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Chief executive Kelly Potes credited margin expansion and net interest income growth to disciplinedBalance Sheetmanagement and continuedLoangrowth. Larger loan balances supported net interest income, while the Fentura acquisition distorts the nine-month comparison.
Management said trends improved sequentially each month and revenue, operating income and EPS were above expectations. Revenue declined 4.9% in constant currency, and Michael Kors revenue of USD 663 million fell 8.6% reported and 8% in constant currency.
Net income was USD 36.6 million, or USD 1.00 per diluted share, against USD 11.6 million, or USD 0.32. Selling, general and administrative expenses fell to USD 304.2 million from USD 318.0 million.
The company attributed the annual increase to reliable operations, higher margins on refined product sales and higherCrude Oilrealizations, partly offset by unfavorable timing effects of USD 1.6 billion as prices rose. The average BrentSpot Pricewas USD 97 per barrel, compared with USD 69 a …
Net interest income before the provision was USD 27.3 million in the quarter, an increase of USD 2.1 million, and USD 79.1 million for nine months, an increase of 10.1%, primarily from organic growth in loan and investment interest income.
The company said year-to-date results benefited from better-than-budgeted sales, favorable weather, higher 45ZCreditincome and strong execution. After allowing for conservatism on year-end weather, it now anticipates full-year operating results in the top half of the original range and reaffirmed credit,DividendandLong-term Growthguidance.
Operating income was USD 408 million versus USD 169 million. Net earnings were USD 233 million, or USD 0.64 per diluted share, versus USD 47 million, or USD 0.13.
Operating revenues were USD 4,365.2 million versus USD 3,812.0 million, with electric revenues of USD 4,352.9 million versus USD 3,797.2 million. Nine-month operating revenues were USD 11,076.4 million versus USD 9,987.7 million, and consolidatedNet Incomefor nine months was USD 1,824.2 million versus USD 1,532.8 …
GAAP net income attributable to common shareholders was USD 729 million versus USD 875 million. Management said results were ahead of expectations from the second quarter call because of favorable weather and the timing of operating and maintenance spending.
Net income attributable to stockholders was USD 943 million, or USD 2.20 per diluted share and USD 2.24 basic, versus USD 599 million, or USD 1.32 diluted and USD 1.34 basic. Diluted shares were 428 million versus 455 million. Income tax expense was USD …
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