Tag: financial

Posted in Finance

Ashland reports preliminary financial results for third quarter of fiscal 2020 consistent with previous update

WILMINGTON, Del., July 28, 2020 (GLOBE NEWSWIRE) — Ashland Global Holdings Inc. (NYSE: ASH) today announced preliminary1 financial results for the third quarter of fiscal 2020 which ended June 30, 2020. The global specialty materials company serves customers in a wide range of consumer and industrial markets.

As expected, the Ashland portfolio demonstrated resilience during the quarter, despite the global macroeconomic uncertainty brought on by the COVID-19 pandemic. Sales were $574 million, down 10% versus the prior-year quarter, with the previously communicated prior-year business losses representing approximately one percentage point of the decline. Unfavorable foreign currency contributed an additional one percentage point. Net income was $37 million compared to net income of $66 million in the prior-year quarter, as the prior year included earnings from the Composites and Marl businesses. Income from continuing operations was $50 million compared to income of $23 million in the prior-year quarter, or $0.81 … Read More

Posted in Finance

Rexnord Reports June Quarter 2020 Financial Results

Call scheduled for Wednesday, July 29, 2020 at 8:00 a.m. Eastern Time

Todd Adams, President and Chief Executive Officer, commented, “Our second quarter results demonstrate our ability to nimbly execute amid the unprecedented social and economic challenges created by COVID-19. It also highlights the benefits of the significant changes we’ve made to our business to drive above-market growth, strong margins and higher levels of free cash flow over the course of a business cycle, including one as extreme as the last six months. The trajectory of overall demand levels improved over the course of the quarter, but we continue to be cautious about the remainder of the year based on the current realities and potential range of outcomes due to the pandemic. Our focus over the next six months will be to relentlessly execute against our highest strategic priorities, including the third phase of our Supply Chain Optimization and Footprint … Read More

Posted in Finance

Waddell & Reed Financial Inc (WDR) Q2 2020 Earnings Call Transcript

Logo of jester cap with thought bubble.

Image source: The Motley Fool.

Waddell & Reed Financial Inc (NYSE: WDR)
Q2 2020 Earnings Call
Jul 28, 2020, 10:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning, and welcome to the Waddell & Reed Financial Second Quarter 2020 Earnings Conference Call. [Operator Instructions] [Operator Instructions]

I would now like to turn the conference over to Mike Daley, Vice President, Investor Relations. Please go ahead.

Michael J. DaleyVice President-investor Relations and Controller

Thank you. On behalf of our management team, I would like to welcome you to our quarterly earnings conference call. Joining me on our call today are Phil Sanders, our CEO; Brent Bloss, our President; Ben Clouse, CFO; Dan Hanson, our CIO; Shawn Mihal, President of our Wealth Management business, Waddell & Reed, Inc.; and Amy Scupham, President of Ivy Distributors, Inc.

Before we begin, I would like

Read More
Posted in Finance

Akamai Reports Second Quarter 2020 Financial Results

CAMBRIDGE, Mass., July 28, 2020 /PRNewswire/ — Akamai (NASDAQ: AKAM), the intelligent edge platform for securing and delivering digital experiences, today reported financial results for the second quarter ended June 30, 2020.

“Akamai’s outstanding top and bottom line results in the second quarter were powered by the strong growth of our Security and Media solutions and our continued operational excellence,” said Dr. Tom Leighton, Akamai’s chief executive officer.  “Amidst the ongoing humanitarian crisis associated with COVID-19, we are proud to be supporting our customers – and billions of internet users – with exceptional services when they need them most.”

Akamai delivered the following financial results for the second quarter ended June 30, 2020:

Revenue: Revenue was $795 million, a 13% increase over second quarter 2019 revenue of $705 million and a 14% increase when adjusted for foreign exchange.*

Revenue by Division(1):

  • Web Division revenue was
Read More
Posted in Insurance

As the Virus Deepens Financial Trouble, Colleges Turn to Layoffs

Dorms on East Green at Ohio University in Athens, Ohio, June 21, 2020. (Maddie McGarvey/The New York Times)
Dorms on East Green at Ohio University in Athens, Ohio, June 21, 2020. (Maddie McGarvey/The New York Times)

LAKEWOOD, Ohio — Hammered by mounting coronavirus costs and anticipating lost revenue from international students, fall sports and state budgets gutted by the pandemic, colleges and universities nationwide have begun eyeing what until now has been seen as a last resort — thinning the ranks of their faculty.

The University of Akron this week became one of the first schools in the country to make deep cuts in the number of full-time professors on its staff, with the board of trustees voting Wednesday to lay off about a fifth of the university’s unionized workforce to balance its budget, including nearly 100 faculty members.

Other universities have also trimmed teaching positions, although most have limited themselves to those without tenure. This month, the University of Texas at San Antonio laid off 69 instructors,

Read More
Posted in Insurance

16 Real People Affected By the Coronavirus Give Their Best Financial Advice

The coronavirus, also known as COVID-19, has taken over the world. As of March 30, 2020, there were more than 770,000 cases and nearly 37,000 deaths reported worldwide. It has affected the young and old alike and turned daily life in nearly every country into a surreal nightmare.

From a financial point of view alone, it’s an extremely uncertain and stressful time. Millions of people are unable to work and yet still must pay rent, car payments, student loan debt and more. Buying groceries and other essentials has become a challenge for many, too, and not just because there isn’t enough toilet paper to go around.

However, this doesn’t mean there aren’t ways of getting through this pandemic. GOBankingRates spoke with 16 people around the world who have been affected by the coronavirus, from job losses to life-threatening health concerns, and asked them for their best financial advice. Learn what … Read More

Posted in Business

Get on Track to Become a Certified Financial Analyst with This Helpful $40 Online Prep Course

Anybody can start a business. Not everybody can scale a business to reach its fullest potential. Entrepreneurship takes a lot of guts, some specific expertise, and a heap of leadership skills. But one especially helpful ingredient is a financial education. Finance is the lifeblood of every business and understanding concepts like cash balance, working capital, and being able to create financial models is extremely valuable to an entrepreneur. Knowing how to manage your finances well right from the launch of your business can help you maximize efficiency and reduce waste, helping you to reach your goals faster.

In The All-In-One CFA Level 1 Exam Certification Prep Bundle, you’ll get the financial education you need to get on track to become a Certified Financial Analyst, which can be a big boost on your entrepreneurial journey.

This nine-course, 23-hour bundle is designed to teach you everything you need to know to pass

Read More
Posted in Insurance

First American Financial Banks on Higher Premiums and Buyout

First American Financial Corporation FAF has been in investors’ good books on the back of strategic acquisitions, solid segment performance, higher return on equity and prudent capital deployment.

The company has a decent earnings surprise history. The company beat estimates in each of the last four quarters with the average positive surprise being 18.47%.

First American’s trailing 12-month return on equity of 16.1% is higher than the industry’s 6.4%. This highlights the company’s efficient utilization of its shareholders’ funds to generate earnings.

The stock has a VGM Score of B. VGM Score helps to identify stocks with the most attractive value, best growth and the most promising momentum.

Driving Factors

First American’s top line has been witnessing a positive trend over the years on the back of strong direct premiums and escrow fees, higher agent premiums, net investment income and information and other revenues. The metric witnessed CAGR of 5.8%

Read More
Posted in Finance

How to Get More Financial Aid for College This Year

The best laid plans of the college bound often go awry.

Yes, English majors, I mangled that quote, but you get the idea: Any plans you may have made waaaay back in 2019 about attending college this fall have probably changed. You’re not alone.

Nearly half of 2020 grads say they’ve adjusted their post-high school goals as a result of the coronavirus, according to a national survey by Junior Achievement and the Project Management Institute Educational Foundation.

What does that mean for you — especially if your financial situation has changed since you sent in your college application?

We rounded up experts in personal finance and financial aid to ask them what students and their families can expect as they head off — or back — to college this fall.

One answer became clear: There is no one size fits all.

“There are 4,500 universities, and I think there’s going

Read More
Posted in Insurance

5 financial weapons you can use to fight the COVID-19 economy

As the coronavirus threatens the health and wealth of Americans, consumers are fighting back by arming themselves with basic financial tools they may have overlooked before.

They’re rushing to sign up for products and plans that will protect their incomes, lifestyles and loved ones from the virus and the severe economic fallout that has tipped the U.S. into its first recession in over a decade.

Here are five financial tools that have become essential during the pandemic. If you haven’t included them in your money strategy, maybe it’s time to make room.

1. Life insurance

Chompoo Suriyo / Shutterstock
The pandemic has raised awareness about life insurance.

The rising toll from COVID-19 is a reminder that life is fragile — which has led to surging sales of life insurance policies.

“We believe there are many people who have been putting off buying life insurance, and the pandemic is creating

Read More