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The players, meanwhile, will get an on-site weight room so that they no longer have to use the facilities at Ben Hill Griffin Stadium, among other upgrades. |
The three updates are phase two of three of the UAA’s master facilities plan. Phase one included the renovations to the O’Connell Center, the construction of football’s indoor practice facility and the opening of the academic-focused Hawkins Center. |
Phase three, which will include updates to Ben Hill Griffin Stadium, will be announced at a later date. |
DAY — The Rev. Charles “Charley” Van III, 82, Tobyhanna, 10/23/18. Memorial service at 1 p.m. Friday, Trinity Episcopal Church, Mount Pocono. |
MCKEOWN — Margaret M., 80, East Stroudsburg, 10/26/18. Visitation from 10 to 11 a.m., time of memorial service, Thursday, Bensing-Thomas Funeral Home, 401 N. Fifth St., Stroudsburg. |
WESSELIUS — Hilbrand “Hilly” J., 46, Croydon and formerly of East Stroudsburg, 10/26/18. Memorial service at 12:30 p.m. Friday, Stroudsburg Wesleyan Church, 915 N. Fifth St., Stroudsburg. |
Follow our step-by-step guide to making these cute snowman biscuits. A great Christmas treat for children. |
Pre heat the oven to 180C/350F/Gas 4. |
Mix the flour and sugar together in a bowl, then rub in the butter with your fingertips until the mixture resembles fine breadcrumbs. |
Add the egg and vanilla essence and mix to form a soft dough. |
Roll out onto a well-floured work surface and cut into rounds. Place on greased baking sheets and bake for 10-12 minutes, or until golden brown. |
Cool on a wire rack. When completely cool decorate. |
Roll out the white fondant icing and cut out circles the same size as the biscuits, brush the backs of the circles with a little cooled boiled water and stick them to the biscuits, smoothing down the icing as you stick it on. |
Roll out the blue icing and cut out more circles, then cut these in half and using a little more water and stick on top of the white icing for the hats. |
Brush the hats with water in places where you want the sprinkles to stick and then sprinkle! |
Pipe decorations on the hat with the white writing icing, then pipe a small blob for the hat bobble and another for the nose – stick on the chocolate balls. Pipe black eyes and mouth then leave to set. |
Considering its stock's performance in 2017 (up 68%), declining revenue year over year, and major expenditures, Himax Technologies (NASDAQ: HIMX) may seem an unlikely candidate to get greedy with right now. But that's a near-term perspective. |
For investors with an eye toward the future, Himax hits all the right buttons. Like most pure growth stocks, its share price will fluctuate more than most on a month-to-month basis, just as it has the past year. Though Himax is bumping up against its 52-week high of $11.97 now, it has traded as low as $4.88 a share thi... |
But for Himax, it's the future that takes center stage. |
Himax's 25% drop in revenue to $151.7 million and earnings-per-share (EPS) loss of $0.04 in last quarter didn't exactly impress, though it wasn't surprising. CEO Jordan Wu forewarned shareholders that because of an "engineering hiccup" in delivering large panel display drivers, one of its largest units t... |
Last quarter's $52.1 million in large display driver sales was a 23% drop, and at 34% of total revenue, Himax took one on the chin. Another hurdle cited last quarter was weak demand in the all-important China smartphone display market, as manufacturers held off orders with a bevy of new phones scheduled for a fall... |
Small- and medium-sized drivers' revenue dropped 23% year over year to $70 million, led by a 52% nosedive in smartphone sales. The loss of a key wafer-level optics (WLO) augmented reality (AR) device customer also stung last quarter's results. |
But not all of Himax's second-quarter news was negative, including an impressive 51% jump in automotive display driver revenue. Tablet-related sales were down about 14%, but compared to a few of Himax's other divisions, that wasn't overly painful. |
If display driver competitor Synaptics' (NASDAQ: SYNA) recent results are any indication, the second half of 2017 will improve, as Himax has promised. For its fiscal year, Synaptics reported flat total revenue of $1.7 billion but a 28% drop in EPS to $1.37. The fiscal fourth quarter tells a much different story, h... |
Himax is prepped to have the same strong rebound Synaptics had, and there are several reasons to feel confident it will deliver. The expansion of its WLO facilities is complete, so it can now meet customer demands, which was the reason for the investment in the first place. |
One of the core reasons to get greedy with Himax stock is the significant strides it's making across multiple hyper-growth market opportunities, each expected to become multi-billion-dollar markets. They include the automotive and industrial Internet of Things (IoT) -- the largest of the large opportunities -- vir... |
The immediate and long-term future looks so bright, Himax is diving headlong into building its new headquarters well ahead of schedule. Better still, the reason Himax is kicking in phase 2 of its expenditure plans is to meet the needs of its growing list of 3D-sensing customers "for the next two to three years." That&a... |
With the "engineering hiccup" behind it, smartphone sales on the rise, and growth across its diversified product line-up imminent, Wu's statement that investors can expect growth in the second half of this year, 2018, and long into the future, will likely prove to be spot-on. |
For investors that don't dwell on the past but instead look at what's ahead, Himax is prepped for dramatic growth in the coming years. A bonus for growth investors is Himax's surprisingly strong 2.45% dividend yield, though the reason to get greedy now is its limitless upside. |
David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now...and Himax Technologies wasn't one of them! That's right -- they think these 10 stocks are even better buys. |
Tim Brugger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. |
MMP earnings call for the period ending September 30, 2018. |
Good day, and welcome to the Magellan Midstream Partners Third Quarter 2018 Earnings Results Conference Call. Today's conference is being recorded. |
At this time, I would like to turn the call over to Mike Mears, President and CEO. Please go ahead. |
Good afternoon, and thank you for joining us today for Magellan's third quarter earnings call. Before we get started, I'll remind you that management will be making forward-looking statements as defined by the SEC. Such statements are based on our current judgments regarding the factors that could impact the future per... |
Please standby, everyone. The conference will be under way again shortly again. Again, please standby. |
All right, thank you. It's important to highlight that BridgeTex continues to be a strategic asset for us. It is connected to the Magellan East Houston Terminal, which is becoming a significant trading hub for the US Gulf Coast as well as our Houston crude oil distribution system, servicing Houston and Texas City refin... |
We also recently announced a new crude oil pipeline in conjunction with Energy Transfer, MPLX and Delek to deliver crude oil from the Permian Basin through our terminal in East Houston and Energy Transfer's terminal in Nederland, Texas. We believe this pipeline, which is called the Permian Gulf Coast, or PGC pipeline i... |
While the exact project scope will be determined once the open season ends, the pipeline is currently expected to be at 30-inch diameter pipeline with an in-service date of mid-2020. A 30-inch pipe, once fully expanded [ph], can generally move up to 1 million barrels of product per day and would cost in the area of $2 ... |
We've also tried to keep the market apprised of the status of our Longhorn recontracting process. As a reminder, the initial term of our Longhorn contracts expired on September 30. Effective October 1, about 50% of the committed volume elected to extend their contracts under expiring terms for an additional two years, ... |
We also announced another solid quarter of financial results this morning with higher contributions from each of our operating segments compared to the year-ago period. I'll now turn over the call to our CFO, Aaron Milford to review our third quarter financial results in more detail. Then I'll be back to discuss our gu... |
Thank you, Mike. During my comments today, I will be making references to certain non-GAAP financial metrics, including operating margin and distributable cash flow. We've included exhibits to our earnings release that reconcile these metrics to their nearest GAAP measure. |
Earlier this morning we reported third quarter net income of $594.5 million or $2.60 per unit on a diluted basis, which was higher than the $198.5 million or $0.87 per unit on a diluted basis reported for the third quarter of 2017. Excluding the impact of mark-to-market futures contract activity in the current quarter,... |
As consistent with our past practice, we have excluded the net gain from the BridgeTex transaction in our calculation of DCF, as it is not related to the partnership's ongoing operations. With this adjustment distributable cash flow of $281.8 million for the third quarter of 2018 was 20% higher than the $235.2 million ... |
I will now move to a brief discussion of the operating margin performance of each of our business segments. Our refined products segment generated $214.7 million of operating margin in the third quarter of 2018 compared to $173.8 million for the same period in 2017, an increase of $40.9 million. Transportation and term... |
Operating expenses were $6.4 million lower in the current period compared to last year. This overall decrease was attributable to more favorable product overages, which act to reduce operating expenses, offset by higher asset integrity expenses and property tax expenses compared to the 2017 quarter. The property tax in... |
Our cash product margin was slightly lower in the quarter compared to last year's quarter, primarily as a result of delayed butane blending sales volumes, which was mostly offset by better results from our fractionation activities. We also had higher equity earnings from our Powder Springs joint venture compared to las... |
For the segment overall rate per barrel declined compared to last year. This decline, as we've discussed in the past, is related to increase in volumes on our Houston distribution system where tariffs are considerably lower than the tariffs on our Longhorn pipeline. The current quarter also benefited from higher contri... |
Magellan has leased crude oil storage capacity and contracted for throughput services from Seabrook Logistics, and we then reoffer these services to the market and receive storage revenue and fees for ancillary services from our customers. As a result we will recognize revenue related to what we receive from our custom... |
Moving now to operating expenses, our crude oil segment operating expenses increased $14 million mainly due to fees paid to our Seabrook Logistics joint venture for storage and throughput services, which I just discussed a moment ago, as well as higher environmental accruals and less favorable product overages. For the... |
Equity earnings from our various crude oil joint ventures increased $18.2 million, compared to the third quarter of 2017. This increase is primarily attributable to higher volumes in the BridgeTex pipeline from new commitments, which started in the first quarter of 2018, as well as increased spot shipments in response ... |
We also saw an increase in earnings from Seabrook Logistics associated with new storage, pipeline and export capabilities placed into service during the third quarter, as previously mentioned. BridgeTex's volumes averaged over 395,000 barrels per day during the third quarter of 2018 compared to approximately 280,000 ba... |
Moving now to the Marine segment, the Marine segment generated $29 million of operating margin in the current quarter compared to $25.9 million in the third quarter of 2017. Terminal revenue increased $2 million compared to last year's quarter due to higher average storage rates due to contractual escalations and more ... |
Now moving to other net income variances to last year's quarter, our G&A expenses were approximately $10 million higher than the 2017 quarter as a result of higher personnel costs associated with higher incentive plan expenses due to our strong performance this year and higher headcount as a result of growth. Depreciat... |
I'll now move to a discussion regarding our balance sheet and liquidity position. Including the current portion of long-term debt we had $4.3 billion of long-term debt outstanding as of September 30 2018, and we had no outstanding commercial paper borrowings. Further, we had $217 million of unrestricted cash on hand at... |
Our average interest rate was approximately 4.6% and our leverage ratio was approximately 2.3 times debt-to-EBITDA as calculated according to our revolving credit facility agreement. The current period leverage ratio was positively impacted by the BridgeTex transaction as the proceeds were initially used to pay down de... |
Further given what we see right now, we don't expect to issue any equity for our funding needs. We continue to maintain a credit facility totaling $1 billion, which also backstops our commercial paper program, and we also continue to have a $750 million at-the-market equity program available, but did not issue any unit... |
I will now turn the call back over to Mike to briefly update guidance for the balance of the year as well as some of our significant growth projects under way. |
Thank you. Aaron. As you can see Magellan continues to generate solid financial results and our business fundamentals remain extremely strong. Based on our solid results so far and our expectations for the remainder of the year we have increased our annual DCF guidance by another $20 million to $1.12 billion for 2018. ... |
Moving to expansion capital, we now have a record $2.5 billion of construction projects currently under way , including our share of the PTC pipeline that we discussed earlier. Based on the progress of these projects we now expect to spend approximately $800 million in 2018, $1.3 billion in 2019 and $400 million in 202... |
Substantial progress has been made on the additional four million barrels of storage and supporting infrastructure that comprises phase two of the Pasadena terminal with an expected in-service date of January 2020. We continue to market this facility to other potential customers, as we have the space to build another 5... |
Activity related to our long-haul pipeline construction project is in full swing as well. Construction is now under way for our East Houston to Hearne refined products pipeline and construction is expected to commence by year-end for our Delaware Basin crude oil pipeline. Both of these pipeline projects remain on targe... |
While most of the market is focused on the crude oil growth story it is important to note that we have approximately $1 billion worth of refined products pipeline projects under way in the State of Texas at this time, supported by long-term customer commitments at attractive returns. In addition, these projects offer s... |
We also continue to assess other potential expansion opportunities still totaling well in excess of $500 million. A few of the newer opportunities we are evaluating include additional pipeline takeaway capacity to transport crude oil from Cushing to our Houston system, and separately, a crude oil pipeline from Houston ... |
I'll remind you that these larger scale opportunities can take considerable time before we know, if we truly have an actionable project on our hands. However, I can assure you the amount of future growth opportunities remains plentiful in our space and in the markets we serve, and really for all of our businesses. And ... |
And that includes [ph] our prepared comments, so I will now open it up for questions. |
Thank you. (Operator Instructions) And our first question will come from Theresa Chen with Barclays. |
Good afternoon. In terms of your projects under development, can you talk more about your potential participation in the VLCC capable crude oil export hub on Harbor Island? How big of an investment would this be for Magellan? What kind of timeframe do you think something like this could come into service? And would it ... |
Well, there's lot of questions there. And let me first start by saying that we are early in the initial development stages here. We have a parcel of land on Harbor Island that we are working with the owner to develop. We have not fully scoped the capital cost opportunity there, even though the land is large enough for ... |
Okay. So a follow-up question on the potential line from Houston to Corpus. So since there have been multiple large-scale pipelines announced bringing Permian barrels directly to Corpus and as well as Houston, can you just talk about the benefits you see in linking the two markets and if such projects can -- would incr... |
Well, we would expect it to increase utilization of our existing assets, but there is multiple reasons that people are interested in this pipe. I mean there are customers that are interested in having access to Houston and Corpus, given the optionality that is afforded to them to serve the domestic demand for refined -... |
Got it. And lastly on butane blending. Can you just give us an update on where you are in the hedging process for 2019 and maybe beyond and what kind of margin you're expecting to achieve at this point? |
Yes, I can do that. We are -- first of all, for the fall of '18, we're about 90% hedged, first of all. For 2019, we have hedged about 90% of our spring projected volumes, which if you annualize that, is about 40% of our total 2019 blending volumes, and we're expecting those margins that we've hedged in place are at abo... |
And next we will hear from Jeremy Tonet with JPMorgan. |
Hi, want to continue with the Permian topic here. And with the Permian Gulf Coast pipe, just -- you gave an indication what the size could be there, but just if you could walk us through how you think about sizing the pipe in general, relative to the level of commitments you guys have gotten on that pipe? And also it s... |
Well, to start with, as I mentioned, we have sufficient long-term commitments to underwrite a 30-inch pipeline, with -- and we're not going to talk about exactly the volume of commitments we have, but it can underwrite a 30-inch pipeline. Whether we upsize that is going to depend on what happens during the open season.... |
That's helpful, thanks. And then kind of taking the next steps there, between yearend '19 and '20, there's going to be a lot of Permian crude hitting the coast, and just wondering you talked about dock capacity expansions there? Do you see the export capacity coming online in time there or could there be kind of a glut... |
Right. So just specifically in the Houston area, we announced earlier this year that we're expanding Seabrook. We have another expansion opportunity for Seabrook that we expect to approve it here in the next couple of months and hopefully, we'll have an announcement on that. That further expansion will be done prior or... |
In addition to that, we are developing multiple other Houston area crude oil export opportunities, and I don't want to go into detail what those are. I can just say that there is multiple opportunities, are under development and we would intend for those opportunities to be available, consistent with the time PGC start... |
Great, thanks for that. And then finally just the '19 CapEx stepped up a bit there. Just wondering, if you could let us know like which projects it was specifically that led to that step-up there? |
Well, the biggest step-up was our component of PGC, which was about $300 million. There are some other smaller projects -- I say smaller they are in the $20 million to $25 million phase, that we are looking at increasing, not looking at, we're actually developing in Cushing and in other areas in Oklahoma. But the bigge... |
That's very helpful. That's it from me. Thanks. |
And our next question will come from Spiro Dounis with Credit Suisse. |
Hey, good afternoon guys. Just wanted to go back to something that Theresa had mentioned, just along those three new projects to Houston to Corpus and then the export terminal. Is the right way to think about all those three really is -- as one major project? It just seems like you're creating this new artery from Cush... |
I think they should viewed as discrete projects that would be FID'ed separately. |
Okay. And then when you think about the equity funding, obviously, your current CapEx budget, I think you guys are self-funding, shouldn't be any issues around that, would seem like those three projects -- realize you are still scoping it out, but would seem to carry a pretty decent budget there. How do you think about... |
Well, let me first say that it's fairly common for long-haul crude oil pipelines, that they ultimately wind up in a JV. That's certainly an option here and we're talking to potential partners on those projects. None of that's been determined yet, but with regards to financing these projects, if they actually happen, we... |
So that's always on the table. We don't have a plan right now to issue any equity for any of the projects that we're developing. But if incremental projects come across the goal line then we will consider at that time. |
Got it. Appreciate the color. Thanks everyone. |
And next we will hear from Dennis Coleman with Bank of America. |
Yeah, thanks, thanks for taking my questions. Spiro sort of hit a lot of what I was interested in, in terms of the discreteness of the projects, but I wonder, is it -- are these projects, I mean obviously there's plenty of light crude making it to Corpus from the Permian. Would this -- should we think about this more a... |
Well, I mean, that's certainly an opportunity, but I wouldn't characterize it is as that's what it's targeted to do. I mean there is significant light crude. I mean if you just look at Cushing today there's significant light crude that's coming into the Gulf Coast area and there's projected significant increases in lig... |
Okay. And then maybe just a little bit more on the VLCC terminal, so I think the issue with ports has been the depth of the draft for these VLCCs, I guess you're saying that these would be able to load to full capacity at this location. I don't know the specifics of the location. |
That's the long-term plan, it may get there in stages, but that's the long-term plan. |
Okay. Okay. And then one just last detailed one for me. In terms of -- and Aaron maybe this is for you the guidance for Longhorn and BridgeTex volumes through the end of '18, I guess that's just because you just gave 2018 guidance, you're not implying anything about your view on the volumes into 2019. |
All right. So if market conditions continue, we should expect that to continue, or might reasonably expect that to continue as well? |
It's been clear to the extent differentials stay wide it drives along [ph] those price. So and consistent with past practice, we will give 2019 guidance in our fourth quarter call in either late January, early February whenever we get it scheduled. But I mean, as a rule of thumb, if the differential is higher than our ... |
Understood. And I just wanted to make sure I was understanding it since you said specifically for the remainder of 2018. So thanks very much. |
And our next question will come from Shneur Gershuni with UBS. |
Good afternoon guys. Most of my questions have been asked and answered, but I was wondering if we can dive in a little bit on one of the proposed projects that you're looking at connecting Corpus to -- sorry, connecting Houston to Corpus. Are you talking about building a brand new pipeline or is this something where yo... |
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