Subsea 7 Announces More Cost Cuts, but Industry Headwinds Persist
Subsea 7 shares rose about 3% as the company announced its quarterly results. While quarterly revenue disappointed slightly at about $930 million versus consensus $1 billion, quarterly EPS of $0.40 handily beat consensus of about $0.28. The company was able to follow last quarter’s cost-cutting improvements with further gains in this quarter, with gross margins rising from 23% to 27%. Management cited continued success in right-sizing its headcount (the company benefits from having begun this pr...Subsea 7 is a provider of seabed-to-surface engineering, construction and services contractor to the offshore energy industry. Co. provides products and services required for subsea field development, including project management, design and engineering, procurement, fabrication, survey, installation, and commissioning of production facilities on the seabed and the tie-back of these facilities to fixed or floating platforms or to the shore. Co. also provides products and capabilities to deliver full Life of Field services to its clients. Through its i-Tech Division, Co. provides remotely operated vehicles and tooling services to support exploration, production and drilling activities.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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