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Tenaris Announces 2018 Second Quarter Results

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The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow and Net cash / debt. See exhibit I for more details on these alternative performance measures.

LUXEMBOURG, Aug. 01, 2018 (GLOBE NEWSWIRE) -- Tenaris S.A. Tenaris S.A. (NYSE:TS) (BAE:TS) (BMV:TS) (MILAN:TEN) (“Tenaris”) today announced its results for the quarter ended June 30, 2018 in comparison with its results for the quarter ended June 30, 2017.

Summary of 2018 Second Quarter Results

(Comparison with first quarter 2018 and second quarter of 2017)

       
  2Q 2018 1Q 2018 2Q 2017
Net sales ($ million) 1,788   1,866   (4 %) 1,243   44 %
Operating income ($ million) 222   212   5 % 51   332 %
Net income ($ million) 166   235   (29 %) 73   127 %
Shareholders’ net income ($ million) 168   235   (28 %) 75   126 %
Earnings per ADS ($) 0.29   0.40   (28 %) 0.13   126 %
Earnings per share ($) 0.14   0.20   (28 %) 0.06   126 %
EBITDA ($ million) 363   354   2 % 200   81 %
EBITDA margin (% of net sales) 20.3 % 19.0 %   16.1 %  
                 

In the second quarter of 2018, sales rose in most regions, except for Canada, reflecting seasonal effects, and the East Mediterranean, where we had lower shipments for offshore pipelines following the exceptional level recorded in the first quarter. Sales for the first half of 2018 were up 52% year on year, marking a strong recovery in the year to date. Margins improved on higher average selling prices despite lower shipment volumes, resulting in a 5% sequential increase in operating income. Net income, however, declined sequentially due to deferred tax charges relating to the devaluation of the Argentine and Mexican currencies.

During the quarter, our working capital began to stabilize and our operating cash flow rose to $351 million. Free cash flow amounted to $247 million after capital expenditures of $104 million. Following shareholder dividend payments of $331 million, our net cash position declined to $423 million.

Market Background and Outlook

Shale drilling activity in the USA increased during the first half of the year. The rapid increase in production of crude, liquids and associated natural gas in the Permian region is, however, leading to constraints in pipeline takeaway capacity and wider commodity spreads, which are likely to dampen further growth in US drilling activity in the coming months.  In Canada, activity is stable as growth this year has also been affected by takeaway capacity constraints. In Latin America, despite progress on the reform programs in Brazil and Mexico and interest in the Vaca Muerta shale play in Argentina, drilling activity has been slow to pick up. In the rest of the world, however, higher oil prices and growing demand for natural gas are leading to a gradual recovery in onshore drilling activity.

In the second half, we expect shipment volumes to be similar to those of the first half, with higher shipments in North America and lower shipments for East Mediterranean pipeline projects, although these will include a second major offshore pipeline for the Zohr project. Selling prices will show a further moderate increase to compensate for additional costs from US Section 232 tariffs. In the third quarter, we expect EBITDA and operating income, considering seasonal effects, to be close to that of the first two quarters before rising in the fourth quarter. 

Although Section 232 tariffs are today being applied to imports of steel pipes into the United States from most countries, any relevant change in the application of these tariffs could have an impact on our future results and market positioning.

Analysis of 2018 Second Quarter Results

Tubes

The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

       
Tubes Sales volume (thousand metric tons) 2Q 2018 1Q 2018 2Q 2017
Seamless 689   651 6 %   529 30 %
Welded   146   285 (49 %)   96 52 %
Total   834   936 (11 %)    624 34 %
               

The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

       
Tubes 2Q 2018 1Q 2018 2Q 2017
(Net sales - $ million)          
North America 827   807   3 % 548   51 %
South America 310   285   9 % 227   37 %
Europe 179   153   17 % 132   35 %
Middle East & Africa 299   456   (34 %) 212   41 %
Asia Pacific 71   66   8 % 55   29 %
Total net sales ($ million) 1,686   1,766   (5 %) 1,175   43 %
Operating income ($ million) 197   194   2 % 46   329 %
Operating margin (% of sales) 11.7 % 11.0 %   3.9 %  
                 

Net sales of tubular products and services decreased 5% sequentially and increased 43% year on year. The sequential decrease reflects a decline in volumes of 11% (welded volumes related to pipeline projects) partially offset by an average price increase of 7%. In North America we had higher sales in the United States onshore market both for OCTG and line pipe and an increase in Mexico compensating lower sales in Canada due to the spring break-up season. In South America we had higher sales in Argentina (Vaca Muerta) and in Colombia, partially offset by lower line pipe sales. In Europe we had a strong quarter in the North Sea and higher shipments to Russia. In the Middle East and Africa although sales of OCTG to the Middle East increased, sales were affected by sharply lower shipments to East Mediterranean pipelines, following first quarter 2018 deliveries to Zohr project. In Asia Pacific, sales increased due to higher sales in Indonesia.

Operating results from tubular products and services increased 2% sequentially, from a gain of $194 million in the previous quarter to a gain of $197 million in the second quarter of 2018. Despite the decline in revenues, our operating margin improved as a 7% increase in the average selling price related to a richer mix of products (more seamless and less welded line pipe products), offset an increase in the cost of steel scrap, hot rolled coils and other steelmaking raw materials.

Others

The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

       
Others 2Q 2018 1Q 2018 2Q 2017
Net sales ($ million) 103   100   3 % 68   51 %
Operating income ($ million) 25   19   35 %   6   346 %
Operating income (% of sales) 24.5 % 18.7 %   8.3 %  
                 

Net sales of other products and services increased 3% sequentially and 51% compared to the second quarter of 2017. The increase versus the same quarter of the previous year was mainly concentrated on energy related products, i.e., sucker rods and coiled tubing and utility conduits for buildings.

Selling, general and administrative expenses, or SG&A, amounted to $338 million, or 18.9% of net sales, in the second quarter of 2018, compared to $350 million, 18.7% in the previous quarter and $327 million, 26.3% in the second quarter of 2017. Sequentially SG&A decreased 3% due to lower freights related to lower volumes, lower labor costs related to the devaluation of local currencies against the U.S. dollar, partially offset by lower recoveries in the allowance for doubtful accounts and contingencies.

Financial results amounted to a gain of $39 million in the second quarter of 2018, compared to a loss of $8 million in the previous quarter and a loss of $16 million in the second quarter of 2017. The gain of the quarter corresponds mainly to an FX gain of $39 million; $26 million related to the Euro depreciation on Euro denominated intercompany liabilities, of which $23 million are offset in the currency translation reserve in equity, and $15 million related to the Argentine peso devaluation on Peso denominated financial, trade, social and fiscal payables at Argentine subsidiaries which functional currency is the U.S. dollar.

Equity in earnings of non-consolidated companies amounted to $41 million in the second quarter of 2018, compared to $46 million in the previous quarter and $30 million in the second quarter of last year. These results are mainly derived from our equity investment in Ternium (NYSE:TX).

Income tax charge amounted to $135 million in the second quarter of 2018, compared to $15 million in the previous quarter and a gain of $7 million in the second quarter of last year. This quarter’s income tax includes a charge of approximately $100 million related to the devaluation of the Argentine and Mexican peso affecting the tax base of our subsidiaries in these two countries.

Cash Flow and Liquidity of 2018 Second Quarter

Net cash provided by operating activities during the second quarter of 2018 was $351 million, compared to cash used in operations of $30 million in the first quarter of 2018 and $33 million in the second quarter of last year. During the second quarter of 2018 we used $28 million for the increase in working capital.

Free cash flow amounted to $247 million after capital expenditures of $104 million. Following a dividend payment of $331 million in May 2018, we maintained a net cash position (i.e., cash, other current and non-current investments less total borrowings) of $423 million at the end of the quarter.

Analysis of 201 8 First Half Results

       
  H1 2018 H1 2017 Increase/(Decrease)
Net sales ($ million) 3,655 2,397 52%
Operating income (loss) ($ million) 435 88 397%
Net income ($ million) 402 279 44%
Shareholders’ net income ($ million) 403 280 44%
Earnings per ADS ($) 0.68 0.47 44%
Earnings per share ($) 0.34 0.24 44%
EBITDA ($ million) 717 399 80%
EBITDA margin (% of net sales) 19.6% 16.6%  
       

Our sales in the first half of 2018 increased 52% compared to the first half of 2017. While the increase was mainly due to strong increase in demand in the USA and Canada, sales increased also in the rest of the regions. EBITDA increased 80% to $717 million in the first half of 2018 compared to $399 million in the first half of 2017, following an increase in sales and an improvement in the EBITDA margin, from 17% to 20%. Net income attributable to owners of the parent during the first half of 2018 was $403 million or $0.68 per ADS, which compares with $280 million or $0.47 per ADS in the first half of 2017. The improvement in net income mainly reflects a better operating environment, where a 47% increase in shipments improved the utilization of production capacity and therefore the absorption of fixed costs, a 4% increase in average selling prices, better financial results and results from associated companies, partially offset by raw material cost increases and higher income tax.

Cash flow provided by operating activities amounted to $322 million during the first half of 2018, net of an increase in working capital of $358 million. Following a dividend payment of $331 million in May 2018, and capital expenditures of $196 million during the first half of 2018, we maintained a positive net cash position (i.e., cash, other current and non-current investments  less total borrowings) of $423 million at the end of June 2018.

The following table shows our net sales by business segment for the periods indicated below:

       
Net sales ($ million) H1 2018
H1 2017 Increase/(Decrease)
Tubes 3,452 94% 2,260 94% 53%
Others 203 6% 137 6% 49%
Total 3,655 100 % 2,397 100 % 52 %
           

Tubes

The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

       
Tubes Sales volume (thousand metric tons) H1 2018 H1 2017 Increase/(Decrease)
Seamless 1,340 1,037 29%
Welded 431 170 153%
Total 1,771 1,207 47 %
       

The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

       
Tubes H1 2018 H1 2017 Increase/(Decrease)
(Net sales - $ million)      
North America 1,634 1,021 60%
South America 595 430 38%
Europe 331 247 34%
Middle East & Africa 755 461 64%
Asia Pacific 137 101 36%
Total net sales ($ million) 3,452 2,260 53 %
Operating income ($ million) 391 76 411 %
Operating income (% of sales) 11.3% 3.4%  
       

Net sales of tubular products and services increased 53% to $3,452 million in the first half of 2018, compared to $2,260 million in the first half of 2017, as a result of a 47% increase in shipment and a 4% increase in average selling prices. The increase in sales came from all regions, mainly due to a strong increase in demand in the USA and Canada. In the first half of 2018, the average number of active drilling rigs, or rig count grew 10% worldwide compared to the first half of 2017. Rig count in the United States and Canada grew 17%, while in the rest of the world the rig count grew 2% year on year.

Operating results from tubular products and services increased significantly, from $76 million in the first half of 2017, to $391 million in the first half of 2018. Results improved following a 47% increase in shipment volumes, increasing sales and the utilization of production capacity and therefore the absorption of fixed costs.

Others

The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

       
Others H1 2018 H1 2017 Increase/(Decrease)
Net sales ($ million) 203 137 49%
Operating income ($ million) 44 11 297%
Operating margin (% of sales) 21.6% 8.1%  
       

Net sales of other products and services increased 49% to $203 million in the first half of 2018, compared to $137 million in the first half of 2017, mainly due to higher sales of energy related products, i.e., sucker rods and coiled tubing and utility conduits for buildings.

Operating income from other products and services increased significantly, from $11 million in the first half of 2017 to $44 million in the first half of 2018, following the increase in sales and an increase in operating margin from 8% to 22%.

Selling, general and administrative expenses, or SG&A, amounted to $687 million in the first half of 2018 and $622 million in the first half of 2017, representing 19% of sales in 2018 and 26% in 2017. Direct selling expenses, like freights, increased due to higher shipment volumes but were partially offset by lower amortization of intangibles following the full amortization of Hydril intangibles.

Financial results amounted to a gain of $31 million in the first half of 2018, compared to a loss of $20 million in the first half of 2017. The gain in the first half of 2018 corresponds mainly to an FX gain of $28 million; $19 million related to the Argentine peso devaluation on Peso denominated financial, trade, social and fiscal payables at Argentine subsidiaries which functional currency is the U.S. dollar, $14 million related to the Euro depreciation on Euro denominated intercompany liabilities (of which $13 million are offset in the currency translation reserve in equity), partially compensated by a loss of $6 million due to the devaluation of the Canadian dollar.

Equity in earnings of non-consolidated companies generated a gain of $87 million in the first half of 2018, compared to a gain of $65 million in the first half of 2017. These results are mainly derived from our equity investment in Ternium (NYSE:TX).  

Income tax amounted to a charge of $151 million in the first half of 2018, compared to a gain of $55 million in the first half of 2017. The increase in income tax charges reflects both the improvement in result and the effect of the Mexican and Argentine peso devaluation on the tax base at our Mexican and Argentine subsidiaries which have U.S. dollar as their functional currency.

Cash Flow and Liquidity of 201 8 First Half

Net cash provided by operating activities during the first half of 2018 amounted to $322 million (net of an increase in working capital of $358 million, related to the increase in shipments and production), compared to net cash used in operations of $7 million in the first half of 2017 (net of an increase in working capital of $292 million)

Capital expenditures amounted to $196 million in the first half of 2018, compared to $294 million in the first half of 2017, declining following the start up of our greenfield seamless facility in Bay City, Texas at the end of 2017. Free cash flow amounted to $126 million in the first half of 2018.

Following a dividend payment of $331 million in May 2018, our financial position at June 30, 2018, amounted to a net cash position (i.e., cash, other current and non-current investments, less total borrowings) of $423 million.

Tenaris Files Half-Year Report

Tenaris S.A. announces that it has filed its half-year report for the six-month period ended June 30, 2018 with the Luxembourg Stock Exchange. The half-year report can be downloaded from the Luxembourg Stock Exchange’s website at www.bourse.lu and from Tenaris’s website at www.tenaris.com/investors.

Holders of Tenaris’s shares and ADSs, and any other interested parties, may request a hard copy of the half-year report, free of charge, at 1-888-300-5432 (toll free from the United States) or 52-229-989-1159 (from outside the United States).

Conference call

Tenaris will hold a conference call to discuss the above reported results, on August 2, 2018, at 9:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions. To access the conference call dial in +1 877 730 0732 within North America or +1 530 379 4676 Internationally. The access number is “2494516”. Please dial in 10 minutes before the scheduled start time. The conference call will be also available by webcast at www.tenaris.com/investors

A replay of the conference call will be available on our webpage http://ir.tenaris.com/ or by phone from 12.00 pm ET on August 2nd through 11.59 pm on August 10, 2018. To access the replay by phone, please dial 855 859 2056 or 404 537 3406 and enter passcode “2494516” when prompted.

Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

Consolidated Condensed Interim Income Statement

     
(all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
  2018 2017 2018 2017
Continuing operations Unaudited Unaudited
Net sales 1,788,484 1,242,804 3,654,719 2,396,664
Cost of sales (1,226,557) (865,729) (2,532,063) (1,689,585)
Gross profit 561,927 377,075 1,122,656 707,079
Selling, general and administrative expenses (337,574) (327,132) (687,208) (621,563)
Other operating income (expense), net (1,917) 1,547 (815) 1,988
Operating income 222,436 51,490 434,633 87,504
Finance Income 9,609 11,059 18,982 23,986
Finance Cost (10,422) (6,020) (20,596) (11,958)
Other financial results 39,383 (20,667) 32,317 (32,082)
Income before equity in earnings of non-consolidated companies and income tax 261,006 35,862 465,336 67,450
Equity in earnings of non-consolidated companies 40,920 30,201 86,946 65,401
Income before income tax 301,926 66,063 552,282 132,851
Income tax (135,454) 7,357 (150,576) 54,602
Income for continuing operations 166,472 73,420 401,706 187,453
         
Discontinued operations        
Result for discontinued operations  -  -   -  91,542
Income for the period 166,472 73,420 401,706 278,995
         
Attributable to:        
Owners of the parent 168,328 74,524 403,311 279,651
Non-controlling interests (1,856) (1,104) (1,605) (656)
  166,472 73,420 401,706 278,995
         

Consolidated Condensed Interim Statement of Financial Position

       
(all amounts in thousands of U.S. dollars) At June 30, 2018   At December 31, 2017
  Unaudited    
ASSETS          
Non-current assets          
Property, plant and equipment, net 6,139,845     6,229,143  
Intangible assets, net 1,614,043     1,660,859  
Investments in non-consolidated companies 663,261     640,294  
Available for sale assets 21,572     21,572  
Other investments 197,158     128,335  
Deferred tax assets 177,266     153,532  
Receivables, net 155,734 8,968,879   183,329 9,017,064
Current assets          
Inventories, net 2,530,072     2,368,304  
Receivables and prepayments, net 142,276     135,698  
Current tax assets 151,964     132,334  
Trade receivables, net 1,536,323     1,214,060  
Derivative financial instruments 2,484     8,231  
Other investments 730,240     1,192,306  
Cash and cash equivalents 427,960 5,521,319   330,221 5,381,154
Total assets   14,490,198     14,398,218
EQUITY           
Capital and reserves attributable to owners of the parent   11,431,575     11,482,185
Non-controlling interests   95,139     98,785
Total equity   11,526,714     11,580,970
LIABILITIES          
Non-current liabilities          
Borrowings 31,826     34,645  
Deferred tax liabilities 472,965     457,970  
Other liabilities 214,599     217,296  
Provisions 35,966 755,356   36,438 746,349
Current liabilities          
Borrowings 808,669     931,214  
Derivative financial instruments 91,615     39,799  
Current tax liabilities 158,235     102,405  
Other liabilities 219,890     157,705  
Provisions 27,181     32,330  
Customer advances 89,566     56,707  
Trade payables 812,972 2,208,128   750,739 2,070,899
Total liabilities   2,963,484     2,817,248
           
Total equity and liabilities   14,490,198     14,398,218
           

Consolidated Condensed Interim Statement of Cash Flows

     
  Three-month period ended June 30, Six-month period ended June 30,
(all amounts in thousands of U.S. dollars) 2018 2017 2018 2017
Cash flows from operating activities Unaudited Unaudited
         
Income for the period 166,472 73,420 401,706 278,995
Adjustments for:        
Depreciation and amortization 140,401 148,848 282,203 311,066
Income tax accruals less payments 92,667 (36,888) 67,851 (129,818)
Equity in earnings of non-consolidated companies (40,920) (30,201) (86,946) (65,401)
Interest accruals less payments, net 6,155 7,349 6,775 4,889
Changes in provisions (7,148) (2,082) (5,621) (19,920)
Income from the sale of Conduit business  -  -   - (89,694)
Changes in working capital (28,220) (247,336) (357,655) (291,721)
Derivatives, currency translation adjustment and others 21,835 54,060 13,362 (5,092)
Net cash provided by (used in) operating activities 351,242 (32,830 ) 321,675 (6,696 )
         
Cash flows from investing activities        
Capital expenditures (103,793) (155,191) (195,731) (293,806)
Changes in advance to suppliers of property, plant and equipment 4,632 826 4,218 4,329
Proceeds from disposal of Conduit business  -  -  - 327,631
Loan to non-consolidated companies (1,320)  - (3,520) (10,956)
Repayment of loan by non-consolidated companies  3,520  - 5,470 1,950
Proceeds from disposal of property, plant and equipment and intangible assets 1,224 916 2,708 2,878
Investment in companies under cost method  - (3,681)  - (3,681)
Dividends received from non-consolidated companies 25,722 22,971 25,722 22,971
Changes in investments in securities 311,462 218,540 396,078 170,071
Net cash provided by investing activities 241,447 84,381 234,945 221,387
         
Cash flows from financing activities        
Dividends paid (330,550) (330,550) (330,550) (330,550)
Dividends paid to non-controlling interest in subsidiaries (1,108) (19,200) (1,108) (19,200)
Acquisitions of non-controlling interests (1) (13) (1) (31)
Proceeds from borrowings 298,296 438,188 576,007 519,735
Repayments of borrowings (448,811) (297,816) (696,852) (517,850)
Net cash (used in) financing activities (482,174 ) (209,391 ) (452,504 ) (347,896 )
         
Increase (decrease) in cash and cash equivalents 110,515 (157,840 ) 104,116 (133,205 )
Movement in cash and cash equivalents        
At the beginning of the period 324,741 426,741 330,090 398,580
Effect of exchange rate changes (8,000) 1,936 (6,950) 5,462
Increase (decrease) in cash and cash equivalents 110,515 (157,840) 104,116 (133,205)
At June 30, 427,256 270,837 427,256 270,837

Exhibit I – Alternative performance measures

EBITDA, Earnings before interest, tax, depreciation and amortization.

EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

EBITDA is calculated in the following manner:

EBITDA= Operating results + Depreciation and amortization + Impairment charges/(reversals).

(all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
  2018 2017 2018 2017
Operating income 222,436 51,490 434,633 87,504
Depreciation and amortization 140,401 148,848 282,203 311,066
EBITDA 362,837 200,338 716,836 398,570

Free Cash Flow

Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

Free cash flow is calculated in the following manner:

Free cash flow = Net cash (used in) provided by operating activities - Capital expenditures.

(all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
  2018   2017   2018   2017  
Net cash provided by (used in) operating activities 351,242   (32,830 ) 321,675   (6,696 )
Capital expenditures (103,793 ) (155,191 ) (195,731 ) (293,806 )
Free cash flow 247,449   (188,021 ) 125,944   (300,502 )

Net Cash / (Debt)

This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

Net cash/ debt  is calculated in the following manner:

Net cash= Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments– Borrowings (Current and Non-Current).

(all amounts in thousands of U.S. dollars) At June 30,
  2018 2017
Cash and cash equivalents 427,960 271,224
Other current investments 730,240 1,431,881
Non-current Investments 192,613 279,232
Derivatives hedging borrowings and investments (87,806) 38,669
Borrowings – current and non-current (840,495) (852,865)
Net cash / (debt) 422,512 1,168,141

Giovanni Sardagna     
Tenaris
1-888-300-5432
www.tenaris.com

 

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Global Dairy Platform Announces Dairy Farmers of America CEO Rick Smith as New Board Chair16.8.2018 17:52Pressemelding

ROSEMONT, Ill., Aug. 16, 2018 (GLOBE NEWSWIRE) -- Global Dairy Platform (GDP), a pre-competitive collaboration of dairy sector organizations focused on encouraging the appropriate intake of nutrient-rich dairy foods and demonstrating the sector’s role in sustainable agriculture, today announced the appointment of Rick Smith, President and Chief Executive Officer of Dairy Farmers of America as Chair of the Board of Directors. “It is truly an honor to serve as Chair of GDP’s Board of Directors,” noted Mr. Smith. “We are facing global food and health challenges that need short and long-term solutions. The work of GDP creates an avenue for collaborative action that demonstrates dairy’s valuable contribution to global food systems, healthy diets and sustainable livelihoods.” Mr. Smith will serve on the board along with Fonterra Co-operative Group Chief Executive Officer Mr. Miles Hurrell; China Mengniu Dairy Company Executive Director and Chief Executive Officer Mr. Minfang (Jeffery) Lu; Ro

GridGain Systems Named to Inc. 500 List of America’s Fastest-Growing Private Companies for Second Consecutive Year16.8.2018 09:00Pressemelding

GridGain Ranks 17th among Software Companies, 13th in San Francisco Metro Area FOSTER CITY, Calif., Aug. 16, 2018 (GLOBE NEWSWIRE) -- GridGain Systems, provider of enterprise-grade in-memory computing solutions based on Apache® Ignite™, today announced it has been named to the 37th annual Inc. 500 list, a highly regarded ranking of the nation’s fastest-growing private companies. This is the second year in a row GridGain has been named to the list. GridGain’s rank of 158 on this year’s Inc. 500 list is up from number 187 last year. The company is ranked 17th among software companies, 13th in the San Francisco metro area, and 37th in the state of California. The Inc. 500 represents a unique look at the most successful companies within the American economy’s most dynamic segment – its independent small and midsized businesses. GridGain provides an in-memory computing platform that delivers speed, scale and high availability to data-intensive applications. Built on a memory-centric archite

Perceptyx Named One of America’s Fastest Growing Companies for the 4th Consecutive Year16.8.2018 05:37Pressemelding

INC 5000 award recognizes Perceptyx’s continued innovation and partnership with many of the world’s best companies SAN DIEGO, Aug. 15, 2018 (GLOBE NEWSWIRE) -- For the 4th consecutive year, Perceptyx has made the prestigious INC 5000 list of America’s fastest growing private companies. A recognized leader in people analytics, Perceptyx specializes in facilitating organizational change through the strategic use of employee surveys and management consulting. Longtime partners with many of the world's largest organizations, Perceptyx is uniquely capable of delivering insights across heavily distributed organizations with complex hierarchies in a way that’s as unique as an organization’s culture and brand. “We’re proud to be recognized among America’s fastest growing companies again,” says John Borland, Co-founder and CEO of Perceptyx. “We believe that our clients are the real heroes of their organizations. It has been our honor to help so many of the world’s best companies realize their g

Bombardier Establishes Automatic Securities Disposition Plan15.8.2018 22:48Pressemelding

Not for distribution to U.S. news wire services or public dissemination in the United States Plan permits sales of vested shares earned by certain senior executives in accordance with predetermined instructions Plan reinforces the incentive effect of performance-based compensation by allowing for the sale of shares on the open market over a period of up to two years at prevailing market prices, regardless of any subsequent material non-public information participants may receive Plan participants must satisfy Bombardier’s minimum stock ownership guidelines for senior executives MONTRÉAL, Aug. 15, 2018 (GLOBE NEWSWIRE) -- Bombardier announced today that it has established an automatic securities disposition plan (“ASDP”) in accordance with applicable Canadian provincial securities legislation. The ASDP allows for the exercise and sale of vested securities earned by certain senior executives of Bombardier as part of their overall performance-based compensation. Under Canadian securities

Cisco Reports Fourth Quarter and Fiscal Year 2018 Earnings15.8.2018 22:05Pressemelding

• Q4 Results: Revenue: $12.8 billion ▪ Increase of 6% year over year ▪ Recurring revenue was 32% of total revenue, up 1 point year over year Earnings per Share: GAAP: $0.81; Non-GAAP: $0.70 ▪ Non-GAAP EPS increased 15% year over year • FY 2018 Results: Revenue: $49.3 billion; increase of 3% year over year Earnings per Share: GAAP: $0.02; Non-GAAP: $2.60 ▪ Non-GAAP EPS increased 9% year over year ▪ GAAP results include a $10.4 billion charge related to the enactment of the Tax Cuts and Jobs Acts • Q1 FY 2019 Guidance: Revenue: 5% to 7% growth year over year Earnings per Share: GAAP: $0.69 to $0.74; Non-GAAP: $0.70 to $0.72 SAN JOSE, Calif., Aug. 15, 2018 (GLOBE NEWSWIRE) -- Cisco today reported fourth quarter and fiscal year results for the period ended July 28, 2018. Cisco reported fourth quarter revenue of $12.8 billion, net income on a generally accepted accounting principles (GAAP) basis of $3.8 billion or $0.81 per share, and non-GAAP net income of $3.3 billion or $0.70 per share.

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