Progressive To Acquire Protective Insurance In All-cash Deal Valued At $338 Mln – Quick Facts

Black Knight Q4 Profit Surges, Results Beat Estimates – Quick Facts

Black Knight Inc. (BKI) reported Tuesday that its net earnings for the fourth quarter surged to $47.1 million or $0.30 per share from $12.9 million or $0.09 per share in the year-ago period.

Adjusted earnings for quarter were $0.60 per share, compared to $0.54 per share in the prior-year quarter.

Revenues for the quarter grew 14 percent to $342.1 million from $300.1 million in the prior-year quarter. Adjusted revenues rose to $342.2 million from $300.2 million in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share on revenues of $337.78 million. Analysts’ estimates typically exclude special items.

For fiscal 2021, Black Knight forecast revenues and adjusted revenues in a range of $1.394 billion to $1.422 billion, which represents growth of 13 percent to 15 percent, and organic revenues growth of 5 percent to 7 percent. The company also projected adjusted earnings in a range of $2.11 to 2.22 per share.

The Street expects earnings of $2.35 per share for the year on revenues of $1.41 billion.

GEO Group Issues Q1, FY21 Outlook – Quick Facts

While reporting its financial results for the fourth quarter on Tuesday, GEO Group, Inc. (GEO), a real estate investment trust, issued its financial outlook for the first quarter and fiscal year 2021.

For the first quarter 2021, GEO Group forecast attributable net income in a range of $0.18 to $0.20 per share, adjusted funds from operations or AFFO in a range of $0.48 to $0.50 per share, and revenues in a range of $579 million to $584 million.

On average, analysts polled by Thomson Reuters expect the company to report breakeven earnings per share for the quarter. Analysts’ estimates typically exclude special items.

For the full year 2021, GEO Group forecast attributable net income in a range of $0.88 to $0.98 per share, AFFO in a range of $1.98 to $2.08 per share, and revenues in a range of about $2.24 billion to $2.27 billion. The Street expects the company to report earnings of $1.31 per share for the year on revenues of $2.43 billion.

CoStar makes $6.9 bln offer to buy CoreLogic

Feb 16 (Reuters) – Commercial property data vendor CoStar Group Inc said on Tuesday it has offered to buy real-estate data provider CoreLogic Inc for about $6.9 billion in an all-stock deal.

CoStar offered 0.1019 shares of its common stock in exchange for each share of CoreLogic, representing a value of about $95.76 per share.

AECOM Announces Financial Targets; Reiterates FY21 Guidance – Quick Facts

AECOM (ACM) said it plans to more than double adjusted EPS and free cash flow from fiscal 2020 to fiscal 2024, including greater than $4.30 of adjusted EPS and greater than $680 million of free cash flow in fiscal 2024. The company targets to deliver $2.5 billion of cumulative free cash flow from fiscal 2021 to fiscal 2024.

AECOM reiterated its fiscal 2021 guidance which includes projected adjusted EPS of between $2.60 and $2.80. The company estimates free cash flow of between $425 million and $625 million.

Regal Beloit Q4 Profit Tops Estimates; Organic Sales Up 4.9%; To Combine With Rexnord’s PMC Segment

Regal Beloit Corp. (RBC) reported fourth quarter adjusted earnings per share of $1.78 compared to $1.25, a year ago. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $1.59, for the quarter. Analysts’ estimates typically exclude special items.

Fourth quarter total net sales were $780.5 million, up 5.7% from prior year. Excluding the positive impacts of 0.8% from foreign currency, sales increased 4.9% on an organic basis. Analysts expected revenue of $739.46 million, for the quarter.

For the first quarter of 2021, the company projects: mid-single digit sales growth, and adjusted EPS in a range of $1.55 to $1.75, which at the mid-point implies 26% growth from prior year.

Separately, Regal Beloit Corporation and Rexnord (RXN) have reached a definitive agreement under which Rexnord will separate its Process & Motion Control segment by way of a tax-free spin-off to Rexnord shareholders and then immediately combine it with Regal in a Reverse Morris Trust deal. Regal shareholders will own 61.4% and Rexnord shareholders will own 38.6% of the combined entity. The transaction values Process & Motion Control segment at $3.69 billion. Regal shareholders would be expected to receive a dividend of approximately $7 per share. The transaction is expected to be accretive to cash EPS in year one after closing.

Progressive To Acquire Protective Insurance In All-cash Deal Valued At $338 Mln – Quick Facts

Progressive Corp. (PGR) and Protective Insurance Corp. (PTVCA, PTVCB) announced Tuesday that they have entered into a definitive agreement under which Progressive has agreed to acquire all of the outstanding Class A and Class B common shares of Protective for $23.30 per share in cash, for a total transaction value of approximately $338 million.

The acquisition is expected to close prior to the end of the third quarter of 2021, subject to customary closing conditions, including receipt of certain required regulatory approvals and approval of Protective’s Class A shareholders.

Protective’s Board of Directors has unanimously approved the transaction, based on the unanimous recommendation of the Special Committee of the Board.

Certain Protective shareholders owning approximately 35% of Protective’s outstanding Class A common stock have entered into a voting agreement with Protective and Progressive in support of the sale to Progressive.

Progressive will fund the purchase through liquid investments on hand. The per share price represents a 63.2% premium to Protective’s unaffected Class A and Class B share prices as measured on February 12, 2021.

Progressive plans to maintain Protective’s offices in Carmel, Indiana and retain Protective’s employees.