Friday, 12 Aug 2022

Ping Identity To Be Acquired By Thoma Bravo For Around $2.8 Bln In Cash

NiSource Reaffirms FY22 Outlook

While reporting Q2 results, NiSource Inc. (NI), on Wednesday, reaffirmed its 2022 non-GAAP net operating earnings guidance of $1.42 – $1.48 per share. Fourteen Wall Street analysts estimate earnings of $1.45 per share for the year 2022.

NiSource also continues to expect non-GAAP net operating earnings per share to grow by 7 to 9 percent, from 2021’s full year results of $1.37 through 2024, on a compound annual growth rate basis, including near-term annual growth of 5 to 7 percent through 2023.

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Merrimack: Ipsen’s Phase 3 Trial Of Onivyde Fails To Meet Primary Endpoint

Merrimack Pharmaceuticals, Inc. (MACK) said Ipsen has reported its primary analysis of
the results of phase 3 trial of Onivyde as a treatment of second line small cell lung cancer. The primary endpoint OS was not met in patients treated with Onivyde versus topotecan. However, a doubling of the secondary endpoint of objective response rate in favor of Onivyde was observed. Ipsen indicated that it will analyze the data further before making decisions about next steps.

“We will continue to monitor updates from Ipsen regarding the SCLC program,” said Gary Crocker, Chairman and CEO of Merrimack Pharmaceuticals.

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Standard Motor Products Q2 EPS Misses Estimates, But Net Sales Top

Standard Motor Products, Inc. (SMP), an automotive replacement parts manufacturer and distributor, reported Wednesday that net income from continuing operations for the second quarter declined to $20.79 million or $0.93 per share from $28.0 million or $1.23 per share in the prior-year quarter.

Net income for the quarter decreased to $19.13 million or $0.86 per share from $27.14 million or $1.20 per share in the prior-year quarter.

Consolidated net sales for the quarter rose 5.1 percent to $359.41 million from $342.08 million in the same quarter last year.

On average, three analysts polled by Thomson Reuters expected the company to earn $1.18 per share on revenues of $356.59 million for the quarter. Analysts’ estimates typically exclude special items.

Standard Motor said its board of directors has approved a quarterly dividend of 27 cents per share on the common stock outstanding, payable on September 1, 2022 to stockholders of record on August 15, 2022.

The Board of Directors has also authorized a new $30 million common share repurchase plan.

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Sinclair Broadcast Group Inc Q2 Loss decreases, beats estimates

Sinclair Broadcast Group Inc (SBGI) reported Loss for second quarter that decreased from last year and beat the Street estimates.

The company’s earnings totaled -$11 million, or -$0.17 per share. This compares with -$332 million, or -$4.41 per share, in last year’s second quarter.

Analysts on average had expected the company to earn -$0.29 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 48.0% to $837 million from $1.61 billion last year.

Sinclair Broadcast Group Inc earnings at a glance (GAAP) :

-Earnings (Q2): -$11 Mln. vs. -$332 Mln. last year.
-EPS (Q2): -$0.17 vs. -$4.41 last year.
-Analyst Estimates: -$0.29
-Revenue (Q2): $837 Mln vs. $1.61 Bln last year.

Brink’s Q2 Profit Surges, Affirms FY22 Outlook

Brink’s Co. (BCO) Wednesday reported a 47 percent increase in second-quarter profit on 8 percent increase in revenues.

The company reported a quarterly profit of $35 million or $0.73 per share, up from $24 million or $0.47 per share last year. On an adjusted basis, earnings were $1.29 per share.

Revenue for the quarter increased to $1.134 billion from $1.049 billion in the prior year.

Looking ahead, the company affirmed full-year guidance on continued momentum. The company expects revenue in a range of $4.52-$4.67 billion, up 8-11 percent from the previous year.

Earnings per share from continuing operations attributable to the company is expected to grow 16-26 percent in a range of $4.30-$4.85.

Pinnacle West Capital Corp. Q2 Income Drops, but beats estimates

Pinnacle West Capital Corp. (PNW) released a profit for second quarter that decreased from the same period last year but beat the Street estimates.

The company’s bottom line came in at $164.31 million, or $1.45 per share. This compares with $215.70 million, or $1.91 per share, in last year’s second quarter.

Analysts on average had expected the company to earn $1.32 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 6.0% to $1.06 billion from $1.00 billion last year.

Pinnacle West Capital Corp. earnings at a glance (GAAP) :

-Earnings (Q2): $164.31 Mln. vs. $215.70 Mln. last year.
-EPS (Q2): $1.45 vs. $1.91 last year.
-Analyst Estimates: $1.32
-Revenue (Q2): $1.06 Bln vs. $1.00 Bln last year.

-Guidance:
Full year EPS guidance: $3.90 to $4.10

Ping Identity To Be Acquired By Thoma Bravo For Around $2.8 Bln In Cash

Ping Identity Holding Corp.(PING), identity security platform, said on Wednesday that it has inked a deal to be acquired by Thoma Bravo, a software investment firm, for $28.50 per share or around $2.8 billion in cash.

The offer shows a premium of around 63 percent over Ping Identity’s closing share price on August 2, and a premium of 52 percent over the volume weighted average price of Ping Identity stock for the 60 days ending August 2.

“This transaction is a great outcome, and one we firmly believe maximizes value for all stakeholders,” said Michael Fosnaugh, Co-Head of Vista’s Flagship Fund and Senior Managing Director, and Ping Identity’s Chairman of the Board.

Vista Equity Partners owns around 9.7 percent of Ping Identity’s shares.

Upon the completion of the transaction, expected to be closed in the fourth quarter, Ping Identity’s shares will no longer be listed on the NYSE and the firm will become a privately held company.

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