In addition to a stabilization in primary care volumes as the quarter closed, our leading position in our lab business also puts us in a good place to respond to customer and patient needs during the pandemic.
This was evidenced by the growth in our specialty provider business in the midst of this pandemic driven in small part by improved adoption of biosimilars in the quarter, while our specialty business recovered more quickly than we had assumed following the initial downturns in demand, we have certainly had to adapt to meet the needs of patients.
US Pharmaceutical and Specialty Solutions exceeded our original expectations in the quarter, underpinned by strong execution and improving volume trends in the business in the back half of June.
Based on our first quarter results and the current shape of the recovery versus our original expectations, we’re raising our fiscal 2021 adjusted earnings per diluted share guidance range to $14.70 to $15.50 per diluted share.
On our fourth quarter call in May I discussed that we were entering the new fiscal year with macro uncertainties and volatility in healthcare consumption patterns as a result of the COVID-19 pandemic.
Other variables that could push the timing are a more efficacious vaccine that could slow events; and the inability to meet the FDA guidance of statistical success that also includes the lower bound of the confidence interval of less than 30%, Yee said.
With a more conservative enrollment or infection rate, statistical significance could be hit study goals by mid-November to December, Yee said.
The Moderna Thesis: Fast enrollment and the above-average infection rate in hot spots will drive a 70% probability of Moderna having preliminary late-stage data by October/November, Yee said in a Monday note.
An analyst at Jefferies conducted a statistical analysis of the study design to arrive at the likely timing of the data readout — whether they think the study will achieve statistical significance.
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Whilst all segments contributed to the growth, in dollar terms, this was particularly pronounced in the direct property and property cat excessive loss classes, which increased by just over 20% in the first half of the year compared to 2019.
While the first half of the year is not hugely indicative for aviation, we have also seen good premium growth there as well as very strong rate improvements.
I'm really pleased with the premium growth seen during the first half of the year, which has been visible in every segments of our portfolio.
COVID-19 is a loss like no other our market has dealt with before and there will be ramifications in years to come, not just on the underwriting environment, but also in the way our market operates.
Therefore, our plan for 2020 underwriting year was one of growth weighted to the underwriting opportunity, which prior to the COVID-19 pandemic was steadily building during the first quarter.
Their huge size also gives their stocks’ movements great sway over index funds: The four alone account for nearly 16% of the S&P 500 by market value.
Thursday was the busiest day for profit reports among S&P 500 companies within the busiest week this earnings season.
A separate report on Thursday showed that the U.S. economy contracted at a nearly 33% annual rate in the spring, the worst quarter on record.
Anticipation for their reports, which proved to be even better than Wall Street expected, helped the Nasdaq composite completely erase its early loss and climb 44.87 points, or 0.4%, to end the day at 10,587.81.
The Dow was down as many as 547 points, while the S&P 500 tumbled 1.7% within the first hour of profit reports from UPS and other companies helped the market trim its losses through the day.
Core operating cash flow for the first quarter of the year was JPY 110.8 billion, and year-on-year decrease of JPY 31.6 billion.
Although the worst period of macroeconomic stagnation may have passed, and our first quarter has produced a solid start relative to the plan, it is expected that the true impact on each business from COVID-19 will be reflected from the second quarter onwards.
Cash inflow for the period included core operating cash flow of ¥110 billion, along with inflow mainly from asset recycling of ¥40 billion arising from the sale of assets such as power generation business in North America.
Due to the slowdown in commodity markets and economic activity arising from COVID-19, our results are lower year-on-year, however, factors such as high iron ore prices, strong trading in oil and LNG, and FTTPL earnings mean that we are progressing steadily with our initial plan.
Although performance for the first quarter of the financial year could not avoid being lower than the previous period of the last fiscal year due to the impact of COVID-19, we have proved racing well against our plan, mainly due to strong performance from resources and energy and innovation and corporate development.
On our Q1 earnings call in May, we said we expected smartphone makers using our OLED drivers to launch 18 models in the first half, 10 models being scheduled to launch in Q2.
According to the market data, global smartphone market declined about 20% year-over-year during the first half of 2020, but our OLED DDI business was up 12.4% in the first half.
We are separating the IT systems, reestablishing a new IT infrastructure and a new quality and reliability assurance lab for the continuing business, relocating our OLED test and development center and transferring power process R&D capability from Fab 4 to Fab 3.
Revenue for the combined business came in above the high end of the guidance range due to strong demand in our Power and Foundry businesses.
YJ will discuss the company's recent operating performance and business overview, and Young will review financial results for the quarter and provide guidance for the third quarter.
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NMIH's stock has appreciated ~11% since I began coverage on the PMIs in May of 2020, slightly lagging the S&P 500 by ~2%.
Below is a quarterly look at the four pure-play PMIs' ROEs, TTM revenue growth rates, and P/B ratios: Not only has NMIH's top line been exploding, but it's also gradually been improving the bottom line as the business has scaled.
During the height of the market sell-off in March, NMIH traded as low as $8.06 inter-day, a P/B of 0.59x, clearly sending the message that the market expected massive mortgage defaults and a sharp decline in housing prices.
If NMIH's Q2 earnings beats, as I'm expecting, and they give an optimistic assessment similar to ACGL, I believe the sell-side will be raising their price targets.
Based on the macro backdrop and ACGL's earnings, I expect all of the pure-play PMIs to perform well going into earnings, but I am particularly bullish on NMIH given its significantly lower default rate as of quarter end.
"iPad was helped in the June quarter there by the work from home and distance learning as it was in other geographies," Apple CEO Tim Cook said in an earnings conference call on Thursday.
The tech giant saw an uptick in iPad and Mac sales in its just ended third fiscal quarter as work from home policies and distance learning became the new normal.
Proposed and passed by the House in May, the Health and Economic Recovery Omnibus Emergency Solutions Act includes emergency funding for stimulus checks, tax cuts, federal and state agency operations, options for low-income households, support for small businesses, healthcare bailouts and other contingencies designed to counter fallout from the coronavirus.
Part of Apple's funding went to lobbying group Invariant, which attempted to impact policy on a U.S. coronavirus recovery and stimulus bill known as The Heroes Act, reports CNBC.
According to new data from the Center for Responsive Politics, Apple spent some $7.4 million in the first half of 2020 to lobby lawmakers on issues ranging from the coronavirus pandemic to remote learning.
Provision expense for the quarter was $3.7 million, and the allowance for credit losses on loans to total loans was 1.33% at the quarter-end as compared to 1.34% at March 31.
The decline in earning asset yield was driven by the impact of lower yielding PPP loans originated during the second quarter and a full quarter impact of the lower interest rate environment.
You'll recall that the first quarter results included a $13.9 million provision for credit losses, reflecting deterioration in the economic environment due to COVID-19, the adoption of CECL and the impact of the partial charge-off of a single C&I loan.
To provide enhanced digital capabilities during a time when at-home access was critical, we moved forward in the second quarter with the multi-phase launch of our new online and mobile platform, Five Star Bank Digital Banking.
In our new normal of working together yet apart, we implemented an array of actions to support consumers and businesses, including waiving certain fees, not reporting payment deferrals to credit bureaus and the granting of up to 90-day grace periods for consumer, mortgage and auto loan payments.
Given the negative market outlook and the uncertainty regarding the level of EBITDA to be generated during 2020, coupled with maintenance covenants that govern both total net debt and senior secured debt-to-EBITDA, we worked with our bank group during the quarter to amend our existing cash flow-based revolving credit facility.
We have also taken significant actions on the cost side of our business to adjust to the expectation of these revenue declines, particularly those tied to shale completions in the United States, which were in free fall during the second quarter.
To that end, we generated $39 million of cash flow from operations in the second quarter, secured an amendment to our credit facility providing for financial covenant holidays through March 30, 2021, and purchased $12 million face amount of our convertible notes during the quarter at a substantial discount.
Good morning to each of you, and thank you for joining us today to participate in our second quarter 2020 earnings conference call.
Good morning, and welcome to Oil States' second quarter 2020 earnings conference call.
So Pinto Valley is a 120,000 tonne per day mining operation with a 60,000 tonne per day mill and has a 25 million pound per year SXEW plant associated with it.
After mining of our PV3 pit shell reserves is complete, remember, there is still another 1 billion tons of resource at 0.3% copper and this new leaching technology may now form a component of our PV4 pit shell study that's due to be released next year.
As you can see in the estimated production profile graph, cathode could represent 10% to 12% on average of Pinto Valley's total copper production, which is a nice boost considering the copper is recovered from waste that is currently outside of our technical report.
Earlier this week, we announced a plan to increase capital production at Pinto Valley following a successful commercial demonstration phase with jetty resources that allows us to recover more copper from our high grade wastes.
We'll continue into quarter four with six new tertiary crushers screens to be installed, another secondary crusher will be installed as well and on the second ball mill shell is due for replacement in the first quarter of next year.
We took a look at Microsoft's historical 10-K earnings reports to show how the brand has grown since the Xbox One's original launch in FY2014 to Game Pass' launch in FY2017, all the way to the present day of FY2020.
Game Pass has consistently raised Xbox revenues every year since it was released and has tremendously boosted Xbox services earnings.
Now Xbox Game Pass has taken over, redefining the brand's scope with game streaming to mobiles, instant-access on-demand gaming, and access to all first-party Xbox games.
Since its release in June 2017, Xbox Game Pass has radically transformed Microsoft's gaming business model.
Game Pass is so important that it's changing how Microsoft's biggest Xbox games are being developed.
Qualcomm Inc.’s stock price soared past its former high of $100 set two decades ago on Thursday after the chip maker revealed it settled a licensing dispute with the world’s largest smartphone maker, clearing the way as the new 5G standard rolls out.
In addition to topping Wall Street earnings estimates for the quarter on Wednesday, Qualcomm announced a long-awaited patent-license settlement with Huawei that it had been teasing as far back as a year ago when it recorded results of a settlement with Apple Inc.
Susquehanna analyst Christopher Rolland, who has a positive rating on Qualcomm and hiked his price target to $125 from $110, in a note titled “Huawei...Out.a.the.wei,” called the settlement the “star of the show” in Wednesday’s earnings report.
Cowen analyst Matthew Ramsay, who has an outperform rating and hiked his price target to $130 from $115, said the Huawei settlement unlocked about a $1 or more a share of earnings “from purgatory.”
J.P. Morgan analyst Samik Chatterjee, who has an overweight rating and raised his price target to $120 from $108, said Qualcomm’s leadership in 5G technology ahead of the rollout was “pivotal” to the settlement.
Excluding any further lockdown or COVID-19 resurgence, we expect to achieve substantially flat revenues in full year and to reduce the impact on our profitability due to the two delays in civil deliveries, to then program execution and lower productivity because of the cost of actions that we have taken.
Notable wins in material military programs like NEES and AW169, like the so-called Light Utility Helicopter in Italy and also IMOS, Integrated Merlin Operational Support, and the scanned radar development in the UK.
And while in helicopters, we can leverage on the military/governmental side of the business, 86% of [indiscernible] In Aerostructure, we believe highly prevalent exposure to commercial aircraft, we expect a decline in production rates well beyond 2020.
We have successfully been working with domestic customers to accelerate activities, and you can see it in the new order recently signed in Italy for the Italian Army’s new helicopter and in the UK with the E-Scan Radar [indiscernible] and we are grateful for their support.
We have remained resilient in the face of extreme market conditions with a strong commercial performance in the first half.
Although we recorded a 33% decline year-on-year, the numbers are not strictly comparable as sales for Q1 last year included a onetime contribution from the specialty business in U.S. Let me now update you on developments in our specialty business.
For Q1, sales of branded formulation in India were INR2,388 crores, a growth of 3.2% over Q1 last year, accounting for approximately 32% of total sales.
Other expenditure was at 28% of sales, lower than Q1 last year mainly due to reduced marketing, selling and traveling expenses across markets.
Staff cost was at 23.6% of sales, higher than Q1 last year all due to a lower sales base, an increase in field staff in India and the U.S.
Material cost as a percentage of sales was 26.4%, lower than Q1 last year due to product mix.
Including the interest expense and debt incurred to fund our 2019 SWE acquisition and using the 22.9% effective tax rate, net income was $1.7 million or $0.10 per share on a diluted basis for the 2020 second quarter.
As a percentage of total revenues, consolidated gross margin was 27.9% versus 30.2% for last year's second quarter.
Revenues from our Battery & Energy Products segment were $24.0 million, an increase of 18.4% over last year attributable to a 71.7% increase in medical battery sales, and a 49.8% increase in government defense sales, partially offset by a 33.7% decline in oil and gas market sales.
In a few minutes, I'll give you further information on our revenue initiatives but first, I'd like to ask Ultralife's CFO, Phil Fain, to take you through additional details of the second quarter 2020 financial performance.
For the second quarter of 2020, in the face of ongoing market, supply chain and operational headwinds due to the COVID-19 pandemic, Battery & Energy Products core revenues were up organically 23% year-over-year, driven by strong increases in both our medical and government defense revenues.
In our water segment, which is also decoupled in Connecticut, unit sales were up 7.1% in the second quarter this year largely due to customers irrigating their properties during a very hot and dry month of June.
On the natural gas side, where both Yankee Gas and NSTAR Gas are decoupled, sales in the second quarter were up about 1.7% compared with last year.
At the Eversource parent, we lost $0.01 per share in the second quarter of 2020, excluding the Columbia Gas of Massachusetts asset acquisition costs compared to earnings of $0.02 per share in the second quarter of last year.
Our natural gas distribution segment earned $0.01 per share in the second quarter of 2020 compared with a slight loss in the second quarter of last year.
GAAP results, which include a charge of $0.01 per share relating to our pending acquisition of the assets of Columbia Gas, totaled $0.75 per share compared with earnings of $0.10 per share in the second quarter of 2019.