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发帖时间:2024-09-29 08:20:49
Dec 2 (Reuters) - Vineyard Wind selected General Electric Co as its preferred wind turbine supplier for the Vineyard Wind 1 project off the coast of Martha's Vineyard in Massachusetts.
Previously,fscu loan payment Vineyard Wind proposed using Vestas Wind System A/S' V164 turbines, but that contract expired in February 2020, according to analysts at ClearView Energy Partners LLC.
As part of the move to GE, Vineyard Wind said on Tuesday it temporarily withdrew its plan from further review by the U.S. Bureau of Ocean Energy Management (BOEM) to allow the project team to conduct a final review.
Vineyard Wind said that review will likely take several weeks, allowing it to reach the financial close in the second half of 2021 and begin delivering power in 2023.
ClearView said the decision to switch suppliers could delay a BOEM decision until President-elect Joe Biden takes office, which "may lessen what the industry may view as incremental risk of a permit denial" from Donald Trump's administration.
"We continue to think the offshore wind industry is likely to view the Biden Administration more as a 'partner' instead of as an obstacle," ClearView said.
ClearView also said purchasing GE turbines could align with Biden's support for domestic trade unions.
The 800-megawatt (MW) project is not the first U.S. offshore wind farm - that is Orsted A/S' 30-MW Block Island project off Rhode Island.
But Vineyard Wind says it is on track to be the first U.S. utility-scale offshore wind installation. It is designed to generate enough electricity for more than 400,000 customers in Massachusetts.
Vineyard Wind 1 will use GE's Haliade-X wind turbines with a capacity of up to 13 MW, according to the GE website. Vestas' V164 turbines had a capacity of up to 10 MW.
Vineyard Wind is a joint venture between Avangrid Inc's Avangrid Renewables unit and Copenhagen Infrastructure Partners.
(Reporting by Scott DiSavino Editing by Chris Reese)
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As shown below, the results in the quarter materially changed the trend in two-year stacked comps for each of the banners, along with a significant acceleration for consolidated comps.
The increase in consolidated comps was the primary driver of an 8% increase in revenues to $6.3 billion. The company ended the quarter with 15,370 locations, up less than 1% year-over-year. This reflects a 7% increase in Dollar Tree units, offset by a 4% decline in Family Dollar units.
The top-line results at each banner flowed through to their respective income statements, with Dollar Tree gross margins and operating margins declining year-over-year while Family Dollar gross margins and operating margins expanded year-over-year. On a consolidated basis, gross margins contracted by 120 basis points in the quarter to 28.5%, reflective of a shift to lower-margin consumables, tariff costs and the impact of markdowns from the Easter headwinds at the Dollar Tree banner. The company saw slight operating leverage on SG&A from higher comps, with the net result being an 80 basis point contraction in operating margins to 5.8%, with operating income declining 5% to $366 million. This is not adjusted for $73 million of pandemic-related costs, such as PPE supplies.
In the first quarter, the company opened 85 stores (net of closures) and completed 220 Family Dollar renovations to the H2 format. Importantly, comps at renovated Family Dollar stores continue to outpace the chain average by more than 10%. On the call, management indicated that they plan on reducing both the number of new store openings (from 550 to 500) and the number of H2 renovations (from 1,250 to 750) in 2020.
Personally, given the fact that Family Dollar is seeing material benefits to its business from the pandemic with new or lapsed customers coming into its stores, I think the company should try to get more aggressive with its renovation plans, not less. On the other hand, you could argue that renovations cause short-term disruptions and limit their ability to fully capitalize on the business momentum they are currently experiencing.
As a result of fewer new stores and remodels, management now expects 2020 capital expenditures to total $1.0 billion compared to previous guidance of $1.2 billion. In addition, the company has temporarily suspended share repurchases. At quarter's end, the company had $1.8 billion in cash on its balance sheet compared to $4.3 billion in total debt.
Conclusion
In recent years, Dollar Tree has been a tale of two cities. While its namesake banner has generally delivered impressive financial results, Family Dollar has been a persistent underperformer. This quarter, those results flipped, and given what we've seen in the weeks since quarter's end, there's a decent possibility that we will see something similar in the coming months. As the CEO noted, the second quarter is off to a very good start at Family Dollar.
Here's the important question: how useful is that information is in terms of making future predictions about the business? Will recent success at Family Dollar translate into long-term success for the banner? The optimistic take is that new or lapsed customers, especially those visiting the renovated stores, could become recurring business for the banner. The pessimistic take is that they have experienced short-term success out of necessity as people went to any store that was open to try and find essentials like toilet paper and hand sanitizer that were largely out of stock throughout the retail landscape. From that view, many of these customers could abandon the retailer when life returns to normal. As Philbin noted on the conference call, early on [during the pandemic], folks needed us. Will people still shop as much at Family Dollar when it's no longer a necessity?
Personally, I do not place too much weight on the recent results. I will need to see incremental data points that indicate that Family Dollar has truly won sustained business from these new customers. While I still believe that the Dollar Tree banner is a well-positioned retailer with attractive unit returns, I'm not yet willing to say the same thing for Family Dollar. For that reason, along with the recent run-up in the stock price, I plan on staying on the sidelines for now.
Disclosure: None
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