State Bank Financial Corporation
State Bank Financial Corporation announced unaudited financial results for the quarter ending March 31, 2014.
Net income for the first quarter of 2014 was $4.3 million, compared to a net loss of $1.2 million for the first quarter of 2013 and net income of $9.4 million for the fourth quarter of 2013. Fully diluted earnings per share were 13 cents in the first quarter of 2014, compared to a loss per share of 4 cents in the first quarter of 2013 and fully diluted earnings per share of 28 cents in the fourth quarter of 2013.
Newell Rubbermaid announced its first quarter 2014 financial results.
Net sales were $1.23 billion, a 0.7 percent decline versus prior year results. Core sales, which exclude the impact of changes in foreign currency, grew 0.7 percent.
Normalized gross margin was 38.8 percent, a 60 basis point improvement compared with the prior year period. Reported gross margin was 38.1 percent versus 38.2 percent in the prior year period. Normalized operating margin was 11 percent versus 11.2 percent in the prior year period. Reported operating margin increased 60 basis points to 8.5 percent.
Normalized diluted earnings per share were 35 cents compared with 35 cents in the prior year. Reported diluted earnings per share were 19 cents compared with 19 cents in the prior year.
The company’s first quarter reported results include an $11 million charge, 2 cents per diluted share, which reflects the cost of harness buckle recall issues on select car seats in the company’s baby segment. This charge was excluded from normalized operating income and normalized EPS.
Operating cash flow was a use of $92.1 million, compared with a use of $123.1 million in the prior year period. The company paid dividends of $42.9 million and repurchased 1.5 million shares of common stock at a cost of $44.4 million. The company also took delivery of 2 million shares in mid-March to complete the Accelerated Share Repurchase program initiated in the fourth quarter of 2013.
The company announced a 13 percent, 2 cents per share, increase in its quarterly dividend to 17 cents per share.
The company recorded a monetary asset devaluation charge of $38.7 million, or 9 cents per diluted share, associated with adopting the SICAD I rate for its Venezuelan operations. The company reaffirmed its guidance for 2014 core sales growth of three to four percent, operating margin improvement of up to 40 basis points, normalized EPS of $1.94 to $2 and operating cash flow of $600 to $650 million.