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AMR (AMR)
AMR Corp. (NYSE:AMR) subsidiary American Airlines, and all of the major US airlines are taking a more cautious, though varied, approach to fuel hedging this year, after incurring blistering losses from hedges in 2008 when oil prices spiked then tumbled, according to AirWise. At the beginning of this year, American Airlines had hedged 24 percent of its full-year fuel requirements, down from 35 percent at the same time last year for the whole of 2009. Currently for 2011 only a small percentage is hedged.
"We know what can happen when market conditions change or market sentiments change. We still cast a very cautious eye on oil prices," Tom Horton, chief financial officer of American Airlines parent AMR, told the Reuters Travel and Leisure Summit this week.
Feb 26 · 1:38:00 PM · Source: AirWise
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by Steve Wieczorek
Citigroup (C)
Citigroup Inc. has named former Mexico President Ernesto Zedillo to its board of directors. Citigroup also said former AT&T Inc. executive Michael Armstrong and Xerox Corp. Chairman Anne M. Mulcahy won’t stand for re-election at the annual shareholder meeting on April 20, Citigroup said today in a statement.
The Citigroup board overhaul continues.
Feb 26 · 10:29:00 AM
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by Larry Etter
GDP
The nation's gross domestic product, the broadest measure of the nation's economic activity, grew at an annual rate of 5.9% in the quarter, the Commerce Department reported today.
The numbers show the economy grew at a slightly faster pace than originally thought during the last three months of 2009.
Feb 26 · 10:19:00 AM
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by Larry Etter
Fluor (FLR)
Fluor Corporation reported for the full year 2009 earnings of $148.7 million, or $0.83 per share, on sales of $5.479 billion. That compares to the prior year earnings of $189.5 million, or $1.04 per share, on sales of $6.071 billion.
"Fluor's strong earnings in 2009, including great performance from the Oil & Gas, Power and Government segments, were surpassed only by our record results in 2008," said Chairman and Chief Executive Officer Alan Boeckmann. "Regarding current market conditions, while we are encouraged by the notable uptick in front-end engineering activity, we continue to experience uncertainty as overall capital investment in most industrial markets lags behind pre-recession levels."
Feb 25 · 10:34:00 PM · Source: Company Press Release
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by Michael Oliveto
ECO International (ESV)
ECO International reported for the full year 2009 earnings of $779 million, or $5.48 per share, on sales of $1.946 billion. That compares to the prior year earnings of $1.151 billion, or $8.04 per share, on sales of $2.397 billion.
Chairman, President and Chief Executive Officer Dan Rabun stated, "In the fourth quarter, earnings grew significantly compared to the third quarter. The increase was driven by higher utilization across the fleet and our growing deepwater segment - which equaled one-quarter of total revenues in the fourth quarter. Looking ahead, we project deepwater segment revenue will continue to grow significantly as more of our new ultra-deepwater semisubmersibles commence drilling for our customers. Growth in our deepwater segment is expected to lessen the impact of declining average day rates in our jackup business - as rates from expiring jackup rig contracts are adjusted to today's lower market rates. Fortunately, market rates for premium jackup rigs have been stabilizing somewhat over the past several months."
Feb 25 · 10:30:00 PM · Source: Company Press Release
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by Michael Oliveto
Edison International (EIX)
Edison International declared a regular quarterly dividend in the amount of $0.315 per share payable April 30, 2010 to shareholders of record on March 31, 2010.
At today''s $32.74 stock price the dividend yield is 3.85%.
Feb 25 · 10:21:00 PM
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by Michael Oliveto
Dynegy (DYN)
Dynegy reported for the full year 2009 a loss of $1.247 billion, or $-1.52 per share, on sales of $2.468 billion. That compares to the prior year earnings of $174 million, or $.20 per share, on sales of $3.324 billion.
The net loss in 2009 was driven by asset and goodwill impairments, a net loss on asset sales, mark-to-market losses, debt extinguishment costs and lower interest income. GAAP results in 2008 included a net gain on asset sales and mark-to-market gains, partially offset by asset impairments.
Feb 25 · 9:24:00 PM · Source: Company Press Release
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by Michael Oliveto
Deere & Company (DE)
Deere & Company today announced that it will review strategic options for its wind energy business and has retained Goldman, Sachs & Co. as exclusive financial advisor to assist in the initiative.
Deere said no formal decisions have been made and no agreements have been reached concerning the company's long-term investments in wind energy projects that are either operational or in development in several states of the U.S.
Deere has been involved in the financing, development, and ownership of wind energy projects for the past five years and has become a leader in project development, management, and financing of wind energy projects in rural U.S. communities.
Currently, Deere has 34 wind energy projects in seven states with operational capacity of 706 megawatts. In addition, the company has numerous wind energy projects in development.
Feb 25 · 9:18:00 PM · Source: Company Press Release
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by Michael Oliveto
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