Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Other Items The Company had an investment loss of $4 million in the third quarter. At the end of the third quarter of 2012, cash and cash equivalents exceeded $2 billion. In the period, the Company repurchased 2.3 million shares of its common stock for $80 million. The Company has $373 million remaining under the share repurchase program authorized by the Board of Directors. On Oct. 12, 2012, Standard & Poor's Ratings Services raised its counterparty credit rating on the Company to 'BBB' from 'BBB-', citing material improvement in the Company's business and financial profiles in recent years. At the same time, S&P raised the Company's short-term rating by one notch to 'A-2'.
Consolidated Results Consolidated revenue in the third quarter of 2012 was $2.8 billion, an increase of 1%, or 3% on an underlying basis from the third quarter of 2011. Underlying revenue measures the change in revenue using consistent currency exchange rates, excluding the impact of items such as acquisitions, dispositions and transfers among businesses. Operating income rose 22% to $378 million. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 12% to $358 million in the third quarter. Income from continuing operations in the third quarter of 2012 was $246 million, or $.43 per share, compared with $133 million, or $.23 per share, in the third quarter of 2011. The prior period includes $72 million of expense, or approximately $.09 per share, related to the early extinguishment of debt. Adjusted earnings per share in the current quarter was $.39, compared with $.24 in the third quarter of 2011. Without the impact of the early extinguishment of debt last year, adjusted earnings per share increased 18%. Net income was $241 million, compared with $130 million in the third quarter of 2011. For the nine months ended September 30, 2012, income from continuing operations was $939 million, or $1.66 per share, compared with $738 million, or $1.30 per share, in 2011. Adjusted earnings per share for the nine months was $1.63, compared with $1.30 last year. Excluding expense related to the early extinguishment of debt, adjusted earnings per share increased 17%.
Brian Duperreault, President and CEO, said: “Our Company delivered another strong quarter. Each of our operating companies continued to generate growth in underlying revenue, which, combined with ongoing expense discipline, produced across-the-board improvement in operating margins and profitability. “Marsh's underlying revenue grew across all geographies, reflecting solid client revenue retention rates and continued new business development. Guy Carpenter's trend of underlying revenue growth continued. In Consulting, both Mercer and Oliver Wyman contributed to the segment's growth in revenue and profitability. "For the nine months, we produced double-digit growth in operating income, substantial margin improvement, and excellent growth in earnings per share,” concluded Mr. Duperreault.
Commenting on the announcement, Mr. Duperreault said: “These awards are testament to the dedication of our colleagues around the world who work so hard to bring the best of our company to their clients. Over the past year, the risk and insurance industry has faced great challenges, for which we have been at the forefront in developing market-leading, innovative solutions. I am proud that this work on our clients’ behalf has been honored by these prestigious industry awards.”
Brian Duperreault named ‘Insurance Broking CEO of the Year’; Marsh and Guy Carpenter also recognized Marsh & McLennan Companies Wins Prestigious Insurance Industry Awards Marsh & McLennan Companies, Inc. Marsh & McLennan Companies, Inc. (NYSE: MMC), an elite global professional services firm providing advice in the areas of risk, strategy and human capital, announced today that Brian Duperreault, President and CEO, was named ‘Insurance Broking CEO of the Year’ in Reactions magazine’s 2011 Global Market Awards. Wholly-owned subsidiaries, Marsh and Guy Carpenter, were also named ‘Best Global Insurance Broker’ and ‘Best Global Reinsurance Broking Firm for Analytics’ respectively at the awards gala held in New York last night.
http://www.investegate.co.uk/Article.aspx?id=20110929070000Z1931