interest costs should all result in an expected double-digit growth in net income from continuing operations in the fourth quarter and a significant increase in ROE, setting the stage for a strong beginning to 2021.”

Conference Call

A conference call to discuss the financial results for the third quarter of 2020 will be held on Thursday, October 29, 2020 at 5:00 p.m. ET. The dial-in number for the teleconference is 1-855-327-6837; outside of the U.S., call 1-631-891-4304. The call may be accessed live over the internet (listen only) under the “Investors” section of CAI’s website, www.capps.com, by selecting “Q3 2020 Earnings Conference Call.” A webcast replay will be available for 30 days on the “Investors” section of our website.

Earnings Presentation

A presentation summarizing our third quarter 2020 results is available on the “Investors” section of our website, www.capps.com.

Use of Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, and includes net income and earnings per share adjusted to reflect the impact of a non-recurring write-off of debt issuance costs, the impairment of rental equipment and the tax effects of such impairment. This press release also refers to return on equity, which is calculated using the non-GAAP financial measure, adjusted net income. These measures are not in accordance with, or an alternative for, generally accepted accounting principles, or GAAP, and may be different from non-GAAP financial measures used by other companies. We believe the presentation of non-GAAP financial measures provides useful information to management and investors regarding various financial and business trends relating to our financial condition and results of operations, and that when GAAP financial measures are viewed in conjunction with non-GAAP financial measures, investors are provided with a more meaningful understanding of our ongoing operating performance. Management utilizes return on equity in evaluating how much profit the Company generates on the shareholders’ equity in the Company and believes it is useful for comparing the profitability of companies in the same industry. Non-GAAP financial measures are not intended to be considered in isolation or as a substitute for GAAP financial measures. To the extent this release contains historical non-GAAP financial measures, we have also provided a reconciliation to the corresponding GAAP financial measures for comparative purposes.

About CAI International, Inc.

CAI is one of the world’s leading transportation finance companies. As of September 30, 2020, CAI operated a worldwide fleet of approximately 1.7 million CEUs of containers, and owned a fleet of 5,039 railcars that it leases within North America. CAI operates through 14 offices located in 12 countries including the United States.

Forward-Looking Statements

This press release contains forward-looking statements regarding future events and the future performance of CAI, including but not limited to: management’s business outlook for the container leasing business, management’s decision to divest of CAI’s non-core businesses and management's outlook for growth of CAI’s leasing investments. These statements and others herein are forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and involve risks and uncertainties that could cause actual results of operations and other performance measures to differ materially from current expectations including, but not limited to: utilization rates, expected economic conditions, expected growth of international trade, availability of credit on commercially favorable terms or at all, customer demand, container investment levels, container prices, lease rates, increased competition, volatility in exchange rates, growth in world trade and world container trade, the ability of CAI to convert letters of intent with its customers to binding contracts, potential to sell CAI’s securities to the public and others.

CAI refers you to the documents that it has filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2019, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. These documents contain additional important factors that could cause actual results to differ from current expectations and from forward-looking statements contained in this press release. Furthermore, CAI is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements contained in this press release whether as a result of new information, future events or otherwise, unless required by law.

Tim Page, Interim President and Chief Executive Officer
(415) 788-0100
This email address is being protected from spambots. You need JavaScript enabled to view it.

• Waste Management’s Acquisition of Advanced Disposal Combines Dedicated and Experienced Teams with Shared Commitments to Safety, Outstanding Customer Service and Operational Excellence
• Waste Management Continues to be Confident in the Long-Term Value from the Acquisition and Expects Annual Cost and Capital Expenditure Synergies to Exceed $100 Million

HOUSTON--(BUSINESS WIRE)--Waste Management (NYSE: WM) announced today that it completed its acquisition of all outstanding shares of Advanced Disposal on October 30, following the receipt of required regulatory approvals. The previously announced purchase price of $30.30 per share in cash represents a total enterprise value of $4.6 billion when including approximately $1.8 billion of Advanced Disposal’s net debt. Advanced Disposal stock will no longer be traded on the NYSE.

This acquisition grows Waste Management’s footprint and allows the Company to deliver unparalleled access to differentiated, sustainable waste management and recycling services to approximately 3 million new commercial, industrial and residential customers primarily located in 16 states in the eastern half of the United States.

“We are excited to reach the finish line on this compelling acquisition, and I would like to welcome the Advanced Disposal team members to the WM family,” said Jim Fish, President and Chief Executive Officer of Waste Management. “The acquisition expands Waste Management’s reach and positions us for significant earnings and cash flow growth. The hard work our integration teams have done has prepared us to provide a seamless transition for employees and customers.”

Immediately following the completion of the Advanced Disposal acquisition, Waste Management and Advanced Disposal completed the sale to GFL Environmental of all of the assets required by the U.S. Department of Justice to be divested in connection with the Advanced Disposal acquisition.

Waste Management funded the transaction using a combination of credit facilities and commercial paper. Waste Management expects to maintain a strong balance sheet and solid investment-grade credit profile with leverage ratios well within the financial covenants of its credit facilities.

“With integration getting underway, the team is focused on a strong finish to 2020,” Fish concluded. “We look forward to providing our 2021 outlook for the combined organization when we announce fourth quarter and full-year earnings.”

ABOUT WASTE MANAGEMENT

Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management environmental services in North America. Through its subsidiaries, Waste Management provides collection, transfer, disposal services, and recycling and resource recovery. It is also a leading developer, operator and owner of landfill gas-to-energy facilities in the United States. Waste Management’s customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more information about Waste Management, visit www.wm.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws about Waste Management, including but not limited to all statements about integration of the acquisition and all outcomes of the acquisition, including future operations, synergies, cost savings, and impact on earnings, cash flow, revenue, return on capital, shareholder returns, strength of the balance sheet and credit ratings; future capital allocation; and future leverage ratio, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “likely,” “outlook,” “forecast,” “preliminary,” “would,” “could,” “should,” “can,” “will,” “project,” “intend,” “plan,” “goal,” “guidance,” “target,” “continue,” “sustain, “ “synergy,” “on track,” “believe,” “seek,” “estimate,” “anticipate,” “may,” “possible,” “assume,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Potential investors, stockholders, and other readers should view these statements with caution and should not place undue reliance on such statements. They are based on the facts and circumstances known to Waste Management as of the date the statements are made. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those set forth in such forward-looking statements, including but not limited to, general economic and capital markets conditions; public health risk and other impacts of COVID-19 or similar pandemic conditions, including increased costs, social and commercial disruption, service reductions and other adverse effects on business, financial condition, results of operations and cash flows; legal proceedings that may be instituted related to the acquisition; unexpected costs, charges or expenses; failure to successfully integrate the acquisition, realize anticipated synergies or obtain the results anticipated; and other risks and uncertainties described in Waste Management’s filings with the SEC, including Part I, Item 1A of its most recently filed Annual Report on Form 10-K and subsequent reports on Form 10-Q, which are incorporated herein by reference, and in other documents that Waste Management shall file or furnish with the SEC. Except to the extent required by law, Waste Management does not assume any obligation to update any forward-looking statement, including financial estimates and forecasts, after it has been made, whether as a result of new information, future events, circumstances or developments or otherwise.

Waste Management

Web site
https://www.wm.com

Analysts
Ed Egl
713.265.1656
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media
Janette Micelli
602.579.6152
This email address is being protected from spambots. You need JavaScript enabled to view it.

SEATTLE--(BUSINESS WIRE)--Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its third quarter ended September 30, 2020.

• Operating cash flow increased 56% to $55.3 billion for the trailing twelve months, compared with $35.3 billion for the trailing twelve months ended September 30, 2019.
• Free cash flow increased to $29.5 billion for the trailing twelve months, compared with $23.5 billion for the trailing twelve months ended September 30, 2019.
• Free cash flow less principal repayments of finance leases and financing obligations increased to $18.4 billion for the trailing twelve months, compared with $14.6 billion for the trailing twelve months ended September 30, 2019.
• Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations increased to $17.9 billion for the trailing twelve months, compared with $10.5 billion for the trailing twelve months ended September 30, 2019.
• Common shares outstanding plus shares underlying stock-based awards totaled 518 million on September 30, 2020, compared with 511 million one year ago.
• Net sales increased 37% to $96.1 billion in the third quarter, compared with $70.0 billion in third quarter 2019. Excluding the $691 million favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 36% compared with third quarter 2019.
• Operating income increased to $6.2 billion in the third quarter, compared with operating income of $3.2 billion in third quarter 2019.
• Net income increased to $6.3 billion in the third quarter, or $12.37 per diluted share, compared with net income of $2.1 billion, or $4.23 per diluted share, in third quarter 2019.

“Two years ago, we increased Amazon’s minimum wage to $15 for all full-time, part-time, temporary, and seasonal employees across the U.S. and challenged other large employers to do the same. Best Buy and Target have stepped up, and we hope other large employers will also make the jump to $15. Now would be a great time,” said Jeff Bezos, Amazon founder and CEO. “Offering jobs with industry-leading pay and great healthcare, including to entry-level and front-line employees, is even more meaningful in a time like this, and we’re proud to have created over 400,000 jobs this year alone. We’re seeing more customers than ever shopping early for their holiday gifts, which is just one of the signs that this is going to be an unprecedented holiday season. Big thank you to our employees and selling partners around the world who’ve been busy getting ready to deliver for customers this holiday.”

Highlights

Investing in Jobs and Employees

• Amazon announced that it is creating hundreds of thousands of new jobs around the world for people at all skill levels and stages of their careers, including:
  • 100,000 new permanent jobs with industry-leading pay of at least $15 per hour, benefits starting on day one, sign-on bonuses of up to $1,000 in select U.S. cities, and access to company-subsidized upskilling programs like Career Choice. This hiring was part of Amazon opening 100 new operations buildings across North America.
  • 100,000 new seasonal jobs with Amazon Air, logistics, fulfillment centers, sortation centers, and global specialty fulfillment teams in the U.S. and Canada.
  • 10,000 corporate and technology jobs in Bellevue, WA as part of the continued expansion of Amazon’s Puget Sound headquarters, and 7,000 new jobs at Tech Hubs in Dallas, Detroit, Denver, New York, Phoenix, San Diego, Toronto, and Vancouver.
  • 10,000 new permanent jobs in the UK, bringing the total in the country to 40,000; and thousands of new permanent jobs in Germany, bringing the total in the country to 16,000.
  • In India, Amazon announced the expansion of its operations network with 10 new fulfillment centers, 5 new sortation centers, nearly 200 delivery stations, and over 100,000 seasonal jobs to help meet customer demand during the festive season. The company also launched an all-women delivery station in the state of Gujarat – the second of its kind in the country and part of the company’s ongoing efforts to provide more opportunities for women to build careers at Amazon.
• More than 320,000 people attended Amazon’s Career Day, a virtual event that provided insights, tips, and advice to job seekers on how to build their career and apply for more than 130,000 corporate, technology, and operations positions available at Amazon in North America. Amazon received a record 384,000 applications for roles in Canada and the U.S. within a week of announcing the event.
• Amazon has promoted more than 35,000 people across its U.S. operations network this year, and more than 30,000 people have participated in Career Choice, an innovative program to upskill employees interested in pursuing a future outside Amazon. Over half of the tens of thousands of program participants this year are from underrepresented minority groups.
• Amazon Studios and Howard University announced they will partner for a second year of the Howard Entertainment Program, which aims to further diversify the entertainment industry by creating a pipeline of underrepresented talent, including Black students, through internships and other educational opportunities.
• Amazon continues to ramp up its in-house COVID-19 testing program to keep front-line employees safe, with capacity reaching 50,000 tests a day across 650 sites by November.
• Amazon was named to multiple leading rankings and awards, including: #2 on the Forbes World’s Best Employers, a survey of workers on satisfaction with their employers’ COVID-19 response, talent development, gender equality, social responsibility, and more; #3 on the Axios Harris Poll 100, Amazon’s eighth year in a row in the top 3 of this brand reputation survey; and #4 on Morning Consult’s Most Loved Brands in America, a measure of favorability, trust, and community impact.

Supporting Communities

• Amazon announced plans to add more than 3,000 new schools to Amazon Future Engineer, a four-part program that funds high-quality, age-appropriate computer science curriculum for students and professional development for teachers. With the addition of these new schools, Amazon Future Engineer will expand to reach over 550,000 K-12 students across more than 5,000 elementary, middle, and high schools in underserved communities.
• Amazon donated more than one million emergency aid items, including water, generators, air filters, food, KN95 masks, and cleaning supplies, to community partners providing disaster relief to people affected by wildfires in California, Oregon, and Washington, as well as Hurricane Laura along the Gulf Coast.
• Amid the COVID-19 pandemic, Amazon expanded its Right Now Needs Fund in the Puget Sound region and launched a new fund focused on Northern Virginia. The $3.5 million donation will provide students located near Amazon’s two headquarters with immediate access to food, shelter, clothing, school supplies, and more to help eliminate barriers to learning and ensure students can focus on education throughout the school year.
• To support communities disproportionately impacted by COVID-19, Amazon announced it will make millions of dollars in product and monetary donations to more than a thousand charities this holiday season in Australia, Canada, China, France, Germany, India, Italy, Japan, Singapore, Spain, the UK, the U.S., and more.

Protecting the Planet

• Mercedes-Benz, Best Buy, McKinstry, Real Betis, Schneider Electric, and Siemens signed The Climate Pledge, a commitment co-founded by Amazon and Global Optimism to achieve net-zero carbon by 2040, a decade ahead of the Paris Agreement.
• CarbonCure, Pachama, Redwood Materials, Rivian, and Turntide Technologies were the first companies to receive investments from Amazon as part of The Climate Pledge Fund, a $2 billion fund that invests in visionary companies whose product and service solutions will facilitate the transition to a zero-carbon economy.
• In Europe, Amazon announced it will add 1,800 electric delivery vehicles from Mercedes-Benz Vans to its delivery fleet—the largest order of electric vehicles from Mercedes-Benz Vans to date.
• Amazon unveiled its first custom electric delivery vehicle, designed and built in partnership with Rivian. The new vehicles will make their first deliveries to Amazon customers in 2021. As early as 2022, there will be 10,000 of these vehicles on roads in the U.S. and EU, and all 100,000 vehicles are expected to be on the road by 2030.
• In the U.S. and EU, Amazon launched Climate Pledge Friendly, a new program that identifies products with one or more of 19 different sustainability certifications, making it easy for customers to discover and shop for more sustainable products in Amazon’s store. Products identified as Climate Pledge Friendly meet standards that help preserve the natural world, such as reducing the carbon footprint of shipments to customers. Amazon also announced Compact by Design, a new sustainability certification for products with a more efficient design that leads to carbon emission reductions by requiring less packaging or less frequent purchases by customers.
• Amazon announced its most sustainable devices ever. The new Echo and Fire TV devices include 100% post-consumer recycled fabric, 100% recycled die-cast aluminum, and 30-50% post-consumer recycled plastic, and new features like Low Power Mode and an energy dashboard will enable customers to understand and reduce the energy consumption of their devices.
• Amazon is building new wind and solar farms to produce clean energy equivalent to the electricity used by every customer’s Echo device. The company has said it will continue building new renewable energy projects until it accounts for the energy consumption of all Amazon devices.
• Amazon announced its first operational wind farm outside the U.S. in Bäckhammar, Sweden. The wind farm is expected to deliver 280,000-megawatt hours of clean energy annually into the Swedish grid.

Empowering Small and Medium-Sized Businesses

• Amazon hosted Amazon Accelerate, its largest-ever U.S. event to share best practices with small businesses on how to serve customers in Amazon’s store and grow their businesses. At the virtual event, Amazon also announced plans to invest billions of dollars to help small and medium-sized businesses succeed, and it outlined plans to onboard an additional 100,000 small and medium-sized businesses in the next year.
• Amazon hosted its second annual Ignite Digital Festival for more than 1,500 Delivery Service Partners (DSP). The virtual event showcased product and technology innovations to help them succeed, including over 250 logistics program and product changes, from routing updates and navigation improvements on the drivers’ delivery app to state-of-the-art safety technology adjustments. Since the DSP program launched over two years ago, there are now more than 1,700 owners across Canada, Germany, Spain, the UK, and the U.S. who have created over 100,000 jobs in their communities, delivered more than 2.2 billion packages worldwide, and generated over $5 billion in revenue for their small businesses.
• Amazon India hosted Stand for Handmade, a 10-week program to help boost sales for Indian artisans, weavers, and women entrepreneurs by waiving selling fees and promoting local, handmade products to customers. Participating Karigar (artisans) and Saheli (women) sellers more than doubled their sales during this period, and more than 200 new sellers joined the Karigar program.
• Amazon Australia launched Amazon Launchpad Innovation Grants, an initiative to celebrate innovation by Australian start-ups, entrepreneurs, and small and medium-sized businesses. The program will offer grant packages to organizations with innovative products that support Australians through the pandemic.

Shopping and Entertainment

• In 19 countries, Amazon’s Prime Day kicked-off the holiday shopping season on October 13-14 with the two biggest days ever for small and medium businesses in Amazon’s stores. Third-party sellers—most of which are small and medium-sized businesses—surpassed $3.5 billion in sales on Prime Day—a nearly 60% year-over-year increase, growing even more than Amazon’s retail business. Prime members saved more than $1.4 billion, taking advantage of deep discounts and incredible deals over the two-day event.
• Amazon India kicked off the Great Indian Festival on October 17, a month-long celebration with deals across popular categories such as smartphones, appliances, televisions, and consumer electronics. Sellers and brand partners experienced the biggest two days of sales in the festival’s history. Amazon India also hosted Prime Day on August 6-7, during which twice as many customers became Prime members compared to the previous year.
• Amazon launched Prime in Turkey, bringing the total number of countries with Prime to 20. Prime in Turkey includes free, fast delivery on thousands of items across 20 categories, as well as access to Prime Video, Prime Gaming, and exclusive deals on Prime Day and throughout the year.
• Amazon.se launched in Sweden, offering customers more than 150 million products to choose from with everyday low prices and free delivery for eligible orders above SEK 229.
• Amazon announced that Project Zero—a tool enabling brands to remove potential counterfeit products in Amazon’s store—is available in 17 countries around the world, with Australia, Brazil, the Netherlands, Saudi Arabia, Singapore, Turkey, and the UAE recently added to the program. Project Zero combines Amazon’s advanced technology and machine learning with the sophisticated knowledge that brands have of their own intellectual property to drive counterfeits to zero.
• Amazon launched Amazon One, a fast, convenient, contactless way for people to use their palm to enter, identify, and pay. The highly-secure service uses custom-built algorithms and hardware to create a person’s unique palm signature. Amazon One is currently available in two Amazon Go stores in Seattle, with plans to expand to additional Amazon stores.
• The first Amazon Fresh grocery stores opened in Woodland Hills and Irvine, CA. Amazon Fresh offers a seamless grocery shopping experience whether customers are shopping in-store or online, consistently low prices, a wide assortment of national brands and freshly prepared foods made daily, and free same-day delivery and pick-up for Prime members. The stores also offer new ways to make grocery shopping more convenient, including the Amazon Dash Cart, which enables customers to skip the checkout line, and new Alexa features to help customers manage their shopping lists and better navigate aisles.
• Amazon Fashion announced the launch of Luxury Stores, a new shopping experience for eligible U.S. Prime members, offering established and emerging luxury fashion and beauty brands.
• The Amazon Studios global original movies slate continues to grow, with additions such as Sacha Baron Cohen’s political satire Borat Subsequent Moviefilm, which recently launched globally on Prime Video, as well as Tom Clancy’s Without Remorse, starring Michael B. Jordan, slated to launch in 2021.
• Amazon premiered several new and returning Amazon Original series, including The Boys, Breathe into the Shadows, Bandish Bandits, Mirzapur, and Putham Pudhu Kaalai in India, Peep Time and Documental S8 in Japan, Pan y Circo in Mexico, and All or Nothing: Tottenham Hotspur in the UK.
• Amazon Prime Video announced that live international rugby games will be exclusively available to UK Prime customers this winter with a brand new tournament called the Autumn Nations Cup. The tournament will feature the Six Nations (England, France, Ireland, Italy, Scotland, and Wales) as well as two guest teams from Fiji and Georgia.
• Amazon Music announced multiple new services and features, including partnering with Twitch to add livestreaming to the Amazon Music app, enabling fans to engage with artists in brand-new ways and move seamlessly between livestreams and recorded music; launching podcasts for customers in Germany, Japan, the UK, and the U.S., across all tiers of service at no additional cost; and expanding its HD streaming tier to Canada, France, Italy, and Spain.
• Amazon announced the launch of Prime Gaming, a new service that lets Prime members enjoy free, exclusive content for their favorite PC, console, and mobile games, plus a collection of PC games for free every month. Prime Gaming is included with Prime memberships and Prime Video subscriptions in over 200 countries and territories.

Amazon Devices and Alexa

• Amazon introduced a reimagined family of Echo devices. The new Echo combines the best of Echo and Echo Plus into a single device with an all-new design, built-in smart home hub, and more powerful speakers; Echo Dot and Echo Dot with Clock feature a powerful speaker packed into a compact design; Echo Dot Kids Edition comes in Panda and Tiger designs with even more features for kids to enjoy; and the all-new Echo Show 10 now features a brilliant 10-inch, adaptive HD display that automatically moves to stay in view as you interact with Alexa.
• Amazon announced the new Fire TV Stick and Fire TV Stick Lite. Customers have purchased over 100 million Fire TV devices globally, and Fire TV customers are streaming billions of hours each month. The new Fire TV devices are 50% more powerful while using 50% less power than the previous Fire TV Stick. Amazon also introduced a redesigned Fire TV experience that provides new content-discovery features, enhanced Alexa voice integration, and user profiles for personalized recommendations.
• Amazon announced new ways for customers to connect their devices with Amazon Sidewalk, a shared network that helps devices like Amazon Echo, Ring Security Cams, outdoor lights, and motion sensors work better at home and beyond the front door.
• Amazon announced the latest AI advancements that make Alexa more natural, conversational, and useful. These advancements include a new teaching capability that helps Alexa get smarter by asking questions to fill gaps in her understanding, and natural turn-taking that will allow customers to interact with Alexa at their own pace without using a wake word, even when multiple people are talking.
• Amazon introduced new features and services that continue to make Alexa smarter, like Guard Plus and the Care Hub, that help customers keep their homes and loved ones safe. Amazon also announced new Alexa privacy controls including the option for customers to not save voice recordings or simply say, “Alexa, delete everything I’ve said” to delete their voice history. Amazon expanded Alexa Calling and Messaging capabilities to help customers stay connected with the addition of group calling and integrations with Zoom and Amazon Chime. AT&T customers can also link eligible mobile numbers to make and receive hands-free calls with Alexa.
• Amazon announced customers have connected more than 100 million smart home devices to Alexa, and introduced smart home features like additional Hunches, that let customers choose to have Alexa proactively act on their behalf.
• Amazon introduced new devices and features to help kids and families learn, stay connected, and have fun together. Kids can now make Alexa Announcements with their Fire Kids Edition Tablets, help build reading fluency with Reading Sidekick, and enjoy a custom-built kids experience with the new Echo Dot Kids Edition.
• Amazon announced Amazon Halo, a new service dedicated to helping customers improve their health and wellness. Amazon Halo combines a suite of AI-powered health features that provide actionable insights into overall wellness via the new Amazon Halo app with the Amazon Halo Band, which uses multiple advanced sensors to provide the information necessary to power Halo insights.
• Amazon announced Luna, a new cloud gaming service that allows customers to play high-quality games on devices they already own. As part of early access, players will have access to more than 100 games through the Luna+ game channel and Ubisoft channel, with more games to come. Luna is built on AWS and harnesses the power of the industry’s broadest and deepest cloud platform. Amazon also announced Luna Controller, which is Alexa-enabled and connects directly to the cloud for lower latency gaming. Luna will be available on Fire TV, PC, and Mac as well as on web apps for iPhone and iPad, with Android coming soon.
• Ring announced several new products and features, including a new category of devices for the car (Ring Car Alarm, Ring Car Cam, Ring Car Connect API, and Ring Car Connect for Tesla), the autonomous flying indoor security camera Ring Always Home Cam, and a new Mailbox Sensor.
• Amazon announced new eero Pro 6 and eero 6 mesh wifi systems that feature Wi-Fi 6 support for faster speeds, higher performance, and better support for simultaneous connected devices.
• Amazon continues to support developers and startups with new Alexa tools and features, investments, and programs. Amazon announced that Dolby, Facebook, Garmin, and Xiaomi have joined the Voice Interoperability Initiative, a program to ensure voice-enabled products provide customers with choice and flexibility through multiple, interoperable voice services. The Alexa Fund invested in health and fitness companies Tonal and Zwift; enterprise AI company Fiddler Labs; maker of smart sensor chips Aspinity; and creators of personalized sound environments Endel. The investments are in addition to the launch of two new programs in collaboration with Blavity’s AfroTech World and All Raise to support underrepresented founders.
• The Federal Communications Commission voted unanimously to approve Project Kuiper, a low earth orbit satellite constellation capable of providing reliable, affordable broadband to unserved and underserved communities around the world. Amazon will invest more than $10 billion in the initiative, creating jobs and infrastructure around the U.S. that will enable the team to deliver on its vision for the project.
• Blink launched Blink Indoor and Outdoor, two new wireless smart home security cameras that offer two-year battery life, HD video, new privacy zones features, and local or cloud storage options for saved clips. Cameras are available for purchase in Canada, France, Germany, Italy, Netherlands, Spain, the UK, and the U.S.

Amazon Web Services

• AWS announced significant customer momentum with new commitments and migrations, including: leading payments technology company Global Payments, to manage issuer processing and handling of their approximately 27 billion transactions processed annually; biotechnology company Moderna, to accelerate the development of messenger RNA medicines to prevent and fight diseases, including a vaccine candidate against COVID-19; restaurant chain Jack in the Box to enhance digital ordering, dining, and customer service experiences for its guests and to drive operational efficiency across its more than 2,200 restaurants; premier visual effects company Weta Digital to accelerate rendering of graphical visual effects, free up talent and resources, and deliver on its multi-year movie slate; leading job site Indeed to migrate more than 30 petabytes of data to AWS, reducing its global data center footprint by 40% while streamlining its IT operations; household appliance manufacturer Arçelik to use analytics, IoT, and machine learning services to build smart factories, automated production lines, and cloud connected appliances; IT services company and AWS Partner Network (APN) Premier Consulting Partner DXC Technology to replace its legacy contact center technology and drive automation, cutting operational costs by 40%, reducing volume of common calls by up to 60%, and migrating 1,000 service desk seats; hotel franchise Best Western International to migrate largest contact center within one month and move all agents to remote within one week, enabling seamless support for 14 languages in over 35 countries while reducing costs by 40%; and cold chain provider Carrier to transform how temperature-sensitive goods such as food, medicines, and vaccines are moved around the world by enhancing safety, reliability, and efficiency.

Amazon Investor Relations
Dave Fildes, This email address is being protected from spambots. You need JavaScript enabled to view it.
amazon.com/ir

Amazon Public Relations
Dan Perlet, This email address is being protected from spambots. You need JavaScript enabled to view it.
amazon.com/pr

COLUMBUS, Ind.--(BUSINESS WIRE)--Today, Cummins Inc. (NYSE: CMI) announced the launch of Cummins Advocating for Racial Equity (CARE). CARE is another step forward in Cummins’ intent to take a leading role in undoing systemic discrimination against the Black community in the U.S.

“Institutional racism is a disease; deeply rooted and longstanding, and makes our society weaker,” said Tom Linebarger, Chairman and CEO, Cummins Inc. “It will take decisive and sustained action to dismantle racism, and Cummins will be part of that action. We are in the midst of a national reckoning on race, and we need awareness, education and accountability to drive results. It’s the right thing to do and we will all benefit when we are cured of this disease.”

The creation of CARE is the first step in Cummins’ effort to undo systemic discrimination; and since its creation in July, the company has developed strategies and initiated work in four identified areas:

• Achieve police reform
• Realize criminal justice reform
• Create economic empowerment by building Black wealth and income
• Drive social justice reform in healthcare, housing, workforce development and civil rights, including voting rights and education

“Our core value of Diversity and Inclusion demands we recognize and value our differences,” Linebarger added. “Our value of Integrity drives us to do what is right and act against injustice; through CARE, we are focusing our efforts to end racial injustice in selected communities where Cummins has operations.”

“We are using impact assessment tools to select work that will generate meaningful change with measurable results specific to each community,” added Linebarger. He added the company has already begun work and making progress in all four of the focus areas including:

• In Indianapolis, Cummins recently joined forces with Eli Lilly and Company, Roche Diagnostics, the Indianapolis Urban League, the local American Civil Liberties Union and other Indianapolis business and community organizations, and successfully advocated for the establishment of a first-of-its-kind majority civilian General Orders Board that has the power to create policies and procedures that determine the manner in which policing is conducted in Indianapolis.
• Cummins will launch four new Technical Education for Communities (TEC) workforce development programs. Two programs will be created in Nashville, Tennessee; one in Charleston, South Carolina; and one in Memphis, Tennessee. Each of the TEC sites will be focused on creating educational pathways for Black residents to good, living wage jobs in transportation, logistics and other industries.
• Investing in current and future Black-owned suppliers by using Cummins’ industry influence to support their growth and sustainability.
• Cummins has committed $250,000 towards an Indianapolis Urban League initiative to invest in Black-owned businesses and entrepreneurship, in partnership with Eli Lilly and Company.

As Cummins continues to move forward with CARE, the company will be providing updates on its progress to its employees and communities.

About Cummins Inc.

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

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

Revenues increased six percent year-over-year to $121.1 million; GAAP earnings were $0.24 per diluted share; non-GAAP earnings were $0.40 per diluted share

SAN JOSE, Calif.--(BUSINESS WIRE)--Power Integrations (Nasdaq: POWI) today announced financial results for the quarter ended September 30, 2020. Net revenues for the third quarter were $121.1 million, up 13 percent compared to the prior quarter and up six percent from the third quarter of 2019. Net income for the third quarter was $14.8 million or $0.24 per diluted share compared to $0.22 per diluted share in the prior quarter and $0.29 per diluted share in the third quarter of 2019. (Per-share measures for all periods have been adjusted for the 2:1 stock split effected as a stock dividend in August 2020.) Cash flow from operations for the third quarter was $16.2 million.

In addition to its GAAP results, the company provided certain non-GAAP measures that exclude stock-based compensation, amortization of acquisition-related intangible assets and the tax effects of these items. Non-GAAP net income for the third quarter of 2020 was $24.2 million or $0.40 per diluted share compared with $0.33 per diluted share in the prior quarter and $0.39 per diluted share in the third quarter of 2019. A reconciliation of GAAP to non-GAAP financial results appears at the end of this press release.

Commented Balu Balakrishnan, president and CEO of Power Integrations: “Third-quarter revenues exceeded our expectations as we saw continued growth in fast charging for mobile devices as well as improved demand from the appliance market. Distribution sell-through strengthened considerably compared to the prior quarter, and we expect healthy sequential revenue growth in the fourth quarter. At the midpoint of our fourth-quarter revenue range, we would achieve double-digit revenue growth for the full year.”

Power Integrations paid a cash dividend of $0.11 per share (post-split) on September 30, 2020. The company will pay another dividend of $0.11 per share on December 31, 2020 to stockholders of record as of November 30, 2020.

Financial Outlook

The company issued the following forecast for the fourth quarter of 2020:

• Revenues are expected to be $130 million plus or minus $5 million.
• GAAP gross margin is expected to be approximately 49 percent, and non-GAAP gross margin is expected to be approximately 50 percent. (The difference between the expected GAAP and non-GAAP gross margins comprises approximately 0.6 percentage points from amortization of acquisition-related intangible assets and 0.4 percentage points from stock-based compensation.)
• GAAP operating expenses are expected to be approximately $45 million; non-GAAP operating expenses are expected to be approximately $37 million. (Non-GAAP expenses are expected to exclude approximately $7.8 million of stock-based compensation and $0.2 million of amortization of acquisition-related intangible assets.)

Conference Call Today at 1:30 p.m. Pacific Time

Power Integrations management will hold a conference call today at 1:30 p.m. Pacific time. Members of the investment community can register for the call by visiting the following link: http://www.directeventreg.com/registration/event/5339866. A webcast of the call will also be available on the investor section of the company's website, http://investors.power.com.

About Power Integrations

Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information please visit www.power.com.

Note Regarding Use of Non-GAAP Financial Measures

In addition to the company's consolidated financial statements, which are presented according to GAAP, the company provides certain non-GAAP financial information that excludes stock-based compensation expenses recorded under ASC 718-10, amortization of acquisition-related intangible assets, and the tax effects of these items. The company uses these measures in its financial and operational decision-making and, with respect to one measure, in setting performance targets for compensation purposes. The company believes that these non-GAAP measures offer important analytical tools to help investors understand its operating results, and to facilitate comparability with the results of companies that provide similar measures. Non-GAAP measures have limitations as analytical tools and are not meant to be considered in isolation or as a substitute for GAAP financial information. For example, stock-based compensation is an important component of the company’s compensation mix, and will continue to result in significant expenses in the company’s GAAP results for the foreseeable future, but is not reflected in the non-GAAP measures. Also, other companies, including companies in Power Integrations’ industry, may calculate non-GAAP measures differently, limiting their usefulness as comparative measures. Reconciliations of non-GAAP measures to GAAP measures are attached to this press release.

Note Regarding Forward-Looking Statements

The above statements regarding the company’s forecast for its fourth-quarter financial performance are forward-looking statements reflecting management's current expectations and beliefs. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with the company's business, actual results could differ materially from those projected or implied by these statements. These risks and uncertainties include, but are not limited to: the impact of the COVID-19 pandemic on demand for the company’s products, its ability to supply products and its ability to conduct other aspects of its business such as competing for new design wins; changes in global macroeconomic conditions, including changing tariffs and uncertainty regarding trade negotiations, which may impact the level of demand for the company’s products; potential changes and shifts in customer demand away from end products that utilize the company's integrated circuits to end products that do not incorporate the company's products; the effects of competition, which may cause the company’s revenues to decrease or cause the company to decrease its selling prices for its products; unforeseen costs and expenses; and unfavorable fluctuations in component costs or operating expenses resulting from changes in commodity prices and/or exchange rates. In addition, new product introductions and design wins are subject to the risks and uncertainties that typically accompany development and delivery of complex technologies to the marketplace, including product development delays and defects and market acceptance of the new products. These and other risk factors that may cause actual results to differ are more fully explained under the caption “Risk Factors” in the company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on February 7, 2020. The company is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.

Power Integrations and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc.