March 2022 - Page 14 of 24

March 15, 2022

Regions Financial Co. (NYSE:RF) Receives Consensus Rating of “Hold” from Analysts

Regions Financial Co. (NYSE:RF – Get Rating) has been assigned an average recommendation of “Hold” from the fifteen brokerages that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $25.75.

RF has been the subject of a number of analyst reports. Morgan Stanley upped their price target on Regions Financial from $30.00 to $31.00 and gave the company an “overweight” rating in a research report on Tuesday, February 22nd. Barclays upgraded Regions Financial from an “underweight” rating to an “equal weight” rating and set a $26.00 price target on the stock in a report on Monday, January 3rd. UBS Group assumed coverage on Regions Financial in a research note on Wednesday, January 12th. They set a “buy” rating and a $32.00 target price for the company. Citigroup lowered their price target on Regions Financial from $30.00 to $27.00 in a report on Tuesday, January 25th. Finally, JPMorgan Chase & Co. upped their target price on shares of Regions Financial from $26.50 to $27.00 in a research report on Thursday, February 3rd.

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Shares of NYSE:RF opened at $22.72 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.84 and a quick ratio of 0.83. Regions Financial has a 1 year low of $18.02 and a 1 year high of $25.57. The firm has a market capitalization of $21.29 billion, a P/E ratio of 9.16, a P/E/G ratio of 0.68 and a beta of 1.32. The business’s 50-day moving average is $23.73 and its 200 day moving average is $22.68.

Regions Financial (NYSE:RF – Get Rating) last released its quarterly earnings results on Thursday, January 20th. The bank reported $0.43 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.06). Regions Financial had a net margin of 38.17{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a return on equity of 15.33{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the business posted $0.62 EPS. The firm’s quarterly revenue was down 3.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} compared to the same quarter last year. On average, analysts expect that Regions Financial will post 2.08 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 1st. Stockholders of record on Friday, March 11th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.99{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The ex-dividend date is Thursday, March 10th. Regions Financial’s payout ratio is presently 27.42{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Regions Financial by 9.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the fourth quarter. BlackRock Inc. now owns 96,711,569 shares of the bank’s stock worth $2,108,312,000 after purchasing an additional 8,239,657 shares during the period. Geode Capital Management LLC increased its position in shares of Regions Financial by 1.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the fourth quarter. Geode Capital Management LLC now owns 20,182,959 shares of the bank’s stock valued at $439,159,000 after acquiring an additional 311,615 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Regions Financial by 5.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 3rd quarter. Invesco Ltd. now owns 16,659,139 shares of the bank’s stock valued at $355,006,000 after buying an additional 805,591 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Regions Financial by 3.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 4th quarter. Charles Schwab Investment Management Inc. now owns 15,734,876 shares of the bank’s stock valued at $343,021,000 after acquiring an additional 472,102 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Regions Financial by 1.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the fourth quarter. Dimensional Fund Advisors LP now owns 13,185,015 shares of the bank’s stock worth $287,433,000 after buying an additional 137,074 shares during the last quarter. 74.88{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is currently owned by institutional investors and hedge funds.

About Regions Financial (Get Rating)

Regions Financial Corp. operates as a bank holding company. It provides traditional commercial, retail and mortgage banking services, as well as other financial services in the fields of investment banking, asset management, trust, mutual funds, securities brokerage, insurance and other financing. The firm operates through the following segments: Corporate Bank, Consumer Bank, and Wealth Management.

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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]

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March 14, 2022

What a Russia debt default would mean for financial markets as Ukraine invasion continues

The threat of a Russian default on sovereign financial debt is noticed in close proximity to, but investors so far aren’t panicking more than any possible strike to world economic markets.

“While a default would be symbolic, it seems not likely that it will have significant ramifications, the two in Russia and somewhere else,” said William Jackson, chief emerging marketplaces economist at Cash Economics, in a Monday take note.

Discuss of a Russian default, nonetheless, stirs reminiscences of earlier turmoil. In August 1998, Russia devalued the ruble, defaulted on domestic credit card debt and declared a moratorium on payment to international lenders. The resulting crisis despatched tremors by fiscal markets, resulting in the collapse and subsequent rescue of hedge fund Extended Expression Cash Current market.

Intercontinental Monetary Fund Taking care of Director Kristalina Georgieva on Sunday stated Western sanctions in reaction to the country’s Feb. 24 invasion of Ukraine would hit Russia really hard, shrinking Russians’ genuine incomes and paying for energy. She warned that a Russian default can no for a longer time be thought of as an “improbable event.”

Georgieva, in an interview with CBS News’ Confront the Nation, mentioned that although Russia has the money to services its credit card debt, sweeping sanctions versus the nation’s economical establishments and central lender suggests it can no extended obtain it. Ratings corporations have sharply downgraded Russian financial debt, with Fitch past week warning of an imminent default as a final result of sanctions.

But Georgieva mentioned that although international exposure to Russia’s banking sector at $120 billion wasn’t negligible, it was “definitely not systemically relevant.”

Moscow is scheduled to make all around $117 million in mixed fascination payments on two greenback-denominated bonds on Wednesday, in accordance to news experiences. Russia’s finance ministry on Monday stated that it was well prepared to make the payments, but might do so in rubles if unable to accessibility the currency of challenge, in accordance to Reuters. Studies noted that neither bond allows for payments in a different currency.

Failure to make payment in bucks could see Russia in complex default following a 30-working day grace time period, analysts reported.

The biggest probable cost to Russia from a default is becoming locked out of international funds markets, or at the very least facing greater borrowing prices for extended time period, Jackson said, but noted that “sanctions have accomplished that anyway.”

For international investors, “a default is mostly priced in,” the economist wrote, noting that Russia’s sovereign dollar bonds are already trading at close to 20 cents on the dollar (see chart beneath).

News reviews also suggest that collectors have currently marked down their holdings, he explained. And to Georgieva’s assertion that Russian financial debt is not systemically relevant, Jackson pointed out that the in general sizing of Russian international currency sovereign credit card debt held by nonresidents is “relatively modest,” at about $20 billion.

“Even if the authorities halts payments to overseas traders on all their holdings of sovereign personal debt (neighborhood and foreign), the full of about $70 [billion] is no larger sized than the credit card debt Argentina defaulted on in 2020 without the need of resulting in tremors in worldwide marketplaces (whilst in Argentina’s scenario, bond prices did not slide fairly as significantly),” Jackson claimed.

Fairness markets have been volatile in the wake of the invasion, but the threat of a default hasn’t been flagged as a main resource of be concerned for buyers. U.S. stocks have been mainly decreased Monday, extending the past week’s drop. The Dow Jones Industrial Ordinary
DJIA,
+.00{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
rose 1 position, or a lot less than .1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, even though the massive-cap benchmark S&P 500
SPX,
-.74{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
was down .7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

So nothing to see here? Not very.

Jackson flagged two risks.

1st, there’s the possibility that beneath the aggregate numbers, a systemically vital institution is heavily exposed to Russian sovereign financial debt and is perhaps able of sending tremors by way of the monetary technique.

Second, a sovereign default could be a prelude to defaults by Russia’s corporates, he warned, whose exterior money owed are a lot greater than those people of the authorities (see chart below).

“So much, Russian corporates feel to have ongoing servicing their debts considering the fact that sanctions were being tightened. But with trade disrupted, sanctions probably becoming widened and the economy set for a deep economic downturn, the likelihood of corporate defaults is rising,” Jackson stated.

March 14, 2022

Truist Financial Analysts Lower Earnings Estimates for Lazydays Holdings, Inc. (NASDAQ:LAZY)

Lazydays Holdings, Inc. (NASDAQ:LAZY – Get Score) – Equities scientists at Truist Money cut their Q2 2022 earnings per share estimates for shares of Lazydays in a research note issued to traders on Thursday, March 10th. Truist Financial analyst M. Swartz now expects that the organization will submit earnings of $.94 per share for the quarter, down from their earlier estimate of $.95. Truist Money has a “Hold” rating and a $24.00 price tag objective on the inventory. Truist Economical also issued estimates for Lazydays’ FY2022 earnings at $3.29 EPS and FY2023 earnings at $2.79 EPS.

A quantity of other equities analysis analysts also not too long ago weighed in on LAZY. Zacks Expenditure Investigate downgraded shares of Lazydays from a “hold” rating to a “provide” rating in a report on Saturday, March 5th. Craig Hallum reduce their cost goal on shares of Lazydays from $33.00 to $25.00 and set a “buy” ranking for the company in a report on Friday.

Shares of NASDAQ LAZY opened at $21.46 on Monday. Lazydays has a twelve thirty day period reduced of $15.45 and a twelve month substantial of $25.74. The company has a existing ratio of 1.42, a swift ratio of .60 and a personal debt-to-fairness ratio of .58. The organization has a industry capitalization of $253.79 million, a value-to-earnings ratio of 6.60 and a beta of 1.87. The agency has a 50-working day transferring ordinary of $17.75 and a two-hundred working day transferring normal of $20.18.

Institutional traders and hedge resources have lately modified their holdings of the firm. Compagnie Lombard Odier SCmA acquired a new situation in shares of Lazydays in the 4th quarter valued at about $26,000. Citigroup Inc. improved its holdings in shares of Lazydays by 138.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 4th quarter. Citigroup Inc. now owns 2,008 shares of the company’s stock valued at $43,000 just after paying for an supplemental 1,167 shares for the duration of the time period. BNP Paribas Arbitrage SA enhanced its holdings in shares of Lazydays by 158.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 3rd quarter. BNP Paribas Arbitrage SA now owns 2,475 shares of the firm’s stock valued at $53,000 just after getting an supplemental 1,516 shares during the period of time. Bank of The us Corp DE acquired a new posture in shares of Lazydays in the 2nd quarter valued at about $78,000. Finally, SG Americas Securities LLC acquired a new placement in Lazydays in the third quarter worthy of roughly $130,000.

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In other information, Director Coliseum Cash Administration, L obtained 3,573 shares of Lazydays inventory in a transaction on Wednesday, December 15th. The inventory was bought at an ordinary charge of $19.83 per share, with a overall benefit of $70,852.59. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible at this connection. 24.80{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is at present owned by corporate insiders.

Lazydays Corporation Profile (Get Score)

Lazydays Holdings, Inc retails leisure automobiles, motorcycles, jet skis and relevant extras. The business operates recreation motor vehicle dealerships generating earnings by delivering RV owners a full spectrum of merchandise: RV gross sales, RV companies, funding and insurance plan solutions, RV components and extras, RV rentals, third-celebration defense strategies, and RV camping.

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This prompt news notify was generated by narrative science engineering and money information from MarketBeat in order to offer audience with the fastest and most correct reporting. This story was reviewed by MarketBeat’s editorial group prior to publication. Remember to deliver any queries or responses about this story to [email protected]

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March 14, 2022

Barron’s Top 1200 Advisors Ranking: How RBC Wealth Management’s Ann Marie Etergino Helps Women Achieve Financial Independence Amid Market Volatility

Ann Marie Etergino, RBC Prosperity Administration

Photography by Greg Kahn

Textual content measurement

March 14, 2022

Willis Lease Finance Corporation Reports Annual Pre-tax

COCONUT CREEK, Fla., March 14, 2022 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) today reported annual total revenues of $274.2 million and pre-tax profit of $9.1 million. For the year ended December 31, 2021, aggregate lease rent and maintenance reserve revenues were $208.8 million and spare parts and equipment sales were $17.4 million. The Company reported increased total revenues in the fourth quarter when compared to the prior year period, primarily due to both an increase in lease rent revenue and gain on sale of leased equipment and financial assets, partially offset by a reduction in long-term maintenance revenue.

“We continued to see a slow recovery during the second half of 2021 as travel began to open on a global basis only to be dampened again near year-end by COVID-19 variants,” said Charles F. Willis, Chairman and CEO. “COVID-related travel prohibitions have been relaxed more recently, but now the industry faces new stresses associated with geo-political issues that are tragic on every level. As always, we continue to focus on the things we can control, and we believe the Company is well positioned to help our customers provide an essential product: air travel.”

“The world has been, and continues to be, an unsettled place, but the dedication of our employees is constant,” said Brian R. Hole, President. “Their efforts allow us to deliver the novel programs, financing products and services our customers need more and more as they realize that ‘same again’ will not be an adequate strategy in the current times”

2021 Highlights (at or for the quarter and year ended December 31, 2021, as compared to at or for the quarter and year ended December 31, 2020):

Total revenue was $274.2 million in 2021, a 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} decrease when compared to $288.7 million in the prior year. Revenue for the three months ended December 31, 2021 was $75.8 million, up 23.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from the comparative period in 2020.
Lease rent revenue was $134.8 million in 2021, off 5.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from 2020.
Maintenance reserve revenue was $74.0 million in 2021, a decrease of 29.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} compared to $105.4 million in the prior year.
- The decline in maintenance revenue was primarily influenced by lower long-term maintenance revenue associated with engines returning from long-term lease.
- Short-term maintenance revenue, driven by engine usage, was flat at $17.7 million year over year.
Spare parts and equipment sales decreased to $17.4 million in 2021, compared to $18.6 million in 2020, primarily due to no equipment sales during 2021 compared to $0.9 million for the sale of one engine in 2020.
Gain on sale of leased equipment increased 76.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $6.0 million in 2021 reflecting the sale of 12 engines and one airframe, compared to $3.4 million in 2020 reflecting the sale of 11 engines and two airframes.
Gain on sale of financial assets, effectively the sale of leased equipment, was $10.9 million in 2021 reflecting the sale of two notes receivable.
The Company recognized a $6.3 million asset transition fee in 2021 as a result of the close out of an engine transition program. This fee was part of a program the Company provided to a large operator as it transitions its fleet to next generation technologies.
Other revenue increased by $6.5 million to $24.9 million in 2021, compared to $18.4 million in 2020, primarily reflecting interest income from our notes receivable and other service-related fees.
Income before income taxes was $9.1 million in 2021, compared to $17.3 million in 2020.
Our aggregate lease assets, inclusive of our equipment held for operating lease and notes receivable, at December 31, 2021 and 2020 was $2,106.8 million and $2,045.3 million, respectively, a 3.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} year-over-year increase.
The book value of lease assets we own directly or through our joint ventures, inclusive of our notes receivable, was $2,448.4 million at December 31, 2021. As of December 31, 2021, the Company also managed 475 engines, aircraft and related equipment on behalf of other parties.
The Company maintained $410 million of undrawn revolver capacity at December 31, 2021.
During 2021, the Company repurchased 268,408 shares of common stock for approximately $10.1 million at a weighted average price of $37.57 per share.
Diluted weighted average earnings per common share were $0.00 for 2021, compared to $1.05 in 2020.
Book value per diluted weighted average common share outstanding decreased to $59.23 at December 31, 2021, compared to $59.40 at December 31, 2020.

Balance Sheet

As of December 31, 2021, the Company’s $1.991 billion equipment held for operating lease portfolio and $115.5 million notes receivable represented 304 engines, 12 aircraft, one marine vessel and other leased parts and equipment. As of December 31, 2020, the Company’s $1.887 billion equipment held for operating lease portfolio and $158.7 million notes receivable represented 291 engines, eight aircraft, one marine vessel and other leased parts and equipment.

Willis Lease Finance Corporation

Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services supported by cutting edge technology through its subsidiary, Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through its subsidiary, Willis Aeronautical Services, Inc.

Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as terrorist activity and the COVID-19 pandemic; changes in oil prices and other disruptions to the world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission.

CONTACT:	Scott B. Flaherty
	Chief Financial Officer
	(561) 349-9989

Unaudited Consolidated Statements of Income
(In thousands, except per share data)

	Three Months Ended December 31,							Years Ended December 31,
		2021		2020		{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Change			2021		2020	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Change
REVENUE
Lease rent revenue	$	37,972	$	28,021		35.5	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}	$	134,831	$	142,895	(5.6)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Maintenance reserve revenue		13,212		22,549		(41.4)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		73,961		105,365	(29.8)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Spare parts and equipment sales		4,191		3,777		11.0	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		17,417		18,625	(6.5)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Gain on sale of leased equipment		3,535		2,024		74.7	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		5,975		3,391	76.2	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Gain on sale of financial assets		10,874		—		100.0	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		10,874		—	100.0	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Asset transition fee		—		—		—	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		6,256		—	100.0	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Other revenue		6,030		5,116		17.9	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		24,888		18,416	35.1	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Total revenue		75,814		61,487		23.3	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		274,202		288,692	(5.0)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

EXPENSES
Depreciation and amortization expense		21,749		23,365		(6.9)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		90,504		94,541	(4.3)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Cost of spare parts and equipment sales		3,919		3,301		18.7	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		14,927		16,762	(10.9)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Write-down of equipment		3,602		6,169		(41.6)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		7,715		20,540	(62.4)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
General and administrative		21,038		16,654		26.3	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		75,350		67,910	11.0	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Technical expense		3,251		3,111		4.5	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		9,381		6,533	43.6	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Net finance costs:
Interest expense		17,654		15,888		11.1	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		67,985		63,024	7.9	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Loss on debt extinguishment		—		—		—	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		—		4,688	(100.0)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Total net finance costs		17,654		15,888		11.1	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		67,985		67,712	0.4	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Total expenses		71,213		68,488		4.0	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		265,862		273,998	(3.0)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Earnings (loss) from operations		4,601		(7,001	)	(165.7)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		8,340		14,694	(43.2)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Earnings from joint ventures		1,983		30		6,510.0	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		800		2,642	(69.7)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Income (loss) before income taxes		6,584		(6,971	)	(194.4)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		9,140		17,336	(47.3)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Income tax expense (benefit)		4,842		(4,077	)	(218.8)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		5,788		7,588	(23.7)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Net income (loss)		1,742		(2,894	)	(160.2)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		3,352		9,748	(65.6)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Preferred stock dividends		821		819		0.2	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		3,251		3,259	(0.2)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Accretion of preferred stock issuance costs		20		21		(4.8)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}		83		84	(1.2)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Net income (loss) attributable to common shareholders	$	901	$	(3,734	)	(124.1)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}	$	18	$	6,405	(99.7)	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Basic weighted average earnings (loss) per common share	$	0.15	$	(0.62	)			$	—	$	1.07
Diluted weighted average earnings (loss) per common share	$	0.14	$	(0.62	)			$	—	$	1.05

Basic weighted average common shares outstanding		6,044		5,988					6,112		5,963
Diluted weighted average common shares outstanding		6,304		5,988					6,346		6,128

Unaudited Consolidated Balance Sheets
(In thousands, except per share data)

	December 31, 2021		December 31, 2020
ASSETS
Cash and cash equivalents	$	14,329	$	42,540
Restricted cash		81,312		36,385
Equipment held for operating lease, less accumulated depreciation		1,991,368		1,886,613
Maintenance rights		22,511		20,097
Equipment held for sale		6,952		2,850
Receivables, net of allowances		39,623		28,269
Spare parts inventory		50,959		59,434
Investments		55,927		53,275
Property, equipment & furnishings, less accumulated depreciation		31,327		31,753
Intangible assets, net		1,188		1,246
Notes receivable		115,456		158,708
Other assets		51,975		43,778
Total assets	$	2,462,927	$	2,364,948

LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable and accrued expenses	$	26,858	$	26,977
Deferred income taxes		124,332		116,838
Debt obligations		1,790,264		1,693,753
Maintenance reserves		65,976		82,484
Security deposits		19,349		19,522
Unearned revenue		10,458		11,637
Total liabilities		2,037,237		1,951,211

Redeemable preferred stock ($0.01 par value)		49,805		49,722

Shareholders’ equity:
Common stock ($0.01 par value)		65		66
Paid-in capital in excess of par		15,401		13,696
Retained earnings		355,388		355,370
Accumulated other comprehensive income (loss), net of tax		5,031		(5,117	)
Total shareholders’ equity		375,885		364,015
Total liabilities, redeemable preferred stock and shareholders’ equity	$	2,462,927	$	2,364,948

March 13, 2022

‘Soviet Metal Exchange’: LME irks traders by freezing nickel market

The London Metallic Trade has enraged some of the world’s most influential digital traders after it shut down its nickel market and unwound hundreds of deals in response to a spike in the value of the metallic.

Months right after the 145-year-outdated exchange upset its classic consumers by taking into consideration an conclude to raucous in-individual working, the LME this 7 days shut down its nickel trading — a sector the place it sets world benchmarks — in a move past seen in tin in 1985.

The disaster measure arrived right after the metal’s value a lot more than doubled in two times, to a document higher than $100,000 a tonne, as a large wager versus the nickel price left the tycoon powering Tsingshan Keeping Group, China’s foremost stainless steel group, dealing with billions of pounds in possible losses.

But the exchange also cancelled all 5,000 nickel trades that experienced been executed on Tuesday, truly worth practically $4bn. Mark Thompson, vice-chair of Tungsten West and a longstanding trader on the LME, approximated the exchange experienced wiped out $1.3bn of financial gain and decline on the discounts. It was “in the interests of the marketplace as a whole”, the LME claimed.

Some industry participants say that in properly scrubbing the working day from the history books, the exchange crossed a line. Not only did the LME fall short to manage the hazards, but it also picked a side when it must be neutral, they say.

The in the vicinity of-150-12 months-previous LME rankled its traditional people final year by taking into consideration an conclude to raucous in-individual working. It inevitably reversed course on the strategies. © Bloomberg

AQR, one of the greatest hedge resources in the environment, is exploring legal options in its dispute with the LME right after getting rid of out on considerable gains from the exchange’s conclusion, according to folks common with the subject.

In a sequence of posts on Twitter, Clifford Asness, founder of the $140bn fund, explained the LME as “slime balls”. This was, he explained, the to start with time he had been instructed “you never get your reputable gains because, gee, an individual else, a broker who didn’t regulate factors so very well, might suffer”.

“I’m accusing you [the LME] of reversing trades to conserve your favoured cronies and robbing your non-crony buyers,” he went on. The LME denied that guardian enterprise Hong Kong Exchanges and Clearing had affected its choice.

The trade is in conversations with its regulator, the Fiscal Perform Authority, and with the Prudential Regulation Authority, which monitors its clearing residence. The regulators declined to remark on the matter.

The cost of favouritism may possibly be tricky to shift. The situation has hit a faultline all much too acquainted to the LME, involving individuals associates who trade on behalf of buyers wanting to obtain the physical commodity for use in producing, and electronic traders, who seek to revenue from effective bets on the price and direction of the product or service.

Cancelling trades had been required since the dimension of the small posture that had been racked up in rocketing nickel presented a systemic danger, mentioned Matt Chamberlain, LME’s chief government.

“One of our crucial tasks is to provide the physical traders,” he said. “If we permitted the trades to stand, we would have to say that the price of nickel is $80,000-$90,000 and that would not seem rational to the bodily current market. And we could have placed important stress on a number of our main customers.”

Past calendar year Chamberlain was disappointed in his ideas to near the buying and selling floor and switch the marketplace absolutely digital, right after lively opposition from traders and industrial customers. Now it is the digital traders in uproar. Alex Gerko, co-chief government of electronic market maker XTX Markets, labelled it the “Soviet Metallic Exchange”.

“It’s possibly very detrimental for its track record. It’s electronic compared to bodily. What it displays is the LME’s mentality is defending the outdated boys’ club as opposed to the larger expanding financial community,” claimed a single previous senior govt involved with the LME.

Organisations at the rear of the scenes of buying and selling do have the ideal to near down trades, while this is seldom utilised.

Line chart of Price of LME benchmark nickel contract ($/tonne) showing Nickel soars to record high

Clearing homes control the pitfalls that can build up when traders’ bets get much too large, and stand in between trades to avert defaults from fanning out throughout the market place. In this instance, the LME’s clearing house experienced the suitable to near down the tycoon’s trades if he could not pay out the margin to assistance them, reported Athanassios Diplas, of Diplas Advisors, a previous credit rating threat manager at Deutsche Bank.

The exchange also has a “default waterfall” of economical means that can be drawn on when crises strike, he claimed. “The very first get together that is meant to be impacted is the defaulting bash, right before everyone else,” he mentioned. “That’s not what is taking place here.”

Component of the issue is that Tsingshan’s placement was so huge and largely held in derivatives that are not traded on exchanges, taken out with quite a few financial institutions, in accordance to a human being near to the scenario. The exchange noticed only a fifth of the whole placement, and became knowledgeable of the comprehensive scale only this 7 days when the banks disclosed their holdings. It would be up to Tsingshan’s brokers, sitting down on perhaps large buying and selling losses, to shut out all those off-exchange positions.

“We are now targeted on the mechanics of reopening the industry as successfully and as promptly as attainable,” the LME mentioned in a statement on Friday.

Untangling the knot to satisfy all its customers could be further than the trade and it faces a fight to re-build belief with its electronic end users, Chamberlain acknowledges.

“We have a career to rebuild our status with that section of the current market. The place I feel this gives the prospect to us is to eventually put in place the marketplace protections we want,” he explained.

Those people protections could include things like far more disclosure of customers’ off-trade positions — a transfer that Chamberlain has pushed as chief government but has been resisted by banking institutions. The LME has also imposed some unexpected emergency actions, which includes a 10 for every cent cap on nickel moves.

The exchange has a dominant international share of commodities like aluminium, copper, nickel and zinc, in advance of CME Team, the Chicago futures trade.

Nickel is envisioned to be a battleground of the long term since it is made use of in electric cars. For now, the CME does not have a nickel futures contract but the LME’s stumbles may well prompt a rethink, pushed by frustrated traders.

“These things don’t happen overnight, and it’s not simple to shift liquidity. But indeed, we would undoubtedly support that,” reported Yao Hua Ooi, co-head of macro approaches team at AQR.

“If they [the LME] reduce the position they have in this metallic, the LME’s expansion chances are likely to be rather dire,” the former executive claimed. “If they never respond, the CME will try to eat their lunch and the pricing benchmark will go absent from London.”

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Ann Marie Etergino, RBC Prosperity Administration