NuStar, Alamo Group, Victory Capital report earnings. Here’s what you need to know

Welcome to Earnings Roundup, a new weekly quick read of the latest financial reports from companies of local interest. Look for it online every Monday during earnings season.

This week’s roundup includes information from San Antonio’s NuStar Energy, Victory Capital and iHeart Media, as well as Argo Group, SeaWorld, Cedar Fair and CVS.

Argo Group hit with first-quarter loss

HAMILTON, Bermuda – Argo Group International Holdings Ltd., a specialty insurer that has its US headquarters in San Antonio, said it remains confident of meeting its financial targets for the year despite reporting a loss in the first quarter. Operating income was up 180 percent to $ 43.4 million.

Net income: Loss of $ 3.6 million, or 11 cents per share, vs. profit of $ 27.2 million, or 78 cents per share, a year ago.

Revenue: $ 483.8 million vs. $ 523.6 million a year ago.

Quotable: “We continue to execute on our strategic priorities of improving underwriting margins, reducing volatility, and managing expenses. The success of these efforts is reflected in the results and provides a strong start to the year. ” – Executive Chairman and interim CEO Thomas A. Bradley

Cedar Fair racks up record revenues

SANDUSKY, Ohio – Cedar Fair Entertainment Co., which owns Schlitterbahn water parks in New Braunfels and Galveston, narrowed its first quarter loss as it racked up record revenues. It said it’s on pace to outperform results from 2019, before the pandemic closed most parks.

Net income: Loss of $ 88.51 million vs. loss of $ 110.42 million a year ago.

Revenue: $ 98.84 million vs. $ 9.74 million a year ago.

Quotable: “As we head into the most important stretch of the 2022 operating season, we are pleased that the momentum that fueled our record first quarter revenues continued through April.” – President and CEO Richard A. Zimmerman

CVS tops estimates, hikes profit forecast

WOONSOCKET, RI – CVS Health Corp. beat estimates for first-quarter results, helped by strong performance in its retail store operations and insurance unit, encouraging the company to raise its forecast for annual adjusted profit.

Net income: $ 2.31 billion, or $ 1.74 per share, vs. $ 2.22 billion, or $ 1.68 per share, a year ago.

Revenue: $ 76.83 billion vs. $ 69.1 billion a year ago.

Quotable: “We once again showed the power of our purpose and potential, building on our strong momentum and raising full-year guidance as a result.” – President and CEO Karen S. Lynch

NuStar profits rise as pipelines fill up

San Antonio-based pipeline and terminal operator NuStar Energy LP posted an increase in first quarter profits driven by a jump in crude oil volumes flowing through its pipelines.

Net income: $ 57.29 million, or 19 cents per unit, vs. $ 42.26 million, or 5 cents per unit, a year ago.

Revenue: $ 410 million vs. $ 362 million a year ago.

Quotable: “Our well-positioned Permian Crude System, located in some of the most active counties of the basin, continues to outpace the production growth of the Permian Basin as a whole.” – President and CEO Brad Barron

Alamo Group reports record sales, earnings

SEGUIN – Alamo Group Inc., a manufacturer of road maintenance, industrial and farm equipment, posted record revenue and earnings despite pandemic-related supply chain and personnel issues. Results were adversely impacted by inflation in cost of materials and components.

Net income: $ 18.47 million, or $ 1.55 per share, vs. $ 17.46 million, or $ 1.47 per share, a year ago.

Revenue: $ 362 million vs. $ 311.19 million a year ago.

Quotable: “Customer demand has remained quite strong in virtually every market we serve, as evidenced by the record order bookings received in the first quarter. Strong order activity also resulted in our order backlog moving significantly higher. ” – President and CEO Jeff Leonard

SeaWorld visits top pre-pandemic levels

ORLANDO – SeaWorld Entertainment Inc. reported record revenue and its smallest net loss in a first quarter as more visitors flocked to its parks than they did prior to the coronavirus pandemic. International and group visits are still lagging.

Net income: Loss of $ 9 million, or 12 cents a share, vs. loss of $ 44.9 million, or 57 cents a share a year ago.

Revenue: $ 270.7 million vs. $ 171.9 million a year ago.

Quotable: “While our first quarter performance was strong and continued our momentum from 2021, we have scope for further recovery as it still does not yet reflect a normalized operating environment.” – CEO Marc Swanson

Victory Capital posts higher 1Q revenue, earnings

San Antonio-based asset management company Victory Capital Holdings Inc. posted an 8 percent increase in revenue in the first quarter. The increase was primarily due to higher average assets under management. It had $ 178.1 billion in assets under management at the end of the first quarter, up from $ 154.3 billion at year ago.

Net income: $ 71.3 million, or 97 cents a share, vs. $ 65.2 million, or 88 cents a share.

Revenue: $ 230 million vs. $ 212.9 million a year ago.

Quotable: “This was our third quarter, out of the last four, with positive net long-term inflows. This is particularly gratifying, given the challenging macroeconomic and geopolitical backdrop during the period and the associated market disruptions. ” – Chairman and CEO David Brown

iHeartMedia revenue jumps 19%, tops estimates

iHeartMedia Inc. narrowed its losses in the first quarter as revenue jumped more than 19 percent, exceeding expectations. Revenue in the San Antonio media company’s podcast business increased by nearly 79 percent but broadcast radio remained its strongest sales driver.

Net income: Loss of $ 48.74 million vs. loss of $ 242.06 million a year ago.

Revenue: $ 843.46 million vs. $ 706.67 million a year ago.

Quotable: “We remain committed to building on iHeart’s transformation into a data-led, digitally-focused business; to invest in areas with high growth potential; and to continue our focus on innovation and being at the forefront of new technologies. ” – Chairman and CEO Bob Pittman

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