Month: October 2023

John R. Buran, President and CEO Commentary“We delivered sequential EPS and GAAP NIM expansion through the continued execution of our action plan to drive long-term profitability while advancing our near-term areas of focus amid persisting challenges in the operating environment. In 3Q23, we made significant progress on delivering against all pillars of our action plan, including: 1) reduced interest rate risk and moved closer to our goal of interest rate neutrality, including the addition of $100 million of interest rate hedges; 2) increased yields on new loans 288 bps YoY and 34 bps QoQ, with an emphasis on floating rate loans and back-to-back swaps; 3) increased noninterest bearing deposits $46.6 million QoQ; 4) saw strength in debt service coverage for our multifamily and investor commercial real estate portfolios repricing through...

Third Quarter 2023 Total Average WI Production of 33,940 BOPD, Up 12% from One Year Ago and Up 1% from Prior Quarter, Highest Quarterly Average Since Second Quarter 2019 Third Quarter 2023 Net Income of $7 Million, Funds Flow from Operations of $79 Million and Free Cash Flow of $36 Million Third Quarter 2023 Adjusted EBITDA of $119 Million and 12-Month Trailing Adjusted EBITDA of $413 Million Subsequent to Third Quarter 2023, Issuance of New 9.500% Senior Secured Amortizing Notes Due 2029 in Exchange for Existing Notes Improves Balance Sheet, Reduces Overall Leverage and Provides Additional Financial FlexibilityCALGARY, Alberta, Oct. 31, 2023 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced the Company’s financial and operating results for the...

SCOTTSDALE, Ariz., Oct. 31, 2023 (GLOBE NEWSWIRE) — Meritage Homes Corporation (NYSE: MTH), the fifth-largest U.S. homebuilder, reported third quarter results for the period ended September 30, 2023. Summary Operating Results (unaudited)(Dollars in thousands, except per share amounts)  Three Months Ended September 30,   Nine Months Ended September 30,    2023     2022   % Chg     2023     2022   % ChgHomes closed (units)   3,638     3,487   4   %     10,025     9,566   5   %Home closing revenue $ 1,610,317   $ 1,569,032   3   %   $ 4,415,261   $ 4,223,435   5   %Average sales price — closings $ 443   $ 450   (2 ) %   $ 440   $ 442   —   %Home orders (units)   3,474     2,310   50   %     10,301     9,951   4   %Home order value $ 1,495,542   $ 974,314   53   %   $ 4,477,148   $ 4,551,894   (2 ) %Average...

All figures are in United States dollars. All production figures reflect payable metal quantities and are on a 100%-basis, unless otherwise stated. For references denoted with NG, refer to the “Non-GAAP and Other Financial Measures” disclosure at the end of this news release for a description of these measures. TORONTO, Oct. 31, 2023 (GLOBE NEWSWIRE) — Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its third quarter 2023 operating and financial results. President and CEO, Paul Tomory, commented, “Centerra had a strong third quarter, with cash provided by mine operations of $144 million and $36 million, from Öksüt and Mount Milligan, respectively. In addition, the Langeloth Metallurgical Facility returned $17 million from the previous investment into working capital, all of which drove a...

HARTSVILLE, S.C., Oct. 31, 2023 (GLOBE NEWSWIRE) — Sonoco Products Company (“Sonoco” or the “Company”) (NYSE: SON), one of the largest sustainable global packaging companies, today reported financial results for its third quarter ended October 1, 2023. SummarySonoco achieved fully diluted earnings per share of $1.32 and Adjusted earnings per share (diluted) of $1.46 Generated sequential growth in Sales, Net Income, and Adjusted EBITDA and improved Net Income Margin and Adjusted EBITDA Margin to 7.6% and 16.4%, respectively. Continued near record results in the flexible packaging and the rigid paper container businesses in the Consumer Packaging (“Consumer”) and Industrial Paper Packaging (“Industrial”) segments Inflationary pricing pressures continue to impact year-over-year demand in the Consumer segment Generated $617 million...

HAMMOND, La., Oct. 31, 2023 (GLOBE NEWSWIRE) — First Guaranty Bancshares, Inc. (“First Guaranty”) (NASDAQ: FGBI), the holding company for First Guaranty Bank, announced its unaudited financial results for the quarter ending September 30, 2023. We are making progress. In a time in which all banks have been battling the squeeze between loan interest rates and the rates to be paid for deposits, it appears that, in the second half of the third quarter, we passed the bottom and began to climb upward. Our loan portfolio before unearned income continued to grow as it grew to $2,707,669,000 as of September 30, 2023 compared to $2,599,099,000 as of June 30, 3023 and $2,526,720,000 as of December 31, 2022. Total interest income for the quarter ending September 30, 2023 was $47,627,000 compared to $43,781,000 for the quarter ending...

Raises Revenue and Earnings Guidance WESTFORD, Mass., Oct. 31, 2023 (GLOBE NEWSWIRE) — Kadant Inc. (NYSE: KAI) reported its financial results for the third quarter ended September 30, 2023. Third Quarter Financial Highlights  Revenue increased 9% to $244 million Operating cash flow increased 89% to $47 million Free cash flow increased 106% to $38 million Net income increased 12% to $31 million GAAP EPS increased 12% to $2.63 Adjusted EPS increased 13% to a record $2.69 Adjusted EBITDA increased 10% to a record $53 million and represented a record 21.6% of revenue Bookings decreased 1% to $210 million Backlog was $324 millionNote: Percent changes above are based on comparison to the prior year period. All references to EPS are to our EPS as calculated on a diluted basis. Free cash flow, adjusted EPS, adjusted EBITDA, adjusted...

CINCINNATI, Oct. 31, 2023 (GLOBE NEWSWIRE) — Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and operators of grocery-anchored neighborhood shopping centers, today reported financial and operating results for the period ended September 30, 2023 and provided updated full year 2023 earnings guidance. For the three and nine months ended September 30, 2023, net income attributable to stockholders was $12.2 million, or $0.10 per diluted share, and $43.3 million, or $0.37 per diluted share, respectively. Highlights for the Third Quarter Ended September 30, 2023Reported Nareit FFO of $72.5 million, or $0.55 per diluted share Reported Core FFO of $77.0 million, or $0.58 per diluted share Updated 2023 Nareit FFO and Core FFO guidance to a range of $2.23 to $2.27 per diluted...

Strong Execution and Operational Performance PERRYSBURG, Ohio, Oct. 31, 2023 (GLOBE NEWSWIRE) — FOR IMMEDIATE RELEASE                                  O-I Glass, Inc. (“O-I”) (NYSE: OI) today reported financial results for the third quarter ended September 30, 2023.  Net Earnings Attributable to the Company Per Share (Diluted) Earnings Before Income Taxes$M3Q23 3Q22 3Q23 3Q22Reported $0.32 $1.45 $82 $278  Adjusted EarningsPer Share (Diluted) Segment Operating Profit$M3Q23 3Q22 3Q23 3Q22Non – GAAP $0.80(Guidance: $0.68 -$0.73) $0.63 $301 $266“O-I continues to execute well, and third quarter results exceeded our expectations. Business performance improved significantly from the prior year period reflecting favorable net price realization, solid operating results, and benefits from our ongoing margin expansion...