Day: July 22, 2021

ABCB – Ameris: Q2 Earnings Insights

Shares of Ameris (NASDAQ:ABCB) were flat in after-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share increased 104.92% over the past year to $1.25, which beat the estimate of $1.18.

Revenue of $251,092,000 decreased by 11.83% from the same period last year, which missed the estimate of $263,830,000.

Guidance

Ameris hasn’t issued any earnings guidance for the time being.

Ameris hasn’t issued any revenue guidance for the time being.

Recent Stock Performance

Company’s 52-week high was at $59.85

52-week low: $20.86

Price action over last quarter: down 10.06%

Company Overview

Ameris Bancorp operates as a bank. It offers services such as business banking, personal banking, checking, savings, mobile banking, and others. The bank is organized into five segments namely Banking Division, the Retail Mortgage Division, the Warehouse Lending Division, the SBA Division, and the Premium Finance Division. The company generates a majority of its revenue from the Banking division.

FCPT – FCPT Announces Acquisition of an Outback Steakhouse Property for $2.3 Million

MILL VALLEY, Calif.–()–Four Corners Property Trust (NYSE: FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of an Outback Steakhouse property for $2.3 million. The property is located in a strong retail corridor in Florida and is corporate-operated under a net lease with approximately eight years of term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.

WRB – WR Berkley: Q2 Earnings Insights

Shares of WR Berkley (NYSE:WRB) increased in after-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share rose 1850.00% year over year to $1.17, which beat the estimate of $0.94.

Revenue of $2,296,000,000 higher by 18.60% from the same period last year, which beat the estimate of $2,160,000,000.

Outlook

WR Berkley hasn’t issued any earnings guidance for the time being.

WR Berkley hasn’t issued any revenue guidance for the time being.

Details Of The Call

Date: Jul 22, 2021

Time: 05:00 PM

ET Webcast URL: https://ir.berkley.com/news-and-events/events-and-presentations/default.aspx

Price Action

Company’s 52-week high was at $82.43

52-week low: $58.84

Price action over last quarter: down 6.64%

Company Profile

W.R. Berkley is an insurance holding company with a host of subsidiaries that primarily write commercial casualty insurance. The firm specializes in niche products that include various excess and surplus lines, workers’ compensation insurance, self-insurance consulting, reinsurance, and regional commercial lines for small and midsize businesses.

FE – FirstEnergy: Q2 Earnings Insights

Shares of FirstEnergy (NYSE:FE) were flat in after-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share were up 3.51% over the past year to $0.59, which were in line with the estimate of $0.59.

Revenue of $2,600,000,000 rose by 3.09% year over year, which missed the estimate of $2,640,000,000.

Looking Ahead

Earnings guidance hasn’t been issued by the company for now.

FirstEnergy hasn’t issued any revenue guidance for the time being.

Price Action

Company’s 52-week high was at $41.65

Company’s 52-week low was at $22.85

Price action over last quarter: Up 6.27%

Company Profile

FirstEnergy is one of the largest investor-owned utilities in the United States with 10 distribution utilities serving 6 million customers in six mid-Atlantic and Midwestern states. FirstEnergy also owns and operates one of the nation’s largest transmission systems with more than 24,500 miles of lines.

CE – Celanese: Q2 Earnings Insights

Shares of Celanese (NYSE:CE) moved higher in after-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share increased 286.15% over the past year to $5.02, which beat the estimate of $4.25.

Revenue of $2,198,000,000 higher by 84.24% year over year, which beat the estimate of $1,920,000,000.

Guidance

Q3 EPS expected to be between $4.50 and $4.75.

Revenue guidance hasn’t been issued by the company for now.

Price Action

Company’s 52-week high was at $171.00

52-week low: $92.11

Price action over last quarter: down 0.19%

Company Overview

Celanese is one of the world’s largest producers of acetic acid and its downstream derivative chemicals, which are used in various end markets, including coatings and adhesives. The company also produces specialty polymers used in the automotive, electronics, medical, and consumer end markets as well as cellulose derivatives used in cigarette filters.

MOFG – MidWestOne Financial Gr: Q2 Earnings Insights

Shares of MidWestOne Financial Gr (NASDAQ:MOFG) moved higher in after-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share were up 47.95% year over year to $1.08, which beat the estimate of $0.89.

Revenue of $38,505,000 declined by 0.53% year over year, which beat the estimate of $38,190,000.

Guidance

MidWestOne Financial Gr hasn’t issued any earnings guidance for the time being.

MidWestOne Financial Gr hasn’t issued any revenue guidance for the time being.

Recent Stock Performance

Company’s 52-week high was at $33.68

Company’s 52-week low was at $16.59

Price action over last quarter: down 9.43%

Company Profile

MidWestOne Financial Group Inc is a bank holding company for MidWestOne Bank. It is engaged in the business of commercial and retail banking, and investment management services. The bank provides full-service retail banking in the communities in which its branch offices are located. Its deposit products include non-interest-bearing and interest-bearing demand deposits, savings accounts, money market accounts and certificates of deposit. It also offers commercial and industrial, agricultural, real estate mortgage and consumer loans. Other products and services include debit cards, automated teller machines, on-line banking and safe deposit boxes. The company’s income is derived from a diverse base of commercial, mortgage and retail lending activities, and investments.

BIIB – Biogen, under pressure, tells investors it ‘stands by' the FDA review process for its Alzheimer's drug

Biogen executives sought to assure investors that the science behind its newly approved Alzheimer’s disease drug is firm despite ongoing questions about whether the drug works, how it was approved, and what it costs. 

“I want to be clear that Biogen stands behind the integrity of the review process,” Biogen CEO Michael Vounatsos said Thursday, according to a FactSet transcript of the company’s second-quarter earnings call.

Shares of Biogen Inc.
BIIB,
+1.30%

gained 1.3% in trading on Thursday. Earlier in the day, the company disclosed that Aduhelm has generated $2 million in revenue since the June 7 approval. 

Biogen executives said Aduhelm’s launch has been slower than expected, and much of the earnings call featured company executives emphasizing the therapy’s clinical benefits, explaining the lengths the company went to ensuring the scientific integrity of the clinical trials, and promoting its focus on giving patients with Alzheimer’s a new treatment option. 

Aduhelm is the first new Alzheimer’s disease treatment in two decades.

“Biogen is struggling with negative commentary, acknowledging launch is slower than expected,” Bernstein’s Ronny Gal told investors on Thursday. “They spent a good amount of the call arguing against misinformation [and] negative media comments.”

The story behind Aduhelm is complicated. Biogen in 2019 scrapped development of the drug, saying the therapy didn’t work, before telling investors later that year that it planned to resurrect the drug.

More recently, members of the influential FDA advisory committee who had recommended against approving Aduhelm quit in response to the approval. Biogen itself requested a narrower label for the drug (which was granted by the FDA earlier this month). The acting FDA commissioner requested a federal investigation into her own agency’s handling of the approval. And several hospital systems including the Cleveland Clinic in Ohio and Mount Sinai Health System in New York have said they will not offer the drug to their patients. 

“A better understanding of the facts is good for everyone involved to assure confidence in both the therapy and the process by which it was approved,” Dr. Alfred Sandrock, Biogen’s chief medical officer, said during the call. “We will cooperate fully with the review even as we prioritize the issues that affect patients.”

That means the company is moving forward with its commercial plans for Aduhelm. This includes working on reimbursement, designing the FDA-required confirmatory trial and a real-world observational study, and setting up care sites that can administer the drug. (Aduhelm is an infusion therapy that also requires brain magnetic resonance imaging scans in patients before being administered.)

Aduhelm is currently being reviewed by regulators in 10 countries, Biogen said. 

Biogen’s stock is up 31.9% for the year. Its shares hit a six-year high the day that Aduhelm was approved. The S&P 500
SPX,
+0.21%

has gained 15.1% so far in 2021.