Northrop Grumman Stops Work on Project America
Northrop Grumman Corporation announced that it has stopped work on Project America, a cruise ship program to build two 1,900 passenger cruise ships at its Pascagoula, Miss., Ingalls Operations. This decision follows negotiations with the U.S. Maritime Administration, which has decided not to continue the guaranteed funding necessary to complete the construction of the ships. As previously announced on October 25, 2001, the company said it would report a charge to operating margin of 460 million in the third quarter 2001 if Project America could not secure guaranteed funding. Northrop Grumman said today it took pretax charges totaling $60 million in the third quarter 2001, reducing operating margin for the quarter from $285 million to $225 million.
J.B. Hunt: Boost in Intermodal Business
J.B. Hunt Transport Services, one of the largest transportation companies in North America, reported increased profits in the third quarter as demand grew for transporting shipping containers. The company reported third-quarter earnings of $115.1 million, surpassing Wall Street expectations. It posted revenue of $1.59 billion in the period, here also missing Street forecasts. Seven analysts surveyed by Zacks expected $1.62 billion. Profits were driven by improving margins in the company’s intermodal unit…
Dynagas LNG Q3 Results
Dynagas LNG Partners LP (DLNG) has reported third-quarter profit of $17.3 million. On a per-share basis, the company said it had net income of 44 cents. Earnings, adjusted for non-recurring costs, came to 49 cents per share. Dynagas said voyage revenues increased to $43.1 million for three-month period ended sept 30, from $37.0 million last year. Tony Lauritzen, Chief Executive Officer of the Partnership, commented: "We are pleased to report our earnings for the third quarter of 2016, which has been a record financial quarter for us.
DVB Plans Capital Increase
German shipping bank DVB is preparing a capital increase due to losses taken on bad loans, two sources familiar with the matter said on Wednesday. An announcement by DVB, which is owned by DZ Bank , that it will issue new shares could come on Monday when it reports third-quarter results, one of the sources said. The size of the capital increase has yet to be decided. DVB and DZ Bank, both based in Frankfurt, declined to comment on a potential capital increase, news of which was reported earlier by Boersen-Zeitung. German shipping banks like DVB, already struggling to recoup tens of billions of dollars of loans due to a global shipping industry slump, have also been hit by slowing growth in China and sluggish global trade.
Northern Offshore Reports Third Quarter Results
this year, mainly due to EBITDA generated from the Energy Searcher of about $950,000 and higher production volume on Northern Producer. with year 2000. For the third quarter of 2001 the net loss was $2.5 million. Net loss for nine months this year was $2.3 million compared with a profit of $19.9 last year. In addition to the difference in EBITDA as described above, the main reason for the reduced profit refers to higher profit on repurchased Bonds in 2000, partly offset by adjustment of deferred taxes in connection with the change of domicile for the company.
Stolt-Nielsen's Q3 Numbers Disappoint
Shipping firm Stolt-Nielsen reported third-quarter earnings below forecast on Thursday and said it remained worried by the expected influx of new product tankers in 2016 and 2017. Stolt-Nielsen's June-August operating profit rose to $59.8 million from $45.4 million a year earlier, lagging the average expectation of $68 million in a Reuters poll of analysts. "While we expect the current momentum at Stolt Tankers to continue into the fourth quarter, we remain concerned about the current orderbook for chemical tankers," the company said. "The relatively healthy product spot market may come under pressure again once the large order book in the product tanker segment starts entering service, pushing swing tonnage into the fringes of our market," it added.
TUI AG Eyes IPO, Sale of Hapag-Lloyd
TUI AG is still open to a sale or flotation of its stake in container shipping company Hapag-Lloyd , its management said on Thursday. "Whichever comes first at a decent price, we will go for it," Chief Financial Officer Horst Baier told analysts after the group reported third-quarter results. Hapag-Lloyd is merging with Chilean shipper Vapores . After the closing of the deal, expected in autumn, and a capital increase, in which TUI will not take part, TUI's share of Hapag-Lloyd will fall to 13.9 percent. TUI has long been looking to exit container shipping in order to focus fully on tourism. Reporting by Victoria Bryan
NOL Reports $50 Million Profit
Increased operational efficiency, better market conditions boost Group’s performance. NOL Group reported net earnings of $50 million for the third quarter of 2012, a $141 million turnaround from the $91 million net loss in the third quarter of 2011. It was the first time since the fourth quarter of 2010 that the global container shipping and logistics group posted a net profit. Singapore-based NOL attributed the improvement in financial performance to increased cost efficiencies, stable rates and volume growth.
Carnival Cruise Lines Founder Dies
Ted Arison, founder of Carnival Cruise Lines, reportedly died of a heart attack on Oct. 1 in Tel Aviv at the age of 75. Arison, listed in Forbes magazine as one of the world's richest men, made most of his fortune in the United States and had vast business interests in Israel. He assumed management of a passenger shipping company in Miami, Florida, soon after retiring there in 1966, and started Carnival Cruise Lines in 1972 after buying his first liner, Mardi Gras. Miami-based Carnival Corp. is now the world's biggest cruise operator with 45 ships and lines including Cunard and Holland America. It recently reported third quarter 1999 net income of $415.1 million.
Overseas Shipbuilding Releases 3Q Earnings
Overseas Shipbuilding Group Inc. reported third-quarter earnings of $26.6m, or 83 cents a share, down from a year-ago profit of $90.8m, or $2.29 a share. The latest results include a gain of $1.5m, or 5 cents a share, on vessel and securities sales. Last year's performance reflects a similar gain of $15.8m, or 39 cents a share. Revenue rose in the latest three months to $277.2m from $265.9m a year earlier. The mean estimate of analysts polled by Thomson Financial was for a profit of 74 cents a share in the September period. The company said total operating expenses swelled to $243.3m in the September quarter from $176.9m. [Source: Thomson Financial]
Hvide Marine Reports Third Quarter Loss
Hvide Marine Inc. today reported a net loss of $20.1 million or $.129 per diluted share on revenues of $86 million for the quarter ended September 30, 1999. In the period one year earlier, the company had a net income of $3.9 million or $.25 per diluted share on revenues of $100.1 million. Results in the current quarter and year-to-date have been adjusted to reflect the consolidation, as of September 30, 1999 of Lightship Tankers LLC, a 50.7 percent owned subsidiary, which was previously accounted for under the equity method.
Hvide Marine Reports Third Quarter Loss
Hvide Marine Inc. reported a net loss of $20.1 million or $.129 per diluted share on revenues of $86 million for the quarter ended September 30, 1999. In the period one year earlier, the company had a net income of $3.9 million or $.25 per diluted share on revenues of $100.1 million. Results in the current quarter and year-to-date have been adjusted to reflect the consolidation, as of September 30, 1999 of Lightship Tankers LLC, a 50.7 percent owned subsidiary, which was previously accounted for under the equity method. On an operating basis, the company had an operating loss of $6.2 million during the 1999 quarter versus operating income of $19 million in the 1998 quarter.
Teledyne Reports Third Quarter Results
Teledyne today reported third quarter 2013 sales of $571.6 million, compared with sales of $547.4 million for the third quarter of 2012, an increase of 4.4%. Net income attributable to Teledyne was $46.8 million ($1.23 per diluted share) for the third quarter of 2013, compared with $42.7 million ($1.14 per diluted share) for the third quarter of 2012, an increase of 9.6%. “In the third quarter, our commercial industrial businesses collectively performed very well. As an example, our instrumentation segment generated organic revenue growth of 12.7 percent,” said Robert Mehrabian, chairman, president and chief executive officer. “Also in the quarter…
Hercules Offshore Reports Q3 Earnings Rise
Hercules Offshore Inc. a provider of shallow-water drilling and lift boat services to the oil and natural gas exploration and production industry, announced financial results for its third quarter, reporting increased profit from higher revenues. The Houston, Texas-based company reported third net income of $29.7 million or $0.90 per share, compared to $10.1 million or $0.41 per share in the third quarter of 2005. Quarterly revenues grew to $97.2 million from $42.2 million in the corresponding quarter prior year. During the third quarter revenues from Domestic Contract Drilling Services were $46.4 million, compared to revenues of $28.2 million in the third quarter of 2005. International Contract Drilling Services revenues were $7.9 million in the third quarter of 2006.
Newport News Shipbuilding Reports Third Quarter Results
Newport News Shipbuilding reported net earnings of $27 million for the third quarter of 2001. (EBIT) for the quarter were $57 million. Included in the third quarter results were approximately $4 million in merger related charges. Absent these non-operational expenses, the Company's earnings per share (EPS) were $0.93, up 39 percent from $0.67 per diluted share reported in the same period one year ago. Free cash flow for the quarter was $36 million bringing the year-to-date total to $153 million, or $4.87 per share. Revenues in the third quarter increased 17 percent to $578 million from $493 million reported in the prior year's quarter. The company reported favorable revenue comparisons across all business segments in the quarter.
Royal Caribbean Improves Earnings Estimates
Royal Caribbean Cruises Ltd. has provided an update on the current outlook for bookings and yields. During 2002, as booking patterns improved, analysts have raised their earnings estimates, which currently average $0.85 for the third quarter. costs have fallen. a charge of $20 million, or $0.10 per share recorded in connection with a previously disclosed potential litigation settlement. better-than-expected earnings are the results of an improved revenue environment and higher-than-anticipated cost savings. revenue per available passenger cruise day) for the quarter were down about 1.7 percent from the third quarter of 2001. The third quarter's lower costs werethe results of the company's continued focus on cost savings…
Odfjell Results ‘Improving, But Not Yet Sustainable’
Odfjell reported third quarter 2014 chemical tankers EBITDA of $26 million, compared with $24 million in second quarter, as activity in the chemical tanker markets in third quarter was quite similar that of the previous period. Reduced spot trading to Asia from Europe and the U.S. caused downward pressure on freight rates as fewer cargoes where available. Time-charter results were down by 3%. Towards the end of the quarter the CPP market improved, which the company expects will positively affect also the chemical tanker sector.
Costamare Defers Newbuild Vessel Delivery
Athens-based containership owner Costamare Inc. pushes back 11,000-teu newbuildings into 2017 as it reports strong third quarter figures which topped Wall Street expectations. It has agreed to postpone the deliveries of the remaining four newbuilding 11,010 TEU containerships, ordered through the company’s joint venture with York Capital. The four vessels, three of which were scheduled to join the company’s fleet in October 2016, are now expected to be delivered from South Korean shipbuilder Hanjin Heavy Industries in the first quarter of 2017.
Carnival Reports Third Quarter Earnings
for its third quarter ended August 31, 2001, compared to net income of $396.2 million on revenues of $1.23 billion for the same quarter in 2000. same period in 2000. increase in the company's net income from its Costa Cruises subsidiary. results. in Airtours, a European tour operator. Seabourn luxury brands. other.
Baker Hughes Reports Third Quarter Earnings Loss
Baker Hughes Inc., the world's third biggest oilfield services company, reported sharply lower third-quarter operating earnings, but said business had begun to improve as this year's recovery in oil and gas prices led to a gradual increase in drilling activity. The Houston-based company said pre-tax operating profit, excluding unusual one-time items, fell to $14.2 million from $100.9 million in the third quarter of 1998. Revenues fell to $1.21 billion from $1.58 billion. Earnings per share beat Wall Street analysts' expectations by a penny, according to First Call/Thomson Financial. Net income, including one-time items, rose to $13.1 million from a loss of $534.5 million in the third quarter of 1998, when Baker Hughes took a charge of $751 million to cover merger and restructuring costs.
International Shipholding Corporation Reports Third Quarter Results
International Shipholding Corporation reported results for the quarter ended September 30, 2001. Net loss for the third quarter was $165,000 as compared to net income of $418,000 for the third quarter of 2000. For the nine months of 2001, International Shipholding Corporation reported a net loss of $62.9 million as compared to net income of 461,000 during the first nine months of 2000. Since the second quarter announcement, International Shipholding Corporation’s intent to dispose of certain of its assets, their Cape-size Bulk Carrier was sold during the third quarter. The process of disposing of the LASH Assets and the special purpose barges is continuing.
HII Q3 2012 Reports Significant 2015 Milestones Reached
Huntington Ingalls Industries reports third quarter 2012 revenues of $1.60 billion, up 0.2 percent from the same period last year. Segment operating income in the quarter was $89 million, with a segment operating margin of 5.6 percent, compared to a loss of $187 million in the same period last year. Total operating income for the quarter was $66 million, compared to a loss of $190 million in the same period of 2011. The increase was primarily attributable to the absence in 2012 of the goodwill impairment charge recorded in 2011. Total operating margin was 4.1 percent for the quarter. Cash provided by operating activities in the third quarter was $137 million, down $95 million from the same period last year.
Yara Reports Strong 3Q Results
Yara International ASA delivered strong third-quarter results, with record fertilizer deliveries and continued margin benefit from lower European gas price. "Yara reports a strong third-quarter result with record deliveries, reflecting both organic growth and the Bunge acquisition in Brazil," said Torgeir Kvidal, Acting Chief Executive Officer of Yara. "Our European production plants performed well, with both higher production and improved margins as natural gas cost has declined," said Torgeir Kvidal.