Business Wire News

SHANNON, Ireland--(BUSINESS WIRE)--$OLED #IDAIRELAND--Universal Display Corporation (Nasdaq: OLED) and PPG (NYSE: PPG) today announced that OLED Material Manufacturing Ltd. (OM2) and PPG are embarking on a multi-million-euro capital investment that is expected to create up to 100 high-tech jobs at a new Shannon manufacturing site. The facility, which was announced in February 2021, will broaden the global footprint and increase the production of Universal Display Corporation’s (UDC) energy-efficient, high-performing UniversalPHOLED® materials to meet growing organic light emitting diode (OLED) market demand and evolving industry requirements.



The announcement was welcomed by Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD, who said, “This major announcement by OLED Material Manufacturing and PPG is a welcome boost to the Mid-West region. It will make a significant contribution to Shannon and the Irish economy in terms of job creation, investment and innovation. Technology is one of the fastest-growing sectors here in Ireland and globally, and I wish the team continued success.”

Austin McCabe, Director, OLED Material Manufacturing Limited, said, “Our manufacturing expansion in Ireland allows UDC to strengthen its mission, which centers on enabling our customers and fostering the proliferation of energy-efficient OLED display and lighting applications in the consumer landscape. Leveraging UDC Ireland’s presence, the site’s infrastructure and the Mid-West region’s top-level talent, we are excited about the new Shannon facility. Together with our long-term partner, PPG, this multi-million-euro investment will expand the global manufacturing footprint for UDC’s proprietary state-of-the-art phosphorescent emissive materials to meet the substantial growth forecasted for the OLED market.”

Gerry Cahill, PPG Plant Manager, Shannon, said, “This project will bring a broad spectrum of jobs, a large number of which are highly skilled, to the Mid-West region. PPG has been producing high-performance OLED materials for UDC for the past 20 years. The expansion into Ireland with the addition of the Shannon facility shows confidence in not only the UDC-PPG partnership but also in Ireland as a place in which to invest and do business. In this regard, we are thankful for the support of the Irish Government through IDA Ireland.”

Martin Shanahan, CEO, IDA Ireland, said, “This decision by OLED Material Manufacturing and PPG to invest in Shannon demonstrates the companies’ confidence in the availability of a skilled and talented workforce in the Mid-West Region. This announcement is further evidence of IDA Ireland’s continued commitment to winning jobs and investment for regional locations. I wish OLED Material Manufacturing and PPG every success as they progress with their manufacturing site in Shannon.”

PPG is the longstanding partner and exclusive manufacturer of UDC’s UniversalPHOLED emitter materials. OLED Material Manufacturing Limited is a wholly-owned subsidiary of UDC Ireland Ltd., which is a subsidiary of UDC. Facility renovations and regulatory approvals at the Shannon site are expected to be completed in the next 12 months so that operations can commence in 2022.

PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for more than 135 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 75 countries and reported net sales of $13.8 billion in 2020. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.

We protect and beautify the world is a trademark and the PPG Logo is a registered trademark of PPG Industries Ohio, Inc.

Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display, solid-state lighting applications with subsidiaries and offices around the world. Founded in 1994, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.

All statements in this document that are not historical, such as those relating to Universal Display Corporation’s and PPG’s technologies and potential applications of those technologies, both Companies’ expected results and future declaration of dividends, the expected timing and benefits of the Shannon manufacturing site, including the expected number of jobs created, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s and PPG’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s and PPG’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the sections entitled “Risk Factors” in Universal Display Corporation’s and PPG’s Annual Reports on Form 10-K for the year ended December 31, 2020 and subsequent Quarterly Reports on Form 10-Q. Universal Display Corporation and PPG each disclaim any obligation to update any forward-looking statement contained in this document.

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Contacts

OLED Material Manufacturing Ltd Contact:
Darice Liu
Senior Director
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+1 609-964-5123

PPG Contacts:
John Bruno
Vice President, Investor Relations
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+1 412-434-3466

Brande Juart
Specialty Coatings and Materials
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+1 724-325-5203

AM O’Sullivan PR Ltd Contact:
Ann-Marie O’Sullivan
Chief Executive
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+353 (86) 8188163

PASADENA, Calif. & SAN JOSE, Calif.--(BUSINESS WIRE)--Heliogen and Bloom Energy (NYSE: BE) today announced plans to produce green hydrogen using only concentrated solar power and water, further accelerating the world’s progress toward a zero-carbon future.


By combining near 24/7 carbon-free power and steam, generated by Heliogen’s Sunlight Refinery solar power generation system, with Bloom Energy’s highly efficient solid oxide electrolyzer, the companies will produce green hydrogen that can replace fossil-derived fuels in commercial and industrial applications. Bloom Energy’s electrolyzers operating on steam are nearly 30 percent more efficient than low-temperature electrolyzers, such as polymer electrolyte membrane (PEM) and alkaline. The complementary technologies make for economically viable green hydrogen production, on par with hydrogen produced from photovoltaic solar generation.

We developed our AI-powered Sunlight Refinery knowing that green hydrogen is a key element in decarbonizing global transport,” said Bill Gross, founder and chief executive officer, Heliogen. “By coupling our technology with Bloom Energy’s electrolyzers, we can produce this crucially important fuel at an attractive price point. We will further enhance our Sunlight Refinery’s technology with the addition of Bloom Energy’s market-leading technology, and we have found a committed and invaluable partner in our mission to help decarbonize the entire global economy.”

According to the International Energy Agency, the industrial sector is responsible for more than one-third of the world’s energy consumption, while cement production alone is the source of seven percent of global carbon emissions. Industrial companies are particularly well-suited for low-cost, large-scale hydrogen utilization given the substantial energy requirements and notable CO2 emissions.

We are always on the lookout for complementary technology to accelerate the path to zero and negative carbon, and that’s exactly what we plan to do with Heliogen,” said Venkat Venkataraman, executive vice president and chief technology officer, Bloom Energy. “By providing efficient and more cost-effective hydrogen production, we believe we can drive rapid adoption of green hydrogen to accelerate the zero-carbon energy transition in these industries.”

The companies’ first integrated solution is intended to be deployed at Heliogen’s facility in Lancaster, California by the end of 2021.

About Heliogen

Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in all sectors of the economy and empowering a sustainable future. The company’s Sunlight Refinery aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, and hydrogen fuels at scale for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit heliogen.com.

On July 7, 2021, Heliogen announced a definitive business combination agreement with Athena Technology Acquisition Corp. (NYSE: ATHN). Upon the closing of the business combination, Heliogen will become publicly traded on the New York Stock Exchange under the new ticker symbol "HLGN". Additional information about the transaction can be viewed here: https://heliogen.com/investor-center/.

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

Additional Information and Where to Find It

In connection with the proposed business combination, Athena Technology Acquisition Corp. (“Athena”) intends to file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 containing a preliminary proxy statement and a preliminary prospectus. After the registration statement is declared effective, Athena will mail a definitive proxy statement/prospectus relating to the proposed business combination to its stockholders. This communication does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. Additional information about the proposed business combination and related transactions will be described in Athena’s combined proxy statement/prospectus relating to the proposed business combination and the businesses of Athena and Heliogen, Inc. (“Heliogen”), which Athena will file with the SEC. The proposed business combination and related transactions will be submitted to stockholders of Athena for their consideration. Athena’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with Athena’s solicitation of proxies for its special meeting of stockholders to be held to approve, among other things, the proposed business combination and related transactions, because these materials will contain important information about Heliogen, Athena and the proposed business combination and related transactions. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of Athena as of a record date to be established for voting on the proposed business combination and related transactions. Stockholders may also obtain a copy of the preliminary or definitive proxy statement/prospectus, once available, as well as other documents filed with the SEC by Athena, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Phyllis Newhouse, President and Chief Executive Officer, Athena Technology Acquisition Corp., 125 Townpark Drive, Suite 300, Kennesaw, GA 30144, or by telephone at (970) 924-0446.

Participants in the Solicitation

Athena, Heliogen and their respective directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Athena’s stockholders in respect of the proposed business combination and related transactions. Information regarding Athena’s directors and executive officers is available in its Registration Statement on Form S-1 and the prospectus included therein filed with the SEC on March 3, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be contained in the preliminary and definitive proxy statements/prospectus related to the proposed business combination and related transactions when it becomes available, and which can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This communication shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Bloom Energy

Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom Energy’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom Energy’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “can,” “may,” “will,” “would” and similar expressions identify such forward-looking statements. These statements include, but are not limited to, expectations regarding the collaboration efforts between the two companies; expectations for economically viable green hydrogen production; ability to drive rapid adoption of green hydrogen; and expectations related to the first integrated solution and its timing of deployment. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including those included in the risk factors section of Bloom Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and other risks detailed in Bloom Energy’s SEC filings from time to time. Bloom Energy undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.


Contacts

Bloom Energy Contacts:

For Media:
Erica Osian
Bloom Energy
401.714.6883
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For Investors:
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Heliogen Contacts:

For Media:
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For Investors:
Caldwell Bailey
ICR, Inc.
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The new Fluke IRR1-SOL Solar Irradiance Meter makes the critical measurements needed for installing, testing, and maintaining photovoltaic systems

EVERETT, Wash.--(BUSINESS WIRE)--New energy technologies, like solar, require specialized test tools to efficiently provide critical measurements. The new Fluke IRR1-SOL Irradiance Meter has been designed from the ground up to simplify the installation, commissioning, and troubleshooting of photovoltaic arrays by measuring irradiance, temperature, inclination, and direction of the solar array with a single handheld tool.



Watch the IRR1-SOL video here.

The simple user interface, instantaneous solar irradiation measurements, and built-in temperature sensor make it easy to meet IEC 62446-1 requirements for testing, documenting, and maintaining photovoltaic systems. Additionally, the integrated compass and inclination sensor allow technicians to quickly measure and document roof and site orientation, pitch, and panel tilt while surveying, installing, or adjusting an installation.

“The Fluke IRR1-SOL Irradiance Meter fills a pressing need for dedicated test tools to quickly and easily verify and document the performance of photovoltaic installations,” said Allison Wyatt, global product marketing manager. “It’s just the latest in Fluke’s portfolio of test tools that speed the installation and maintenance of photovoltaic arrays.”

The Fluke IRR1-SOL Solar Irradiance Meter is ideal for:

  • Photovoltaic system design and surveying — to find the expected production at a site, technicians must determine the solar resource while taking shading into account. The Fluke IRR1-SOL measures the actual solar irradiance (Watts/m2) and shading at the site to develop a baseline.
  • Measuring — once the system is installed, the IRR1-SOL ensures it is operating as designed by taking the critical measurements needed when determining its power output.
  • Comparing and diagnosing — even when installed correctly, a photovoltaic system may not be producing the expected electrical output. The IRR1-SOL confirms the correct amount of irradiance energy is being received to generate the DC voltage that is fed into the inverter.

Bringing dedicated tools to solar design, installation, and troubleshooting

With the new IRR1-SOL Irradiance Meter, Fluke is bringing its long history of leadership in electrical test and measurement to the solar energy industry with tools that provide the precise measurements that allow solar professionals to solve their unique problems quickly and easily. Fluke tools operate reliably in the extreme environments that solar professionals work in — dusty, wet, cold, and hot — and are tested to survive drops that can occur in field work. Fluke tools are also designed to keep workers safe in potentially dangerous electrical environments, meeting or exceeding all recommended safety standards.

For more information on the Fluke IRR1-SOL Solar Irradiance Meter, visit: https://www.fluke.com/en-us/product/electrical-testing/best-solar-energy-industry-tools/flk-irr1-sol.

Fluke Corporation

For information on Fluke tools and applications, or to find the location of a distributor, contact Fluke Corporation, P.O. Box 9090, Everett, WA USA 98206, call (800) 44-FLUKE (800-443-5853), fax (425) 446-5116, e-mail This email address is being protected from spambots. You need JavaScript enabled to view it. or visit the Fluke Web site at www.fluke.com.

About Fluke

Founded in 1948, Fluke Corporation is the world leader in compact, professional electronic test tools and software for measuring and condition monitoring. Fluke customers are technicians, engineers, electricians, maintenance managers, and metrologists who install, troubleshoot, and maintain industrial, electrical, and electronic equipment and calibration processes.

FLUKE is a registered trademark of Fluke Corporation. For more information, visit the Fluke website.


Contacts

Allison Wyatt
(425) 446-4600
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Strong Free Cash Flow From Profitable Low-Breakeven Production

BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil, and Argentina, today announced its operational update for the three-month period ended June 30, 2021 (“2Q2021”).


All figures are expressed in US Dollars. Growth comparisons refer to the same period of the prior year, except when otherwise specified.

Highlights

Oil and Gas Production and Operations

  • Consolidated oil and gas production of 36,489 boepd, impacted by managed curtailments due to extensive protests and demonstrations that affected overall logistics throughout Colombia1
  • Production restored by the end of 2Q2021, with GeoPark currently producing 38,000-39,000 boepd
  • Drilling and field operations normalized by the end of 2Q2021 and currently fully active with three operated drilling rigs and three workover rigs in Colombia

Ongoing Operations and Revised 2021 Guidance

  • Full-year 2021 average production has been revised to 38,000-40,000 boepd with a work program of $125-140 million and operating netbacks of $340-390 million (assuming Brent at $60-65 per bbl)2
  • 2H2021 production is expected to average 39,000-42,000 boepd (excluding the potential production from the 2H2021 exploration drilling program)
  • 2H2021 drilling program includes exploration prospects in the CPO-5 (GeoPark non-operated, 30% WI) and Llanos 94 (GeoPark non-operated, 50% WI) blocks
  • Flexible work program, quickly adaptable to any oil price scenario

Debt Reduction and Cost Savings

  • Strategic first phase deleveraging process executed in April 2021, resulting in significant debt reduction with extended maturities and lower cost of debt
  • $85 million of cash & cash equivalents as of June 30, 20213
  • Long-term financial debt maturity profile with no principal payments until September 2024

ESG+ Actions

  • National electric grid connection and PV solar projects currently underway to continue improving industry-leading cost and carbon footprint performance in the Llanos 34 block (GeoPark operated, 45% WI)
  • Currently developing strategic medium and long-term greenhouse gas reduction policy
  • GeoPark’s annual sustainability report (SPEED/ESG 2020 report) to be published in August 2021

Corporate Governance Strengthening

  • Shareholders reelected all GeoPark directors at the AGM4 held on July 15, 2021, with every director receiving at least 70% of the shares voted
  • Newly appointed Independent Chair of the Board, Ms. Sylvia Escovar
  • GeoPark’s Board composed of a majority of independent directors and key committees consist solely of independent directors (Nomination and Corporate Governance, Audit, and Compensation committees)

Returning Cash and Value to Shareholders

  • Quarterly Dividend of $0.0205 per share ($1.25 million), paid on April 13, 2021
  • Quarterly Dividend of $0.0205 per share ($1.25 million), paid on May 28, 2021
  • Resumed discretionary share buyback program, having acquired 241,927 shares for $2.9 million since November 6, 2020, while executing self-funded and flexible work programs, and paying down debt

Ongoing Portfolio Restructuring

  • Peru: Executed agreement to transfer the Morona block contract and operatorship to Petroperu
  • Brazil: Manati gas field divestment process expected to close by the end of 2021
  • Brazil: REC-T-128 block farm-out closed during May 2021
  • Argentina: initiated a process during May 2021 to evaluate farm-out/divestment opportunities
  • Asset management restructuring initiative providing G&A, OPEX and other cost improvements

REVISED 2021 GUIDANCE

As announced on May 17, June 1 and July 1, extensive protests and demonstrations across Colombia affected overall logistics and supply chains, restricting GeoPark’s crude oil transportation, drilling and the mobilization of personnel, equipment, and supplies. These events caused the Company and its joint venture partners to manage production curtailments and to temporarily suspend or delay drilling and maintenance activities.

Operations normalized by the end of 2Q2021 and GeoPark is currently producing 38,000-39,000 boepd, with 2H2021 production expected to average 39,000-42,000 boepd.

Revised 2021 production guidance of 38,000-40,000 average boepd (from previous 41,000-43,000 boepd) results from production curtailments during 2Q2021 related to extensive protests in Colombia (which account for approximately 800-1,000 boepd of the revised estimate), delays in the execution of certain maintenance and capital expenditure projects (mainly in the Platanillo and CPO-5 blocks) and to a lesser extent, due to a combination of field and well performance, including higher downtime due to floods temporarily affecting surface facilities and electrical system failures in the Llanos 34 block.

Delayed maintenance and drilling activities in the Platanillo block were mainly caused by the blockades in Colombia. In the CPO-5 block, the operator has delayed the spud of the Indico 4 development well to 4Q2021 (originally scheduled for June 2021), targeting drilling of 2-3 wells during 2021 (from previous 5-6 wells, with the remaining 2-3 wells expected to be spudded in 1Q2022).

Capital expenditures have been revised down to $125-140 million (from $130-150 million), which will compensate a significant portion of the lower operating netbacks that results from lower production and thus reducing its impact on free cash flow.

The table below provides further details about GeoPark’s revised 2021 guidance compared to its previous guidance.

 

 

     

July 22, 2021
Revision

     

Previous

Guidance

Brent Assumption ($ per bbl)

     

$60-655

     

$50-55

2021 Average Production (boepd)

     

38,000-40,000

     

41,000-43,000

2021 Operating Netback6

     

340-390 million

     

330-370 million

2021 Capital Expenditures

     

125-140 million

     

130-150 million

Operating Netback/Capital Expenditure Ratio7

     

2.7 times

     

2.6 times

Breakdown of Quarterly Production by Country

The following table shows production figures for 2Q2021, as compared to 2Q2020:

2Q2021

2Q2020

Total
(boepd)

Oil

(bopd)a

Gas

(mcfpd)

Total
(boepd)

% Chg.

Colombia

29,571

29,333

1,428

 

31,072

-5%

Chile

2,584

284

13,800

 

3,101

-17%

Brazil

2,080

29

12,306

 

679

206%

Argentina

2,254

1,316

5,628

 

2,060

9%

Total

36,489

30,962

33,162

 

36,912

-1%

a) Includes royalties paid in kind in Colombia for approximately 1,245 bopd in 2Q2021. No royalties were paid in kind in Brazil, Chile, or Argentina.

Quarterly Production Evolution

(boepd)

2Q2021

1Q2021

4Q2020

3Q2020

2Q2020

Colombia

29,571

31,455

31,858

31,297

31,072

Chile

2,584

2,491

3,133

3,610

3,101

Brazil

2,080

1,984

2,167

1,581

679

Argentina

2,254

2,201

2,146

2,357

2,060

Total

36,489

38,131

39,304

38,845

36,912

Oil

30,962

32,877

33,238

32,875

32,504

Gas

5,527

5,254

6,065

5,970

4,408

Oil and Gas Production Update

Consolidated:

Oil and gas production in 2Q2021 decreased by 1% to 36,489 boepd from 36,912 boepd in 2Q2020, mainly resulting from lower oil and gas production in Colombia and Chile, partially offset by increased production in Brazil and Argentina.

Oil represented 85% and 88% of total reported production in 2Q2021 and 2Q2020, respectively.

Colombia:

Average net oil and gas production in Colombia decreased by 5% to 29,571 boepd in 2Q2021 compared to 31,072 boepd in 2Q2020.

GeoPark’s 2Q2021 production in Colombia was affected by extensive protests and demonstrations that affected overall logistics, restricting the Company’s crude oil transportation, drilling and the mobilization of personnel, equipment, and supplies, causing the Company to manage production curtailments that started in early May and normalized towards the end of June.

Oil and gas production in main blocks in Colombia was as follows:

  • Llanos 34 block net average production was 24,515 bopd in 2Q2021 and current production is approximately 25,000 bopd (or 56,000 bopd gross)
  • CPO-5 block net average production was 3,445 bopd (or 11,483 bopd gross) in 2Q2021 and current production is approximately 3,900 bopd (or 13,000 bopd gross)
  • Platanillo block average production was 1,110 bopd in 2Q2021 and current production is approximately 2,000 bopd

Latest developments in the Llanos 34 block:

  • Three active drilling rigs expecting to spud 14-16 gross wells during 2H2021 (mainly targeting development projects in Tigana, Jacana and Tigui oil fields)
  • Environmental impact studies and other preliminary works underway to connect the block to the national power grid, expected to be operational by the end of 2022
  • Initiated engineering works for the PV solar project, expected to be operational by June 2022
  • Grid connection and PV solar projects are key drivers to continue improving the Llanos 34 block’s industry-leading cost and carbon footprint performance

Latest developments in the CPO-5 block:

  • Completed 250 sq km of 3D seismic acquisition in 2Q2021, expected to add additional leads and prospects in the central area of the block

Other activities in operated and non-operated blocks:

  • Llanos 94 block (GeoPark non-operated, 50% WI): pre-drilling activities underway in the Humea exploration prospect, spudding expected in 3Q2021
  • PUT-8 block (GeoPark operated, 50% WI): Completed 112 sq km of 3D seismic acquisition in 2Q2021. PUT-8 is adjacent to the Platanillo block in the Putumayo basin

Chile:

Average net production in Chile decreased by 17% to 2,584 boepd in 2Q2021 compared to 3,101 boepd in 2Q2020, resulting from lower gas production in the Jauke and Jauke Oeste gas fields. Maintenance and well intervention activities were carried out in Jauke Oeste, affecting gas production in 2Q2021. The production mix during 2Q2021 was 89% gas and 11% light oil (compared to 92% gas and 8% light oil in 2Q2020).

Brazil:

Average net production in Brazil increased by 206% to 2,080 boepd in 2Q2021 compared to 679 boepd in 2Q2020 due to higher gas demand in northern Brazil. The production mix during 2Q2021 was 99% natural gas and 1% oil and condensate (compared to 88% natural gas and 12% oil and condensate in 2Q2020).

Argentina:

Average net production in Argentina increased by 9% to 2,254 boepd in 2Q2021 compared to 2,060 boepd in 2Q2020. The production mix during 2Q2021 was 58% oil and 42% natural gas (compared to 61% oil and 39% natural gas in 2Q2020).

OTHER NEWS / RECENT EVENTS

Reporting Date for 2Q2021 Results Release, Conference Call and Webcast

GeoPark will report its 2Q2021 financial results on Wednesday, August 4, 2021 after the market close.

In conjunction with the 2Q2021 results press release, GeoPark management will host a conference call on August 5, 2021 at 10:00 am (Eastern Daylight Time) to discuss the 2Q2021 financial results. To listen to the call, participants can access the webcast located in the Investor Support section of the Company’s website at www.geo-park.com, or by clicking below:

https://event.on24.com/wcc/r/3329548/DD55368837B5F74936B9ACBDB1945AE1

Interested parties may participate in the conference call by dialing the numbers provided below:

United States Participants: 1 844-200-6205
International Participants: +44 208-0682-558
Passcode: 931620

Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.

An archive of the webcast replay will be made available in the Investor Support section of the Company’s website at www.geo-park.com after the conclusion of the live call.

GLOSSARY

 

 

 

AGM

 

Annual General Meeting

 

 

 

ANP

 

Brazil’s National Agency of Petroleum, Natural Gas and Biofuels

 

 

 

Operating netback

 

Revenue, less production, and operating costs (net of accrual of stock options and stock awards), selling expenses and realized portion of commodity risk management contracts. Operating netback is equivalent to Adjusted EBITDA net of cash expenses included in Administrative, Geological and Geophysical and Other operating costs

 

Bbl

 

Barrel

 

 

 

Boe

 

Barrels of oil equivalent

 

Boepd

 

Barrels of oil equivalent per day

 

Bopd

 

Barrels of oil per day

 

D&M

 

DeGolyer and MacNaughton

 

F&D costs

 

Finding and development costs, calculated as capital expenditures divided by the applicable net reserves additions before changes in Future Development Capital

 

Km

 

Kilometers

 

 

 

Mboe

 

Thousand barrels of oil equivalent

 

Mmbo

 

Million barrels of oil

 

Mmboe

 

Million barrels of oil equivalent

 

Mcfpd

 

Thousand cubic feet per day

 

Mmcfpd

 

Million cubic feet per day

 

Mm3/day

 

Thousand cubic meters per day

 

NPV10

 

Present value of estimated future oil and gas revenues, net of estimated direct expenses, discounted at an annual rate of 10%

 

PRMS

 

Petroleum Resources Management System

 

 

 

Sq km

 

Square Kilometer

 

WI

 

Working Interest

 

 

 

NOTICE

Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated based on such rounded figures but based on such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains statements that constitute forward-looking statements. Many of the forward- looking statements contained in this press release can be identified using forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including the divestment process of the Manati gas field, engineering works for the PV solar project, the connection of the Llanos 34 block to the national electric power grid, expected production growth, expected schedule, economic recovery, payback timing, IRR, drilling activities, demand for oil and gas, oil and gas prices, capital expenditures plan, regulatory approvals, reserves and exploration resources. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors. Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption, and losses, except when specified.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them considering new information or future developments or to release publicly any revisions to these statements to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission.

Readers are cautioned that the exploration resources disclosed in this press release are not necessarily indicative of long-term performance or of ultimate recovery. Unrisked prospective resources are not risked for change of development or chance of discovery. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development. There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective resource volumes are presented as unrisked.

_________________________________
1 Please refer to the Company’s releases on May 17, June 1, and July 1, 2021.
2 Brent price assumption from July to December 2021, assuming $3-4/bbl Vasconia-Brent differential.
3 Unaudited.
4 Annual General Meeting.
5 Brent assumption from July to December 2021.
6 Assuming a Brent to Vasconia differential averaging $3-4 per bbl in 2H2021.
7 Ratio calculated using the middle point of operating netback and capital expenditures.


Contacts

INVESTORS:
Stacy Steimel, This email address is being protected from spambots. You need JavaScript enabled to view it.
Shareholder Value Director
T: +562 2242 9600

Miguel Bello, This email address is being protected from spambots. You need JavaScript enabled to view it.
Market Access Director
T: +562 2242 9600

Diego Gully, This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations Director
T: +5411 4312 9400

MEDIA:
Communications Department, This email address is being protected from spambots. You need JavaScript enabled to view it.

Market barriers include costs, lack of end user expertise and education, and competition from the window coverings industry


BOULDER, Colo.--(BUSINESS WIRE)--#BAS--A new report from Guidehouse Insights examines the global market for smart windows and glass in light of the global increase in greenhouse gas (GHG) emissions and policy changes by governments around the world. The report provides an analysis of this market with a focus on North America and Europe and a global forecast through 2030.

The demand for smart windows globally has been increasing year-over-year because of the popularization of smart buildings. Smart buildings have become an important trend globally due to their ability to reduce costs, improve the occupant experience, increase sustainability, and facilitate real-time decision-making. According to a new report from Guidehouse Insights, global revenue for the smart window and glass market is projected to experience a compound annual growth rate (CAGR) of 31.2%, reaching more than $1.8 billion in revenue by 2030.

“As buildings become more digitalized and interconnected, different building technologies are becoming smarter as well,” says David Gonzalez, senior research analyst with Guidehouse Insights. “Integrating smart windows into building automation systems (BASs) can translate into lower energy usage, higher comfort levels for building occupants, and facilitate preventive maintenance rather than reactive maintenance.”

The global market for smart windows and glass for architectural applications has had slower than expected growth since 2016. This is mainly due to the expensive price of the products compared with the price of regular flat glass windows, lack of widespread education on smart windows among building owners, facilities managers, contractors, and other market stakeholders, and the lack of market competition needed for product prices to decrease. However, heavy investment in the industry and adoption from verticals such as office buildings and education in recent years could lead to higher growth rates in the coming years, according to the report.

The report, Smart Windows and Glass Overview, examines the global market for smart windows and glass considering the global increase in GHG emissions and policy changes by governments around the world. The report provides an analysis of this market with a focus on North America and Europe and a global forecast through 2030. Trends in Asia Pacific, Latin America, and the Middle East & Africa markets are also discussed. The forecast includes five regions (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) segmented by smart window type (thermochromic, photochromic, electrochromic, SPD, and PDLC), nine commercial building types, and two project types (new construction and retrofit). An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights

Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

About Guidehouse

Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 10,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.

* The information contained in this press release concerning the report, Smart Windows and Glass Overview, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.


Contacts

Lindsay Funicello-Paul
+1.781.270.8456
This email address is being protected from spambots. You need JavaScript enabled to view it.

TORONTO--(BUSINESS WIRE)--$LGO #VRFB--Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today announces the appointment of Ian Robertson as Co-Chair of its Board of Directors (the “Board”). Mr. Robertson will also assume an active role in helping direct Largo Clean Energy Corp. (“LCE”) as it commences the formal search for a permanent leader.



J. Alberto Arias, Co-Chair of the Board of Largo, commented: “With decades of exceptional leadership experience as a chief executive and board member, alongside deep institutional knowledge across the renewable energy sector, I am delighted that Ian has agreed to co-chair the Board of Largo Resources as we lead the Company through the transformational opportunity in the energy storage industry which we expect to be one of the key drivers of future growth and value creation for the Company.” He continued: “We are also extremely grateful to have Ian assume the position of President of our clean energy division as we commence the search for a permanent replacement. Ian’s strong business experience, including strategic contacts in the energy and utility industries, combined with his commitment to sustainable development are invaluable as we continue to strategically develop Largo Clean Energy. I am confident that in working together, Largo will be successful in executing its growth strategy going forward.”

Ian Robertson, Co-Chair of the Board and President of LCE, commented: “I am honored to have the opportunity to co-chair Largo’s Board with Alberto, whose leadership and vision have positioned the Company to achieve extraordinary success over the last 10 years, and to continue to work more closely with Paulo Misk and the rest of the executive team in continuing to evolve Largo Clean Energy for its new stage of growth.” He continued: “Largo brings a compelling combination to the market and I am excited to work with the Board and executive management as we continue to offer innovative solutions to support a low-carbon future.”

About Largo Resources

Largo Resources is an industry preferred, vertically integrated vanadium company. It services multiple vanadium market applications through the supply of its unrivaled VPURE™ and VPURE+™ products, from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine located in Brazil. Largo is also focused on the advancement of renewable energy storage solutions through its world-class VCHARGE± vanadium redox flow battery technology. The Company's common shares are listed on the Toronto Stock Exchange and on the Nasdaq Stock Market under the symbol "LGO".

For more information on Largo and VPURE™, please visit www.largoresources.com and www.largoVPURE.com.

For additional information on Largo Clean Energy, please visit www.largocleanenergy.com.

Trademarks are owned by Largo Resources Ltd.

Forward-looking Information:

This press release contains forward-looking information under Canadian securities legislation, ("forward-looking statements"). Forward‐looking information in this press release includes, but is not limited to, statements with respect to our ability to market and sell our VCHARGE± battery system on specification and at a competitive price, the production, delivery and sale to Enel Green Power of a VCHARGE+ battery system, the design of that system, expected transaction value, future VCHARGE+ battery system sales, and the growth of the long-duration energy storage market. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo or Largo Clean Energy to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the failure to satisfy conditions in the agreement with Enel, termination of the agreement, and those risks described in the annual information form of Largo and in its public documents filed on www.sedar.com and www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&As which also apply.

Trademarks are owned by Largo Resources Ltd.


Contacts

Investor Relations:

Alex Guthrie
Senior Manager, External Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +1 416‐861‐9797

~Record June Quarter Revenue Grows 34% to Almost $667 Million~

~Same-Store Sales Grew 6% on Top of 37% in the Prior Year~

~Gross Margin Expands to Nearly 31% - A Record For The June Quarter~

~Record June Quarter Diluted EPS Increases 64% to $2.59~

~Raises Fiscal Year 2021 Guidance~

CLEARWATER, Fla.--(BUSINESS WIRE)--MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced results for its third quarter ended June 30, 2021.

Revenue grew 34%, or over $168 million, to $666.3 million for the quarter ended June 30, 2021 from $498.3 million in the comparable period last year. Same-store sales grew 6% on top of a 37% increase in the comparable quarter last year. The overall revenue growth was driven by meaningful contributions from its recent strategic acquisitions as well as the ongoing robust demand for boating. The Company’s significant geographic and product diversification and the effective utilization of its digital platform have contributed to the sustained growth. These factors resulted in net income and earnings per diluted share rising over 70% and 64% to $59.6 million and $2.59, respectively. This compares to net income of $34.9 million and earnings per diluted share of $1.58 in the comparable period last year.

For the nine months ended June 30, 2021, revenue was up over 44% to $1.6 billion compared with $1.1 billion for the same period last year. Same-store sales increased approximately 21%, on top of 22% growth for the same period last year. Net income for the nine months ended June 30, 2021, rose over 149% to $122.2 million, or $5.33 per diluted share, compared with $49.1 million, or $2.23 per diluted share for the comparable period last year.

W. Brett McGill, Chief Executive Officer and President, stated, “We once again delivered record sales and earnings growth in the quarter, as demand for the boating lifestyle remained strong and our team continued to execute on our strategy of driving our higher margin businesses, resulting in our strongest quarterly operating margin to date. We are proud of our ongoing market share gains as we benefit from our diversified portfolio, premium brands, exceptional customer service, investments in technology, global market presence and our enthusiastic customer base that wants to enjoy active boating experiences with family and friends.”

Mr. McGill continued, “Our deep manufacturer relationships, industry leading inventory management and valuable real estate locations position us well to continue to gain share, as evidenced by our ability to continue to generate strong same-store-sales in a lean inventory environment. With one of the strongest balance sheets in the industry, we remain well capitalized to continue to make strategic accretive acquisitions to further enhance our geographic presence, to add to our marina, storage and service offerings and to further grow our higher margin businesses. Recently, we were pleased to add Cruiser Yachts and Nisswa Marine to our portfolio, illustrating our focus on accretive, higher margin businesses with strong operating teams. Based on orders and inventory, our pricing model and our team’s commitment to executing on our strategic initiatives, we will capture additional growth in the years ahead, as the world’s preferred boating and yacht retailer.”

At June 30, 2021, the Company’s financial capacity, consisting of cash and cash equivalents, along with available borrowings under its credit facilities, exceeded $329 million.

Updated 2021 Guidance

Based on current business conditions, retail trends and other factors, the Company is raising its fiscal year 2021 guidance for earnings per diluted share to the range of $6.40 to $6.55 from $5.50 to $5.65, which was previously increased from original guidance of $4.00 to $4.20 per diluted share. This compares to a non-GAAP adjusted, but fully taxed, earnings per diluted share of $3.42 in fiscal 2020. (Please see the Company’s fiscal 2020 earnings release dated October 28, 2020 for a reconciliation of this non-GAAP figure to the applicable GAAP figure) These expectations do not consider, or give effect for, material acquisitions that may be completed by the Company during fiscal 2021 or other unforeseen events, including changes in global economic conditions.

Reportable Segments

Effective May 2021, the Company’s reportable segments changed as a result of our acquisition of Cruisers Yachts, a manufacturer of yachts. Whereas we previously had only one segment, we now report our operations through two new reportable segments: Retail Operations and Product Manufacturing. The elimination of intersegment revenue and income is due to sales of Cruisers Yachts through our select retail dealership locations. The financial performance of our reportable segments will now be disclosed quarterly beginning with this quarter ended June 30, 2021.

About MarineMax

MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 78 retail dealership locations, which includes 31 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, the Company also is the largest super-yacht services provider, operating locations across the globe. Cruisers Yachts, a MarineMax company, manufacturers boats and yachts with sales through our select retail dealership locations and through independent dealers. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company also operates Boatyard, a pioneering digital platform that enhances the boating experience. MarineMax is a New York Stock Exchange-listed company (NYSE:HZO). For more information, please visit www.marinemax.com.

Forward Looking Statement

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the Company’s anticipated financial results for the third quarter ended June 30, 2021; the Company's capitalization; the Company's ability to make strategic accretive acquisitions, further enhance its geographic presence, add to its offerings, and further grow its higher margin businesses; the Company's expectation to capture additional growth in the years ahead; and the Company's fiscal 2021 guidance. These statements are based on current expectations, forecasts, risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the performance of the recently-acquired businesses, the Company’s ability to integrate acquisitions into existing operations, the impacts (direct and indirect) of COVID-19 on the Company’s business, the Company’s employees, the Company’s manufacturing partners, and the overall economy, general economic conditions, as well as those within the Company's industry, the level of consumer spending, potential supply chain constraints and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2020 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

MarineMax, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Amounts in thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended
June 30,

 

Nine Months Ended
June 30,

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

Revenue

$

666,328

 

$

498,304

 

$

1,600,947

 

$

1,110,951

Cost of sales

 

461,654

 

 

374,851

 

 

1,116,066

 

 

828,704

Gross profit

 

204,674

 

 

123,453

 

 

484,881

 

 

282,247

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

123,766

 

 

74,838

 

 

319,120

 

 

208,284

Income from operations

 

80,908

 

 

48,615

 

 

165,761

 

 

73,963

 

 

 

 

 

 

 

 

Interest expense

 

639

 

 

2,133

 

 

2,999

 

 

8,490

Income before income tax provision

 

80,269

 

 

46,482

 

 

162,762

 

 

65,473

 

 

 

 

 

 

 

 

Income tax provision

 

20,651

 

 

11,555

 

 

40,609

 

 

16,422

Net income

$

59,618

 

$

34,927

 

$

122,153

 

$

49,051

 

 

 

 

 

 

 

 

Basic net income per common share

$

2.69

 

$

1.62

 

$

5.53

 

$

2.28

 

 

 

 

 

 

 

 

Diluted net income per common share

$

2.59

 

$

1.58

 

$

5.33

 

$

2.23

 

 

 

 

 

 

 

 

Weighted average number of common shares used in computing net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

22,132,915

 

 

21,499,408

 

 

22,100,190

 

 

21,491,117

Diluted

 

23,037,679

 

 

22,045,900

 

 

22,922,526

 

 

21,965,355

MarineMax, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Amounts in thousands)

(Unaudited)

 

 

June 30,
2021

 

June 30,
2020

ASSETS

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

200,121

 

 

$

86,919

 

Accounts receivable, net

 

60,195

 

 

 

69,478

 

Inventories, net

 

209,418

 

 

 

314,096

 

Prepaid expenses and other current assets

 

18,316

 

 

 

11,133

 

Total current assets

 

488,050

 

 

 

481,626

 

 

 

 

 

Property and equipment, net

 

166,058

 

 

 

141,897

 

Operating lease right-of-use assets, net

 

104,641

 

 

 

39,279

 

Goodwill and other intangible assets, net

 

186,691

 

 

 

65,404

 

Other long-term assets

 

10,650

 

 

 

7,754

 

Total assets

$

956,090

 

 

$

735,960

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

28,741

 

 

$

39,441

 

Contract liabilities (customer deposits)

 

86,704

 

 

 

30,106

 

Accrued expenses

 

89,696

 

 

 

47,775

 

Short-term borrowings

 

2,861

 

 

 

147,049

 

Current maturities on long-term debt

 

3,293

 

 

 

--

 

Current operating lease liabilities

 

10,275

 

 

 

7,262

 

Total current liabilities

 

221,570

 

 

 

271,633

 

 

 

 

 

Long-term debt, net of current maturities

 

48,374

 

 

 

--

 

Noncurrent operating lease liabilities

 

96,830

 

 

 

34,248

 

Deferred tax liabilities, net

 

8,419

 

 

 

4,221

 

Other long-term liabilities

 

8,126

 

 

 

833

 

Total liabilities

 

383,319

 

 

 

310,935

 

 

 

 

 

STOCKHOLDERS' EQUITY:

 

 

 

Preferred stock

 

--

 

 

 

--

 

Common stock

 

28

 

 

 

28

 

Additional paid-in capital

 

288,923

 

 

 

276,606

 

Accumulated other comprehensive income (loss)

 

1,264

 

 

 

(130

)

Retained earnings

 

399,852

 

 

 

252,116

 

Treasury stock

 

(117,296

)

 

 

(103,595

)

Total stockholders’ equity

 

572,771

 

 

 

425,025

 

Total liabilities and stockholders’ equity

$

956,090

 

 

$

735,960

 

MarineMax, Inc. and Subsidiaries

Segment Financial Information

(Amounts in thousands)

(Unaudited)

 

 

Three Months Ended
June 30,

 

Nine Months Ended
June 30,

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

Retail Operations

$

656,826

 

 

$

498,304

 

$

1,591,445

 

 

$

1,110,951

Product Manufacturing

 

20,417

 

 

 

--

 

 

20,417

 

 

 

--

Elimination of intersegment revenue

 

(10,915

)

 

 

--

 

 

(10,915

)

 

 

--

Revenue

$

666,328

 

 

$

498,304

 

$

1,600,947

 

 

$

1,110,951

 

 

 

 

 

 

 

 

Income from operations:

 

 

 

 

 

 

 

Retail Operations

$

79,988

 

 

$

48,615

 

$

164,841

 

 

$

73,963

Product Manufacturing

 

3,521

 

 

 

--

 

 

3,521

 

 

 

--

Elimination of intersegment income

 

(2,601

)

 

 

--

 

 

(2,601

)

 

 

--

Income from operations

$

80,908

 

 

$

48,615

 

$

165,761

 

 

$

73,963

 


Contacts

Michael H. McLamb
Chief Financial Officer
Abbey Heimensen
Public Relations
MarineMax, Inc.
727.531.1700

Brad Cohen or Dawn Francfort
ICR, LLC.
This email address is being protected from spambots. You need JavaScript enabled to view it.

 

DUBLIN--(BUSINESS WIRE)--The "Pipeline & Process Services Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.


The global pipeline & process services market is projected to have a compound annual growth rate of 5.15%, from US$2.817 billion in 2019 to US$4.004 billion in 2026.

The market of pipeline & process services is expected to drive by increasing demand for natural gas & crude oil (mainly, from Asia Pacific), by increasing investments in the infrastructural developments and by increasing need for connectivity drive. The growth of the pipeline and process services market is restrained by the increasing demand and uses of the renewable sources of energy, and technical and political instability problems by cross border projects in Middle East and Asia Pacific regions.

By asset type, the pipeline and process services market are segmented by process and pipeline, where process segment is expected to have the significant growth in the forecast period majorly for pre-commissioning operations in Middle East, North Africa, and Asia Pacific regions, while the pipeline segment account for the significant market share and is also projected to have a potential growth in the forecast period. Pipeline segment is more demanding in the coming future due to the convenient transportation of the products, such as oil & gas, and so on. Pipelines are generally made of carbon steel, steel, and plastic cylinders. In short term, North America is expected to have the highest growth in the pipeline and process services, whereas, Middle East and Africa is having a potential to grow in the forecast period due to increasing demand for LNG vessels.

The pipeline sector is further segmented into transmission and distribution, where distribution is having the largest market share. The process sector is segmented into FPS, Refinery & Petrochemical, Gas Storage & Processing. The market by operations is segmented by pre-commissioning, commissioning, decommissioning, Maintenance, and others. Among them, the significant share of the market is accounted by pre-commissioning and commissioning segments. The driving force for the growth of this segment is the higher volume of activities of gas processing and pre-commissioning in Middle East and North Africa region, and that of refinery activities in Asia Pacific region.

Companies Mentioned

  • Halliburton
  • BHGE
  • Enermech
  • IKM
  • Hydratight
  • Techfem S.P.A.
  • Altus Intervention
  • Bluefin Group
  • Chenergy Services
  • IPEC
  • Trans Asia Pipelines
  • Schlumberger Pipeline Services Ltd
  • Aramco Services Co.
  • Anabeeb Arabian Pipeline & Services Co Ltd

COVID-19 Impact

The COVID-19 has impacted the pipeline and process services market severely, as due to lock-downs the supply for the products which use the pipeline and process services, such as oil, natural gas, and so on has impacted adversely. In turn, it has also impacted the production activities in the manufacturing sector. This led to fall in the prices of the End-user's products such as oil & gas, chemicals, natural gas, and so on. After lockdowns, the economies and the growth of the market is stabilizing and gaining a positive growth. Though, due to increasing preferences for the renewable sources, the growth in this market is expected to be positive for the short-term. Although, from the recent stability and growing developmental projects will bring the growth in the pipeline and process services market. This implies that as long as there are developmental projects and construction projects, the pipeline and process services market will have a potential growth, mainly in natural gas and oil sectors

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.4. Industry Value Chain Analysis

5. Global Pipeline & Process Services Market Analysis, By Asset type

5.1. Introduction

5.2. Pipeline

5.3. Process

6. Global Pipeline & Process Services Market Analysis, By Operations

6.1. Introduction

6.2. Commissioning

6.3. Decommissioning/Troubleshooting

6.4. Maintenance

6.5. Others

7. Global Pipeline & Process Services Market Analysis, By Location of Deployment

7.1. Introduction

7.2. Offshore

7.3. Onshore

8. Global Pipeline & Process Services Market Analysis, By End-users

8.1. Introduction

8.2. Power generation

8.3. Chemicals & Refined products

8.4. Water & wastewater

8.5. Oil & Gas

8.6. Others

9. Global Pipeline & Process Services Market Analysis, by Geography

10. Competitive Environment and Analysis

10.1. Major Players and Strategy Analysis

10.2. Emerging Players and Market Lucrativeness

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Vendor Competitiveness Matrix

11. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/vbmgh3


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SAN FRANCISCO--(BUSINESS WIRE)--NCX, a venture-backed climate tech company, announced a 5X increase in participation in its second Natural Capital Exchange cycle. The company rebranded from SilviaTerra earlier this year and connects carbon credit buyers and forest landowners through a data-driven forest carbon marketplace.


The 2021 summer cycle closed in June and was the second of NCX's enrollment cycles. Landowners in 16 states across the US Southeast, Lake States, and Appalachian regions agreed to defer the timber harvest of their forests. 577 American landowners were accepted as participants in this cycle, 61% of whose enrolled properties were under 750 acres in size. NCX’s one-year contract terms and data-driven approach differ from traditional forest carbon projects, enabling greater participation from smaller, family landowners.

The expected climate impact for the NCX summer cycle is approximately 500,000 MTCO2e, the equivalent of removing about 100,000 cars from the road for one year. Participating carbon credit buyers include Microsoft*, Rubicon, Patch, Lune, and Cargill, among others. The organizations take delivery of their carbon credits following the one-year cycle, upon listing in the Verra registry.

“Forests have the potential to create real, measurable, and large-scale climate impact, today,” said Zack Parisa, Co-founder, and CEO of NCX. “There are so many landowners out there that rely on harvesting their trees for income. Using data, economics, and our forestry experience, we’ve developed a way for families to realize value from their forests without cutting them down.”

“Environmental innovation is at the core of Rubicon’s approach to building a more sustainable future, which is why we are so pleased to work with NCX,” said David Rachelson, Chief Sustainability Officer at Rubicon. “NCX has an innovative approach to mitigate carbon in the atmosphere by extending the life of forests through providing an alternative source of livelihood to timber landowners. Rubicon views this work with NCX as a key component of our overall plan to achieve net zero emissions by 2040, in line with Rubicon’s commitment as an early signatory to Amazon’s and Global Optimism’s Climate Pledge.”

“We see the potential for carbon markets to help businesses like Cargill reduce their greenhouse gas emissions while helping landowners and local communities thrive,” said Joe Stone, Leader of Cargill’s Agriculture Supply Chain Division and Corporate Trading Strategy. “We’re proud to work with NCX to source verified carbon credits that are rooted in nature and demonstrate an immediate positive impact on the planet.”

Enrollment for the next NCX cycle is currently open to carbon credit buyers and landowners in all 48 states in the contiguous US and closes on September 8, 2021. To learn more about NCX and the results of the summer cycle, join the July 22, 2021 webinar, “Designing forest carbon markets for massive climate impact.” Interested landowners and carbon credit buyers should connect with an NCX representative to learn more.

About NCX

NCX, previously known as SilviaTerra, is a trusted provider of high-quality forest carbon credits. Using an AI-powered forest Basemap, NCX connects American landowners with net-zero pioneers. Built on a decade of industry-leading precision forestry expertise, NCX takes a data-driven approach to democratizing forest carbon markets. Read more in our recent white paper.

*As part of Microsoft's FY21 Carbon Removal portfolio announced in January 2021.


Contacts

Media Contact:
Cheryl Sansonetti, Marketing Director
NCX
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Director of DOE Loan Programs Office, Jigar Shah speaks with IHS Markit Senior Vice President and Chief Energy Strategist Atul Arya for a new edition of CERAWeek Conversations – available at https://ondemand.ceraweek.com/cwc


WASHINGTON--(BUSINESS WIRE)--“Too much money and not enough projects” is how the head of the DOE Loan Programs Office characterizes the current pace of deployment for climate-related projects in the United States.

“The pace at which we are deploying climate solutions is wholly unacceptable,” says Jigar Shah, director of the U.S. Department of Energy’s Loan Programs Office that has more than $40 billion in loans and loan guarantees available to help deploy large-scale energy infrastructure projects in the United States. “The United States is at maybe $200 billion a year of climate change solution deployment annually. That number has to probably be a trillion dollars a year to be able to be on track to [achieve] the goals that the president will be announcing [at the United Nations Climate Change Conference] in Glasgow.”

The comments are part of the latest episode in the CERAWeek Conversations series. In a conversation with Atul Arya, IHS Markit Senior Vice President and Chief Energy Strategist, Shah discusses the role of being a “catalyst” for Wall Street; advancing climate solutions to the trillion-dollar-scale needed to meet carbon goals; and how oil and gas companies can transition to leverage their expertise in subsurface, geology, risk management and safety in other sectors.

Noting that previous DOE loans to Tesla and others created a trillion dollars of equity value in nearly every sector since those loans were made in 2010-2011, Shah says “now we have to find the next set of technologies to do the same thing.”

“A lot of what we’re doing at the Loan Programs Office is really explaining to people the supply chain of how it works within the government, but then also within industry. There are many industry participants who really don’t understand [project finance],” he says.

The complete video is available at: https://ondemand.ceraweek.com/cwc

Podcast version available: CERAWeek Conversations is also available via audio podcast on Apple Podcasts, Google Podcasts, Soundcloud, Spotify and Stitcher.

Selected excerpts:
Interview Recorded Friday, July 9, 2021

(Edited slightly for brevity only)

  • On the bridge role that the Loan Programs Office plays between venture technologies and commercial capital:

    “We all recognize that project finance is something that is not well understood. Ultimately what you find is that the commercial debt market generally does not want to do new things. Sometimes it’s because they generally believe there’s technology risk that they don’t understand. But a lot of times it’s just because they can hit their numbers without doing new stuff. What ends up happening is there’s a lot of technologies that we care about at the Department of Energy and also as a nation that don’t get a good start. We have about $46 billion in existing authority within clean energy and the automotive supply chain to be able to provide these loans and to really be a bridge for the commercial debt market so that they see us do the first three of four deals, then they get comfortable doing the next set of deals.”

    “Today we’re already averaging about $7 billion of applications every month. More are coming every day. We have about 40 applications that are actively being put together. Everything from the fossil [fuel] sector to advanced nuclear to renewable energy and energy efficiency to EV manufacturing, battery manufacturing and critical minerals.”

    “Ultimately the way the Loan Programs Office thinks is the same way that S&P [Global] and Moody’s thinks. It’s the same way the commercial debt market thinks. We are a liquidity instrument. The goal for us is to fund a project, but more importantly, fund it in a way where we think that we can just pass all of our notes on to Wall Street so that they can do the next set. I have $46 billion of authority here at the DOE Loan Programs Office. We can do whatever portion of that that we can do. But at some point, we’ve done our job. We’re a catalyst and we can hand it off to Wall Street to do the next hundred billion.”

    “Every one of these solutions has to get to a trillion-dollar scale. That’s the only way you meet the carbon targets that we’ve set for ourselves for 2035 for electricity and then 2050 for the whole economy. LPO is never going to have a trillion dollars. That means that we have to bridge to private sector capital, otherwise the goal doesn’t get reached.”
  • On LPO’s portfolio of investments and its early stage financing arrangement with Tesla:

    “Utility scale solar and wind—many people forget that those were unbankable projects. They received PPAs in 2007-08; by 2010 they still had not gotten bank debt. The Department of Energy provided the bank debt and even after we provided a guarantee, most of those projects were forced to be sold to Berkshire Hathaway. It was not until 2014 that Wall Street banks really got fully comfortable with solar and wind financing at scale. We did three geothermal projects; we did electric vehicles with Tesla and Fisker. We did battery manufacturing with Nissan; we did nuclear plants—the Vogtle nuclear plant continues to be almost close to being turned on. The existing portfolio is about $32 billion. It’s a pretty diverse group.

    “In almost every sector, a trillion [dollars] of equity value has been created since we made those loans in 2010-2011. Now we have to find the next set of technologies to do the same thing.”

    “[Tesla] was out of cash and no one wanted to fund them because you had the financial crisis. LPO put in $465 million for them to retool an existing auto manufacturing plant into their plant and that allowed them to launch the Model S which allowed them to raise more money and do the Gigafactory. All of those things came from that. We’re proud of the fact that they were able to pay us off early. It was a fantastic success story. Even more importantly, we made the loan to Fisker as well which we lost money on.

    “We have to take several swings at-bat. The question becomes, if we fund four EV manufacturers and one of them becomes Tesla and the other three are not as financially successful, that still promotes the interest of the United States of America and making sure that all of that innovation that we’ve paid for at the DOE stays here, and grows here, and creates jobs here.”
  • On LPO’s approach to financing carbon capture and sequestration and geothermal projects, and the supply chains that support their industries:

    “It’s very clear that we have been testing carbon sequestration and storage techniques for decades. As the United States government, we’ve been talking about it and funding it at high levels since 2009. Now the question becomes: What does scale-up look like? What does it take to create hundred billion-dollar deployments?

    “When you think about the state of Louisiana where 60% of their emissions are from the industrial sector, for them to meet the governor’s goals they have to really figure out carbon sequestration and storage. When you look at the geology of Louisiana, they can really store tremendous amounts of CO2. The question really becomes, what does it look like? Is it each individual company coming to LPO for an application? Sure. But it can also be a new utility company—one common trunk line for CO2 and we’re going to allow people to opt into the network and share the risk and costs across all of them so there isn’t discrete risk on one project. When you think about all the complexities of these issues, the Loan Programs Office is staffed not only to evaluate senior debt for a loan, but also to think through all of these issues with governors and the industry participants.”

    [Geothermal]

    “It’s very obvious that geothermal technology works. It’s a staple of many economies around the world, including California and the U.S. But when you think about the challenges of geothermal, there are real risks around drilling. For the risk management divisions at Halliburton and Schlumberger, can they actually reduce the risk on drilling?”

    “Each one of these technologies has these institutional barriers where everything needs micro-management when it comes to due diligence. Every single project is a snowflake and each project takes extraordinary amount of time—years’ worth of due diligence—before people feel comfortable to put the money in. The supply chain of capital when it comes to development of these projects, to the risk management of the construction, to the operations, mirrors the oil and gas sector. What we found is that the oil and gas sector has not yet figured out how they want to play in the space at scale. There’s a lot of pilot projects here and there. The Loan Programs Office continues to be open for business. We see a lot of projects coming in. We’re going to be doing several billion dollars’ worth of geothermal loan guarantees. But the bridge to bankability is more than just these projects. It’s also figuring out how we rationalize the supply chain around development dollars and EPC risks.”
  • On oil and gas companies transitioning skills and human capital to low-carbon industries:

    “When you read the technology pathways work from the IEA, what is shows is that there are certain sectors that are on track to reaching gigaton scale, whether it’s solar, wind or lithium ion battery storage. And there are many pathways that are not on track to gigaton scale—geothermal, low impact hydro or small modular and advanced nuclear.

    “I’ve been quite surprised at how they have been chasing things that are already successful, like solar and wind, as opposed to leveraging the tens of thousands of extraordinary people who work at their companies and bringing forward their expertise in subsurface, geology, risk management, safety. There are many sectors where these skills are critical, and these skills are generally not available in the existing players in that space. I would love to see them differentiate themselves and, as Warren Buffet talks about, create ‘moats’ around their business which I think will lead to increased interest in their companies from investors.”
  • On the pace of clean investments and the surplus of capital to finance low-carbon projects:

    “The pace at which we are deploying climate solutions is wholly unacceptable. The United States is at maybe $200 billion a year of climate change solution deployment annually. That number has to probably be a trillion dollars a year to be able to be on track to [achieve] the goals that the president will be announcing in Glasgow. When you think about the transition, we can maintain $200 billion a year or even grow that number substantially and still pursue supply chain efficiency because we eventually have to get to a trillion dollars a year of deployment or else we’re not going to get to the goal. We’re not deploying at a fast-enough pace where any slowdown is necessary because we’re just in such a deficit in terms of deployment.”

    “Today we perennially have too much money and not enough projects. If you look at the energy sector alone, five years ago fundraising was probably 50-50 between oil and gas and clean energy. Today it’s like 10% oil and gas, 90% clean energy. On a macro basis, in 2003 about 3% of global money raised—of all types—into private funds was in infrastructure. Today that number is 12%. When you think about just the sheer amount of money that has been raised, it’s enormous. We don’t have enough projects. The reason we don’t have enough projects is because the only people who really know how to develop projects are people who develop solar and wind and those kinds of projects. When you look at the oil and gas space those are almost always PPPs: Someone wins an auction, they get a monopoly license to figure out a site, and they build out their capabilities if there’s oil and gas there. That’s not the same thing as climate solutions.

    “When you think about climate solutions, whether it’s nuclear plants or carbon sequestration, these are projects. The vast majority of people are still waiting for the government to tell them what a risk-free approach looks like. That’s not how it works. It’s not risk-free. A lot of what we’re doing at the Loan Programs Office is really explaining to people the supply chain of how it works within the government, but then also within industry. There are many industry participants who really don’t understand [project finance].”
  • On DOE and LPO initiatives to facilitate a just energy transition:

    “Clearly we have [Native American] tribes who have not been given full access to modern services. That is something that is working through the congress today. Largely, a lot of that work is grant-funded. Separately there are many wealth opportunities. Many of the best wind and solar sites in the country are on tribal lands. There are many transmission corridors which run through tribal lands and making sure that the tribes not only get paid rent for those sites, but also participate in ownership of those assets is something that we’re very focused on. That is where we’re really focused on the Tribal Energy Loan Guarantee Program. We have $2 billion of authority. The tribes have to own at least 51% of the project and then we can provide up to a 90% loan guarantee on the debt. There are many projects where the private sector has figured out that if they invite a tribe in as their partner to be a 51% owner, then they can get access to this much lower cost debt and it supports everyone.”

Watch the complete video at: https://ondemand.ceraweek.com/cwc

New CERAWeek Conversations segments also include:

  • Technology Pathways for Plastics Recycling – Brian Bauer, CEO and co-founder, Resynergi; Joe Vaillancourt, president, Cylclyx; Paige Morse, chemicals industry lead, Aspen Technology; Anthony Palmer, vice president, circular plastics and sustainability, IHS Markit
  • Cybersecurity: Protecting energy Infrastructure – Leo Simonovich, vice president and global head, industrial cyber and digital security, Siemens; Merritt Baer, principal, Office of the CISO, Amazon Web Services; Herb Lin, senior research scholar, Center for International Security and Cooperation, Stanford University. Interviewed by Vinod Raghothamarao, director, IHS Markit
  • Geothermal: A New Arrival? – Lees Rodionov, director, sustainability, Schlumberger; Timothy Latimer, CEO, Fervo Energy; Jamie Beard, executive director, The Geothermal Entrepreneurship Organization. Interviewed by Carolyn Seto, research and analysis director, cost and technology, IHS Markit

About CERAWeek Conversations:

CERAWeek Conversations features original interviews and discussion with energy industry leaders, government officials and policymakers, leaders from the technology, financial and industrial communities—and energy technology innovators.

The series is produced by the team responsible for the world’s preeminent energy conference, CERAWeek by IHS Markit.

The complete episode library is available at https://ondemand.ceraweek.com/cwc.

CERAWeek Conversations is also available via audio podcast on Apple Podcasts, Google Podcasts, Soundcloud, Spotify and Stitcher.

About IHS Markit (www.ihsmarkit.com)

IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.

IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2021 IHS Markit Ltd. All rights reserved.


Contacts

News Media Contact:
Jeff Marn
IHS Markit
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Press Team
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HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), today announced the pricing of its fourth solar loan securitization and its tenth residential solar securitization. Sunnova also announced the launch of a new green financing framework (the “Green Financing Framework”) that will guide Sunnova’s investments in new and existing projects that have environmental benefits.


“This securitization, priced at a 1.82% blended coupon, represents Sunnova’s highest-rated, lowest cost of capital issuance to-date,” said Robert Lane, Executive Vice President, Chief Financial Officer of Sunnova. “It is the second transaction structured to align asset debt service with asset cash flows, increase free cash flow to Sunnova, and accelerate the issuance of a bullet-maturity green bond.”

“Through our energy services, we are working to accelerate our ESG impact and to create shared value for our customers, employees, communities, partners, and investors,” said Kelsey Hultberg, Executive Vice President, Chief of Staff of Sunnova. “Consistent with our commitment to sustainable business practices and advancing corporate social responsibility within the solar industry, we are proud to launch our Green Financing Framework which will guide the issuance of our green financings.”

The Green Financing Framework underscores Sunnova’s commitment to environmental sustainability, allows Sunnova to demonstrate its qualifications to investors who seek third-party assessed renewable energy investment opportunities, and will diversify Sunnova’s access to capital. The Green Financing Framework has been subject to an independent external assessment by CICERO Shades of Green, which has classified the Green Financing Framework as Dark Green—its highest level. Under the Green Financing Framework, financings will be required to meet internal eligibility criteria that align with the International Capital Market Association’s Green Bond Principles (“Green Bond Principles”), and net proceeds from any financings may be used for the capital investment, research, development, acquisition, manufacturing, distribution, maintenance and operation of solar energy and storage systems and enabling technologies for solar energy storage and optimization. The Green Financing Framework and CICERO Shades of Green’s Second Opinion can be found here.

Mr. Lane added, “Sunnova’s high-quality residential solar assets and superior customer service continue to realize industry-leading costs of capital. On this 2021-B transaction, we achieved spreads of 80 bps and 120 bps for the AA- and the A- tranches, respectively, over the interest rate benchmark. This represents Sunnova’s best pricing to-date for a solar and storage loan asset securitization.”

The securitization consists of $106.2 million in AA- (sf) rated 1.62% notes and $106.2 million in A- (sf) rated 2.01% notes. The notes carry a weighted average life to the Anticipated Repayment Date of July 20, 2028, approximately 5.07 years, and have a final maturity of July 20, 2048.

The notes are backed by a diverse portfolio of 6,435 solar rooftop systems distributed across 19 states and territories. The weighted average customer FICO score of the related customers at the time of origination is 735. The transaction is expected to close by July 28, 2021, subject to customary closing conditions.

Credit Suisse was the sole structuring agent and bookrunner for the securitization, and Popular Securities acted as co-manager.

The notes have not been and will not be registered under the Securities Act of 1933, as amended, or applicable state securities laws, and, unless so registered, such securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation of an offer or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offer of the notes will be made only by means of a private offering circular.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expect," "plan," "anticipate," "going to," "could," "intend," "target," "project," "contemplates," "believe," "estimate," "predict," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Sunnova's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding the expectations in connection with the offering, including the closing thereof, the use of proceeds from the offering and the use of excess cashflows from the collateral, as well as debt service, cash flows, future financing plans, and Sunnova’s ongoing priorities, objectives and strategies. Sunnova's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, fluctuations in the solar and home-building markets, availability of capital, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. The forward-looking statements in this release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.

ABOUT SUNNOVA

Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider with customers across the U.S. and its territories. Sunnova’s goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®.


Contacts

INVESTOR RELATIONS:
Rodney McMahan, Vice President Investor Relations
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281.971.3323

MEDIA CONTACT
Alina Eprimian, Media Relations Manager
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OKLAHOMA CITY--(BUSINESS WIRE)--Gulfport Energy Corporation (NYSE: GPOR) announced today that it will host a teleconference and webcast to discuss its second quarter 2021 results beginning at 9:00 a.m. ET (8:00 a.m. CT) on Friday, August 6, 2021. Gulfport plans to issue a news release containing its second quarter 2021 financial and operational results on Thursday, August 5, 2021, after market close.


The conference call can be heard live through a link on the Gulfport website, www.gulfportenergy.com. In addition, you may participate in the conference call by dialing 866-373-3408 domestically or 412-902-1039 internationally. A replay of the conference call will be available on the Gulfport website and a telephone audio replay will be available from August 6, 2021 to August 20, 2021, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13721683.

About Gulfport

Gulfport is an independent natural gas-weighted exploration and production company focused on the exploration, acquisition and production of natural gas, crude oil and NGL in the United States with primary focus in the Appalachia and Anadarko basins. Our principal properties are located in Eastern Ohio targeting the Utica formation and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations.


Contacts

Investor Contact
Jessica Antle – Director, Investor Relations
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405-252-4550

Media Contact
Reevemark
Hugh Burns / Paul Caminiti / Nicholas Leasure
212-433-4600

Company enters second half of 2021 with increasing market recognition, achievements in innovation and leadership

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Bidgely’s drive to accelerate a clean energy future gained momentum in the first half of 2021 through the continued deployment of artificial intelligence (AI) solutions to new global customers. Worldwide adoption of Bidgely’s UtilityAI™ Platform solutions expanded with the addition of seven new global utilities and energy retailers, including Ireland’s largest energy provider Electric Ireland. These new progressive utilities and energy retailers join the ranks of nearly 40 Bidgely customers like Duke Energy, Southern California Gas (SoCalGas®), TEPCO, and NV Energy. Bidgely also partnered with Salesforce to integrate its energy analytics into existing workflows in order to streamline and enrich utility operations in the first half of the year.



“Bidgely’s patented, AI-powered technology is advancing the energy industry’s digital transformation in ways that were not possible before. Our goal to support the growing needs of utilities, while exceeding their customers’ expectations, fuels our continuous innovation - capitalizing on the unlimited potential of customer data,” said Abhay Gupta, CEO of Bidgely.

Industry Recognition and Leadership
Bidgely’s success in bringing sophisticated AI strategies to the energy market was repeatedly recognized by industry analysts throughout the first half of the year. Guidehouse Insight’s Leaderboard for Home Energy Management Providers ranked Bidgely in the “Leader” category for its superior strategy and execution in transforming consumer data into household insights. Bidgely also made a strong debut on Guidehouse Insight’s Leaderboard for Smart Meter Analytics for delivering predictive analytics solutions that enable utilities to more effectively analyze and manage the electric grid.

A new IDC MarketScape: Worldwide Digital Customer Engagement Solutions for Utilities 2021 Vendor Assessment recognized Bidgely’s strength in delivering highly-personalized engagement tools, recently naming the company as one of only three providers in the “Leader” category.

Bidgely also partnered with the Wall Street Journal on a thought leadership series exploring strategies for achieving a clean energy future. This included the growing adoption of AI-powered data analytics by leading utilities such as Ameren, Duke Energy, Duquesne Light Company and Hydro Ottawa, as well as perspectives from Salesforce, J.D. Power and Portland General Electric on the power of digital transformation. The series culminated in a look at the collective action of utilities underway to empower carbon footprint reductions en masse.

Innovation and Product Advancements
In addition to introducing new solutions that increase energy savings among low-to-medium income (LMI) customers and promote efficiency through AI-powered Smart Alerts, Bidgely has invested in a series of Innovation Charters for aligning solutions with evolving market needs. These Innovation Charters encompass three key categories:

  • Enterprise Analytics: Enabling customer data utilization in a fully self-serve and flexible manner across multiple utility groups, leveraging Analytics Workbench as a “single source of truth” for demand side management, marketing, grid planning, load research and more.
  • Electric Vehicles (EV): Providing an end-to-end EV solution for utilities to not only identify customers with EVs and personalize load shifting incentives but also manage EVs in relation to the overall grid.
  • Decarbonization: Innovating strategies to guide all customers to a better understanding of their individual impact on the environment while supporting utility commitments to achieving net-zero emissions goals.

“In relation to the company size, Bidgely invests more in R&D efforts than most in the entire industry. This highlights the company's innovative culture and drive to create holistic, end-to-end solutions for utilities in a dynamically unfolding energy landscape,” said Bidgely Director of Innovation Maria Kretzing.

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.


Contacts

Christine Bennett
Bidgely
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  • Martin Nesbitt appointed as Independent Chairman of the Board, effective immediately
  • Independent directors eliminate Executive Chairman role
  • Milton Carroll to depart from Executive Chairman position, effective immediately, and from the Board on September 30
  • Independent directors implement a multi-year retention arrangement for President and CEO Dave Lesar

HOUSTON--(BUSINESS WIRE)--CenterPoint Energy, Inc. (NYSE: CNP) (“CenterPoint” or the “Company”) today announced the unanimous decision of the CenterPoint Board’s Independent Directors to implement a new independent board leadership and governance structure. The Board named Martin Nesbitt, chair of the Nominating and Governance Committee, as its new independent board chairman, effective immediately.


To institute the Company’s new governance structure, this independent seat replaces the position of Executive Chairman. This position has been eliminated by the independent directors of the board, effective immediately. In connection with these decisions by the independent directors, Milton Carroll departs from the Executive Chairman position and as an employee of the Company, effective immediately, and from the Board as a director, effective September 30 of this year, each substantially in advance of Mr. Carroll’s current mandatory retirement date in 2023.

CenterPoint’s Board, based on extensive feedback from shareholders and evaluation of evolving governance practices, determined that now is the right time to execute this significant leadership and governance transition as the company continues to advance its well-received strategic plan to drive sustainable value for the benefit of all its stakeholders. In connection with today’s leadership and governance transition, the Company entered into a multi-year retention grant arrangement with President and CEO Dave Lesar to retain his continued leadership, and to provide executive management continuity, drive successful execution of CenterPoint’s value-creation strategy, and provide executive leadership succession planning. The arrangements entered into with Mr. Carroll and Mr. Lesar will be publicly filed on Form 8-K.

Mr. Nesbitt said, “CenterPoint is a backbone of economic vitality and reliable energy delivery for the communities we serve, and CenterPoint’s importance is a central part of Milton Carroll’s legacy. As we continue to seize opportunities ahead of us, I believe that our unique value proposition will be further strengthened by CenterPoint’s commitment to strong corporate governance, including through the leadership and governance transition we announce today. I am honored to have been selected to lead CenterPoint as independent Chairman of the Board and on behalf of the Board, we express our deepest gratitude and respect for Milton, who has served CenterPoint and its stakeholders tirelessly for nearly 30 years. Milton has been a steady source of inspiration, leadership and guidance to all who have known him, and his stewardship and commitment to CenterPoint’s success have been unmatched. Milton was instrumental in the creation of CenterPoint, provided initial board leadership and with the help of many others, navigated CenterPoint through the difficult transition of the early days of the deregulation of the Texas electrical market. He then helped lead the company to where it is today – stronger than ever, with a market capitalization near its historic high. I look forward to continuing to work closely with our incredible CEO Dave Lesar, who has demonstrated tremendous energy and accomplishment since he became CEO only a year ago.”

Mr. Carroll said, “In the nearly 30 years since I joined CenterPoint’s Board in 1992 and during my time as Executive Chairman of the Board, CenterPoint has successfully navigated industry, energy and regulatory challenges, business transitions and changes in our nation and communities. Thanks to our great CenterPoint team, we are an indelible part of the fabric and history of Texas and the other territories we serve. I am excited to see how CenterPoint continues to evolve under the leadership of Marty and Dave and reach even greater heights of potential and promise. It has been an honor to serve as Chairman and then Executive Chairman alongside my fellow directors.”

Mr. Lesar said, "We have been on a very focused mission over the past year to unlock the untapped power and potential within this company, its premium regulated utilities and its exceptional talent. Milton has been a critical partner throughout this journey, and with our utility-focused strategy, we are now taking advantage of the robust capital investment opportunities available to us and are firmly on the path to exit our midstream investments and progress our renewable energy growth objectives. I believe the best is yet to come, and I couldn’t be more excited to continue my commitment to CenterPoint’s future success and the development of its next phase of leadership over the coming years. On behalf of myself and all our employees, I am deeply grateful to Milton for laying CenterPoint’s strong foundation and positioning the company so well for this new era. I am excited for our future and look forward to discussing our second quarter results.”

About Marty Nesbitt

Martin H. Nesbitt has been a director since April 2018 and will now serve as the independent Chairman of CenterPoint’s Board. Since 2013, he has served as Co-Chief Executive Officer of The Vistria Group, LLC, a Chicago-based investment firm focused on the education, healthcare and financial services industries. Prior to co-founding Vistria, Mr. Nesbitt served as Chief Executive Officer of PRG Parking Management (known as The Parking Spot), an owner and operator of off-airport parking facilities, from 1996 to 2012. Prior to The Parking Spot, Mr. Nesbitt also served as officer of the Pritzker Realty Group, L.P. and as Vice President and Investment Manager at LaSalle Partners, with a variety of responsibilities including investment management for regional retail properties. Mr. Nesbitt has served on the Boards of Directors of American Airlines Group, Inc. since 2015 and Chewy, Inc. since 2020. He also previously served on the Board of Directors of Jones Lang LaSalle. He is a Trustee of Chicago’s Museum of Contemporary Art and serves as Chairman of the Barack Obama Foundation. He previously served as a director of Norfolk Southern Corporation from 2013 to May 2019.

About CenterPoint Energy, Inc.

As the only investor-owned electric and gas utility based in Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Arkansas, Indiana, Louisiana, Minnesota, Mississippi, Ohio, Oklahoma and Texas. As of March 31, 2021, the company owned approximately $36 billion in assets and also owned 53.7 percent of the common units representing limited partner interests in Enable Midstream Partners, LP, a publicly traded master limited partnership that owns, operates and develops strategically located natural gas and crude oil infrastructure assets. With approximately 9,500 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. For more information, visit CenterPointEnergy.com.

Forward Looking Statement

This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this news release, the words "continue," "could," "expect," "intend," "may," "plan," "potential," "should," "will" or other similar words are intended to identify forward-looking statements. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Any statements in this news release regarding future events, such as executive management continuity and succession planning, the benefits of leadership and governance transitions, corporate governance commitments, strategic plans and value creation, capital investments, business opportunities, future financial performance and results of operations, expectations regarding our midstream investments and renewable energy growth objectives, and any other statements that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of the date of this release. Important factors that could cause actual results to differ materially from those indicated by the provided forward-looking information include risks and uncertainties relating to: (1) the impact of COVID-19; (2) financial market conditions; (3) general economic conditions; (4) the timing and impact of future regulatory and legislative decisions; (5) effects of competition; (6) weather variations; (7) changes in business plans; and (8) other factors, risks and uncertainties discussed in CenterPoint Energy's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, CenterPoint Energy's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission.


Contacts

Media:
Communications
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Investors:
Philip Holder / Jackie Richert
713.207.6500

SOUTHBOROUGH, Mass.--(BUSINESS WIRE)--Upstart Power, a leading developer and manufacturer of solid oxide fuel cell (SOFC) power systems for backup power and distributed generation, announces today the addition of two executives to expand the company’s management team and further position the company for success.


Jeff Gatto and Georg Bettenhauser have joined the organization as Senior Vice President of Engineering & Manufacturing and Vice President of Business Development, respectively. Jeff Gatto is leading Upstart Power’s efforts to design, develop, and manufacture an expanding portfolio of Upgen™ SOFC power systems. Georg Bettenhauser is responsible for business development, sales, and commercial partnership activities at the company. Both Gatto and Bettenhauser come to Upstart Power at an exciting time as the company is transitioning its cutting-edge SOFC products from pilot production and field trials into scaled manufacturing and global commercial sales.

“The capabilities and experience of Jeff and Georg enable us to increase our pace and impact as we launch and grow our portfolio of residential and industrial fuel cell products around the world,” said Paul Osenar, President and CEO of Upstart. “Both of these gentlemen are proven, world-class executives with backgrounds that align extremely well with Upstart Power. They bring significant experience with high technology, hardware systems, and renewable energy and have participated in many successful efforts to scale new products into new markets.”

Prior to Upstart Power, Mr. Gatto was the Vice President of Hardware Engineering & Supply Chain Operations at CASA Systems, a global broadband hardware development company. Prior to CASA, Jeff held a series of senior leadership roles focused on engineering, manufacturing and supply chain at companies including Whoop Inc., Myriant, Tyco, 3Com, Digital, and IBM. He brings 30+ years of experience in accelerated product commercialization from concept through volume production. Jeff holds a B.S. in Mechanical Engineering from Tufts University and an M.S. in Electrical Engineering from Syracuse University.

Mr. Bettenhauser comes to Upstart most recently from EnergySage, a consumer platform for confident energy decision making on solar and other renewable energy options, where he served as VP of Sales & Supplier Partnerships. Prior to EnergySage, Georg served in senior commercial leadership roles at Trina Solar, SolarWorld, Enphase Energy, Seagate, Quantum and Cylink. Georg brings over 25 years of experience in the sales, business development, channel management, commercial partnerships, and marketing of innovative, high-tech products. He holds a B.S. in Industrial Engineering from Technische Hochschule Mittelhessen in Germany and an M.B.A. from Santa Clara University, in California.

About Upstart Power, Inc.
Upstart Power designs and produces market disruptive solid oxide fuel cell (SOFC) generators that are dependable, sustainable, carbon efficient, and virtually silent for Residential and Industrial applications. The Upgen™ Power system from Upstart Power works collaboratively with intermittent renewable sources like solar and battery storage and will ‘cycle on’ when other sources are unavailable, providing 24-7-365, long-duration backup power generation. Founded in late 2018, Upstart Power is a privately held company, funded by investors including TJ Rodgers, Enphase Energy and Sunnova Energy.

For more information, visit www.upstartpower.com.


Contacts

Upstart Power
Robyn Kennedy DeSocio
Investor Relations
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614.877.8278 ex. 124

SANTA ANA, Calif.--(BUSINESS WIRE)--$ITI #IoT--Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it will conduct a conference call on Thursday, August 5, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its financial results for the fiscal first quarter ended June 30, 2021. The financial results will be issued in a press release prior to the call.


Iteris president and CEO Joe Bergera, and CFO Douglas Groves will host the call, followed by a question and answer period.

Date: Thursday, August 5, 2021
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-free dial-in number: +1 800-367-2403
International dial-in number: +1 334-777-6978
Conference ID: 1268914

If joining by phone, please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MKR Investor Relations at 1-213-277-5550.

To listen to the live webcast or view the press release, please visit the investor relations section of the Iteris website at www.iteris.com.

During the question and answer period, management will take questions live from covering sell-side analysts, as well as answer select questions submitted to the company in advance of the call. If you would like to submit a question in advance, please do so before 5 p.m. Eastern time (2 p.m. Pacific time) on August 4, 2021 by emailing Iteris investor relations at This email address is being protected from spambots. You need JavaScript enabled to view it..

A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through August 12, 2021. To access the replay dial information, please click here.

About Iteris, Inc.

Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. Visit www.iteris.com for more information, and join the conversation on Twitter, LinkedIn and Facebook.


Contacts

Iteris Contact
Douglas Groves
Senior Vice President and Chief Financial Officer
Tel: (949) 270-9643
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations
MKR Investor Relations, Inc.
Todd Kehrli
Tel: (213) 277-5550
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Fewer than One-Fourth of Customers Aware of Local Utility Plans to Curb Greenhouse Emissions


TROY, Mich.--(BUSINESS WIRE)--Few local electric customers have any idea what their utility is planning to do to improve the environment despite a historic bipartisan infrastructure proposal that calls for the single largest federal investment in clean energy, countless clean-air initiatives launched by local utilities and growing consumer interest in clean energy. According to the J.D. Power 2021 Sustainability Index, released today, just 23% of customers are aware their electric utility has declared a goal to reduce greenhouse gas emissions.

“Consumer awareness and support for climate sustainability initiatives of local electric utilities remains low despite growing national attention on sustainability and the environment,” said Andrew Heath, senior director of utilities intelligence at J.D. Power. “This is a big issue because utilities are developing a number of sophisticated sustainability strategies and, eventually, customers are going to be asked to fund these investments and modify their electric consumption. If they want customer support, utilities really need to act quickly to increase awareness for their sustainability initiatives.”

Following are some key findings of the 2021 index:

  • Persistently low consumer awareness for utility climate initiatives: The overall sustainability scores for electric utilities evaluated in the study—which are based on consumer awareness, support, engagement and advocacy for their local utility’s climate initiatives—is 27 (on a 100-point scale), up just one point from 2020. Only 23% of electric utility customers say they are aware of their utility’s goals to reduce greenhouse emissions.
  • Lack of faith: Only 46% of customers believe their utility is likely to achieve a goal of 100% clean energy by 2050.
  • Some utilities show significant improvement: While overall sustainability scores have not moved much, a handful of utilities achieved significant improvement from last year’s study. On a 100-point index scale, they are Alliant Energy (+4.6 points), Avangrid (+4.3), Salt River Project (+3.9), Evergy (+3.1), CMS Energy (+3.0) and Duquesne Light (+3.0).
  • Highest-scoring utilities: NextEra Energy and Sacramento Municipal Utility District have the highest scores in 2021, each with a score of 33.

The J.D. Power Sustainability Index evaluates electric utility customer awareness, support, engagement and advocacy for their local utility’s climate sustainability programs and goals. The index applies to the 35 largest U.S. electric utility companies and cities, each serving 500,000 or more residential customers and is based on responses from 66,494 business and residential electric utility customers and was fielded from June 2020 through May 2021. Additional information is based on the J. D. Power 2021 Sustainability Pulse Study fielded in April 2021.

Following is the full list of electric utility companies and cities that are evaluated, along with their index scores:

Utility

 

2021 Sustainability Index Score

NextEra Energy

 

33

Sacramento Municipal Utility District

 

33

Con Edison

 

32

CPS Energy

 

31

L.A. Department of Water & Power

 

31

Salt River Project

 

31

CMS Energy

 

30

DTE Energy

 

30

Edison International

 

30

Emera

 

30

Portland General Electric

 

30

Southern Company

 

30

Duke Energy

 

29

Puget Energy

 

29

Sempra Energy

 

29

Berkshire Hathaway Energy

 

28

Dominion

 

28

Entergy

 

28

Pacific Gas and Electric

 

28

Xcel Energy

 

28

Ameren

 

27

Exelon

 

27

Pinnacle West

 

27

Alliant Energy

 

26

OGE Energy Corp.

 

26

PPL Corporation

 

26

PSEG

 

26

Evergy

 

25

National Grid

 

25

AEP

 

23

Avangrid

 

23

Duquesne Light

 

23

Eversource

 

23

WEC Energy Group

 

23

FirstEnergy

 

21

For more information about the J.D. Power Sustainability Index, visit https://www.jdpower.com/business/utilities/jd-power-climate-leadership-program.

To view the online press release, please visit http://www.jdpower.com/pr-id/2021081.

About J.D. Power

J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.

J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.

About J.D. Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info


Contacts

Geno Effler, J.D. Power; West Coast; 714-621-6224; This email address is being protected from spambots. You need JavaScript enabled to view it.
John Roderick; East Coast; 631-584-2200; This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Global Offshore Decommissioning Market by Service (Well Plugging & Abandonment, Platform Removal, Conductor Removal) Depth (Shallow, Deepwater) Structure (Topsides, Substructure) Removal (Leave in Place, Partial, Complete), and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.


The global offshore decommissioning market is projected to reach USD 8 billion by 2027 from an estimated USD 5.2 billion in 2021, at a CAGR of 7.4% during the forecast period.

The factors driving the market include maturing oil & gas fields, low crude oil prices, and aging offshore infrastructure. Offshore decommissioning refers to ending oil & gas operations on offshore platforms and restoring marine life and seafloor to its pre-production conditions.

Well plugging & abandonment segment dominates the global market

The well plugging & abandonment segment is expected to be the largest market, by service type during the forecast period. This growth is evident owing to key activity to be performed regardless of decommissioning type; it ensures that oil wells do not have any type of leakage after the cessation of production. According to norms and regulations, wells that are matured and no longer productive need to be properly plugged & abandoned. It is essential to plug the wells before platform removal to prevent any kind of leakages, which can pollute the seafloor and damage the surrounding marine environment.

Complete removal dominate the global offshore decommissioning market

The complete removal segment of offshore decommissioning is estimated to be the largest market during the forecast period. Complete removal involves restoring the oilfield site to its natural or pre-commissioning state. It is an expensive decommissioning option for both operating companies and taxpayers. In the North Sea, a complete removal is currently required by the Convention for the Protection of the Marine Environment of the North-East Atlantic, or the 'OSPAR' agreement.

Europe to lead the global offshore decommissioning market in terms of growth rate

Europe is the largest market, by value, for offshore decommissioning, followed by North America. Owing to mature oil and gas fields, particularly in the UK and the North Sea. The impending cessation of production in major oil and gas fields would ensure that the European market would grow at the highest pace. Europe is estimated to witness the highest offshore decommissioning spending, with its well-developed regulatory framework compared to other regions.

Market Dynamics

Drivers

  • Growing Number of Abandoned Wells and Presence of Large Mature Offshore Oilfields Worldwide
  • Fluctuations in Oil Prices Boost Offshore Decommissioning Activities

Restraints

  • High Cost Associated with Offshore Decommissioning Processes
  • Lack of Skilled Workers in Developing Countries
  • Environmental Concerns Associated with Offshore Decommissioning

Opportunities

  • Aging Offshore Infrastructures, Especially in North Sea and Gulf of Mexico
  • Deepwater Discovery and Development in Offshore Areas

Challenges

  • Growing Adoption of Technologies to Increase Production from Mature Fields
  • Impact of COVID-19 on Offshore Decommissioning Spending

Companies Mentioned

  • Able UK
  • Acteon Group
  • AF Gruppen
  • Aker Solutions
  • Allseas Group
  • Baker Hughes Company
  • Deepocean Group
  • Halliburton
  • Heerema Marine Contractors
  • John Wood Group plc
  • Mactech Offshore
  • Maersk Decom
  • Oceaneering International
  • Petrofac
  • Royal Boskalis Westminster N.V.
  • Saipem
  • Schlumberger
  • Subsea 7
  • TechnipFMC
  • Weatherford

For more information about this report visit https://www.researchandmarkets.com/r/dw13m6


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

Reports quarterly GAAP and adjusted earnings from continuing operations of $0.12 and $0.15 per diluted share, respectively

Generates year-to-date operating and total free cash flow of $335 million and $359 million, respectively

Returned $375 million of capital to stockholders year-to-date through dividends and share repurchases

DALLAS--(BUSINESS WIRE)--Trinity Industries, Inc. (NYSE:TRN) today announced earnings results for the second quarter ended June 30, 2021.

Financial and Operational Highlights

  • Quarterly total company revenues of $372 million
  • Quarterly income from continuing operations per common diluted share ("EPS") of $0.12 and quarterly adjusted EPS of $0.15
  • Lease fleet utilization of 94.3% and Future Lease Rate Differential ("FLRD") of negative 2.5% at quarter end
  • New railcar orders of 4,570 and railcar deliveries of 1,765
  • Year-to-date cash flow from operations and total free cash flow after dividends and investments ("Free Cash Flow") were $335 million and $359 million, respectively
    • Year-to-date investment of $163 million in leasing capital expenditures, net of lease portfolio sales
  • Net additions of 4,550 railcars to the wholly-owned and partially-owned lease fleet compared to prior year period
  • Repurchases of approximately 10.5 million shares at a cost of $291 million
  • Committed liquidity of $918 million as of June 30, 2021

Management Commentary

"We are very pleased to build on the momentum growing in our business as railcar demand and the overall U.S. economy continue to recover," remarked Jean Savage, Trinity's Chief Executive Officer and President. "Best of all, our second quarter results were enhanced by the great strides the Company continues to make towards our return-focused initiatives, and we are proud to say we are on track to achieve the ambitious goals we detailed at our Investor Day last Fall."

Ms. Savage continued, "Our businesses performed well against our expectations across both our leasing and manufacturing businesses. Trinity’s lease revenue improved modestly and secondary market liquidity remains strong as demand continues to rise. There are clear signs of a strengthening recovery as the renewal success rate for the quarter improved to 81%, a level not seen in recent history. Utilization was slightly lower compared to a year ago as energy markets have lagged in the recovery. Most encouraging, though, was the continued improvement in the Future Lease Rate Differential compared to a year ago. Similarly, Trinity benefited in the second quarter from higher margins on railcars sold in the secondary market from our lease fleet as we continue to optimize for best potential returns."

"Trinity's Rail Products Group also had improved results as orders increased significantly compared to a year ago. Even better, our ongoing cost initiatives continue to lower our breakeven point for new car production and reduced the impact of higher steel costs over the quarter. We are ever diligent concerning inflation in our input costs but are increasingly optimistic about the trends in profitability for the Rail Products Group exiting 2021 and into 2022."

"Additionally, Trinity has made excellent progress against our goal to lower funding costs and optimize our balance sheet. In the quarter, Trinity repurchased $291 million of our common stock, and since the onset of the pandemic, we have successfully issued and refinanced approximately $2.3 billion of debt, which includes our partially-owned leasing subsidiary activities. As a result, we have lowered our borrowing costs by approximately 100 basis points. As we noted at our Investor Day, we believe there are many more opportunities to optimize our assets and liabilities. At quarter-end, Trinity still has an unencumbered railcar inventory totaling $1.1 billion. With improved liquidity in the secondary market for railcars, we have an increased ability to manage our fleet through buying and selling railcars."

Ms. Savage concluded, "In summary, we are encouraged by the continued recovery in the U.S. rail markets and the economy broadly. More importantly, we are very proud of the progress and execution being driven by the hard work of our collective teams at Trinity. We look forward to our continued progress and the long-term shareholder value generation that we believe will follow."

 

Consolidated Financial Summary

 

 

Three Months Ended

June 30,

 

 

 

2021

 

2020

 

Year over Year – Comparison

 

(in millions, except percentages and per share amounts)

 

 

Revenues (1)

$

371.5

 

$

509.2

 

Lower deliveries in the Rail Products Group, and the change in presentation of railcar sales, which totaled $10 million in Q2 2020

Selling, engineering, and administrative expenses

$

57.7

 

$

56.8

 

Higher litigation-related expenses

Operating profit (loss)

$

67.4

 

$

(307.3)

 

Q2 2020 includes $369.4 million non-cash impairment of long-lived assets charge

Adjusted Operating profit (2)

$

66.7

 

$

62.4

 

Higher margins on lease portfolio sales in the Leasing Group, partially offset by lower volumes in the Rail Products Group and lower lease rates and higher fleet management operating costs in the Leasing Group

Interest expense, net

$

51.0

 

$

53.0

 

Lower overall borrowing costs associated with the Company's debt facilities, partially offset by higher overall average debt

Net income (loss) from continuing operations attributable to Trinity Industries, Inc.

$

12.7

 

$

(206.9)

 

Q2 2020 includes $369.4 million non-cash impairment of long-lived assets charge

Adjusted Net income (loss) from continuing operations attributable to Trinity Industries, Inc. (2)

$

16.2

 

$

2.7

 

Primarily the changes in adjusted operating profit as described above and the lower adjusted provision for income taxes

EBITDA (2)

$

124.1

 

$

(238.9)

 

Q2 2020 includes $369.4 million non-cash impairment of long-lived assets charge

Adjusted EBITDA (2)

$

136.1

 

$

130.8

 

 

Effective tax expense (benefit) rate

(23.1)%

 

(20.0)%

 

2021 tax benefit was impacted by excess tax benefits associated with equity based compensation; 2020 tax benefit primarily related to changes in recent tax legislation, reduced by the portion of the impairment charge attributable to the noncontrolling interest, for which Trinity does not provide income taxes

Diluted EPS – GAAP

$

0.12

 

$

(1.76)

 

Q2 2020 includes the impact of $1.86 in impairment of long-lived assets

Diluted EPS – Adjusted (2)

$

0.15

 

$

0.02

 

 

 

 

 

 

 

 

 

Six Months Ended

June 30,

 

 

 

2021

 

2020

 

Year over Year – Comparison

 

(in millions)

 

 

Net cash provided by operating activities – continuing operations

$

335.1

 

$

327.8

 

 

Free Cash Flow (2)

$

358.9

 

$

46.7

 

Timing difference of debt proceeds issued for financing lease fleet equity investment

Capital expenditures – leasing (3)

$

251.7

 

$

259.5

 

 

Returns of capital to stockholders

$

375.0

 

$

81.8

 

Increase in share repurchase activity in 2021, which included a privately negotiated repurchase agreement totaling $222.5 million

 

(1) Beginning in the fourth quarter of 2020, we made a prospective change to the presentation of railcar sales and now present all sales of railcars from the lease fleet as a net gain or loss from the disposal of a long-term asset regardless of the age of railcar that is sold. Historically, we presented sales of railcars from the lease fleet on a gross basis in leasing revenues and cost of revenues if the railcars had been owned for one year or less at the time of sale. Sales of railcars from the lease fleet owned for more than one year had historically been presented as a net gain or loss from the disposal of a long-term asset.

(2) Non-GAAP financial measure. See the Reconciliations of Non-GAAP Measures section within this Press Release for a reconciliation to the most directly comparable GAAP measure and why management believes this measure is useful to management and investors.

(3) For the six months ended June 30, 2020, Capital expenditures – leasing is net of sold lease fleet railcars owned one year or less.

 

Business Group Summary

 

 

Three Months Ended

June 30,

 

 

 

2021

 

2020

 

Year over Year – Comparison

 

(in millions, except percentages and number of units)

 

 

Railcar Leasing and Management Services Group

 

 

 

 

 

Leasing and management revenues

$

185.1

 

$

182.7

 

 

Leasing and management operating profit

$

70.0

 

$

78.5

 

Lower lease rates, higher fleet management operating costs, and slightly lower fleet utilization, partially offset by growth in the lease fleet

Operating profit on lease portfolio sales

$

11.1

 

$

4.4

 

Higher margins on railcars sold from the lease portfolio

Fleet utilization

94.3%

 

94.7%

 

Primarily driven by decrease in energy-related markets

Future Lease Rate Differential ("FLRD") (1)

(2.5)%

 

(19.9)%

 

Recovery of current market lease rates compared to the prior year period

Owned lease fleet (in units) (2)

108,635

 

104,085

 

 

Investor-owned lease fleet (in units)

26,490

 

26,710

 

 

 

 

 

 

 

 

Rail Products Group

 

 

 

 

 

Revenues

$

261.8

 

$

405.6

 

Lower deliveries and a shift in the mix of railcar products and services sold

Operating profit margin

1.2%

 

1.9%

 

Lower deliveries and shifts in mix, partially offset by operational efficiencies

Deliveries (in units)

1,765

 

2,985

 

 

Orders (in units)

4,570

 

840

 

 

Order value

$

372.6

 

$

105.9

 

Higher number of units, differences in product mix, and competitive pricing

Backlog value

$

1,177.7

 

$

1,337.3

 

 

 

 

 

 

 

 

All Other

 

 

 

 

 

Revenues

$

78.2

 

$

69.3

 

Increased demand and higher input costs for highway products

Operating profit

$

12.8

 

$

7.3

 

 

 

 

 

 

 

 

 

June 30, 2021

 

December 31, 2020

 

 

Loan-to-value ratio

 

 

 

 

 

Wholly-owned subsidiaries, including corporate revolving credit facility

62.5%

 

58.5%

 

Increased leverage associated with leased assets, partially offset by amortization of debt on encumbered assets

 

(1) FLRD calculates the weighted average of the most current quarterly lease rates transacted compared to the weighted average lease rates for railcars expiring over the next twelve months.

(2) Includes wholly-owned railcars, partially-owned railcars, and railcars under sale-leaseback arrangements.

Additional Business Items

Liquidity and Capital Resource Updates

  • June 2021 Refinancing of Partially-Owned Leasing Subsidiaries' Debt
    • Triumph Rail LLC ("Triumph Rail"), formerly known as TRIP Master Funding LLC, a partially-owned subsidiary of the Company, issued $560.4 million of Series 2021-2 Green Secured Railcar Equipment Notes (the "Triumph Rail Notes"). The Triumph Rail Notes bear interest at an all-in interest rate of 2.20% and have a stated final maturity date of 2051. Net proceeds received from the issuance of the Triumph Rail Notes, as well as proceeds from the sale of railcars and related operating leases to TRIP Railcar Co. LLC described below, were used to redeem Triumph Rail's existing Secured Railcar Equipment Notes, of which $869.1 million was outstanding at the redemption date. The all-in rate for these notes was 5.16% per annum.
    • TRIP Railcar Co. LLC, a partially-owned subsidiary of the Company, drew down $329.6 million under a term loan agreement ("TRIP Railcar Co. term loan"). The TRIP Railcar Co. term loan bears interest at LIBOR plus 1.85% and has a stated maturity date of June 2025. Net proceeds received from the TRIP Railcar Co. term loan were used to purchase railcars and related operating leases from Triumph Rail.
    • TRP 2021 LLC, formerly known as Trinity Rail Leasing 2012 LLC, a partially-owned subsidiary of the Company, issued $355.0 million of Series 2021-1 Green Secured Railcar Equipment Notes (the "TRP-2021 Notes"). The TRP-2021 Notes bear interest at an all-in interest rate of 2.13% and have a stated final maturity date of 2051. Net proceeds received from the TRP-2021 Notes were used to redeem TRP-2021's existing Secured Railcar Equipment Notes, of which $348.0 million was outstanding at the redemption date. The all-in rate for these notes was 3.59% per annum.
  • In June 2021, Trinity Rail Leasing 2021 LLC, a wholly-owned subsidiary of the Company, issued $325.0 million of Series 2021-1 Green Secured Railcar Equipment Notes (the "TRL-2021 Notes"). The TRL-2021 Notes bear interest at an all-in interest rate of 2.31% and have a final maturity date of 2051. Net proceeds received from the TRL-2021 Notes were used to repay borrowings under TILC's secured warehouse credit facility and for general corporate purposes.
  • During the quarter, Trinity repurchased approximately $68 million of shares under the Company's authorized share repurchase program, of which $77 million remains authorized through December 31, 2021.
  • On April 29 2021, we entered into a stock repurchase agreement with ValueAct Capital Master Fund, L.P. (“ValueAct”) to repurchase 8.1 million shares of our common stock for $27.47 per share, for an aggregate purchase price of $222.5 million, in a privately negotiated transaction. The price per share represents a discount of 3.5% from the closing price for a share of common stock on the New York Stock Exchange on April 29, 2021. Under the repurchase agreement, ValueAct will not make any additional sales of common stock without our consent through September 1, 2021.
  • During the quarter, Trinity received a $207 million income tax refund associated with the tax loss carryback for the 2019 tax year as permitted under recent tax legislation. The Company's income tax receivable at the end of the second quarter was $233 million.

Conference Call

Trinity will hold a conference call at 8:30 a.m. Eastern on July 22, 2021 to discuss its second quarter results. To listen to the call, please visit the Investor Relations section of the Company's website at www.trin.net and access the Events & Presentations webpage, or the live call can be accessed at 1-888-317-6003 with the conference passcode "6833145". Please call at least 10 minutes in advance to ensure a timely connection. An audio replay may be accessed through the Company’s website or by dialing 1-877-344-7529 with passcode "10152026" until 11:59 p.m. Eastern on July 29, 2021.

Additionally, the Company will provide Supplemental Materials to accompany the earnings conference call. The materials will be accessible both within the webcast and on Trinity's Investor Relations website under the Events and Presentations portion of the site along with the Second Quarter Earnings Call event weblink.

Non-GAAP Financial Measures

We have included financial measures compiled in accordance with generally accepted accounting principles ("GAAP") and certain non-GAAP measures in this earnings press release to provide management and investors with additional information regarding our financial results. Non-GAAP measures should not be considered in isolation or as a substitute for our reporting results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. For each non-GAAP financial measure, a reconciliation to the most comparable GAAP measure has been included in the accompanying tables. When forward-looking non-GAAP measures are provided, quantitative reconciliations to the most directly comparable GAAP measures are not provided because management cannot, without unreasonable effort, predict the timing and amounts of certain items included in the computations of each of these measures. These factors include, but are not limited to: the product mix of expected railcar deliveries; the timing and amount of significant transactions and investments, such as lease portfolio sales, capital expenditures, and returns of capital to shareholders; and the amount and timing of certain other items outside the normal course of our core business operations, such as restructuring activities and the potential financial and operational impacts of the COVID-19 pandemic.

About Trinity Industries

Trinity Industries, Inc., headquartered in Dallas, Texas, owns businesses that are leading providers of rail transportation products and services in North America. Our rail-related businesses market their railcar products and services under the trade name TrinityRail®. The TrinityRail platform provides railcar leasing and management services, as well as railcar manufacturing, maintenance and modifications. Trinity also owns businesses engaged in the manufacture of products used on the nation’s roadways and in traffic control. Trinity reports its financial results in three principal business segments: the Railcar Leasing and Management Services Group, the Rail Products Group, and All Other. For more information, visit: www.trin.net.

Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future, including the potential financial and operational impacts of the COVID-19 pandemic. Trinity uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “projected,” “outlook,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to risks and uncertainties regarding economic, competitive, governmental, and technological factors affecting Trinity’s operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current Reports on Form 8-K.

- TABLES TO FOLLOW -

 

Trinity Industries, Inc.

Condensed Consolidated Statements of Operations

(in millions, except per share amounts)

(unaudited)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2021

 

2020

 

2021

 

2020

Revenues

$

371.5

 

 

$

509.2

 

 

$

770.3

 

 

$

1,124.4

 

Operating costs:

 

 

 

 

 

 

 

Cost of revenues

259.2

 

 

396.6

 

 

555.2

 

 

878.6

 

Selling, engineering, and administrative expenses

57.7

 

 

56.8

 

 

112.1

 

 

121.1

 

Gains on dispositions of property:

 

 

 

 

 

 

 

Lease portfolio sales

11.1

 

 

5.7

 

 

12.8

 

 

14.4

 

Other

1.0

 

 

0.9

 

 

10.8

 

 

1.8

 

Impairment of long-lived assets

 

 

369.4

 

 

 

 

369.4

 

Restructuring activities, net

(0.7

)

 

0.3

 

 

(1.0

)

 

5.8

 

 

304.1

 

 

816.5

 

 

642.7

 

 

1,358.7

 

Operating profit (loss)

67.4

 

 

(307.3

)

 

127.6

 

 

(234.3

)

Interest expense, net

51.0

 

 

53.0

 

 

102.3

 

 

106.9

 

Loss on extinguishment of debt

11.7

 

 

 

 

11.7

 

 

5.0

 

Other, net

0.8

 

 

(0.7

)

 

2.0

 

 

(1.5

)

Income (loss) from continuing operations before income taxes

3.9

 

 

(359.6

)

 

11.6

 

 

(344.7

)

Provision (benefit) for income taxes:

 

 

 

 

 

 

 

Current

0.5

 

 

(79.7

)

 

5.3

 

 

(452.5

)

Deferred

(1.4

)

 

7.9

 

 

(0.2

)

 

233.1

 

 

(0.9

)

 

(71.8

)

 

5.1

 

 

(219.4

)

Income (loss) from continuing operations

4.8

 

 

(287.8

)

 

6.5

 

 

(125.3

)

Loss from discontinued operations, net of income taxes

 

 

 

 

(0.4

)

 

(0.2

)

Net income (loss)

4.8

 

 

(287.8

)

 

6.1

 

 

(125.5

)

Net loss attributable to noncontrolling interest

(7.9

)

 

(80.9

)

 

(9.9

)

 

(80.3

)

Net income (loss) attributable to Trinity Industries, Inc.

$

12.7

 

 

$

(206.9

)

 

$

16.0

 

 

$

(45.2

)

 

 

 

 

 

 

 

 

Basic earnings per common share:

 

 

 

 

 

 

 

Income (loss) from continuing operations

$

0.12

 

 

$

(1.76

)

 

$

0.15

 

 

$

(0.38

)

Income (loss) from discontinued operations

 

 

 

 

 

 

 

Basic net income (loss) attributable to Trinity Industries, Inc.

$

0.12

 

 

$

(1.76

)

 

$

0.15

 

 

$

(0.38

)

Diluted earnings per common share:

 

 

 

 

 

 

 

Income (loss) from continuing operations

$

0.12

 

 

$

(1.76

)

 

$

0.15

 

 

$

(0.38

)

Income (loss) from discontinued operations

 

 

 

 

 

 

 

Diluted net income (loss) attributable to Trinity Industries, Inc.

$

0.12

 

 

$

(1.76

)

 

$

0.15

 

 

$

(0.38

)

Weighted average number of shares outstanding:

 

 

 

 

 

 

 

Basic

102.8

 

 

117.3

 

 

106.4

 

 

117.6

 

Diluted

105.1

 

 

117.3

 

 

108.9

 

 

117.6

 

Trinity has certain unvested restricted stock awards that participate in dividends on a nonforfeitable basis and are therefore considered to be participating securities. Consequently, diluted net income (loss) attributable to Trinity Industries, Inc. per common share is calculated under both the two-class method and the treasury stock method, and the more dilutive of the two calculations is presented. There were no restricted shares and stock options included in the computation of diluted EPS for the three and six months ended June 30, 2020 as we incurred a loss for these periods, and any effect on loss per common share would have been antidilutive.

 

Trinity Industries, Inc.

Condensed Segment Data

(in millions)

(unaudited)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

Revenues:

2021

 

2020

 

2021

 

2020

Railcar Leasing and Management Services Group

$

185.1

 

 

$

192.8

 

 

$

368.6

 

 

$

429.1

 

Rail Products Group

261.8

 

 

405.6

 

 

522.8

 

 

915.0

 

All Other

78.2

 

 

69.3

 

 

146.3

 

 

132.7

 

Segment Totals before Eliminations

525.1

 

 

667.7

 

 

1,037.7

 

 

1,476.8

 

Eliminations – Lease Subsidiary

(151.0

)

 

(156.0

)

 

(262.3

)

 

(346.4

)

Eliminations – Other

(2.6

)

 

(2.5

)

 

(5.1

)

 

(6.0

)

Consolidated Total

$

371.5

 

 

$

509.2

 

 

$

770.3

 

 

$

1,124.4

 

 

 

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

Operating profit (loss):

2021

 

2020

 

2021

 

2020

Railcar Leasing and Management Services Group

$

81.1

 

 

$

82.9

 

 

$

159.4

 

 

$

175.8

 

Rail Products Group

3.2

 

 

7.9

 

 

(5.6

)

 

33.0

 

All Other

12.8

 

 

7.3

 

 

28.1

 

 

16.6

 

Segment Totals before Eliminations, Corporate Expenses, Impairment of long-lived assets, and Restructuring activities

97.1

 

 

98.1

 

 

181.9

 

 

225.4

 

Corporate

(27.1

)

 

(24.2

)

 

(49.8

)

 

(52.3

)

Impairment of long-lived assets

 

 

(369.4

)

 

 

 

(369.4

)

Restructuring activities, net

0.7

 

 

(0.3

)

 

1.0

 

 

(5.8

)

Eliminations – Lease Subsidiary

(3.0

)

 

(11.0

)

 

(4.8

)

 

(30.9

)

Eliminations – Other

(0.3

)

 

(0.5

)

 

(0.7

)

 

(1.3

)

Consolidated Total

$

67.4

 

 

$

(307.3

)

 

$

127.6

 

 

$

(234.3

)

 

Trinity Industries, Inc.

Selected Financial Information Leasing Group

($ in millions)

(unaudited)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2021

 

2020

 

2021

 

2020

Revenues:

 

 

 

 

 

 

 

Leasing and management

$

185.1

 

 

$

182.7

 

 

$

368.6

 

 

$

374.7

 

Sales of railcars owned one year or less at the time of sale (1)

 

 

10.1

 

 

 

 

54.4

 

Total revenues

$

185.1

 

 

$

192.8

 

 

$

368.6

 

 

$

429.1

 

Operating profit (2):

 

 

 

 

 

 

 

Leasing and management

$

70.0

 

 

$

78.5

 

 

$

146.6

 

 

$

161.0

 

Lease portfolio sales (1)

11.1

 

 

4.4

 

 

12.8

 

 

14.8

 

Total operating profit

$

81.1

 

 

$

82.9

 

 

$

159.4

 

 

$

175.8

 

Total operating profit margin

43.8

%

 

43.0

%

 

43.2

%

 

41.0

%

 

 

 

 

 

 

 

 

Leasing and management operating profit margin

37.8

%

 

43.0

%

 

39.8

%

 

43.0

%

 

 

 

 

 

 

 

 

Selected expense information:

 

 

 

 

 

 

 

Depreciation (3)

$

57.2

 

 

$

54.0

 

 

$

111.8

 

 

$

107.6

 

Maintenance and compliance

$

25.3

 

 

$

23.0

 

 

$

50.9

 

 

$

48.9

 

Rent

$

1.7

 

 

$

3.0

 

 

$

3.4

 

 

$

6.0

 

Selling, engineering, and administrative expenses

$

13.2

 

 

$

13.0

 

 

$

24.5

 

 

$

27.3

 

Interest (4)

$

57.0

 

 

$

47.1

 

 

$

102.7

 

 

$

102.2

 


Contacts

Investor Contact:
Eric R. Marchetto
Executive Vice President and Chief Financial Officer
Trinity Industries, Inc.
(Investors) 214/631-4420

Media Contact:
Jack L. Todd
Vice President, Public Affairs
Trinity Industries, Inc.
(Media Line) 214/589-8909


Read full story here

HOLYOKE, Mass.--(BUSINESS WIRE)--ESG Clean Energy, LLC, developers of Net Zero Carbon Footprints and clean energy solutions for distributed power generation, announced today the installation of its first electric generation facility that will produce over 4.2 MW of clean power, emit zero CO2, and use the exhaust to provide low-cost distilled water to local manufacturers.


Under a Power Purchasing Agreement with Holyoke Gas & Electric (HG&E), a municipal power provider serving Holyoke, Mass., ESG will utilize a patented carbon-capture system that will enable HG&E to provide low cost energy to its residence while preventing over 15,000 tons of carbon dioxide from entering the atmosphere every year. It will also help boost the reliability of the area electric grid during peak usage times throughout the year.

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About ESG Clean Energy, LLC

ESG Clean Energy, LLC (ESG) develops Net Zero Carbon Footprints and clean energy solutions for businesses and power providers using natural gas. The ESG system utilizes patented, off-the-shelf technology to efficiently produce electricity while capturing and converting 100% of the carbon dioxide and water vapor, which can be used in the production of various commodities, such as distilled water, ethanol, and urea. More information about ESG Clean Energy, its technology, and its current projects can be found at www.ESGcleanEnergy.com.


Contacts

Nick Scuderi, ESG Clean Energy, This email address is being protected from spambots. You need JavaScript enabled to view it., 413-272-2135

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