Tesoro Corporation (TSO) last month reported second quarter 2014 net income of $224 million, or $1.70 per diluted share compared to net income of $227 million, or $1.64 per diluted share for the second quarter of 2013.
Results from continuing operations were $1.70 per diluted share compared to $1.56 per diluted share for the second quarter of 2013, excluding special items. Special items in the year ago quarter include after-tax transaction and integration costs of $12 million and an after-tax California pipeline settlement benefit of $34 million.
Second quarter highlights
搂 Net income of $224 million, or $1.70 per diluted share
搂 Delivered $200 million of EBITDA improvements
搂 New $1.0 billion share repurchase program authorized
搂 Increased regular quarterly dividend by 20% to $0.30 per share
"Our results from continuing operations for the quarter are improved meaningfully over last year reflecting the addition of the Los Angeles refining, marketing and logistics assets and delivery of about $200 million of EBITDA improvements through a combination of synergy capture and other business improvements," said Greg Goff, president and CEO. "Our year-over-year performance for the second quarter clearly demonstrates the value we're delivering through our strategic initiatives and our commitment to delivering on our California synergy and other business improvement objectives. This is especially important when you consider that the Tesoro Index is down over $2.00 per barrel and our stock based compensation expense is up $0.14 per share from a year ago."
Top 5 Media Companies To Buy For 2015: Veeco Instruments Inc.(VECO)
Veeco Instruments Inc., together with its subsidiaries, designs, manufactures, and markets various equipments to make light emitting diodes (LEDs) and hard-disk drives worldwide. The company?s LED and Solar segment designs and manufactures metal organic chemical vapor deposition and molecular beam epitaxy systems and components for the manufacturers of LEDs, wireless devices, power semiconductors, and concentrator photovoltaics, as well as to research and development applications. Its Data Storage segment designs and manufactures various technologies, including ion beam etch, ion beam deposition, diamond-like carbon, physical vapor deposition, chemical vapor deposition, and slicing, dicing, and lapping systems to create thin film magnetic heads that read and write data on hard disk drives. The company was founded in 1945 and is headquartered in Plainview, New York.Advisors' Opinion:
- [By Vera Yuan]
Among a few stocks that had negative returns in the quarter, Veeco Instruments (VECO) and Titan International (TWI) are also among the smaller positions in the portfolio. VECO declined 11.1% in the June quarter, but not enough for us to add to the position.From FPA Capital Fund (Trades, Portfolio)�� Second Quarter 2014 Commentary.Also check out: FPA Capital Fund Undervalued Stocks FPA Capital Fund Top Growth Companies FPA Capital Fund High Yield stocks, and Stocks that FPA Capital Fund keeps buying Currently 0.00/512345
Rating: 0.0/5 (0 votes)
- [By Vera Yuan]
Among a few stocks that had negative returns in the quarter, Veeco Instruments (VECO) and Titan International (TWI) are also among the smaller positions in the portfolio. Titan, which declined 11.4% in the quarter and will be discussed later in this letter, is a relatively new stock in the portfolio and one that we added to as the share price declined.Among the stocks that we added to in the quarter were Atwood Oceanics (ATW) and Titan International (TWI).As mentioned above, Titan declined nearly 12% in the quarter and we added to the position as the stock weakened. As you may recall, we initiated the position in TWI in the fourth quarter of 2013 in the mid- teens. Despite our additional TWI purchases, we do not yet own a full position in the stock. However, we have plenty of capacity to take the stock to a normal full position, which is 3%, but this assumes the company earns the right to have more of your capital allocated to the position.The primary reason why TWI shares sold off recently is that the wheel and tire markets for large construction and mining equipment remain depressed. Investors had hoped that the off-road, large construction equipment and mining business would see some acceleration after the very cold winter season, but that does not appear to be the case. Tire inventory levels for large, off-road equipment were too high for dealers to be aggressive and purchase tires en masse earlier this year. However, there is some recent evidence that much of the excess tire inventory has been reduced to levels that now support some restocking.Our investment thesis for TWI is not predicated on the wheel and tire market for large, off-road equipment to come roaring back to levels experienced before the financial crisis. Rather we believe the assets TWI has accumulated over the past decade can be managed more efficiently and, therefore, profit margins can improve without a huge increase in revenues. We recently visited one of TWI�� Midwest tire facilities a
- [By Brian Pacampara]
What: Shares of LED equipment maker Veeco Instruments (NASDAQ: VECO ) soared 17% today after its first-quarter bookings and business update impressed�Wall Street. �
Top 5 Logistics Companies To Buy Right Now: Ressources Minieres Radisson Inc (RDS)Ressources Minieres Radisson Inc., formerly Radisson Mining Resources Inc., is in the process of exploring mining properties. The Company has portfolio of four properties, covering a total area of 2,946 hectares. Three of these properties are located in Quebec and one in Ontario. The Company owns a 100% interest in O��rien 576-hectare property. The Company also owns 100% interest in Kewagama 111.7-hectare property. The Company�� O��rien/Kewagama project is located in the Cadillac-Malartic area, within the Abitibi gold belt. It consists of 36 claims covering an area of 729 hectares. The O��rien/Kewagama project lies approximately five kilometer west of Agnico-Eagle�� Lapa gold mine, also centred on the Cadillac Break, and approximately four kilometer southwest of Agnico-Eagle�� Laronde mine, over 3,000 meters (10,000 feet) in depth. Advisors' Opinion:
- [By Jim Jubak]
The latest news to make me wonder if the stock has hit a bottom came out in an interview that the CEO of Royal Dutch Shell (RDS) gave to the Financial Times yesterday, April 1. CEO Ben Van Beurden said that in an effort to make a profit in the company�� North American operations, the company had launched ��roject Mosaic��to cut costs in its North American shale operations, by sourcing more equipment from cheaper Asian suppliers.
Top 5 Logistics Companies To Buy Right Now: Sun Communities Inc (SUI)
Sun Communities, Inc. is a self-administered and self-managed real estate investment trust (REIT). The Company leases individual parcels of land (sites) with utility access for placement of manufactured homes and recreational vehicles (RV) to its customers. It operates in two segments: Real Property Operations, and Home Sales and Rentals. The Real Property Operations segment owns, operates, and develops manufactured housing communities concentrated in the Midwestern, southern, and south-eastern United States and is in the business of acquiring, operating, and expanding manufactured housing communities. The Home Sales and Rentals segment offers manufactured home sales and leasing services to tenants and prospective tenants of its communities. In May 2011, it acquired Orange City RV Resort, a Florida RV community comprised of 525 developed sites. In February 2012, it acquired three additional Florida RV communities, Three Lakes RV resort, Blueberry Hill RV resort and Grand Lake Estates.
As of December 31, 2011, it owned and operated a portfolio of 159 properties located in 18 states, including 141 manufactured housing communities, eight RV communities, and 10 properties containing both manufactured housing and RV sites. As of December 31, 2011, the Properties contained an aggregate of 54,811 developed sites consisted of 47,935 developed manufactured home sites, 3,867 permanent RV sites, 3,009 seasonal RV sites, and approximately 6,400 additional manufactured home sites suitable for development. Most of the Properties include amenities oriented toward family and retirement living. Of the 159 Properties, 73 have more than 300 developed manufactured home sites, with the having 1,003 developed manufactured home sites. As of December 31, 2011, the Properties had an occupancy rate of 85.3 % excluding seasonal RV sites.
The Company�� properties contain improvements similar to garden-style residential developments, including centralized entrances, paved streets, curbs and gutters, an! d parkways. In addition, these communities also often provide a number of amenities, such as a clubhouse, a swimming pool, shuffleboard courts, tennis courts and laundry facilities. The owner of each home on its Properties leases the site, on which the home is located. The Company owns the underlying land, utility connections, streets, lighting, driveways, common area amenities and other capital improvements. Some of the properties provide water and sewer service through public or private utilities, while others provide these services to residents from onsite facilities. Each owner within its properties is responsible for the maintenance of the home and leased site.Advisors' Opinion:
- [By Bill Stoller]
After a banner 2013, the overall market has had a challenging start to 2014. However, these four companies have been crushing it: Alexander Real Estate (NYSE: ARE ) , BioMed Realty Trust (NYSE: BMR ) , CommonWealth REIT (NYSE: CWH ) , and Sun Communities (NYSE: SUI ) early on in 2014 vs. the S&P 500. Their relative out-performance can also be seen when compared to the Vanguard REIT Index ETF (NYSEMKT: VNQ ) a good yardstick to measure sector performance.
- [By John Udovich]
Trailer parks may have a bad reputation, but Yahoo! Finance�� Breakout segment was recently touting trailer parks as a hot new investment area���meaning its time for retail investors who don�� want to invest in physical parks to start taking a closer look at trailer park stocks Equity Lifestyle Properties, Inc (NYSE: ELS), Sun Communities Inc (NYSE: SUI) and UMH Properties, Inc (NYSE: UMH). According to the segment, roughly 6% of Americans lived in trailer homes as of 2012 with the�supply of designated trailer parks being quite low because no one wants one in their backyard. Anthony Effinger, the author of another article about trailer parks for Bloomberg, was quoted as saying:
- [By Anna Prior]
Sun Communities Inc.(SUI) said it has launched a public offering of 4.2 million shares and intends to use the proceeds to repay borrowings� under its credit facility. The real-estate investment trust also said it plans to use any remaining proceeds to fund possible future acquisitions of properties.
Top 5 Logistics Companies To Buy Right Now: BR Properties SA (BRPR3)BR Properties SA is a Brazil-based company engaged in the real estate sector. The Company operates, along with its subsidiaries, in the acquisition, management, leasing and sale of commercial properties in Brazil, mainly office buildings, retail stores and warehouses. The Company also develops and contracts from third parties and the construction of new properties. The Company�� subsidiaries include BRPR I Empreendimentos e Participacoes Ltda, BRPR II Empreendimentos e Participacoes Ltda, BRPR III Empreendimentos e Participacoes Ltda, BRPR IV Empreendimentos e Participacoes Ltda, BRPR V Empreendimentos e Participacoes Ltda, BRPR VII Empreendimentos e Participacoes Ltda and BRPR VIII Empreendimentos e Participacoes Ltda, among others. Advisors' Opinion:
- [By Ney Hayashi]
The Ibovespa rose for the first time in five sessions, with developer BR Properties SA (BRPR3) leading gains, amid speculation the Brazilian benchmark�� longest losing streak in six weeks may have been excessive.