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Qualcomm to cut costs, narrow focus in strategic review
2015-07-23 08:41:00| Telecompaper Headlines
(Telecompaper) Qualcomm announced plans to review its corporate structure and cut USD 1.4 billion in costs, as part of a deal with its activist shareholder Jana Partners. Qualcomm CEO Steve Mollenkopf said the agreed changes will lead to improved execution and financial and operating performance. The agreement with Jana will be filed with the SEC. The "right-sizing" project will see USD 1.4 billion in cost reductions by the end of fiscal 2016, including a USD 300 million reduction in annual share-based compensation. Executive compensation will be further aligned with performance, including returns on investment, and Qualcomm agreed to reduce the average tenure of directors on its board and add new directors with additional skills. In addition, Qualcomm agreed to continue to return significant capital to shareholders, including at least 75 percent of free cash flow. It will also review alternatives to its current corporate and financial structure. Qualcomm confirmed earlier reports that this may include a separation of its businesses, as well as other options for returning capital and strategic and financial alternatives. The review should be completed by the end of the calendar year. The company also intends to focus its investments on core smartphone and adjacent growth opportunities.
Acquisition Costs Cut Into Forward Air Income
2015-04-24 04:04:28| Logistics - Topix.net
Freight transportation provider Forward Air Corp.'s first quarter profit fell more than 50% from a year earlier on 20% higher revenue, thanks partly to costs related to buying Towne Air . Net income was $4.8 million compared to $10.2 million in the first quarter of 2014, or 16 cents per diluted share compared to 33 cents for the Tennessee-based operation.
Acquisition Costs Cut Into Forward Air Income
2015-04-23 21:15:45| Trucking - Topix.net
Freight transportation provider Forward Air Corp.'s first quarter profit fell more than 50% from a year earlier on 20% higher revenue, thanks partly to costs related to buying Towne Air . Net income was $4.8 million compared to $10.2 million in the first quarter of 2014, or 16 cents per diluted share compared to 33 cents for the Tennessee-based operation.
Schnitzer Steel to Cut Costs, Capacity
2015-04-07 18:17:18| Steel - Topix.net
Schnitzer Steel Industries Inc. unveiled plans Tuesday to cut costs and capacity after posting a sharply steeper-than-expected loss in its February quarter. Schnitzer has struggled in recent quarters with sharp declines in ferrous prices.
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Carpenter Technology takes steps to cut costs, strengthen operations
2015-04-01 12:04:08| Steel - Topix.net
Carpenter Technology Corporation announced a restructuring plan Tuesday that, officials said, will help the company cut costs, improve profitability and strengthen operations. The $30 million savings plan includes reducing Carpenter's salaried positions by approximately 200, or 10 percent of the Berks County-based company's salaried workforce, officials said.
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