Latest news with #Baltimore-based
San Francisco Chronicle
10 hours ago
- Business
- San Francisco Chronicle
Constellium: Q2 Earnings Snapshot
BALTIMORE (AP) — BALTIMORE (AP) — Constellium NV (CSTM) on Tuesday reported net income of $36 million in its second quarter. The Baltimore-based company said it had net income of 25 cents per share. The aluminum company posted revenue of $2.1 billion in the period.
Business Insider
4 days ago
- Business
- Business Insider
Strategic Reset Fails to Resolve Under Armour's (UAA) Struggles with Profitability
In the early 2000s, Under Armour (UAA) seemingly emerged from nowhere to challenge leading athletic brands, capturing market share and becoming a household name in the process. Yet, after an extended slide in its share price, founder Kevin Plank returned as CEO with a commitment to returning the brand to its glory days. However, one year into the turnaround, the company continues to face revenue decline and negative profitability. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. While the stock trades at a relative discount following its decline, the path to sustainable growth remains uncertain. I prefer to maintain a Neutral stance on the stock until I see meaningful progress on revenue stabilization and margin improvement (perhaps at its earnings call on August 6th, which will hold some good news in that regard). Under Armour Struggling to Regain Its Swagger Since its founding in 1996, the Baltimore-based company has built its reputation as a leading manufacturer of performance athletic apparel on technical fabric innovations, particularly its moisture-wicking HeatGear and ColdGear products, which cater to athletes across various sports and climates. Last year, founder Kevin Plank returned to the CEO role to spearhead a 'strategic reset' focused on premium brand positioning and operational efficiency improvements. This has included shifting from the previous product-focused approach to a more consumer-centric, category-managed operating model, designed to better serve the needs of athletes. The company's recent Q4 FY2025 results suggest it has yet to get meaningful traction with its turnaround efforts. Revenue declined 11% year-over-year to $1.2 billion, with weakness evident across major markets, as U.S. sales fell 11%, international revenue dropped 13%, and the Asia-Pacific region declined 27%. Weak top-line performance and ongoing restructuring expenses have resulted in the company posting a net loss for the year of $201 million, with an earnings per share loss of $0.47. Evaluating UAA's Valuation and Momentum The stock currently trades near the midpoint of its 52-week range, $4.78 to $11.89. It reached its all-time high in 2015, trading above $50, then cascaded down over the following years, falling to under $5 earlier this year. However, over the past three months, the stock has experienced a notable rise, climbing 27% during that period. Despite the recent price run-up, the stock still trades at a relative discount, with a price-to-sales ratio of 0.61x, compared to 1x for the Consumer Discretionary sector, 2.42x for Nike (NKE), and 1.61x for Adidas (ADDYY). The shares exhibit positive price momentum, trading above most major moving averages (except for the 200-day moving average, though it is closing in on surpassing that level as well). Other technical indicators are neutral-to-bullish. Is UAA a Good Stock to Buy? On Wall Street, UAA stock carries a Hold consensus rating based on four Buy, 13 Hold, and three Sell ratings over the past three months. UAA's average stock price target of $6.84 implies approximately 4.5% downside potential over the next twelve months. Analysts following the company have taken a cautious stance, with many lowering their price targets for the shares. For instance, Goldman Sachs analyst Brooke Roach recently lowered the firm's price target on the shares to $6.50 (from $7) while maintaining a Neutral rating, noting the potential impact of elevated tariff rates. Similarly, Truist's Joseph Civello lowered the price target on Under Armour shares to $7 while reiterating a Hold rating, citing Q1 FY2026 guidance that came in well below expectations. In a research note, the analyst declared himself 'incrementally cautious' about the company's future outlook, with the impact of potential tariffs yet to be resolved. Conversely, Simeon Siegel at BMO Capital kept an Outperform rating on the shares while lowering his price target to $9 (from $12). He observed that Q4 results marked ongoing improvement in gross margins on lower revenue, as management works to turn the business around. He maintains that focusing on improving margins can act as a lever to enhance profitability and drive share growth over time. UAA Stock in Summary Under Armour is undergoing a turnaround effort aimed at regaining brand momentum and strengthening its market position. The company's strategic reset centers on leveraging its core strength in technical performance wear to deliver premium products and stand out in a highly competitive landscape. However, continued revenue declines across all major regions suggest deeper structural issues that won't be resolved quickly. Negative profitability further clouds the path to sustainable cash flow, especially as well-capitalized competitors like Nike and Adidas maintain pressure on market share. While the firm's bold reset has delivered some early signs of progress, reversing persistent revenue losses and restoring profitability remains a formidable challenge. Until Under Armour demonstrates measurable improvement in these key areas, the turnaround is likely to remain stalled. The stock trades at a relative discount, but this valuation appears to reflect market doubts about the company's ability to execute a successful transformation. Analyst price targets indicate limited upside in the near term, given the associated risks. I maintain a Neutral stance on the stock and will look for signs of margin improvement that could support a more constructive view going forward.
Yahoo
19-07-2025
- Business
- Yahoo
Trump's EPA flags a problem with offshore wind permit issued by Maryland
A test wind turbine for Dominion's Coastal Virginia Offshore Wind project. (Photo by Charlie Paullin/Virginia Mercury) Federal officials are calling on the state to reissue a permit for a wind farm planned off the Ocean City coast, to correct what they say is an error in the original document. In a July 7 letter to the Maryland Department of the Environment, the U.S. Environmental Protection Agency took issue with the process that MDE laid out to appeal the final construction permit awarded to US Wind. The state said any challenge to the state permit would have to go through state courts, but EPA Region 3 Administrator Amy Van Blarcom-Lackey said that any appeal would have to be filed with the clerk of the EPA's Environmental Appeals Board. 'Failure to rectify this error could result in invalidation of the permit on appeal and confusion among relevant stakeholders with respect to where to bring such an appeal,' Blarcom-Lackey wrote. MDE spokesperson Jay Apperson said in a statement that the agency is reviewing Blarcom-Lackey's letter and is 'committed to ensuring all our permit processes are transparent and in accordance with the law.' An official with US Wind said the company is 'confident that all of our project's permits were validly issued.' At issue is the permit issued last month by MDE's Air and Radiation Administration, which found that 'the proposed construction and commissioning of the offshore wind project would not cause violations of any applicable air pollution control regulations.' It's one of the final permits for the US Wind project, which has been in the works for about a decade, and is closest to construction of any offshore wind farm planned for Maryland's coast. Maryland gives go-ahead to permit allowing offshore wind farm to move forward The US Wind project received a critical approval from the federal Bureau of Ocean Energy Management in December, at the tail end of President Joe Biden's administration. The federal government leased the area for the project to Baltimore-based US Wind in 2014. The feds have leased other areas near the coast of Ocean City and the nearby Delaware beaches to Danish company Ørsted and, most recently, to Norwegian company Equinor. US Wind's application called for up to 121 turbines, up to four offshore substations and one meteorological tower, all about 10 nautical miles from the Ocean City shoreline — a prospect that has enraged some locals and politicians in the beach town, who have pointed to the view from shore of the wind farm, and its impacts on wildlife. The Town of Ocean City has an ongoing lawsuit against the U.S. Department of the Interior for issuing its approval for US Wind. Like all offshore wind projects, US Wind is facing an uncertain environment under President Donald Trump (R), a vocal critic of the industry. Shortly after he took office, Trump issued an executive order halting new offshore wind leasing in federal waters, and new project approvals from the federal government. In April, Interior Secretary Doug Burgum ordered one offshore wind project off the coast of New York to halt construction, citing deficiencies in the BOEM permit that had allowed construction to begin. But in May, the Trump administration reversed course and allowed the project to keep moving forward. Interestingly, MDE's webpage about the Ocean City project seems to contradict Blarcom-Lackey's letter about the appeals process. The page was updated to exclude mentions of an appeal process through the EPA, which had previously been included. 'The appeals process for this permit is through the State of Maryland only, and the language describing the U.S. EPA appeals process has been removed,' reads the webpage. Apperson did not immediately respond to a request for comment about the webpage. In a statement, US Wind's vice president of external affairs, Nancy Sopko, said that the company is confident the project's paperwork is proper and is 'very committed to delivering this important energy project to the region.' 'The state needs all the new sources of electricity we can build in order to keep prices affordable for homes and businesses,' Sopko wrote. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX Solve the daily Crossword
Yahoo
19-07-2025
- Business
- Yahoo
Maryland fires back against EPA claims about its offshore wind permit
An Ørsted wind farm off the coast of Rhode Island. The company also has a lease off the Delmarva coast, but is not nearly as far along in the permit-approval process as US Wind. (Photo courtesy of Ørsted) The Maryland Department of the Environment is defending the permit it issued to a wind farm proposed off the coast of Ocean City, after a challenge from the U.S. Environmental Protection Agency. The Thursday letter from Maryland Secretary of the Environment Serena McIlwain also said the state would not be reissuing the permit, as the EPA requested, because the state had not made a mistake that needed correcting. The EPA had contended that when Maryland issued the permit to Baltimore-based company US Wind, it identified the wrong process for citizens to file appeals. Amy Van Blarcom-Lackey, EPA administrator for Region 3, which includes Maryland and other mid-Atlantic states, contended in a July 7 letter that any appeals challenging the air pollution permit issued to US Wind should be filed to the clerk of the EPA's Environmental Appeals Board. But Maryland argues that its permit would need to be appealed through the state courts, which would involve filing a challenge at the appropriate circuit court — in this case in Worcester County. Notably, the due date for a state court challenge has already passed. It was set for July 14 — about a month after MDE issued the permit, according to MDE's website. 'Long-settled procedure dictates that state-issued permits are appealed under State law, not Federal law,' McIlwain's letter says. Trump's EPA flags a problem with offshore wind permit issued by Maryland That letter also cites written decisions issued by the EPA's appeals board, including one that stated that the board 'lacked jurisdiction' to evaluate this type of permit. 'MDE will not re-issue the permit and will continue to follow the proper state procedures to consider appeals,' McIlwain concluded, near the end of the roughly two-page letter. A request for comment from the EPA was not immediately returned Friday. The MDE website for the US Wind project originally referenced both the state appeals procedure and the EPA process, but McIlwain said that information had been 'included at EPA's request. It has been removed, and language has been added clarifying that the Federal appeals process does not apply.' Authority to issue Clean Air Act permits like the one for US Wind is delegated to the state from the EPA — the basis of the federal agency's claim for jurisdiction for appeals. That authority, specifically for permits on the outer continental shelf, was re-certified in early 2024 under the Biden administration. The US Wind project, which is planned about 10 miles from Ocean City's shoreline, is the wind project that is closest to construction in this region. The company, which leased the area in 2014, received a key permit from President Joe Biden's (D) Department of the Interior at the end of 2024. Final buildout of the project is still years away, but it calls for construction of 121 wind turbines, up to four offshore substations and one meteorological tower, according to the state's website. When complete, the project could generate 2,200 megawatts of energy, enough to power up to 718,000 homes, according to the federal Bureau of Ocean Energy Management. Practically since its inception, the project has faced fierce opposition from local officials in the resort town, who cite concerns that beachgoers would lose a pristine ocean view if the turbines were visible from shore. SUPPORT: YOU MAKE OUR WORK POSSIBLE Since President Donald Trump (R) took office for his second term, offshore wind projects have landed in his crosshairs. Earlier this week, Trump announced that wind and solar projects would undergo increased scrutiny under his administration. Trump's 'Big, Beautiful Bill' also rescinds tax credits for renewable energy projects that do not begin construction by next July. In April, Trump appointed Blarcom-Lackey to lead the EPA's Mid-Atlantic office. She succeeded Marylander Adam Ortiz, who moved to a deputy secretary role at MDE. Two other companies have offshore leases in the vicinity of Ocean City and the Delaware beaches — Ørsted and Equinor. While Ørsted received its first lease area around the same time as US Wind, Equinor won its auction last year. Neither project have received its federal permits from the Interior Department's Bureau of Ocean Energy Management.
Business Wire
15-07-2025
- Business
- Business Wire
Access Point Financial Provides $55 Million Refinancing of Maryland-Based, Four-Hotel Portfolio
ATLANTA--(BUSINESS WIRE)--Officials of Access Point Financial (APF), a direct capital provider focused exclusively on the hospitality industry, today announced the company has directly provided a $55 million loan to Baltimore-based H&S Properties Development Corp., to refinance a four-hotel portfolio located in Md. The four hotels include the dual-branded, 120-room Courtyard Aberdeen at Ripken Stadium/ 78-room Residence Inn Aberdeen at Ripken Stadium and the dual-branded, 183-room Hilton Garden Inn Baltimore Inner Harbor/165-key Homewood Suites by Hilton Baltimore. The loan is floating rate and has a 4-year term and one year extension option. The monies will be used to refinance the existing debt on the properties and provide capital for a PIP. Access Point Financial directly provided a $55 million loan to H&S Properties Development Corp., to refinance a four-hotel portfolio located in Md. Share 'We were able to deliver a capital solution between both assets in this refinancing that gave the sponsor additional flexibility while also indulging in a personal passion for baseball and the Iron Birds who play at Ripken Stadium,' said Mike Lipson, APF. 'We remain laser-focused on thoughtful sponsors with refinancing and CapEx needs that require a lender to meet them where they are in today's marketplace. APF provides competitive, flexible solutions, and we are ready to do business with hotel owners.' Courtyard Aberdeen at Ripken Stadium/Residence Inn Aberdeen at Ripken Stadium Located at 830 Long Drive in Aberdeen, Md., the dual-branded Courtyard/Residence Inn was designed as a replica of Oriole Park at Camden Yards, directly across from The Ripken Experience® Aberdeen and close to I-95. In addition to Aberdeen Proving Ground, Susquehanna State Park and Bulle Rock Golf Course, the hotels are convenient to local businesses and major distribution centers, including Pepsi-Frito Lay, Wayfair, Webstaurant Store, Amazon and Clorox. Shared amenities include two restaurants, one with outdoor seating overlooking Ripken Stadium, an indoor pool, fully equipped fitness center with access to outdoor walking paths around the baseball fields and 1,200 sq. ft. of flexible meeting space. Hilton Garden Inn Baltimore Inner Harbor/Homewood Suites by Hilton Baltimore Situated steps from the Inner Harbor at 625 S. President St., the dual-branded hotel is within a mile of the National Aquarium, the Baltimore Convention Center and Johns Hopkins Hospital and less than two miles from Ravens football at M&T Bank Stadium and Orioles baseball at Camden Yards. The hotels provide a fitness center and on-site dining at the Garden Grille & Bar. About Access Point Financial Founded in 2011, Atlanta-based Access Point Financial (APF) is a direct, full-service specialty lender focused on the hospitality industry, offering a full-service lending & advisory platform that provides financing to qualified hotel franchisees of all major brands and independent boutique hotels throughout the United States. For additional information and key contacts, please visit
