MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) today announced that its Board of Directors has declared a cash dividend on the Company’s common stock in the amount of $0.045 per share, representing a 50% increase from the prior quarterly dividend. The dividend is payable on October 29, 2021, to stockholders of record as of the close of business on September 30, 2021.

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about Northern Oil and Gas, Inc. can be found at www.northernoil.com.

Mike Kelly, CFA
Chief Strategy Officer
952-476-9800
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• Revenue
  • $4.7 billion, up 5.0% versus prior year and 6.2% on an organic¹ basis
• Margins and earnings
  • Net income margin of 8.8%; adjusted earnings before interest and taxes (EBIT) margin³ of 18.6%
  • GAAP earnings per share from continuing operations (EPS) of $2.01, up 55%
  • Non-GAAP EPS³ of $3.26, up 15%

• Cash flow and capital deployment
  • Operating cash flow of $720 million; adjusted free cash flow (FCF)³ of $685 million
  • Returned $1,057 million to shareholders through $850 million in share repurchases and $207 million in dividends
• Raised 2021 adjusted EBIT margin guidance to ~18.5% and non-GAAP EPS guidance to $12.80 - $13.00
• Signed definitive agreement to sell Electron Devices business for $185 million

MELBOURNE, Fla.--(BUSINESS WIRE)--L3Harris Technologies, Inc. (NYSE: LHX) reported second quarter 2021 revenue of $4.7 billion, up 5.0% versus prior year, and up 6.2% on an organic¹ basis. GAAP net income was $413 million, up 49% versus prior year. Adjusted EBIT³ was $869 million, up 7.3% versus prior year, and adjusted EBIT margin³ expanded 40 basis points (bps) to 18.6%. GAAP EPS was $2.01, up 55%, and non-GAAP EPS³ was $3.26, up 15% versus prior year.

“We are now at the 2-year mark for L3Harris and our second quarter results demonstrate the merger's value creation and operating momentum. Our accomplishments to-date and a continued focus on execution give us confidence to raise guidance for the year,” said Christopher E. Kubasik, Vice Chair and Chief Executive Officer. "As we look forward, a commitment to our strategic priorities along with our differentiated capabilities position us for further value creation over the long term."

Summary Financial Results

Second quarter revenue increased 5.0% versus prior year and 6.2% on an organic basis, with solid growth across key end-markets as well as growth in all four segments. At the segment level, organic revenue was driven by Integrated Mission Systems and Aviation Systems, up 12% and 4.7%, respectively, and 3.2% growth in both Communication Systems and Space and Airborne Systems. Funded book-to-bill² was 1.00 for the quarter and 1.05 for the first half.

Second quarter net income margin expanded 250 bps and adjusted EBIT margin expanded 40 bps to 18.6% versus prior year. GAAP EPS increased 55% versus prior year driven by higher volume, operational excellence, integration benefits and a lower share count, along with net divestiture-related gains and lower acquisition-related amortization, partially offset by an increase in asset impairment charges and higher internal investments. Non-GAAP EPS increased 15% versus prior year driven by higher volume, operational excellence, integration benefits and a lower share count, more than offsetting the impact from higher internal investments.

Segment Results

Integrated Mission Systems

Second quarter revenue increased 12% from strong growth in ISR, driven by aircraft missionization on a recently awarded NATO program, and in Maritime from a ramp on key platforms, partially offset by a decline in Electro Optical due to product delivery timing. Second quarter operating income increased 2.2% to $229 million, and operating margin contracted 150 bps to 15.3% versus prior year as cost management, operational excellence and integration benefits were more than offset by mix impacts, including a ramp on growth programs.

Segment funded book-to-bill was 0.81 and 1.06 for the quarter and first half, respectively.

ISR award activity continued with over $350 million in orders for advanced capabilities across incumbent platforms, including the Rivet Joint reconnaissance, National Command Authority and classified aircraft, further strengthening the company's position as a partner of choice with the U.S. Air Force.

In Maritime, the company received several key awards that strengthen its position as a leading provider of global maritime solutions, including:

• More than $100 million in awards for sensors and shipboard systems on the U.S. Navy's Virginia and Columbia-class submarines, increasing inception-to-date awards on the platforms to more than $700 million
• $60 million award to provide engineering support for the Medium Unmanned Surface Vehicle, a key platform in the U.S. Navy's distributed maritime operations strategy and with significant follow-on opportunity
• More than $50 million contract to provide imaging systems on a submarine from a customer in Europe

Within Electro Optical, WESCAM sensor demand remained strong and included a sole-source IDIQ contract for up to $96 million in support of the U.S. Special Operations Command's Improved Rotary-wing Electro-optical/Infra-red Sensor program. The company also reinforced its international position with over $75 million in orders for airborne sensor systems from customers primarily in the European and Asia Pacific regions.

Space and Airborne Systems

Second quarter revenue increased 3.0% versus prior year and 3.2% on an organic basis, primarily due to a ramp on missile defense and other responsive programs in Space, as well as classified growth in Intel & Cyber. Growth from these drivers was reduced by the transition towards Technology Refresh 3 (TR3) production on the F-35 platform in Mission Avionics and lower F-16 volume in Electronic Warfare. Second quarter operating income increased 7.7% to $253 million, and operating margin expanded 90 bps to 19.7% versus prior year from operational excellence, including program performance, increased pension income and integration benefits, net of higher R&D investments.

Segment funded book-to-bill was 1.02 and 1.09 for the quarter and first half, respectively.

In Space, the company received several key awards across its ground, responsive and exquisite franchises, including:

• Multiple classified revenue synergy awards totaling more than $200 million, leading to new franchises with a total potential value of over $500 million
• An award for a telescope system in support of the U.S. Missile Defense Agency's Next Generation Interceptor program, with a potential value exceeding $70 million
• Multi-million-dollar initial award for concept formulation and design of next-generation weather imagers in support of the U.S. National Oceanic and Atmospheric Administration's future Geostationary and Extended Orbits satellite system, with significant follow-on opportunity

Within Mission Avionics and Electronic Warfare, L3Harris recorded more than $300 million in orders on long-term platforms (F-35, F/A-18 and F-16), increasing total orders for the year to approximately $650 million, which included contracts for the initial production lot of the Aircraft Memory System and Panoramic Cockpit Display Electronic Unit under the F-35 TR3 program. The company also received a $58 million contract from a customer in the Asia Pacific region for maritime electronic warfare payloads to counter advanced anti-ship missiles, bringing inception-to-date awards to more than $200 million.

In Intel & Cyber, the company recorded over $250 million in orders primarily for complex mission solutions and specialized communications systems for both domestic and international customers.

Communication Systems

Second quarter revenue increased 1.3% versus prior year and 3.2% on an organic basis driven by international demand in Tactical Communications, as well as strong growth in Global Communications Solutions and Integrated Vision Solutions, primarily from the continued ramp in U.S. DoD modernization. Growth from these drivers was partially offset by lower volume on legacy unmanned platforms in Broadband Communications and residual pandemic-related impacts within Public Safety. Second quarter operating income increased 8.3% to $287 million, and operating margin expanded 170 bps to 25.5% versus prior year from higher volume, operational excellence and integration benefits.

Segment funded book-to-bill was 1.28 and 1.10 for the quarter and first half, respectively.

Tactical Communications received several key orders that strengthen its global leadership, including:

• $3.3 billion, five-year, single award IDIQ from the U.S. DoD to provide radio systems and communications equipment to international countries under the Foreign Military Sales process, with initial task orders totaling more than $80 million
• $76 million in orders to provide a networked communications system and tactical radios for countries in the Middle East
• $60 million for sustainment services and advanced multi-channel Falcon IV® handheld radios for a European country
• $61 million in orders from the U.S. Marine Corps for vehicular C4I and radio systems, handheld full-motion video data link production and manpack upgrades
• $19 million follow-on order for HF radios in support of the U.S. Army's network modernization program

In Public Safety, the company was awarded a $451 million, 15-year contract from the State of Florida to upgrade and continue operating the Statewide Law Enforcement Radio System for first responders.

Within Broadband Communications, L3Harris received a $57 million contract to provide depot and sustainment services for the Modernization of Enterprise Terminals program.

Aviation Systems

Second quarter revenue increased 1.1% versus prior year and 4.7% on an organic basis driven by recovering training and avionics product sales within the commercial aerospace business, a ramp in fuzing and ordnance systems in Defense Aviation and higher FAA volume in Mission Networks. The second quarter increase in GAAP operating income was driven by operational excellence, integration benefits, higher volume and the absence of prior-year COVID-related restructuring impacts, net of higher asset impairment charges. Non-GAAP operating income increased 17% to $117 million, and operating margin expanded 200 bps to 14.5% versus prior year from operational excellence, integration benefits and higher volume.

Segment funded book-to-bill was 0.90 and 0.87 for the quarter and first half, respectively.

Mission Networks recorded more than $150 million in orders on long-term air traffic management contracts, including the FAA Telecommunications Infrastructure and Automatic Dependent Surveillance-Broadcast programs.

Defense Aviation received a $14 million initial production award to provide M-Code GPS receivers for a U.S. DoD weapon platform, with more than $500 million in total awards to-date, and also recorded approximately $50 million in orders for classified and advanced systems.

Cash and Capital Deployment

In the second quarter of fiscal 2021, L3Harris generated $685 million in adjusted free cash flow and returned $1,057 million to shareholders through $850 million in share repurchases and $207 million in dividends.

L3Harris also completed the divestitures of the Military Training and Combat Propulsion Systems businesses, with total gross proceeds in the quarter of $1.45 billion.

In addition, L3Harris signed a definitive agreement to sell its Electron Devices business for $185 million, bringing total gross proceeds from completed and announced divestitures since the merger to approximately $2.7 billion. The divestiture is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to close in the second half of 2021.

Guidance

L3Harris revised 2021 guidance as follows:

COVID

Attempts to contain and reduce the spread of COVID, such as mandatory closures, “shelter-in-place” orders and travel and quarantine restrictions, have caused significant disruptions and adverse effects on the U.S. and global economies, such as impacts to supply chains, customer demand, international trade and capital markets. L3Harris' response has involved increasing its focus on keeping its employees safe while striving to maintain continuity of operations, meet customer commitments and support suppliers. For example, the company instituted numerous types of precautions, protocols and other arrangements designed to protect employees from COVID infections and to comply with applicable regulations and has also maintained an active dialog, and in some cases developed plans, with key suppliers in an effort to mitigate supply chain risks or otherwise minimize the impacts from those risks. The U.S. Government response to COVID has included identifying the Defense Industrial Base as a Critical Infrastructure Sector and enhancing cash flow and liquidity for the Defense Industrial Base, such as by increasing progress payments and accelerating contract awards, which enabled the company to keep its U.S. production facilities largely operational in support of national security commitments to U.S. Government customers (as part of the Defense Industrial Base) and to accelerate payments to small business suppliers, which it expects to continue while the U.S. Government’s responsive actions remain in effect.

Although the company believes that a large percentage of its revenue, earnings and cash flow that is derived from sales to the U.S. Government, whether directly or through prime contractors, will be relatively predictable, in part due to the U.S. Government’s responsive actions described above, the company's commercial and international businesses are at a higher risk of adverse COVID-related impacts, and the company cannot eliminate all potential impacts to its business from supply chain risks, such as longer lead times and shortages of electronics and other components. For example, the severe decline in global air traffic from travel restrictions and the resulting downturn in the commercial aviation market and its impact on customer operations has significantly reduced demand for flight training, flight simulators and commercial avionics products in the company's Aviation Systems segment.

The company’s 2021 guidance reflects the company’s current expectations and assumptions regarding COVID-related impacts, including on the U.S. and global economies. These assumptions continue to include a measured assessment of the downturn in the commercial aerospace business and in demand for public safety solutions, as well as additional potential risks from facility shutdowns, supply chain disruptions and international activity weakness. The company’s current expectations and assumptions could change, which could negatively affect the company’s outlook. The extent of these disruptions and impacts, including on the company's ability to perform under U.S. Government and other contracts within agreed timeframes and ultimately on its results of operations and cash flows, will depend on future developments, including further COVID-related impacts and associated containment and mitigation actions taken by governmental authorities and consequences thereof, and global air traffic demand and governmental subsidies to airlines, and potential impacts to the company’s business from supply chain risks, all of which are uncertain and unpredictable, could exacerbate other risks described in the company’s filings with the SEC and could materially adversely impact the company’s financial condition, results of operations and cash flows.

Conference Call and Webcast

L3Harris will host a conference call today, August 3, 2021, at 8:30 a.m. Eastern Time (ET) to discuss second quarter 2021 financial results. The dial-in numbers for the teleconference are (U.S.) 877-407-6184 and (International) 201-389-0877, and participants will be directed to an operator. Please allow at least 10 minutes before the scheduled start time to connect to the teleconference. Participants are encouraged to listen via webcast, and view management’s supporting slide presentation, which will be broadcast live at L3Harris.com. A recording of the call will be available on the L3Harris website, beginning at approximately 12 p.m. ET on August 3, 2021.

About L3Harris Technologies

L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across air, land, sea, space and cyber domains. L3Harris has approximately $18 billion in annual revenue and 47,000 employees, with customers in more than 100 countries. L3Harris.com.

Non-GAAP Measures

This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission (“SEC”), including earnings per diluted share from continuing operations (“EPS”), adjusted earnings before interest and taxes (“EBIT”), adjusted EBIT margin and adjusted free cash flow for the second quarters and first halves of 2021 and 2020; organic revenue growth for the company, and for its Space and Airborne Systems, Communication Systems and Aviation Systems segments for the second quarter and first half of 2021; and segment operating income and margin for the Aviation Systems segment for the second quarters and first halves of 2021 and 2020; in each case, adjusted for certain costs, charges, expenses, losses or other amounts as set forth in the reconciliations of non-GAAP financial measures included in the financial statement tables accompanying this press release. A “non-GAAP financial measure” is generally defined as a numerical measure of a company’s historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles (“GAAP”). L3Harris management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. L3Harris management also believes that these non-GAAP financial measures enhance the ability of investors to analyze L3Harris business trends and to understand L3Harris performance. In addition, L3Harris may utilize non-GAAP financial measures as guides in forecasting, budgeting and long-term planning processes and to measure operating performance for some management compensation purposes. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures presented in accordance with GAAP. This press release also contains forward-looking non-GAAP financial measures, including expected EPS, adjusted EBIT margin, adjusted free cash flow and organic revenue growth for full-year 2021, but a reconciliation of forward-looking non-GAAP financial measures to comparable GAAP measures is not available without unreasonable effort because of inherent difficulty in forecasting and quantifying the comparable GAAP measures and the applicable adjustments and other amounts that would be necessary for such a reconciliation, including due to potentially high variability, complexity and low visibility as to the applicable adjustments and other amounts, which may, or could, have a disproportionately positive or negative impact on the company's future GAAP results, such as business divestiture-related gains and losses, and other unusual gains and losses, or their probable significance and extent of tax deductibility. The variability of the applicable adjustments and other amounts is unpredictable, and it is possible for them to significantly adversely impact the company’s future GAAP results.

Attachments: Financial statements (9 tables)

Forward-Looking Statements

Statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this press release include but are not limited to: revenue, earnings per share, adjusted free cash flow, adjusted EBIT margin and share repurchase guidance for 2021; statements regarding value creation over the long term; statements regarding anticipated timing of closing of divestitures; statements regarding expected, potential or contingent impacts or actual, potential or contingent plans or expectations related to COVID; program, contract and order opportunities and awards and the value or potential value and timing thereof; and other statements regarding outlook or that are not historical facts.

Investor Relations Contact:
Rajeev Lalwani, 321-727-9383
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Media Relations Contact:
Jim Burke, 321-727-9131
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AKRON, Ohio--(BUSINESS WIRE)--$BW--Babcock & Wilcox Enterprises, Inc. (NYSE:BW) (B&W or the “Company”) expects to host a conference call and webcast on Thursday, August 12, 2021 at 5 p.m. ET.

B&W Chairman and Chief Executive Officer, Kenneth Young, and B&W Chief Financial Officer, Louis Salamone, will discuss the Company’s second quarter 2021 results. A news release detailing the results is expected to be issued after the market closes on Thursday, August 12, 2021.

The listen-only audio of the conference call will be broadcast live via the Internet on B&W’s Investor Relations site. The dial-in number for participants in the U.S. is (833) 227-5843; the dial-in number for participants outside the U.S. is (647) 689-4070. The conference ID for all participants is 8265265. A replay of this conference call will remain accessible in the investor relations section of the Company's website for a limited time.

About Babcock & Wilcox

Headquartered in Akron, Ohio, B&W is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow B&W on LinkedIn and learn more at www.babcock.com.

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

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

• Record quarterly net income of $25.1 million, an increase of 68% compared to second quarter 2020
• Declared quarterly distribution of $0.4714 per unit; 28th consecutive quarterly distribution

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported record net income attributable to the Partnership in the second quarter of 2021 of $25.1 million, or $0.71 per limited partner unit, an increase of $10.2 million compared to second quarter 2020 net income attributable to the Partnership of $14.9 million. The increase in net income was a result of higher production, higher earnings on third-party sales as well as a buyer deficiency fee. The buyer deficiency fee of $8.7 million is a result of lower planned production in 2021 attributable to the impacts of the winter storm which occurred in the first quarter and an outage at Westlake Chemical OpCo LP ("OpCo") Petro 1 facility, which occurred on June 25, 2021. Cash flows from operating activities in the second quarter of 2021 were $131.7 million, an increase of $18.9 million compared to second quarter 2020 cash flows from operating activities of $112.8 million. For the three months ended June 30, 2021, MLP distributable cash flow of $25.5 million increased by $8.6 million from second quarter 2020 MLP distributable cash flow of $16.9 million. The increase in MLP distributable cash flow was primarily attributable to the higher production and resulting higher earnings at OpCo, partially offset by increased maintenance costs and turnaround reserves.

Record second quarter 2021 net income attributable to the Partnership of $25.1 million increased by $10.0 million compared to first quarter 2021 net income attributable to the Partnership of $15.1 million. This increase was primarily attributable to higher production at OpCo and increased earnings on third party sales. Second quarter 2021 cash flows from operating activities of $131.7 million decreased by $23.7 million compared to first quarter 2021 cash flows from operating activities of $155.4 million. This decrease in cash flows from operating activities was primarily due to the receipt of a receivable from Westlake Chemical Corporation ("Westlake Chemical") in the first quarter, partially offset by higher earnings during the quarter. Second quarter 2021 MLP distributable cash flow of $25.5 million increased by $9.3 million compared to first quarter 2021 MLP distributable cash flow of $16.2 million. This increase was primarily attributable to the higher production and earnings at OpCo.

Net income attributable to the Partnership of $40.2 million, or $1.14 per limited partner unit, for the six months ended June 30, 2021 increased by $7.6 million compared to the first six months of 2020 net income attributable to the Partnership of $32.6 million. The increase in net income attributable to the Partnership as compared to the prior-year period was due to higher earnings on ethylene sold to Westlake Chemical under the Ethylene Sales Agreement and third parties and a buyer deficiency of $18.4 million related to the winter storm that occurred in the first quarter of 2021, partially offset by lower ethylene production. Cash flows from operating activities in the first six months of 2021 were $287.1 million, an increase of $63.4 million compared to the first six months of 2020 cash flows from operating activities of $223.7 million. This increase was primarily due to the receipt of a prior year receivable from Westlake and higher earnings during the period. For the six months ended June 30, 2021, MLP distributable cash flow of $41.8 million increased by $6.6 million compared to the first six months of 2020 MLP distributable cash flow of $35.2 million. The increase in MLP distributable cash flow as compared to the prior-year period was primarily attributable to the Partnership's higher earnings at OpCo, partially offset by increased maintenance costs and turnaround reserves.

"The Partnership had a record second quarter driven by the strong consumer markets for PVC construction materials and polyethylene packaging, which drove the resulting demand for ethylene. The strong demand for ethylene and the resulting robust pricing environment drove higher margins in our second quarter 2021 third-party ethylene sales," said Albert Chao, President and Chief Executive Officer.

OpCo's Ethylene Sales Agreement with Westlake Chemical is designed to provide for stable and predictable cash flows. The agreement provides that 95% of OpCo's ethylene production is sold to Westlake Chemical for a cash margin of $0.10 per pound, net of operating costs, maintenance capital expenditures and reserves for future turnaround expenditures.

On August 2, 2021, the Partnership announced that the Board of Directors of Westlake Chemical Partners GP LLC had approved a quarterly distribution for the second quarter of 2021 of $0.4714 per unit to be payable on August 26, 2021 to unitholders of record as of August 12, 2021, representing the 28^th consecutive quarterly distribution to our unitholders. MLP distributable cash flow provided trailing twelve-month coverage of 1.18x the declared distributions for the second quarter of 2021.

The statements in this release and the related teleconference relating to matters that are not historical facts, such as those with respect to cost recovery of expenses incurred in the second quarter of 2021, are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to, the COVID-19 pandemic and the response thereto; operating difficulties; the volume of ethylene that we are able to sell; the price at which we are able to sell ethylene; changes in the price and availability of feedstocks; changes in prevailing economic conditions; actions and commitments of Westlake Chemical Corporation; actions of third parties; inclement or hazardous weather conditions, including flooding, and the physical impacts of climate change; environmental hazards; changes in laws and regulations (or the interpretation thereof); inability to acquire or maintain necessary permits; inability to obtain necessary production equipment or replacement parts; technical difficulties or failures; labor disputes; difficulty collecting receivables; inability of our customers to take delivery; fires, explosions or other industrial accidents; our ability to borrow funds and access capital markets; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to the Partnership's Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC in March 2021.

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.

Use of Non-GAAP Financial Measures

This release makes reference to certain "non-GAAP" financial measures, such as MLP distributable cash flow and EBITDA. For this purpose, a non-GAAP financial measure is generally defined by the Securities and Exchange Commission ("SEC") as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. We report our financial results in accordance with U.S. GAAP, but believe that certain non-GAAP financial measures, such as MLP distributable cash flow and EBITDA, provide useful supplemental information to investors regarding the underlying business trends and performance of our ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with U.S. GAAP. We define MLP distributable cash flow as distributable cash flow less distributable cash flow attributable to Westlake's noncontrolling interest in OpCo and distributions attributable to the incentive distribution rights holder. MLP distributable cash flow does not reflect changes in working capital balances. We define EBITDA as net income before interest expense, income taxes, depreciation and amortization. MLP distributable cash flow and EBITDA are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess our operating performance as compared to other publicly traded partnerships, our ability to incur and service debt and fund capital expenditures and the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities. Reconciliations of MLP distributable cash flow to net income and to net cash provided by operating activities and of EBITDA to net income, income from operations and net cash provided by operating activities can be found in the financial schedules at the end of this press release.

Westlake Chemical Partners LP

Westlake Chemical Partners is a limited partnership formed by Westlake Chemical Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.

Westlake Chemical Partners LP Conference Call Information:

A conference call to discuss Westlake Chemical Partners' second quarter 2021 results will be held Tuesday, August 3, 2021 at 1:00 PM Eastern Time (12:00 PM Central Time). To access the conference call, dial (855) 765-5686 or (234) 386-2848 for international callers, approximately 10 minutes prior to the scheduled start time and reference passcode 321 65 79.

A replay of the conference call will be available beginning two hours after its conclusion until 11:59 p.m. Eastern Time on Tuesday, August 10, 2021. To hear a replay, dial (855) 859-2056 or (404) 537-3406 for international callers. The replay passcode is 321 65 79.

The conference call will also be available via webcast at: https://edge.media-server.com/mmc/p/go9q47ya and the earnings release can be obtained via the Partnership web page at: https://investors.wlkpartners.com/corporate-profile/default.aspx.

(713) 585-2900
Investors—Steve Bender
Media—L. Benjamin Ederington

EVANSVILLE, Ind.--(BUSINESS WIRE)--Today, Berry Global Group, Inc. (NYSE: BERY) announced its new commercial-scale clean room for blown film, supporting its growing healthcare business in rigorous healthcare and pharmaceutical applications.

The ISO 7 class clean room can produce nine-layer blown films. The new installation fully encloses commercial-scale production of Berry’s proprietary nine-layer blown film from extrusion to packaging, a first in the United States. The addition further enhances Berry’s ability to supply more sensitive applications such as sterile intravenous solution bags, pharmaceutical packaging, medical equipment manufacturing, and microchip packaging.

Significant Customer Benefits

Installed in Berry’s existing Dalton, Georgia, facility, the clean room provides a controlled environment, complete with FDA-approved lubricants and contact surfaces, and a 100 percent inspection system for real-time defect detection for quality assurance. Berry’s new clean room installation reduces foreign particulates by up to 99.9 percent compared to a conventional production environment. Customers will benefit from Berry’s globally recognized expertise in material science, combining multiple layers for optimal product performance and reliability for the most delicate applications. In addition, the newly installed blown film line can be monitored remotely, upholding the integrity of the clean room.

“The addition of the United States’ first commercial-scale, fully enclosed clean room manufacturing provides customers with optimal product safety for the specific needs of healthcare and pharmaceutical applications,” said Curt Begle, President of Berry’s Health, Hygiene, and Specialties Division. “This enhanced capability, paired with our unmatched supply reliability, means customers can benefit from a dependable supply of films for the most sensitive of applications, allowing customers to avoid recalls and potential waste due to package contaminants.”

New, High-Performing Films

In combination with the clean room introduction, Berry adds Optym™ PURE to its portfolio of high-performing films for medical device packaging. As an extension of the Company’s existing Optym™, Optym PURE offers ultra-clean packaging films produced in a clean room environment. Unique among its peers, Berry is the only manufacturer to provide this nine-layer blown film from a clean room environment. With Optym PURE, customers will benefit from Berry’s proprietary nine-layer forming web, which balances high-value and cost-effective materials for maintained performance at a competitive price.

With sustainability in mind, Optym PURE is downgauged in comparison to existing structures by 25 percent. The new film pairs with Berry’s advanced sealant technology for a wider seal window. As a longtime expert in healthcare and hygiene film manufacturing, Berry continues to expand its portfolio to provide customers with world-class capabilities in their respective local markets.

About Berry

At Berry Global Group, Inc. (NYSE:BERY), we create innovative packaging and engineered products that we believe make life better for people and the planet. We do this every day by leveraging our unmatched global capabilities, sustainability leadership, and deep innovation expertise to serve customers of all sizes around the world. Harnessing the strength in our diversity and industry leading talent of 47,000 global employees across more than 285 locations we partner with customers to develop, design, and manufacture innovative products with an eye toward the circular economy. The challenges we solve and the innovations we pioneer benefit our customers at every stage of their journey. For more information, visit our website, or connect with us on LinkedIn or Twitter.

Amy Waterman
+1 812 306 2435
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MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Bidgely will be demonstrating the power of data analytics, artificial intelligence (AI) and personalization for utilities again this year at the industry’s premier educational and customer service event CS Week 2021. Through informative sessions alongside customers like NV Energy and Southern California Gas (SoCalGas®), audiences will learn how to craft personalized, digital customer journeys; engage low-medium income (LMI) populations; and empower CSR teams through AI techniques that are proven to elevate customer satisfaction and engagement.

“Despite the many challenges facing the industry, progressive utilities are leaning into their digital transformation journeys. As a recognized leader in worldwide digital customer engagement, we are bringing the top stories from turning customer service into customer value to CS Week this year alongside our customers and partners - in-person and virtually,” said Gautam Aggarwal, Chief Business Officer at Bidgely.

NV Energy & Bidgely at CS Week 2021, August 16-19 in Tampa, Fla.

Bidgely CEO Abhay Gupta will join Adam Grant, manager of demand side management program delivery at NV Energy, for the CS Week presentation AI in Utilities: A Customer-Centric Approach to Energy Management. The presentation will outline how NV Energy successfully implemented a wide-range of AI-informed solutions to better connect with customers, deliver programs more successfully and realize gains across operations areas, including personalized customer care co-browsing. At the event, visit Bidgely in Meeting Room #446 or Bidgely can also be found in the Salesforce theater. To book a meeting with the team at CS Week, visit go.bidgely.com/csweek2021.

SoCalGas & Bidgely at CS Week Virtual Touch, September 13-17

As part of CS Week Virtual Touch, Dr. Maria Liza Legaspi, energy management supervisor at SoCalGas, and Bidgely Strategy and Growth Manager Pauline Marcou will broadcast their discussion Achieving Behavioral EE with Medium Consumption Customers. The session will look at how SoCalGas used artificial intelligence and a digital-first platform to expand its behavioral energy efficiency approach to medium consumption customers. By delivering more inclusive and intelligent communications, SoCalGas provided greater numbers of more diverse customers with a superior level of service, insight and personalized support - resulting in over 360,000 therms saved as well as a 50 percent open rate and 81 percent “Like” rating on digital communications.

Bidgely Engage Virtual 2021: FutureReady

In Bidgely’s commitment to furthering industry dialogue around how utilities can leverage customer-centric AI to better achieve their goals, Bidgely is once again hosting its premier energy AI event Engage Virtual. This year’s conference focuses on how leading utilities are taking an analytics-driven approach to balancing immediate business outcomes (CX, DSM, etc.) alongside larger goals, such as net-zero targets, customer relationships and modernization. Join us virtually on October 5-8, 2021 for three short days of high impact sessions, followed by a day of hands-on demos illustrating AI in action. Hear from utility executives and industry leaders from Duke Energy, Portland General Electric, Pepco, APS, ConEdison, PSEG-LI, SECC, Guidehouse Insights and more.

Register at: bidgely.com/engage.

About Bidgely

Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, whether it is smart thermostats to EV chargers, solar PVs to TOU rate designs and tariffs; UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $50M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.

Christine Bennett
Bidgely
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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ GS: PRIM) (“Primoris” or “Company”) today announced financial results for its second quarter ended June 30, 2021 and updated the Company’s outlook.

For the second quarter 2021, Primoris reported the following highlights:

• Revenue of $881.6 million
  • Utility Segment revenue up 25 percent
  • Energy/Renewables Segment revenue up 20 percent
• Net income attributable to Primoris of $36.3 million
• Fully diluted earnings per share of $0.67
• Backlog of $2.9 billion as of June 30, 2021

2021 Year-to-date highlights:

• Record revenue of $1.7 billion
• Record Master Service Agreements (“MSA”) Backlog of $1.5 billion; 52 percent of total backlog
• Fully diluted earnings per share of $0.81

“Our outstanding revenue performance in the utility and energy/renewables markets demonstrates that our investment in these areas over the past several years is already paying off,” said Tom McCormick, President and Chief Executive Officer of Primoris. “Our record year-to-date revenue of $1.7 billion is up more than $48 million compared to where we were last year, despite the winter storm that hit Texas in the first quarter and historically wet weather conditions in the second quarter that pushed some of our revenue further out in the year. Our strategic focus on master service agreements is also showing results; 52 percent of our current backlog is MSA based work, a record level.”

Summarizing the segment results for the quarter, McCormick noted: “Our strong project execution continued to reap benefits throughout the second quarter. Our Utility Segment led the revenue growth with a 25 percent increase compared to the same period in 2020, primarily due to the Future Infrastructure acquisition and increased activity with a significant customer in California. Solar projects continued to drive our Energy/Renewables Segment revenue during the quarter. This segment increased revenue by 20 percent and gross profit by 84 percent compared to the same period of 2020. As expected, our Pipeline Services Segment revenue declined, although our gross profit increased 15 percent and our gross profit, as a percentage of revenue, increased to 26 percent.”

2021 Second Quarter Results

Revenue was $881.6 million for the three months ended June 30, 2021, a decrease of $26.6 million, or 3 percent, compared to the same period in 2020. The decrease was primarily due to lower revenue in the Pipeline segment, partially offset by growth in the Energy/Renewables and Utilities segments, including $72.7 million from the acquisition of Future Infrastructure Holdings, LLC (“FIH”). Gross profit was $113.0 million for the three months ended June 30, 2021, an increase of $12.1 million, or 12 percent, compared to the same period in 2020. The increase was primarily due to the acquisition of FIH ($10.7 million) and an increase in margins from legacy operations, partially offset by a decrease in revenue from the Company’s legacy operations. Gross profit as a percentage of revenue increased to 13 percent for the three months ended June 30, 2021, compared to 11 percent for the same period in 2020.

Beginning with the first quarter of 2021, the Company consolidated and reorganized its operating segments. The three segments are: Utilities, Energy/Renewables and Pipeline Services. Revenue and gross profit for the segments for the three and six months ended June 30, 2021 and 2020 were as follows:

Utilities Segment (“Utilities”): Revenue increased by $85.3 million, or 25 percent, for the three months ended June 30, 2021, compared to the same period in 2020, primarily due to the FIH acquisition ($72.7 million) and increased activity with a significant utility customer in California. These amounts were partially offset by decreased activity with a utility customer in the Midwest as well as the impact of customer material delays. Gross profit for the three months ended June 30, 2021 decreased by $7.0 million, or 13 percent, compared to the same period in 2020, primarily due to lower margins from the Company’s legacy operations, partially offset by the incremental impact of the FIH acquisition ($10.7 million). Gross profit as a percentage of revenue decreased to 12 percent during the three months ended June 30, 2021, compared to 16 percent in the same period in 2020, primarily due to unfavorable weather conditions and customer material delays experienced in 2021, as well as strong performance and favorable margins realized on projects in the Southeast in 2020.

Energy and Renewables Segment (“Energy/Renewables”): Revenue increased by $56.5 million, or 20 percent, for the three months ended June 30, 2021, compared to the same period in 2020, primarily due to increased renewable energy activity ($69.8 million), partially offset by the substantial completion of an industrial project in Texas in the first half of 2020. Gross profit for the three months ended June 30, 2021, increased by $15.1 million, or 84 percent, compared to the same period in 2020, primarily due to higher revenue and margins. Gross profit as a percentage of revenue increased to 10 percent during the three months ended June 30, 2021, compared to 7 percent in the same period in 2020, primarily due to higher costs associated with a liquified natural gas plant project in the northeast in 2020.

Pipeline Services (“Pipeline”): Revenue decreased by $168.4 million, or 58 percent, for the three months ended June 30, 2021, compared to the same period in 2020. The decrease is primarily due to the substantial completion of pipeline projects in 2020 ($188.6 million), partially offset by progress on a pipeline project in Texas that began in the second half of 2020. Gross profit for the three months ended June 30, 2021 increased by $3.9 million, or 15 percent, compared to the same period in 2020, primarily due to higher margins, partially offset by lower revenue. Gross profit as a percentage of revenue increased to 26 percent during the three months ended June 30, 2021, compared to 9 percent in the same period in 2020, primarily due to the favorable impact from the closeout of multiple pipeline projects in 2021.

Other Income Statement Information

Selling, general and administrative (“SG&A”) expenses were $57.7 million during the three months ended June 30, 2021, an increase of $6.3 million, or 12 percent compared to 2020, primarily due to $7.6 million of incremental expense from the FIH acquisition during the period. SG&A expense as a percentage of revenue increased to 6.6 percent compared to 5.7 percent for the corresponding period in 2020, primarily due to increased expense as the Company integrates FIH into its operations.

Transaction and related costs were $0.5 million for the three months ended June 30, 2021, consisting primarily of professional fees paid to advisors associated with the FIH integration. No transaction and related costs were incurred for the three months ended June 30, 2020.

Interest expense for the three months ended June 30, 2021, increased compared to the same period in 2020 primarily due to higher average debt balances from the borrowings incurred related to the FIH acquisition, partially offset by a favorable impact from the change in the fair value of the interest rate swap. During the three months ended June 30, 2021, the Company had a $1.0 million unrealized gain on the change in the fair value of the Company’s interest rate swap agreement, compared to a $0.1 million unrealized gain in 2020.

The Company recorded income tax expense for the three months ended June 30, 2021 of $13.6 million compared to expense of $13.5 million for the three months ended June 30, 2020. The effective tax rate on income attributable to Primoris (excluding noncontrolling interests) was 27.3 percent for the three months ended June 30, 2021. The effective tax rate on income attributable to Primoris (excluding noncontrolling interest) is expected to be 27.5 percent for 2021. The 2021 rate differs from the U.S. federal statutory rate of 21.0 percent primarily due to state income taxes and nondeductible components of per diem expenses.

Outlook

Balancing the ongoing uncertainty surrounding the COVID-19 pandemic with the expected growth in operations, Primoris estimates that for the year ending December 31, 2021, net income attributable to Primoris will be between $2.30 and $2.50 per fully diluted share. The per share range takes into count the dilution from the additional shares issued under the Company’s secondary offering during the first quarter of 2021. The Company is targeting SG&A expense as a percentage of revenue in the low-to-mid six percent range for full year 2021. Primoris expects its SG&A range will decrease in 2022 upon completion of its integration of FIH. The Company estimates capital expenditures for the remainder of 2021 in the range of $20 to $40 million. The Company’s targeted gross margins by segment are as follows: Utilities in the range of 12 to 14 percent; Energy/Renewables in the range of 9 to 12 percent; and Pipeline Services in the range of 9 to 13 percent.

The guidance provided above constitutes forward-looking statements, which are based on current economic conditions and estimates, and the Company does not include other potential impacts, such as changes in accounting or unusual items. Supplemental information relating to the Company’s financial outlook is posted in the Investor Relations section of the Company’s website at www.primoriscorp.com.

Backlog

At June 30, 2021, Fixed Backlog was $1.4 billion and MSA Backlog was $1.5 billion. Total Backlog at the end of the second quarter 2021 was $2.9 billion. MSA Backlog represents estimated MSA revenue for the next four quarters. The Company expects that during the next four quarters, the Company will recognize as revenue approximately 86 percent of the total backlog at June 30, 2021, comprised of backlog of approximately: 100 percent of Utilities; 73 percent of Energy/Renewables; and 73 percent of Pipeline.

Backlog, including estimated MSA revenue, should not be considered a comprehensive indicator of future revenue. Revenues from certain projects, such as cost reimbursable and time-and-materials projects, do not flow through backlog. At any time, any project may be cancelled at the convenience of customers.

Liquidity and Capital Resources

At June 30, 2021, the Company had $178.0 million of unrestricted cash and cash equivalents. The Company had no outstanding borrowings under the revolving credit facility, commercial letters of credit outstanding were $48.9 million and the available borrowing capacity was $151.1 million.

Dividend

The Company also announced that on August 3, 2021, its Board of Directors declared a $0.06 per share cash dividend to stockholders of record on September 30, 2021, payable on October 15, 2021.

RESPONSE TO THE COVID-19 PANDEMIC

The Company continues to take steps to protect its employees’ health and safety during the COVID-19 pandemic. Primoris has a written corporate COVID-19 Plan in place, as well as Business Continuity Plans (by business unit and segment), based on guidelines from the U.S. Centers for Disease Control and Prevention, the Occupational Safety and Health Administration, and their Canadian counterparts.

Conference Call and Webcast

As previously announced, management will host a teleconference call on August 4, 2021, at 11 a.m. U.S. Central Time (12 p.m. U.S. Eastern Time). Tom McCormick, President and Chief Executive Officer, and Ken Dodgen, Executive Vice President and Chief Financial Officer, will discuss the Company’s results and financial outlook.

Investors and analysts are invited to participate in the call by phone at 1-833-476-0954, or internationally at 1-236-714-2611 (access code: 9899723) or via the Internet at www.primoriscorp.com. A replay of the call will be available on the Company’s website or by phone at 1-800-585-8367, or internationally at 1-416-621-4642 (access code: 9899723), for a seven-day period following the call.

Presentation slides to accompany the conference call are available for download in the Investor Relations section of Primoris’ website at www.primoriscorp.com. Once at the Investor Relations section, please click on “Events & Presentations.”

About Primoris

Founded in 1960, Primoris Services Corporation is one of the leading providers of specialty contracting services operating throughout the United States and Canada. Primoris provides a wide range of specialty construction services, fabrication, maintenance, and engineering services to a diversified base of blue-chip customers. For additional information, please visit www.primoriscorp.com.

Forward Looking Statements

This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including with regard to the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning the possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, customer timing, project duration, weather, and general economic conditions; changes in the mix of customers, projects, contracts and business; regional or national and/or general economic conditions and demand for the Company’s services, including changes to renewable portfolio standards and demand for renewable energy projects; price, volatility, and expectations of future prices of oil, natural gas, and natural gas liquids; variations and changes in the margins of projects performed during any particular quarter; increases in the costs to perform services caused by changing conditions; the termination, or expiration of existing agreements or contracts; the budgetary spending patterns of customers; increases in construction costs that the Company may be unable to pass through to customers; cost or schedule overruns on fixed-price contracts; availability of qualified labor for specific projects; changes in bonding requirements and bonding availability for existing and new agreements; the need and availability of letters of credit; costs incurred to support growth, whether organic or through acquisitions; the timing and volume of work under contract; losses experienced in the Company’s operations; the results of the review of prior period accounting on certain projects; developments in governmental investigations and/or inquiries; intense competition in the industries in which the Company operates; failure to obtain favorable results in existing or future litigation or regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure of partners, suppliers or subcontractors to perform their obligations; cyber-security breaches; failure to maintain safe worksites; national and/or global requirements related to climate change and the impact of greenhouse gas emissions; risks or uncertainties associated with events outside of the Company’s control, including severe weather conditions, public health crises and pandemics (such as COVID-19), political crises or other catastrophic events; client delays or defaults in making payments; the availability of credit and restrictions imposed by credit facilities; failure to implement strategic and operational initiatives; risks or uncertainties associated with acquisitions, dispositions and investments; possible information technology interruptions or inability to protect intellectual property; the Company’s failure, or the failure of the Company’s agents or partners, to comply with laws; the Company's ability to secure appropriate insurance; new or changing legal requirements, including those relating to environmental, health and safety matters; the loss of one or a few clients that account for a significant portion of the Company's revenues; asset impairments; and risks arising from the inability to successfully integrate acquired businesses. In addition to information included in this press release, additional information about these and other risks can be found in Part I, Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and the Company’s other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.