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$CAB entered into agreements with subsidiaries of $SNV and $COF in connection with the sale of the assets and liabilities of $CAB's wholly owned bank subsidiary, World's Foremost Bank. Synovus Bank, a bank subsidiary of $SNV, will buy certain assets and assume certain liabilities of the Bank, including deposits totaling about $1.2Bil.
In 3Q17, $TWX’s Warner Bros.witnessed 5% increase in revenue to $4.1Bil, due to higher games revenues. Games revenues benefited from a favorable mix of releases in the current year period. Theatrical revenues decreased as lower home entertainment revenues were partly offset by higher television licensing revenues of theatrical product.
$TWX reported a 13% rise in Home Box Office revenue to $1.7Bil, due to increase of 16% in Subscription revenues, partially offset by a decrease of 7% in Content and other revenues. Subscription revenues increased due to higher domestic subscribers and rates and international growth.
During 4Q17, revenues in $TWX’s Turner segment rose 10% to $3.1Bil, helped by increases of 14% in Subscription revenues, 32% jump in Content and other revenues and 2% rise in Advertising revenues. Subscription revenues benefited from higher domestic rates and growth at Turner's international networks.
Media giant $TWX reported an increase in its 4Q17 profits, mainly due to gains at Turner and HBO and also a benefit of $1.06 a share from tax cuts. Net income rose to $1.3Bil, or $1.75 per share, compared to $29MM, or $0.37 per share a year ago. Adj. EPS was $2.66 Revenues grew 9% to $8.6Bil.
$T will increase 2018 capital investments by $1Bil with tax reform. Even with that, $T expects significant free cash flow growth in 2018 and going forward with dividend payout ratio improving into high 50% range this year. And $T is committed to deleveraging after $TWX closes with plans to return to historic levels by end of 2020, if not before.
$AMZN announced the opening of The Spheres, its newest Seattle HQ buildings which have no enclosed offices or conference spaces. The Spheres feature treehouse meeting rooms, river and waterfall features, a four-story living wall, and epiphytic trees. The project created more than 600 full-time jobs, and is part of a more than $4Bil investment.
$NFLX said investment in new content will likely be raised in 2019 and 2020 from the $8Bil target set for the current year. With feature films becoming an important aspect of the service, Netflix intends to invest more in original films, ensuring the right mix of small and medium budget projects. There will also be a hike in marketing expenditure.
$NFLX attributed its impressive financial performance in recent quarters to experimentation, such as projects outside the core business, and having experts on board. The company plans to continue to invest in shows around the world in 1Q18. According to Netflix, the subscription growth in 4Q17 was driven mainly by new content with a global appeal.
$HZO, retailer of recreational boats, said it has completed the acquisition of Island Marine Center, as part of expanding its Mid-Atlantic operations. As per the terms of the transaction, Island Marine executive Rick Castellini and his team will join the combined entity to manage and lead the operations.
Reflecting the rapid expansion of $NFLX’s market share outside the US, International Streaming revenue surged 64% YoY to $1.55Bil in 4Q17. Domestic Streaming revenue grew 16% to $1.63Bil. Revenue from the Domestic DVD business was $105MM in the fourth quarter, down 17% compared to the same period last year.
The subscriber base of video streaming giant $NFLX expanded at a record pace in 4Q17, driving strong revenue growth. Despite the recent hike in prices, more than eight million new customers joined Netflix. Revenues surged 33% to $3.3Bil and earnings more than doubled to $0.41 per share, exceeding market expectations. The stock hit an all-time high.
$PPG said the volume growth in 4Q17 was supplemented by acquisition-related gains from Crown Group, which was added to its fold in October 2017. The company is working with retail firm $HD to have its Timeless product added to more retail locations. In the current fiscal year, PPG plans to spend about $20MM on additional growth-related activities.