Four companies with local operations reported second-quarter results today.
CHS reported net operating revenues for the three months ended June 30, totaling $4.78 billion, a 49.8 percent increase compared with $3.2 billion for the same period in 2013, according to a company news release.
Income from continuing operations increased to $75 million, or 42 cents per share (diluted), compared with income from continuing operations of $53 million, or 38 cents per share (diluted), for the same period in 2013.
Excluding expenses, income from continuing operations was 74 cents per share (diluted). Net income attributable to Community Health Systems Inc. common stockholders was 37 cents per share (diluted) for the quarter, compared with 32 cents per share (diluted) for the same period in 2013.
Adjusted EBITDA for the quarter was $677 million, compared with $420 million for the same period in 2013, representing a 61.2 percent increase.
The financial data includes operating results from Health Management Associates Inc., which CHS acquired Jan. 27. Health Management Associates, which had operated Carlisle Regional Medical Center, Lancaster Regional Medical Center and Heart of Lancaster Regional Medical Center, lost more than $328 million in 2013, after earning nearly $150 million in 2012 and more than $173 million in 2011, according to filings released in April.
Church & Dwight Co. Inc. reported second-quarter 2014 earnings of 65 cents per share, exceeding management’s outlook of 61 cents.
Net sales increased $20.7 million to $808.3 million. Organic sales growth for second quarter was 3 percent. Income from operations was $138.2 million in the second quarter, a decrease of $2.3 million, or 1.6 percent, from the prior year second quarter. Operating income as a percentage of net sales was 17.1 percent.
“We are pleased with the sales and earnings growth despite continued weak U.S. consumer demand and fierce competition," said James R. Craigie, chairman and CEO. "As promised, we launched innovative new products in every one of our major categories and in three new categories in the first part of the year. The results to date are very promising, as three of our four megabrands hit record shares in the second quarter.”
Church & Dwight, which makes Arm & Hammer laundry detergent and other products at a manufacturing facility and distribution center in Jackson Township, York County, trades its shares on the New York Stock Exchange under the ticker CHD.
YRC Worldwide Inc. narrowed its financial losses during the second quarter of 2014.
Consolidated operating revenue for the second quarter of 2014 was $1.32 billion, with consolidated operating income reported at $20 million, which included a $6.5 million gain on asset disposals. As a comparison, the company reported consolidated operating revenue of $1.24 billion for the second quarter of 2013 and consolidated operating income of $14.3 million, which included a $1.3 million loss on asset disposals.
The freight division reported that operating revenue rose 5.6 percent on higher tonnage and shipments. The segment's operating loss narrowed to $300,000 from $8.5 million a year earlier.
The company reported an adjusted EBITDA of $63 million for the second quarter of 2014, as compared to adjusted EBITDA of $74.1 million for the first quarter of 2013.
"The additional revenue is due to increased volumes as well as a slight gain in revenue per hundredweight," said YRC Worldwide CEO James Welch. "The growth in shipments and tonnage per day is a result of the overall economic improvement and renewed shipper confidence due to the successful completion of our refinancing and modified labor agreement in February 2014. However, profitability for the second quarter was negatively impacted by the network not being fully in cycle which resulted in a decrease in productivities, the re-handling of freight and less than optimal use of purchased transportation.
"The year-over-year decline in profitability can also be attributed to a $7.5 million increase in expense related to bodily injury claims as well as a $2.9 million increase in cargo claims expense when compared to the second quarter of 2013," he added. "The increase in our bodily injury claims expense was driven by an increase in outstanding claims and an increase in development of prior-year claims that remain unsettled."
In January, the company issued $250 million of common and preferred stock, the proceeds of which were used to retire the company’s convertible notes. Additionally, approximately $50 million in principal amount of the company’s other convertible notes were exchanged or converted to common stock.
That was preceded by a new five-year contract extension with its 30,000 Teamsters, in which the company gained concessions.
Lebanon-based New Penn Motor Express Inc. is a regional trucking subsidiary of YRC. The parent company also operates a large warehousing facility in Cumberland County.
Weis Markets Inc. reported a sharp downturn in second-quarter earnings. The company generated earnings per share of 48 cents compared to 90 center per share in 2013. The company's net income totaled $12.8 million, compared to $24.2 million in 2013, down 47.1 percent.
Weis reported its second quarter sales increased 4.5 percent to $691.9 million during the 13-week period ending June 28, while its comparable store sales increased 2.9 percent.
"This is a year of planned recalibration for our company and one where we are reinvesting in increased sales and market share to better ensure our long-term growth," said Jonathan Weis, president and CEO. "We have achieved these sales results despite self-imposed grocery department deflation due to our pricing initiatives. Our investments in these price reductions and other sales building programs have resulted in higher sales per customer and an increased customer count."
Weis trades on the NYSE under the ticker symbol WMK and has numerous midstate locations.