Dentsply, NRG, First Energy report net losses
Three companies with ties to the midstate reported their earnings for the past quarter.
Dentsply International Inc., which has offices in downtown York, reported net sales in the first quarter of 2014 of $730.1 million, a slight decrease from $732.1 million in the first quarter of 2013. Net sales, excluding precious metals content, were a record for the first quarter at $689.2 million and increased 2.5 percent from $672.7 million in the first quarter of 2013, according to a news release from the company.
Net income for the first quarter was $72.9 million, or 50 cents per diluted share, compared with $71.7 million, or 49 cents per diluted share, in the first quarter of 2013, according to the release. On an adjusted basis, excluding certain items, earnings per share increased 13.5 percent to 59 cents per diluted share from 52 cents per diluted share in the year-ago quarter.
“We are pleased to report double-digit adjusted earnings per share growth in the first quarter driven by operating margin expansion, despite slow market conditions in certain regions,” Bret Wise, chairman and CEO, said in the release. “We are accelerating our efforts to leverage our global platform and cost structure to drive higher financial returns. We are slightly ahead of our earnings growth expectations for the start of the year, and are anticipating making some important investments to enhance our long-term growth and profitability. Accordingly, we now expect adjusted earnings per diluted share to be in the range of $2.47 to $2.55 for the full year 2014.”
NRG Energy Inc. reported a first-quarter net loss of $56 million, or 18 cents per diluted common share, compared to a net loss of $332 million, or $1.03 per diluted common share, for the year-ago quarter.
The company’s 2014 adjusted EBITDA was $816 million, with wholesale contributing $639 million, retail contributing $108 million and NRG Yield contributing $69 million, according to a news release from the company. First quarter adjusted cash flow from operations totaled $608 million.
“Outstanding execution led to unprecedented quarterly financial performance driven by our core wholesale business,” David Crane, NRG president and CEO, said in the release. “The quarter is also noteworthy in that we successfully closed three acquisitions which will materially advance each of our generation, retail and clean-energy business lines. The polar vortex, yet again, vividly demonstrated the critical importance both to NRG and to the American people of maintaining a robust multi-fuel electric system.”
The acquired companies were Edison Mission Energy for $263.5 million; the competitive retail electricity business of Dominion Resources Inc. for $165 million; and Roof Diagnostics Solar, the sale price of which was not disclosed.
FirstEnergy Corp. reported first-quarter 2014 basic operating earnings of 39 cents per share of common stock, excluding the impact of certain special items. This compares to basic operating earnings of 76 cents per share of common stock in the first quarter of 2013, according to a release from the company.
On a GAAP basis, the company reported earnings of 49 cents per share of diluted common stock in the first quarter on earnings of $208 million and revenue of $4.2 billion. In the first quarter of 2013, the company reported diluted earnings of 47 cents per share on earnings of $196 million, with revenue of $3.7 billion.
First quarter 2014 operating non-GAAP earnings benefited from higher distribution deliveries and transmission revenues, lower expenses associated with deactivated units, the impact of a West Virginia asset swap, and a lower effective tax rate, the company stated in a news release. These factors were offset by lower commodity margin at the competitive business, as well as higher operating expenses, principally in the regulated distribution segment, the company stated.
“The strong performance of our distribution and transmission businesses drove first quarter results that are in line with our expectations, and partially offset the impact of extremely challenging market conditions on our competitive business,” FirstEnergy President and CEO Anthony J. Alexander said in the release. “Reflecting these results, we have updated our full-year 2014 operating earnings guidance to $2.40 to $2.60 per share, from our previous range of $2.45 to $2.85 per share.”
FirstEnergy, which is the parent of midstate electric utility MetEd, trades its shares on the New York Stock Exchange under the ticker FE.