Boeing (BA) To Report Earnings Tomorrow: Here Is What To Expect
Boeing missed analysts' revenue expectations by 0.6% last quarter, reporting revenues of $19.5 billion, up 17.7% year on year. It was a very strong quarter for the company, with an impressive beat of analysts' EPS estimates and a solid beat of analysts' EBITDA estimates.
Is Boeing a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Boeing's revenue to grow 28.5% year on year to $21.67 billion, a reversal from the 14.6% decrease it recorded in the same quarter last year. Adjusted loss is expected to come in at -$1.31 per share.
Heading into earnings, analysts covering the company have mixed opinions about the business, with revenue estimates seeing 7 upward and 9 downward revisions over the last 30 days. Boeing has missed Wall Street's revenue estimates five times over the last two years.
Looking at Boeing's peers in the aerospace segment, some have already reported their Q2 results, giving us a hint as to what we can expect. AAR delivered year-on-year revenue growth of 14.9%, beating analysts' expectations by 8.6%, and Textron reported revenues up 5.4%, topping estimates by 2.4%. AAR traded up 13.4% following the results while Textron was down 8.9%.
Read our full analysis of AAR's results here and Textron's results here.
There has been positive sentiment among investors in the aerospace segment, with share prices up 6.8% on average over the last month. Boeing is up 11.3% during the same time and is heading into earnings with an average analyst price target of $240.08 (compared to the current share price of $233.27).
Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefiting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story.
StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
a minute ago
- Business Wire
Orion S.A. Reports Second Quarter 2025 Financial Results
HOUSTON--(BUSINESS WIRE)--Orion S.A. (NYSE: OEC), a specialty chemical company, today announced financial results for the period ended June 30, 2025 as follows: Second Quarter 2025 Highlights Net sales of $466.4 million, down $10.6 million year over year Net income of $9.0 million, down $11.5 million year over year Diluted EPS of $0.16, down $0.19 year over year Adjusted EBITDA 1 of $68.8 million, down 8% year over year Adjusted Diluted EPS 1 of $0.32, down $0.09 year over year Six Months 2025 Highlights Net sales of $944.1 million, down $35.8 million year over year Net income of $18.1 million, down $29.1 million year over year Diluted EPS of $0.32, down $0.48 year over year Adjusted EBITDA 1 of $135.0 million, down 16% year over year Adjusted Diluted EPS 1 of $0.55, down $0.38 year over year Other Highlights Improved plant performance sequentially Announced plan to discontinue, in aggregate, production of three to five carbon black lines at multiple facilities Maintaining Free Cash Flow expectations for 2025 1 The reconciliations of Non-U.S. GAAP ('GAAP') measures to the respective most comparable GAAP measures are provided in the section titled Reconciliation of Non-GAAP Financial Measures below. Expand 'Our second quarter results were in line with our expectations, helped by an improved sequential plant performance,' stated Corning Painter, Chief Executive Officer. 'We overcame persistent demand headwinds related to elevated tire imports, which have continued to pressure key tire customers, along with broader customer hesitancy reflecting considerable macro uncertainty,' continued Painter. 'Our revised 2025 Adjusted EBITDA guidance range assumes no meaningful recovery in our industrial end markets over the balance of 2025.' 'We are resolutely focused on levers to improve cash flow,' stated Orion's Chief Financial Officer Jeff Glajch. 'Even with the persistent macro headwinds, we expect to reach our previously conveyed goal of more than $50 million of free cash flow for 2025.' Second Quarter 2025 Overview: (1) The reconciliations of Non-U.S. GAAP ('GAAP') measures to the respective most comparable GAAP measures are provided in the section titled Reconciliation of Non-GAAP Financial Measures below. Expand Volume increased by 6.9 kmt, year over year, due to higher volume in the Rubber Carbon Black segment. Net sales decreased by $10.6 million, or 2.2%, year over year, driven primarily by lower oil prices. This was partially offset by higher Rubber Carbon Black segment volume, favorable foreign exchange rate impact and higher cogeneration. Gross profit decreased by $11.4 million, or 10.4%, year over year, to $98.4 million. The decrease was driven primarily by lower volume in the Specialty Carbon Black segment, unfavorable timing from the pass-through of raw material costs and unfavorable customer and regional mix in the Rubber Carbon Black segment. Income from operations decreased by $9.5 million, or 22.8%, year over year, to $32.1 million. The decrease was driven primarily by softer demand in the Specialty Carbon Black segment and unfavorable timing from the pass-through of raw material costs. Net income decreased by $11.5 million, or 56.1%, year over year to $9.0 million. Adjusted EBITDA decreased by $6.3 million, or 8.4%, year over year, to $68.8 million. The decrease was driven by lower volume in the Specialty Carbon Black segment, unfavorable price and unfavorable timing from the pass-through of raw material costs, partially offset by higher cogeneration. Quarterly Business Segment Results Specialty Carbon Black segment volume declined by 4.9 kmt, or 7.8%, year over year, primarily due to lower demand in the Europe, Middle East and Africa, as well as the Americas region. Net sales decreased by $7.4 million, or 4.5%, year over year, to $158.1 million, primarily due to lower volume and lower oil prices. Adjusted EBITDA declined by $8.1 million, or 28.9%, year over year, to $19.9 million. The decrease was primarily due to lower volume and unfavorable price and product mix. Rubber Carbon Black segment volume increased by 11.8 kmt, or 6.9%, year over year, due to higher demand in the Asia Pacific and Americas regions. Net sales declined by $3.2 million, or 1.0%, year over year, to $308.3 million, primarily due to the pass-through of lower oil prices, partially offset by higher volume. Adjusted EBITDA increased by $1.8 million, or 3.8%, year over year, to $48.9 million, driven primarily by lower fixed costs and higher cogeneration, partly offset by unfavorable timing from the pass-through of raw material costs. Six Months 2025 Highlights (1) The reconciliations of these non-GAAP measures to the respective most comparable GAAP measures are provided in the section titled Reconciliation of non-GAAP Financial Measures. Expand Volume increased by 10.2 kmt to 491.7 kmt compared to the six months ended June 30, 2024, primarily due to higher Rubber Carbon Black segment volume, partially offset by lower Specialty Carbon Black segment volume. Net sales decreased by $35.8 million, or 3.7%, in the six months ended June 30, 2025 to $944.1 million year over year, primarily driven by the pass-through of lower oil prices, and lower Specialty Carbon Black segment volume. Those were partially offset by higher volume in the Rubber Carbon Black segment and higher cogeneration. Gross profit decreased by $35.5 million, or 15.3%, year over year to $196.5 million. The decrease was primarily driven by unfavorable impact from the pass-through of raw material costs, partially offset by higher cogeneration. Income from operations decreased by $31.1 million, or 32.9%, year over year to $63.3 million. The decrease was driven primarily by softer demand in the Specialty Carbon Black segment and unfavorable timing from the pass-through of raw material costs. Net income decreased by $29.1 million, or 61.7%, year over year to $18.1 million. Adjusted EBITDA decreased by $25.4 million, or 15.8%, from $160.4 million in the six months ended June 30, 2024 to $135.0 million in the six months ended June 30, 2025. The decrease was primarily due to lower volume in the Specialty Carbon Black segment, unfavorable timing from the pass-through of raw material costs and unfavorable customer and regional mix in the Rubber Carbon Black segment. Those were partially offset by higher cogeneration. Six Months Business Segment Results Volumes decreased by 6.3 kmt, or 5.0%, year over year to 119.9 kmt for the six months ended June 30, 2025, primarily due to lower demand in the Europe, Middle East and Africa, as well as the Americas region. Net sales decreased by $17.6 million, or 5.2%, year over year to $318.8 million for the six months ended June 30, 2025, primarily due to lower volume and lower oil prices. Adjusted EBITDA decreased by $10.6 million, or 19.0%, year over year to $45.3 million for the six months ended June 30, 2025. The decrease was primarily due to lower volume and unfavorable price and product mix. Volume increased by 16.5 kmt, or 4.6%, year over year to 371.8 kmt, for the six months ended June 30, 2025, primarily due to higher demand in the Asia Pacific and Americas regions. Net sales decreased by $18.2 million, or 2.8%, year over year to $625.3 million for the six months ended June 30, 2025, primarily due to the pass-through of lower oil prices, partially offset by higher volume. Adjusted EBITDA decreased by $14.8 million, or 14.2%, to $89.7 million for the six months ended June 30, 2025, driven primarily by unfavorable timing from the pass-through of raw material costs and unfavorable customer and regional mix. Outlook 'We are narrowing our guidance ranges to factor in a surge of tire imports into North America during the second quarter, as well as revised macro assumptions for the second half of 2025. Our revised Adjusted EBITDA range is $270 million – $290 million and the corresponding Adjusted EPS range is $1.20 – $1.45. We are again reaffirming our prior free cash flow guidance range at $40 million – $70 million.' Mr. Painter concluded. As previously announced, Orion will hold a conference call tomorrow, Thursday, August 7, 2025, at 8:30 a.m. (EDT). The dial-in details for the live conference call are as follows: A replay of the conference call may be accessed by phone at the following numbers to Thursday, August 21, 2025: Additionally, an archived webcast of the conference call will be available on the investor section of the company's website at To learn more about Orion S.A., visit the company's investor website at where we regularly post information including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, SEC filings and other information regarding our company, its businesses and the markets it serves. About Orion S.A. Orion S.A. (NYSE: OEC) is a leading global supplier of carbon black, a solid form of carbon produced as powder or pellets. The material is made to customers' exacting specifications for tires, coatings, ink, batteries, plastics and numerous other specialty, high-performance applications. Carbon black is used to tint, colorize, provide reinforcement, conduct electricity, increase durability, and add UV protection. Orion has innovation centers on three continents and produces carbon black at 14 plants worldwide, excluding the under-construction facility at La Porte, Texas, offering the most diverse variety of production processes in the industry. The company's corporate lineage goes back more than 160 years to Germany, where it operates the world's longest-running carbon black plant. Orion is a leading innovator, applying a deep understanding of customers' needs to deliver sustainable solutions. For more information, please visit Cautionary Statement for the Purposes of the 'Safe Harbor' Provisions of the Private Securities Litigation Reform Act of 1995 This document contains and refers to certain forward-looking statements with respect to our financial condition, results of operations and business, including those in the 'Outlook ' section above. These statements constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. You should not place undue reliance on forward-looking statements. Forward-looking statements include, among others, statements concerning our potential exposure to market risks, macroeconomic conditions including tariffs, expected plant uptime, market conditions, anticipated customer demand, expected impacts of operational improvements and foreign exchange, expectations regarding capital expenditures, working capital and free cash flow, our outlook for 2025, and other statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions and statements that are not limited to statements of historical or present facts or conditions. Forward-looking statements are typically identified by words such as 'anticipate,' 'assume,' 'assure,' 'believe,' 'confident,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'objectives,' 'outlook,' 'guidance,' 'probably,' 'project,' 'will,' 'seek,' 'target,' 'to be,' and other words of similar meaning. All these forward-looking statements are based on estimates and assumptions that, although believed to be reasonable, are inherently uncertain. Therefore, undue reliance should not be placed upon any forward-looking statements. There are important factors that could cause actual results to differ materially from those contemplated by such forward-looking statements. These factors include, among others: negative or uncertain worldwide economic conditions and developments; the operational risks inherent in chemicals manufacturing, including but not limited to disruptions due to technical difficulties, severe weather conditions or natural disasters; unanticipated impacts of our plans and strategies, including our plans to discontinue production at certain facilities; our dependence on major customers and suppliers; further changes and uncertainty in the geopolitical environment or government policy, including related to tariffs, counter-tariffs and other trade barriers, and the risk that the impacts thereof differ from our expectations; our ability to compete in the industries and markets in which we operate; our ability to successfully develop new products and technologies; our ability to effectively implement our business strategies; the volatility of costs, quality and availability of raw materials and energy; our ability to realize benefits from investments, joint ventures, acquisitions or alliances; our ability to realize benefits from planned plant capacity expansions and planned and current site development projects; any information technology systems failures, network disruptions and breaches of data security; our exposure to political or country risks inherent in doing business globally; rapidly changing geopolitical environment, conflicts, growing tension between U.S. and other countries, and/or any other escalations may impact energy costs, raw material availability or other economic disruptions; our ability to comply with complex environmental, health and safety laws and regulations, and current and any possible future investigations and enforcement actions by governmental, supranational agencies or other organizations; environmental, social and governance matters, including regulations requiring a reduction of greenhouse gas emissions or that impose additional taxes or fees on emissions as well as increased awareness and adverse publicity about potential impacts on climate change by us; developments in regulation of carbon black as a nano-scale material; our operations as a company in the chemical sector, including the related risks of leaks, fires and toxic releases as well as other accidents; any changes in European Union regulations or similar international regulations on chemical carbon that will affect our ability to market and sell our products; any market or regulatory changes that may affect our ability to sell or otherwise benefit from co-generated energy; any litigation or legal proceedings, including product liability, environmental or asbestos related claims; our ability to protect our intellectual property rights and know-how; risks associated with our financial leverage; restrictive effects of the covenants in our debt instruments; any deterioration in our financial position or downgrade of our ratings by credit rating agencies; any fluctuations in foreign currency exchange or interest rates; the availability and efficiency of hedging; any potential impairments or write-offs of certain assets; any required increases in our pension fund or retirement-related contributions; the adequacy of our insurance coverage; any challenges to our decisions and assumptions in assessing and complying with our tax obligations; any changes in our jurisdictional earnings mix or in the tax laws or accepted interpretations of tax laws in those jurisdictions; the ability to pay dividends on our common stock at historical rates or at all; the difference between our stockholders' rights and rights of stockholders of a U.S. corporation; the potential difficulty in obtaining or enforcing judgments or bringing legal actions against Orion S.A. (a Luxembourg incorporated entity) in the U.S. or elsewhere outside Luxembourg; the difference between Luxembourg & European insolvency and bankruptcy laws from U.S. insolvency laws; our relationships with our workforce, including negotiations with labor unions, strikes and work stoppages; our ability to recruit or retain key management and personnel; any disruptive changes in international and local economic conditions, dislocations in credit and capital markets and inflation or deflation; and our ability to generate the funds required to service our debt and finance our operations. Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include those factors detailed under the captions 'Cautionary Statement for Purposes of the 'Safe Harbor' Provisions of the Private Securities Litigation Reform Act of 1995' and 'Risk Factors' in our Annual Report in Form 10-K for the year ended December 31, 2024 and in Note Q. Commitments and Contingencies to our audited Consolidated Financial Statements and in Note J. Commitments and Contingencies to our unaudited Consolidated Financial Statements Form 10-Q for the period ended June 30, 2025. It is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information, other than as required by applicable law. Reconciliation of Non-GAAP Financial Measures We present certain financial measures that are not prepared in accordance with GAAP or the accounting standards of any other jurisdiction and may not be comparable to other similarly titled measures of other companies. For a reconciliation of these non-GAAP financial measures to their nearest comparable GAAP measures, see section Reconciliation of Non-GAAP Financial Measures below. These non-GAAP measures include, but are not limited to Adjusted Net Income, Adjusted EBITDA, Adjusted Diluted EPS, Free Cash Flow and Net Debt. We define Adjusted Net Income as Net income, stock-based compensation, and non-recurring items (such as, restructuring expenses, legal settlement gain, etc.). We define Adjusted EBITDA as Income from operations before depreciation and amortization, stock-based compensation, and non-recurring items plus Earnings in affiliated companies, net of tax. We define Adjusted Diluted EPS as Adjusted Net Income divided by Diluted Weighted-average shares outstanding. We define Free Cash Flow as Adjusted EBITDA, Capital expenditures, Cash paid for interest, net, Cash paid for income taxes and Dividends paid to stockholders. Our operations are managed by senior executives who report to our Chief Executive Officer ('CEO'), the chief operating decision maker ('CODM'). Adjusted EBITDA is used by our chief operating decision maker ('CODM') to evaluate our operating performance and to make decisions regarding allocation of capital, because it excludes the effects of items that have less bearing on the performance of our underlying core business. We use this measure, together with other measures of performance under GAAP, to compare the relative performance of operations in planning, budgeting and reviewing our business. By eliminating potential differences in results of operations between periods caused by factors such as depreciation and amortization, historic cost and age of assets, financing and capital structures and taxation positions or regimes, we believe that Adjusted EBITDA provides a useful additional basis for evaluating and comparing the current performance of the underlying operations. We believe our non-GAAP measures are useful measures of financial performance in addition to Net income, Income from operations, diluted EPS and other profitability measures under GAAP, because they facilitate operating performance comparisons from period to period. In addition, we believe these non-GAAP measures aid investors by providing additional insight into our operational performance and help clarify trends affecting our business. Other companies and analysts may calculate non-GAAP financial measures differently, so making comparisons among companies on this basis should be done carefully. Non-GAAP measures are not performance measures under GAAP and should not be considered in isolation or construed as substitutes for Net sales, Net income, Income from operations, Gross profit and other GAAP measures as an indicator of our operations in accordance with GAAP. With respect to Adjusted EBITDA and Adjusted Diluted EPS outlook for 2025, we are not able to reconcile the forward-looking non-GAAP financial measures to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items. These items include, but are not limited to, significant legal settlements, tax and regulatory reserve changes, restructuring costs and acquisition and financing related impacts. Condensed Consolidated Balance Sheets (Unaudited) (In millions, except share amounts) June 30, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 42.6 $ 44.2 Accounts receivable, net 270.0 211.9 Inventories, net 285.7 290.4 Income tax receivables 14.5 12.6 Prepaid expenses and other current assets 69.7 54.2 Total current assets 682.5 613.3 Property, plant and equipment, net 1,030.7 965.0 Right-of-use assets 120.5 117.9 Goodwill 80.7 71.5 Intangible assets, net 17.2 18.5 Investment in equity method affiliates 11.3 8.0 Deferred income tax assets 66.4 21.6 Other assets 15.6 41.5 Total non-current assets 1,342.4 1,244.0 Total assets $ 2,024.9 $ 1,857.3 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 173.4 $ 156.2 Current portion of long-term debt and other financial liabilities 342.0 258.8 Accrued liabilities 31.0 39.5 Income taxes payable 16.9 4.8 Other current liabilities 57.5 57.4 Total current liabilities 620.8 516.7 Long-term debt, net 680.2 647.0 Employee benefit plan obligation 66.5 58.5 Deferred income tax liabilities 60.8 36.5 Other liabilities 130.1 123.7 Total non-current liabilities 937.6 865.7 Stockholders' Equity Common stock Authorized: 65,992,259 and 65,992,259 shares with no par value Issued – 60,992,259 and 60,992,259 shares with no par value Outstanding – 56,046,226 and 57,242,372 shares 85.3 85.3 Treasury stock, at cost, 4,946,033 and 3,749,887 (90.3 ) (82.2 ) Additional paid-in capital 73.5 84.7 Retained earnings 471.6 457.0 Accumulated other comprehensive loss (73.6 ) (69.9 ) Total stockholders' equity 466.5 474.9 Total liabilities and stockholders' equity $ 2,024.9 $ 1,857.3 Expand Condensed Consolidated Statements of Cash Flows (Unaudited) Six Months Ended June 30, (In millions) 2025 2024 Cash flows from operating activities: Net income $ 18.1 $ 47.2 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of property, plant and equipment and amortization of intangible assets and right of use assets 63.5 59.2 Amortization of debt issuance costs 0.8 0.8 Share-based compensation 6.3 6.5 Deferred taxes (17.5 ) (6.0 ) Foreign currency transactions (8.3 ) 0.3 Changes in operating assets and liabilities, net: Trade receivables (39.7 ) (39.3 ) Inventories 26.9 (5.4 ) Trade payables (1.1 ) 5.1 Other provisions (10.6 ) (0.7 ) Income tax liabilities 6.3 (3.0 ) Other assets and liabilities, net 9.4 (3.0 ) Net cash provided by operating activities 54.1 61.7 Cash flows from investing activities: Acquisition of property, plant and equipment (71.4 ) (87.8 ) Net cash used in investing activities (71.4 ) (87.8 ) Cash flows from financing activities: Repayments of long-term debt (4.4 ) (2.1 ) Payments for debt issue costs — (0.2 ) Cash inflows related to current financial liabilities 97.8 115.9 Cash outflows related to current financial liabilities (52.2 ) (80.9 ) Dividends paid (2.4 ) (2.4 ) Repurchase of common stock (24.8 ) (6.8 ) Net cash provided by financing activities 14.0 23.5 Decrease in cash, cash equivalents and restricted cash (3.3 ) (2.6 ) Cash, cash equivalents and restricted cash at the beginning of the period 44.7 40.2 Effect of exchange rate changes on cash 2.7 (1.8 ) Cash, cash equivalents and restricted cash at the end of the period 44.1 35.8 Less restricted cash at the end of the period 1.5 1.6 Cash and cash equivalents at the end of the period $ 42.6 $ 34.2 Expand Reconciliation of Non-GAAP to GAAP Financial Measures The following tables present a reconciliation of each Non-GAAP measure to the most directly comparable GAAP measure: Reconciliation of Net income to Adjusted EBITDA: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2025 2024 2025 2024 Net income $ 9.0 $ 20.5 $ 18.1 $ 47.2 Add back Income tax expense 4.6 9.1 13.5 22.6 Add back Equity in earnings of affiliated companies, net of tax (0.6 ) (0.2 ) (1.1 ) (0.3 ) Income before earnings in affiliated companies and income taxes 13.0 29.4 30.5 69.5 Add back Interest and other financial expense, net 19.1 12.2 32.8 24.9 Income from operations 32.1 41.6 63.3 94.4 Add back Depreciation of property, plant and equipment and amortization of intangible assets and right of use assets 32.0 30.3 63.5 59.2 EBITDA 64.1 71.9 126.8 153.6 Equity in earnings of affiliated companies, net of tax 0.6 0.2 1.1 0.3 Long term incentive plan 3.6 3.0 6.3 6.5 Other adjustments 0.5 — 0.8 — Adjusted EBITDA $ 68.8 $ 75.1 $ 135.0 $ 160.4 Expand Reconciliation of Net income to Adjusted net income and Diluted Earnings (loss) per share to Adjusted Diluted EPS: Three Months Ended June 30, Six Months Ended June 30, (In millions, except share and per share data) 2025 2024 2025 2024 Net income $ 9.0 $ 20.5 $ 18.1 $ 47.2 add back long-term incentive plan 3.6 3.0 6.3 6.5 add back other adjustment items 0.5 — 0.8 — add back intangible assets amortization 1.9 1.8 3.7 3.6 add back foreign exchange rate impacts 6.7 0.4 6.8 0.7 add back amortization of transaction costs 0.4 0.4 0.8 0.8 Tax effect on add back items at estimated tax rate (3.9 ) (1.6 ) (5.5 ) (3.5 ) Adjusted net income $ 18.2 $ 24.5 $ 31.0 $ 55.3 Total add back items $ 9.2 $ 4.0 $ 12.9 $ 8.1 Impact of add-back items per share $ 0.16 $ 0.06 $ 0.23 $ 0.13 Diluted Earnings per share $ 0.16 $ 0.35 $ 0.32 $ 0.80 Adjusted Diluted EPS $ 0.32 $ 0.41 $ 0.55 $ 0.93 Diluted weighted-average shares outstanding (in thousands): 56,320 59,185 56,829 59,229 Expand
Business Wire
a minute ago
- Business Wire
Murphy Oil Corporation Announces Second Quarter Results
HOUSTON--(BUSINESS WIRE)--Murphy Oil Corporation (NYSE: MUR) today announced its financial and operating results for the second quarter ended June 30, 2025. Unless otherwise noted, the financial and operating highlights and metrics discussed in this commentary exclude noncontrolling interest (NCI). 1 1 From continuing operations and excludes amounts attributable to a noncontrolling interest in MP Gulf of Mexico, LLC (MP GOM). 2 Adjusted net income from continuing operations attributable to Murphy, adjusted earnings before interest, taxes, depreciation and amortization attributable to Murphy (adjusted EBITDA), adjusted EBITDA less exploration expense attributable to Murphy (adjusted EBITDAX), and free cash flow are non-GAAP financial measures and are not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations can be found in the attached schedules. 3 Barrels of oil per day (BOPD) and barrels of oil equivalent per day (BOEPD). 4 Lease operating expense per barrel of oil equivalent sold for total oil and gas continuing operations. Expand Highlights for the second quarter include: Delivered sequential increase in production to 190,000 BOEPD and 90,000 BOPD; production outperformed high-end of guidance on strong new well productivity Returned $46 million to shareholders through quarterly dividend Reaffirmed full year CAPEX guidance at the midpoint of the range; full year total company production now trending at the midpoint of the range Subsequent to the second quarter: 'I am very pleased with our solid operational results in the second quarter which were achieved through strong new onshore well performance, continued Gulf of America workover progress, and field development execution at Lac Da Vang (Golden Camel). It's an exciting time at Murphy as we look ahead to significant exploration and appraisal catalysts in the second half of the year,' said Eric M. Hambly, President and Chief Executive Officer. 'In addition, this quarter we have introduced a Quarterly Stockholder Update which provides deeper insights and leadership perspectives on our business.' RETURN OF CAPITAL In the second quarter of 2025, return of capital totaled $46 million through the quarterly dividend. Through the first half of 2025, Murphy has returned $193 million to shareholders, which includes $100 million of share repurchases and $93 million in dividends. The company had $550 million remaining under its share repurchase authorization and 142.7 million shares outstanding as of June 30, 2025. FINANCIAL POSITION Murphy had approximately $1.5 billion of liquidity on June 30, 2025, comprised of $1.15 billion undrawn under the $1.35 billion senior unsecured credit facility and $380 million of cash and cash equivalents, inclusive of NCI. As of June 30, 2025, Murphy's total debt of $1.48 billion was comprised of long-term, fixed-rate notes and $200 million drawn under the senior unsecured credit facility. The fixed-rate notes had a weighted average maturity of 8.9 years and a weighted average coupon of 6.1 percent. ONSHORE OPERATIONS SUMMARY In the second quarter of 2025, the onshore business produced approximately 118 MBOEPD, which included 31 percent liquids volumes. OFFSHORE OPERATIONS SUMMARY Excluding NCI, in the second quarter of 2025, the offshore business produced approximately 72 MBOEPD, which included 82 percent oil. Gulf of America – Murphy completed the Samurai #3 workover and returned the well to production early in the second quarter. The Khaleesi #2 workover was completed and returned to production early in the third quarter. Vietnam – During the second quarter, Murphy continued to advance the Lac Da Vang (Golden Camel) field development and the project remains on schedule for first oil in the second half of 2026. The total project has now achieved 2.5 million work hours with zero Lost Time Injuries. 2025 CAPITAL EXPENDITURE AND PRODUCTION GUIDANCE The table below illustrates third quarter 2025 production guidance by area. The table below details the 2025 CAPEX plan by quarter. The table below details the 2025 onshore well delivery plan by quarter. 2025 Onshore Wells Online 1Q 2025A 2Q 2025A 3Q 2025E 4Q 2025E 2025E Total Eagle Ford Shale - 24 10 - 34 Kaybob Duvernay - - 4 - 4 Tupper Montney 5 5 - - 10 Non-Op Eagle Ford Shale 1 10 7 - 18 Note: All well counts are shown gross. Eagle Ford Shale non-operated working interest averages 21 percent. Expand CONFERENCE CALL AND WEBCAST SCHEDULED FOR AUGUST 7, 2025 Murphy will host a conference call to discuss second quarter 2025 financial and operating results on Thursday, August 7, 2025, at 9:00 a.m. ET. The call can be accessed either via the Internet through the events calendar on the Murphy Oil Corporation Investor Relations website at or via telephone by dialing toll free 1-800-717-1738, reservation number 30769. For additional information, please refer to the Second Quarter 2025 Earnings Presentation and Quarterly Stockholder Update available under the News and Events section of the Investor Relations website. FINANCIAL DATA Summary financial data and operating statistics for second quarter 2025, with comparisons to the same period from the previous year, are contained in the attached schedules. Additionally, a schedule indicating the impacts of items affecting comparability of results between periods and a reconciliation of the non-GAAP financial measures of adjusted net income from continuing operations attributable to Murphy, EBITDA, EBITDAX, adjusted EBITDA, adjusted EBITDAX, free cash flow and adjusted free cash flow to the most directly comparable GAAP financial measures for such periods are also included. ABOUT MURPHY OIL CORPORATION Murphy Oil Corporation is an independent oil and natural gas company with a multi-basin onshore and offshore portfolio and significant exploration opportunities. The company has more than a century-long history of demonstrating strong execution and innovative, full-cycle development capabilities with a focus on value creation that drives shareholder returns. Murphy's foresight and financial discipline, along with its culture of adaptability and accountability, will allow the company to continue its outstanding legacy and exceptional reputation. The company's current operations include extensive inventory located onshore in the Eagle Ford Shale, Tupper Montney and Kaybob Duvernay, as well as offshore in the Gulf of America and Canada. Murphy also strives to create long-term shareholder value through offshore exploration and development in the Gulf of America, Vietnam and Côte d'Ivoire. Additional information can be found on the company's website at FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as 'aim', 'anticipate', 'believe', 'drive', 'estimate', 'expect', 'expressed confidence', 'forecast', 'future', 'goal', 'guidance', 'intend', 'may', 'objective', 'outlook', 'plan', 'position', 'potential', 'project', 'seek', 'should', 'strategy', 'target', 'will' or variations of such words and other similar expressions. These statements, which express management's current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the company's future operating results or activities and returns or the company's ability and decisions to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other ESG (environmental/social/governance) matters, make capital expenditures or pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and natural gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; geopolitical concerns; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the US or global capital markets, credit markets, banking system or economies in general, including inflation, trade policies, tariffs and other trade restrictions. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see 'Risk Factors' in our most recent Annual Report on Form 10-K filed with the US Securities and Exchange Commission ('SEC') and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC's website and from Murphy Oil Corporation's website at Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the company; therefore, we encourage investors, the media, business partners and others interested in the company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this news release. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements. NON-GAAP FINANCIAL MEASURES This news release contains certain non-GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluating Murphy Oil Corporation's overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the crude oil and natural gas industry. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with US generally accepted accounting principles (GAAP) and should therefore be considered only as supplemental to such GAAP financial measures. Please see the attached schedules for reconciliations of the differences between the non-GAAP financial measures used in this news release and the most directly comparable GAAP financial measures. 1 In accordance with GAAP, Murphy reports the 100 percent interest, including a 20 percent noncontrolling interest (NCI), in its subsidiary, MP Gulf of Mexico, LLC (MP GOM). The GAAP financials include the NCI portion of revenue, costs, assets and liabilities and cash flows. Unless otherwise noted, the financial and operating highlights and metrics discussed in this news release, but not the accompanying schedules, exclude the NCI, thereby representing only the amounts attributable to Murphy. Three Months Ended June 30, Six Months Ended June 30, (Thousands of dollars) 2025 2024 2025 2024 Operating Activities Net income including noncontrolling interest $ 35,124 $ 156,262 $ 124,542 $ 270,920 Adjustments to reconcile net income to net cash provided by continuing operations activities Depreciation, depletion and amortization 259,324 215,543 453,484 426,677 Accretion of asset retirement obligations 14,432 13,053 28,477 25,827 Long-term non-cash compensation 12,111 11,972 22,016 21,823 Deferred income tax expense 4,873 34,450 21,216 53,928 Amortization of undeveloped leases 2,255 2,985 3,909 5,778 Mark-to-market (gain) loss on derivative instruments (10,287 ) — (1,371 ) — Unsuccessful exploration well costs and previously suspended exploration costs (966 ) 25,843 (776 ) 58,280 (Income) loss from discontinued operations (1,302 ) 643 (669 ) 1,515 Impairment of assets — — — 34,528 Other operating activities, net 11,797 (18,578 ) (2 ) (33,959 ) Net decrease in non-cash working capital 30,689 25,479 7,905 1,126 Net cash provided by continuing operations activities 358,050 467,652 658,731 866,443 Investing Activities Property additions and dry hole costs (309,641 ) (267,791 ) (678,043 ) (516,876 ) Acquisition of oil and natural gas properties — — (1,383 ) — Net cash required by investing activities (309,641 ) (267,791 ) (679,426 ) (516,876 ) Financing Activities Borrowings on revolving credit facility 100,000 100,000 350,000 200,000 Repayment of revolving credit facility (100,000 ) (100,000 ) (150,000 ) (200,000 ) Retirement of debt — (50,000 ) — (50,000 ) Repurchase of common stock (2,548 ) (55,887 ) (102,620 ) (105,887 ) Cash dividends paid (46,386 ) (45,772 ) (93,412 ) (91,545 ) Withholding tax on stock-based incentive awards 19 (28 ) (7,654 ) (25,298 ) Distributions to noncontrolling interest (11,210 ) (38,209 ) (18,165 ) (61,210 ) Finance lease obligation payments (370 ) (167 ) (486 ) (331 ) Issue costs of debt facility (18 ) — (18 ) — Net required by financing activities (60,513 ) (190,063 ) (22,355 ) (334,271 ) Effect of exchange rate changes on cash and cash equivalents (1,179 ) 391 (888 ) 1,249 Net (decrease) increase in cash and cash equivalents (13,283 ) 10,189 (43,938 ) 16,545 Cash and cash equivalents at beginning of period 392,914 323,430 423,569 317,074 Cash and cash equivalents at end of period $ 379,631 $ 333,619 $ 379,631 $ 333,619 Expand MURPHY OIL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Thousands of dollars) June 30, 2025 December 31, 2024 1 ASSETS Cash and cash equivalents $ 379,631 $ 423,569 Other current assets 382,494 361,710 Property, plant and equipment, net 8,347,423 8,054,653 Operating lease assets, net 673,223 777,536 Other long-term assets 56,744 50,011 Total assets $ 9,839,515 $ 9,667,479 LIABILITIES AND EQUITY Current maturities of long-term debt, finance lease $ 910 $ 871 Accounts payable 509,225 472,165 Operating lease liabilities 190,659 253,208 Other current liabilities 208,503 216,570 Long-term debt, including finance lease obligation 1,474,959 1,274,502 Asset retirement obligations 980,109 960,804 Non-current operating lease liabilities 494,561 537,381 Other long-term liabilities 623,409 610,135 Total liabilities $ 4,482,335 $ 4,325,636 Murphy Shareholders' Equity 5,198,526 5,194,250 Noncontrolling interest 158,654 147,593 Total liabilities and equity $ 9,839,515 $ 9,667,479 Expand 1 Reclassified to conform to current presentation. Expand MURPHY OIL CORPORATION SCHEDULE OF ADJUSTED NET INCOME (LOSS) (unaudited) Three Months Ended June 30, Six Months Ended June 30, (Millions of dollars, except per share amounts) 2025 2024 2025 2024 Net income attributable to Murphy (GAAP) 1 $ 22.3 $ 127.7 $ 95.3 $ 217.7 Discontinued operations (income) loss (1.3 ) 0.6 (0.7 ) 1.5 Net income from continuing operations attributable to Murphy 21.0 128.3 94.6 219.2 Adjustments: Foreign exchange loss (gain) 34.3 (5.5 ) 34.3 (16.0 ) Mark-to-market (gain) on derivative instruments (10.3 ) — (1.4 ) — Impairment of assets — — — 34.5 Write-off of previously suspended exploration well — — — 26.1 Total adjustments, before taxes 24.0 (5.5 ) 32.9 44.6 Income tax (benefit) expense related to adjustments (6.5 ) 1.4 (8.3 ) (8.8 ) Total adjustments, after taxes 17.5 (4.1 ) 24.6 35.8 Adjusted net income from continuing operations attributable to Murphy (Non-GAAP) $ 38.5 $ 124.2 $ 119.2 $ 255.0 Adjusted net income from continuing operations per average diluted share (Non-GAAP) $ 0.27 $ 0.81 $ 0.83 $ 1.66 Expand 1 Excludes amounts attributable to a noncontrolling interest in MP GOM. Non-GAAP Financial Measures Presented above is a reconciliation of net income to adjusted net income from continuing operations attributable to Murphy. Adjusted net income excludes certain items that management believes affect the comparability of results between periods. Management believes this is important information to provide because it is used by management to evaluate the Company's operational performance and trends between periods and relative to its industry competitors. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company's financial results. Adjusted net income is a non-GAAP financial measure and should not be considered a substitute for net income as determined in accordance with GAAP. The pretax and income tax impacts for adjustments in the above table are shown below by area of operation and geographical location and corporate, as applicable, and exclude the share attributable to noncontrolling interests. Expand Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 (Millions of dollars) Pretax Tax Net Pretax Tax Net Corporate $ 24.0 $ (6.5 ) $ 17.5 $ 32.9 $ (8.3 ) $ 24.6 Total adjustments $ 24.0 $ (6.5 ) $ 17.5 $ 32.9 $ (8.3 ) $ 24.6 Expand MURPHY OIL CORPORATION SCHEDULE OF EBITDA, ADJUSTED EBITDA, EBITDAX AND ADJUSTED EBITDAX (unaudited) Three Months Ended June 30, Six Months Ended June 30, (Millions of dollars) 2025 2024 2025 2024 Net income attributable to Murphy (GAAP) 1 $ 22.3 $ 127.7 $ 95.3 $ 217.7 Income tax expense 1.1 32.7 33.8 62.7 Interest expense, net 25.1 21.0 48.6 41.0 Depreciation, depletion and amortization expense 1 250.8 207.3 438.2 410.1 EBITDA attributable to Murphy (Non-GAAP) 299.3 388.7 615.9 731.5 Exploration expenses 10.3 42.7 24.8 87.1 EBITDAX attributable to Murphy (Non-GAAP) $ 309.6 $ 431.4 $ 640.7 $ 818.6 EBITDA attributable to Murphy (Non-GAAP) $ 299.3 $ 388.7 $ 615.9 $ 731.5 Foreign exchange loss (gain) 34.3 (5.4 ) 34.3 (15.9 ) Accretion of asset retirement obligations 1 12.9 11.7 25.4 23.1 Mark-to-market (gain) on derivative instruments (10.3 ) — (1.4 ) — Impairment of asset — — — 34.5 Write-off of previously suspended exploration well — — — 26.1 Discontinued operations (income) loss (1.3 ) 0.6 (0.7 ) 1.5 Adjusted EBITDA attributable to Murphy (Non-GAAP) $ 334.9 $ 395.6 $ 673.5 $ 800.8 Other exploration expenses 2 10.3 42.7 24.8 61.0 Adjusted EBITDAX attributable to Murphy (Non-GAAP) $ 345.2 $ 438.3 $ 698.3 $ 861.8 Expand 1 Excludes amounts attributable to a noncontrolling interest in MP GOM. 2 Other exploration expenses consist of exploration expenses as reported in the consolidated statement of operations excluding amounts relating to the write-off of previously suspended exploration well included in Adjusted EBITDA calculation above. Non-GAAP Financial Measures Presented above is a reconciliation of net income to earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, earnings before interest, taxes, depreciation and amortization, and exploration expenses (EBITDAX) and adjusted EBITDAX. Management believes EBITDA, adjusted EBITDA, EBITDAX and adjusted EBITDAX are important information to provide because they are used by management to evaluate the Company's operational performance and trends between periods and relative to its industry competitors. Adjusted EBITDAX exclude certain items that management believes affect the comparability of results between periods. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company's financial results. EBITDA, adjusted EBITDA, EBITDAX and adjusted EBITDAX are non-GAAP financial measures and should not be considered a substitute for net income or Cash provided by operating activities as determined in accordance with GAAP. Expand MURPHY OIL CORPORATION SCHEDULE OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW (unaudited) Three Months Ended June 30, Six Months Ended June 30, (Millions of dollars) 2025 2024 2025 2024 Net cash provided by continuing operations activities (GAAP) $ 358.1 $ 467.7 $ 658.7 $ 866.4 Exclude: increase (decrease) in non-cash working capital (30.7 ) (25.5 ) (7.9 ) (1.1 ) Operating cash flow excluding working capital adjustments 327.4 442.2 650.8 865.3 Less: property additions and dry hole costs 1 (309.6 ) (267.8 ) (678.0 ) (516.9 ) Free cash flow (Non-GAAP) $ 17.8 $ 174.4 $ (27.2 ) $ 348.4 Less: cash dividends paid (46.4 ) (45.8 ) (93.4 ) (91.5 ) Less: distributions to noncontrolling interest (11.2 ) (38.2 ) (18.2 ) (61.2 ) Less: withholding tax on stock-based incentive awards — — (7.7 ) (25.3 ) Less: acquisition of oil and natural gas properties — — (1.4 ) — Adjusted free cash flow (Non-GAAP) $ (39.8 ) $ 90.4 $ (147.9 ) $ 170.4 Expand 1 Property additions for the 2025 period includes a payment of $125.0 million for the purchase of a floating production, storage, and offloading vessel in U.S. Offshore, including amounts attributable to a noncontrolling interest in MP GOM. Non-GAAP Financial Measures Presented above is a reconciliation of net cash provided by continuing operations activities to free cash flow (FCF) and adjusted FCF. Management believes FCF and adjusted FCF are important information to provide because they are additional measures of liquidity and are used by management to evaluate the Company's ability to internally generate cash, excluding the timing impacts of working capital, and to measure funds available for investing and financing activities. Management also believes this information may be useful to investors and analysts to monitor the Company's financial health and its performance over time. Adjusted FCF excludes certain items that management believes affect the comparability of results between periods. FCF and adjusted FCF are non-GAAP and should not be considered a substitute for net cash provided by operating, investing, or financing activities as determined in accordance with GAAP. Expand Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 (Millions of dollars) Revenues Income (Loss) Revenues Income (Loss) Exploration and production United States ¹ $ 1,063.0 $ 194.4 $ 1,339.1 $ 320.2 Canada 294.0 52.0 255.9 28.3 Other 2.9 (18.5 ) 4.2 (20.9 ) Total exploration and production 1,359.9 227.9 1,599.2 327.6 Corporate 1.4 (104.1 ) — (55.2 ) Income from continuing operations 1,361.3 123.8 1,599.2 272.4 Discontinued operations, net of tax — 0.7 — (1.5 ) Net income including noncontrolling interest $ 1,361.3 $ 124.5 $ 1,599.2 $ 270.9 Less: Net income attributable to noncontrolling interest 29.2 53.2 Net income attributable to Murphy $ 95.3 $ 217.7 Expand 1 Includes results attributable to a noncontrolling interest in MP GOM. Expand MURPHY OIL CORPORATION PRODUCTION-RELATED EXPENSES (unaudited) Three Months Ended June 30, Six Months Ended June 30, (Dollars per barrel of oil equivalents sold) 2025 2024 2025 2024 United States – Onshore Lease operating expense $ 8.20 $ 14.61 $ 10.08 $ 14.14 Severance and ad valorem taxes 2.66 3.73 2.96 3.66 Depreciation, depletion and amortization expense 29.88 29.64 29.68 29.04 United States – Offshore 1 Lease operating expense $ 20.91 $ 23.58 $ 21.13 $ 21.96 Severance and ad valorem taxes 0.14 0.07 0.11 0.06 Depreciation, depletion and amortization expense 16.93 13.44 16.21 13.45 Canada – Onshore Lease operating expense $ 4.98 $ 5.43 $ 5.21 $ 5.46 Severance and ad valorem taxes 0.05 0.06 0.05 0.06 Depreciation, depletion and amortization expense 4.20 4.76 4.29 4.86 Canada – Offshore Lease operating expense $ 17.86 $ 22.60 $ 17.29 $ 24.43 Depreciation, depletion and amortization expense 11.47 12.00 9.59 10.71 Total E&P continuing operations 1 Lease operating expense $ 11.95 $ 15.27 $ 12.83 $ 14.83 Severance and ad valorem taxes 0.60 0.61 0.59 0.62 Depreciation, depletion and amortization expense 2 14.28 12.52 13.70 12.64 Total oil and gas continuing operations – excluding noncontrolling interest Lease operating expense 3 $ 11.80 $ 15.09 $ 12.67 $ 14.69 Severance and ad valorem taxes 0.62 0.64 0.61 0.64 Depreciation, depletion and amortization expense 2 14.28 12.52 13.71 12.65 Expand 1 Includes amounts attributable to a noncontrolling interest in MP GOM. 2 Excludes expenses attributable to the Corporate segment. 3 Lease operating expense per barrel of oil equivalent sold for total oil and gas continuing operations, excluding NCI and workover costs, was $8.76 and $10.42 for the three months ended June 30, 2025 and 2024, respectively and $9.50 and $10.58 for the six months ended June 30, 2025 and 2024, respectively. Expand MURPHY OIL CORPORATION CAPITAL EXPENDITURES (unaudited) Three Months Ended June 30, Six Months Ended June 30, (Millions of dollars) 2025 2024 2025 2024 Exploration and production United States 1 $ 178.4 $ 225.8 $ 500.5 $ 414.3 Canada 45.7 42.2 101.1 109.5 Other 26.7 21.2 69.8 32.5 Total 250.8 289.2 671.4 556.3 Corporate 2.8 4.2 7.0 8.4 Total capital expenditures - continuing operations 1 253.6 293.4 678.4 564.7 Less: capital expenditures attributable to noncontrolling interest 2.8 1.6 24.7 8.9 Total capital expenditures - continuing operations attributable to Murphy 2 250.8 291.8 653.7 555.8 Charged to exploration expenses 3 United States 1 2.2 30.6 7.3 63.8 Canada — 0.1 0.1 0.2 Other 5.9 9.1 13.6 17.4 Total charged to exploration expenses - continuing operations 1,3 8.1 39.8 21.0 81.4 Less: charged to exploration expenses attributable to noncontrolling interest 0.1 — 0.1 — Total charged to exploration expenses - continuing operations attributable to Murphy 4 8.0 39.8 20.9 81.4 Total capitalized - continuing operations attributable to Murphy $ 242.8 $ 252.0 $ 632.8 $ 474.4 Expand 1 Includes amounts attributable to a noncontrolling interest in MP GOM. 2 For the three months ended June 30, 2025 and 2024, there were no acquisition-related costs incurred. For the six months ended June 30, 2025, total capital expenditures attributable to Murphy, excluding acquisition-related costs of $105.6 million, primarily related to the purchase of a floating production, storage, and offloading vessel in U.S. Offshore (2024: nil), is $548.1 million (2024: $555.8 million). 3 For the three-month and six-month ended June 30, 2025, total charged to exploration expense attributable to Murphy, excludes amortization of undeveloped leases of $2.3 million (2024: $3.0 million) and $3.9 million (2024 $5.8 million), respectively. 4 For the three months ended June 30, 2025 and 2024, no amounts were expensed for previously suspended exploration costs. For the six months ended June 30, 2025, total charged to exploration expense attributable to Murphy, excluding previously suspended exploration costs of nil (2024: $26.1 million), is $20.9 million (2024: $55.3 million). Expand MURPHY OIL CORPORATION PRODUCTION SUMMARY (unaudited) (Barrels per day unless otherwise noted) 2025 2024 2025 2024 Net crude oil and condensate United States - Onshore 28,519 19,873 22,779 20,127 United States - Offshore 1 58,840 66,818 57,222 66,448 Canada - Onshore 2,307 2,978 2,445 2,617 Canada - Offshore 5,638 7,506 7,237 6,885 Other 296 245 275 245 Total net crude oil and condensate 95,600 97,420 89,958 96,322 Net natural gas liquids United States - Onshore 5,557 4,125 4,818 4,145 United States - Offshore 1 4,720 4,505 4,265 4,596 Canada - Onshore 494 494 516 474 Total net natural gas liquids 10,771 9,124 9,599 9,215 Net natural gas – thousands of cubic feet per day United States - Onshore 32,389 23,197 29,306 23,714 United States - Offshore 1 52,964 57,762 52,062 55,462 Canada - Onshore 454,310 406,856 400,898 381,155 Total net natural gas 539,663 487,815 482,266 460,331 Total net hydrocarbons - including NCI 2,3 196,315 187,847 179,935 182,259 Noncontrolling interest Net crude oil and condensate – barrels per day (6,070 ) (6,717 ) (5,925 ) (6,608 ) Net natural gas liquids – barrels per day (244 ) (217 ) (207 ) (214 ) Net natural gas – thousands of cubic feet per day (1,942 ) (2,003 ) (1,590 ) (2,039 ) Total noncontrolling interest 2,3 (6,638 ) (7,268 ) (6,397 ) (7,162 ) Total net hydrocarbons - excluding NCI 2,3 189,677 180,579 173,538 175,097 Expand 1 Includes net volumes attributable to a noncontrolling interest in MP GOM. 2 Natural gas converted on an energy equivalent basis of 6:1. 3 NCI – noncontrolling interest in MP GOM. Expand MURPHY OIL CORPORATION SALES SUMMARY (unaudited) Three Months Ended June 30, Six Months Ended June 30, (Barrels per day unless otherwise noted) 2025 2024 2025 2024 Net crude oil and condensate United States - Onshore 28,520 19,873 22,779 20,127 United States - Offshore 1 58,469 67,507 56,313 67,781 Canada - Onshore 2,307 2,978 2,444 2,617 Canada - Offshore 7,762 5,645 9,436 6,322 Other 457 469 230 240 Total net crude oil and condensate 97,515 96,472 91,202 97,087 Net natural gas liquids United States - Onshore 5,557 4,125 4,819 4,145 United States - Offshore 1 4,720 4,505 4,264 4,596 Canada - Onshore 494 494 516 474 Total net natural gas liquids 10,771 9,124 9,599 9,215 Net natural gas – thousands of cubic feet per day United States - Onshore 32,388 23,197 29,306 23,714 United States - Offshore 1 52,964 57,762 52,062 55,462 Canada - Onshore 454,310 406,855 400,898 381,155 Total net natural gas 539,662 487,814 482,266 460,331 Total net hydrocarbons - including NCI 2,3 198,230 186,898 181,179 183,024 Noncontrolling interest Net crude oil and condensate – barrels per day (6,014 ) (6,792 ) (5,792 ) (6,798 ) Net natural gas liquids – barrels per day (243 ) (217 ) (207 ) (214 ) Net natural gas – thousands of cubic feet per day (1,942 ) (2,003 ) (1,590 ) (2,039 ) Total noncontrolling interest 2,3 (6,581 ) (7,343 ) (6,264 ) (7,352 ) Total net hydrocarbons - excluding NCI 2,3 191,649 179,555 174,915 175,672 Expand 1 Includes net volumes attributable to a noncontrolling interest in MP GOM. 2 Natural gas converted on an energy equivalent basis of 6:1. 3 NCI – noncontrolling interest in MP GOM. Expand MURPHY OIL CORPORATION WEIGHTED AVERAGE PRICE SUMMARY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Crude oil and condensate – dollars per barrel United States - Onshore $ 64.00 $ 80.71 $ 66.84 $ 78.76 United States - Offshore 1 64.48 81.67 68.23 79.61 Canada - Onshore 2 59.94 72.25 61.73 70.24 Canada - Offshore 2 64.76 84.34 70.39 85.25 Other 2 70.86 100.92 70.86 96.43 Natural gas liquids – dollars per barrel United States - Onshore 19.56 19.48 21.07 20.08 United States - Offshore 1 19.35 22.77 22.75 23.56 Canada - Onshore 2 33.84 35.46 35.00 35.16 Natural gas – dollars per thousand cubic feet United States - Onshore 2.75 1.59 3.03 1.77 United States - Offshore 1 3.47 2.00 3.89 2.32 Canada - Onshore 2 1.65 1.37 1.96 1.68 Expand 1 Prices include the effect of noncontrolling interest in MP GOM. 2 U.S. dollar equivalent. Expand MURPHY OIL CORPORATION FIXED PRICE FORWARD SALES AND COMMODITY HEDGE POSITIONS AS OF AUGUST 4, 2025 (unaudited) Volumes (MMCF/d) Price/MCF Remaining Period Canada Natural Gas Fixed price forward sales 40 C$2.75 7/1/2025 12/31/2025 Canada Natural Gas Fixed price forward sales 50 C$3.03 1/1/2026 12/31/2026 Expand 1 Fixed price forward sale contracts listed above are accounted for as normal sales and purchases for accounting purposes. Expand
Business Wire
a minute ago
- Business Wire
American States Water Company Announces Second Quarter 2025 Results
SAN DIMAS, Calif.--(BUSINESS WIRE)--American States Water Company (NYSE:AWR) today reported basic and fully diluted earnings per share of $0.87 for the quarter ended June 30, 2025, as compared to basic and fully diluted earnings per share of $0.85 for the quarter ended June 30, 2024, an increase of $0.02 per share, primarily generated from higher earnings at the water and electric utility segments, partially offset by timing differences in construction activities that resulted in lower earnings at the contracted services segment. Second Quarter 2025 Results The table below sets forth a comparison of the second quarter 2025 diluted earnings per share contribution recorded by business segment and for the parent company compared with amounts recorded during the same period in 2024. Diluted Earnings per Share Three Months Ended 6/30/2025 6/30/2024 CHANGE Water $ 0.73 $ 0.67 $ 0.06 Electric 0.03 0.01 0.02 Contracted services 0.13 0.19 (0.06 ) AWR (parent) (0.01 ) (0.02 ) 0.01 Consolidated diluted earnings per share, as recorded (GAAP) $ 0.87 $ 0.85 $ 0.02 Note: Certain amounts in the table above may not foot or crossfoot due to rounding. Expand Water Segment: For the three months ended June 30, 2025, recorded diluted earnings from the water utility segment were $0.73 per share, as compared to $0.67 per share for the same period in 2024, an increase of $0.06 per share. The discussion below presents the major variances in earnings for the two periods. An increase in water operating revenues of $9.3 million largely as a result of the CPUC-authorized new rate increases effective January 1, 2025. GSWC transitioned from a full revenue decoupling mechanism to a modified rate adjustment mechanism (a Monterey-style Water Revenue Adjustment Mechanism or 'M-WRAM') effective January 1, 2025. As a result, GSWC's revenues and earnings may be subject to future volatility as a result of significant fluctuations in customer consumption compared to adopted levels. An increase in water supply costs of $4.2 million, which consist of purchased water, purchased power for pumping, groundwater production assessments and changes in the water supply cost balancing accounts. The increase in water supply costs compared to the same period in 2024 is largely due to an increase in the overall per-unit water supply costs. As a result of transitioning from a full cost balancing account for water supply to an incremental balancing account, GSWC's earnings during the second quarter of 2025 were favorably impacted by an actual water supply source mix that included less purchased water than what was authorized in the general rate case and included in the revenue requirement. During the second quarter, GSWC's pumped water sources, which cost less than purchased water, were capable of meeting a greater portion of customer demand when compared to a higher purchased water mix being recovered in the new adopted rates. However, the favorable water supply source mix experienced during the second quarter may or may not continue during the remainder of the 2025 year, and without a full cost balancing account for water supply, GSWC's earnings will be subject to future volatility as a result of favorable and unfavorable changes in the water supply source mix compared to the adopted mix incorporated in the revenue requirement. An overall increase in operating expenses of $3.1 million (excluding supply costs) due primarily to increases in (i) overall labor costs and other employee-related benefits, (ii) other operation-related costs largely from an increase in chemicals and water treatment costs, (iii) maintenance expense, (iv) depreciation and amortization expenses, which is impacted by increases in capital additions placed in service and are reflected and recovered in customer rates, and (v) property and other non-income taxes; partially offset by a decrease in other administrative and general expenses largely from lower outside service costs, which resulted from higher outside service costs incurred in 2024 related to the processing of the pending general rate case application at that time. An overall increase in other income (net of other expense) of $1.7 million due largely to gains totaling $2.7 million generated on investments held to fund one of the company's retirement plans during the three months ended June 30, 2025, as compared to gains on investments of $1.0 million recorded during the same period in 2024 due to financial market conditions. Changes in certain flowed-through income taxes and permanent items included in GSWC's income tax expense for the three months ended June 30, 2025 as compared to the same period in 2024 favorably impacted the water segment's earnings. As a regulated utility, GSWC treats certain temporary differences as being flowed-through in computing its income tax expense consistent with the income tax method used in its CPUC-jurisdiction rate making. Changes in the magnitude of flowed-through items either increase or decrease tax expense, thereby affecting diluted earnings per share. A decrease in earnings of approximately $0.02 per share due to the dilutive effects from the issuance of equity under AWR's at-the-market ('ATM') offering program beginning in February 2024. Under the ATM offering program, AWR may offer and sell its Common Shares, with an aggregate gross offering price of up to $200 million, from time to time at its sole discretion. Through June 30, 2025, AWR has sold 1,479,767 Common Shares through this ATM offering program. Electric Segment: Diluted earnings from the electric utility segment increased $0.02 per share for the three months ended June 30, 2025 as compared to the same period in 2024 largely resulting from an increase in revenues from new rates implemented in 2025 as a result of receiving a final decision from the CPUC in connection with BVES's general rate case proceeding that set new rates for 2023 - 2026 (retroactive to January 1, 2023), as compared to 2022 rates used to record revenue during the same period of 2024. The new rates resulted in an increase in electric revenues that supports, among other things, the growth in rate base and higher operating costs related to BVES's wildfire mitigation plans that were previously not included in customer rates and not expensed during the second quarter of 2024 because they were being tracked in memorandum accounts. Therefore, the increase in revenues was partially offset by overall increases in operating expenses due, in large part, to higher expenses recorded in connection with BVES's vegetation management and other wildfire mitigation activities, as well as an increase in outside services related to various regulatory filings. Contracted Services Segment: Diluted earnings from the contracted services segment decreased $0.06 per share for the second quarter of 2025 when compared to the same period in 2024. The effects of a decrease in construction activity and higher overall operating expenses (excluding construction expenses) were partially offset by (i) an increase in management fee revenues resulting from the resolution of various economic price adjustments, and (ii) lower interest expense from lower borrowing levels. During the second quarter of 2025, construction activities were negatively impacted by timing of when the work is performed. However, AWR's contracted services business is still expected to contribute $0.59 to $0.63 per share for the full 2025 year. AWR (Parent): For the three months ended June 30, 2025, diluted losses from AWR (parent) decreased by $0.01 per share when compared to the same period in 2024 due largely to a decrease in interest expense resulting from lower average interest rates, partially offset by higher borrowing levels under AWR's credit facility. Year-to-Date ('YTD') 2025 Results YTD 2025 consolidated diluted earnings per share were $1.57 compared to YTD 2024 of $1.47 per share, an increase of $0.10 per share or 7%, largely from new rates implemented at AWR's regulated utilities The table below sets forth a comparison of the diluted earnings per share contribution by business segment and for the parent company as recorded during the year-to-date June 30, 2025 and 2024. Diluted Earnings per Share Six Months Ended 6/30/2025 6/30/2024 CHANGE Water $ 1.25 $ 1.15 $ 0.10 Electric 0.10 0.06 0.04 Contracted services 0.26 0.32 (0.06 ) AWR (parent) (0.03 ) (0.06 ) 0.03 Consolidated diluted earnings per share, as recorded (GAAP) $ 1.57 $ 1.47 $ 0.10 Note: Certain amounts in the table above may not foot or crossfoot due to rounding. Expand For the six months ended June 30, 2025, AWR's recorded consolidated diluted earnings were $1.57 per share, as compared to $1.47 per share recorded for the same period in 2024, an increase of $0.10 per share, primarily generated from higher earnings at the water and electric utility segments, partially offset by timing differences in construction activities that resulted in lower earnings at the contracted services segment. Included in AWR's consolidated results for the six months ended June 30, 2025 were gains of $2.2 million, or $0.04 per share, generated on investments held to fund one of the company's retirement plans as compared to gains of $3.0 million, or $0.06 per share, recorded during the same period in 2024, a net unfavorable variance of $0.02 per share due to financial market conditions. In addition, AWR's consolidated diluted earnings for the six months ended June 30, 2025 were negatively impacted by approximately $0.05 per share due to the continued dilutive effects from the issuance of equity under AWR's ATM offering program. For more details on the YTD results, please refer to the company's Form 10-Q filed with the Securities and Exchange Commission. Asset Acquisition In August 2023, GSWC entered into an agreement, subject to CPUC approval, to purchase from a developer the water and wastewater system assets located in California's Central Coast region. This is a new planned community, which will serve up to approximately 1,300 customers at full build out, which is anticipated to occur by 2034 under the current construction schedule, barring any future delays. On December 5, 2024, the CPUC approved a final decision granting GSWC's Certificates of Public Convenience and Necessity that will establish rates for water and sewer services, including GSWC's recovery of the purchase price through future customer rates. After receiving CPUC approval and finalizing other closing procedures in May 2025, the parties completed the closing of the transaction, which included the initial installation and conveyance of the water and wastewater system assets of $10.7 million by the developer, a non-cash transaction to the company recorded during the second quarter of 2025 that resulted in an increase in GSWC's utility plant with corresponding increases in advances for and contributions in aid of construction. GSWC began serving a few customers during the second quarter in connection with this transaction. In the future, GSWC will take ownership of the incremental water and wastewater system assets in phases as they are completed and ready to accommodate new connections. Dividends On July 29, 2025, AWR's Board of Directors approved an 8.3% increase in the third quarter dividend to $0.5040 per share from $0.4655 per share on AWR's Common Shares. Dividends on the Common Shares will be paid on September 3, 2025 to shareholders of record at the close of business on August 15, 2025. AWR has paid common dividends every year since 1931, and has increased the dividends received by shareholders each calendar year for 71 consecutive years, which places it in an exclusive group of companies on the New York Stock Exchange that have achieved that result. AWR has grown its quarterly dividend rate at a compound annual growth rate ('CAGR') of 8.5% over the last five years since the third quarter of 2020 and is on pace to achieve a 10-year CAGR of 8.3% in its calendar year dividend payments through 2025. AWR's current policy is to achieve a CAGR in the dividend of more than 7% over the long-term. Non-GAAP Financial Measures This press release includes a discussion on AWR's operations in terms of diluted earnings per share by business segment, which is each business segment's earnings divided by the company's weighted average number of diluted common shares. This measure by business segment is derived from consolidated financial information but is not presented in our financial statements that are prepared in accordance with Generally Accepted Accounting Principles ('GAAP') in the United States. This item constitutes a 'non-GAAP financial measure' under Securities and Exchange Commission ('SEC') rules, which supplements our GAAP disclosures but should not be considered as an alternative to the respective GAAP measure. Furthermore, this non-GAAP financial measure may not be comparable to similarly titled non-GAAP financial measures of other registrants. The company uses earnings per share by business segment as an important measure in evaluating its operating results and believes this measure is a useful internal benchmark in evaluating the performance of its operating segments. The company reviews this measurement regularly and compares it to historical periods and to the operating budget. The company has provided the computations and reconciliations of diluted earnings per share from the measure of net income (loss) by business segment and for the parent company to AWR's consolidated fully diluted earnings per share in this press release. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can often be identified by words such as 'anticipate,' 'estimate,' 'expect,' 'intend,' 'may,' 'should' and similar phrases and expressions, and variations or negatives of these words. They are not guarantees or assurances of any outcomes, financial results, levels of activity, performance or achievements, and readers are cautioned not to place undue reliance upon them. The forward-looking statements are subject to a number of estimates and assumptions, and known and unknown risks, uncertainties and other factors, including those described in greater detail in the company's filings with the SEC, particularly those described in the company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are encouraged to review the company's filings with the SEC for a more complete discussion of risks and other factors that could affect any forward-looking statements. The statements made herein speak only as of the date of this press release and except as required by law, the company does not undertake any obligation to publicly update or revise any forward-looking statement. Conference Call Robert Sprowls, president and chief executive officer, and Eva Tang, senior vice president and chief financial officer, will host a conference call to discuss these results at 2:00 p.m. Eastern Time (11:00 a.m. Pacific Time) on Thursday, August 7. There will be a question and answer session as part of the call. Interested parties can listen to the live conference call and view accompanying slides on the internet at The call will be archived on the website and available for replay beginning August 7, 2025 at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) through August 14, 2025. About American States Water Company American States Water Company is the parent of Golden State Water Company, Bear Valley Electric Service, Inc. and American States Utility Services, Inc., serving over one million people in ten states. Through its water utility subsidiary, Golden State Water Company, the company provides water service to approximately 265,000 customer connections located within more than 80 communities in Northern, Coastal and Southern California. Through its electric utility subsidiary, Bear Valley Electric Service, Inc., the company distributes electricity to approximately 25,000 customer connections in the City of Big Bear Lake and surrounding areas in San Bernardino County, California. Through its contracted services subsidiary, American States Utility Services, Inc., the company provides operations, maintenance and construction management services for water distribution, wastewater collection, and treatment facilities located on twelve military bases throughout the country under 50-year privatization contracts with the U.S. government and one military base under a 15-year contract. American States Water Company Consolidated Comparative Condensed Balance Sheets (Unaudited) (in thousands) June 30, 2025 December 31, 2024 Assets Net Property, Plant and Equipment $ 2,193,581 $ 2,099,625 Other Property and Investments 52,512 50,418 Current Assets 252,312 233,346 Other Assets 112,129 116,820 Total Assets $ 2,610,534 $ 2,500,209 Capitalization and Liabilities Capitalization $ 1,762,003 $ 1,560,433 Current Liabilities 162,075 285,525 Other Credits 686,456 654,251 Total Capitalization and Liabilities $ 2,610,534 $ 2,500,209 Expand Condensed Statements of Income (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2025 2024 2025 2024 Operating Revenues Water $ 119,697 $ 110,424 221,700 200,689 Electric 12,928 8,703 27,930 20,908 Contracted services 30,441 36,201 61,449 68,982 Total operating revenues 163,066 155,328 311,079 290,579 Operating Expenses Water purchased 23,911 17,968 40,219 31,729 Power purchased for pumping 3,554 3,521 6,703 6,353 Groundwater production assessment 6,125 5,818 11,804 10,672 Power purchased for resale 3,466 1,503 9,534 5,835 Supply cost balancing accounts (136 ) 3,436 (1,852 ) 2,828 Other operation 12,310 10,733 22,800 20,356 Administrative and general 25,222 23,487 52,097 48,834 Depreciation and amortization 11,681 10,770 23,263 21,492 Maintenance 6,129 3,535 10,276 6,760 Property and other taxes 6,955 6,612 13,907 13,099 ASUS construction 12,890 16,197 25,823 31,899 Total operating expenses 112,107 103,580 214,574 199,857 Operating income 50,959 51,748 96,505 90,722 Other Income and Expenses Interest expense (12,108 ) (13,137 ) (24,190 ) (25,992 ) Interest income 1,498 2,093 3,511 4,163 Other, net 3,576 1,519 3,405 3,861 Total other income and (expenses), net (7,034 ) (9,525 ) (17,274 ) (17,968 ) Income Before Income Tax Expense 43,925 42,223 79,231 72,754 Income tax expense 10,235 10,359 18,697 17,755 Net Income $ 33,690 $ 31,864 $ 60,534 $ 54,999 Weighted average shares outstanding 38,509 37,309 38,382 37,169 Basic earnings per Common Share $ 0.87 $ 0.85 1.57 1.48 Weighted average diluted shares 38,642 37,418 38,500 37,263 Fully diluted earnings per Common Share $ 0.87 $ 0.85 1.57 1.47 Dividends paid per Common Share $ 0.4655 $ 0.4300 $ 0.9310 $ 0.8600 Expand Computation and Reconciliation of Non-GAAP Financial Measure (Unaudited) Below are the computation and reconciliation of diluted earnings per share from the measure of net income (loss) by business segment and for the parent company to AWR's consolidated fully diluted earnings per share for the three and six months ended June 30, 2025 and 2024. Water Electric Contracted Services AWR (Parent) Consolidated (GAAP) In 000's except per share amounts Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Net income (loss) $ 28,140 $ 25,195 $ 1,176 $ 342 $ 4,874 $ 7,251 $ (500 ) $ (924 ) $ 33,690 $ 31,864 Weighted Average Number of Diluted Shares 38,642 37,418 38,642 37,418 38,642 37,418 38,642 37,418 38,642 37,418 Diluted earnings (loss) per share $ 0.73 $ 0.67 $ 0.03 $ 0.01 $ 0.13 $ 0.19 $ (0.01 ) $ (0.02 ) $ 0.87 $ 0.85 Water Electric Contracted Services AWR (Parent) Consolidated (GAAP) In 000's except per share amounts YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 Net income (loss) $ 48,046 $ 42,989 $ 3,802 $ 2,084 $ 9,998 $ 12,025 $ (1,312 ) $ (2,099 ) $ 60,534 $ 54,999 Weighted Average Number of Diluted Shares 38,500 37,263 38,500 37,263 38,500 37,263 38,500 37,263 38,500 37,263 Diluted earnings (loss) per share $ 1.25 $ 1.15 $ 0.10 $ 0.06 $ 0.26 $ 0.32 $ (0.03 ) $ (0.06 ) $ 1.57 $ 1.47 Note: Certain amounts in the tables above may not foot or crossfoot due to rounding. Expand
