Samsung Agrees to Acquire Harman Intl for $8 B, ViaSat Buys Arconics

Mukesh Buch
14 Nov, 2016
New York City

Aecom net surged but revenues declined. Enerplus net loss narrowed despite revenues plummeted 35%. Harman International agreed to be acquired by South Korea-based Samsung Electronics for $8 billion. InterOil net loss narrowed. ViaSat agreed to buy Ireland-based Arconics.

[R]2:10 PM New York – Aecom net surged but revenues declined. Enerplus net loss narrowed despite revenues plummeted 35%. Harman International agreed to be acquired by South Korea-based Samsung Electronics for $8 billion. InterOil net loss narrowed. ViaSat agreed to buy Ireland-based Arconics.[/R]

Tollbooth Index slumped 62.48 or 0.6% to 10,757.08.

Earnings Review

Aecom ((ACM)) slipped 1.8% or 57 cents to $31.68 after the engineering construction services provider reported revenues in the fourth-quarter ending in September declined 8.5% from a year ago to $4.3 billion.

Net income in the quarter surged to $7 million or 5 cents per diluted share compared to the $1.1 million or 1 cent per share from the same quarter last year.

Aecom forecasted earnings per share in fiscal 2017 between $2.70 and $3.10 and capital expenditures of about $115 million while depreciation expense of about $165 million.

Enerplus Corp ((ERF)) slid 5 cents to $6.35 after Canada-based energy producer said revenues in the third-quarter ending in September plummeted 35.2% from a year ago to $200.4 million.

Net loss in the quarter narrowed to $96.2 million or 42 cents per diluted share compared to the $176.9 million or $1.42 per share from the same quarter last year.

Harman International Industries Inc ((HAR)) surged 25.4% or $22.25 to $109.89 after the auto-parts supplier agreed to be acquired by the South Korea-based smart-phone maker Samsung Electronics Co for $112 in cash or about $8 billion.

The transaction is expected to close in mid-2017.

InterOil Corporation ((IOC)) rose 19 cents to $47.44 after Singapore-focused oil and gas producer reported total revenues in the third-quarter ending in September plunged 39% from a year ago to $7.2 million.

Net loss in the quarter narrowed to $25.7 million or 51 cents per diluted share compared to the $103.7 million or $2.09 per share from the same quarter last year.

ViaSat, Inc ((VSAT)) slipped 79 cents to $80.36 after the broadband technologies and services provider agreed to acquire Ireland-based aviation software solution provider Arconics without disclosing financial terms.