KKR Real Estate Finance Trust Inc. (“KREF”) (NYSE: KREF) announced today that it plans to release its financial results for the third quarter 2020 on Monday, October 26, 2020, after the closing of trading on the New York Stock Exchange.

A conference call to discuss KREF’s financial results will be held on Tuesday, October 27, 2020 at 10:00 a.m. ET. The conference call may be accessed by dialing (844) 784-1730 (U.S. callers) or +1 (412) 380-7410 (non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Relations section of KREF’s website at http://www.kkrreit.com/investor-relations/events-and-presentations. A slide presentation containing supplemental information may also be accessed through this website in advance of the call.

A replay of the live broadcast will be available on KREF’s website or by dialing (877) 344-7529 (U.S. callers) or +1 (412) 317-0088 (non-U.S. callers), pass code 10148123, beginning approximately two hours after the broadcast.

About KKR Real Estate Finance Trust Inc.

KREF is a real estate finance company that focuses primarily on originating and acquiring senior loans secured by commercial real estate properties. KREF is externally managed and advised by an affiliate of KKR & Co. Inc. For additional information about KREF, please visit its website at www.kkrreit.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201012005490/en/

Contacts

MEDIA:
Kristi Huller or Cara Major
(212) 750-8300
[email protected]

INVESTOR RELATIONS:
Michael Shapiro
(646) 901-5920
[email protected]

Source Article

HCA Healthcare, Inc. HCA recently announced preliminary results for the third quarter ended Sep 30, 2020.

For the period, the company expected revenues to be $13.30 billion on a preliminary basis, indicating a 4.8% rise from the year-ago quarter’s reported figure.

Notably, Income before income taxes is anticipated to be around $950 million in the to-be-reported quarter, implying a 3% decrease from the prior-year quarter’s reported number. Results for the September quarter consist of a reversal of $822 million received as a government stimulus in the second quarter, which is related to general distribution funds received from the Provider Relief Fund established by the CARES Act.

For the third quarter of 2020, Adjusted EBITDA is anticipated to be $2.03 billion, suggesting an 11.2% decline from the year-ago quarter’s reported figure.

HCA Healthcare expects a 4% dip in its same facility admissions and a 9% decline in facility equivalent admissions, both from the year-ago reported figures. For the third quarter, same facility emergency room visits are expected to drop 20% from the year-earlier reported number. The company’s same facility revenue per equivalent admission is projected to rise around 15% from the prior-year reported number on the back of acuity for patients and favourable payer mix.

Moreover, management announced that it will repay around $6 billion of government assistance funds received as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

In the early days of the COVID-19 pandemic, HCA Healthcare undertook several measures to address the operational and financial challenges. These actions made the company stable enough to return or repay all its share of Provider Relief Fund distributions of $1.6 billion and $4.4 billion of Medicare accelerated payments. HCA Healthcare intends to fund the amount from available cash and cash flow from future operations.

In the last reported

NXPI Semiconductors  (NXPI) – Get Report on Thursday raised its guidance for the third quarter based on better-than-expected performance, particularly in its automotive and mobile end markets.

“Relative to the mid-point of our guidance, we experienced material improvement in demand across all end markets, but particularly in the Automotive and Mobile end markets,” Kurt Sievers, NXP president and CEO, said in a statement.

The company said it sees revenue for the quarter coming in even with a year ago, at $2.267 billion, vs. previous expectations of a 12% decline. It said non-GAAP operating income for the period will be $586 million compared with previous expectations of $444 million.

The company said it had seen improved demand in both its direct and distribution channels. “The business environment has improved at a faster than anticipated pace, driving a broad-based increase in revenue, which also enabled higher gross margin, Sievers said.

The company will release final results for the quarter on Oct. 26.

Shares of NXPI rose $7.17, or 5.3%, to $142.00 in after-hours trading. 

In the broader markets, chip stocks rose Thursday.

The Philadelphia Semiconductor Index rose 27.32 points to 2,356.16. Among notable companies in the sector, 26 rose while 3 fell.

ON Semiconductor  (ON) – Get Report shares rose $2.69, or 11.5%, to $26.04.

Micron Technology  (MU) – Get Report shares rose $1.49, or 3.1%, to $49.90.

Lam Research  (LRCX) – Get Report shares rose $9.66, or 2.8%, to $355.43.

Among laggards, Nvidia  (NVDA) – Get Report shares fell $5.01, or 0.9%, to $553.55.

Qualcomm  (QCOM) – Get Report shares fell 69 cents, or 0.6%, to $122.34.

Nvidia and Qualcomm are part of the Real Money Post Industrial Average. To find out more about how you can profit from

The results are in for FY20 for United Natural Foods (NYSE:UNFI), and the highlights are pretty amazing (from press release):

  • Reduced outstanding debt, net of cash, by $388 million; year-end adjusted EBITDA leverage ratio of 4.0x
  • Net sales increased to $26.5 billion
  • Adjusted EBITDA increased to $673 million
  • Adjusted EPS increased to $2.72

Despite beating earnings and revenue estimates, and raising FY21 guidance, the stock has sold off over 20%. Some are attributing this to the CEO’s retirement announcement, but given the nine-month timetable on that decision, the explanation leaves investors wanting more. No UNFI thesis on Seeking Alpha has referenced the management team as a company strength, and if anything, the mistakes and debt burden from the Supervalu acquisition are a reminder of the team’s missteps.

Possible other explanations:

  • Q4 cash generation fell short of investor expectations
  • Relatively significant number of shares (~2m) granted to management, diluting investors
  • Lack of CEO successor
  • Lack of Whole Foods contract extension
  • Margin pressure on FY21 revenue

While all of these could be part of the story, I still don’t see it. It is true that management expects Q3/Q4 21 to be tough comps Y/Y, but the fact it continues to guide above expectations for revenue and EBITDA after a blowout year shouldn’t be taken for granted. It has a good track record of setting reasonable guidance it can beat, which is even more encouraging.

Regarding the Whole Foods contract, the last extension was announced Nov 2nd, 2015. I expect a similar announcement in the coming couple quarters, removing a significant overhang from the stock.

Valuation

Updating the valuation waterfall, I’ve included company guidance for FY21, assuming cash balance and market cap at current levels, and showing debt paydown of $310 which reflects EBITDA midpoint of $710m, less $225m for CapEx and

On Thursday, before the opening bell, PepsiCo reported better-than-expected earnings results with its fiscal year 2020 third-quarter earnings release. On the top line, revenues of $18.09 billion exceeded expectations of $17.23 billion. On the bottom line, adjusted earnings per share of $1.66 exceeded expectations of $1.49 per share.

In addition to the positive headline numbers, PepsiCo’s organic revenue increased by 4.2 percent. Pepsi’s Frito-Lay and Quaker Foods businesses both reported organic revenue growth of 6%.  Its North American beverage unit’s organic sales rose by 3% this quarter.

In the press release, Chairman and CEO Ramon Laguarta said: “Despite the ongoing volatility and complexity in our operating environment, I believe our third quarter performance reinforces the diversification of our portfolio, the resilience and agility of our teams across every continent and demonstrates our ability to support our customers and communities during their time of need while also delivering good results for our shareholders.”

He also noted: “As the environment continues to evolve, we remain committed to executing on our strategy to become Faster, Stronger, and Better and win in the marketplace. Given our year-to-date business performance and based on what we can reasonably predict at this time, we are providing an update to our full-year 2020 guidance and now expect to deliver approximately 4 percent organic revenue growth and approximately $5.50 in core earning per share”.

For the full year, PepsiCo now expects approximately $10 billion in cash from operating activities and free cash flow of approximately $6 billion, and net capital spending of $4 billion. Total cash return to shareholders is expected to be approximately $7.5 billion, dividends of approximately $5.5 billion, and shares repurchases of approximately $2.0 billion.

What did you think of the quarter? Let us know in the comment section below!

PepsiCo Inc. is a holding in