MKS Instruments Q1 Results Top Estimates
CalPERS to back activist's four director nominees in Exxon board fight
BOSTON, April 26 (Reuters) – The California Public Employees’ Retirement System (CalPERS) said on Monday it plans to vote for Engine No. 1’s four director nominees to Exxon Mobil Corp’s board, becoming the second large pension fund after New York to throw support to the activist hedge fund in its proxy fight with the company.
Cathay General Bancorp Q1 Profit Rises
Cathay General Bancorp (CATY) Monday reported first-quarter net income of $73.4 million or $0.92 per share, up from $46.9 million or $0.59 per share last year.
Net interest income before provision for credit losses increased 1.1% to $141.8 million from $140.3 million last year, driven primarily by a decrease in interest expense from deposits, offset, in part, by a decrease in interest income from loans and securities.
Net interest margin was 3.20% for the third quarter compared to 3.34% last year.
Non-interest income was $10.0 million for the first quarter, an increase 72.4% from $5.8 million last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share and revenues of $151.59 million. Analysts’ estimates typically exclude special items.
Opinion: Colorado Rockies chose GM Jeff Bridich over Nolan Arenado; now they have neither
Colorado Rockies owner Dick Monfort, fiercely loyal to his employees, perhaps to a fault, had a critical decision to make.
He had to choose this past winter between firing general manager Jeff Bridich or trading All-Star third baseman Nolan Arenado.
Monfort knew the two were not going to co-exist, and the situation was going to get ugly if no move was made.
Monfort sided with Bridich.
He ordered Bridich to find the best deal he could and trade Arenado.
They gave him away to the St. Louis Cardinals in a laughable trade, called the “dumbest trade in Colorado sports history’’ by the Denver Post, with the Rockies even paying $51 million of his remaining $199 million salary.
And now, 21 games into the season, they have neither man.
Bridich, after nearly 17 years in the organization, walked away Monday, either believing the situation was untenable, or no longer willing to take the stress and accept the burden of the organization’s downfall.
Man convicted for stabbing Adams County magistrate
A Denver jury convicted a man who stabbed an Adams County magistrate in 2019.
Jose Armenta-Vazquez, 38, was found guilty of criminal attempt to commit murder in the first degree, first-degree assault and first-degree burglary. Armenta-Vazquez was also convicted of the incident being a crime of violence.
Armenta-Vazquez stabbed Magistrate David Blackett with a screwdriver after Armenta-Vazquez attempted to steal items from Blackett’s garage.
Armenta-Vazquez’s DNA was found on the screwdriver linking him to the stabbing. His sentencing hearing is set for June 11.
Charting Jeff Bridich’s tenure as Rockies GM: Notable moves, highs and lows from 2014-21
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MKS Instruments Q1 Results Top Estimates
MKS Instruments Inc. (MKSI) reported that its net income for the first quarter of 2021 rose to $122 million or $2.20 per share from $69 million or $1.25 per share last year.
Net income in the first quarter of 2021 included acquisition and integration costs of $6 million and restructuring and other costs of $5 million.
Non-GAAP net earnings were $143 million, or $2.56 per share, compared to $85 million or $1.54 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $2.20 per share for the quarter. Analysts’ estimates typically exclude special items.
Net revenues in the first quarter of 2021 were $694 million, a year-over-year increase of 30% from $536 million in the first quarter of 2020. The increase in net revenues was driven by strong demand from customers in both the Semiconductor Market and Advanced Markets. Analysts expected revenue of $652.22 million for the quarter.
Net revenues in the Semiconductor Market were $412 million in the first quarter of 2021, a sequential increase of 5% and year-over-year increase of 32%.
Net revenues in Advanced Markets were $282 million in the first quarter of 2021, a year-over-year increase of 27%.
The company expects revenue in the second quarter of 2021 of $740 million, plus or minus $30 million. It expects GAAP net income per share of $2.70, plus or minus $0.26, and Non-GAAP net earnings per share of $2.92, plus or minus $0.26. Analysts expected the company to report earnings of $2.23 per share and revenues of $654.4 million for the second-quarter.