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DUBAI (Reuters) – Qatar’s energy minister said on Sunday Qatar remained committed to an oil output cut deal agreed upon by OPEC and non-OPEC producers last month.
June 11, 2017 at 04:38PM
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Twenty Practical Steps to Better Corporate Governance | The Corporate Secretaries International Association (CSIA)
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Showing posts with label 2017 at 04:39PM. Show all posts
Showing posts with label 2017 at 04:39PM. Show all posts
Sunday, June 11, 2017
Qatar remains committed to oil supply cut deal -minister
Thursday, June 8, 2017
Greif Reports Second Quarter 2017 Results
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DELAWARE, Ohio–June 8,2017–Greif, Inc. (NYSE: GEF, GEF.B), a world leader in industrial packaging products and services, announced second quarter 2017 results.Net sales increased by $47.8 million to $887.4 million from $839.6 million.
Gross profit increased by $8.2 million to $181.9 million from $173.7 million.
Operating profit decreased by $2.4 million to $80.4 million and operating profit before special items1 increased by $5.6 million to $84.9 million.
Net income of $36.0 million or $0.61 per diluted Class A share compared to net income of $31.4 million or $0.53 per diluted Class A share.
Net income, excluding the impact of special items, of $39.3 million or $0.67 per diluted Class A share compared to net income, excluding the impact of special items, of $27.8 million or $0.47 per diluted Class A share.
Interest expense decreased by $5.6 million to $14.3 million from $19.9 million due primarily to the repayment of Senior Notes with borrowings under the Company’s Credit Agreement.
Cash provided by operating activities decreased by $24.3 million to $59.6 million from $83.9 million due partially to raw material price increases and to accelerated inventory purchases made in advance of those increases.
Free cash flow2 decreased by $27.7 million, due to the same factors impacting cash provided by operating activities, and a $3.4 million increase in cash paid for properties, plants, and equipment.
Narrowed the range for fiscal year 2017 Class A earnings per share before special items guidance3 to $2.84 – $3.02. Narrowed fiscal year 2017 free cash flow guidance to $180.0 million to $200.0 million as a result of capital expansion projects recently approved due to confidence in cash flow.
“We generated strong financial results this quarter through improved customer service and disciplined commercial and operation execution,” said Greif’s President and Chief Executive Officer, Pete Watson. “Greif’s operating profit before special items and our Class A earnings per share before special items both significantly improved compared to the prior year quarter. Greif’s improved financial and operational stability underpins our strategy to generate greater value for our customers and shareholders.”
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1 A summary of all special items that are excluded from net income before special items, from earnings per diluted Class A share before special items and from operating profit before special items is set forth in the Selected Financial Highlights table following the Dividend Summary in this release.
2 Free cash flow is defined as net cash provided by operating activities less cash paid for purchases of properties, plants and equipment.
3 2017 GAAP Class A Earnings Per Share guidance is not provided in this release due to the potential for one or more of the following, the timing and magnitude of which we are unable to reliably forecast: gains or losses on the disposal of businesses, timberland or properties, plants and equipment, net, non-cash asset impairment charges due to unanticipated changes in the business, restructuring-related activities, non-cash pension settlements or acquisition costs, and the income tax effects of these items and other income tax-related events. No reconciliation of the fiscal year 2017 Class A earnings per share before special items guidance, a non-GAAP financial measure which excludes gains and losses on the disposal of businesses, timberland and property, plant and equipment, acquisition costs, non-cash pension settlement charges, restructuring and impairment charges is included in this release because, due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible, we are unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts. A reconciliation of 2017 Free Cash Flow guidance to forecasted Net Cash Provided by Operating Activities, the most directly comparable GAAP financial measure, is included in this release.
Note: A reconciliation of the differences between all non-GAAP financial measures used in this release with the most directly comparable GAAP financial measures is included in the financial schedules that are a part of this release. These non-GAAP financial measures are intended to supplement and should be read together with our financial results. They should not be considered an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of this financial information should not place undue reliance on these non-GAAP financial measures.
Notable Business Highlights
Our three strategic priorities are:
Invest in our people and teams to foster a strong culture of employee engagement and accountability.
Deliver industry leading customer service excellence to achieve superior customer satisfaction and loyalty.
Continually transform our portfolio to drive growth, margin expansion and free cash flow generation.
In general, we delivered a strong second quarter 2017. Starting with customer service, our consolidated customer satisfaction index (CSI) improved by 4 percent year-over-year, with all business segments demonstrating improved performance. We also completed our latest Net Promoter Score survey and recognized a 12 percent improvement versus the previous survey conducted late last fall.
From an operational standpoint, the business performed well during the quarter. The Rigid Industrial Packaging & Services segment – our largest business segment by revenue and operating profit contribution – improved its margins and delivered strong plastic drum and intermediate bulk container (IBC) growth year-over-year, with particularly strong performance in the U.S. gulf region and Eastern Europe. The Paper Packaging & Services segment – which consists of two paper mills and one of the newest corrugator networks in the containerboard industry – delivered strong volumes, helping to offset increased costs for old corrugated containers, and is growing its specialty products portfolio. The Flexible Products & Services segment – the world’s largest producer of industrial flexible intermediate bulk containers (FIBCs) – is on track with its improvement plan and delivered its sixth consecutive quarter of margin expansion.
Looking forward, we are narrowing our fiscal year 2017 Class A earnings per share before special items guidance range to $2.84 – $3.02 based largely on improved business performance. We are also narrowing our fiscal year 2017 free cash flow guidance to $180.0 million to $200.0 million due to recently approved organic growth expansions in our Rigid Industrial Packaging & Services and Paper Packaging & Services segments.
While pleased with the Company’s overall performance during the quarter, we were not satisfied with working capital management. Although our working capital days improved year-over-year, working capital dollars are worse primarily due to the adverse effect of raw material price increases. Inventories were driven higher by safety stocks purchased in advance of planned maintenance events at our mills and anticipated raw material price increases throughout the quarter. Seasonality factors also impacted inventories as we prepared for the agriculture season that commences during the second half of the fiscal year.
As a reminder, employee incentives are impacted by working capital management. This alignment of incentives, combined with a planned reduction in safety stocks; a reduction in inventory purchases; and a sharper focus on cash collection are expected to improve working capital throughout the remainder of the year.
Segment Results
Net sales are impacted primarily by the volume of primary products4 sold, selling prices, product mix and the impact of changes in foreign currencies against the U.S. Dollar. The tables below show the percentage impact of each of these items on net sales for our primary products, both including and excluding the impact of divestitures, for the second quarter of 2017 as compared to the second quarter of 2016 for the business segments with manufacturing operations:
June 08, 2017 at 04:36PM
from paperperson
Auto Trader shares go into reverse over car market fears
June 08, 2017 at 04:34PM
from Christopher Williams
Sonoco Announces Supplier Sustainability Award Recipients
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HARTSVILLE, S.C., U.S. –June 8,2017— Sonoco (NYSE: SON), one of the largest diversified global packaging companies, honored five companies with Supplier Sustainability Awards at the annual Sonoco Supplier Conference, May 16, 2017. The 2017 award recipients are: Bristol Global Mobility, Pro Label Inc., Superior Group, Mondi Group and CARLSON WAGONLIT.
The Supplier Sustainability Awards recognize Sonoco suppliers who demonstrate clear differentiation from their competitors with measurable, strategic and transparent social, diversity and environmental responsibility efforts. Award recipients showed definitive leadership in various categories such as having strong environmental policies; specific goals and progress in water, energy, emission and waste disposal reduction; social responsibility reports; and codes of conduct for their suppliers.
“We were extremely impressed with our suppliers’ initiatives in the areas of sustainability, environmental responsibility and diversity, said Marc Ensign, director, Global Category Management, Sonoco. “These organizations are active in their communities, are innovative and consider their impacts on the Earth.”
The “Rookie of the Year” award in sustainability was presented to Bristol Global Mobility, who improved how Sonoco associates relocate, implementing a process where employees can intentionally review moveable items to determine what they no longer need, then choose if they wish to donate the items to charity. This initiative lightens the moving load, saves fuel and helps others.
The “Most Improved” honor went to Pro Label Inc., who has a strong human rights policy that is part of their supplier code of conduct. The company also has strong waste reduction goals and a high percentage of recycling.
Superior Group was honored with a Sonoco Sustainability Award. A leader in diversity, Superior Group’s leadership is active on several national diversity boards and is changing their technology to keep up with the pace of global commerce.
Mondi Group was also honored with a Sonoco Sustainability Award. A repeat honoree, Mondi Group hosts an internal “Making a Difference Day” where employees are permitted to volunteer for one day at the cause of their choice.
CARLSON WAGONLIT received a Sonoco Sustainability Award as well. The company makes a real effort to take care of those who are most disadvantaged around the globe. Last year, the company supported the Carbon for Water project in Kenya that enabled 2,700 water filters to be distributed.
Learn more about Sonoco’s sustainability efforts at http://ift.tt/2rYNPZQ.
About Sonoco
Founded in 1899, Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services. With annualized net sales of approximately $4.8 billion, the Company has 20,000 employees working in more than 300 operations in 33 countries, serving some of the world’s best known brands in some 85 nations. For more information on the Company, visit http://www.sonoco.com.
June 08, 2017 at 04:36PM
from paperperson
Wednesday, June 7, 2017
Australia ties record of 26 years without recession
Australia’s economy recorded just enough growth last quarter to match the Netherlands’ record of 103 quarters without recession. But analysts warn of a slowdown as households struggle with low wages and high debt. Government data out on Wednesday showed gross domestic product (GDP) rose a modest 0.3 … Read full article »
June 07, 2017 at 04:33PM
from
The maps and charts showing the state of play on the eve of the General Election
June 07, 2017 at 04:06PM
from Patrick Scott
ProfessionalDirector retweeted: Non-Executive Director – Progress Housing Group – Lancashire wp.me/p2nqQ8-13aN #NonExecs #CorpGov
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ProfessionalDirector retweeted:
Non-Executive Director – Progress Housing Group – Lancashire wp.me/p2nqQ8-13aN #NonExecs #CorpGov
June 07, 2017 at 04:36PM
https://twitter.com/ProfessionalDir/status/872411908820828160
from ProfessionalDirector
Leading judge hanged himself at care home after dementia diagnosis, inquest hears
June 07, 2017 at 04:06PM
from Telegraph Reporters
A complete perspective: Managing and monitoring a single view of concentration risk
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Managing and monitoring a single view of concentration risk
June 07, 2017 at 04:33PM
from
Tuesday, June 6, 2017
Bitcoin soars to a new high
Bitcoin is trading in record territory, up 6% at $2,848 a coin, propelled by heavy buying from China and Japan, according to Newsbtc.
Tuesday’s advance has the cryptocurrency higher for the 33rd time in 38 days. It has rallied about 144% during that time.
Recent buying has come on the heels of China’s three biggest exchanges resuming withdrawals last week for the first time since February and Japan naming bitcoin a legal payment method back in early April. Additionally, Russia’s largest online retailer began accepting bitcoin even though has Russia said it wouldn’t consider the use of the cryptocurrency until 2018.
However, there remains one big unknown. Back in March, the US Securities and Exchange Commission rejected two bitcoin exchange-traded funds. It has since taken public comment on its decision regarding an ETF started by the Winklevoss twins, but it has not made an additional ruling.
Bitcoin is up 200% in 2017.
SEE ALSO: The first investor in Snapchat thinks bitcoin could hit $500,000 by 2030
Join the conversation about this story »
NOW WATCH: Animated map shows what the US would look like if all the Earth’s ice melted
June 06, 2017 at 04:15PM
from Jonathan Garber
Ten million homes to get ultrafast broadband by 2022 if Tories win election, party says
June 06, 2017 at 04:10PM
from Christopher Hope
Youseff Zaghba named as third London terrorist – Everything we know about him
June 06, 2017 at 04:10PM
from Nick Squires
Romania Finmin Public Sector Wages Will Amount to 76 Bln Lei in 2018, or 8.6 Pct/gdp
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ROMANIA FINMIN PUBLIC SECTOR WAGES WILL AMOUNT TO 76 BLN LEI IN 2018, OR 8.6 PCT/GDP
The material has been provided by InstaForex Company – www.instaforex.com
June 06, 2017 at 04:34PM
from
Saudi Arabia revokes Qatar Airways’ operating license
Saudi officials have told the flagship airline to close its offices in the kingdom within 48 hours. A diplomatic crisis between Qatar and its neighbors is worsening over what Riyadh says is Doha’s support for extremism. Qatar’s state-owned Qatar Airways had its operating license in Saudi Arabia withdrawn … Read full article »
June 06, 2017 at 04:04PM
from
Sunday, June 4, 2017
@generalelectric whistleblower Seema Sapra targeted at Starbucks in CP, A Block http://ift.tt/2qP7EmY @JeffImmelt @FBI @POTUS #corpgov
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@generalelectric whistleblower Seema Sapra targeted at Starbucks in CP, A Block http://ift.tt/2qP7EmY @JeffImmelt
@FBI @POTUS #corpgov
June 04, 2017 at 04:28PM
https://twitter.com/SeemaSapraLaw/status/871327391410290689
from Seema Sapra
Corporate Governance retweeted: #corpgov #climatechange http://twitter.com/gadfly/status/…
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Corporate Governance retweeted:
June 04, 2017 at 04:28PM
https://twitter.com/ToGovern/status/871326487613505536
from Corporate Governance
WholeBoardDevelopmnt retweeted: #corpgov #climatechange http://twitter.com/gadfly/status/…
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WholeBoardDevelopmnt retweeted:
June 04, 2017 at 04:28PM
https://twitter.com/WholeBoardDev/status/871326227340169216
from WholeBoardDevelopmnt
#corpgov #climatechange Quoted tweet from @gadfly: Forget Paris: Funds wielding $34 trillion of investing power support climate resolutions: bloom.bg/2ryCJJ4 https://t.co/zrnhjAs3TH
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Forget Paris: Funds wielding $34 trillion of investing power support climate resolutions: bloom.bg/2ryCJJ4 https://t.co/zrnhjAs3TH
June 04, 2017 at 04:28PM
https://twitter.com/KristynHyland/status/871326050051117056
from Kristyn Hyland
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