Please turn with me now to Slide 11 for a closer look at the sales and profit growth in Q1. The growth in first quarter sales and adjusted EBITDA compared to last year is ascribed to 4 key factors: First, organic growth added $106 million in sales from the continued conversion of our backlog as well as modest increases in end-market demand. This was partially offset by a $95 million headwind due to the overlap of the Jeep Wrangler programs last year that did not recur this year. This net organic growth delivered an incremental $13 million of profit, contributing 60 basis points in margin expansion. Second, inorganic growth from the 2 businesses we acquired from the Oerlikon Group, Graziano and Fairfield, contributed $75 million in sales and $12 million in additional profit for the 1 month they’ve included in our results, yielding 15 basis points of margin expansion. Third, foreign currency was a headwind in the quarter, lowering sales by $78 million and adjusted EBITDA by $8 million due to translation of international results at currency rates as the euro, the Brazilian real and the South African rand continued to weaken against the U.S. dollar. However, the impact to margin was negligible.
EM Just one question : you accuse Macri of “trying to take the country back to its “glorious” agri-export Golden Age while destroying Argentina's incipient economy”… Maybe you're right, but, while I am not defending any of his policies, I just wondered what you think about CFK's restriction of beef exports in 2014, and it's consequences ? not exactly as she intended….does she mention it in her book ? “ 'Sinceramente', fue una m**rda….”
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Currency rates in Pakistan for Saturday, 4 May 2019 are available here. In the currency rate list, Dollar rate in Pakistan or USD to PKR ratio is also present. However, the Pakistani Rupee is facing intense pressure against several currencies.
Stories resonating with MarketWatch readers this week include a look at simple annuities, which is a relatively straightforward way to generate guaranteed income in retirement — with certain considerations and caveats. Plus Berkshire Hathaway’s annual shareholder meeting this weekend is always an anticipated event, but Warren Buffett isn’t necessarily the main attraction. Also, read about why investors shouldn’t get too complacent about low inflation, and why Americans’ living standards are better than ever.
There are questions about how come there are forced outages and how come the forced outages are actually happening all at the same time. Well, that one I cannot provide an answer but forced outages are a technical reality of operating facilities. All equipment, whether it’s a power plant, whether it’s your car, whether it’s any machinery, will suffer forced outages. In fact, in — when you look at NERC GADS, which is the North American Electricity Reliability Center, the data that — which we use as a benchmark in AboitizPower, the data on availability factors, it’s actually much lower than the availability factors that we have in our facilities that are owned and operated by Aboitiz, no? Before, we used that as a benchmark, but because we’re always outperforming NERC, we said that our benchmark would always now be the — our performance the previous year. So I’d just like to highlight that as — I guess because there’s a Senate hearing today, that will be again the headlines for tomorrow.
Sure. So on P&C Re, I mean again to confirm, we think the increases that we were able to see in Japan were strong, as you gathered by subtraction. Rates and other parts of the renewal did not go up particularly. But I think what we found is in most — well, not most, in fact in all cases where we wrote the business, we found the rates to be adequate for us. Again, we’ll see important renewals in the U.S. during the summer, in June and July, and there the continuing impact of the California wildfires in particular. We expect to support Reinsurance rates on a going-forward basis. The other thing I might mention because I’ve said it before, Hurricane Michael may not have been a big dollar loss compared to the 3 hurricanes the previous year. But in terms of the nature of the hurricane, you probably saw that it was recently upgraded to a level 5 storm. The industry got lucky by where Michael hit in the Southeast on the Panhandle, Florida. And I think anybody that’s operating in the U.S. property market appreciates that the violence of that storm is not to be forgotten. So we remain somewhat optimistic about renewal rates in the summer in the U.S.
This romantic comedy contrasts the dreams and aspirations of a 70’s girl and a 90’s girl. ABBA’s hits tell the hilarious story of a young woman’s search for her birth father. This sunny and funny tale unfolds on a Greek island paradise. On the eve of her wedding, a daughter’s quest to discover the identity of her father brings three men from her mother’s past back to the island they last visited 20 years ago. This enchanting tale of love, laughter and friendship creates memorable moments for all ages. Come join the fun this spring!
MEINE: Well, it is a life-long story, tracing Leopold’s route from predator exterminator to predator appreciator. For that story, see especially Susan Flader’s essential study, Thinking Like a Mountain Aldo Leopold and the Evolution of an Ecological Attitude toward Deer, Wolves, and Forests, first published in 1974. Wolves were always sign-posts along that route. In 1920, Leopold could write: “To try and raise game in a refuge infested with mountain lions, wolves, coyotes, and bobcats, would, of course, be even more futile than to try and run a profitable stock ranch under similar conditions.” By 1945 he would argue that “…Predatory animals, in proper numbers, including wolves, coyotes, foxes, bobcats, hawks, and owls, are necessary to the future forests of Wisconsin. It would be fatal to the forestry program to allow tree-eating rabbits and deer to increase to unreasonable levels.” The change in his views on wolves was not simple, fast, or one-way. He struggled to be both pragmatic in his conservation politics, but also true to his evolving scientific and ethical insights. And yet, he also had a firm bottom line. In that same 1945 article he wrote “We have no right to exterminate any species or wildlife. I stand on this as a fundamental principle.”
“In a way, doing that scene in episode 13 [of Season 2], I’ve so often referred to it as it was the hardest scene because it’s the scene where I had to let her go. I think coming back this season was challenging because it was playing her but not really her,” Langford told Entertainment Weekly . “I guess if I could put Hannah’s life into season 1 and then say it was kind of like being in purgatory for season 2, and then being able to officially say goodbye to her. It definitely felt like time.”