>>> Xcel Energy beats by $0.03, reports revs in-line; reaffirms FY17 EPS guidanc

Xcel Energy beats by $0.03, reports revs in-line; reaffirms FY17 EPS guidance (47.27)
  • Reports Q2 (Jun) earnings of $0.45 per share, $0.03 better than the Capital IQ Consensus of $0.42; revenues rose 5.8% year/year to $2.64 bln vs the $2.63 bln Capital IQ Consensus.
  • Co reaffirms guidance for FY17, sees EPS of $2.25-2.35 vs. $2.31 Capital IQ Consensus Estimate.
  • Earnings for the second quarter of 2017 increased due to higher electric and natural gas margins to recover infrastructure investments, along with a lower effective tax rate and lower operating and maintenance expenses, partially offset by higher depreciation.

>>> KKR beats by $0.15

KKR beats by $0.15 (19.31)
  • Reports Q2 (Jun) earnings of $0.81 per share, $0.15 better than the Capital IQ Consensus of $0.66.
    • Book value was $11.0 billion as of June 30, 2017 or $13.50 per outstanding adjusted unit
    • As of June 30, 2017, Assets Under Management and Fee Paying Assets Under Management were $148 billion and $113 billion respectively, up 13% and 19%, respectively, compared to June 30, 2016
  • KKR's regular distribution per common unit of $0.17 was declared for the quarter ended June 30, 2017

>>> Bemis misses by $0.08, misses on revs; lowers FY17 EPS guidance (46.39)

Bemis misses by $0.08, misses on revs; lowers FY17 EPS guidance (46.39)
  • Reports Q2 (Jun) earnings of $0.48 per share, excluding non-recurring items, $0.08 worse than the Capital IQ Consensus of $0.56; revenues fell 0.9% year/year to $1.01 bln vs the $1.03 bln Capital IQ Consensus.
  • Co lowersguidance for FY17, sees EPS of $2.35-2.50 (Prior $2.50-2.60), excluding non-recurring items, vs. $2.55 Capital IQ Consensus Estimate.
    • "Our guidance reduction is a result of the impact of the sharp contraction and tough economic environment in Brazil. As consumers and retailers scale back, our volumes and mix of business suffer. While we are working to take costs out of our business, the unfavorable headwinds in Brazil will pressure our earnings during the balance of the year."
    • Management expects full year 2017 cash from operations to be in the range of $400 to $425 million, primarily a result of revised earnings expectations. This guidance includes the planned impact from initial actions related to the 2017 Restructuring Plan, which is less than $5 million of cash expenditure during 2017.
  • Restructuring Update:
    • During June, the Company announced initial details on its restructuring and cost savings plan to improve profitability primarily in its U.S. and Latin American businesses by reducing its manufacturing and administrative cost structure. This plan targets an annual savings run rate of $55 to $60 million, with savings starting in 2017 and fully realized during 2019. Estimated total costs to implement the plan are $100 to $120 million.
    • As part of this plan, the Company announced that it will close two manufacturing facilities and reduce approximately 300 administrative positions for a combined savings of approximately $30 million, when fully implemented.
    • The Company continues to evaluate opportunities that build toward its cost savings target of $55 to $60 million and plans to provide final details, including total cash expenditures associated with the cost savings plan, when it releases its third quarter earnings.

>>> Abertis suitor ACS in talks with CVC about joint offer - report

Abertis suitor ACS in talks with CVC about joint offer - report
27 JUL 2017
CVC is one of the parties thinking about teaming up with ACS [BME:ACS] to table a rival offer for Spanish infrastructure group Abertis [BME:ABE], according to a newswire report.
Bloomberg, citing unidentified individuals, said the Madrid-based construction group is in talks with the private equity firm as it considers making a cash-and-share bid in competition to the EUR 16.3bn offer from Atlantia [BIT:ATL] of Italy.
A potential partner for ACS would need to need to put in a minimum of EUR 6bn in equity, the sources said, adding that it is yet unclear how much equity ACS would contribute. The structure of any consortium might not be decided until aumtum, they said.
One of the sources said ACS would prefer a minority stake so as not to burden its own balance sheet with Barcelona-based Abertis's debt.
Another said ACS could consider the option of folding its Iridium business into Abertis in exchange for stock. ACS's board could discuss Abertis this week.
Abertis's main shareholder, Criteria Caixa, considers Atlantia's offer too low, the sources said, and the government might prefer a local buyer to keep Abertis in Spanish hands.
This news service reported last week that private equity funds were studying counterbids for Abertis.